一、同意撤销中国人寿保险股份有限公司寿阳县支公司温家庄乡营销服务部。 二、接此批复文件后，中国人寿保险股份有限公司寿阳县支公司温家庄乡营销服务部应立即停止一切经 营活动，于15个工作日内向晋中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。 2025年12月25日，国家金融监督管理总局晋中监管分局发布批复称，《中国人寿（601628）保险股份有 限公司晋中分公司关于撤销寿阳县温家庄乡营销服务部的请示》(国寿人险晋中发〔2025〕252号)收 悉。经审核，现批复如下： ...

12月24日，武威金融监管分局披露的行政处罚信息公开表显示，中国人寿财产保险股份有限公司（以下 简称"中国人寿财险"）古浪县支公司因承保理赔内部控制不到位被处以罚款22万元。 同时，时任中国人寿财险古浪县支公司经理张鸿祥被处以警告，并被罚款1万元；时任中国人寿财险古 浪县支公司农险专员刘忠威被禁止终身进入保险业。 值得一提的是，2025年9月，中国人寿集团关于二十届中央第三轮巡视整改进展情况的通报中提到"严格 承保理赔管理"。中国人寿表示，推进保险领域廉洁风险突出问题整改。健全销售管理、中介机构合作 管理和内控机制。寿险公司针对虚假理赔强化机控措施，财险公司加强承保稽核和理赔运营管理。 | 当事人名 | 行政处罚决定 | 主要违法违规行为 | 行政处罚 | | --- | --- | --- | --- | | 称 | 书文号 | | 内容 | | 中国人寿 | | | | | 财产保险 | | | 处以罚款 | | 股份有限 | | | | | | | | 22万元 | | 公司古浪 | | | | | 县支公司 | | | | ...

Core Viewpoint - The company is committed to serving the real economy through digital transformation and innovative insurance solutions, significantly enhancing agricultural insurance and supporting local economic development [1][2]. Group 1: Technological Empowerment in Agricultural Insurance - The company has established a comprehensive "sky-ground" service system utilizing 3D pig face recognition, AI scoring, and satellite remote sensing technology [1]. - In areas like Huize and Fuyuan, the company has accurately identified 387 large-scale breeding farms using drones and AI algorithms, reducing the error rate in verification to below 0.5% and tripling the efficiency of claims investigation [1]. Group 2: Support for Specialty Agriculture - The company has introduced an "insurance + enterprise + farmer" model to support local specialty industries, such as the mushroom industry in Qujing [1]. - Following a wind disaster in spring 2025, the company quickly initiated tech-driven claims, completing damage assessments for mushroom greenhouses and providing compensation of 158,100 yuan to help farmers resume production [1]. Group 3: Comprehensive Risk Protection for SMEs - The company has provided a total of 42.6 billion yuan in comprehensive risk protection for small and medium-sized enterprises this year, alleviating financing pressures by 645 million yuan [1]. - The company is actively developing green finance and technology insurance, offering over 58.8 billion yuan in risk protection, and has provided 1.209 billion yuan in "safety responsibility insurance" for high-risk industries [1]. Group 4: Future Plans - The company plans to increase investment in agricultural insurance, expand coverage, and continue to deepen the "technology + insurance" service model to provide more comprehensive and convenient insurance services for the local economy and communities [2].

普洱作为中国咖啡种植的"黄金地带"，2024年交出了亮眼成绩单：咖啡种植面积126.7万亩、产量14.6万 吨，均占全国总量的98%以上，稳坐中国咖啡产地的"头把交椅"，并在世界咖啡舞台上绽放出更加耀眼 的光芒。产业腾飞的背后，离不开金融活水的精准滴灌。 群山叠翠，咖香袅袅。当保险金融力量融入烟火日常，普洱的咖啡故事不再仅是风土与匠心的传承，更 成为高质量发展与民生改善交融的生动注脚。中国人寿财险普洱中支的守护，正伴随每一颗咖啡果的成 熟、每一杯咖啡的醇香，润物无声地铺展着乡村振兴的新图景。（郎玲） 编辑：赵鼎 深冬的普洱，依旧是咖啡的丰收季。在宁洱哈尼族彝族自治县普义乡的千亩咖啡园里，殷红的咖啡果缀 满枝头，农户们穿梭田间，指尖翻飞间，一颗颗饱满的果实落入竹筐。"今年的果子比往年更甜、更饱 满！"种植户段志擦去额角的汗珠，笑容里满是欣慰。 段志在普洱种植咖啡已有30余年，亲历了产业从"靠天吃饭"到"保险护航"的变迁。"早年技术不成熟， 一场霜冻或干旱就能让全年收入打了水漂。"他感慨道。如今，他的千亩咖啡园中，有380亩投保了中国 人寿财险的咖啡气象指数保险。今年8月，因高温天气触发了理赔条件，段志在72小时 ...

