Core Viewpoint - The company emphasizes its commitment to serving the agricultural sector, protecting the environment, empowering the real economy, and supporting the tourism industry through tailored insurance solutions and risk management strategies [1][2]. Group 1: Agricultural Insurance - The company has provided a total of 404.1 billion yuan in various risk guarantees and paid out 39.4878 million yuan in claims as of November 2025, contributing to the high-quality development of border ethnic regions [1]. - The company has been focusing on policy-based agricultural insurance for nine consecutive years, creating a comprehensive insurance system that covers traditional farming and highland specialty industries, enhanced by technology [1]. - The policy-based agricultural insurance has benefited 1.1169 million farming households with 33.025 billion yuan in risk coverage, and 78,300 disaster-affected households have received 14.2 million yuan in claims [1]. Group 2: Environmental Protection and Green Insurance - The company has developed green insurance with a risk guarantee of 11.655 billion yuan, supporting ecological protection and sustainable development in the Yangtze River upstream region [1]. Group 3: Support for Small and Micro Enterprises - The company has provided risk guarantees totaling 450 million yuan to 34 private enterprises, small and micro businesses, and individual entrepreneurs, using customized insurance solutions to mitigate operational risks [2]. Group 4: Tourism Industry Support - From 2024 to November 2025, the company has provided over 400 million yuan in risk coverage for major tourist attractions in Diqing Prefecture, including public liability insurance and group accident insurance for tourists and staff [2].

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。 CHINA LIFE INSURANCE COMPANY LIMITED 關於合夥企業的 關連交易進展公告 茲提述本公司日期為2020年10月28日、2021年8月25日及2024年4月26日之該等公告， 內容有關（其中包括）本公司（作為有限合夥人）與國壽置業（作為普通合夥人）成立合夥 企業及本公司增加對合夥企業的認繳出資額。 董事會宣布，本公司擬於2025年12月31日前與國壽置業簽訂補充協議，以進一步增加 本公司對合夥企業的認繳出資額。 除上文所述者外，合夥協議的其他條款並無重大變動。 本次增資的理由與利益 集團公司為本公司的控股股東，目前持有本公司約68.37%的已發行股本，為本公司的 關連人士。國壽置業為集團公司的間接全資附屬公司，亦為本公司的關連人士。因 此，本次增資構成本公司在上市規則第14A章下的關連交易。由於本次增資適用的一 個或多個百分比率超過0.1%但少於5%，因此根據上市規則第14 ...

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。 續展委託投資管理協議下之持續關連交易 茲提述本公司日期為2022年12月15日的公告，內容有關（其中包括）本公司與資產管理 公司之間的現有委託投資管理協議。該協議將於2025年12月31日屆滿。本公司擬於 2026年1月1日前與資產管理公司訂立2026-2028年委託投資管理協議，據此，資產管理 公司將繼續對本公司委託給其的資產進行投資和管理。 上市規則的影響 集團公司為本公司的控股股東，目前持有本公司約68.37%的已發行股本，為本公司的 關連人士。資產管理公司由本公司和集團公司分別持有60%和40%的股權，為本公司 的關連附屬公司。因此，2026-2028年委託投資管理協議下之交易構成本公司在上市規 則第14A章項下的持續關連交易。 由於2026-2028年委託投資管理協議下持續關連交易的年度上限之適用百分比率超過 0.1%但少於5%，故根據上市規則第14A章，該交易須遵守申報、公告及年度審核的規 ...

