Core Insights - The overall performance of five A-share listed insurance companies in the life insurance sector shows steady growth, with many institutions reporting double-digit increases in total premiums, new premiums, and renewal premiums [1][2]. Premium Growth - In the first three quarters, China Life achieved total premiums of 669.645 billion yuan, a year-on-year increase of 10.1%, marking a historical high for the same period; Taiping Life reported 263.863 billion yuan, up 14.2%; New China Life reached 172.705 billion yuan, up 18.6%; and PICC Life reported 116.963 billion yuan, up 21.1% [2]. - China Ping An did not disclose premium income data but reported a new business value of 35.724 billion yuan for its life and health insurance, a significant increase of 46.2% [2]. New Business Value - The new business value growth is attributed to the switch in the preset interest rate for life insurance products, with the industry entering a "2.0% era" starting September 1, 2025 [3]. - The quarterly data shows a divergence in premium growth rates among listed insurance companies, with China Life, PICC Life, and China Ping An showing rapid growth rates of 52%, 46%, and 21% respectively, while New China Life and Taiping Life reported declines of -4% and 2% [3]. Product Strategy Transformation - Listed insurance companies are actively transforming their product strategies, with a significant increase in the sales proportion of dividend insurance products. For instance, China Life reported that the proportion of floating income-type business in first-year premiums increased by over 45 percentage points compared to the previous year [4]. - Taiping Life disclosed that the proportion of dividend insurance in new premium income from agents further increased to 58.6% [4]. Performance of Bancassurance Channel - The bancassurance channel has shown remarkable performance, contributing significantly to premium income and business value growth. Taiping Life's bancassurance channel achieved scale premiums of 58.31 billion yuan, a year-on-year increase of 63.3% [5]. - New China Life's bancassurance channel reported premium income of 66.941 billion yuan, up 47.7%, with first-year premiums for long-term insurance increasing by 66.7% [5]. - China Ping An reported a 170.9% year-on-year growth in new business value from its bancassurance channel, contributing 35.1% to its overall new business value [5]. Agent Workforce and Productivity - The overall number of agents remains stable, with slight declines in the number of individual insurance sales agents for major companies. China Life has 607,000 agents, Ping An has 354,000, and Taiping Life has 181,000 [6]. - Despite the slight decline, the quality of the workforce is improving, with New China Life reporting a 50% year-on-year increase in per capita productivity [6].

Core Insights - The article highlights the historical significance and growth of China Life Insurance, which began its journey 30 years ago with the mission of revitalizing the national life insurance sector [1] Company Overview - By the end of 2024, China Life Insurance's investment in Yunnan is projected to reach 147.9 billion yuan, indicating substantial financial commitment in the region [1] - The company serves nearly 30 million customers in Yunnan, showcasing its extensive reach and customer base [1] Industry Context - The establishment of the insurance market in China 30 years ago marked the beginning of a transformative journey for the industry, with China Life Insurance playing a pivotal role [1]

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [3][26]. Core Viewpoints - The insurance industry experienced a total premium income of 52,146 billion yuan from January to September 2025, reflecting a year-on-year increase of 8.8% but a quarter-on-quarter decline of 0.9 percentage points. The life insurance sector's premium income was 31,708 billion yuan, with a year-on-year growth of 12.7% [7][8]. - The report highlights that the life insurance sector is facing challenges due to a decline in sales attributed to the adjustment of the preset interest rate, which has led to a cooling in sales in September 2025 [7][8]. - The property insurance sector showed improved performance, with a total premium income of 13,712 billion yuan from January to September 2025, marking a year-on-year increase of 4.9% [7][8]. Summary by Sections Industry Overview - The life insurance sector's cumulative growth has slowed, impacting overall premium growth. The health and accident insurance segments have shown growth, with health insurance premiums reaching 8,427 billion yuan (up 2.4% year-on-year) and accident insurance at 760 billion yuan (up 3.3% year-on-year) [7][8]. - The total assets of the insurance industry reached 40.4 trillion yuan by the end of September 2025, a year-on-year increase of 12.5% [7][8]. Life Insurance Companies - Life insurance companies reported a total premium income of 38,434 billion yuan, with a year-on-year increase of 10.5%. However, September saw a decline in life insurance premiums by 4.6% year-on-year [7][8]. - The report notes that the adjustment of the preset interest rate has had a short-term impact on sales, particularly in September [7][8]. Property Insurance Companies - The property insurance sector's premium income showed a year-on-year increase of 4.9%, with car insurance accounting for 50% of the total premiums [7][8]. - The report indicates that the recent regulatory changes in non-auto insurance are expected to enhance cost efficiency in the industry, benefiting leading companies [7][8].

