8月27日晚间，中国人寿（601628.SH，2628.HK）发布2025年中期业绩报告。上半年，该公司新业务价 值达285.46亿元，较2024年同期重述结果同比提升20.3%，继续引领行业。浮动收益型业务实现强劲增 长，在首年期交保费中的占比较上年同期提升超45个百分点，业务结构转型实现突破。14个月保单持续 率达92.10%，同比提升0.6个百分点，发展基础更加牢固。新业务负债刚性成本进一步下降，费用投入 产出效率显著提升。 (编辑：钱晓睿) ...

北京商报讯（记者 胡永新）8月27日晚间，中国人寿保险股份有限公司（以下简称"中国人寿"）发布 2025年半年度报告。上半年，中国人寿新业务价值达285.46亿元，较2024年同期重述结果同比提升 20.3%，继续引领行业。浮动收益型业务实现强劲增长，在首年期交保费中的占比较上年同期提升超45 个百分点，业务结构转型实现突破。14个月保单持续率达92.10%，同比提升0.6个百分点，发展基础更 加牢固。新业务负债刚性成本进一步下降，费用投入产出效率显著提升。 ...

Investment Rating - The report maintains a recommendation rating for the insurance industry [2][51][58] Core Insights - The insurance sector is expected to benefit significantly from the ongoing market risk appetite and the new public fund regulations, which will enhance performance benchmarks [1][6][51] - The first quarter of 2025 saw a comprehensive positive growth in new business value (NBV) for life insurance, with significant improvements in the liability structure [51][54] - The property and casualty (P&C) insurance sector experienced steady premium growth and a notable improvement in the combined operating ratio (COR) [51][54] - Investment performance varied among companies due to differing strategies, with a general increase in asset scale and a reduction in real estate exposure [51][54] Summary by Sections 1. Life Insurance Overview - The new business value (NBV) for listed insurance companies continued to grow, with notable increases: New China Life +67.9%, China Pacific Insurance +39.0%, China Ping An +34.9%, and China Life +4.8% [10][11] - The individual insurance channel transformation is deepening, with stable agent numbers and increasing productivity [13][16] - The efficiency of the bancassurance channel has significantly improved, supporting overall performance [16][17] 2. Property and Casualty Insurance Overview - The premium income growth for the "old three" P&C insurers was as follows: China Pacific Insurance +3.7%, Ping An Insurance +7.7%, and Taiping Insurance +1.0% [21][24] - The combined operating ratio (COR) for the "old three" insurers improved, with China Pacific at 94.5%, Ping An at 96.6%, and Taiping at 97.4% [27][30] 3. Investment Performance - The total investment assets of listed insurers showed steady growth, with China Life at 68,191.73 billion, Ping An at 59,200 billion, and China Pacific at 28,102.08 billion [31][36] - The annualized net investment yield for the first quarter was: Ping An 3.6%, China Pacific 3.2%, and China Life 2.6% [36][38] - The annualized total investment yield varied significantly, with New China Life at 5.7%, China Pacific at 4.0%, and China Life at 2.8% [38][42] 4. Profit and Net Asset Differentiation - The net profit growth rates for the first quarter were: China Re +43.4%, China Life +39.5%, New China Life +19.0%, China Pacific -18.1%, and Ping An -26.4% [45][50] - The net asset growth rates at the end of the first quarter were: China Life +4.5%, China Re +3.9%, Ping An +1.2%, China Pacific -9.5%, and New China Life -17.0% [50][53] 5. Investment Recommendations - The report suggests maintaining a positive outlook for the insurance sector, with life insurance product transformation expected to yield positive results and P&C insurance leaders likely to maintain their advantages [51][54][55] - The report highlights the potential for valuation recovery in the insurance sector due to supportive financial policies and improved market conditions [55][58]