Core Viewpoint - China Life Insurance's stock performance has outperformed industry averages over the past four years, with significant growth in 2023, reflecting positive market expectations and strong company fundamentals [2] Financial Performance - In the first half of the year, China Life achieved a net profit of 35.9 billion yuan, a year-on-year increase of 17.8%, and original insurance premium income of 454.6 billion yuan, up 6.4%, with multiple indicators reaching historical highs [2] - The company's A-shares reached their highest price in nearly six years, while H-shares hit their highest price in 13 years, and China Property & Casualty Insurance reached its highest price in 22 years [2] Core Business Insights - China Property & Casualty Insurance reported an underwriting profit of 11.7 billion yuan, a year-on-year increase of 53.5%, with premium income of 323.3 billion yuan, up 3.6% [3] - The proportion of personal vehicle insurance premium income reached 73.4%, an increase of 1 percentage point, while personal non-auto insurance premium income grew by 16.6%, exceeding the overall premium income growth by 13 percentage points [3] Disaster Loss Management - The company reported a net loss from major disasters of 2.51 billion yuan, a decrease of 38.3% year-on-year, with significant losses attributed to various natural disasters [3][4] - As of August 13, the cumulative net loss from major disasters was 4.18 billion yuan, down 39.9% year-on-year, indicating a trend of more frequent but less severe individual losses compared to previous years [3] Regulatory Developments - The "reporting and implementation in unison" for non-auto insurance is expected to be implemented in the fourth quarter, aimed at standardizing non-auto insurance business practices and managing premium collection risks [5] - The new regulations will require insurance companies to set rates based on reasonable and sufficient principles, strictly adhere to approved insurance terms and rates, and issue policies only after full premium payment [5] Investment Strategy - The company has increased its A-share investment assets by 26.1% since the beginning of the year, focusing on long-term stock investments with stable dividend returns [6] - The investment strategy emphasizes high-dividend stocks, particularly in a declining interest rate environment, to stabilize overall investment returns [7] - The company plans to enhance its equity investment model and deepen collaboration with invested enterprises to support both investment and insurance business development [7]