Investment Rating - The report maintains a "Positive" investment rating for the insurance sector [11]. Core Insights - In the short term, investment yield is the dominant factor for valuation, while asset allocation ratio is the decisive factor for investment yield. In the medium to long term, the spread between the asset and liability sides of insurance is expected to improve due to policy and market changes, with sufficient long-term space in the industry leading to continuous improvement in ROE [3][9]. - Recommended stocks include China Life, New China Life, Ping An, and China Pacific Insurance as quality targets [3][9]. Summary by Sections 2025 Review - The insurance sector's performance was generally flat compared to the market, with the CSI 300 index rising by 15% and the Yangtze Insurance Index increasing by 14.5%, underperforming the market by 0.6 percentage points. Individual stocks like Ping An, New China Life, and China Pacific outperformed the market [6][23]. - The liability side is undergoing a transformation towards dividends, with new policy growth slightly slowing but value rates improving, driving new business value growth. The asset side performed well due to strong equity market performance, contributing to good total investment returns [6][23]. Investment Yield Analysis - The primary determinant of insurance companies' investment yield is asset allocation. As of Q3 2025, listed insurance companies had total investment assets exceeding 20 trillion yuan, indicating that investment yield is mainly influenced by asset allocation rather than significant and sustained alpha generation [6][39]. - Even in an extremely low-interest-rate environment, yields can remain above 2%, demonstrating that the risk of spread loss for listed insurance companies is minimal [6][39]. Pricing of the Insurance Sector - Over the past decade, expected investment yield has been the anchor for insurance industry valuation. The short-term valuation is primarily influenced by yield expectations, as the liability cost rate fluctuates less in the short term [7][71]. - The report emphasizes that the asset side, particularly equity assets, has a stronger influence on investment yield than the liability side, which has limited impact due to its long-term nature [7][71]. Future Demand and Market Dynamics - The report anticipates that insurance demand will remain high in 2026, driven by a significant amount of fixed deposits and wealth management products maturing. The comparative advantage of insurance products in terms of yield is expected to attract funds from fixed deposits without requiring an increase in risk appetite [8][84]. - The industry landscape is expected to continue improving, with leading listed insurance companies benefiting more from this trend [8][84].

Group 1 - The Hainan Free Trade Port officially launched its full island closure on December 18, with China Life Insurance focusing on providing comprehensive social security services to the local population, including healthcare and elderly care [1] - China Life Insurance's "Hui Qiong Bao" medical insurance program aims to cover over 700,000 participants by 2025, with cumulative payouts exceeding 41 million yuan since its inception in 2021 [1] - The company has provided over 20 billion yuan in risk protection for more than 7,000 new economy workers in Hainan, and has launched specialized insurance plans for rural revitalization workers, offering over 65 billion yuan in risk coverage [1] Group 2 - China Life Insurance is actively developing personal pension services to support residents' retirement planning, with over 9,000 personal pension accounts opened in Hainan [2] - The company is involved in the preparation of a long-term care insurance system in Hainan, aiming to provide effective support for disabled elderly individuals and their families [2] - Guangfa Bank has introduced green credit initiatives in Hainan, with a balance of 1.16 billion yuan, reflecting a 23.4% increase from the previous year, supporting various green industries [2] Group 3 - China Life Property & Casualty Insurance has tailored insurance products to meet the needs of Hainan's industries, including a 120 million yuan health insurance plan for high-level talent and innovative agricultural insurance products [3] - The company has launched a wellness and health management project in Sanya, integrating traditional Chinese medicine with tourism to enhance the local health and wellness experience [3] - Guangfa Bank has established a cross-border financial channel in Hainan, leading in cross-border RMB settlement volumes among local financial institutions [3] Group 4 - China Life Property & Casualty Insurance has introduced a comprehensive cargo insurance product covering multiple transportation modes to support Hainan's manufacturing sector [4] - The company is exploring new models for catastrophe insurance to strengthen risk management in Hainan [4] - China Life is building an intelligent risk control system to enhance risk identification and management, ensuring financial stability in the region [4]

