Core Viewpoint - The article highlights the significant improvement in the new business value and comprehensive cost ratio of listed insurance companies in China during the first half of the year, driven by the explosive growth of the bancassurance channel and a shift towards dividend insurance products [2]. Bancassurance Channel Explosion - The bancassurance channel saw a remarkable recovery, with new single premium income reaching 1,525.47 billion yuan, a year-on-year increase of 76.19% [4]. - Major players like New China Life and China Life reported over 100% growth in this channel, with increases of 150.3% and 111.1% respectively [4]. - The share of new single premium income from the bancassurance channel rose to 41.38%, up 13.24 percentage points year-on-year [5]. Improvement in New Business Value Rate - The new business value rate for the bancassurance channel improved, with companies like China Ping An seeing a 9.7 percentage point increase to 28.6% [6]. - The average contribution of the bancassurance channel to new business value among listed insurers rose to 38.9%, an increase of 8.4 percentage points year-on-year [6]. Shift to Dividend Insurance - Insurance companies have been transitioning from traditional products to dividend insurance since last year, with significant progress noted in the first half of this year [8]. - Companies like China Pacific and China Life have seen dividend insurance account for over 50% of their new single premium income [8]. - The overall proportion of dividend insurance in total premium income is expected to increase further as the industry pushes for this product type [9]. Profitability of New Energy Vehicle Insurance - The comprehensive cost ratio for property insurance companies improved, with reductions of 0.8 to 2.6 percentage points [11]. - New energy vehicle insurance has turned profitable, with China Ping An reporting a 46% increase in premium income and positive underwriting profits [12]. - China Pacific also reported that new energy vehicle insurance accounted for 19.8% of its auto insurance premiums, indicating a positive trend in profitability [12].

Core Viewpoint - China Life Insurance Company reported significant growth in its insurance premium metrics for the first half of 2025, indicating a strong performance in the bancassurance channel [1] Group 1: Financial Performance - Total premium reached 72.444 billion yuan, an increase of 45.7% year-on-year [1] - New single premium amounted to 35.873 billion yuan, showing a remarkable growth of 111.1% compared to the previous year [1] - First-year regular premium was 17.032 billion yuan, reflecting a year-on-year increase of 34.4% [1] - Renewal premium totaled 36.571 billion yuan, with a growth of 11.7%, accounting for 50.48% of the total premium from the bancassurance channel [1] Group 2: Operational Efficiency - The number of bancassurance channel customer managers reached 18,000, with a significant increase in per capita productivity by 51.8% year-on-year [1] - The company actively implemented the "reporting and operation integration" strategy to reduce costs and enhance efficiency, achieving dual growth in premium scale and new business value [1]