Core Insights - The article compares the investment returns of various life insurance companies over the past decade, highlighting the top performers and the bottom performers in terms of annualized returns. Group 1: Top Performers - The top three companies in terms of annualized returns are joint ventures: Tongfang Global (6.8%), Lujiazui Guotai (6.6%), and Zhongying Life (6.5%) [1][14] - The fourth and fifth positions are held by Taikang Life (6.0%) and Ping An Life (5.9%), respectively [14] - Other notable companies in the top ten include PICC Life, Caixin Life, Heng'an Standard, Zhonghe Life, and Zhongyi Life, with Caixin Life also having the smallest volatility among the top ten [1][14] Group 2: Bottom Performers - The company with the lowest ten-year cumulative return is Great Wall Life, which has a 40 percentage point difference compared to the top performer, Tongfang Global [2][15] - Junlong Life not only has a low return but also exhibits high volatility, while China Life's poor investment returns may be attributed to its large scale [2][15] Group 3: Historical Performance - Eight companies have previously held the top position, with Tongfang Global and Hongkang Life achieving first place twice [3][15] - The article notes that Tongfang Global has also secured second place three times and ninth place once, indicating consistent strong performance [3][15] Group 4: Risk Ratings - The bottom five companies generally have lower risk ratings, with most rated as B, except for China Life, which holds an AAA rating [3][15]

Core Viewpoint - The 20th Central Committee's Fourth Plenary Session outlines the "15th Five-Year" strategic tasks to enhance elderly care and pension development, providing fundamental guidance for the next five years [1] Group 1: Pension Fund Management - The company aims to enhance pension fund reserves through professional investments, leveraging its comprehensive financial advantages across insurance, investment, and banking sectors [2] - By the end of Q3 2025, the company will manage over 75 billion yuan in basic pension insurance funds and has a cumulative scale of over 2.1 trillion yuan in enterprise annuities and occupational annuities [2] - The company has opened over 3.4 million personal pension accounts and offers more than 220 personal pension products, alongside 10 commercial pension products [2] Group 2: Reducing Elderly Financial Burden - The company provides various insurance products to alleviate the financial burden on the elderly, exemplified by a case where a senior's out-of-pocket expenses were reduced from 41% to 8% due to insurance coverage [3] - The company has launched a series of insurance products specifically for the elderly, covering multiple dimensions of insurance protection, including health and accident risks [3] - The company has participated in over 70 long-term care insurance projects, contributing to national long-term care insurance solutions [3] Group 3: Quality Service in Elderly Care - The company is developing a three-pronged elderly care product system that integrates institutional, community, and home care services [4] - The "Guoshou Jiayuan" brand offers various retirement community products, including high-quality retirement complexes and urban community care facilities, catering to diverse elderly needs [5] - The company has established a comprehensive service standard system for elderly care, ensuring high-quality operational management across its facilities [6] Group 4: Supporting the Silver Economy - The silver economy is expanding, with over 77,600 companies registered in the elderly products and services sector by 2024, transforming elderly care from a sunset industry to a sunrise industry [8] - The company has initiated a 10 billion yuan fund focused on the silver economy, aiming for systematic investment in this sector [10] - The company is collaborating with various partners to enhance the elderly care service landscape, including establishing financing solutions for companies in the elderly care sector [9] Group 5: Comprehensive Financial Services - The company is committed to transforming the vision of "elderly care" into "enjoying old age" through comprehensive financial services, emphasizing the integration of insurance, investment, and banking [11] - The company aims to explore new paths and models for pension finance and the development of the silver economy as a strategic priority for the 15th Five-Year Plan [11]

Group 1 - The core idea of the news is the launch of the "Relief Insurance" program by China Life Insurance Guangxi Branch in collaboration with local government to provide financial protection for vulnerable groups such as urban and rural subsistence allowance recipients and special care recipients [1][2] - The program aims to establish a multi-layered protection system combining government support and insurance to address the shortcomings in social security [1][2] - As of November 2025, the program has successfully included 6,639 special care recipients and 17,074 subsistence allowance recipients in Beihai City under the "Relief Insurance" coverage [1] Group 2 - The "Relief Insurance" program is designed to create a long-term mechanism of "government guidance, financial subsidies, and insurance operation" to match central enterprise resources with local social needs [2] - The program offers affordable risk protection with a premium of 90 yuan per year for special care recipients (fully subsidized by the government) and 45 yuan for subsistence allowance recipients (partially subsidized) [3] - Coverage includes critical illness insurance (up to 6,000 yuan), hospitalization allowances (50 yuan/day, up to 9,000 yuan annually) for special care recipients, and differentiated critical illness coverage for subsistence allowance recipients [3] Group 3 - The program emphasizes efficiency and accessibility through technology and streamlined processes, ensuring that insurance services are more effective and user-friendly [4] - A closed-loop operation is established for enrollment, where the government provides the list of insured individuals, eliminating the need for self-reporting by the public [4] - The program includes a 24-hour reporting hotline and a green channel for claims, ensuring prompt payment in emergencies and home service for those unable to collect claims [4]

