在"十四五"规划收官与"十五五"谋篇布局的关键节点，中国人寿保险股份有限公司（以下简称 "中国人 寿"，股票代码：601628.SH，2628.HK）再迎发展里程碑——截至11月30日，公司总保费规模突破7000 亿元。这一数字折射出中国人寿卓越的综合实力、稳健的经营表现、持续的服务创新以及在服务国家战 略与民生保障方面的突出贡献。凭借多个维度的均衡发展与持续向好的发展趋势，中国人寿在财经网 2025年度金融业评选中获评为"年度寿险公司"。 业绩持续向好：盈利高增、结构优化、价值提升 中国人寿发布2025年第三季度报告，展现了公司在高质量发展道路上的稳健经营态势和持续增长动能。 报告显示，2025年前三季度，该公司实现归属于母公司股东的净利润1678.04亿元，在上年同期高基数 基础上实现大幅增长，同比增幅达60.5%。同期，公司总保费收入6696.45亿元，同比增长10.1%，业务 结构持续优化。其中，续期保费为4516.11亿元，同比增长10.0%，体现了存量业务的稳健贡献；新单保 费为2180.34亿元，同比增长10.4%，显示业务拓展态势良好。值得注意的是，前三季度新业务价值实现 强劲增长，较2024 ...

Core Viewpoint - The insurance industry, particularly China Life Insurance Co., is focusing on high-quality transformation and reform to align with national development goals and enhance its role in serving the public and the economy [2][3]. Group 1: Business Development and Market Position - As of November 30, 2025, China Life's total premium income is expected to exceed RMB 700 billion, marking a significant breakthrough compared to the total premium income for 2024 [2]. - China Life has provided insurance services to over 600 million customers, with compensation payments exceeding RMB 160.9 billion in the first half of 2025, including over RMB 34 billion for health insurance [3][6]. - The company has actively participated in the construction of the third pillar of pension insurance, with individual pension premium income showing significant growth [3][5]. Group 2: Product Innovation and Customer Service - In the health insurance sector, China Life has launched various products addressing real health needs, including insurance for middle-aged and elderly individuals [4]. - The company is expanding its pension insurance offerings and has developed a diverse range of commercial annuity products to meet various retirement needs [5]. - China Life is transitioning from a "post-compensation" model to an "insurance + service" model, enhancing its health and elderly care service systems [5]. Group 3: Growth and Internal Dynamics - China Life emphasizes value creation and efficiency improvement as its core operational strategy, adapting to the increasingly diverse and personalized insurance needs of consumers [7]. - The company has diversified its product offerings and accelerated channel transformation, achieving a new business value growth of 41.8% in the first three quarters of 2025 [8][9]. - The total sales force reached 657,000 by September 30, 2025, with a focus on enhancing the quality and retention of its sales team [8]. Group 4: Long-term Investment Strategy - China Life is committed to long-term and value investment principles, aligning its investment strategies with national economic needs and regulatory guidance [11][12]. - The company has increased its equity investments significantly, with over RMB 380 billion added to its public market equity holdings by the third quarter of 2025 [12]. - China Life is also investing in strategic emerging industries and innovative asset classes, including technology and green transition projects, to enhance its investment portfolio [12][13].

Core Viewpoint - China Life Insurance Company is enhancing market vitality amid micro and macro challenges, with total premiums expected to exceed RMB 700 billion by November 30, 2025, marking a significant breakthrough in premium scale and solidifying its market leadership [1] Group 1: Social Responsibility - China Life has provided insurance and value-added services to over 600 million customers, with compensation payouts exceeding RMB 160.9 billion in the first half of 2025, including over RMB 34 billion for health insurance [2] - The company has offered risk protection of approximately RMB 2.7 trillion to small and micro enterprises and individual businesses, actively participating in the construction of the third pillar of pension [2] - China Life has launched various health insurance products, including senior bone health insurance and personal long-term disability income loss insurance, addressing real health needs [2] Group 2: Growth Potential - The company has diversified its product offerings, with new single premium contributions from life insurance, annuities, and health insurance reaching 31.95%, 32.47%, and 31.15% respectively in the first three quarters of 2025 [4] - As of September 30, 2025, China Life's total sales force reached 657,000, maintaining the industry's leading position, with a significant improvement in retention rates [4] - New business value grew by 41.8% in the first three quarters of 2025, driven by a multi-faceted channel strategy and reforms [4] Group 3: Long-term Investment Strategy - China Life adheres to asset-liability matching principles, optimizing asset allocation and conducting stable cross-cycle investment [5] - The company has maintained a solid foundation for low-interest environments by increasing its long-term bond investments to RMB 2 trillion [6] - China Life is actively investing in equity markets, increasing its equity investment by over RMB 380 billion by the third quarter of 2025 [6] Group 4: Strategic Focus - The company emphasizes a customer-centric approach, implementing the "333" strategy, focusing on efficiency, long-term vision, asset-liability linkage, and risk management [7]

Core Insights - China Life Insurance Company reported strong performance in the first three quarters of 2025, with a significant increase in new business value and net profit, indicating robust business growth and operational efficiency [1][2] Financial Performance - New business value grew by 41.8% year-on-year - Net profit attributable to shareholders exceeded 167.8 billion yuan, a 60.5% increase from the previous year - Shareholder equity reached 625.83 billion yuan, up 22.8% from the end of the previous year - Total assets amounted to 7,417.98 billion yuan, with investment assets at 7,282.98 billion yuan, reflecting growth of 9.6% and 10.2% respectively [1][2] Business Growth - Total premium income reached 669.65 billion yuan, a year-on-year increase of 10.1% - New single premium income was 218.03 billion yuan, up 10.4% - All premium categories, including total premium, new single premium, and renewal premium, achieved double-digit growth [2] Asset-Liability Management - The company focused on value creation and efficiency improvement, enhancing the linkage between assets and liabilities - New single premium proportions for life insurance, annuity insurance, and health insurance were 31.95%, 32.47%, and 31.15% respectively, indicating balanced development - Total investment income reached 368.55 billion yuan, an increase of 107.13 billion yuan, with an investment yield of 6.42% [3] Product and Service Development - China Life introduced various innovative insurance products, including long-term disability income insurance and maternal and infant disease insurance - The company expanded its commercial annuity product system to meet diverse retirement needs, providing risk coverage of approximately 27 trillion yuan for small and micro enterprises and individual businesses [4] Customer Experience Enhancement - The company developed a comprehensive digital claims service system, with over 48 million claims processed in the first half of 2025 - The introduction of AI-driven services improved underwriting efficiency and customer service response rates [6][7] Digital Transformation - China Life is advancing its digital strategy, enhancing its data management capabilities and achieving international standards in data center operations - The company received multiple accolades for its innovation in financial technology and data management [8] ESG Governance - The company integrates ESG principles into its operations, focusing on sustainable development and green finance - Investments in green projects and the promotion of inclusive insurance products are part of its strategy to support national economic and social transformation [9]