Core Viewpoint - China Life Insurance reported its 1H25 performance, meeting expectations with a net profit of 26.53 billion, reflecting a year-on-year increase of 16.9% [1] Group 1: Financial Performance - The company's net profit attributable to shareholders reached 26.53 billion, up 16.9% year-on-year, driven primarily by the property and health insurance segments [1] - The combined ratio (COR) improved to 95.3%, a decrease of 1.5 percentage points year-on-year, with underwriting profit at 11.7 billion, up 53.5% year-on-year [1][2] - The company declared a dividend per share (DPS) of 0.075 yuan, an increase of 19% year-on-year, indicating a focus on shareholder returns [1] Group 2: Insurance Segment Performance - The property insurance segment's net profit was 25.05 billion, up 39% year-on-year, while life and health insurance profits were 6.86 billion and 5.13 billion, showing a year-on-year change of -30.9% and +49.6% respectively [1] - The COR for the property insurance segment improved due to reduced disaster risks and effective cost management, with total premiums reaching 323.3 billion, a 3.6% increase year-on-year [2] Group 3: New Business Value (NBV) Growth - The NBV for life and health insurance was 4.98 billion and 3.84 billion, reflecting year-on-year growth of 71.7% and 51% respectively, with significant contributions from both channels [3] - The NBV margin (NBVM) improved, supporting the growth of NBV, driven by ongoing demand for health insurance and effective sales strategies [3] Group 4: Investment Performance - The annualized net and total investment returns were 3.7% and 5.1%, with total investment returns benefiting from increased allocations to government bonds and market appreciation [3] - The stock investment scale reached 94.6 billion, a 57% increase from the beginning of the year, with a balanced equity allocation [3] Group 5: Investment Outlook - The company maintains a strong buy rating, anticipating accelerated profit growth in 2H25 due to further improvements in COR and investment returns [4] - Projected net profits for 2025-2027 are 50.2 billion, 54.9 billion, and 59.2 billion, with year-on-year growth rates of 17.2%, 9.3%, and 7.8% respectively [4]

Core Viewpoint - China Pacific Insurance (CPIC) reported strong performance in 1H25, with significant growth in new business value and improved underwriting profitability, indicating a positive outlook for the company's long-term earnings and dividend growth potential [1][4]. Financial Performance - New Business Value (NBV) increased by 32.2% year-on-year on a comparable basis and by 5.6% on a disclosed basis [1]. - Group net profit rose by 11% to 27.9 billion yuan, while operating profit attributable to shareholders increased by 7.1% to 19.9 billion yuan, exceeding expectations primarily due to better-than-expected combined ratio in property insurance [1][3]. Development Trends - The company experienced a 22.8% year-on-year increase in NBV, with a comparable growth rate of 29.5% after adjusting for assumptions [2]. - The number of insurance agents grew to 186,000, a 1.6% increase year-on-year, with 39,000 new agents added, representing a 19.8% growth [2]. - The new premium income from bancassurance reached 8.84 billion yuan, up 58.6% year-on-year, with the total number of bancassurance outlets increasing by 28.9% to 13,000 [2]. Underwriting and Investment Performance - Overall premium income for property insurance increased by 0.9%, with auto insurance up by 2.8% and non-auto insurance down by 0.8% [3]. - The combined ratio (CoR) improved by 0.8 percentage points to 96.3%, with auto insurance CoR at 95.3% and non-auto insurance at 94.8% [3]. - Investment performance remained stable, with non-annualized net investment yield at 1.7%, total investment yield at 2.3%, and comprehensive investment yield at 2.4% [3]. Long-term Outlook - The company is expected to achieve steady growth in earnings and dividends due to its improving long-term operational capabilities in the context of high-quality industry development [4]. - The current trading multiples for CPIC are at 0.6x and 0.5x for A/H shares based on 2025 estimated P/EV, with target prices set at 52.60 yuan and 45.20 HKD, indicating potential upside of 31.7% and 26.3% respectively [5].