Investment Rating - The report maintains a "Recommended" rating for the insurance sector, expecting the industry index to outperform the benchmark index by more than 5% in the next 3-6 months [19]. Core Insights - The insurance index increased by 2.98%, outperforming the broader market by 1.03 percentage points. Individual stock performances varied, with notable increases from ZhongAn (+4.74%), Ping An (+3.51%), and China Pacific (+3.14%) [1]. - As of November 2025, the insurance industry is projected to achieve a cumulative original premium of 5.76 trillion yuan, with property insurance at 1.34 trillion yuan and life insurance at 4.42 trillion yuan [2]. - The report highlights a potential short-term upward trend in long-term interest rates, which may benefit the insurance sector. Despite anticipated performance pressure due to high investment bases in 2026, the report suggests that stabilizing interest rates and improving "spread" (investment income minus comprehensive liability costs) could drive valuation recovery [3][4]. Summary by Sections Market Performance - The insurance sector's absolute performance over the past 12 months is 33.4%, with a relative performance of 16.6% compared to the benchmark [6]. Company Valuations - The report provides PEV valuations for life insurance companies: China Life at 0.89x, Ping An at 0.86x, New China at 0.8x, and China Pacific at 0.69x. For H-shares, Ping An is at 0.74x, New China at 0.57x, and China Pacific at 0.54x [4]. - The report recommends focusing on companies with significant valuation recovery potential, such as China Life H and China Pacific [3]. Earnings Forecasts - Earnings per share (EPS) estimates for 2025E for key companies are as follows: China Pacific at 5.68 yuan, China Life at 6.34 yuan, New China at 12.62 yuan, China Pacific at 3.00 yuan, and China Property at 2.07 yuan. The report also provides PE and PB ratios for these companies, indicating a favorable investment outlook [4].

Core Insights - The 2025 Global Cultural IP Industry Development Conference was held in Shanghai on December 27, 2025, focusing on the integration of cultural IP and technology, and awarded innovative and influential benchmark cases [1][3] - China Life Insurance's "Rui Shou Ben Ben" blind box won the "2025 Card Game Trendy IP" award, being the only financial insurance brand recognized at the event alongside renowned cultural IPs [1][3] Group 1: Event Overview - The conference aligns with the national strategy for cultural strength and aims to explore and recognize outstanding cultural IPs that embody the spirit of the times [3][8] - The evaluation criteria included six dimensions such as innovation, dissemination, and national characteristics [3][8] Group 2: China Life's Innovation - The "Rui Shou Ben Ben" blind box is based on the brand's mascot and incorporates elements from six traditional auspicious beasts, showcasing a youthful design that appeals to modern aesthetics [5][10] - The series conveys the message of "protecting the people and ensuring good fortune," effectively reaching the young consumer demographic [5][10] Group 3: Engagement and Recognition - In addition to the physical blind box, an animated short titled "Ben Teng Rui Shou" was launched, featuring young volunteers and promoting China Life's service philosophy [7][12] - The project has generated widespread engagement on social media, strengthening emotional connections with younger audiences and highlighting the brand's innovative cultural IP capabilities [7][12] - The award signifies a significant breakthrough for financial brands in achieving youthfulness through cross-industry integration, enhancing brand recognition and affinity in the young market [12]

Core Viewpoint - China Life is leveraging its comprehensive financial advantages to enhance pension fund reserves, explore new models for elderly care services, and increase support for the silver economy, aiming to integrate financial resources into the pension sector effectively [1] Group 1: Pension Fund Management - As of Q3 2025, China Life's pension insurance company is providing investment management services for over 75 billion yuan in basic pension insurance funds, achieving top rankings in specific investment portfolios [1] - The cumulative scale of enterprise annuities and occupational annuities managed by China Life's pension insurance company exceeds 2.1 trillion yuan, maintaining the leading position in the industry [1] - The third pillar of pension finance development is highlighted, with Guangfa Bank, a member of China Life Group, having opened over 3.4 million personal pension accounts and offering more than 220 personal pension products [1] Group 2: Elderly Care Community Development - The "Guangfa Garden" brand, developed by China Life's Guoshou Health Investment Company, focuses on professional elderly care operations, with various product lines including comprehensive elderly care communities and boutique elderly apartments [1][2] - The suburban CCRC elderly care communities are strategically located in cities like Beijing, Tianjin, Chengdu, and Xiamen, catering to a wide range of elderly care needs from self-care to nursing [2] - The urban boutique elderly apartments primarily serve elderly individuals requiring care and are actively being developed in cities such as Qingdao, Shijiazhuang, Hangzhou, Kunming, and Shenzhen [2] Group 3: Innovative Community Projects - China Life's Guoshou Health Investment Company is collaborating with the Shenzhen government to innovate three "embedded" community elderly care projects, aimed at providing affordable care options for the working class [2] - The "Guangfa Garden" community emphasizes a professional care system that ensures peace of mind for families and comfort for the elderly, supported by a unique service standard system comprising 291 standards [2] - China Life has completed elderly care project layouts in over ten cities, including Beijing, Tianjin, Suzhou, and Chengdu, with plans to accelerate development in 26 key cities nationwide [2]