中国人寿保险股份有限公司 2025 年半年度报告摘要 中国人寿保险股份有限公司 （股票代码：601628） 二〇二五年八月二十七日 中国人寿保险股份有限公司 2025 年半年度报告摘要 第一节 重要提示 划，投资者应当到上海证券交易所网站（www.sse.com.cn）仔细阅读半年度报告全文。 不存在虚假记载、误导性陈述或重大遗漏，并承担法律责任。 ，董事会会议应出席董事 12 人，实际出席董事 11 人。董事长、执行董事蔡希良因 股/H 股）的议案》 其他公务无法出席会议，书面委托执行董事利明光代为出席、表决并主持会议。 配方案，按已发行股份 28,264,705,000 股计算，拟向全体股东派发现金股利每股人民币 0.238 元（含 税），共计约人民币 67.27 亿元。上述利润分配方案尚待股东大会批准后生效。 第二节 公司基本情况 股票种类 A股 H股 股票简称 中国人寿 中国人寿 股票代码 601628 2628 股票上市交易所 上海证券交易所 香港联合交易所有限公司 联系人和联系方式 董事会秘书 证券事务代表 姓名 刘 晖 李英慧 电话 86-10-63631241 86-10-63631191 电 ...

Core Insights - Insurance plays a crucial role in risk transfer and economic compensation in people's lives, with different types of insurance offering unique coverage and functions [1] Group 1: Life Insurance - Life insurance is focused on the lifespan of individuals, providing economic protection for families in case of the primary breadwinner's premature death [1] - Term life insurance offers coverage for a specified period, while whole life insurance provides lifelong coverage and may accumulate cash value over time [1] Group 2: Health Insurance - Health insurance primarily addresses health-related issues, with medical insurance compensating for medical expenses due to illness or accidents [2] - Social health insurance offers basic coverage with limitations, while commercial health insurance serves as a supplement, covering remaining costs after social insurance [2] - Critical illness insurance provides a lump sum payment upon diagnosis of specified serious illnesses, which can be used for medical expenses and income loss [2] Group 3: Accident Insurance - Accident insurance covers death, disability, and medical expenses resulting from accidental injuries during the policy period [2] - It includes coverage for various types of accidents, such as those occurring in daily life, travel, or sports [2] - Benefits are paid based on the severity of the injury, with higher compensation for more severe disabilities [2] Group 4: Property Insurance - Property insurance covers various assets and related interests, with home insurance protecting household property from natural disasters and accidents [3] - Business property insurance safeguards fixed and current assets of enterprises against risks from natural disasters or accidents [3] - Auto insurance is a common type of property insurance, with mandatory liability insurance covering third-party injuries and damages in traffic accidents [3]

Financial Data and Key Metrics Changes - The operating result for the first half of 2025 was €845 million, a 19% increase compared to the previous year, driven by profitable business growth and improved claims experience in the US, UK, and international segments [5][16][19] - Operating capital generation before holding and funding expenses decreased by 2% to €576 million [5][16] - Free cash flow increased significantly to €442 million from €373 million in the previous year [17][29] - The group solvency ratio decreased by five percentage points to 183% due to the new share buyback program and the reservation of the interim dividend [18][27] Business Line Data and Key Metrics Changes - In the Americas, Transamerica's strategic assets grew, with a 14% increase in the number of licensed agents and a 13% increase in new life sales [10][11] - Aegon UK saw growth in business, although the advisor platform was negatively impacted by market consolidation [13] - The international segment reported higher new life sales in joint ventures in Brazil, China, Spain, and Portugal, but faced lower sales in Singapore due to competitive changes [14] Market Data and Key Metrics Changes - The US market accounts for approximately 70% of Aegon's operations, making it central to the company's strategy and long-term growth [8] - The company reported strong growth in net deposits in the retirement plan business, driven by mid-sized plans [12] Company Strategy and Development Direction - Aegon is focused on growing and transforming its businesses, with a commitment to return excess capital to shareholders through share buybacks [6][7] - The company is reviewing the potential relocation of its head office to the US to align its corporate structure with its primary market [8][9] - The implementation of US GAAP reporting is planned, which is expected to take two to three years [9] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving all financial targets for 2025, citing strong commercial momentum and growth in key markets [30] - The company is monitoring the impact of equity market fluctuations on its capital generation and earnings profile [36][38] Other Important Information - Aegon announced a €200 million increase to its share buyback program, totaling €400 million for 2025 [6][29] - The company aims to reduce cash capital at holding to around €1 billion by 2026 [7][29] Q&A Session Summary Question: What drove the decision to cover 25% of the variable annuity based fee? - Management indicated that this was part of ongoing risk management to stabilize capital generation and was executed recently [36] Question: Can you provide insights on the US GAAP implementation? - Management stated it is too early to provide guidance on the impact of US GAAP on operating profit [42] Question: What are the main challenges of potentially redomiciling? - Key challenges include implementing US GAAP and managing the transition process effectively [65] Question: How clean is the reported operating profit? - Management confirmed that the operating profit is considered clean, with adjustments leading to a strong adjusted number [50] Question: What is the size of the pool plan mentioned? - The pool plan is approximately €1.9 billion, contributing to net deposits growth [41][93] Question: How does the US redomiciliation impact M&A opportunities? - Management indicated that being closer to the US market would position the company better for potential acquisitions, but the M&A approach remains disciplined [71]

