中国人寿保险股份有限公司（"本公司"）于 2024 年 6 月 27 日召开 2023 年年度股东大会，选举牛凯龙先生为本公司第八届董事会非执行董事。 本公司近日收到国家金融监督管理总局（"金融监管总局"）关于牛凯 龙任职资格的批复。根据该批复，金融监管总局已核准牛凯龙先生担任本 公司董事的任职资格，其任职自 2025 年 8 月 6 日起生效。自同日起，牛凯 龙先生担任本公司第八届董事会战略与资产负债管理委员会委员。 牛凯龙先生的简历请见本公司于 2024 年 5 月 22 日在上海证券交易所 网站（www.sse.com.cn）发布的《中国人寿保险股份有限公司 2023 年年度 股东大会会议资料》。 特此公告 中国人寿保险股份有限公司董事会 2025 年 8 月 12 日 证券代码：601628 证券简称：中国人寿 编号：临 2025－024 重要提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国人寿保险股份有限公司 关于董事任职资格获金融监管总局核准的公告 ...

Investment Rating - The report maintains a "Positive" investment rating for the insurance industry [4][49]. Core Insights - The report highlights that the interest spread risk for life insurance companies is manageable, despite concerns in a low interest rate environment. The average net investment yield for six major listed insurance groups has decreased from 4.7% in 2020 to 3.6% in 2024, leading to pessimism regarding the interest spread (investment yield minus liability cost) [4][8]. - The sensitivity of net assets to interest rates varies significantly among companies, with China Life and China Pacific experiencing a 13.6% and 7% decline in net assets, respectively, under a 50 basis point interest rate drop scenario [16][21]. - The cost of new policies has effectively decreased, with major companies like China Life and China Pacific seeing a reduction of approximately 50 basis points in liability costs to 2.4-2.5% in 2024 [4][36]. - The report anticipates a turning point for the cost of existing policies post-2028, as high-cost premium cash flows will cease, and companies like Xinhua are increasing equity allocations to hedge against interest rate declines [4][39]. Summary by Sections Section 1: Interest Rate Sensitivity - Long-term interest rates impact life insurance companies' net assets through three main pathways: duration gap between assets and liabilities, the effect on contracts with Variable Fee Approach (VFA), and the ultimate discount rate applied to policy contracts [13][14]. - Under a stress scenario of a 50 basis point decline in interest rates, the net asset impacts for major companies were calculated, showing varying degrees of sensitivity [16][21][27]. Section 2: New Policy Liability Costs - The liability costs for new policies have significantly decreased, with the report noting that the maximum liability rates for traditional and participating insurance products have been lowered, leading to a reduction in the break-even liability cost for major insurers [36][37]. - The report provides a detailed analysis of the break-even liability costs for major insurers from 2021 to 2024, indicating a downward trend in these costs [38]. Section 3: Existing Policy Costs - The report discusses the potential turning point for existing policy costs, with expectations that high-cost premium cash flows will diminish after 2028, thus reducing liability costs [39][40]. - Xinhua Insurance is highlighted for its strategy of increasing equity exposure to mitigate risks associated with declining interest rates, achieving significant investment returns [39][41].

Core Viewpoint - The five major listed insurance companies in A-shares have distributed a total of 90.789 billion yuan in cash dividends for the year 2024, reflecting a year-on-year growth of 20.21%, indicating the industry's overall profitability and the increasing emphasis on investor returns under policy guidance [2][3]. Summary by Sections Dividend Distribution - The five major insurance companies have completed their dividend distributions for 2024, with a total payout of 90.789 billion yuan, marking a 20.21% increase from the previous year [2]. - New China Life Insurance's dividend plan stands out, with a cash dividend of 1.99 yuan per share, totaling 6.208 billion yuan, and a combined cash dividend of 7.893 billion yuan for 2024, showing a nearly 200% year-on-year increase [3]. - China Pacific Insurance distributed a cash dividend of 1.08 yuan per share, totaling 10.39 billion yuan, contributing to the overall dividend total of 86.318 billion yuan for the five companies [5]. Profitability and Financial Performance - The five major insurance companies reported a total investment income of 796.92 billion yuan for 2024, a year-on-year increase of 113.91%, and a net profit attributable to shareholders of 347.6 billion yuan, up 77.72% [5]. - The strong profitability provides a solid financial foundation for the increased dividends, with companies like Ping An maintaining a stable profit and market share, allowing for consistent shareholder returns [6]. Regulatory Environment and Strategic Implications - The implementation of the new "National Nine Articles" and the "Market Value Management Guidelines" has reshaped the dividend logic of insurance companies, linking dividend distributions to controlling shareholder reductions and refinancing access [2][7]. - The regulatory environment encourages companies to increase the frequency of dividends, which aligns with the policy direction and helps maintain a balance between dividend payouts and business development [2][6]. Divergence in Dividend Strategies - There is a notable divergence in dividend strategies among the five major insurance companies, with Ping An achieving a 13-year consecutive growth in dividends, while New China Life's dividends surged nearly 200% [5][6]. - The differences in dividend strategies may stem from varying short-term performance and long-term strategic positioning, with mature companies focusing on higher dividends and growth-stage companies prioritizing business expansion [6][8]. Challenges and Future Considerations - Despite the high growth in mid-term dividends, concerns about sustainability arise due to market competition and declining interest rates, which may necessitate a balance between dividends and capital adequacy [7][10]. - To transition mid-term dividends from an "encouragement policy" to a "common practice," further institutional support is needed, including tax incentives for long-term shareholders and improved profit adjustment mechanisms [9][10].

