Zhong Guo Jin Rong Xin Xi Wang·2025-08-29 02:25Core Viewpoint - China Life Insurance Company reported a record total premium of 525.09 billion yuan for the first half of 2025, reflecting a year-on-year growth of 7.3% [2][3] Business Performance - The total premium for life insurance reached 439.13 billion yuan, showing an 8.5% increase, indicating robust growth in core life insurance business [3] - Health insurance premiums totaled 78.96 billion yuan, with a 2.0% growth, maintaining stable development amid rising health protection demand [3] - Accident insurance premiums were 6.996 billion yuan, contributing to the overall insurance business layout [3] Distribution Channels - The bancassurance channel emerged as a significant highlight, with total premiums reaching 72.44 billion yuan, a 45.7% increase, and new single premiums soaring by 111.1% [4] - The "reporting and operation integration" policy has driven high-quality development in the bancassurance channel, enhancing collaboration between China Life and banks in product design and sales training [4] Long-term Products - First-year premium income reached 81.25 billion yuan, with ten-year and above first-year premiums at 30.31 billion yuan, accounting for 37.3% of total first-year premiums, indicating success in promoting long-term protection products [5] Investment Performance - Net investment income for the first half of 2025 was 96.07 billion yuan, with a net investment yield of 2.78%, reflecting a slight decline in investment returns due to macroeconomic conditions [6] - Total investment income was 127.51 billion yuan, with a total investment yield of 3.29%, showing a decrease compared to previous periods [6] Profitability and Solvency - Overall net profit increased by 6.9%, but the second quarter saw a significant decline of 31.2% year-on-year [7] - The solvency adequacy ratio slightly decreased, with the comprehensive solvency adequacy ratio at 190.9%, down 16.8 percentage points from the beginning of the year [7] Investment Strategy - China Life increased its equity investment scale by over 150 billion yuan in the public market and invested 35 billion yuan in private equity funds [10] - The company is actively participating in gold and other innovative investment products to diversify its investment channels and enhance portfolio stability [11] Market Outlook - The company remains optimistic about the A-share market for the second half of the year, focusing on sectors like technology innovation and advanced manufacturing for investment opportunities [6][9]