两大保险巨头齐发半年报 股票基金配置均提升

Core Insights - The leading domestic insurance companies, China Life and China Property & Casualty Insurance, reported growth in their insurance operations and relatively strong investment performance for the first half of 2025 [2] Financial Performance - China Life's net profit attributable to shareholders for the first half of 2025 was 40.931 billion yuan, a year-on-year increase of 6.9% [2] - China Property & Casualty Insurance's net profit attributable to shareholders was 26.530 billion yuan, a year-on-year increase of 16.9% [2] - Both companies proposed interim cash dividends, with China Life planning to distribute 0.238 yuan per share, totaling approximately 6.727 billion yuan, and China Property proposing 0.75 yuan per 10 shares, totaling about 3.317 billion yuan [2] Investment Performance - As of June 30, 2025, China Life's investment assets reached 7.13 trillion yuan, a 7.8% increase from the beginning of the year [3] - China Life achieved a net investment income of 96.067 billion yuan, with a net investment yield of 2.78%, down 0.25 percentage points year-on-year [3] - China Property's total assets were 1.88 trillion yuan, with investment assets of 1.76 trillion yuan, a 7.2% increase from the start of the year [4] Business Operations - China Life's total premium income for the first half of 2025 was 525.088 billion yuan, a year-on-year increase of 7.3% [4] - The new business value for China Life was 28.546 billion yuan, up 20.3% year-on-year [4] - China Property's insurance service income was 280.250 billion yuan, a year-on-year increase of 7.1%, with original insurance premium income of 454.625 billion yuan, up 6.4% [4] Market Position - China Property's core business, property insurance, generated original insurance premium income of 323.282 billion yuan, holding a market share of 33.5% [5] - The combined cost ratio for China Property was 95.3%, improving by 1.5 percentage points year-on-year, with an underwriting profit of 11.699 billion yuan, a 53.5% increase [5]