Sou Hu Cai Jing·2025-08-28 06:28Core Viewpoint - China Life Insurance reported a strong performance in the first half of 2025, with significant growth in total premiums and net profit, while also addressing concerns regarding interest rate adjustments and asset allocation strategies [2][11]. Financial Performance - In the first half of 2025, China Life achieved operating revenue of 239.24 billion yuan, a year-on-year increase of 2.10% [2]. - The net profit attributable to shareholders reached 40.93 billion yuan, reflecting a growth of 6.90% [2]. - Total premiums amounted to 525.09 billion yuan, marking a historical high for the same period and a year-on-year growth of 7.3% [3]. Business Segments - The life insurance segment generated total premiums of 439.13 billion yuan, up 8.5% year-on-year [3]. - Health insurance premiums reached 78.96 billion yuan, with a growth of 2.0% [3]. - However, accident insurance premiums decreased by 6.7% to 6.99 billion yuan [3]. New Business Value - New business value for the first half of 2025 was 28.55 billion yuan, representing a 20.3% increase year-on-year, significantly outpacing premium growth [5]. - The individual insurance channel contributed 24.34 billion yuan to new business value, a 9.5% increase [6]. Investment Performance - As of June 30, 2025, total investment assets reached 7.13 trillion yuan, a 7.8% increase from the end of 2024 [8]. - The total investment income was 127.51 billion yuan, with a total investment yield of 3.29%, down 0.3 percentage points year-on-year [8]. - The proportion of fixed-income assets decreased to approximately 73.56%, while equity investments rose to 20% [8][9]. Asset Allocation Strategy - The company plans to optimize its asset allocation structure in the second half of 2025, focusing on new productive forces and high-dividend stocks [10]. - China Life has actively invested in the Hong Kong stock market, achieving favorable returns and plans to continue this strategy [10]. Interest Rate Adjustments - The company anticipates limited impact from the recent interest rate adjustments, having prepared adequately with new product reserves and management systems [11]. - Emphasis will be placed on asset-liability linkage and risk management in response to the interest rate changes [11]. Future Outlook - The company remains optimistic about the long-term economic conditions in China, which are expected to support the sustainable development of the life insurance industry [13].