Core Viewpoint - China Life Insurance reported a strong performance in the first half of 2025, with significant growth in total premiums and net profit, while also addressing concerns regarding interest rate adjustments and asset allocation strategies [2][11]. Financial Performance - In the first half of 2025, China Life achieved operating revenue of 239.24 billion yuan, a year-on-year increase of 2.10% [2]. - The net profit attributable to shareholders reached 40.93 billion yuan, reflecting a growth of 6.90% [2]. - Total premiums amounted to 525.09 billion yuan, marking a historical high for the same period and a year-on-year growth of 7.3% [3]. Business Segments - The life insurance segment generated total premiums of 439.13 billion yuan, up 8.5% year-on-year [3]. - Health insurance premiums reached 78.96 billion yuan, with a growth of 2.0% [3]. - However, accident insurance premiums decreased by 6.7% to 6.99 billion yuan [3]. New Business Value - New business value for the first half of 2025 was 28.55 billion yuan, representing a 20.3% increase year-on-year, significantly outpacing premium growth [5]. - The individual insurance channel contributed 24.34 billion yuan to new business value, a 9.5% increase [6]. Investment Performance - As of June 30, 2025, total investment assets reached 7.13 trillion yuan, a 7.8% increase from the end of 2024 [8]. - The total investment income was 127.51 billion yuan, with a total investment yield of 3.29%, down 0.3 percentage points year-on-year [8]. - The proportion of fixed-income assets decreased to approximately 73.56%, while equity investments rose to 20% [8][9]. Asset Allocation Strategy - The company plans to optimize its asset allocation structure in the second half of 2025, focusing on new productive forces and high-dividend stocks [10]. - China Life has actively invested in the Hong Kong stock market, achieving favorable returns and plans to continue this strategy [10]. Interest Rate Adjustments - The company anticipates limited impact from the recent interest rate adjustments, having prepared adequately with new product reserves and management systems [11]. - Emphasis will be placed on asset-liability linkage and risk management in response to the interest rate changes [11]. Future Outlook - The company remains optimistic about the long-term economic conditions in China, which are expected to support the sustainable development of the life insurance industry [13].

Core Viewpoint - The company reported strong performance in the first half of 2025, achieving significant growth in total premiums and net profit, while maintaining a focus on high-quality development and market adaptability [6][9][38]. Group 1: Financial Performance - Total premiums reached RMB 525.09 billion, a year-on-year increase of 7.3%, marking the best performance for the same period in history [6][9]. - Net profit attributable to shareholders was RMB 40.93 billion, reflecting a 6.9% increase compared to the previous year [9][38]. - The company proposed a cash dividend of RMB 0.238 per share, totaling approximately RMB 6.73 billion, pending shareholder approval [1][6]. Group 2: Business Development - The company maintained a leading market position with first-year premiums of RMB 81.25 billion, and long-term premium growth demonstrated a competitive advantage [6][9]. - The sales force comprised 641,000 agents, with ongoing reforms to enhance the quality and efficiency of the marketing system [6][9]. - New business value increased by 20.3% year-on-year, reaching RMB 28.55 billion, indicating strong growth in new business [7][9]. Group 3: Asset Management - Total assets and investment assets surpassed RMB 7 trillion, with total assets at RMB 7.29 trillion and investment assets at RMB 7.13 trillion [8][9]. - The company maintained a comprehensive solvency adequacy ratio of 190.94% and a core solvency adequacy ratio of 139.54%, indicating strong financial health [8][38]. - Investment assets grew by 7.8% compared to the end of 2024, with a stable allocation strategy across various asset classes [22][23]. Group 4: Insurance Business Analysis - The individual insurance channel reported total premiums of RMB 400.45 billion, a 2.6% increase, with a focus on sustainable business development [11][12]. - The bancassurance channel saw a significant increase in total premiums, reaching RMB 72.44 billion, up 45.7% year-on-year [12]. - The group insurance channel's total premiums were RMB 14.44 billion, with a focus on optimizing traditional business and enhancing profitability [13]. Group 5: Digital Transformation and Customer Service - The company is advancing its digital transformation, utilizing AI and big data to enhance operational efficiency and customer experience [27][28]. - The digital insurance service platform has seen significant user engagement, with over 1.6 million registered users on the insurance app [28]. - Customer satisfaction has improved, with the company ranking first in the industry for service quality indices [29]. Group 6: Future Outlook - The company aims to strengthen asset-liability management and accelerate the transformation of sales channels in the second half of 2025 [43]. - The focus will be on enhancing the health and elderly care ecosystem, leveraging digital capabilities to drive growth [43][42]. - The industry is expected to shift towards value creation and efficiency improvement, emphasizing customer long-term value and service quality [42].

