Xin Lang Cai Jing·2025-08-28 09:12Core Viewpoint - China Life Insurance has demonstrated resilience in a complex market environment, achieving significant growth in its mid-year performance, with a net profit of 40.931 billion yuan, a year-on-year increase of 6.9% [1][3]. Financial Performance - The company reported total premiums of 525.088 billion yuan for the first half of the year, reflecting a year-on-year growth of 7.3% [1]. - The net profit attributable to shareholders reached 40.931 billion yuan, marking a 6.9% increase compared to the previous year [1]. - The company has distributed a total of 227.7 billion yuan in dividends since its listing, with a proposed interim dividend of 2.38 yuan per 10 shares for 2025 [1]. Business Segments - Individual insurance channel premiums amounted to 400.448 billion yuan, up 2.6% year-on-year, with renewal premiums growing by 10.4% to 326.563 billion yuan [3]. - The bancassurance channel saw total premiums of 72.444 billion yuan, a significant increase of 45.7%, with new single premiums rising by 111.1% to 35.873 billion yuan [3]. - The new business value from the individual insurance channel reached 24.337 billion yuan, an increase of 9.5% year-on-year [3]. Product Structure and Strategy - The company has shifted its product structure towards floating income products, which now account for over 45 percentage points more in first-year premiums compared to the previous year [3]. - The effective duration gap for new business has been reduced from 2-2.5 years to 1.5 years, indicating improved asset-liability management [4]. Investment Performance - As of June 30, the company's investment assets totaled 7.127153 trillion yuan, a 7.8% increase from the end of 2024 [5]. - Total investment income for the first half of 2025 was 127.506 billion yuan, reflecting a year-on-year growth of 4.2%, with an investment yield of 3.29% [5]. - The allocation to equity assets has increased, with the proportion of stocks and funds rising from 12.18% at the end of 2024 to 13.60% [5]. Market Outlook - The company remains optimistic about the A-share market for the second half of the year, focusing on sectors such as technology innovation, consumer manufacturing, and advanced manufacturing for investment opportunities [5][6]. - The company plans to maintain a flexible asset allocation strategy while managing the duration gap effectively [5]. International Investment - China Life has invested 35 billion yuan in the Honghu Fund, a long-term investment pilot project in collaboration with Xinhua Insurance [7]. - The company has received a QDII quota of 50 million USD, which will be primarily allocated to the Hong Kong stock market, where it has seen significant returns [7].