Core Viewpoint - The official launch of the Hainan Free Trade Port marks a significant milestone in Hainan's economic development and represents a new phase of China's opening up to the world [1] Group 1: Social Welfare Initiatives - China Life is deeply involved in the construction of the Free Trade Port, focusing on enhancing public welfare and ensuring that development benefits the local population [1] - The "Hui Qiong Bao" medical insurance, launched by China Life, aims to cover over 700,000 people in Hainan by 2025, providing significant financial relief to insured patients [2] - The company has provided over 20 billion yuan in risk protection for new economy workers, including delivery riders and ride-hailing drivers, by the end of November 2025 [3] Group 2: Financial Services and Support - China Life is actively promoting inclusive finance, with a focus on small and micro enterprises in Hainan, achieving a loan growth rate of 16% [4] - The company has introduced innovative insurance products, such as the "Insurance + Futures" model for natural rubber, providing 13.61 million yuan in risk protection over five years [5] - The establishment of a cross-border financial channel by Guangfa Bank facilitates both inbound and outbound investments, enhancing Hainan's connection to global markets [7] Group 3: Industry Development and Innovation - China Life is supporting the upgrade of Hainan's industries by providing comprehensive financial services, including a 23.4% increase in green credit balance to 1.16 billion yuan [4] - The company has launched customized insurance solutions for technology enterprises, promoting the development of strategic emerging industries [5] - The introduction of a full-chain cargo insurance product aims to protect Hainan's manufacturing sector as it expands internationally [7] Group 4: Future Outlook - China Life is committed to continuing its efforts in Hainan, aiming to accelerate development and contribute to the Free Trade Port's growth [8]

Summary of China Life Insurance Conference Call Company Overview - **Company**: China Life Insurance - **Industry**: Insurance Key Points and Arguments Market and Economic Outlook - China Life expects interest rates to fluctuate within historical low ranges in 2026, with upward potential due to anti-involution policies and consumption-boosting strategies [2][4] - The company anticipates a decline in speculative buying demand for long-term bonds, suggesting a potential upward movement in interest rates, albeit with a complex process [2][4] - The stock market outlook remains positive in the long term, with a focus on structural opportunities rather than significant recovery chances [2][4] Investment Strategy - China Life maintains a neutral yet flexible strategy in bond allocation, adjusting based on market supply and interest rate trends [2][5] - As of Q3, public market equity holdings account for approximately 16% of the portfolio, with plans to optimize allocation based on regulatory policies and market demands [2][5] - The effective duration gap is under two years, one of the lowest in the industry, indicating a conservative approach to interest rate risk [2][6] Product and Channel Performance - The company views insurance products as a favorable asset allocation choice amid current interest rate declines and consumer savings shifts [3][20] - The dividend insurance channel is positioned as a strategic support, showing significantly higher growth compared to individual insurance, with expectations for continued high growth [3][27] - China Life plans to enhance the proportion of FVOCI (Fair Value Through Other Comprehensive Income) assets to mitigate stock price volatility impacts on investment returns [2][11] Regulatory and Financial Adjustments - Adjustments to solvency factors have minimal impact on equity allocation, as the company maintains sufficient solvency without significant reclassification [7] - The company does not foresee frequent adjustments to actuarial assumptions, with a low probability of changes for 2026, which could lead to improved margins [13][14] - The average margin for overall business in 2026 is expected to improve through cost reduction and efficiency measures [14][15] Future Business Projections - The pre-sale situation for 2026 is promising, attributed to early preparations and product design adjustments, alongside favorable capital market conditions [16][17] - The company is optimistic about the first quarter of 2026, aiming for good results in premium scale and product types [17] - The impact of expanded medical insurance directories on commercial health insurance sales is expected to be limited in the short term but beneficial in the long run [24] Risk Management and Product Differentiation - Dividend insurance has a slightly higher allocation in equity assets compared to traditional insurance due to differing liability characteristics [8][10] - The company is prepared to launch dividend-type critical illness insurance products, pending regulatory guidelines [23] Conclusion - China Life Insurance is strategically positioned to navigate the current economic landscape with a focus on flexible investment strategies, regulatory compliance, and product innovation, aiming for sustainable growth and improved profitability in the coming years [2][3][4][5][16][20]

