Core Viewpoint - China Life Insurance announced the convening of its 22nd meeting of the 8th Board of Directors on November 6, 2025, to review the proposal for signing an investment management agreement with Guoshou Investment Insurance Asset Management Company [1] Group 1: Company Financials - For the first half of 2025, the revenue composition of China Life Insurance is as follows: life insurance business accounts for 183.56%, health insurance business accounts for 33.0%, and accident insurance business accounts for 2.92% [1] - As of the report date, the market capitalization of China Life Insurance is 1,239.7 billion yuan [1]

Group 1 - The core point of the article is that China Life Insurance (SH 601628) held its 21st meeting of the 8th Board of Directors on October 30, 2025, in Beijing, where it reviewed the proposal for the company's Q3 2025 report [1] - For the first half of 2025, the revenue composition of China Life Insurance is as follows: life insurance business accounted for 183.56%, health insurance business accounted for 33.0%, and accident insurance business accounted for 2.92% [1]

Group 1 - The core viewpoint of the article is that China Life Insurance expects a significant increase in net profit for the first three quarters of 2025, projecting between RMB 156.785 billion and RMB 177.689 billion, which represents a year-on-year growth of approximately 50% to 70% compared to 2024 [1] - The main reasons for the profit increase include the company's role as an economic "shock absorber" and social "stabilizer," focusing on value creation and efficiency improvement, and enhancing sustainable development capabilities [1] - The company has been actively increasing equity investments, taking advantage of market opportunities, and optimizing asset allocation, which has led to a substantial increase in investment income year-on-year [1] Group 2 - For the first half of 2025, the composition of China Life's operating revenue is as follows: life insurance business accounts for 183.56%, health insurance business for 33.0%, and accident insurance business for 2.92% [1] - As of the report date, China Life's market capitalization stands at RMB 1,153.5 billion [2]

Core Insights - China Life Insurance Company reported a total premium of 525.088 billion yuan for the first half of 2025, marking a historical high for the same period and a year-on-year increase of 7.3% [1] - The company achieved a new business value of 28.546 billion yuan, reflecting a significant year-on-year growth of 20.3% compared to the same period in 2024 [1] Premium Breakdown - The total premium for life insurance reached 439.134 billion yuan, with a year-on-year growth of 8.5% [1] - Health insurance premiums totaled 78.958 billion yuan, showing a year-on-year increase of 2.0% [1] - Accident insurance premiums amounted to 6.996 billion yuan [1] First-Year Premiums - The first-year regular premium for the company was 81.249 billion yuan [1] - The first-year regular premium for policies with a duration of ten years or more was 30.305 billion yuan, accounting for 37.3% of the total first-year premiums [1] - The 14-month policy retention rate improved to 92.1%, an increase of 0.6 percentage points year-on-year [1] Investment Performance - As of June 30, 2025, the company's investment assets reached 7.127153 trillion yuan, a growth of 7.8% from the end of 2024 [1] - The net investment income for the first half of 2025 was 96.067 billion yuan, with a net investment yield of 2.78% [1] - Total investment income was 127.506 billion yuan, yielding a total investment return of 3.29% [1] Financial Position - By the end of June 2025, the total assets of China Life Insurance amounted to 7.29 trillion yuan [2] - The net profit attributable to shareholders for the first half of 2025 was 40.931 billion yuan, reflecting a year-on-year increase of 6.9% [1] Solvency Ratios - As of June 30, 2025, the comprehensive solvency ratio was 190.94%, and the core solvency ratio was 139.54%, indicating a strong solvency position [2]

Core Viewpoint - China Life Insurance (601628.SH) reported strong performance in the first half of 2025, achieving a total premium of 525.088 billion yuan, marking a historical high for the same period, with a year-on-year growth of 7.3% and a net profit attributable to shareholders of 40.931 billion yuan, up 6.9% [1] Group 1: Financial Performance - Total premium income reached 525.088 billion yuan, a record for the same period, with a year-on-year increase of 7.3% [1] - Net profit attributable to shareholders was 40.931 billion yuan, reflecting a growth of 6.9% year-on-year [1] Group 2: Business Segments - Life insurance premiums totaled 439.134 billion yuan, showing an 8.5% increase compared to the previous year [1] - Health insurance premiums amounted to 78.958 billion yuan, with a year-on-year growth of 2.0% [1] - Accident insurance premiums were recorded at 6.996 billion yuan [1] Group 3: Operational Highlights - The company maintained a leading position in business indicators, with a total sales force of 641,000 people, ensuring a competitive edge [1] - Continuous marketing system reforms have been implemented, leading to gradual improvements in the quality of the sales team [1]