Core Viewpoint - The article discusses the solvency adequacy ratios of various life insurance companies in China for the first half of 2025, highlighting the performance of 60 non-listed life insurance companies and the impact of recent regulatory changes on their financial health [1][17]. Solvency Adequacy Ratios - The solvency adequacy ratios for the top life insurance companies show significant variations, with Guoshou Pension leading at 1095.2%, followed by Xinhua Pension at 991.3% [2]. - A total of 57% of the companies reported an increase in their comprehensive solvency adequacy ratio compared to the previous quarter [23]. - Dingcheng Life is noted for having a solvency adequacy ratio below 120%, which raises concerns about its financial stability [18][20]. Regulatory Changes and Impact - The article mentions that the solvency management regulations introduced in 2021 include three key indicators: core solvency adequacy ratio, comprehensive solvency adequacy ratio, and risk rating [17]. - The recent adjustments in predetermined interest rates for various insurance products are expected to influence consumer behavior and company performance [9][11]. Investment and Capital Raising - Several insurance companies have initiated capital raising and bond issuance plans to enhance their solvency ratios, with a total of over 270 billion yuan in capital increases announced [27]. - Six insurance companies have received approval to issue bonds totaling nearly 200 billion yuan, which is crucial for maintaining solvency levels [26][29]. Market Trends - The article notes a trend of increased sales efforts for insurance products, particularly in light of declining interest rates, which may affect the attractiveness of certain insurance offerings [7][9]. - The comprehensive investment yield for many companies has improved, with 64% of surveyed companies reporting yields exceeding 2% [25].

Core Viewpoint - China Life Insurance Company reported steady growth in key business metrics for Q1 2025, demonstrating resilience amid significant industry changes and solidifying its market leadership [1][2]. Group 1: Business Performance - In Q1 2025, China Life's total premium reached 354.41 billion yuan, a year-on-year increase of 5.0%, leading the industry [2]. - Renewal premiums amounted to 246.98 billion yuan, reflecting a 9.7% increase year-on-year, while new single premiums were 107.43 billion yuan, with short-term insurance premiums growing by 19.2% to 41.49 billion yuan [2]. Group 2: Transformation and Management - The company has deepened asset-liability management, focusing on efficiency and optimizing resource allocation, which has led to significant cost reductions and improved effectiveness [3]. - The proportion of first-year premiums from floating income products increased to 51.72%, marking a substantial rise compared to the previous year [3]. - New business value for Q1 2025 grew by 4.8% compared to the same period in 2024, using consistent economic assumptions [3]. Group 3: Sales and Marketing - China Life is advancing its marketing system reform in response to the "New National Ten Articles," aiming for high-quality development and a more professional sales force [4]. - As of the end of Q1, the total sales force was 646,000, with individual insurance sales personnel numbering 596,000, showing improved retention and growth rates [4]. Group 4: Investment Strategy - The company maintains a long-term investment perspective, focusing on cross-cycle asset allocation management amid rising bond market rates and fluctuating A-share market [5]. - In Q1, total investment income reached 53.77 billion yuan, with an investment yield of 2.75%, while net investment income was 44.25 billion yuan, yielding 2.60% [5]. Group 5: Financial Health - The net profit attributable to shareholders for Q1 was 28.80 billion yuan, a 39.5% increase year-on-year, with total assets and investment assets growing by 3.1% to 6,976.39 billion yuan and 6,819.17 billion yuan, respectively [6]. - The core solvency ratio stood at 146.12%, and the comprehensive solvency ratio was 199.34%, maintaining a strong risk rating of A for 27 consecutive quarters [6].

Group 1 - The insurance industry is experiencing a wave of product discontinuations, with multiple companies ceasing sales of various life insurance products by August 31 [1][3][4] - A significant adjustment in the predetermined interest rates for life insurance products is set to take place, with the current research value at 1.99%, triggering a dynamic adjustment mechanism [5] - Major insurance companies, including China Life and Ping An Life, will adjust the maximum predetermined interest rates for new insurance products, impacting traditional and dividend insurance products [5][8] Group 2 - Following the interest rate adjustments, premium prices for insurance products are expected to rise, with estimated increases for various types of insurance, such as 18.9% for annuity insurance and 20.8% for whole life insurance [5] - Dividend insurance products are anticipated to become the main focus for insurance companies, as they offer a combination of guaranteed and floating returns, making them more competitive in the current market [7][8] - Companies are shifting their product strategies towards floating and protection-oriented products, with some already completing the filing of lower predetermined interest rate versions of their main products [8]

