Core Viewpoint - The financial regulatory authority in Panjin has approved the request for the dissolution of a specific marketing service department of China Life Insurance Company in the Dawa District, indicating a strategic restructuring within the company [1] Group 1 - The Panjin Financial Regulatory Bureau has officially received and reviewed the request from China Life Insurance Company regarding the dissolution of its marketing service department in Tianjia Town [1] - The approval allows for the immediate cessation of all business activities by the Tianjia Town marketing service department [1] - The department is required to return its operating license to the Panjin Financial Regulatory Bureau within 15 working days and comply with relevant legal and regulatory procedures [1]

2025年10月13日，盘锦金融监管分局发布批复称，《中国人寿（601628）保险股份有限公司辽宁省分公 司关于撤销中国人寿保险股份有限公司盘锦市大洼区支公司西安镇营销服务部的请示》（国寿人险辽发 〔2025〕303号）收悉。经审核，现批复如下： 一、同意撤销中国人寿保险股份有限公司盘锦市大洼区支公司西安镇营销服务部。 二、接此批复文件后，中国人寿保险股份有限公司盘锦市大洼区支公司西安镇营销服务部应立即停止一 切经营活动，于15个工作日内向盘锦金融监管分局缴回许可证，并按照有关法律法规要求办理相关手 续。 ...

Core Viewpoint - The approval from the Panjin Financial Regulatory Bureau indicates the formal closure of the marketing service department of China Life Insurance Company Limited in Bajiangzi Town, which reflects ongoing adjustments in the company's operational structure [1] Summary by Sections - **Approval of Closure** The Panjin Financial Regulatory Bureau has approved the request for the closure of the marketing service department of China Life Insurance Company Limited in Bajiangzi Town, Pan County [1] - **Immediate Actions Required** Following the approval, the marketing service department is required to cease all business activities immediately and return its operating license to the Panjin Financial Regulatory Bureau within 15 working days, along with completing necessary legal procedures [1]

Core Viewpoint - China Life Insurance's stock price has shown a slight increase of 1.14% year-to-date, with a notable rise of 5.78% over the past five and twenty trading days, indicating a positive short-term trend in the market [1] Financial Performance - As of June 30, 2025, China Life reported a net profit of 40.931 billion yuan, reflecting a year-on-year growth of 6.93% [2] - The company has cumulatively distributed dividends amounting to 226.344 billion yuan since its A-share listing, with 51.103 billion yuan distributed over the past three years [3] Shareholder Information - The number of shareholders decreased by 11.88% to 103,800 as of June 30, 2025, while the average number of circulating shares per person increased by 17.09% to 257,573 shares [2] - Major shareholders include Hong Kong Central Clearing Limited, which increased its holdings by 6.0926 million shares, and several ETFs that also saw increases in their shareholdings [3] Market Activity - On October 17, the stock price of China Life fell by 2.02% to 41.70 yuan per share, with a trading volume of 439 million yuan and a turnover rate of 0.05% [1] - The net outflow of main funds was 76.0679 million yuan, with significant selling pressure observed [1]

Summary of China Life Insurance Conference Call Company Overview - **Company**: China Life Insurance (2628.HK) - **Market Cap**: HK$609,952 million (approximately US$78,376 million) [6] Key Industry Insights - **Sales Momentum**: Robust sales momentum was observed in July and August 2025, exceeding management expectations prior to a product shift in September 2025 [3] - **Product Strategy**: China Life has initiated preparations for 1Q26E sales with a diversified product strategy, focusing on participating pension products and endowment products [2] Financial Performance - **3Q25 Sales**: New business sales in 3Q25 were satisfactory, with a noted decline in premium growth year-over-year in September 2025 due to the product shift, although the decline was moderate compared to 1Q25 [3] - **Investment Returns**: Overall investment returns improved year-over-year in 3Q25, benefiting from growth-style stock investments. The uptick in interest rates is expected to lower insurance service expenses, supporting net profit [5] Product Focus - **Mainstream Products**: The participating pension product was promoted as the flagship product in 3Q25, with a focus on long-term policies with a premium payment term of 10 years or more [4] - **Product Mix**: The product mix for agency and bancassurance channels was reported as >50% and <40%, respectively [4] Strategic Developments - **Bancassurance Channel**: The bancassurance channel has gained higher strategic significance, expanding partnerships from six key banks to a broader "6+10+N" strategy, now including 104 bank partners [6][8] - **Future Focus**: The company plans to deepen cooperation with joint-stock banks for bancassurance development [8] Valuation and Risks - **Target Price**: The target price is set at HK$27.70, implying a 2026E price/embedded value multiple of 0.43x [9] - **Risks**: Key risks include sharp equity market corrections, macroeconomic slowdowns in China, stringent regulations on insurance agents, falling bond yields, and increased competition [10] Expected Returns - **Expected Share Price Return**: 28.4% [6] - **Expected Total Return**: 32.2% [6] - **Expected Dividend Yield**: 3.8% [6]

