券商中国·2025-08-28 07:19Core Viewpoint - China Life Insurance reported strong performance in the first half of 2025, with a focus on strategic initiatives and market opportunities for sustainable growth [4]. Financial Performance - In the first half of 2025, China Life's net profit attributable to shareholders was 40.931 billion yuan, a year-on-year increase of 6.9% [2]. - As of June 30, 2025, total assets and investment assets exceeded 7 trillion yuan [2]. - The company plans to distribute a mid-year cash dividend of 0.238 yuan per share, a 19.0% increase year-on-year, totaling approximately 6.727 billion yuan [3]. Strategic Focus - Chairman Cai Xiliang emphasized three key areas for future growth: aligning company operations with customer needs, maintaining long-term value stability, and enhancing core competitiveness through cost reduction and efficiency improvements [4]. - The company aims to explore growth points in retirement, health, and wealth management sectors while optimizing product offerings [4]. Sales Channels and Market Position - China Life's total premium income reached 525.088 billion yuan, a 7.3% increase year-on-year, with a steady rise in market share [5]. - New business value was 28.546 billion yuan, up 20.3%, with individual insurance channel new business value increasing by 9.5% [5]. - The company maintains a leading sales force of 641,000 agents, with ongoing channel transformation and strategic positioning [6][7]. Investment Strategy - The company increased its public market equity holdings by 150 billion yuan since the beginning of the year, with a total investment asset of 7.13 trillion yuan, reflecting a 7.8% growth [9]. - The allocation to stocks and funds (excluding money market funds) rose from 12.18% to 13.60%, with stock investments amounting to 620.137 billion yuan [9]. - The company remains optimistic about the A-share market for the second half of the year, focusing on sectors like technology innovation and advanced manufacturing [10]. International Market Focus - With a newly approved QDII quota of 50 million USD, the company will pay close attention to the Hong Kong stock market, which has shown strong recovery and growth potential [11].