Zhong Guo Jing Ji Wang·2025-08-29 01:52Core Viewpoint - China Life Insurance reported strong performance in the first half of 2025, with total premium growth reaching 525.09 billion yuan, a year-on-year increase of 7.3%, and net profit attributable to shareholders at 40.93 billion yuan, up 6.9% [1][2] Group 1: Financial Performance - The company achieved a record high in several core indicators, demonstrating stable progress and quality improvement [1] - First-year premium income reached 81.25 billion yuan, maintaining a leading position in the industry, while new business value was 28.55 billion yuan [3] - Total investment income was 127.51 billion yuan, reflecting a year-on-year growth of 4.2% [3] - As of June 30, the company's embedded value stood at 1.48 trillion yuan, with total assets and investment assets exceeding 7 trillion yuan, at 7.29 trillion yuan and 7.13 trillion yuan respectively [3] Group 2: Strategic Focus - The company plans to focus on three main areas: enhancing service offerings in retirement, health, and financial planning; emphasizing long-term value stability alongside reasonable premium growth; and promoting cost reduction and efficiency improvements [2][5] - The company aims to deepen asset-liability management and enhance risk prevention through innovative reforms [5] Group 3: Digital Transformation - China Life is advancing its digital transformation by leveraging data and technology to improve operational efficiency and customer experience [6][7] - The transformation includes two levels: changing methods to empower offline teams and fundamentally altering business models to establish a digital ecosystem [7] - The company has seen significant improvements in underwriting efficiency and service delivery through digital initiatives, with a 95.8% intelligent review rate for underwriting [7] Group 4: Asset-Liability Management - The comprehensive solvency adequacy ratio reached 190.94%, providing strong capital support for business development [8] - The company is focused on enhancing asset-liability matching management to improve resilience against interest rate fluctuations [8][9] Group 5: Investment Strategy - The company is committed to optimizing equity allocation, focusing on new productive forces and high-dividend stocks to enhance long-term returns [10] - The outlook for the domestic economy remains positive, with expectations for steady growth supported by policy implementation [11] - The company plans to maintain a balanced and stable investment portfolio, with a focus on opportunities in the Hong Kong stock market [11]