3 6 Ke·2025-11-05 00:44Core Insights - The five major insurance companies in China reported a total net profit of 426.04 billion yuan for the first three quarters of the year, marking a year-on-year increase of 33.54% [1] - The third quarter alone saw a remarkable net profit of 247.85 billion yuan, representing a year-on-year growth of 68.3%, largely driven by a 12.73% rise in the Shanghai Composite Index [1] - China Life and New China Life led the profit growth among the five insurers, with net profits increasing by 60.54% and 58.88% respectively [1] Financial Performance - China Life achieved a total revenue of 537.89 billion yuan for the first three quarters, up 25.9% year-on-year, with a net profit of 167.80 billion yuan, reflecting a 60.5% increase [3][4] - In the third quarter, China Life's net profit reached 126.87 billion yuan, a 91.52% increase, marking the first time it exceeded 100 billion yuan in a single quarter [4] - The total investment income for China Life was 368.55 billion yuan, a 41.0% increase compared to the same period last year, with an investment return rate of 6.42% [5] Investment Strategies - China Life's increased allocation to equity assets significantly contributed to its profit growth, with equity financial assets rising to 1.43 trillion yuan, up 156.57 billion yuan from the end of the previous year [6] - A notable account within China Life, with a market value of 125.57 billion yuan, holds significant stakes in major companies, including telecom giants and banks [6][7] - New China Life also reported strong performance, with total revenue of 137.25 billion yuan and a net profit of 32.86 billion yuan, reflecting a 58.88% increase [9] Investment Funds - Both China Life and New China Life have established the Honghu Zhiyuan private equity fund, which has shown significant returns, contributing to their profit increases [9][10] - The total scale of the Honghu Zhiyuan fund has reached 92.5 billion yuan, nearing the 100 billion yuan target [10] - The fund's first phase has already yielded substantial profits, exceeding the annualized comprehensive investment return rates of both companies [9] Regulatory Environment - The Chinese government has encouraged the long-term investment of insurance funds in the stock market, aiming to increase the stability and proportion of insurance capital in A-shares [12] - Recent regulatory approvals have allowed for the establishment of several insurance capital private equity funds, enhancing the investment landscape for insurance companies [12]