交银国际研究 公司更新 个股评级 买入 1 年股价表现 资料来源 : FactSet 4/24 8/24 12/24 4/25 -20% 0% 20% 40% 60% 80% 100% 2628 HK 恒生指数 股份资料 | 52周高位 (港元) | 20.55 | | --- | --- | | 52周低位 (港元) | 10.10 | | 市值 (百万港元) | 909,651.13 | | 日均成交量 (百万) | 33.35 | | 年初至今变化 (%) | (4.77) | | 200天平均价 (港元) | 15.08 | | 资料来源 : FactSet | | 万丽, CFA, FRM wanli@bocomgroup.com (86) 10 8393 5331 | 保险 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 4 月 30 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 13.98 | 港元 | 19.00 | +35.9% | | | 中国人寿 (2628 HK) | | | | | | | 盈利和净资 ...

| 保险 | 收盘价 | | 目标价 | | 潜在涨幅 | 2025 年 4 月 30 日 | | --- | --- | --- | --- | --- | --- | --- | | 港元 | | 13.98 | 港元 | 19.00 | +35.9% | | | 中国人寿 (2628 HK) | | | | | | | 公司更新 交银国际研究 盈利和净资产增速表现优于同业 个股评级 买入 1 年股价表现 资料来源 : FactSet 4/24 8/24 12/24 4/25 -20% 0% 20% 40% 60% 80% 100% 2628 HK 恒生指数 股份资料 | 52周高位 (港元) | 20.55 | | --- | --- | | 52周低位 (港元) | 10.10 | | 市值 (百万港元) | 909,651.13 | | 日均成交量 (百万) | 33.35 | | 年初至今变化 (%) | (4.77) | | 200天平均价 (港元) | 15.08 | | 资料来源 : FactSet | | 万丽, CFA, FRM wanli@bocomgroup.com (86) 10 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 中國人壽保險股份有限公司 CHINA LIFE INSURANCE COMPANY LIMITED 炷㕤ᷕ厗Ṣ㮹ℙ⚳姣Ⅎㆸ䩳ᷳ偉ấ㚱旸℔⎠炸! 炷偉ấẋ嘇;!3739炸! 2025年第一季度報告 本公告由中國人壽保險股份有限公司（「本公司」）根據證券及期貨條例（香港法例第571章） 第XIVA部的內幕消息條文以及香港聯合交易所有限公司證券上市規則第13.09(2)條及第 13.10B條而作出。 重要內容提示 - 1 - • 本公司董事會、監事會及董事、監事、高級管理人員保證本季度報告內容的真實、 準確、完整，不存在虛假記載、誤導性陳述或者重大遺漏，並承擔法律責任。 • 本公司2025年第一季度報告所載財務資料根據中國企業會計準則編製，且未經審計。 • 本公司董事長蔡希良先生、總精算師侯晉女士、財務負責人及財務機構負責人袁穎女 士聲明：保證本季度報告中財務信息的真實、準確、完整。 1. 主要財務數據 1. ...

股份代號 : 2628 年 報 辦公地址： 北京市西城區金融大街16號 聯繫電話： 86-10-63633333 公司網址： www.e-chinalife.com 電子信箱： ir@e-chinalife.com 中國人壽保險股份有限公司 2024 年年報 本公司根據《公司法》、《保險法》於2003年6月30日在 中國北京註冊成立，2003年12月在境外上市，2007 年1月回歸境內A股上市。本公司註冊資本為人民幣 28,264,705,000元。 本公司是中國領先的人壽保險公司，擁有由保險營銷 員、團險銷售人員以及專業和兼業代理機構組成的廣 泛的分銷網絡。本公司是中國最大的機構投資者之 一，並通過控股的中國人壽資產管理有限公司成為中 國最大的保險資產管理者之一。本公司亦控股中國人 壽養老保險股份有限公司。 本公司是中國領先的壽險、年金險、健康險、意外險 供應商。截至本報告期末，本公司擁有約3.26億份有 效長期保單，同時亦擁有大量的一年期及以內的意外 險、健康險、定期壽險等短期保單。 目 錄 | 01 | 前導信息 | 2 | | --- | --- | --- | | | 核心競爭力 | 2 | | | ...

