Feng Huang Wang Cai Jing·2025-08-29 02:09Core Viewpoint - China Life Insurance reported strong mid-year results, achieving a total premium of 525.09 billion yuan, a year-on-year increase of 7.3%, and a net profit attributable to shareholders of 40.93 billion yuan, up 6.9% [1][3] Group 1: Financial Performance - Total premium reached 525.09 billion yuan, marking the highest growth rate in five years [1][4] - Net profit attributable to shareholders was 40.93 billion yuan, reflecting a 6.9% increase [1] - New business value increased by 20.3% year-on-year to 28.55 billion yuan [1] - Total assets and investment assets both exceeded 7 trillion yuan, standing at 7.29 trillion yuan and 7.13 trillion yuan respectively [1] - Total investment income was 127.51 billion yuan, with a growth of 4.2% and an investment yield of 3.29% [1] Group 2: Strategic Initiatives - The company emphasized a "three proactive" strategy: strategic initiative, transformation initiative, and development initiative, which have proven effective in navigating market complexities [3][4] - The asset-liability management model combines diversified liabilities and flexible asset allocation, leading to industry-leading levels of asset-liability linkage [4] - The proportion of floating income products in new business exceeded 40%, indicating a shift towards more diversified product offerings [4] Group 3: Digital Transformation - China Life's digital transformation strategy consists of two phases: "changing methods" and "changing models," which have significantly improved operational efficiency and reduced costs [5] - The new digital ecosystem has enhanced product competitiveness and has already surpassed the annual budget for internet channel premiums [5] Group 4: Investment Strategy - The company maintains a positive outlook on the A-share market for the second half of the year, focusing on asset allocation and optimizing equity structures [6] - Investments in the Hong Kong stock market are considered crucial, with a focus on new economy and high-dividend stocks, as the market shows signs of recovery [6] Group 5: Future Outlook - For the second half of the year, the company plans to focus on growth in the pension, health, and wealth management sectors, while emphasizing long-term value stability and concentrated development [7] - The company aims to enhance its service offerings in the elderly care ecosystem and improve product transitions following interest rate adjustments [7]