Zheng Quan Zhi Xing·2025-08-27 10:21Core Viewpoint - China Life Insurance Company reported a strong performance in the first half of 2025, with total premiums reaching 525.09 billion RMB, a year-on-year increase of 7.3%, indicating a solid market position and growth in various insurance segments [5][8][10]. Financial Performance - Total assets amounted to 7.29 trillion RMB, with investment assets at 7.13 trillion RMB, reflecting a growth of 7.7% and 7.8% respectively compared to the previous year [7][18]. - The company's total liabilities increased by 8.1% to 6.76 trillion RMB, with insurance contract liabilities rising by 7.9% to 6.29 trillion RMB [7][25]. - Net profit attributable to shareholders reached 40.93 billion RMB, a 6.9% increase from the previous year, while total profit decreased by 11.5% to 42.37 billion RMB [7][19]. Business Growth - The company achieved a record high in total premiums, with first-year premiums at 81.25 billion RMB, maintaining the industry lead [5][10]. - New business value grew by 20.3% year-on-year to 28.55 billion RMB, showcasing the company's competitive edge in the market [6][10]. - The 14-month policy retention rate improved to 92.10%, indicating stronger customer loyalty and satisfaction [8][10]. Investment Strategy - The investment income for the first half of 2025 was 127.51 billion RMB, with a total investment return rate of 3.29% [19][20]. - The company maintained a diversified investment portfolio, with a focus on fixed-income assets, which constituted 73.56% of total investments [17][18]. - The quality of credit investments remained high, with over 98% of credit bonds rated AAA [20][21]. Product Development - The company expanded its product offerings, particularly in health and pension insurance, aligning with national development goals [12][15]. - Internet insurance business saw significant growth, with total premiums reaching 70.49 billion RMB, reflecting a shift towards digital services [11][12]. - The company introduced over 80 new insurance products, enhancing its market adaptability and customer service [12][13]. Sales Channels - The individual insurance channel reported a total premium of 400.45 billion RMB, with a 2.6% year-on-year growth [10][11]. - The bancassurance channel experienced a substantial increase, with total premiums reaching 72.44 billion RMB, a 45.7% growth [10][11]. - The group insurance channel maintained a focus on efficiency, achieving a total premium of 14.44 billion RMB [11][12].