Financial Performance - Total premium income amounted to RMB 671.46 billion, with embedded value exceeding RMB 1.4 trillion, maintaining industry leadership [4]. - Net profit attributable to shareholders surpassed RMB 100 billion, reaching RMB 106.935 billion, marking a significant increase [4]. - Total revenue for 2024 reached RMB 528.63 billion, a 53.3% increase from RMB 344.75 billion in 2023 [11]. - Pre-tax profit surged to RMB 115.21 billion, reflecting a 158.5% growth compared to RMB 44.58 billion in the previous year [11]. - Net profit attributable to shareholders was RMB 106.94 billion, up 131.6% from RMB 46.18 billion in 2023 [11]. - Total premium income reached RMB 671.46 billion, a year-on-year increase of 4.7% [22]. - Total investment income significantly increased to RMB 308.25 billion, up 150.4% from the previous year [22]. - The company's insurance service income for 2024 was RMB 208.161 billion, a decrease of 2.0% from RMB 212.445 billion in 2023 [53]. - The underwriting financial profit for 2024 was RMB 209.952 billion, representing a significant increase of 64.1% from RMB 127.923 billion in 2023 [57]. - The net profit for the year ended December 31, 2024, is RMB 108,940 million, a significant increase from RMB 47,547 million in 2023, representing a growth of approximately 128.6% [97]. Assets and Liabilities - Total assets reached RMB 6.77 trillion, and investment assets reached RMB 6.61 trillion, showing rapid growth [4]. - Total assets increased by 16.7% to RMB 6,769.55 billion, compared to RMB 5,802.09 billion in 2023 [11]. - Investment assets rose to RMB 6,611.07 billion, marking a 16.8% increase from RMB 5,659.25 billion in 2023 [11]. - Total liabilities grew by 17.6% to RMB 6,248.30 billion, up from RMB 5,315.05 billion in 2023 [11]. - The company's equity attributable to shareholders increased to RMB 509,675 million in 2024 from RMB 477,093 million in 2023 [96]. - The total amount of insurance contract financial changes was RMB 595,045 million in 2024, up from RMB 259,160 million in 2023, representing a substantial increase of about 129.5% [84]. Investment and Returns - Total investment income was RMB 308.251 billion, with an investment return rate of 5.50% [7]. - In 2024, the company achieved net investment income of RMB 195.674 billion, an increase of RMB 9.808 billion compared to 2023, with a net investment yield of 3.47%, down 23 basis points year-on-year [49]. - The company's total comprehensive income for 2024 is RMB 52,253 million, compared to RMB 25,848 million in 2023, indicating a growth of approximately 102% [97]. - The actual investment return difference for 2024 is RMB 64.061 billion, indicating a positive variance from investment assumptions [117]. - The company's overall investment return rate is assumed to be 4%, with a risk-adjusted discount rate of 8% for typical business operations [113]. Dividends and Shareholder Returns - The company distributed a total dividend of RMB 18.372 billion for the year, maintaining a high and stable dividend level [4]. - The total dividend for the fiscal year 2023 was RMB 12,154 million, with a proposed final dividend of RMB 12,719 million for 2024 [92]. - The company declared dividends of RMB 17,807 million in 2024, up from RMB 13,850 million in 2023, marking an increase of approximately 28.3% [99]. - The company proposed a final dividend of RMB 0.45 per share, totaling approximately RMB 12.719 billion, subject to shareholder approval on June 26, 2025 [122]. Business Operations and Strategy - The company is focusing on digital transformation, enhancing capabilities in big data and artificial intelligence [8]. - The company aims to enhance risk management and compliance systems in response to stricter regulatory trends [10]. - The company is committed to high-quality development and innovation-driven growth as part of its strategic goals for 2025 [10]. - The company is actively exploring innovative models in the insurance and investment sectors, enhancing cooperation with asset management subsidiaries [33]. - The company plans to enhance its market expansion strategies and invest in new product development [104]. Insurance and Claims - The company provided insurance coverage exceeding RMB 200 trillion, with nearly 25 million claims processed [5]. - The number of long-term effective insurance policies reached 326 million [20]. - The policy retention rate for 14 months improved to 91.60%, an increase of 1.20 percentage points year-on-year [22]. - The company has developed and upgraded over 100 new insurance products in 2024 to meet the growing demand for insurance protection and wealth management [37]. ESG and Corporate Governance - The company’s ESG rating improved to A level, reflecting strong performance in environmental, social, and governance practices [5]. - The company maintained an A-class rating in comprehensive risk assessment for 26 consecutive quarters [17]. - The board of directors consists of four executive directors, three non-executive directors, and four independent non-executive directors as of the announcement date [132].

