半年报显示，上半年，中国人寿总保费达5250.88亿元，同比增长7.3%，为历史同期最好水平，增速创 近五年同期新高；实现总投资收益1275.06亿元，同比增长4.2％。 中国人寿上半年归母净利润为409.31亿元，同比增长6.9%；6月末归母股东权益5236.19亿元，较年初增 长2.7%。截至6月末，中国人寿内含价值达1.48万亿元，稳居行业首位；总资产、投资资产均突破7万亿 元；综合偿付能力充足率达190.94%，保持较高水平。 【导读】直击中国人寿业绩发布会 8月28日上午，中国人寿（601628）在北京、香港两地同时举办2025年中期业绩发布会。 中国人寿作为寿险"头雁"交出半年成绩单，引发市场关注，也成为观察中国保险业发展趋势的核心风向 标。 中国人寿董事长蔡希良、总裁利明光，以及副总裁、首席投资官刘晖等高管在发布会上与媒体进行了交 流，就公司发展规划、行业前景、资产配置、AH股投资等方面问题进行一一回应。 成绩单"含金量"很高 重点把握三大方向 中国人寿董事长蔡希良在公司2025年中期业绩发布会上表示，面对复杂多变的市场环境，中国人寿迎难 而上，保持战略定力，大力推动变革转型，交出了一份"含金量 ...

【导读】直击中国人寿业绩发布会 中国基金报记者 天心 8 月 28 日上午，中国人寿在北京、香港两地同时举办 2025 年中期业绩发布会。 中国人寿作为寿险 " 头雁 " 交出半年成绩单，引发市场关注，也成为 观察中国保险业发展趋 势的核心风向标。 半年报显示，上半年，中国人寿总保费达 5250.88 亿元，同比增长 7.3% ，为历史同期最好 水平，增速创近五年同期新高；实现总投资收益 1275. 06 亿元，同比增长 4. 2 ％。 中国人寿上半年归母净利润为 409.31 亿元，同比增长 6.9% ； 6 月末归母股东权益 5236.19 亿元，较年初增长 2.7% 。截至 6 月末，中国人寿内含价值达 1.48 万亿元，稳居 行业首位；总资产、投资资产均突破 7 万亿元；综合偿付能力充足率达 190.94% ，保持较 高水平。 中国人寿董事长蔡希良、 总裁利明光，以及副总裁、首席投资官刘晖等 高管在发布会上与媒 体进行了交流，就公司发展规划、行业前景、资产配置、 AH 股投资等方面问题进行一一回 应。 成绩单 " 含金量 " 很高 一是紧扣服务大局与客户需求，挖掘养老、健康、理财领域潜在增长点，优化产 ...

Core Viewpoint - The long-term economic fundamentals in China remain strong, providing a solid foundation for the sustainable development of the financial and insurance industry [1] Group 1: Strategic Focus for the Second Half - The company aims to align its operations and services with customer needs, focusing on potential growth areas in elderly health, wealth management, and optimizing product offerings [1] - The company emphasizes long-cycle and cross-cycle management, prioritizing reasonable growth in premium scale while focusing on value strategy for long-term stability [1] - The company plans to enhance its core competitiveness through cost reduction, marketing system reform, health and wellness ecosystem development, and technology empowerment [1] Group 2: Commitment to High-Quality Development - The company will actively seize opportunities and prioritize efficiency, long-term strategies, and risk prevention in its operations [1] - The company intends to deepen reforms and innovations, strengthen asset-liability management, and promote high-quality development to achieve new results [1]

Core Insights - The company achieved significant growth in 2024, with total insurance premium income reaching 170.5 billion yuan, a year-on-year increase of 2.8% [1] - Total assets grew to 1.69 trillion yuan, up 20.6% year-on-year, and net profit attributable to shareholders surged to 26.2 billion yuan, an increase of 201.1% [1] - New business value (NBV) more than doubled to 6.3 billion yuan, with first-year premium income rising by 15.6% to 27.2 billion yuan [1][2] Business Performance - The company reported a total premium income of 170.5 billion yuan, with a 75% contribution from renewal premiums [1] - The stock price increased nearly 70% in 2024, reflecting positive market sentiment towards the company's performance [1] Risk Management - The company employs a "three balances" strategy to mitigate interest spread loss risks, balancing traditional and floating yield products, protection and savings products, and existing and new business [3][4] - The management believes that current asset allocation can cover liability costs, indicating no immediate interest spread loss risk [2] Investment Strategy - The investment scale exceeded 1.6 trillion yuan, with a total investment return rate of 5.8% and a comprehensive investment return rate of 8.5%, significantly contributing to profit growth [6] - The company focuses on long-term, value-based investments, diversifying investment strategies to capture new economic opportunities [7][8] Health and Elderly Care Ecosystem - In 2024, the company expanded its health and elderly care services, launching various service brands and establishing a comprehensive customer service ecosystem [10] - The company aims to enhance its core competitiveness in health and elderly care by building a nationwide and overseas network of quality care projects [11] Dividend Policy - The company plans to distribute a cash dividend of 1.99 yuan per share, totaling 6.208 billion yuan, with a dividend payout ratio exceeding 30% of net profit [12] - Since its listing in 2011, the company has distributed over 35.9 billion yuan in cash dividends, maintaining a minimum annual dividend rate of 30% since 2016 [12]