Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase of over 15% compared to the CSI 300 index in the next six months [4][6]. Core Insights - The company reported a significant increase in operating income of 427.18 billion yuan, a year-on-year growth of 54.8%, and a net profit attributable to shareholders of 104.52 billion yuan, up 173.9% year-on-year [3]. - Total premium income for the first three quarters of 2024 reached 608.25 billion yuan, reflecting a year-on-year increase of 5.1% [3]. - The company’s investment assets amounted to 6.36 trillion yuan, representing a 12.3% increase from the previous year [3]. - The new business value (NBV) maintained a high growth rate, increasing by 25.1% year-on-year [3]. - The company’s sales force increased to 694,000, with a 1.3% quarter-on-quarter growth, and the individual insurance sales force grew by 1.9% [3]. - Total investment income for the period was 261.42 billion yuan, a year-on-year increase of 152.4%, with an investment return rate of 5.38% [3]. Financial Projections - The company forecasts revenue growth rates of 42.41%, 2.38%, and 6.88% for 2024, 2025, and 2026, respectively [3]. - Net profit is projected to grow by 149.34%, 1.20%, and 7.36% over the same period [3]. - The estimated earnings per share (EPS) for 2024, 2025, and 2026 are 4.07, 4.12, and 4.43 yuan, respectively, with corresponding price-to-earnings (PE) ratios of 10.88, 10.75, and 10.01 [3].

证券代码：601628 证券简称：中国人寿 编号：临 2024－068 重要提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国人寿保险股份有限公司 关于独立董事任职资格获金融监管总局核准的公告 中国人寿保险股份有限公司（"本公司"）于 2024 年 6 月 27 日召开 2023 年年度股东大会，选举卢锋先生为本公司第八届董事会独立董事。 本公司近日收到国家金融监督管理总局（"金融监管总局"）关于卢锋 任职资格的批复。根据该批复，金融监管总局已核准卢锋先生担任本公司 独立董事的任职资格，其任职自 2024 年 11 月 19 日起生效。自同日起，卢 锋先生担任本公司第八届董事会风险管理与消费者权益保护委员会主席、 战略与资产负债管理委员会委员及关联交易控制委员会委员。 卢锋先生的简历请见本公司于 2024 年 6 月 12 日在上海证券交易所网 站（www.sse.com.cn）发布的《中国人寿保险股份有限公司关于 2023 年年 度股东大会增加临时提案的公告》。 黄益平先生已于2024年3月28日向董事会提出辞任本公 ...

证券代码：601628 证券简称：中国人寿 编号：临 2024－066 中国人寿保险股份有限公司董事会 2024 年 11 月 15 日 关于董事任职资格获金融监管总局核准的公告 中国人寿保险股份有限公司（"本公司"）于 2024 年 6 月 27 日召开 2023 年年度股东大会，选举胡锦女士、胡容先生为本公司第八届董事会非执行 董事。 本公司近日收到国家金融监督管理总局（"金融监管总局"）关于胡锦、 胡容任职资格的批复。根据该批复，金融监管总局已核准胡锦女士、胡容 先生担任本公司董事的任职资格，上述任职均自2024年11月14日起生效。 自同日起，胡锦女士、胡容先生担任本公司第八届董事会风险管理与消费 者权益保护委员会委员。 重要提示 上述董事的简历请见本公司于 2024 年 5 月 22 日在上海证券交易所网 站（www.sse.com.cn）发布的《中国人寿保险股份有限公司 2023 年年度股 东大会会议资料》。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 特此公告 中国人寿保险股份有限公司 ...

证券代码：601628 证券简称：中国人寿 编号：临 2024－067 重要提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国人寿保险股份有限公司 第八届董事会第九次会议决议公告 本公司第八届董事会第九次会议于 2024 年 11 月 12 日以书面方式通知 各位董事，会议于 2024 年 11 月 15 日在北京召开。会议应出席董事 10 人， 实际出席董事 8 人。执行董事利明光、刘晖、阮琦，非执行董事胡锦、胡 容现场出席会议；独立董事林志权、翟海涛、陈洁以视频方式出席会议。 非执行董事王军辉因其他公务无法出席会议，书面委托执行董事刘晖代为 出席并表决；独立董事黄益平因其他公务无法出席会议，书面委托独立董 事陈洁代为出席并表决。本公司监事和管理层人员列席了会议。会议召开 的时间、地点、方式等符合《中华人民共和国公司法》等相关法律、行政 法规、部门规章、《中国人寿保险股份有限公司章程》和《中国人寿保险 股份有限公司董事会议事规则》的规定。 会议由执行董事利明光先生主持，与会董事经充分审议，一致通过如 下议案： 一、《 ...

