Hua Xia Shi Bao·2025-08-29 04:55Core Viewpoint - The company emphasizes the importance of the Hong Kong stock market in its equity investment strategy, highlighting a significant recovery in valuations and a leading performance compared to global indices [2][7]. Financial Performance - In the first half of 2025, the company achieved total premium income of 525 billion yuan, a year-on-year increase of 7.3%, marking the highest level for the same period in five years [2]. - The net profit attributable to shareholders reached 40.931 billion yuan, up 6.9% year-on-year [2]. Strategic Initiatives - The company attributes its stable growth to three proactive strategies: strategic initiative, transformation initiative, and development initiative [3]. - The individual insurance channel generated total premiums of 400.448 billion yuan, a 2.6% increase year-on-year, while the bancassurance channel saw a 45.7% increase in total premiums and a 111.1% rise in new premiums [3]. Asset-Liability Management - The company has improved its asset-liability management, reducing the effective duration gap of new business from 2-2.5 years to 1.5 years in the first half of 2025, which strengthens its ability to manage interest rate risks [3][5]. - The cost of liabilities decreased significantly by 59 basis points year-on-year, enhancing the company's ability to manage future interest spread risks [4]. Investment Strategy - The company plans to increase its allocation to equity assets, having added over 150 billion yuan to its equity asset scale in the first half of the year, resulting in significant growth in equity investment returns [6][7]. - The company maintains a balanced and diversified investment structure, focusing on new economic sectors and high-dividend stocks [6]. Market Outlook - The company remains optimistic about the A-share market in the second half of the year, focusing on sectors such as technological innovation, advanced manufacturing, new consumption, and overseas enterprises for investment opportunities [7]. - The company has been approved for a QDII quota of 50 million USD, indicating a strategic focus on the Hong Kong stock market as a key component of its equity investment [7]. Industry Potential - The company expresses confidence in the future development of the insurance industry, citing three main reasons: vast market potential due to a large population, strong demand for health and wealth management, and clear policy support from the government [8][9].