Investment Rating - The investment rating for the company is "Buy" (maintained) [5] Core Insights - The company reported a significant increase in net profit for 2024, achieving a year-on-year growth of 131.6% to reach 106.935 billion yuan, driven primarily by increased investment income [3][12] - The company adjusted its investment return assumptions, lowering the rate from 4.5% to 4.0%, while maintaining the risk discount rate for ordinary business at 8.0% and reducing the rate for floating income business from 8.0% to 7.2% [3][11] - The company's new business value (NBV) for 2024 is projected at 33.709 billion yuan, reflecting a decrease of 26.4% due to actuarial assumption adjustments, although the overall NBV growth remains strong [12] Summary by Sections Financial Performance - The company achieved total investment income of 308.251 billion yuan in 2024, a year-on-year increase of 150.4% [12] - The annualized net and total investment returns for 2024 were 3.47% and 5.50%, respectively [12] - The company plans to distribute a dividend of 0.65 yuan per share, marking a 51.2% increase year-on-year [12] Business Metrics - The NBV growth rate for 2024 is expected to be 24.3%, with the first quarter, first half, and nine months showing growth rates of 26.3%, 18.6%, and 25.1%, respectively [12] - The number of agents as of the end of 2024 is 615,000, which is a decrease from previous periods [12] - The company's embedded value (EV) is projected to be 1.4 trillion yuan by the end of 2024, reflecting an 11.2% increase from the beginning of the year [12] Future Projections - The company forecasts net profits of 108.5 billion yuan, 122.6 billion yuan, and 141.6 billion yuan for 2025, 2026, and 2027, respectively, with growth rates of 1.5%, 13.0%, and 15.5% [13]

Core Viewpoint - The collaboration between China Life Property Insurance Shanxi Branch and Taiyuan Natural Gas Co., Ltd. has led to the innovative launch of the "Gas Comprehensive Insurance," which aims to provide a full-chain risk protection system through technology and service, receiving widespread acclaim from the public for its rapid response and warm service [1]. Group 1: Service Efficiency - The "Gas Comprehensive Insurance" project has demonstrated remarkable efficiency, with a case where a resident reported a water damage incident and received a compensation payment of 4,500 yuan within just 93 minutes after the report [3]. - The insurance company has established a 24-hour emergency response platform, ensuring that incidents are reported within 30 minutes, site investigations are conducted within 2 hours, and payments are made within 24 hours after all necessary documents are submitted [8]. Group 2: Special Group Care - The project emphasizes care for vulnerable groups, such as elderly individuals living alone, by providing not only quick claims processing but also assistance with repairs and site cleanup, showcasing a commitment to comprehensive service [7]. - A "Silver Service Green Channel" has been established to address the needs of the elderly, offering home signing and repair assistance to bridge the digital divide [7]. Group 3: Technological Integration - The insurance company utilizes intelligent monitoring systems and big data risk control models to proactively manage risks, allowing for real-time analysis of gas usage data and early warnings for high-risk points [8]. Group 4: Community Engagement - The company plans to deepen its strategic cooperation with Taiyuan Natural Gas Co., Ltd. to expand insurance coverage and optimize service response mechanisms, while also conducting community safety education activities [9]. - This initiative reflects the commitment of both state-owned enterprises to prioritize the well-being of the public and enhance the quality of life for residents in Taiyuan [9].

Core Insights - China Life Insurance reported a total operating revenue of 528.57 billion yuan for 2024, marking a year-on-year increase of 30.5% [2] - The net profit attributable to shareholders exceeded 100 billion yuan, reaching 106.93 billion yuan, with a significant year-on-year growth of 108.9% [2] Financial Performance - From 2020 to 2024, the net profit attributable to shareholders was recorded at 50.27 billion yuan, 50.77 billion yuan, 66.68 billion yuan, 51.18 billion yuan, and 106.93 billion yuan respectively, indicating the best performance in the company's history in 2024 [3] - Total premium income for 2024 reached 671.46 billion yuan, reflecting a year-on-year growth of 4.7% [4] - Total investment income amounted to 308.25 billion yuan, showing a substantial increase of 150.4% compared to the previous year [4] Business Segments - The total premium income from life insurance business was 538.71 billion yuan, up by 5.1% year-on-year [4] - Health insurance premiums totaled 119.14 billion yuan, with a year-on-year increase of 4.5% [4] - Premium income from accident insurance was 13.61 billion yuan, which represents a year-on-year decline of 7.6% [4] Management Changes - In August 2024, Cai Xiliang was appointed as the Party Secretary of China Life Insurance Group, succeeding Bai Tao [4] - Cai Xiliang was elected as the Chairman of the company in October 2024, with his qualifications approved by the financial regulatory authority in December [4] - Cai Xiliang, born in 1966 and a graduate of Shanghai University of Finance and Economics, holds a master's degree in economics [4][5]

Core Viewpoint - China Life Insurance Company reported significant growth in total investment income and net profit for the year 2024, indicating strong performance and effective investment strategies [1][2]. Financial Performance - Total investment income reached 308.25 billion yuan, a substantial increase of 150% year-on-year [1]. - Net profit attributable to shareholders was 106.93 billion yuan, reflecting a remarkable growth of 108.9% [1][2]. - Total assets amounted to 6.77 trillion yuan, up 19.7% year-on-year, while investment assets grew by 22.1% to 6.61 trillion yuan [2]. Investment Strategy - The company has optimized its equity investment structure and capitalized on market opportunities, leading to a significant rise in total investment income [2]. - As of the end of 2024, investments in equity financial assets reached 1.27 trillion yuan, accounting for 19.19% of total investments, with stock holdings exceeding 500 billion yuan for the first time [2]. - The company plans to moderately increase the proportion of equity asset investments in 2025, anticipating a favorable economic recovery and improved market conditions [3]. Dividend Policy - China Life plans to distribute a final dividend of 0.45 yuan per share, totaling approximately 12.72 billion yuan, with an overall annual dividend of 0.65 yuan per share, amounting to 18.37 billion yuan [4]. - The total dividend represents 17% of the net profit attributable to shareholders, despite a decrease in the payout ratio [4]. - The company emphasizes a balanced approach to dividends, considering profitability, volatility, and sustainable development [4].

