二、中国人寿保险股份有限公司应当做好该机构撤销后的人员安排、单证保管、客户服务等工作，并按 规定对相关事项予以公告。 2025年9月24日，国家金融监督管理总局池州监管分局发布批复称，《关于撤销中国人寿（601628）保 险股份有限公司池州市贵池支公司观前营销服务部的请示》（国寿人险皖发〔2025〕240号）收悉。根 据《保险公司分支机构市场准入管理办法》（银保监发〔2021〕37号）的有关规定，经审核，现批复如 下： 一、同意中国人寿保险股份有限公司撤销中国人寿保险股份有限公司池州市贵池支公司观前营销服务 部。 三、中国人寿保险股份有限公司池州市贵池支公司观前营销服务部保险许可证自被批准撤销之日起自动 失效。申请人应于被批准撤销之日起15日内到我分局缴回该机构保险许可证，并到市场监督管理部门办 理注销登记手续。 ...

Summary of Hong Kong/China Insurance Conference Call Industry Overview - The Hong Kong/China insurance industry is on track for a high-quality transition with sustained healthy demand and improved Value of New Business (VNB) margins, alongside a better product mix [1][3] - The asset side is expected to benefit from a stable interest rate environment and a healthy stock market [1][3] Key Insights - **Market Outlook**: Despite some uncertainty regarding 3Q25 results, the outlook for Hong Kong/China insurance remains attractive [1][3] - **Investment Trends**: - Stock investment balance reached RMB 3.1 trillion in 1H25, accounting for 8.5% of overall insurance fund assets, the highest since 2022 [19][23] - Insurers are expected to provide over RMB 1 trillion in new inflows into the stock market annually for 2025 and 2026 [21][23] - **Performance Metrics**: - Group earnings showed healthy year-on-year growth in 1H25, with an increase in Return on Equity (ROE) across most insurers [28][30] - Life insurance business quality has improved, with strong VNB growth across peers [40][41] Company-Specific Highlights - **AIA**: - Projected insurance revenue growth from USD 19.3 billion in FY24 to USD 25.9 billion in FY27 [80] - Operating profit before tax expected to rise from USD 7.8 billion in FY24 to USD 10.8 billion in FY27 [80] - **Ping An**: - Remains a top pick due to its strong fundamentals and market position [79] - **FWD**: - Experienced a slight decline in stock price but maintains a solid market presence [8] Investment Performance - **Share Price Performance**: - AIA's share price increased by 26.5% year-to-date, while Ping An's increased by 12.8% [8] - Overall, the insurance sector has shown resilience with significant year-on-year performance improvements [8] Regulatory Environment - The regulatory environment is encouraging active stock allocations, which is expected to continue [19][23] Risks and Considerations - Short-term outlook remains defensive due to unclear 3Q results and potential impacts from interest rate changes [79] - Long-term prospects are positive, driven by healthy demand and improved margins [79] Conclusion - The Hong Kong/China insurance industry is positioned for growth with a favorable investment landscape and improving operational metrics, making it an attractive sector for investors [1][3][79]

Group 1 - The core idea of the news is the collaboration between China Life Property & Casualty Insurance and Tsinghua University to implement a risk reduction service project focused on safety management through digitalization in enterprises [1][3]. - The project aims to address unsafe behaviors in production, enhance hazard identification, and improve the overall safety culture within companies by utilizing insurance resources and expert training [3][4]. - Since its implementation in April 2024, the project has led to significant improvements in safety management, including the reporting of 803 hazards and a rectification completion rate of 94.52% [4]. Group 2 - The platform enables real-time monitoring, risk warning, and data analysis, enhancing the efficiency of risk management and decision-making in enterprises [4][5]. - The project reflects China Life Property & Casualty Insurance's commitment to customer-centric service and innovation driven by technology, addressing the growing demand for risk management in high-risk industries [5][7]. - Future plans include further optimizing the risk prevention and management service chain, aiming to provide smarter and more comprehensive risk protection solutions for enterprises [7].

