Core Viewpoint - China Life Insurance reported a 4.8% year-on-year increase in new business value (NBV) for Q1 2025, with a net profit of 28.802 billion yuan, reflecting a 39.5% increase compared to the previous year [1][3]. Group 1: NBV and Agent Numbers - The NBV growth rate has slowed down, with a 4.8% year-on-year increase in Q1 2025, primarily due to an improvement in NBV margin. The new single premium reached 107.434 billion yuan, down 4.5% year-on-year, influenced by product structure adjustments and a decrease in customer demand [2]. - As of Q1 2025, the number of agents decreased to 596,000, a reduction of 19,000 from the end of 2024, indicating ongoing purging of the agent workforce. The proportion of floating income-type business in the first-year premium reached 51.72%, showing positive results from product transformation [2]. Group 2: Profit and Investment Performance - The company achieved a net profit of 28.802 billion yuan in Q1 2025, a 39.5% increase year-on-year, mainly due to the deepening of asset-liability linkage. Insurance service fees amounted to 27.583 billion yuan, a decrease of 13.438 billion yuan year-on-year, likely due to reduced medical insurance claims and a temporary rise in market interest rates [3]. - The annualized net and total investment returns were 2.60% and 2.75%, respectively, down 0.22 percentage points and 0.48 percentage points year-on-year. Net and total investment income were 44.25 billion yuan and 53.77 billion yuan, reflecting increases of 3.7% and decreases of 16.8% year-on-year, respectively, with net investment income benefiting from asset growth [3]. - As of Q1 2025, the company's net assets reached 532.51 billion yuan, a 4.5% increase from the end of 2024, driven by the temporary rise in interest rates [3]. Group 3: Investment Recommendations - The company maintains a "buy" rating, with projected net profits for 2025-2027 at 108.5 billion yuan, 122.6 billion yuan, and 141.6 billion yuan, corresponding to growth rates of 1.5%, 13.0%, and 15.5%, respectively. The stable liability side and greater flexibility on the asset side support this rating [4].
中国人寿(601628):净利润和净资产均实现较好增长