China Life(601628) 国际金融报·2025-03-28 05:20Core Insights - In 2024, China Life Insurance achieved a record net profit of 106.935 billion yuan, a significant increase of 108.9% year-on-year [1] - The new chairman, Cai Xiliang, aims to transform the company into a leading global life insurance enterprise through comprehensive reforms and enhancement of core competencies [1] Business Performance - Total premium income reached 671.457 billion yuan, up 4.7% year-on-year, with life insurance premiums at 538.711 billion yuan, increasing by 5.1% [3] - The health insurance segment generated premiums of 119.136 billion yuan, a growth of 4.5%, while accident insurance premiums fell by 7.6% to 13.610 billion yuan [3] - The individual insurance channel contributed 529.033 billion yuan in premiums, reflecting a 5.5% increase, with a stable sales force of 615,000 agents [3] Strategic Focus - The company plans to enhance value contribution across all channels, with a particular emphasis on the bank insurance, group insurance, and internet channels [4] - Key areas of focus for 2025 include maintaining steady growth, promoting continuous value increase, and upgrading operational capabilities centered on customer needs [4][5] Investment Strategy - By the end of 2024, total assets reached 6.77 trillion yuan, a 16.7% increase, with investment assets at 6.61 trillion yuan and total investment income of 308.251 billion yuan, marking a 150% year-on-year growth [7] - The investment strategy for 2025 emphasizes stable foundational investments while optimizing risk assets, with a focus on long-term bonds and high-quality credit bonds [8] Dividend Policy - China Life announced a cash dividend of 0.45 yuan per share for 2024, totaling approximately 12.719 billion yuan, marking the company's first mid-term dividend distribution [10] - The company maintains a strong solvency position, with core solvency ratio at 153.34% and comprehensive solvency ratio at 207.76% as of the end of 2024 [10]