Summary of Conference Call on China Life Insurance Company Overview - The conference call involved China Life Insurance, a company that has garnered significant market attention in recent years due to its stable performance and growth prospects [1][2]. Key Points Discussed 1. Business Growth Expectations - The company is optimistic about the growth of new business value (NBV) and premium growth for the upcoming year, influenced by various macroeconomic policies and industry trends [2][3]. - Factors such as the aging population and regulatory changes in the insurance sector are expected to positively impact business development [3][4]. 2. Strategic Focus - China Life emphasizes a diversified business model, focusing on value-driven growth and the integration of various product lines [2][4]. - The company is committed to enhancing its marketing team and improving the quality and productivity of its workforce [4][5]. 3. Product Development - The company plans to introduce a range of new products, including retirement and health insurance options, to meet customer needs [9][10]. - There is a focus on increasing the supply of dividend-type products and enhancing the management of health and critical illness insurance [10][11]. 4. Dividend Policy - Historically, the company has maintained a dividend payout ratio above 35%, with plans to continue this trend while considering market conditions and regulatory requirements [12][13]. - The company is currently reviewing its dividend strategy in light of recent market fluctuations and changes in accounting standards [12][13]. 5. Investment Strategy - China Life employs a balanced and diversified investment strategy, focusing on high-dividend sectors such as telecommunications, utilities, and banking [14][15]. - The company has over 1 trillion yuan allocated to high-dividend investments, with a focus on maintaining a stable investment income [14][15]. 6. Risk Management - The company is actively managing its asset-liability duration gap to ensure financial stability and compliance with regulatory requirements [22][23]. - There is an ongoing effort to optimize the pricing mechanism for insurance products in response to market conditions [27][28]. 7. Health Insurance Market - The company acknowledges challenges in the health insurance sector but sees potential for growth in critical illness and nursing care products, especially with the aging population [29][30]. - The integration of health insurance with retirement planning is viewed as a strategic opportunity for future growth [29][30]. 8. Distribution Channels - The company is enhancing its distribution channels, particularly in the bancassurance sector, to improve market penetration and customer engagement [31][32]. - There is a focus on maintaining a balance between scale and value in the bancassurance channel, ensuring sustainable growth [31][32]. 9. Regulatory Environment - Recent regulatory changes are seen as beneficial for the long-term stability of the insurance industry, allowing for better cost management and competitive positioning [32][33]. - The company is adapting to these changes while leveraging its existing strengths in brand and product offerings [32][33]. Additional Insights - The company is exploring the integration of data-sharing platforms to enhance the development of health insurance products, which could lead to improved service delivery [36][37]. - The management is optimistic about the future of health insurance, particularly in light of ongoing reforms and the increasing demand for comprehensive health coverage [36][37]. This summary encapsulates the key discussions and strategic directions outlined during the conference call, reflecting China Life Insurance's commitment to growth, innovation, and customer-centricity in a dynamic market environment.

证券代码：601628 证券简称：中国人寿 编号：临 2024－065 中国人寿保险股份有限公司董事会 2024 年 11 月 11 日 重要提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国人寿保险股份有限公司 保费收入公告 根据中华人民共和国财政部《企业会计准则第 25 号—原保险合同》（财 会〔2006〕3 号）及《保险合同相关会计处理规定》（财会〔2009〕15 号）， 本公司于 2024 年 1 月 1 日至 2024 年 10 月 31 日期间，累计原保险保费收 入约为人民币 6,269 亿元，同比增长 4.9%。 上述原保险保费收入数据未经审计，提请投资者注意。 特此公告 ...

证券代码：601628 证券简称：中国人寿 公告编号：2024-064 中国人寿保险股份有限公司 2024 年半年度 A 股利润分配实施公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并 对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 每股分配比例 A 股每股派发现金红利人民币 0.20 元（含税）。 相关日期 | 股份类别 | 股权登记日 | 最后交易日 | 除权（息）日 | 现金红利发放日 | | --- | --- | --- | --- | --- | | Ａ股 | 2024/11/12 | － | 2024/11/13 | 2024/11/13 | 差异化分红送转： 否 一、通过分配方案的股东大会届次和日期 本次利润分配方案经中国人寿保险股份有限公司（以下简称"本公司"）2024 年 10 月 30 日召 开的 2024 年第一次临时股东大会审议通过。 二、分配方案 (一)发放年度：2024 年半年度 (二)分派对象： 截至股权登记日下午上海证券交易所收市后，在中国证券登记结算有限责任公司上海分公司（以 下简称"中国结算上海分公司"）登记在册的本 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company has shown a significant improvement in net profit, achieving 104.52 billion yuan in the first three quarters of 2024, representing a year-on-year growth of 173.9% [2]. - New business value has also seen robust growth, increasing by 25.1% year-on-year, which is an improvement from the previous growth rate of 18.6% [3]. - The agent workforce has stabilized and increased, with a total of 641,000 agents by the end of Q3 2024, reflecting a continuous recovery in both quantity and quality [3]. Summary by Sections Financial Performance - The company reported a total and net investment yield of 5.38% and 3.26% respectively for the first three quarters of 2024, showing significant improvement compared to the mid-year figures of 3.59% and 3.03% [2]. - The first-year premium growth rate for new policies was 6.8%, with a notable 17.7% increase in ten-year and longer policies [3]. Business Development - The company has implemented a "Seed Plan" to explore new marketing models, which has been piloted in 24 cities and has shown initial success [3]. - The average first-year premium per agent has increased by 17.7% year-on-year, indicating improved productivity and income for the agent workforce [3]. Investment Recommendations - The company is positioned as a high-elasticity asset, benefiting from the stabilization of its agent workforce and the anticipated trend towards centralization in the industry [4]. - The current price-to-embedded value (PEV) is 0.81 times, suggesting significant upside potential if market conditions improve [4].