Core Insights - The five major A-share listed insurance companies reported a total net profit attributable to shareholders of 178.19 billion yuan for the first half of 2025, representing a year-on-year increase of 3.7% [1] - The overall performance of A-share listed insurance companies showed a "four increases and one decrease" trend in net profit, with notable growth in new business value for life insurance [2] Group 1: Financial Performance - China Ping An achieved the largest net profit of 68.05 billion yuan, while China Life reported a net profit of 40.93 billion yuan, up 6.9% year-on-year [2] - China Pacific Insurance's net profit reached 27.88 billion yuan, growing by 11%, and China People's Insurance reported a net profit of 26.53 billion yuan, up 16.9% [2] - New China Life Insurance saw the highest growth rate in net profit at 14.8 billion yuan, with a year-on-year increase of 33.5% [2] Group 2: New Business Value - The new business value for life insurance across listed companies showed significant improvement, with China Life's new business value increasing by 20.3% year-on-year to 28.55 billion yuan [2] - China Ping An's new business value for life and health insurance grew by 39.8%, with a new business value rate increasing by 9.0 percentage points [2] - New China Life achieved a new business value of 6.18 billion yuan, up 58.4%, while China Pacific Insurance's new business value reached 9.54 billion yuan, growing by 32.3% [3] Group 3: Underwriting Business - The comprehensive cost ratio for property insurance among China People's Insurance, China Ping An, and China Pacific Insurance all showed a year-on-year decline, indicating improved underwriting profits [3][4] - China People's Insurance's property insurance comprehensive cost ratio was 95.3%, the best level in nearly a decade [4] - China Ping An's overall comprehensive cost ratio was 95.2%, down 2.6 percentage points, attributed to effective cost control and the use of technology [4] Group 4: Investment Strategies - Listed insurance companies increased their equity investment proportion, achieving better investment returns while supporting the recovery of the capital market [5] - China Life's equity investment scale increased by over 150 billion yuan compared to the beginning of the year, with a net investment yield of 2.78% and a total investment yield of 3.29% [6] - China People's Insurance reported a 26.1% growth in A-share investment assets, with an increase in the proportion of total investment assets [6]

Core Viewpoint - FWD Group reported a significant increase in new business sales and profitability for the first half of 2025, demonstrating successful execution of a customer-centric strategy in the Asian market [1][2] Financial Performance - New business sales reached $1.246 billion, a 38% increase compared to 2024 [1] - New business contract service margin amounted to $794 million, reflecting a 34% year-on-year growth [1] - Net profit reached $47 million, marking a new high since the adoption of IFRS 17 [1][2] - Tax-adjusted operating profit grew by 9% to $251 million, driven by positive contributions from four regional business segments [1][2] Value Creation - Comprehensive tangible equity increased by 8% to $8.15 billion [1] - Embedded value rose by 8% to $6.38 billion, indicating value creation for shareholders in the first half of 2025 [1] - Embedded value operating profit was $837 million, a 77% increase compared to the same period in 2024, attributed to strong new business and operational improvements [1]

Core Viewpoint - China Pacific Insurance (601601.SH, 02601.HK) reported a 3.0% year-on-year increase in operating revenue to CNY 200.5 billion and an 11.0% rise in net profit to CNY 27.9 billion for the first half of the year, highlighting the company's focus on operational profit as a more stable indicator under new accounting standards [2] Financial Performance - The company achieved a net profit of CNY 27.9 billion, up 11.0% year-on-year [2] - Operating profit for the first half was CNY 19.9 billion, reflecting a 7.1% increase [2] - Dividend policy is now based on operating profit growth rather than net profit [2] New Business Value - New business value surged by 32.3% year-on-year, with a new business value rate of 15.0%, up 0.4 percentage points [2][3] - The bancassurance channel saw a significant growth of 82.6% in premium income, reaching CNY 41.7 billion [3] - The contribution of individual insurance and bancassurance channels to new business value was 60% and 37.8%, respectively [3] Investment Performance - Total investment yield was 2.3%, and comprehensive investment yield was 2.4%, both down by 0.4 and 0.6 percentage points year-on-year [3] - Net investment yield slightly decreased by 0.1 percentage points to 1.7% due to lower bond yields [4] - The company increased its equity asset allocation, with core equity (stocks and equity funds) rising to 11.8% of total assets [4] Dividend and Income - Dividend and stock income grew by 20.2% year-on-year, contributing 30% to net investment income of CNY 42.6 billion [4] - The company’s investment holdings are primarily concentrated in the financial, transportation, infrastructure, and energy sectors [4]