Core Viewpoint - The Liaoning Financial Regulatory Bureau has approved the change of business location for China Life Property & Casualty Insurance Co., Ltd. in Faku County, indicating regulatory support for the company's operational adjustments [1] Group 1 - The business location of China Life Property & Casualty Insurance Co., Ltd. in Faku County will be changed to No. 104, Jianqiao Cambridge Mansion, Jinniu Street, Faku Town, Shenyang City [1] - The approval was documented under the reference number Guoshou Property Insurance Liao Fa [2025] No. 479 [1] - The company is required to handle the change and obtain a new license in accordance with relevant regulations [1]

Core Insights - Investment is a core capability for life insurance companies, especially in the era of participating insurance [1][16] - There are significant differences in investment capabilities among major life insurance companies [1][16] - The analysis focuses on eight major life insurance giants with over 100 billion in premiums, which have consistently reported their investment returns for the past ten years [1][16] Investment Returns Overview - The eight major life insurance companies have shown varying investment returns over the past decade, with data presented for each company from 2014 to 2025 [1][16] - The companies included are: China Life, Ping An, Taikang, China Pacific, Taiping, Xinhua, Zhongrong, and PICC [1][16] - The investment returns for these companies are calculated as actual investment returns from 2014-2021 and comprehensive investment returns from 2022-2025 [1][16] Ten-Year Investment Yield Rankings - The top three companies in terms of cumulative investment returns over nine and a half years are Taikang Life (74.5%), Ping An Life (72.6%), and PICC (71.0%) [5][20] - The annualized returns for these companies are 6.0%, 5.9%, and 5.8% respectively [5][20] - There is a notable difference of over 20 percentage points in cumulative investment returns among the companies [20] Performance Consistency - Over the past decade, no company has consistently ranked first or last; five companies have ranked first at some point, and five have ranked last [6][21] - Ping An and PICC have each ranked first three times, while Taikang has ranked first twice [6][21] - The average rankings indicate that Taikang, PICC, and Ping An generally perform better [7][24] Head-to-Head Comparisons - In one-on-one comparisons, Taikang and PICC have the highest win rates against other companies [10][25] - The win-loss records show Taikang winning against Ping An 6:4, and against PICC 7:3, among others [10][25] - China Life has the lowest win rate, winning only 20 out of 100 matchups against the other companies [10][25] Investment Scale Impact - There is a significant difference in investment returns between PICC and China Life, which may be attributed to China Life's larger investment scale [14][29] - PICC has outperformed China Life in eight out of ten years [14][29]

Core Viewpoint - The company is actively enhancing agricultural insurance services in Inner Mongolia to mitigate the adverse effects of severe cold weather on agricultural production, establishing a comprehensive disaster response system to support local agricultural development [1][5]. Group 1: Risk Reduction and Disaster Response - The company is promoting a "risk reduction service" model, moving beyond traditional post-disaster compensation to proactive disaster prevention measures [2]. - A professional meteorological disaster warning platform has been established, allowing the company to send early warnings to insured farmers and provide guidance on protective measures [2]. - In response to increased claims due to severe weather, the company has mobilized resources to ensure timely processing of claims, with a significant increase in reported claims [2]. Group 2: Product Innovation - The company is developing tailored agricultural insurance products to meet diverse regional and crop-specific needs, including weather index insurance linked to extreme weather events [3]. - As of the end of November, the company has collected 2.507 million yuan in premiums for a weather index insurance product covering 16.71 million sheep, providing 31.3373 million yuan in risk coverage [3]. - The company is also exploring innovative business models such as "insurance + futures" and "insurance + credit" to expand its agricultural insurance services [3]. Group 3: Technological Empowerment - The company has integrated satellite remote sensing, drone photography, and artificial intelligence to create a comprehensive insurance underwriting and claims processing system [4]. - Following a rare extreme weather event, the company processed insurance claims with a record speed of 54 minutes for payment [4]. - The "Guoshou i Agricultural Insurance" app allows farmers to complete the entire insurance process online, significantly simplifying the claims process [4]. Group 4: Commitment to Agricultural Support - The company's initiatives reflect its commitment to providing comprehensive financial services to the agricultural sector, demonstrating a proactive approach to disaster response and risk management [5].