Investment Rating - The report maintains a "Buy" rating for China Life Insurance [2][5]. Core Insights - China Life Insurance reported a significant increase in net profit for the first three quarters, achieving a year-on-year growth of 173.9% to 1,045.23 billion yuan, driven by a recovery in the stock market and substantial investment returns [2]. - The company's new business value (NBV) growth exceeded expectations, with a year-on-year increase of 25.1%, indicating a solid improvement in agent scale and sales structure [3]. - The total investment asset scale reached 6.36 trillion yuan, reflecting a 12.3% increase from the beginning of the year, with notable performance in equity markets contributing to profit growth [4]. Summary by Sections Financial Performance - For Q3, the net profit reached 662.45 billion yuan, marking a year-on-year increase of 1,767.1% [2]. - The total investment income for the first three quarters rose by 152.4% to 2,614.19 billion yuan, with fair value changes contributing significantly [2][4]. - The annualized net investment yield was reported at 3.26%, while the total investment yield was 5.38% [4]. Business Growth - New single premium growth turned positive, with a year-on-year increase of 0.4% to 1,975.09 billion yuan, and a substantial quarterly increase of 46.4% in Q3 [3]. - The proportion of first-year premiums for ten-year and above policies increased by 3.9 percentage points to 26.6% [3]. - The sales force reached 694,000 agents, with a quarter-on-quarter growth of 1.3% [3]. Profit Forecast - The report projects net profits of 1,187 billion yuan, 1,231 billion yuan, and 1,443 billion yuan for 2024, 2025, and 2026 respectively, reflecting a significant upward revision from previous estimates [5][6].

Investment Rating - The investment rating for China Life Insurance is "Outperform the Market" [1] Core Views - The report highlights a significant increase in net profit for the third quarter, with a year-on-year growth of 194% to 104.5 billion yuan, primarily driven by substantial investment gains due to a rebound in the stock market [5][7] - The report indicates a continued improvement in the new business value (NBV), which rose by 25.1% year-on-year in the first three quarters of 2024, reflecting a strong performance in new policy premiums [5][6] - The company is expected to maintain a solid market position and steady operations, supported by ongoing reforms in its marketing system and sales channels [7] Summary by Sections Financial Performance - For the first three quarters of 2024, the net profit attributable to shareholders reached 104.5 billion yuan, with a quarterly profit of 66.2 billion yuan, compared to a loss of 6.1 billion yuan in the same period last year [5][11] - The net asset value attributable to shareholders increased by 14.8% compared to mid-year, driven by growth in retained earnings and other comprehensive income [5] - The NBV for the first three quarters showed a year-on-year increase of 25.1%, up from 18.6% in the first half of the year [5] Insurance Business - New policy premiums saw a significant increase, with a year-on-year growth of 46.4% in Q3 alone, and a 0.4% increase in new policy premiums for the first three quarters [5][6] - The proportion of ten-year and above premium payments in the first-year premium payments rose by 4.3 percentage points to 46.4% [5] Human Resources - The total workforce remained stable at 694,000 by the end of Q3 2024, with a slight increase of 1.3% from mid-year [6] - The quality of the workforce improved, with a 17.7% year-on-year increase in average first-year premium per person [6] Investment Performance - Investment assets reached 6.36 trillion yuan, up 12.3% from the beginning of the year [7] - Net investment income was 144.7 billion yuan, with a year-on-year increase of 3.9%, while total investment income surged by 152% to 261.4 billion yuan [7] - The fair value changes resulted in a profit of 147.7 billion yuan for the first three quarters, compared to a loss of 12.1 billion yuan in the same period last year [7] Valuation - The report suggests that the company's valuation remains low, with a projected price-to-earnings value (PEV) of 0.9x for 2024, and a reasonable value range of 47.59 to 52.35 yuan per share [7]