分渠道来看，代理人渠道依然是保费规模的压舱石，上半年保费规模1373.8亿元，同比微增0.9%；而银保渠道则成为了新增长引擎，上半年保费规模416.6 亿元，同比大幅增长82.6%；另外，团政渠道上半年实现保费128.92亿元，同比增长9.7%；其他渠道上半年实现保费15.38亿元，同比增长478.2%。 寿险业务方面，2025年上半年，太保寿险实现规模保费1934.70亿元，同比增长13.1%；新业务价值达95.44亿元，可比口径下同比增长32.3%；新业务价值率 15.0%，可比口径下同比提升0.4个百分点；净利润206.99亿元，同比增长3.2%；营运利润150.00亿元，同比增长5.0%。 | 截至６月 30 日止６个月 | 2025 年 | 2024 年 | | --- | --- | --- | | 规模保费 | 193,470 | 171,050 | | 代理人渠道 | 137,380 | 136,211 | | 新保业务 | 22,622 | 24,520 | | 续期业务 | 114,758 | 111,691 | | 银保渠道 | 41,660 | 22,821 | | 新保业务 | 29 ...

Investment Rating - The investment rating for the company is "Buy" [7] Core Views - The company reported a strong growth in new business value (NBV) for life insurance, with a year-on-year increase of 63% in 1H25, driven by significant growth in both agency and bancassurance channels [3] - The property insurance segment showed improved underwriting performance, with a combined ratio (COR) decreasing by 1.4 percentage points to 94.8%, leading to a substantial increase in underwriting profit by 44.6% [2] - The total investment return increased by 40.2% year-on-year, with an annualized total investment yield rising by 0.9 percentage points to 5.0%, contributing to profit growth [4] - The company has adjusted its earnings per share (EPS) forecasts for 2025, 2026, and 2027 to RMB 1.02, RMB 1.14, and RMB 1.24 respectively, based on improved performance in property insurance and investment [5] Summary by Sections Property Insurance - The property insurance segment's COR improved due to a 3.1 percentage point decrease in expense ratio, despite a 1.7 percentage point increase in loss ratio [2] - Insurance service revenue for property insurance grew by 5.6% year-on-year, with motor and non-motor insurance increasing by 3.5% and 8.9% respectively [2] - The net profit from property insurance increased by 35% year-on-year, supported by strong premium growth and improved underwriting performance [2] Life Insurance - The life insurance segment's NBV growth was primarily driven by bancassurance, which saw an 81% increase, accounting for 35% of total NBV [3] - The overall new policy premium for the life insurance segment grew by 15.4% year-on-year, indicating resilience in the agency channel [3] - Despite the strong growth in NBV, the profit from life insurance decreased by 13% due to rising service expense ratios [3] Investment Performance - The company capitalized on favorable market conditions, resulting in a significant increase in total investment income and a higher annualized investment yield [4] - The asset allocation strategy included an increase in equity investments, with the stock allocation rising by 1.7 percentage points to 5.4% [4] Earnings Forecast and Valuation - The target price for the company's A/H shares has been raised to RMB 9.3 and HKD 7.0, reflecting the positive adjustments in EPS forecasts [5] - The projected gross premium income for 2025 is estimated at RMB 572.06 billion, with a growth rate of 6.39% [21]

