Core Viewpoint - The report outlines the progress of the rectification work following the third round of inspections by the Central Commission for Discipline Inspection, emphasizing the commitment of China Life Insurance Group to implement reforms and enhance governance [1][2][5]. Group 1: Rectification Responsibility and Leadership - The Group Party Committee has taken on the primary responsibility for rectification, integrating it with daily operations and ensuring that the rectification work is thorough and effective [2][3]. - A series of meetings have been held to discuss and coordinate the rectification efforts, with a focus on addressing key issues and enhancing the political capabilities of the leadership [3][4]. Group 2: Implementation of Rectification Measures - The Group has developed detailed rectification plans and mechanisms, ensuring that feedback from inspections is addressed systematically [4][5]. - The rectification efforts are closely linked with the Group's reform initiatives, including the "333 strategy" aimed at fostering high-quality development [4][5]. Group 3: Key Issues and Progress - The Group has made significant strides in improving its political ecology and operational quality, with noticeable changes in its development status and overall morale [5][6]. - Specific measures have been taken to enhance the insurance offerings, particularly in health insurance, with premium income from strong protection products showing steady growth [7][8]. Group 4: Governance and Risk Management - The Group has implemented stricter governance measures, focusing on risk management and compliance to prevent corruption and ensure accountability [9][10]. - A comprehensive risk management framework has been established to enhance the Group's ability to respond to external risks and maintain operational integrity [21][22]. Group 5: Future Plans and Continuous Improvement - The Group plans to continue its rectification efforts as a major political task, ensuring that the standards remain high and that all rectification goals are met [19][20]. - There is a commitment to deepen theoretical learning and reform processes, aiming to strengthen the Group's role in the insurance industry and enhance its service offerings [19][20].

Group 1 - The central inspection team conducted a routine inspection of China Life Insurance (Group) Company from April 16 to July 20, 2024, and provided feedback on October 18, 2024 [1] - The Group Party Committee emphasized the importance of political responsibility and the need for thorough rectification following the inspection [2][3] - The rectification work has been systematically advanced, achieving phased results in improving the political ecology and operational quality of the organization [6] Group 2 - The Group Party Committee has integrated rectification efforts with deepening reforms, aligning key reform tasks with the rectification list [5] - The implementation of a comprehensive reform action plan for 2025-2029 includes 16 key reform tasks and 48 critical measures [5] - The insurance sector has seen significant growth in premium income from products with strong protection attributes, with catastrophe insurance coverage exceeding 52 billion yuan, a year-on-year increase of over 300% [7] Group 3 - The Group has established a robust internal governance structure, enhancing risk management and compliance mechanisms across its subsidiaries [10] - The organization has focused on improving the quality of its assets and has implemented measures to monitor and manage risks effectively [9] - The rectification process includes a commitment to long-term governance and continuous improvement in operational standards [18][21] Group 4 - The Group Party Committee plans to maintain momentum in rectification efforts, ensuring high-quality completion of all tasks [19] - Future initiatives will focus on deepening theoretical learning, accelerating reform processes, and reinforcing a culture of accountability and integrity [20] - The organization aims to strengthen its leadership and talent development, ensuring effective governance and operational excellence [15][22]

