中国人寿：寻潜在增长点、推动渠道融合、关注高息股

Core Insights - China Life Insurance Company reported a total premium income of 525.088 billion yuan in the first half of the year, marking a historical high for the same period and a year-on-year increase of 7.3% [1][2] - The net profit attributable to shareholders reached 40.931 billion yuan, reflecting a year-on-year growth of 6.9% [1][2] - The new business value saw a significant increase of 20.3%, amounting to 28.546 billion yuan [1][2] Group 1: Performance Highlights - The company emphasized three proactive strategies: strategic initiative, transformation initiative, and development initiative, which contributed to the strong performance [2] - The total premium growth rate of 7.3% outpaced the market, with both new and renewal business gaining market share compared to the previous year [2] Group 2: Future Development Plans - The company plans to focus on three main areas for future growth: exploring potential growth points in the pension, health, and wealth management sectors; maintaining long-term and cross-cycle operations; and enhancing efficiency and core competitiveness through cost reduction and marketing reforms [2][3] Group 3: Channel Development - The individual insurance channel generated a total premium of 400.448 billion yuan, up 2.6%, while the bancassurance channel saw a significant increase of 45.7%, totaling 72.444 billion yuan [4] - The group insurance channel experienced a decline of 2.31%, with total premiums at 14.437 billion yuan, while other channels grew by 8.1% to 37.759 billion yuan [4] Group 4: Market Potential and Investment Strategy - The company highlighted the vast potential of the insurance market, noting that the per capita premium is only 70% of the global average, indicating significant opportunities in health, pension, and wealth management sectors [5][6] - In terms of investment, the company aims to optimize equity allocation, focusing on new productive forces and high-dividend stocks, while maintaining a balanced and stable investment approach [6][7]