Xin Lang Cai Jing·2025-08-28 08:31Core Viewpoint - China Life's 1H25 performance is in line with expectations, showing a year-on-year increase in net profit and new business value, despite a decline in investment returns [1][2][3] Financial Performance - The company's net profit attributable to shareholders for 1H25 is 40.93 billion yuan, up 6.9% year-on-year, but down from a 39.5% increase in 1Q25 [1] - As of the end of 1H25, the company's net assets stand at 523.6 billion yuan, reflecting a 2.7% year-on-year increase but a 1.7% quarter-on-quarter decrease [1] - The new business value (NBV) reached 28.55 billion yuan, representing a 20.3% year-on-year growth [1] - The annualized net and total investment returns are 2.78% and 3.29%, respectively, showing a year-on-year decline of 0.25 percentage points and 0.3 percentage points [1][3] Business Segments - Individual insurance channel new business premium decreased by 21.6% year-on-year to 73.9 billion yuan, while bancassurance new business premium surged by 111% to 35.9 billion yuan [2] - The proportion of participating insurance in the first-year premium of individual insurance exceeded 50% in 1H25, indicating a shift towards floating income products [2] - The number of high-quality new agents increased by 27.6% year-on-year, and the retention rate for existing agents improved by 3.8 percentage points [2] Investment Strategy - The company has increased its stock investment scale to 620.1 billion yuan, a 23.8% increase from the beginning of the year, with a focus on high-dividend stocks [3] - The total investment return is expected to gradually improve in 2025 due to market recovery and stable interest rates [3] Future Outlook - The company maintains a strong recommendation rating, with projected net profits of 116 billion yuan, 124.9 billion yuan, and 131.6 billion yuan for 2025-2027, reflecting year-on-year growth rates of 8.4%, 7.7%, and 5.4% respectively [4] - The NBV for 2025-2027 is expected to be 41.8 billion yuan, 46.2 billion yuan, and 49.4 billion yuan, with growth rates of 24.1%, 10.4%, and 7.0% respectively [4]