Core Viewpoint - China Life Insurance (02628) maintains its position as the leader in the life insurance sector with a broad customer base, and the company is recommended for "overweight" by the brokerage firm [1] Group 1: Financial Performance - In the first half of 2025, China Life achieved operating revenue of RMB 239.24 billion, a year-on-year increase of 2.1% [1] - Net profit attributable to shareholders rose by 6.9% to RMB 40.93 billion during the same period [1] - The weighted average return on equity was 7.83%, an increase of 0.04 percentage points compared to the previous year [1] Group 2: Premium Income - Total premium income for the first half of 2025 reached RMB 525.09 billion, reflecting a year-on-year growth of 7.3% [2] - First-year regular premium amounted to RMB 81.25 billion, with ten-year and above first-year regular premium accounting for 37.3% of the total [1] - Individual insurance channel premiums totaled RMB 400.45 billion, a 2.6% increase year-on-year, with renewal premiums growing by 10.4% to RMB 326.56 billion [2] Group 3: Sales and New Business Value - The company’s total sales force stood at 641,000 as of the first half of 2025, with individual insurance sales personnel remaining stable at 592,000 [2] - New business value for the first half of 2025 was RMB 285.46 billion, a growth of 20.3% compared to the same period in 2024 [2] Group 4: Investment and Solvency - As of June 30, 2025, total investment assets reached RMB 7.1 trillion, a 7.8% increase from the end of 2024 [2] - Total investment income for the first half of 2025 was RMB 127.51 billion, with an investment return rate of 3.29% [2] - Net investment income was RMB 96.07 billion, yielding a net investment return rate of 2.78% [2]

销售队伍规模领先：截至2025年上半年，公司总销售人力为64.1万人。其中，个险销售人力59.2万人， 基本保持稳定。 新业务价值及内含价值：2025年上半年，公司实现新业务价值285.46亿元，较2024年同期使用相同经济 假设重述的结果增长20.3%。截至2025年6月30日，公司内含价值14,778.27亿元，较2024年末增长 5.5%。 总投资资产规模增长，偿付能力充足：截至2025年6月30日，公司投资资产达7.1万亿元，较2024年末增 长7.8%。公司2025年上半年实现总投资收益1,275.06亿元，总投资收益率3.29%;净投资收益960.67亿 元，净投资收益率为2.78%。 风险提示：资本市场波动;保费增长不达预期;行业政策改变;外资进入导致的经营风险 个险渠道：2025H1，实现总保费4,004.48亿元，同比增长2.6%。其中，续期保费为3,265.63亿元，同比 增长10.4%。首年期交保费640.85亿元，十年期及以上首年期交保费302.80亿元，占个险渠道首年期交 保费比重超过45%。期内，公司个险渠道新业务价值243.37亿元，同比提升9.5%。 银保渠道：2025H1，实 ...

Group 1: Central Bank and Financial Regulatory Authority Actions - The Central Bank and the Financial Regulatory Authority are focusing on long-term rectification measures, including enhancing financial infrastructure, advancing information technology reforms, and promoting financial legislation [1][2] - The Financial Regulatory Authority has implemented multiple measures to prevent financial risks, such as strict market access regulations and enhancing administrative penalties to protect consumer rights [1][2] Group 2: Supervision of Leadership - Emphasis on the supervision of "one leaders" in financial institutions, with a focus on accountability and responsibility among top executives [2][9] - At least 32 financial unit officials have been investigated this year, with 23 in the first half alone, highlighting ongoing anti-corruption efforts [2][10] Group 3: Bank-Specific Initiatives - The Export-Import Bank is reinforcing its policy-oriented banking role and enhancing monitoring of policy-related business [3] - The Industrial and Commercial Bank is developing a high-quality growth strategy and improving internal governance and risk management [3] - The Agricultural Bank is focusing on supporting rural revitalization and agricultural development through increased financing [4] Group 4: Global Strategy and Regional Development - The Bank of China is continuing its global strategy by enhancing overseas operations and supporting enterprises in international expansion [5] - The Construction Bank is committed to regional development strategies, including support for the Guangdong-Hong Kong-Macao Greater Bay Area [5] Group 5: Insurance Sector Actions - China Life is addressing the negative impacts of the Wang Bin case and is implementing measures to ensure accountability among its leadership [6][7] - China Pacific Insurance is focusing on strengthening its talent pool and enhancing the political and organizational functions of its party committees [8]