来源：环球网 近年来，中国人寿保险股份有限公司（以下简称"中国人寿"）锚定高质量发展方向，将党建引领贯穿发 展全程，以服务国家战略、守护民生福祉为核心抓手主动作为。 以其驻豫机构——中国人寿河南省分公司为例，该公司在助力实体经济、保障民生需求、践行社会责 任、深耕服务等方面持续发力，以稳健经营筑牢发展根基，成为推动河南寿险行业高质量发展的重要力 量。 在服务国家战略方面，中国人寿河南省分公司积极助推险资入豫，持续为中原大地注入发展动能。截至 今年8月底，中国人寿集团公司在豫存量投资已突破1200亿元，全力支持经济高质量发展。 同时，该公司响应积极应对人口老龄化国家战略，布局"保险+养老服务"生态建设。郑州作为全国首批 20家"城心"机构养老重点布局城市，中国人寿全力推动覆盖养老、医疗、生活的全周期高品质服务体系 落地中原，让更多百姓享受到专业、优质的养老保障服务。 在支持实体经济方面，该公司精准聚焦先进制造业、科技创新、绿色发展等重点方向，以"科技金 融""绿色金融"为抓手，为中小微企业及战略性新兴产业企业提供保险服务。今年1至8月，累计为882家 战略新兴、绿色产业企业客户提供超367亿元风险保障，帮助企业 ...

Core Viewpoint - The report from GF Securities indicates that listed insurance companies in China have shown significant growth in net profit for the first three quarters of 2025, driven by a rising equity market and improved investment performance. The trend is expected to continue into 2026 due to various factors including the expansion of dividend insurance and the optimization of non-auto insurance pricing [1][2]. Profit Performance - The net profit growth rates for listed insurance companies from Q1 to Q3 2025 are as follows: China Life (60.5%) > New China Life (58.9%) > China Property & Casualty (50.5%) > PICC (28.9%) > Taiping (19.3%) > Ping An (11.5%). The third quarter saw unexpected high growth due to the rising equity market and improved asset allocation [1][2]. - The annualized total investment returns for New China Life, Taiping, and China Life increased by 1.8 percentage points, 0.7 percentage points, and 1.0 percentage points respectively [1]. Net Asset Growth - The net asset growth rates for Q3 2025 compared to the mid-year report are as follows: New China Life (20.5%) > China Life (19.5%) > PICC (10.2%) > Ping An (4.5%) > Taiping (0.8%) [3]. Life Insurance Performance - The new business value (NBV) growth rates for the first three quarters of 2025 are: New China Life (+50.8% non-comparable basis) > PICC Life (+76.6%) > Ping An (+46.2%) > China Life (+41.8%) > Taiping (+31.2%). The growth in new policies is driven by a switch in the preset interest rate [4]. - The number of agents for China Life and Ping An increased by 2.5% and 4.1% respectively in Q3 [4]. Property and Casualty Insurance Performance - The premium growth rates for the first three quarters are: Ping An Property (7.1%) > PICC Property (3.5%) > Taiping Property (0.1%). The combined operating ratio (COR) for PICC Property (96.1%) is better than Ping An Property (97.0%) and Taiping Property (97.6%), with improvements attributed to reduced natural disaster losses and the implementation of unified reporting [5]. Investment Recommendations - The report suggests a positive outlook for the insurance sector, recommending active attention to stocks such as New China Life, China Life, China Taiping, China Pacific Insurance, and others [6].

Core Viewpoint - China Life Insurance's Q3 performance is impressive, with net profit nearly doubling to 126 billion yuan, a 92% year-on-year increase, driving the nine-month net profit to 167.8 billion yuan, up 61% year-on-year [1] Group 1: Financial Performance - The company's Q3 profit growth outpaces peers, driven by strong performance in both insurance and investment services [1] - New business value for the first three quarters increased by 41.8%, significantly up from 20.3% in the first half of the year, with expectations for Q3 new business value to potentially double [1] - First-year new premium income rose by 53%, with value rates expected to improve under adjusted product structures and reduced preset interest rates [1] Group 2: Future Outlook - The low base effect from last year's significant interest rate decline is anticipated to drive profit growth in Q4 [1] - Earnings per share forecasts for fiscal years 2025 to 2027 have been raised from 2.99, 3.23, and 3.67 yuan to 6.03, 4.41, and 4.95 yuan respectively [1] - The annual new business value growth forecast has been revised upward to 38% [1]

考虑到国寿第三季盈利大幅上行，招银国际将国寿2025至2027财年每股盈利预测，由原来各2.99元、 3.23元及3.67元人民币，上调至各6.03元、4.41元及4.95元人民币，并上修全年新业务价值增长预测至 38%。 招银国际发布研报称，中国人寿（601628）(02628)今年第三季业绩亮眼，净利润在去年高基数基础上 近乎翻倍达1,260亿元，同比增长92%，带动前9月净利润提升至1,678亿元，同比增长61%。公司第三季 盈利增速优于同业，主要得益于保险服务业绩和投资服务业绩增长的双轮驱动。该行维持国寿"买入"评 级，上调目标价由29元升至31港元。 该行指，国寿首三季公司新业务价值可比口径下增长41.8%，较上半年的20.3%增速大幅提升，该行预 计预计第三季新业务价值可比口径下或超越翻倍增长，其中，首年新单保费同比增长53%，价值率或在 预定利率下调和产品结构调整下持续提升。展望第四季，去年同期利率大幅下行导致保险服务业绩下降 的低基数效应或驱动盈利增速上行。 ...

