中国基金报·2025-08-28 11:29Core Viewpoint - China Life Insurance has reported strong mid-year results, showcasing its resilience and strategic initiatives in a complex market environment, positioning itself as a leader in the insurance industry [2][4]. Financial Performance - In the first half of the year, China Life's total premium reached 525.088 billion yuan, a year-on-year increase of 7.3%, marking the highest level for the same period in history and the fastest growth in five years [2]. - The total investment income was 127.506 billion yuan, up 4.2% year-on-year [2]. - The net profit attributable to shareholders was 40.931 billion yuan, reflecting a 6.9% increase [2]. - As of June 30, the company's total assets and investment assets both exceeded 7 trillion yuan, with a solvency ratio of 190.94% [2]. Strategic Initiatives - The chairman emphasized three proactive strategies: strategic initiative, transformation initiative, and development initiative [4][5]. - The company has focused on cost reduction, efficiency improvement, product diversification, and marketing system reform [4][5]. - The proportion of floating products in new business has increased to over 40% [4]. Market Outlook - The company aims to tap into growth areas in pension, health, and wealth management, optimizing product offerings and enhancing insurance application scenarios [6]. - It emphasizes long-term and cross-cycle operations, focusing on stable value growth alongside reasonable premium growth [6]. - The company plans to strengthen its core competitiveness through intensive development and technological empowerment [6]. Response to Regulatory Changes - In response to the adjustment of predetermined interest rates, the company has established a comprehensive management system to adapt quickly, expecting limited impact on overall operations [8]. - The company remains optimistic about the long-term development of the life insurance industry, supported by favorable economic conditions and significant market potential [8]. Investment Strategy - The investment strategy includes solidifying core asset allocations while actively pursuing equity investments and alternative assets [11]. - As of June 30, the investment assets totaled 7.13 trillion yuan, with equity investment increasing significantly [11]. - The company has increased its public market equity scale by 150 billion yuan and has invested 35 billion yuan in the Honghu Fund [11]. A-Share Market Outlook - The company maintains an optimistic outlook for the A-share market in the second half of the year, focusing on sectors such as technology innovation and advanced manufacturing [12][13]. - The investment strategy will prioritize stable asset allocation and optimizing equity structure, particularly in high-quality dividend stocks [13]. Hong Kong Stock Market - The Hong Kong stock market remains a valuable component of the company's equity investment strategy, with significant gains observed in the first half of the year [15]. - The company plans to continue its investment operations in the Hong Kong market, capitalizing on favorable conditions [15].