近日，中国人寿安平支公司在安平县平安公园开展了一场金融知识普及活动，旨在提高居民金融素养， 增强风险防范意识。 此次活动受到了社区居民的广泛好评，一位参与活动的居民表示："这样的活动很有意义，让我们学到 了很多实用的金融知识，以后遇到金融问题就知道该怎么应对了。"中国人寿安平支公司相关负责人表 示，将持续开展金融知识普及活动，为构建安全、和谐的金融环境贡献力量。（王文聪） 转自：新华财经 活动现场，中国人寿工作人员通过设立咨询台、发放宣传资料、现场讲解等方式，向过往居民普及金融 知识。内容涵盖保险基础知识、个人信息保护、防范非法集资和电信诈骗等多个方面。工作人员结合实 际案例，深入浅出地为居民讲解各类金融风险的特点和防范方法，提醒居民要保持警惕，不轻易相信高 收益投资陷阱，保护好个人财产安全。 在互动环节，工作人员准备了一些金融知识问答题目，居民们积极参与，现场气氛十分活跃。答对问题 的居民还获得了中国人寿精心准备的小礼品。 编辑：赵鼎 ...

凤凰网财经讯 8月8日，据国家金融监管总局官网消息显示，中国人寿喀什地区中心支公司因套取费 用，被罚款12万元。 相关责任人周保中被警告并罚款2万元。 | 序 | 当事人名称 | 主要违法违规 | 行政处罚内容 | 作出决定 | | --- | --- | --- | --- | --- | | 릉 | | 行为 | | 机关 | | 1 | 中国人寿财产保险 股份有限公司喀什 地区中心支公司及 相关责任人 | 套取费用 | 对该中心支公司罚 款12万元。对周保 中警告并罚款2万元 | 喀什金融 监管分局 | ...

2025年8月7日，国家金融监督管理总局温州监管分局发布批复称，《关于变更中国人寿（601628）财产 保险股份有限公司温州中心支公司乐清市虹桥镇营销服务部营业场所的请示》（国寿财险浙发〔2025〕 114号）收悉。经审核，现批复如下： 一、同意中国人寿财产保险股份有限公司温州中心支公司乐清市虹桥镇营销服务部的营业场所变更为： 浙江省温州市乐清市虹桥镇城南大道1031—1081号1号楼10层1005室。 二、中国人寿财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 ...