Core Viewpoint - China Life Insurance reported impressive third-quarter results, with net profit nearly doubling to 126 billion yuan, a year-on-year increase of 92%, driven by growth in both insurance and investment services [1] Financial Performance - Net profit for the first nine months reached 167.8 billion yuan, reflecting a year-on-year growth of 61% [1] - The third-quarter profit growth outpaced peers, primarily due to the dual drivers of insurance service performance and investment service performance [1] Future Outlook - The low base effect from significant interest rate declines in the same period last year may drive profit growth in the fourth quarter [1] - Earnings per share forecasts for fiscal years 2025 to 2027 have been revised upward to 6.03 yuan, 4.41 yuan, and 4.95 yuan, respectively [1] Investment Rating - The new business value growth forecast for the year has been adjusted upward to 38% [1] - The investment rating for China Life Insurance is maintained as "Buy," with the target price increased from 29 HKD to 31 HKD [1]

Core Insights - The five major listed insurance companies in China achieved a total net profit of 426.04 billion yuan in the first three quarters of 2025, surpassing last year's total of 347.6 billion yuan and reflecting a year-on-year growth of 33.54% [1] - The net profit for the third quarter alone reached 247.85 billion yuan, marking a significant increase of 68.34% compared to the same period last year [1] Investment Performance - The growth in net profit is attributed to enhanced investment income due to favorable capital market conditions and a decrease in the comprehensive cost ratio for property insurance companies [3] - China Life reported a net profit of 167.8 billion yuan for the first three quarters, a 60.5% increase year-on-year, with the third quarter contributing 75.61% of this total [4] - New China Life achieved a net profit of 32.86 billion yuan, up 58.9% year-on-year, with third-quarter profits rising by 88.2% [4] - The total investment income for the five major insurance companies reached 887.5 billion yuan, a year-on-year increase of 35.64%, with the third quarter contributing 542.4 billion yuan [5] Accounting Changes - The implementation of new accounting standards has led to increased volatility in net profits, as more assets are classified under fair value measurement, impacting current profits directly [5][6] - The shift to fair value through profit or loss (FVTPL) has amplified the contribution of investment income to net profits, although it poses risks during market downturns [6][7] Liability Management - The new business value for life insurance companies showed significant growth, with increases of 41.8% for China Life and 76.6% for China People’s Insurance in the first three quarters [8] - The new single premium growth exhibited a mixed trend, with some companies experiencing substantial increases while others faced declines [8] - Companies are focusing on developing floating income products to better align with market conditions and enhance profitability [9][10] Cost Efficiency in Property Insurance - Property insurance companies have seen a decline in comprehensive cost ratios, with China People’s Insurance achieving a ratio of 96.1%, down 2.1 percentage points year-on-year [10] - The net profit for China People’s Insurance reached 40.27 billion yuan, reflecting a 50.5% increase, while other companies also reported improvements in their cost structures [10]

Summary of China Life Insurance Conference Call Company Overview - **Company**: China Life Insurance - **Focus**: Insurance products and investment strategies for 2026 Key Points Product Strategy for 2026 - The product strategy will focus on diversified participating insurance, including whole life insurance, participating annuities, and participating retirement annuities [2][4] - The plan is to launch large-scale products first, followed by 10-year premium payment products [2][4] - The individual insurance channel's share of participating insurance is expected to increase due to a decrease in the preset interest rate [2][7] Distribution Channels - The bancassurance channel is projected to maintain high growth rates, becoming a significant driver for business development [2][5][13] - Collaboration with major banks and financial institutions will be deepened to expand business mechanisms [2][13][14] Investment Strategy - The proportion of equity investments increased significantly in the first three quarters, with a potential for further growth, but caution is advised regarding style switching and market rhythm [2][16] - A high dividend portfolio is targeted, with a required dividend yield of 4.5% and an annualized total return of no less than 6% over a three-year rolling period [2][17] Individual Agent Development - The quality of the personal agent team is being enhanced through strict assessments and improved recruitment standards [2][9][10] - The core team has shown stable performance, with increased productivity and income, leading to improved retention rates [2][10][11] Health Insurance Outlook - The insurance product structure is balanced, with approximately one-third in savings insurance, health insurance, and other types [2][11] - Long-term prospects for health insurance are positive, although short-term growth may be limited due to policy constraints [2][11][12] Regulatory and Market Considerations - The company is preparing for the 2026 business landscape by gathering market feedback and training agents [4][5] - The focus will be on risk management and preventing interest rate risks while increasing the share of participating insurance [8][11] Future Projections - The company maintains confidence in the growth of both scale and value for 2026, supported by the performance of individual and bancassurance channels [5][6] - The expected range for domestic interest rates is between 1.6% and 2.1%, influencing fixed-income strategies [3][25] Capital Management - Currently, the company has a sufficient solvency margin and is flexible regarding capital replenishment plans [28] - The dividend strategy aims for stability and growth, rather than direct linkage to net profit fluctuations [28] Conclusion - China Life Insurance is strategically positioning itself for 2026 with a focus on diversified products, strong distribution channels, and a robust investment strategy while maintaining a balanced approach to risk management and regulatory compliance [2][4][5][6][11][28]