Investment Rating - The report maintains a "BUY" rating for China Life, with a target price of HK$20.00, indicating a potential upside of 38.1% from the current price of HK$14.48 [3][8]. Core Insights - China Life expects a significant increase in net profit for FY24, projecting growth of 122%-144% YoY under IFRS, translating to RMB56.2-66.4 billion, and 100%-120% YoY under ASBE, amounting to RMB51.2-61.4 billion. This is a decrease from the 174% increase observed in the year-to-3Q24 [1][8]. - The potential decline in 4Q net profit is attributed to investment volatilities, despite a strong capital market performance in 3Q24, which boosted total investment income by 152.4% YoY in the first nine months of FY24 [1][8]. - The company is adjusting its strategic asset allocation, increasing exposure to high-dividend yield stocks and balancing equity exposure between FVTPL and FVOCI [1][8]. Financial Performance Summary - For FY24, net profit is expected to range from RMB102.4 billion to RMB112.6 billion, with a projected net profit of RMB110.857 billion for FY24, a significant recovery from RMB47.547 billion in FY23 [2][9]. - EPS is forecasted to be RMB3.85 for FY24, a decrease from the previous estimate of RMB4.45, while FY25 and FY26 EPS are projected at RMB2.68 and RMB2.81 respectively [2][8]. - The company anticipates a 19.2% growth in NBV for FY24 and 9.2% for FY25, supported by a total premium growth of 4.7% YoY to RMB671.7 billion in FY24 [1][8]. Valuation Metrics - The stock is currently trading at 0.24x FY25E P/EV and 0.67x FY25E P/BV, with an expected annualized ROE of 21% in FY24 [1][8]. - The projected dividend yield for FY24 is 8.6%, reflecting an increase in DPS, although it may not match the earnings growth due to the unsustainable nature of net fair value gains [1][8].

Investment Rating - The report maintains a "BUY" rating for the company and raises the target price to HK$20.00 from HK$15.50, implying a 21.8% upside from the current price of HK$16.42 [1]. Core Insights - The company's 3Q net profit after tax (NPAT) increased significantly by 17.7% year-on-year to RMB66.2 billion, driven by net fair value gains, which surged 80 times year-on-year [1]. - The report revises FY24-26E EPS forecasts upward by 148%, 38%, and 31% to RMB4.45, RMB2.58, and RMB2.61 respectively, reflecting improved fundamentals and investment performance [1][3]. - The company is expected to achieve a 17% growth in new business value (NBV) for FY24, supported by margin expansions and a favorable product mix [1][3]. Summary by Sections Financial Performance - The company reported a total investment income (TII) of RMB261.4 billion in 9M24, a 152% increase year-on-year, with 3Q TII soaring 5.28 times year-on-year to RMB139.1 billion [1]. - In 9M24, NBV grew by 25.1% year-on-year, indicating strong growth momentum, particularly in 3Q24, where new business sales surged [1][3]. Valuation Metrics - The stock is currently trading at FY24E 0.41x P/EV and 0.91x P/BV, which are above the respective 3-year historical averages [1][4]. - The report indicates a fair value per share of HK$20.00 based on P/EV and P/B methodologies, reflecting a robust valuation outlook [4][13]. Growth Drivers - The company is expected to benefit from a favorable equity market environment, with a significant allocation to high-dividend yield stocks anticipated to smooth out profit volatility [1][10]. - The report highlights a stable agency force with improved productivity, contributing to the positive outlook for new business sales [1][3]. Future Outlook - Management anticipates a shift in product mix towards higher sum-assured whole life and participating products for FY25, which is expected to drive sales growth [1]. - The report projects continued margin expansion and a resilient NBV growth trajectory, supported by regulatory changes and improved underwriting product mix [1][3].

