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 - The insurance industry plays a crucial role in mitigating economic risks, maintaining social stability, and enhancing livelihood security, as evidenced by the performance of listed insurance companies in their semi-annual reports [1] Group 1: Service to the Real Economy and Public Welfare - The life insurance sector is continuously enriching inclusive insurance products and services, providing essential support for healthcare, protection against loss, and elderly care [2] - China Life has engaged in over 200 major illness insurance projects and 70 long-term care insurance projects, while also launching innovative health insurance products [2] - China Pacific Insurance has increased its investment in the second pillar pension management assets to 678.3 billion yuan, a 5.1% increase from the beginning of the year [2] Group 2: Technology and Green Investments - China Pacific Insurance has increased its technology investment balance to 119.7 billion yuan, while New China Life has established a venture capital fund focused on new infrastructure and strategic emerging industries [3] - China Life has made significant investments in green sectors, including a major IPO in the renewable energy sector, while China Pacific has developed a green investment management system [3] Group 3: Market Stability through Investment - Several listed insurance companies have actively responded to calls for insurance capital to enter the market, enhancing equity allocation and investment capabilities [4] - New China Life has optimized its asset structure and participated in long-term capital market pilot reforms, establishing funds focused on high-quality listed companies [4] Group 4: A-share Market Investment Growth - China Insurance has increased its A-share investment assets by 26.1% by mid-year, with a focus on long-term investment value and stable dividend returns [5] Group 5: Investment Strategy for the Second Half of the Year - China Life remains optimistic about the A-share market, focusing on sectors such as technology innovation and advanced manufacturing for investment opportunities [6] - The company plans to maintain a flexible allocation strategy in fixed income while optimizing equity allocation towards high-dividend stocks [6] Group 6: Cost Reduction and Risk Management - The insurance industry is optimizing product structures and accelerating the development of floating yield dividend insurance products to mitigate interest rate risk [7] - New China Life has established a leadership group to promote the transformation of dividend insurance, achieving significant results in premium growth [8] Group 7: Asset-Liability Management - New China Life is enhancing its asset-liability matching capabilities by diversifying its fixed income portfolio and reducing reinvestment risks [9] - China Life has successfully narrowed the effective duration gap of its new business to 1.5 years, demonstrating effective interest rate risk management [9][10]