Investment Rating - The report maintains a "Buy" rating for China Life Insurance [1] Core Views - China Life Insurance is positioned as a leading player in the domestic life insurance industry, with strong business growth momentum and valuation recovery potential [1][7] - The company has achieved record high net profit attributable to shareholders, driven by favorable investment returns and a robust market position [7][29] - The report highlights the company's solid market share and growth in new business value (NBV), indicating a positive outlook for future performance [7][47] Summary by Relevant Sections Overall Performance - China Life's total revenue is projected to grow from 344.27 billion yuan in 2023 to 692.20 billion yuan by 2027, with a compound annual growth rate (CAGR) of 7.36% [1] - The net profit attributable to shareholders is expected to increase from 46.18 billion yuan in 2023 to 186.53 billion yuan in 2027, reflecting a CAGR of 9.06% [1] - The company's return on equity (ROE) has improved significantly, reaching over 20% in recent periods, placing it among the top in the industry [7][29] Liability Side - The company has maintained a stable market share, with total premium income surpassing 700 billion yuan, achieving a CAGR of 7.3% from 2014 to 2024 [7][35] - New business premiums have shown a recovery, with a growth rate of 10.4% year-on-year in the first three quarters of 2025 [7][40] - The NBV has returned to a rapid growth trajectory, with year-on-year increases of 14.0%, 24.3%, and 41.8% for 2023, 2024, and the first three quarters of 2025, respectively [7][47] Asset Side - The investment asset scale has grown significantly, from 2.10 trillion yuan in 2014 to 6.61 trillion yuan in 2024, with a CAGR of 12.1% [7][33] - The company has increased its allocation to equity investments, with a high proportion of financial investments yielding significant returns [7][33] - The average net and total investment returns over the past decade have been 4.3% and 4.7%, respectively, indicating stable historical performance [7][33] Investment Recommendations - The report suggests that the current valuation remains low, with A and H shares trading at 0.70x and 0.41x 2026E PEV, respectively, indicating potential for upward adjustment [7][29] - The company is expected to benefit from its strong brand and product service capabilities, particularly in the dividend insurance era [7][29]

Investment Rating - The report maintains a "Buy" rating for China Life Insurance [1] Core Viewpoints - China Life Insurance is positioned as a leading player in the domestic life insurance industry, with strong business growth momentum and valuation recovery potential [7][9] - The company has achieved record high net profit attributable to shareholders, driven by favorable market conditions and robust investment returns [7][9] - The report highlights the company's solid market share and growth in new business value (NBV), indicating a positive outlook for future performance [7][9] Summary by Relevant Sections 1. Company Overview - China Life Insurance is the largest professional life insurance company in China, with a diverse business portfolio covering insurance, pension, asset management, and banking [13] - The company has a strong management team with extensive experience, contributing to operational efficiency and strategic direction [21][23] 2. Financial Performance - Total revenue is projected to grow from 344.27 billion CNY in 2023 to 692.20 billion CNY by 2027, with a compound annual growth rate (CAGR) of 7.36% [1] - Net profit attributable to shareholders is expected to increase significantly from 46.18 billion CNY in 2023 to 186.53 billion CNY in 2027, reflecting a CAGR of 9.06% [1] - The company's return on equity (ROE) has improved significantly, reaching over 20% in recent periods, positioning it favorably against peers [7][29] 3. Liability Side - The company has maintained a solid market share, with total premium income surpassing 700 billion CNY, reflecting a stable growth trajectory [35] - New business premiums have shown a recovery, with a year-on-year growth of 10.4% in the first three quarters of 2025 [40] - The NBV has returned to a rapid growth phase, with year-on-year increases of 14.0%, 24.3%, and 41.8% for 2023, 2024, and the first three quarters of 2025, respectively [47] 4. Asset Side - Investment assets have grown significantly, with a total exceeding 7.28 trillion CNY by the end of Q3 2025, reflecting a 10.2% increase from the beginning of the year [7][33] - The company has shifted its asset allocation strategy, increasing its exposure to equity investments, which enhances the potential for financial returns [7][33] 5. Investment Recommendations - The report suggests that the current valuation remains attractive, with A and H shares trading at 0.70x and 0.41x 2026E PEV, respectively, indicating significant upside potential [7][9] - The company is expected to benefit from its strong brand and product offerings in the evolving insurance market, particularly in the dividend insurance segment [7][9]

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 2025 年半年度报告摘要 （股票代码：601628） 二〇二五年八月二十七日 1 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 1.1 本半年度报告摘要摘自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 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。 1.2 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担法律责任。 1.3 本公司第八届董事会第十九次会议于 2025 年 8 月 27 日审议通过《关于公司 2025 年中期报告（A 股/H 股）的议案》，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 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。 1.4 本公司 2025 年半年度财务报告未经审计。 1.5 根据 2025 年 8 月 27 日召开的第八届董事会第十九次会议审议通过的本公司 2025 年 ...