Financial Performance - Net profit attributable to shareholders of the parent company for Q3 2024 was RMB 66,245 million, a significant increase of 1,767.1% from RMB 3,548 million in the same period last year[3] - Operating revenue for Q3 2024 was RMB 192,964 million, representing a 124.7% increase compared to RMB 85,885 million in Q3 2023[3] - Basic and diluted earnings per share for Q3 2024 were RMB 2.34, up 1,767.1% from RMB 0.13 in the same period last year[3] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 66,283 million, a 1,738.1% increase from RMB 3,606 million in Q3 2023[3] - Net profit attributable to shareholders for the first three quarters reached RMB 104.52 billion, up 173.9% year-on-year[14] - The group's operating profit for the first nine months of 2024 reached RMB 123,902 million, a significant increase from RMB 35,463 million in the same period of 2023, representing a growth of approximately 249%[22] - Net profit attributable to shareholders of the parent company for the first nine months of 2024 was RMB 104,523 million, compared to RMB 38,164 million in 2023, marking an increase of about 174%[22] - Basic and diluted earnings per share for the first nine months of 2024 were RMB 3.70, up from RMB 1.35 in the same period of 2023, reflecting a growth of approximately 174%[22] - The total comprehensive income attributable to shareholders of the parent company for the first nine months of 2024 was RMB 101,747 million, compared to a loss of RMB 20,923 million in 2023[24] Assets and Liabilities - Total assets reached RMB 6,481,554 million, an increase of 14.6% compared to the previous year's end of RMB 5,653,727 million[3] - The total liabilities increased to RMB 5,903,939 million as of September 30, 2024, compared to RMB 5,316,011 million at the end of 2023, an increase of about 11%[19] - The company's equity attributable to shareholders rose to RMB 566,704 million in 2024, up from RMB 327,784 million in 2023, indicating a growth of approximately 73%[19] - The total liabilities and equity amounted to RMB 6,481,554 million, reflecting a growth from RMB 5,653,727 million in 2023, an increase of around 14.6%[19] - The total assets of the group as of January 1, 2024, amounted to RMB 5,802,086 million, an increase of RMB 148,359 million from December 31, 2023[32] - The total liabilities of the group as of January 1, 2024, were RMB 5,315,052 million, a slight decrease from RMB 5,316,011 million at the end of 2023[33] - The total equity of the group as of January 1, 2024, was RMB 487,034 million, reflecting an increase of RMB 149,318 million from December 31, 2023[33] Cash Flow - Cash flow from operating activities for the year-to-date period was RMB 346,601 million, reflecting a 6.7% increase compared to RMB 324,982 million in the same period last year[3] - Cash flow from operating activities for the first nine months of 2024 amounted to RMB 688,885 million, an increase from RMB 670,752 million in 2023, indicating a growth of about 2%[26] - The group reported cash inflow from investment activities of RMB 1,835,051 million for the first nine months of 2024, compared to RMB 1,116,800 million in 2023, showing a growth of approximately 64%[29] - The net cash flow from investment activities for the first nine months of 2024 was RMB (2,150,519) million, compared to RMB (1,414,991) million in 2023, indicating a deeper cash outflow[29] - The group's cash inflow from financing activities for the first nine months of 2024 was RMB 45,373 million, compared to RMB 24,139 million in the same period of 2023, representing an increase of 88%[31] - The net cash flow from financing activities for the group in the first nine months of 2024 was RMB (149,637) million, a significant decrease from RMB (21,463) million in 2023[31] Shareholder Information - Total number of shareholders at the end of the reporting period: 77,988 A-share shareholders and 23,893 H-share shareholders[8] - The largest shareholder, China Life Insurance (Group) Company, holds 68.37% of the shares, totaling 19,323,530,000 shares[8] - HKSCC Nominees Limited, the second-largest shareholder, holds 25.92% of the shares, totaling 7,325,308,497 shares[8] - The third-largest shareholder, China Securities Finance