Core Viewpoint - China Life Insurance reported a 6.9% year-on-year increase in net profit attributable to shareholders for 1H25, reaching 40.9 billion yuan, slightly better than expectations, primarily due to losses from contracts caused by declining interest rates [1][3] Financial Performance - The pre-tax profit for 1H25 decreased by 11.5% year-on-year, aligning with expectations [1] - The new business value (NBV) showed a mixed performance with a comparable basis NBV increasing by 20.3% while the actual disclosed NBV decreased by 11.5% [2] - The interim dividend increased by 19% to 0.238 yuan per share [1] Business Trends - The new business value exceeded expectations, with a comparable basis NBV growth of 20.3% and a decline of 11.5% on an actual basis [2] - Individual insurance new premiums fell by 21.6%, but the comparable basis NBV rose by 9.5%, indicating a shift towards dividend insurance [2] - The sales force for individual insurance stood at 592,000, a slight decrease of 0.7% from Q1 but a year-on-year increase of 27.6% [2] - Bancassurance new premiums surged by 111%, attributed to strategic expansion, with the proportion of periodic premium income decreasing by 27 percentage points to 47.5% [2] - Policy quality indicators improved, with 14-month and 26-month policy persistency rates increasing by 0.6 percentage points to 92.1% and 4.2 percentage points to 88.6%, respectively [2] Marginal Contract Services and Embedded Value - The Contractual Service Margin (CSM) increased by 1.6% to 754.7 billion yuan, driven by new business inflows and interest rate changes [3] - New business CSM decreased by 31% to 26.2 billion yuan, impacted by interest rate assessments and declines [3] - The embedded value (EV) increased by 5.5% from the beginning of the year, indicating stable growth [3] Profit Forecast and Valuation - China Life A/H shares are currently trading at 0.7x/0.4x 2025e P/EV [4] - The company maintains its profit forecasts for 2025-2026 and its outperform rating, with the A-share target price unchanged at 38.60 yuan, corresponding to 0.7x/0.6x 2025e and 2026e P/EV [4] - The H-share target price has been raised by 24.1% to 24.33 HKD, reflecting improved liquidity and a potential upside of 1.9% from the current share price [4]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [1][7] Core Views - The company achieved an operating revenue of 239.24 billion RMB in the first half of 2025, a year-on-year increase of 2.1%, and a net profit attributable to shareholders of 40.93 billion RMB, up 6.9% year-on-year [4] - New business value (NBV) grew by 20.3% year-on-year to 28.55 billion RMB, indicating strong growth in new business segments [6] - The company is focusing on value creation and transformation, with a strategic emphasis on optimizing business structure and cost efficiency [7] Summary by Sections Financial Performance - The company reported a net profit of 40.93 billion RMB for H1 2025, with a return on equity of 7.8%, remaining stable year-on-year [4] - Total investment income increased by 4.2% to 127.51 billion RMB, contributing to the overall profit growth [4] Business Development - Premium income reached 525.09 billion RMB, a 7.3% increase year-on-year, driven by renewal business growth [5] - The new business value of 28.55 billion RMB reflects a significant improvement in margins and value rates [6] Investment Strategy - The total investment asset scale reached 7.1 trillion RMB, with stock assets increasing by 23.8% to 620.1 billion RMB, now accounting for 8.7% of total investments [6] - The company is actively exploring innovations in health and elderly care services, which are expected to enhance its core insurance business [7] Profit Forecast and Valuation - The report forecasts net profits of 104.3 billion RMB for 2025, with a projected PEV of 0.82 for A-shares and 0.44 for H-shares [8][7]

Core Insights - The company achieved a net profit attributable to shareholders of 26.5 billion yuan in H1 2025, representing a year-on-year increase of 16.9% [1] - The combined ratio (COR) for property and casualty insurance improved by 1.5 percentage points to 95.3%, driven by significant optimization in expenses [2] - The new business value (NBV) for life insurance surged by 71.7% to 5 billion yuan, indicating strong growth in new policies [3] - The total investment yield increased to 5.1%, up by 1 percentage point year-on-year, despite a slight decline in net investment yield [4] Financial Performance - The group reported a net profit of 26.5 billion yuan in H1 2025, up 16.9% year-on-year [1] - The net investment yield was 3.7%, down by 0.1 percentage points, while the total investment yield was 5.1%, up by 1 percentage point [1][4] - The company proposed an interim dividend of 0.075 yuan per share (before tax) [1] Insurance Segment Analysis - The property and casualty insurance segment saw original premium income rise by 3.6% to 323.3 billion yuan, with a COR of 95.3% [2] - The life insurance segment's NBV increased by 71.7%, with new policies growing by 18% [3] - Health insurance NBV also grew by 51%, with new policies up by 12.3% [3] Investment Strategy - The company's investment assets increased by 7.2% to 1.76 trillion yuan as of H1 2025 [4] - The allocation to bonds was 49.7%, while equity investments rose to 5.4% [4] - The company is expected to benefit from proactive management of the property insurance business, leading to an upward revision of EPS forecasts for 2025-2027 [4]