China Life(601628) 新华财经·2025-03-28 08:27Core Viewpoint - China Life Insurance Company reported significant growth in total investment income and net profit for the year 2024, indicating strong performance and effective investment strategies [1][2]. Financial Performance - Total investment income reached 308.25 billion yuan, a substantial increase of 150% year-on-year [1]. - Net profit attributable to shareholders was 106.93 billion yuan, reflecting a remarkable growth of 108.9% [1][2]. - Total assets amounted to 6.77 trillion yuan, up 19.7% year-on-year, while investment assets grew by 22.1% to 6.61 trillion yuan [2]. Investment Strategy - The company has optimized its equity investment structure and capitalized on market opportunities, leading to a significant rise in total investment income [2]. - As of the end of 2024, investments in equity financial assets reached 1.27 trillion yuan, accounting for 19.19% of total investments, with stock holdings exceeding 500 billion yuan for the first time [2]. - The company plans to moderately increase the proportion of equity asset investments in 2025, anticipating a favorable economic recovery and improved market conditions [3]. Dividend Policy - China Life plans to distribute a final dividend of 0.45 yuan per share, totaling approximately 12.72 billion yuan, with an overall annual dividend of 0.65 yuan per share, amounting to 18.37 billion yuan [4]. - The total dividend represents 17% of the net profit attributable to shareholders, despite a decrease in the payout ratio [4]. - The company emphasizes a balanced approach to dividends, considering profitability, volatility, and sustainable development [4].