Group 1 - China Life Insurance Company reported a strong mid-year performance with total assets and investment assets exceeding 7 trillion yuan as of June 30, 2025, and total premiums reaching a historical high for the same period, indicating a steady increase in market share [1][2] - The company's chairman emphasized three proactive strategies: "strategic initiative," "transformation initiative," and "development initiative," which collectively reflect the company's focus on sustainable growth and effective asset-liability management [1][2] - The individual insurance channel generated total premiums of 400.45 billion yuan, a year-on-year increase of 2.6%, while the bancassurance channel saw a significant rise in total premiums to 72.44 billion yuan, up 45.7%, and new single premiums increased by 111.1% [2] Group 2 - The company plans to focus on three key areas for the second half of the year: enhancing service to meet customer needs in the fields of pension, health, and financial management; maintaining long-term and cross-cycle operations while ensuring reasonable premium growth; and emphasizing cost reduction, marketing reform, and technological empowerment to strengthen core competitiveness [3]

Core Viewpoint - China Life Insurance has reported strong mid-year results for 2025, showcasing significant growth in key financial metrics, driven by proactive strategies in management and transformation [3][4]. Financial Performance - Total premium income for the first half of 2025 reached 525.088 billion yuan, a year-on-year increase of 7.3% [3]. - Total investment income amounted to 127.506 billion yuan, reflecting a 4.2% growth compared to the previous year [3]. - Net profit attributable to shareholders was 40.93 billion yuan, up 6.9% year-on-year [3]. - The intrinsic value of the company stood at 1.48 trillion yuan, leading the industry [3]. Strategic Initiatives - The company emphasizes "strategic proactivity," focusing on sustainable development and multi-channel collaborative strategies [3]. - Transformation efforts include cost reduction, product diversification, marketing system reform, and health and wellness ecosystem development [3][4]. - The new business value saw a significant increase of 20.3% year-on-year, reaching 28.546 billion yuan [4]. Channel Development - Individual insurance channel premium income was 400.448 billion yuan, a 2.6% increase, with new business value rising by 9.5% [5]. - The bancassurance channel reported a 45.7% increase in total premium income, reaching 72.444 billion yuan, with new single premium income soaring by 111.1% [5]. - Group insurance channel premium income totaled 14.437 billion yuan, with short-term insurance premiums contributing significantly [5]. Asset and Liability Management - Investment assets grew by 7.8% year-to-date, reaching 7.1 trillion yuan [7]. - The net investment income for the first half of 2025 was 96.067 billion yuan, with a net investment yield of 2.78% [7]. - The company has improved the matching of asset and liability durations, reducing the effective duration gap to 1.5 years [7]. Future Outlook - The company remains optimistic about the A-share market and plans to focus on investment opportunities in technology innovation, advanced manufacturing, and new consumption [8]. - Emphasis will be placed on enhancing the efficiency of asset allocation and maintaining a balanced approach to fixed income investments [8]. - The company aims to explore growth in health, retirement, and wealth management sectors, with ongoing development in health management services and retirement community projects [9]. Management Focus - The company will prioritize efficiency, long-term strategies, and risk management in its operations [10]. - Continuous reforms and innovations will be implemented to strengthen asset-liability management and drive high-quality development [10].

谈及下半年发展规划，蔡希良表示，我国经济长期向好的基本面为金融保险业提供有力支撑，中国人寿 将重点把握三大方向：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 品服务供给、丰富保险应用场景；二是坚持长周期、跨周期经营，在关注保费规模合理增长的同时，更 注重价值长期稳定，保障公司持续健康发展；三是聚焦集约型内涵式发展，加大降本增效、营销体系改 革、康养生态建设、科技赋能力度，夯实核心竞争力。下半年，公司将更加注重效益优先，更加注重长 期理念，更加注重防范化解风险，通过深化改革创新不断强化资产负债联动管理，在做好金融"五篇大 文章"中推动公司高质量发展取得新成效。 同时，中国人寿总裁利明光在会上表示，坚定看好中国寿险业的未来发展。"我国经济长期向好的支撑 条件和基本趋势没有变，这是支撑寿险行业持续发展的最大的底气，我们坚定看好中国寿险业的未来发 展。"利明光称。 中国经济网北京8月29日讯 （记者 马欣） 中国人寿（601628.SH，2628.HK）昨日召开2025年度中期业 绩发布会。中国人寿董事长蔡希良携公司管理层团队成员出席发布会。 2025年上半年，中国人寿总保费增速创近五年同期 ...

8月28日，中国人寿今日召开2025年中期业绩发布会。该公司董事长蔡希良、总裁利明光、 副总裁刘晖、副总裁阮琦、总裁助理兼总精算师侯晋、财务负责人袁颖等出席会议。 数据显示，上半年，中国人寿实现归母净利润409.31亿元，同比增长6.9%；总保费5250.88 亿元，同比增长7.3%，创历史同期最好水平；新业务价值超285亿元，同比提升20.3%。 公开市场权益规模增超1500亿，聚焦三大领域潜在增长点 蔡希良在会上表示，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，交出一份亮眼且"含金量"高的成绩单，其中成效主要源于"三大主动"，即战略 主动、转型主动和发展主动。展望未来，我国经济基础稳、优势多、韧性强、潜力大、长期 向好的支撑条件和基本趋势未变，此为金融保险业长期健康发展奠定坚实基础。 在业绩发布会上，蔡希良表示，中国人寿上半年亮眼成绩单的成效源自"三大主动"，即战略 主动、转型主动和发展主动。 具体来看，战略主动方面，他表示，长期以来，中国人寿坚定不移地推进资产负债联动管 理，强化长期可持续发展以及全渠道协同发展策略，在当前环境下，战略成效日益显著，公 司负债端均衡多元的产 ...