一、同意中国人寿财产保险股份有限公司温岭市支公司松门镇营销服务部营业场所变更为：浙江省台州 市温岭市松门镇政民路154号。 二、中国人寿财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 2025年8月5日，国家金融监督管理总局台州监管分局发布批复称，《中国人寿（601628）财产保险股份 有限公司浙江省分公司关于变更中国人寿财产保险股份有限公司温岭市支公司松门镇营销服务部营业场 所的请示》（国寿财险浙发〔2025〕104号）及说明解释材料收悉。经审核，现批复如下： ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the Chinese insurance industry, particularly life and property & casualty (P&C) insurance sectors, with insights into the expected performance for the first half of 2025 (1H25E) [1][2][3]. Core Insights and Arguments Life Insurance Sector - **Robust NBV Growth**: Life insurers in China are expected to report a robust new business value (NBV) growth of 18% to 43% year-over-year (yoy) in 1H25E, primarily driven by: - Strong momentum in the bancassurance channel as banks seek enhanced returns on maturing deposits [2][8]. - Margin expansion due to a pricing rate cap cut in Q3 2024 and expense rationalization across the agency channel [2][8]. - **Leading Companies**: - PICC Life is projected to lead with a 43% yoy NBV growth, followed by Ping An Life and New China Life at 39% each, and CPIC Life at 31% [2][8]. - Taiping Life and China Life are expected to have softer growth at 26% and 18% yoy, respectively, due to a focus on shifting towards par products [2][8]. Property & Casualty (P&C) Insurance Sector - **Improvement in CoR**: Traditional P&C insurers are anticipated to see a year-over-year improvement in the combined ratio (CoR) by 0.9 to 2.0 percentage points (ppt) in 1H25E, attributed to normalized natural catastrophe (NAT CAT) trends, with economic losses from catastrophes declining by 46% yoy to RMB 54 billion [3][9]. - **Top Players' Performance**: - The top three players, PICC P&C, Ping An P&C, and CPIC P&C, are expected to see CoR enhancements to 95.3%, 95.8%, and 96.1%, respectively [3][9]. Earnings Trends - **Diverging Earnings Growth**: Earnings trends are expected to diverge between life and P&C insurers in 1H25E: - P&C-focused players are forecasted to enjoy higher earnings growth, with PICC P&C and PICC Group expected to see net profit growth of 29% and 20% yoy, respectively [4][10]. - Life insurers are expected to have varied growth, with NCI leading at 25% yoy, followed by CTIH at 15%, while Ping An is projected to decline by 8% yoy [4][10]. Additional Important Insights - **Market Reactions and Ratings**: - China Life Insurance has been placed under a negative catalyst watch due to concerns that its 1H25E earnings growth may fall below expectations, with a forecasted modest growth of 5% yoy [25][26]. - Conversely, China Pacific Insurance and Ping An Insurance are under positive catalyst watches, with expectations of decent NBV growth and CoR improvements [27][29]. - **Investment Strategies**: - Analysts maintain a "Buy" rating for several companies, including China Life and China Pacific, citing strong brand recognition and growth potential from ongoing reforms in the life insurance sector [83][92]. Conclusion - The Chinese insurance industry is poised for significant growth in both life and P&C sectors in 1H25E, driven by strategic shifts in sales channels and improved operational efficiencies. However, earnings performance may vary significantly across different companies, highlighting the importance of careful stock selection in this sector.

Institutional Movements - The demand for "equity" products is increasing, with institutions raising their equity positions and optimistic about the market outlook [1] - "Fixed income +" products are experiencing a surge in popularity, with significant inflows and a notable increase in total scale from 13,807.34 billion to 14,815.72 billion [2][3] Fund Performance - The "fixed income +" fund's core strategy involves using fixed income assets as a base while enhancing returns through equity assets, leading to a shift in investor behavior towards seeking controlled-risk returns [3] - The median returns for short-term and medium-term pure bond funds were 0.85% and 0.77% respectively, indicating a compression in yield potential for traditional savings products [3] Equity Asset Focus - The issuance of equity funds remains robust, with over 10 equity funds exceeding 1 billion in issuance since July, reflecting a market recovery [4] - Insurance institutions are increasingly promoting equity funds, with several funds recently appointing insurance companies as distribution channels [4] Market Outlook - Multiple institutions are signaling intentions to increase equity asset allocations, with expectations of further strengthening in the A-share market [5] - The market is perceived to have significant upside potential due to economic resilience, policy support, and ongoing shifts in resident asset allocation [6]

Core Insights - The approval of Taiping Private Securities Fund marks a significant step in the long-term investment pilot program for insurance funds in China [1][2][3] - The pilot program aims to allow insurance companies to establish private securities funds primarily targeting the secondary market for stocks, with a focus on long-term holdings [2][3] - As of now, a total of six insurance-related private securities investment funds have been approved and are operational [4][6] Group 1: Approval and Establishment - Taiping Asset has received approval from the National Financial Regulatory Administration to establish Taiping (Shenzhen) Private Securities Investment Fund Management Co., marking it as one of the pilot cases for long-term investment by insurance funds [1][2] - The long-term investment pilot program has seen three batches of approvals, with the first batch in October 2023 involving China Life and Xinhua Insurance, each contributing 25 billion yuan to establish a 50 billion yuan fund [2][4] Group 2: Fund Operations and Management - Currently, there are six operational insurance-related private securities investment funds, including those managed by Guofeng Xinghua, Taikang, and Taibao [4][6] - The first pilot fund, Honghu Zhi Yuan, managed by Guofeng Xinghua, began investing in March 2024 with a total scale of 50 billion yuan fully deployed [4][6] - The second phase of the Honghu fund series was established in May 2024 with a total scale of 20 billion yuan, equally subscribed by Xinhua Insurance and China Life [5][6] Group 3: Strategic Goals and Market Impact - Taiping Asset aims to enhance the investment of long-term capital in the capital market, responding to the long-term investment reform pilot [3][4] - The initiative is expected to improve the asset-liability matching of insurance funds under new accounting standards and increase the efficiency of fund utilization [6]