10月15日，上海一家保险资管机构人士告诉《华夏时报》记者，在全球地缘政治变化、美债信用降低以 及央行一致购金的多重因素共振下，黄金的避险保值抗通胀功能在今年得到淋漓尽致的展现，而金融监 管机构放行国内险资持有黄金的政策无疑正当其时。 本报（chinatimes.net.cn）记者胡金华 上海报道 站在4200美元/盎司的高点上回望，今年3月国内险企在3000美元下场购金，又一次精准踩中时点。 10月16日，纽约COMEX黄金实时报4238.2美元/盎司上方，最高上涨至4255.4美元，屡创历史新高，同 时现货黄金价格也站上4200美元关口；国内金价方面，上海金交所当日收盘报967.36元/克。今年3月25 日，中国平安、中国人寿、中国太保以及中国人保四家保险巨头分别发布消息，称各自于当日完成在上 海金交所以及银行间市场的定价交易，彼时国际金价在3000美元区间震荡。以此测算，险资巨头们首笔 黄金投资，半年多时间浮盈已达40%。 "对于黄金资产的配置，我们响应监管号召和险资自身配置需求，3月以来公司相关部门及研究人员也一 直对国际金价实施监测和展望，应该说当前保险资金对于黄金在保险资产组合中的地位前所未有的重 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產生或因倚賴該等內 容而引致的任何損失承擔任何責任。 中 國 人 壽 保 險 股 份 有 限 公 司 China Life Insurance Company Limited ( 於 中 華 人 民 共 和 國 註 冊 成 立 之 股 份 有 限 公 司 ) (股份代號：2628) 董事會會議通告 | 執行董事： | 蔡希良、利明光、劉暉、阮琦 | | --- | --- | | 非執行董事： | 王軍輝、胡錦、胡容、牛凱龍 | | 獨立非執行董事： | 林志權、翟海濤、陳潔、盧鋒 | 中國人壽保險股份有限公司(「本公司」)董事會(「董事會」)茲通告謹定於 2025 年 10 月 30 日(星期四)舉行董事會會議，以審議及批准相關事項，其中包括本公 司按照中國企業會計準則編制的截至 2025 年 9 月 30 日止(三季度)的未經審計業 績。 承董事會命 中國人壽保險股份有限公司 邢家維 公司秘書 香港，2025 年 10 月 16 日 於本公告日期，本公 ...

格隆汇10月16日丨中国人寿(02628.HK)公布，谨定于2025年10月30日(星期四)举行董事会会议，以审议 及批准相关事项，其中包括公司按照中国企业会计准则编制的截至2025年9月30日止(三季度)的未经审 计业绩。 ...

Core Viewpoint - The recent adjustment in the regulatory responsibilities of insurance institutions in China indicates a shift towards localized supervision, with a significant increase in the number of insurance entities under local regulatory bodies, while the Financial Regulatory Authority focuses primarily on insurance groups and their subsidiaries [1][2][3]. Group 1: Regulatory Changes - As of June 30, 2025, the number of insurance entities regulated by the Financial Regulatory Authority decreased from 116 to 65, primarily focusing on insurance groups and their subsidiaries [2]. - The adjustment reflects a broader trend of localizing regulatory responsibilities, with local regulatory bodies now overseeing a larger number of insurance institutions [4][5]. - The Financial Regulatory Authority convened a special meeting with local regulatory agencies to discuss these changes [1]. Group 2: Impact on Local Regulatory Bodies - Local regulatory bodies, particularly in major cities like Beijing and Shanghai, have seen a significant increase in the number of insurance entities they oversee, with Beijing's count rising from 24 to 39 and Shanghai's from 24 to 36 [4][5]. - The increase in regulatory responsibilities has led to heightened pressure on local regulatory bodies, necessitating stronger management accountability from insurance company executives [5]. Group 3: Specific Changes in Insurance Institutions - The total number of insurance institutions listed as of June 30, 2025, is 238, a decrease of one from the end of 2024, with notable changes including the removal of Tianan Insurance and the addition of Suzhou Dongwu Insurance [6]. - Several types of insurance institutions, such as insurance asset management companies and health insurance companies, have shifted from being regulated by the Financial Regulatory Authority to local regulatory bodies [6][7]. - A total of 21 out of 35 insurance asset management companies have transitioned to local regulatory oversight, while 14 remain under the Financial Regulatory Authority [7].

格隆汇10月16日丨中国人寿(02628.HK)公布，谨定于2025年10月30日(星期四)举行董事会会议，以审议 及批准相关事项，其中包括公司按照中国企业会计准则编制的截至2025年9月30日止(三季度)的未经审 计业绩。 ...