Chang Jiang Shang Bao·2025-08-28 23:49Core Viewpoint - China Life Insurance is actively adapting to market changes, achieving steady business growth with significant increases in revenue and profit in the first half of 2025 [2][4]. Financial Performance - In the first half of 2025, China Life achieved operating revenue of 239.235 billion yuan, a year-on-year increase of 2.14%, and a net profit of 40.931 billion yuan, up 6.93% [4][5]. - The total premium income reached 525.088 billion yuan, marking a historical high for the same period, with a growth of 7.3% [7][9]. - The first-year premium income was 81.249 billion yuan, maintaining the industry lead [3][7]. Investment Strategy - As of June 30, 2025, total assets and investment assets of China Life exceeded 7 trillion yuan, reaching 7.29 trillion yuan and 7.13 trillion yuan respectively, with increases of 7.7% and 7.8% compared to the end of 2024 [5][6]. - The investment asset allocation in stocks and funds (excluding money market funds) rose from 12.18% at the end of 2024 to 13.60% by mid-2025 [6]. - The net investment income was 96.067 billion yuan, reflecting a year-on-year growth of 3.95%, while the total investment income was 127.506 billion yuan, up 4.2% [5]. Business Segments - In the individual insurance channel, total premium income was 400.448 billion yuan, with a growth of 2.6%, and renewal premiums increased by 10.4% [8][9]. - The bancassurance channel saw total premium income of 72.444 billion yuan, a significant increase of 45.7%, with new single premiums rising by 111.1% [9]. - The group insurance channel experienced a slight decline, with total premium income of 14.437 billion yuan, down 2.3% [9]. Capital Management - The company proposed a mid-term profit distribution plan, intending to distribute a cash dividend of 0.238 yuan per share, totaling approximately 6.727 billion yuan, which accounts for 16.43% of the net profit for the period [4].