Core Viewpoint - The new business value (NBV) of listed insurance companies in H1 2025 has exceeded expectations, driven by strong growth in the insurance liability sector and the rise of the bancassurance channel, which has contributed over 30% to the NBV of listed insurers [1][2]. Group 1: New Business Value and Growth - In H1 2025, the NBV growth rates for listed insurers were as follows: New China Life +58.4%, Ping An +39.8%, China Pacific +32.3%, China Taiping +22.8%, and China Life +20.3% [2]. - The bancassurance channel has emerged as a new growth engine for the life insurance liability sector, while individual insurance transformation continues to deepen [2]. Group 2: Property and Casualty Insurance Performance - The growth rates of original insurance premiums for the "big three" property and casualty insurers were differentiated: Ping An +7.1%, China Pacific +3.6%, and China Property +0.9%, primarily due to significant differences in non-auto insurance business [2]. - The combined operating ratio (COR) has improved significantly, with China Property at 94.8% (down 1.4 percentage points YoY), Ping An at 95.2% (down 2.6 percentage points YoY), and China Pacific at 96.3% (down 0.8 percentage points YoY) [2]. Group 3: Investment Asset Performance - The investment asset scale of listed insurers has steadily increased, with a more pronounced "barbell" asset allocation structure, showing a greater increase in stock allocation compared to bonds [2]. - As of the end of June, the stock allocation percentages were: New China Life 11.6%, Ping An 10.5%, China Pacific 9.7%, China Life 8.7%, China Taiping 8.3%, and China Property 5.4% [2]. Group 4: Profit and Dividend Distribution - The growth rates of net profit for listed insurers in H1 2025 were: New China Life +33.5%, China Property +16.9%, China Taiping +12.2%, China Pacific +11.0%, and China Life +6.9% [4]. - The mid-year cash dividend ratios have generally increased, with Ping An at 25.4% (up 2.7 percentage points YoY), China Life at 16.4% (up 1.6 percentage points YoY), New China Life at 14.1% (down 1.1 percentage points YoY), and China Property at 12.5% (up 0.2 percentage points YoY) [4]. Group 5: Market Outlook - The insurance industry is expected to maintain a high level of liability sector prosperity in the second half of the year, with potential benefits from a favorable stock market, leveraging the strong beta characteristics of the insurance sector [5]. - Recommendations include maintaining an industry rating and focusing on stocks such as China Taiping, China Pacific, and Ping An, while also considering New China Life, China Property, and China Life for their long-term investment value [5].

摩根士丹利将中国人寿目标价上调至25.7港元，评级升至"增持"。 ...

Group 1 - The core theme of the financial education campaign is "Protecting Financial Rights and Supporting a Better Life" [1] - The campaign involved various activities targeting different demographics, including fishermen, students, enterprises, communities, and rural areas [1][10] - The campaign successfully distributed tens of thousands of promotional materials and directly served over ten thousand people, enhancing public awareness of financial risk prevention and rational decision-making [10] Group 2 - In fishing villages, local branches provided practical knowledge on preventing illegal fundraising, telecom fraud, and insurance claims, using local dialects for better understanding [1] - In schools, the campaign focused on educating students about avoiding "campus loans" and "trap loans," fostering rational consumption and awareness of illegal lending traps [3] - In enterprises, the campaign promoted compliance in financial practices, helping businesses understand consumer rights protection and the proper use of financial tools [4] Group 3 - Community outreach included one-on-one consultations and interactive sessions aimed at enhancing fraud prevention knowledge among residents, particularly the elderly [6] - In rural areas, the campaign utilized local markets and gatherings to educate farmers and seniors about financial risks and rights protection, contributing to rural revitalization and financial stability [8] - The company aims to continue its commitment to social responsibility by innovating service models and expanding outreach to safeguard public financial security [10]

Core Viewpoint - Morgan Stanley has updated its financial model for China Life Insurance (601628)(02628) in light of its expected performance in the first half of 2025, indicating a positive outlook due to stock market gains and steady sales growth [1] Financial Performance - The earnings per share (EPS) forecasts for China Life for 2025 to 2027 have been raised by 13.1%, 1%, and 1.9% respectively, reflecting the anticipated benefits from the stock market [1] - The new business value is expected to grow by 6.6%, 8.1%, and 8.5% for the respective years, indicating an improvement in profit margins [1] Valuation Adjustments - The adjustments to the embedded value and book value are kept within 1%, suggesting a stable valuation outlook [1] - The target price for China Life has been increased by 2.8% from HKD 25 to HKD 25.7, maintaining an "overweight" rating [1]

智通财经APP获悉，摩根士丹利发布研报称，考虑中国人寿(02628)2025年上半年业绩，对财务模型进行 更新。报告指出，受惠于2025年股市上涨及销售的稳健增长，将国寿2025至2027年每股盈利预测分别上 调13.1%、1%和1.9%。在利润率改善背景下，各年度新业务价值增幅分别达6.6%、8.1%及8.5%。内含 价值与账面价值调整幅度均控制在1%以内。综合所有因素，将国寿(基准情景价值)目标价，由25港元上 调2.8%至25.7港元，评级增持。 ...