Corporation Limited, holds 2.51% of the shares, totaling 708,240,246 shares[8] - The total number of shares held by the top ten shareholders with unrestricted shares amounts to 27,586,000,000 shares[9] - The top ten shareholders do not have any known relationships or agreements as per the regulations of the listed company acquisition management[10] - The total number of shares lent out and not yet returned by the top ten shareholders is 154,200 shares, which is 0.00% of the total share capital[11] Insurance and Investment Performance - Total premium for the first three quarters of 2024 reached RMB 608.25 billion, a year-on-year increase of 5.1%[15] - New single premium amounted to RMB 197.51 billion, with a slight increase of 0.4% year-on-year[15] - First-year regular premium was RMB 113.18 billion, reflecting a year-on-year growth of 6.8%[15] - Investment income for the first three quarters of 2024 was RMB 261.42 billion, a significant year-on-year increase of 152.4%[13] - Insurance service income rose to RMB 157,849 million in 2024, compared to RMB 136,439 million in 2023, marking an increase of 15.7%[20] Strategic Initiatives - The company is actively planning a new round of comprehensive reform to enhance product and business diversification[14] - The company plans to expand its market presence and invest in new technologies to enhance service offerings and operational efficiency in the coming quarters[20] - The company is focusing on strategic acquisitions to bolster its market position and diversify its product portfolio[20] - The sales force totaled 694,000, with a focus on enhancing professional and comprehensive capabilities[12]

Financial Performance - Total premium income reached RMB 489,566 million, reflecting a significant growth in the insurance sector[5]. - Net profit attributable to shareholders was RMB 38,278 million, a 5.9% increase year-on-year[6]. - Total investment income for the period was RMB 122,366 million, showcasing robust investment strategies[5]. - Cash flow from operating activities reached RMB 280,552 million, a 12.5% increase from the previous year[6]. - Total revenue for the period was RMB 234,235 million, reflecting a year-on-year increase of 25.7% from RMB 186,324 million[132]. - The company reported a net profit of RMB 175.3 million for the fiscal year 2023, with a dividend distribution of RMB 0.43 per share, amounting to approximately RMB 121.54 billion[101]. - The total comprehensive income after tax amounted to RMB 29,713 million, up from RMB 26,031 million year-on-year[133]. Assets and Liabilities - Total assets increased by 7.2% to RMB 6,222,638 million compared to the end of 2023[6]. - The company’s total liabilities increased by 7.6% to RMB 5,718,505 million, primarily due to an increase in insurance contract liabilities[6]. - The total insurance contract liabilities as of June 30, 2024, were RMB 5,417,061 million, an increase of 11.5% from RMB 4,859,175 million at the end of 2023[42]. - The total equity attributable to shareholders increased to RMB 493,834 million from RMB 477,093 million, reflecting a growth of approximately 3.5%[130]. Investment Performance - Investment income surged by 140.3% to RMB 56,736 million, driven by market fluctuations and proactive investment operations[9]. - The company’s total investment assets reached RMB 608,648.5 million, an increase of 7.5% compared to the end of 2023[34]. - The proportion of bond investments increased from 55.83% at the end of 2023 to 57.36% by mid-2024[34]. - The net investment yield for the first half of 2024 was 3.03%, a decrease of 28 basis points compared to the same period in 2023[36]. Business Growth - New business value for the first half of 2024 was RMB 32,262 million, indicating strong market performance[5]. - The number of effective long-term insurance policies stood at approximately 328 million[5]. - The individual insurance channel achieved total premiums of RMB 390.13 billion, a year-on-year increase of 7.7%[21]. - The company launched 41 new insurance products in the first half of 2024, enhancing product diversity and meeting various customer needs[30]. Risk Management - The solvency adequacy ratio was reported at 205.23%, indicating strong financial