Xin Lang Cai Jing·2025-10-31 00:30Core Insights - China Life Insurance reported a net profit of 46.8 billion yuan for the first nine months of 2025, representing a year-on-year increase of 28.9% [1] - The company achieved a net profit of 20.3 billion yuan in Q3 2025, up 48.7% year-on-year, primarily due to reduced natural disaster impacts and improved investment returns [1] - The combined ratio (COR) for the property and casualty insurance business improved to 96.1%, a decrease of 2.1 percentage points year-on-year [1] Group 1: Financial Performance - The net profit for 9M25 was 46.8 billion yuan, with a year-on-year growth of 28.9% [1] - In Q3 2025, the net profit reached 20.3 billion yuan, marking a 48.7% increase year-on-year, attributed to lower natural disaster impacts and a rising equity market [1] - The total investment return rate was 5.4%, reflecting a year-on-year increase of 0.8 percentage points [1] Group 2: Business Segments - The property and casualty insurance segment reported premium income of 443.2 billion yuan, a year-on-year increase of 3.5%, with underwriting profit of 14.865 billion yuan, up 130.7% [1] - The life insurance segment achieved insurance service income of 19.8 billion yuan, a year-on-year increase of 18.2%, with a net profit of 14 billion yuan and a new business value (NBV) growth of 76.6% [2] - The health insurance segment generated insurance service income of 23.2 billion yuan, a year-on-year increase of 12.9%, with a net profit of 7.9 billion yuan, up 41% [2] Group 3: Investment Strategy - The total investment asset scale reached 1.83 trillion yuan, an 11.2% increase from the beginning of the year [2] - The company is gradually increasing its allocation to long-duration bonds and expanding its equity holdings, focusing on innovative investment opportunities [2] - Total investment income for 9M25 was 86.25 billion yuan, reflecting a year-on-year increase of 35.3% [2] Group 4: Future Outlook - The company maintains a strong recommendation rating, with expectations for continued profit growth across all business lines [3] - The property and casualty insurance business is expected to maintain a low COR of around 96%-97% for the full year, driven by improved operational efficiency [3] - Forecasted net profits for 2025-2027 are 54.1 billion, 57 billion, and 58.9 billion yuan, with growth rates of 26.2%, 5.4%, and 3.4% respectively [3]