Ge Long Hui·2025-11-26 12:18Core Viewpoint - China Life Insurance has significantly increased its net profit attributable to shareholders by 60.5% year-on-year in the first three quarters, driven by the deepening of asset-liability linkage and diversified product offerings [1] Group 1: Financial Performance - The company has implemented a mechanism linking predetermined interest rates with market rates, leading to a substantial increase in the proportion of first-year premiums from floating income products, which rose by over 45 percentage points year-on-year [1] - Total investment income has seen a significant year-on-year increase, with the total investment return rate improving by 104 basis points [1] Group 2: Market Position and Strategy - The company is actively promoting the entry of medium to long-term funds into the market and increasing equity investments, positioning itself favorably in the context of regulatory guidance for high-quality industry development [1] - As a leading insurance company, it is expected to benefit more from the favorable policy environment, enhancing its competitive advantages in the long term [1] Group 3: Future Projections - The expected growth rates for the company's new business value (NBV) are projected to be 41.2% in 2025, 11.5% in 2026, and 14.1% in 2027 [1] - A target price of 49.82 yuan for the next 12 months has been set, maintaining a "buy" rating for the company [1]