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 ...

A股股票代码 ：601628 2025 半年度报告 中国人寿保险股份有限公司 2025 年半年度报告 办公地址 ： 北京市西城区金融大街16号 联系电话 ：86-10-63633333 公司网址 ：www.e-chinalife.com 电子信箱 ： ir@e-chinalife.com 本公司根据《公司法》《保险法》于2003年6月30日在中国北京注册成立，2003年12月在境外上市， 2007年1月回归境内A股上市。本公司注册资本为人民币28,264,705,000元。 本公司是中国领先的人寿保险公司，拥有由保险营销员、团险销售人员以及专业和兼业代理机构组成 的广泛的分销网络。本公司是中国最大的机构投资者之一，并通过控股的中国人寿资产管理有限公司 成为中国最大的保险资产管理者之一。本公司亦控股中国人寿养老保险股份有限公司。 本公司是中国领先的寿险、年金险、健康险、意外险供应商。截至本报告期末，本公司拥有约3.27 亿份有效长期保单，同时亦拥有大量的一年期及以内的意外险、健康险、定期寿险等短期保单。 重要提示 本公司董事会、监事会及董事、监事、高级管理人员保证本半年度报告内容的真实、准确、完整，不存在虚假记 ...

Core Insights - AIA Group reported a strong performance in the first half of 2025, achieving an after-tax operating profit of approximately $3.609 billion, a 12% increase per share, and a new business value of $2.838 billion, up 14% year-on-year [1][3] - The company's stock price has risen over 30% this year, with a market capitalization of approximately HKD 770 billion [1] Business Growth in China - AIA's new business value grew by 14% in the first half of the year, with 13 out of 18 markets showing growth [3] - The Hong Kong business saw a 24% increase in new business value to $1.063 billion, while the mainland China business achieved approximately $743 million in new business value, accelerating to 15% growth in Q2 [3] - The agent channel contributed over 80% to AIA's new business value in China, with a significant focus on expanding into new regions [3][4] Expansion Plans - AIA has expanded its operational regions in mainland China from 5 to 14, with plans to add 1 to 2 new regions annually, starting with provincial capitals [4] - The company aims to target 100 million potential customers in new markets, increasing its overall target customer base to 340 million [4] Product Strategy in Low-Interest Environment - In response to low interest rates, AIA has adjusted its product structure, with 43% of new business value coming from traditional protection products and 41% from participating products, which have increased significantly compared to the previous year [5] - The shift towards participating products is seen as a crucial strategy, with these products accounting for 87% of new business value from long-term savings sold through agents [5] Asset Management and Investment Strategy - AIA emphasizes asset-liability management, with a focus on long-term bonds and alternative assets in its investment strategy [6] - The company is set to establish an asset management company in Shanghai, expected to commence operations by the end of the year [7]

Core Insights - AIA Group reported strong financial results for the first half of 2025, with a post-tax operating profit of approximately $3.609 billion, a 12% increase per share, and a new business value of $2.838 billion, reflecting a 14% year-on-year growth [2][3] Business Performance - AIA's new business value grew by 14% in the first half of the year, with 13 out of 18 markets showing growth. The agent channel, which is crucial for AIA, achieved a 17% increase in new business value [3] - In Hong Kong, AIA's new business value rose by 24% to $1.063 billion, while in mainland China, it reached approximately $743 million, accelerating to a 15% growth in Q2 [3] - The agent channel contributed over 80% to AIA's new business value in mainland China, highlighting its importance in the company's growth strategy [3] Market Expansion - AIA has expanded its operations in mainland China from 5 to 14 provincial regions, with plans to open 1 to 2 new regions annually, starting from provincial capitals [4] - The company has established a new agent team of over 1,700 in newly entered markets such as Anhui, Shandong, Chongqing, and Zhejiang, targeting a customer base of 1 billion, increasing the total target customer group to 340 million [4] Product Strategy - In response to the low interest rate environment, AIA has shifted its product structure, with 43% of new business value coming from traditional protection products and 41% from participating products, which have increased significantly compared to the previous year [6] - Participating products accounted for 87% of the new business value from long-term savings products sold through agents in the first half of 2025, indicating a strategic pivot towards these offerings [6] Asset Management - AIA emphasizes asset-liability management, with a focus on long-term bonds and alternative assets in its investment strategy. The company aims for long-term returns through high-dividend stocks [7] - AIA is set to establish an insurance asset management company in Shanghai, expected to commence operations by the end of this year [7]

Core Insights - China Life Insurance Company emphasizes the importance of quality and efficiency in its operations, aligning with the "333 strategy" and the "three persistences, three enhancements, and three breakthroughs" approach for better management and sustainable development [1][2] Group 1: Strategic Focus - The company aims to develop inclusive and pension finance, enhancing the supply of inclusive products, health insurance, and commercial annuity products to meet diverse customer needs [2] - There is a strong emphasis on asset-liability management, promoting diversified product development and improving investment capabilities to enhance resilience and adaptability [2] - The company plans to upgrade sales channels significantly, focusing on reshaping channel strategies and improving operational efficiency [2] Group 2: Innovation and Digitalization - The construction of a health and wellness ecosystem is prioritized, with efforts to optimize diversified elderly care services and accelerate the establishment of a health service management system [2] - Digital empowerment and application are key focuses, with an aim to enhance technological support capabilities and promote the application of technological achievements across management areas [2] Group 3: Consumer Protection and Risk Management - The company is committed to consumer rights protection, improving sales service quality, and enhancing collaboration to manage customer complaints effectively [2] - Risk prevention remains a top priority, with a focus on governance in key areas and the promotion of a comprehensive supervision mechanism to foster a unique financial culture in China [2]