Core Viewpoint - China Life Insurance Company reported a strong performance in the first half of 2025, with total premiums reaching 525.09 billion RMB, a year-on-year increase of 7.3%, indicating a solid market position and growth in various insurance segments [5][8][10]. Financial Performance - Total assets amounted to 7.29 trillion RMB, with investment assets at 7.13 trillion RMB, reflecting a growth of 7.7% and 7.8% respectively compared to the previous year [7][18]. - The company's total liabilities increased by 8.1% to 6.76 trillion RMB, with insurance contract liabilities rising by 7.9% to 6.29 trillion RMB [7][25]. - Net profit attributable to shareholders reached 40.93 billion RMB, a 6.9% increase from the previous year, while total profit decreased by 11.5% to 42.37 billion RMB [7][19]. Business Growth - The company achieved a record high in total premiums, with first-year premiums at 81.25 billion RMB, maintaining the industry lead [5][10]. - New business value grew by 20.3% year-on-year to 28.55 billion RMB, showcasing the company's competitive edge in the market [6][10]. - The 14-month policy retention rate improved to 92.10%, indicating stronger customer loyalty and satisfaction [8][10]. Investment Strategy - The investment income for the first half of 2025 was 127.51 billion RMB, with a total investment return rate of 3.29% [19][20]. - The company maintained a diversified investment portfolio, with a focus on fixed-income assets, which constituted 73.56% of total investments [17][18]. - The quality of credit investments remained high, with over 98% of credit bonds rated AAA [20][21]. Product Development - The company expanded its product offerings, particularly in health and pension insurance, aligning with national development goals [12][15]. - Internet insurance business saw significant growth, with total premiums reaching 70.49 billion RMB, reflecting a shift towards digital services [11][12]. - The company introduced over 80 new insurance products, enhancing its market adaptability and customer service [12][13]. Sales Channels - The individual insurance channel reported a total premium of 400.45 billion RMB, with a 2.6% year-on-year growth [10][11]. - The bancassurance channel experienced a substantial increase, with total premiums reaching 72.44 billion RMB, a 45.7% growth [10][11]. - The group insurance channel maintained a focus on efficiency, achieving a total premium of 14.44 billion RMB [11][12].

中国人寿保险股份有限公司 2025 年半年度报告摘要 中国人寿保险股份有限公司 2025 年半年度报告摘要 （股票代码：601628） 二〇二五年八月二十七日 1 中国人寿保险股份有限公司 2025 年半年度报告摘要 第一节 重要提示 1.1 本半年度报告摘要摘自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到上海证券交易所网站（www.sse.com.cn）仔细阅读半年度报告全文。 1.2 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担法律责任。 1.3 本公司第八届董事会第十九次会议于 2025 年 8 月 27 日审议通过《关于公司 2025 年中期报告（A 股/H 股）的议案》，董事会会议应出席董事 12 人，实际出席董事 11 人。董事长、执行董事蔡希良因 其他公务无法出席会议，书面委托执行董事利明光代为出席、表决并主持会议。 1.4 本公司 2025 年半年度财务报告未经审计。 1.5 根据 2025 年 8 月 27 日召开的第八届董事会第十九次会议审议通过的本公司 2025 年 ...