Guo Ji Jin Rong Bao·2025-08-28 12:21Core Viewpoint - China Life Insurance has demonstrated strong performance in the first half of 2025, achieving significant growth in total premiums and net profit, while maintaining strategic focus amidst a complex market environment [1][3]. Financial Performance - In the first half of 2025, China Life's total premium income reached 525.088 billion yuan, a year-on-year increase of 7.3% [3]. - The net profit attributable to shareholders was 40.931 billion yuan, reflecting a growth of 6.9% compared to the previous year [1]. - Total assets and investment assets both surpassed 7 trillion yuan, standing at 7.29 trillion yuan and 7.13 trillion yuan respectively by the end of June 2025 [1]. Dividend Distribution - The board of directors proposed a mid-year cash dividend of 2.38 yuan per 10 shares (tax included), totaling 6.727 billion yuan in dividends [1]. Business Segments - The life insurance segment contributed 439.134 billion yuan, growing by 8.5% year-on-year, while health insurance premiums were 78.958 billion yuan, up by 2.0% [3]. - The individual insurance channel generated 400.448 billion yuan in premiums, a 2.6% increase, while the bank insurance channel saw a significant rise of 45.7%, reaching 72.444 billion yuan [3]. Strategic Outlook - The company remains optimistic about the long-term growth of the life insurance industry in China, citing large development space, significant demand for protection, and strong policy support as key factors [4]. - China Life is prepared for upcoming adjustments in predetermined interest rates, having established a comprehensive management system across various operational aspects [4]. Investment Strategy - As of mid-2025, investment assets grew by 7.8% compared to the end of 2024, with bond investments at 4.21 trillion yuan [7]. - The net investment income was 96.067 billion yuan, with a net investment yield of 2.78% [8]. - The company plans to maintain a flexible asset allocation strategy, focusing on high-quality dividend stocks and new economic sectors for long-term returns [8][9]. Market Focus - China Life has received a QDII quota of 5 million USD and is particularly attentive to the Hong Kong stock market, which has shown strong recovery and growth [9].