近期香港保险市场因分红险演示利率下调而引发市场广泛关注，为了锁定高收益，不少内地居 民"打飞的"专程赴港签单，部分中介也借机营销， 带火了一波香港保险购买潮。 但是火热背后，也充满了风险。 7月30日，河北金融监管局关于购买境外保险的风险提示称，近期境外保险产品热度上 升，但其中暗藏诸多风险。 持牌机构、保险从业人员超出业务范围，宣传、推介、销售或 组织安排购买境外保险机构产品，均属于违法违规行为 。 2024年全年，内地访客赴港投保627.98亿港元，比2023年同期（589.71亿港元）增长6.49%。 其中，第一季度投保156亿港元，第二季度投保141亿港元，第三季度170亿港元，第四季度 内地访客赴港投保的保费，占据全港新单保费（2,198亿港元）的29%，近三分之一 ，相当于 每3份新单中就有1份来自内地访客。 赴港投保热情升温 河北金融监管局提醒广大金融消费者，境外保单不受我国境内法律保护，投保境外保险产品存 在汇率或外汇政策变化、保单收益不确定、理赔成本高、维权难度大等诸多风险，消费者应高 度警惕，谨慎对待。 "如确有需求，请通过合法渠道购买保险，切勿参与'地下保单'等违规交易，谨慎对待以'高收 ...

Core Viewpoint - The article highlights the continued popularity and growth of whole life insurance products, with a total of 184 products generating over 700 billion in premium income, marking a new historical high for the industry [1][3][17]. Group 1: Whole Life Insurance Popularity - Whole life insurance remains a hot product category, with 184 products available, including 63 new products launched after August 2023 [12][18][28]. - The total premium income from these whole life insurance products exceeds 700 billion, showcasing significant market demand [24][26]. - The growth rate of premium income for whole life insurance has slowed from 62% in 2022 to 26% in 2024, indicating a potential cooling in sales momentum [26][27]. Group 2: Transition to Participating Policies - There is a noticeable shift from traditional whole life insurance to participating (dividend) policies, with 13 new participating whole life insurance products introduced [40][43]. - The increase in participating policies reflects a broader trend in the industry towards products that offer both guaranteed and variable returns [44][47]. - The sales channels for participating whole life insurance are predominantly through bank insurance channels, which account for a significant portion of the sales [46][47]. Group 3: Major Players and Premium Contributions - Major insurance companies such as Ping An, Zhongyi, and Taikang have reported substantial premium incomes, with Ping An's top product generating 238.95 billion and Zhongyi's product at 191.76 billion [2][36][37]. - The top five products from various companies collectively contribute significantly to the overall premium income, indicating the competitive landscape among leading insurers [30][31][36]. - The article notes that the premium income from new products launched after August 2023 is expected to exceed 200 billion, highlighting the ongoing innovation in the market [37][39].

Core Viewpoint - Huatai Life Insurance Co., Ltd. has launched the "Insurance+" full lifecycle protection system, focusing on health, education, and retirement, integrating resources and innovative insurance products to provide comprehensive solutions for all life stages [1][2]. Group 1: Health Protection - The company introduced a "three-level health protection system," offering a comprehensive service framework from health protection to critical illness medical care [1]. - Level one protection targets healthy individuals, promoting proactive disease prevention through a "seven-expert management" model involving various health professionals [1]. - Level two protection focuses on sub-healthy individuals, providing "Le Enjoy Family Doctor" services for early disease detection and intervention [1]. - Level three protection is aimed at individuals with existing health issues, utilizing a network of over 700 direct payment medical institutions and international medical services to optimize treatment processes [1]. Group 2: Education Services - Huatai Life offers flexible annuity products to help parents meet educational funding needs and has launched the "Rui Enjoy" growth education service [2]. - The education service features full-age coverage, direct access to quality resources, and customized one-on-one planning for children aged 4 to 24, covering various developmental aspects [2]. Group 3: Retirement Solutions - The company has upgraded its "Health and Wellness 3.0" strategy to address the shift from passive to proactive retirement planning [2]. - It offers products like flexible annuities, whole life insurance, and tax-advantaged personal pension insurance for sustainable retirement funding [2]. - The "Tai Enjoy" health and wellness service provides a comprehensive system for various retirement scenarios, including worry-free travel, smart home safety, and professional medical care [2]. Group 4: Travel and Leisure Services - Huatai Life has introduced the "Tai Enjoy Travel" segment, catering to the needs of active seniors by linking quality wellness bases across the country [3]. - The company offers diverse travel resources, including CCRC wellness communities and high-end boutique hotels, with exclusive benefits for customers [3]. - A "companion service" is included, providing assistance with travel planning, health management, and professional support during trips [3]. - The number of domestic wellness travel partners has reached 15 [3].

Group 1: Insurance Types - Life insurance focuses on the lifespan of the insured, providing benefits upon death or survival within a specified period, with term life insurance offering coverage for a set term and whole life insurance providing lifelong coverage for wealth transfer and family financial stability [1] - Health insurance addresses medical expenses due to illness or injury, including medical insurance for various healthcare costs and critical illness insurance that pays a lump sum upon diagnosis of a serious condition [2] - Property insurance protects against losses to assets from natural disasters or accidents, covering home and business assets, while liability insurance covers economic compensation for damages caused by negligence in various fields [3] Group 2: Financial Education - The information is organized and published by a financial media outlet focused on disseminating knowledge in finance, insurance, and investment, aiming to enhance public understanding of complex financial concepts and products [4]