Group 1 - The Chief Investment Officer of China Life, Liu Hui, stated that the newly approved QDII quota will focus significantly on the Hong Kong stock market, which is a crucial component of equity investment allocation [1] - In the first half of the year, the valuation of the Hong Kong stock market has been continuously recovering, leading global major equity indices in terms of growth [1] - Amid the global capital rebalancing, the Hong Kong stock market possesses allocation value in high-quality assets such as new economy and high dividend stocks [1]

在28日举行的2025年中期业绩发布会上，中国人寿总裁利明光回答记者提问，介绍了各销售渠道转型升 级、战略定位、发展思路。他表示，在全渠道发展思路指引下，中国人寿不断推进各渠道保持稳健发展 态势。近几年，根据行业发展的新形势，中国人寿对各渠道重塑定位。其中，个险渠道定位是继续发挥 核心渠道作用，通过营销体制改革不断推进渠道专业化、职业化、年轻化，通过这个渠道推进业务的多 元发展。银保渠道定位为重要战略支撑渠道，在"报行合一"背景下，持续提升渠道可持续发展能力，加 快构建"6+10+N"的均衡渠道布局。团险渠道要成为进一步成为服务实体经济、发展普惠保险的主渠 道，要进一步拓展业务领域。互联网渠道作为增量运营试验板块，稳步探索，积极推进。他表示，未 来，中国人寿将充分利用最广泛的分支机构及多元渠道的优势，持续推动驱动渠道间的融合发展，进一 步整合客户资源、队伍资源、服务资源，实现1+1>2的效果，进一步提升服务客户的能力，为公司高质 量发展增加新的动能。（证券时报） ...

他表示，在全渠道发展思路指引下，中国人寿不断推进各渠道保持稳健发展态势。近几年，根据行业发 展的新形势，中国人寿对各渠道重塑定位。 其中，个险渠道定位是继续发挥核心渠道作用，通过营销体制改革不断推进渠道专业化、职业化、年轻 化，通过这个渠道推进业务的多元发展。银保渠道定位为重要战略支撑渠道，在"报行合一"背景下，持 续提升渠道可持续发展能力，加快构建"6+10+N"的均衡渠道布局。团险渠道要成为进一步成为服务实 体经济、发展普惠保险的主渠道，要进一步拓展业务领域。互联网渠道作为增量运营试验板块，稳步探 索，积极推进。 他表示，未来，中国人寿将充分利用最广泛的分支机构及多元渠道的优势，持续推动驱动渠道间的融合 发展，进一步整合客户资源、队伍资源、服务资源，实现1+1>2的效果，进一步提升服务客户的能力， 为公司高质量发展增加新的动能。 转自：证券时报 人民财讯8月28日电，在28日举行的2025年中期业绩发布会上，中国人寿总裁利明光回答证券时报记者 提问，介绍了各销售渠道转型升级、战略定位、发展思路。 ...

Core Viewpoint - China Life Insurance is focusing on channel transformation and strategic positioning to maintain steady growth across various sales channels, adapting to new industry developments [1] Group 1: Channel Development Strategy - The individual insurance channel will continue to play a core role, emphasizing professionalization, vocational training, and youth engagement through marketing system reforms [1] - The bancassurance channel is positioned as an important strategic support channel, enhancing sustainable development capabilities under the "reporting and operation integration" framework, and aims to establish a balanced channel layout of "6+10+N" [1] - The group insurance channel is set to become a primary channel for serving the real economy and developing inclusive insurance, with plans to further expand its business scope [1] - The internet channel is viewed as an experimental platform for incremental operations, with a focus on steady exploration and proactive advancement [1] Group 2: Future Development Focus - China Life Insurance aims to leverage its extensive branch network and diverse channels to promote integrated development among channels, enhancing customer resource integration, team resources, and service resources [1] - The company seeks to achieve a synergistic effect of 1+1>2, thereby improving its customer service capabilities and generating new momentum for high-quality development [1]