证券之星消息，9月22日保险板块较上一交易日下跌0.31%，中国人寿领跌。当日上证指数报收于 3828.58，上涨0.22%。深证成指报收于13157.97，上涨0.67%。保险板块个股涨跌见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601336 新华保险 | | - 1475.28万 | 2.03% | -4492.69万 | -6.18% | 3017.41万 | 4.15% | | 601318 中国平安 | | -743.10万 | -0.36% | -5965.95万 | -2.88% | 6709.05万 | 3.24% | | 601601 中国太保 | | -1481.75万 | -1.49% | -6888.60万 | -6.94% | 8370.36万 | 8.43% | | 601319 中国人保 | | -2488.04万 | -6.65% | 1474.79万 | 3.94 ...

上午10时15分，"金融知识大讲堂"正式开讲，浏阳市公安局反诈中心干警张娇翼带来《守住您的钱袋子——农村 常见金融诈骗防范指南》主题讲座。中国人寿浏阳支公司借此契机，在讲座现场开展趣味问答，将保险防骗知识 融入其中，引导村民们警惕以"高收益保险"为幌子的金融诈骗，学会辨别正规保险产品，通过合法合规的保险规 划守护自身权益。 此次活动，中国人寿浏阳支公司以实际行动践行普惠金融理念，将金融知识尤其是保险知识送到村民身边，助力 村民提升金融素养与风险防范能力，不仅强化了公司服务本土、扎根基层的品牌形象，更在营造和谐健康金融环 境的进程中，贡献了保险力量，让金融之光照亮乡村民生幸福路。 活动现场，中国人寿浏阳支公司精心设置展台，摆放金融知识宣传手册，安排专业人员为村民耐心讲解保险相关 金融知识，从保险产品的保障范围到投保注意事项，再到如何通过保险规划守护家庭财富，专业细致的讲解让村 民们对保险这一金融工具多了份了解与信任。 在小游戏互动区，"沙包阻击战""快乐抓鸡蛋"等趣味游戏吸引了众多村民参与，而金融知识答题区更是热闹非 凡。中国人寿浏阳支公司结合自身保险业务，设置了贴合村民生活的保险知识题目，村民们在答题过程中， ...

Investment Rating - Investment rating: Positive (maintained) [1] Core Viewpoints - The insurance industry is experiencing overall growth in both performance and embedded value (EV), driven primarily by property insurance and investment services [15][34] - The performance of listed insurance companies shows a divergence, with property insurance and equity investment returns being the main contributors to profit growth [15][34] - Future outlook indicates a continuation of high-quality growth in liabilities and an ongoing trend of increasing equity asset allocation [8][34] Summary by Sections Overall Situation - The overall performance of listed insurance companies improved in 2025H1, with a notable contribution from property insurance and investment returns [15][34] - The net profit of listed insurance companies for 2025H1 was as follows: China Ping An at 68 billion, China Life at 40.9 billion, China Pacific at 27.9 billion, China Re at 26.5 billion, and New China Life at 14.8 billion, showing a year-on-year increase for all except Ping An [15][17] Business Situation - Life insurance channels and product transformations are progressing, with significant growth in the bancassurance channel while the individual insurance channel faces challenges [6][34] - Property insurance companies have improved their combined operating ratio (COR), leading to substantial increases in underwriting profits [6][34] - Investment assets of insurance companies increased year-on-year, with a shift towards equity assets due to market conditions [6][34] Future Outlook - Regulatory bodies are continuously optimizing the insurance industry's development through various measures, which is expected to benefit leading insurance companies [8][34] - The demand for retirement products is strong, and the transformation of participating insurance products is anticipated to enhance the attractiveness of these offerings [8][34] Investment Recommendations - The report recommends focusing on leading insurance companies with strong liability-side advantages and undervalued valuations, specifically China Pacific and China Ping An [8][34]