Core Insights - The health insurance network in China is continuously evolving, enhancing public awareness and demand for risk protection [1][2] - Insurance companies play a crucial role in the multi-tiered medical security system and are driving innovations in health services [1][2] Group 1: Health Insurance Development - The basic medical insurance system is a vital part of the social security framework, aimed at reducing medical costs for the public and improving welfare [1] - Catastrophic health insurance provides additional coverage for high medical expenses beyond basic insurance, requiring no extra payment [1] - China Life Insurance has fully covered urban and rural residents' catastrophic health insurance across 14 cities in Guangxi from 2013 to 2015, currently serving over 40 million insured individuals [1] Group 2: Service Innovations - China Life's Nanning branch has established partnerships with nearly 1,800 medical institutions, facilitating extensive coverage for medical billing [2] - The company promotes a one-stop instant settlement system combining basic insurance, catastrophic insurance, and medical assistance, allowing patients to complete reimbursements upon discharge [2] - Efforts are made to extend services to remote communities, ensuring accessibility and understanding of insurance policies through local language explanations [2] Group 3: Poverty Alleviation Initiatives - In Tian Deng County, a poverty alleviation initiative called "Four Guarantees" was launched, focusing on health, employment, industry, and basic safety nets [3] - The initiative includes full subsidies for vulnerable groups, a collaborative insurance model for employment, and agricultural production insurance [3] - The program aims to enhance the community's ability to resist poverty and improve overall economic stability [3][4] Group 4: Commercial Insurance Growth - The "Hui Min Bao" product has gained traction, addressing the insurance needs of low-income, elderly, and pre-existing condition populations [5] - Launched in April 2022, this initiative has successfully implemented customized commercial insurance across 14 cities in Guangxi [5] - The "Hui Min Bao" business not only alleviates medical expenses for participants but also supports the innovation of medical products and services [5]

Core Insights - The impact of Typhoon "Haikui" on the insurance industry in Shenzhen has been less severe compared to previous typhoons, with reported claims at 421 and estimated losses at 400.74 million yuan, indicating a proactive response from the industry [1][3] Group 1: Insurance Response - Multiple insurance companies in Shenzhen activated disaster emergency response mechanisms, utilizing technology for rapid claims processing, showcasing the industry's role as an economic stabilizer [1] - China Pacific Insurance's Shenzhen branch implemented a "green authorization channel" for typhoon claims, completing a claim process in just 10 minutes [2] - Ping An Property & Casualty completed a claim process in 28 minutes, demonstrating efficiency in handling claims during the disaster [1][2] Group 2: Pre-Disaster Preparedness - Insurance companies took preemptive measures to strengthen their facilities and operations before the typhoon, including upgrading emergency systems and ensuring staff readiness [3] - The proactive measures included clearing drainage systems and securing outdoor items, which contributed to minimizing damage and claims [3] Group 3: Comparative Analysis - The number of claims and estimated losses from "Haikui" were significantly lower than those from Typhoon "Wipha," which had 1,100 claims and estimated losses of 1,109.75 million yuan [3] - Despite "Haikui" having stronger winds, the insurance industry's preparedness and response led to a reduction in both claims and losses compared to previous events [3]

9月25日晚间，中国人寿发布《2025年第一次临时股东大会决议公告》，审议通过关于不再设立监事会 的议案。据智通财经梳理，今年以来，中国人保、中国太保、泰康保险、大家保险集团等多家险企陆续 公告撤销监事会。 ...

智通财经APP讯，中国人寿(02628)发布公告，将于2025年11月18日派发截至2025年6月30日止六个月的 中期股息每股0.26024港元。 ...