Core Insights - Tongfang Global Life Insurance reported strong growth in its second quarter solvency report, with original premium income reaching 5.869 billion yuan, a year-on-year increase of 11% [1] - The company's total assets exceeded 50.964 billion yuan, growing by 27% year-on-year, while net assets surged to 7.225 billion yuan, reflecting a significant increase of 74% [1] Solvency and Risk Management - The comprehensive solvency adequacy ratio for Tongfang Global Life Insurance stood at 205.20%, with a core solvency adequacy ratio of 161.18%, maintaining an above-average level in the industry [2] - The company has consistently achieved an "A" rating in the risk comprehensive rating for 13 consecutive quarters, with the most recent ratings maintaining the highest level of "AAA" [2] Asset Management Strategy - In response to the challenges posed by declining market interest rates, the company has effectively implemented strict asset-liability matching principles and strategic allocation of long-term bonds, achieving an average comprehensive investment return rate of 8.98% over the past three years [3] - The average investment return rate is reported at 4.39%, with the company leading the industry in comprehensive investment returns [3] - Tongfang Global Life Insurance emphasizes asset-liability management as a core principle of insurance asset management, aiming to capture significant investment opportunities through a systematic and professional approach [3]

Core Viewpoint - China Life Insurance Company has demonstrated robust growth in key business metrics amidst significant industry changes, reinforcing its market leadership and comprehensive strength [1][2][6] Group 1: Business Performance - In Q1 2025, the total premium reached 354.41 billion yuan, a year-on-year increase of 5.0%, leading the industry [2] - Renewal premiums amounted to 246.98 billion yuan, up 9.7% year-on-year; new single premiums were 107.43 billion yuan, with short-term insurance premiums at 41.49 billion yuan, reflecting a 19.2% increase [2] - New business value grew by 4.8% compared to the same period in 2024, using consistent economic assumptions [3] Group 2: Transformation and Management - The company has deepened asset-liability management, optimizing resource allocation and enhancing efficiency in response to changing interest rates [3] - The proportion of first-year premiums from floating income products reached 51.72%, significantly up from the previous year, indicating successful transformation [3] Group 3: Sales and Marketing - The sales team remains stable, with a total sales force of 646,000, including 596,000 in individual insurance sales, showing improved retention and growth rates [4] - The company is advancing its marketing system reform in line with national policies, focusing on customer-centric management and professional development of the sales team [4] Group 4: Investment Strategy - The company maintains a long-term investment perspective, achieving total investment income of 53.77 billion yuan with a return rate of 2.75% in Q1 [5] - Net investment income was 44.25 billion yuan, with a net investment yield of 2.60% [5] - As of the end of Q1, total assets and investment assets were 6,976.39 billion yuan and 6,819.17 billion yuan, respectively, both up 3.1% from the end of 2024 [6] Group 5: Future Outlook - The company aims to focus on high-quality development, emphasizing customer-centric strategies and core functions to ensure stable and healthy business growth throughout the year [6]