券商中国·2025-03-27 10:52Core Viewpoint - China Life Insurance reported a record net profit of 106.935 billion yuan for 2024, marking a year-on-year increase of 108.9%, with earnings per share at 3.78 yuan, aligning with market expectations [2][3]. Investment Performance - The total investment income for China Life reached 308.251 billion yuan in 2024, surpassing 300 billion yuan for the first time, with a total investment return rate of 5.50%, a significant increase from 2.57% in 2023 [4][7]. - The company attributed this performance to a diversified and stable investment portfolio, with over 900 billion yuan allocated to long-term bonds and high-grade credit bonds in 2024 [4][5]. Asset Allocation - As of December 31, 2024, total assets amounted to 6.77 trillion yuan, a 19.7% increase year-on-year, while investment assets grew by 22.1% to 6.61 trillion yuan [6]. - Equity financial assets reached 1.27 trillion yuan, accounting for 19.19% of total investments, with stock holdings exceeding 500 billion yuan for the first time [7]. Dividend Policy - China Life plans to distribute a final dividend of 0.45 yuan per share, totaling approximately 12.719 billion yuan, with a full-year dividend of 0.65 yuan per share, representing 17% of net profit [8][9]. - The company emphasized the need to balance dividend payouts with solvency and long-term sustainability [9]. Business Growth - In 2024, the company achieved premium income of 671.457 billion yuan, a 4.7% increase, with first-year premium income for long-term products growing by 14.3% [10]. - The internal value exceeded 1.4 trillion yuan, with new business value increasing by 24.3% year-on-year [10][11]. Future Outlook - For 2025, the company remains optimistic about market recovery, expecting a balanced approach to equity investments and a focus on stable long-term returns [13][14]. - The investment strategy will prioritize quality assets and innovative products to enhance long-term yield potential [14].