Core Viewpoint - China Life Insurance Company emphasizes high-quality development while navigating opportunities and challenges, focusing on its core mission of serving the public and enhancing value through reform and risk management [1][22]. Group 1: Financial Performance - In 2024, China Life achieved total premiums of 6714.57 billion yuan, a year-on-year increase of 4.7% [2]. - The company reported a net profit attributable to shareholders of 1069.35 billion yuan, marking a significant year-on-year growth of 108.9% [2]. - Total investment income reached 3082.51 billion yuan, reflecting a substantial increase of 150.4% year-on-year [16]. Group 2: Business Development - The first-year premium income was 1190.77 billion yuan, with a notable 14.3% increase in premiums for policies with a term of ten years or more [3]. - The company maintained a leading sales force of 666,000 agents, with significant improvements in productivity [3][6]. - The individual insurance channel generated total premiums of 5290.33 billion yuan, up 5.5% year-on-year [5]. Group 3: Asset Management - As of December 31, 2024, total assets and investment assets exceeded 60 trillion yuan, reaching 67.7 trillion yuan and 66.1 trillion yuan, respectively [4]. - The company's core solvency ratio stood at 153.34%, indicating strong financial stability [4]. Group 4: Marketing and Distribution - The company is actively transforming its marketing system, focusing on value creation and optimizing business structure [5][6]. - The bancassurance channel achieved total premiums of 762.01 billion yuan, with a significant contribution from renewal premiums [8]. Group 5: Innovation and Digital Transformation - China Life is advancing its digital financial practices, enhancing data management and operational efficiency [19][20]. - The company launched over 100 new or upgraded products in 2024 to meet evolving market demands [13]. Group 6: Social Responsibility and Customer Service - The company is committed to supporting a multi-tiered healthcare system and has actively developed various health insurance products [9][14]. - Customer service initiatives have been enhanced, with a focus on providing comprehensive and accessible services [21]. Group 7: Future Outlook - Looking ahead to 2025, China Life aims to maintain a focus on core functions and value creation while fostering transformation and solidifying its market position [22].