利明光表示，坚定看好中国寿险业未来发展。一是发展空间大，我国总人口超过14亿，今年上半年全国 居民人均可支配收入为21840元，截至2024年底，人均GDP已经达到1.34万亿元，中等收入群体占总人 口的比例接近30%。从国际比较来看，我国人均保费只有全球平均水平7成，所以仍然有较大的上升空 间。二是保障需求大，健康、养老、财富管理这三大领域都蕴藏着数万亿大市场，是未来的三大增长 极。三是政策支持大，近期一系列行业指导文件密集出台，这些文件共同构成了未来高质量发展的政策 体系，政府部门与保险机构的合作也日趋紧密，保险机制引入社会治理越来越多。 利明光认为，可以预见，在政府高度重视和引导下，人身险行业未来发展将再度迈上新的更高的平台。 将潜在市场转变为现实需求，需要保险公司加快高质量发展的变革转型，在技术、风险管理、产品与服 务创新、人才队伍建设、资产负债匹配等多个方面提升能力，这样才能有效适应市场的变化和客户需求 的多样化。 北京商报讯（记者 李秀梅）8月28日，在中国人寿保险股份有限公司（以下简称"中国人寿"）召开的 2025年中期业绩发布会上，对于寿险业发展，中国人寿总裁利明光表示，展望未来，我国经济长期 ...

袁颖表示，未来公司会继续深化资产和负债匹配深度联动，提升在利率波动环境下可持续发展的韧性。 公司会不断增强内生资本的创造能力和补充能力，也会关注各种外源性资本补充渠道，多措并举提升偿 付能力，如果后续有进一步资本补充计划，也会进一步和市场分享。 北京商报讯（记者 李秀梅）8月28日，在中国人寿保险股份有限公司（以下简称"中国人寿"）召开的 2025年中期业绩发布会上，谈及是否有发债计划，中国人寿财务负责人袁颖表示，当前公司偿付能力维 持在较高的水平，远高于监管要求，能够为业务发展提供充足资本保障。 ...

利明光透露，公司正在根据行业销售人员分级框架进行销售人员资质分级体系建设研究，后续将按照监 管规定推进分级落地实施。银保渠道方面，通过落实"报行合一"、降本增效，积极推动渠道转型，上半 年银保渠道各项核心指标全面提升。 北京商报讯（记者 李秀梅）8月28日，在中国人寿保险股份有限公司（以下简称"中国人寿"）召开的 2025年中期业绩发布会上，对于不同渠道发展，中国人寿总裁利明光表示，上半年个险渠道持续推进营 销体系改革，优化队伍结构，不断提升销售队伍的专业化、职业化水平，截至6月末，个险销售人力为 59.2万人，基本保持稳定。 ...

Core Viewpoint - China Life Insurance is focusing on enhancing the stability and long-term return potential of its equity investments while actively supporting capital market development and shareholder returns [1][3]. Group 1: Investment Performance - As of June 30, 2025, China Life's investment assets reached 71,271.53 billion yuan, a 7.8% increase from the end of 2024 [1]. - The company achieved a net investment income of 960.67 billion yuan, with a net investment yield of 2.78% [1]. - Total investment income was 1,275.06 billion yuan, reflecting a year-on-year growth of 4.2%, with a total investment yield of 3.29% [1]. Group 2: Asset Allocation Strategy - China Life is adjusting its asset allocation strategy across various sectors, maintaining a solid base in fixed income while increasing equity investments by over 150 billion yuan since the beginning of the year [2]. - The company has invested a total of 35 billion yuan in private equity funds and is focusing on high-dividend assets and new productivity sectors [2]. - The overall asset allocation remains stable with high asset quality [2]. Group 3: Shareholder Returns - China Life continues to emphasize quality and efficiency in shareholder returns, maintaining a biannual dividend distribution for two consecutive years [3]. - Since its listing, the company has distributed a total of approximately 2,277 billion yuan in dividends [3].