health[5]. - The company maintained an A rating in comprehensive risk assessment for 24 consecutive quarters, reflecting strong risk management[11]. - The company has implemented various measures to effectively manage and control risks, including macroeconomic, insurance, and market risks[124]. Customer Engagement and Services - The company provided risk protection of RMB 50.41 trillion for rural populations, enhancing rural insurance services[10]. - The health management service capabilities were enhanced, with over 100 service items covering various health management areas[29]. - The number of registered users on the China Life Insurance APP exceeded 150 million, steadily enhancing online reach capabilities[52]. Corporate Governance - The board of directors held 8 meetings and the supervisory board held 3 meetings during the reporting period, ensuring compliance with governance standards[98]. - The company has adhered to all principles outlined in the Corporate Governance Code during the reporting period[99]. - The independent directors have actively participated in decision-making and oversight, with no objections raised during the reporting period[114]. Future Outlook - Future outlook indicates a focus on expanding market presence and enhancing product offerings, although specific numerical guidance was not provided in the report[124]. - The company plans to focus on customer-centric strategies and improve service quality while ensuring compliance with risk management standards in the second half of 2024[60]. ESG Commitment - The company is actively promoting ESG practices and deepening low-carbon services and operations[11]. - The company has invested over RMB 470 billion in green projects, enhancing its commitment to sustainable development[57]. - The company is committed to enhancing its ESG governance framework and actively participating in the "dual carbon" strategy to promote sustainable development[54].

Investment Rating - The report maintains a "BUY" rating for China Life with a revised 12-month target price of HK$15.5, implying a 31.1% upside from the current price of HK$11.82 [4][6]. Core Insights - China Life reported strong first-half results with a year-on-year increase in new business value (NBV) of 18.6% to RMB32.3 billion and a 11.4% growth in embedded value (EV) to RMB1.4 trillion [2][11]. - Investment income surged 140.3% year-on-year to RMB56.7 billion, significantly contributing to a 27.6% increase in pre-tax profit to RMB47.9 billion in 1H24 [2][10]. - The bancassurance segment showed remarkable margin expansion, with NBV margin increasing by 13.4 percentage points to over 17% [2][11]. Financial Performance - Total investment assets reached a record high of RMB6.1 trillion, with a notable increase in fair value through other comprehensive income (FVOCI) stocks, which rose 131% from the beginning of the year to RMB34.1 billion [2][15]. - The company achieved a net investment yield of 3.33% and a total investment yield of 3.59% in 1H24, reflecting a positive investment variance in EV of RMB6.7 billion [10][15]. - The first-year regular premiums (FYRP) grew by 9.4% year-on-year to RMB42.6 billion, accounting for 43.8% of total FYRP in 1H24 [2][12]. Valuation Metrics - The stock is currently trading at 0.2x P/EV and 0.6x P/B for FY24E, indicating potential for a stock re-rating based on resilient financial results [6][8]. - The report highlights a target price of HK$15.5 based on a P/EV versus return on embedded value (ROEV) approach, reflecting improved underwriting and investment outcomes [6][8]. Business Segments - The agency channel remains the primary contributor to NBV, accounting for 90.8% of total NBV in 1H24, with a margin increase to 30.6% [11][12]. - The bancassurance channel experienced a significant decline in single-paid premiums, down 78.2% year-on-year, indicating a strategic shift towards higher-margin products [2][11]. Future Outlook - The company anticipates a rebound in investment income in the second half of 2024, supported by a low comparative base from the previous year [2][6]. - Management expects a diversification in product mix with a higher proportion of participating policies following recent interest rate cuts [2][11].