Zhong Guo Jing Ying Bao·2025-09-02 13:41Core Viewpoint - China Life Insurance has reported strong mid-year results for 2025, showcasing significant growth in key financial metrics, driven by proactive strategies in management and transformation [3][4]. Financial Performance - Total premium income for the first half of 2025 reached 525.088 billion yuan, a year-on-year increase of 7.3% [3]. - Total investment income amounted to 127.506 billion yuan, reflecting a 4.2% growth compared to the previous year [3]. - Net profit attributable to shareholders was 40.93 billion yuan, up 6.9% year-on-year [3]. - The intrinsic value of the company stood at 1.48 trillion yuan, leading the industry [3]. Strategic Initiatives - The company emphasizes "strategic proactivity," focusing on sustainable development and multi-channel collaborative strategies [3]. - Transformation efforts include cost reduction, product diversification, marketing system reform, and health and wellness ecosystem development [3][4]. - The new business value saw a significant increase of 20.3% year-on-year, reaching 28.546 billion yuan [4]. Channel Development - Individual insurance channel premium income was 400.448 billion yuan, a 2.6% increase, with new business value rising by 9.5% [5]. - The bancassurance channel reported a 45.7% increase in total premium income, reaching 72.444 billion yuan, with new single premium income soaring by 111.1% [5]. - Group insurance channel premium income totaled 14.437 billion yuan, with short-term insurance premiums contributing significantly [5]. Asset and Liability Management - Investment assets grew by 7.8% year-to-date, reaching 7.1 trillion yuan [7]. - The net investment income for the first half of 2025 was 96.067 billion yuan, with a net investment yield of 2.78% [7]. - The company has improved the matching of asset and liability durations, reducing the effective duration gap to 1.5 years [7]. Future Outlook - The company remains optimistic about the A-share market and plans to focus on investment opportunities in technology innovation, advanced manufacturing, and new consumption [8]. - Emphasis will be placed on enhancing the efficiency of asset allocation and maintaining a balanced approach to fixed income investments [8]. - The company aims to explore growth in health, retirement, and wealth management sectors, with ongoing development in health management services and retirement community projects [9]. Management Focus - The company will prioritize efficiency, long-term strategies, and risk management in its operations [10]. - Continuous reforms and innovations will be implemented to strengthen asset-liability management and drive high-quality development [10].