Core Viewpoint - China Life Insurance aims to become a global leader in the life insurance industry by enhancing its core capabilities and maintaining a strong focus on innovation and customer service [1][3][5]. Financial Performance - In 2024, China Life's total premium reached 671.46 billion yuan, with first-year premiums hitting a record high of 119.08 billion yuan [1]. - The company's embedded value exceeded 1.4 trillion yuan, and the new business value for the year was 33.71 billion yuan, leading the industry [1]. - Total investment income amounted to 308.25 billion yuan, reflecting a significant year-on-year increase of 150%, with net profit attributable to shareholders rising by 108.9% to 106.93 billion yuan [1]. Strategic Goals - The company plans to strengthen five key capabilities: risk protection, asset-liability linkage, value creation, risk control, and global asset allocation [3][4]. - China Life aims to enhance its service offerings and product diversity, focusing on customer needs across different life stages [5][6]. Product Development - As of the end of 2024, the personal pension business reached nearly 3 billion yuan, with over 270,000 policies serviced, making it the industry leader [5]. - The company has launched over 500 health insurance products since 1999, with 220 currently available, and aims to expand its health insurance offerings further [6]. Investment Strategy - China Life's investment strategy emphasizes long-termism, focusing on stable asset-liability matching and value investing [7]. - The company has a total investment scale exceeding 4.8 trillion yuan, with a total investment return rate of 5.50% [6]. Shareholder Returns - In 2024, China Life implemented its first interim dividend, with total dividends reaching 18.37 billion yuan, a 51% increase from 2023 [10][11]. - The company plans to maintain a high dividend payout while balancing shareholder interests and sustainable development [11].