China Life(SH:601628) Zhong Guo Ji Jin Bao·2025-08-28 11:38Core Viewpoint - China Life Insurance has reported strong mid-year results for 2025, showcasing its resilience and strategic initiatives in a complex market environment, positioning itself as a leader in the insurance industry [1][2]. Financial Performance - Total premium income reached 525.088 billion yuan, a year-on-year increase of 7.3%, marking the highest level for the same period in history and the fastest growth in five years [1]. - Total investment income was 127.506 billion yuan, up 4.2% year-on-year [1]. - Net profit attributable to shareholders was 40.931 billion yuan, reflecting a 6.9% increase [1]. - As of June 30, total assets and investment assets both exceeded 7 trillion yuan, with a solvency ratio of 190.94% [1]. Strategic Initiatives - The company emphasizes three proactive strategies: 1. Strategic Proactivity: Focus on asset-liability management and multi-channel development to enhance resilience [3]. 2. Transformation Proactivity: Continuous improvement in cost efficiency, product diversification, and marketing reforms [3]. 3. Development Proactivity: Achieving a market share increase alongside premium growth [3]. Future Development Plans - The company will focus on three key areas for the second half of the year: 1. Enhancing product offerings in the pension, health, and wealth management sectors [4]. 2. Emphasizing long-term and cross-cycle operations for stable value growth [4]. 3. Strengthening core competitiveness through cost reduction and efficiency improvements [4]. Market Outlook - The company remains optimistic about the future of the life insurance industry, citing strong economic fundamentals and significant market potential [6]. - Key factors supporting this outlook include: 1. Large development space due to a population exceeding 1.4 billion and increasing disposable income [6]. 2. High demand for insurance products in health, pension, and wealth management sectors [6]. 3. Strong policy support from the government for the insurance industry [6]. Investment Strategy - The company has increased its equity investment scale by 150 billion yuan in the public market and has invested 35 billion yuan in the Honghu Fund [7]. - As of June 30, investment assets totaled 7.13 trillion yuan, with a notable increase in equity investment returns [7]. - The company maintains a balanced investment approach, focusing on sectors like technology innovation and high-dividend stocks for long-term returns [8][9].