Core Viewpoint - In 2024, China Life Insurance Company aims to adapt to profound industry changes, emphasizing long-termism and comprehensive reforms, achieving historical highs in multiple core indicators, and enhancing scale, value, speed, quality, structure, efficiency, and safety [1] Group 1: Performance Highlights - Total premium income reached 671.457 billion yuan, with first-year premium income at 119.077 billion yuan, both setting historical records; embedded value exceeded 1.4 trillion yuan; new business value for 2024 was 33.709 billion yuan, leading the industry [1] - Total investment income amounted to 308.251 billion yuan, with a year-on-year increase of 150%; net profit attributable to shareholders surpassed 100 billion yuan, reaching 106.935 billion yuan, marking the best performance in history [1] - Total assets reached 6.77 trillion yuan, a year-on-year growth of 16.7%; solvency ratio remained high, and the service quality index ranked first in the industry for two consecutive years [1] - Risk rating maintained an A class for 26 consecutive quarters, and consumer protection regulatory evaluation remained at the highest level in the industry [1] Group 2: Strategic Initiatives - China Life is actively implementing the "Five Major Financial Articles" as outlined by the State Council, focusing on green development and strategic emerging industries, while enhancing digital and intelligent construction [2] - The company plans to innovate product services, particularly in commercial annuities, health insurance, inclusive insurance, and green insurance, to improve the insurance protection level for specific groups [2] - Emphasizing the advantages of patient capital, China Life will leverage insurance funds to support national strategic opportunities and industry transformation, focusing on long-term investments in hard technology and green enterprises [3] - The company aims to strengthen its digital financial system, enhancing capabilities across various operational aspects, while managing risks associated with new technologies [3] Group 3: Future Focus - In 2025, China Life will focus on maintaining steady growth in core indicators, promoting continuous value growth, accelerating the transformation of development dynamics, and enhancing foundational management and talent development [4]

Core Insights - In 2024, China Life Insurance achieved a record net profit of 106.935 billion yuan, a significant increase of 108.9% year-on-year [1] - The new chairman, Cai Xiliang, aims to transform the company into a leading global life insurance enterprise through comprehensive reforms and enhancement of core competencies [1] Business Performance - Total premium income reached 671.457 billion yuan, up 4.7% year-on-year, with life insurance premiums at 538.711 billion yuan, increasing by 5.1% [3] - The health insurance segment generated premiums of 119.136 billion yuan, a growth of 4.5%, while accident insurance premiums fell by 7.6% to 13.610 billion yuan [3] - The individual insurance channel contributed 529.033 billion yuan in premiums, reflecting a 5.5% increase, with a stable sales force of 615,000 agents [3] Strategic Focus - The company plans to enhance value contribution across all channels, with a particular emphasis on the bank insurance, group insurance, and internet channels [4] - Key areas of focus for 2025 include maintaining steady growth, promoting continuous value increase, and upgrading operational capabilities centered on customer needs [4][5] Investment Strategy - By the end of 2024, total assets reached 6.77 trillion yuan, a 16.7% increase, with investment assets at 6.61 trillion yuan and total investment income of 308.251 billion yuan, marking a 150% year-on-year growth [7] - The investment strategy for 2025 emphasizes stable foundational investments while optimizing risk assets, with a focus on long-term bonds and high-quality credit bonds [8] Dividend Policy - China Life announced a cash dividend of 0.45 yuan per share for 2024, totaling approximately 12.719 billion yuan, marking the company's first mid-term dividend distribution [10] - The company maintains a strong solvency position, with core solvency ratio at 153.34% and comprehensive solvency ratio at 207.76% as of the end of 2024 [10]

Core Viewpoint - China Life Insurance has demonstrated significant financial performance and strategic development in 2024, achieving record profits and maintaining its leading position in the industry [1][3][12]. Financial Performance - Total assets reached 6.77 trillion yuan, and investment assets reached 6.61 trillion yuan by the end of 2024 [1]. - Net profit attributable to shareholders was 1069.35 billion yuan, a substantial increase of 108.9% year-on-year, marking the best performance in history [1][3]. - Total premium income was 6714.57 billion yuan, with a year-on-year growth of 4.7% [1][3]. - Total investment income was 3082 billion yuan, showing a significant year-on-year increase of 150% [1][3][6]. Business Development - The company has successfully implemented asset-liability linkage, diversified product structures, and accelerated channel reforms, contributing to its robust business performance [2][3]. - The new business value for 2024 was 337.09 billion yuan, continuing to lead the industry [3][4]. - The first-year premium income reached 1190.77 billion yuan, setting a historical high [3][4]. Investment Strategy - The total investment income increased significantly due to proactive market engagement, with a total investment return rate of 5.50%, up 3.07 percentage points from 2023 [6][8]. - The company plans to increase its equity asset investment ratio in 2025, focusing on long-term and value investments [8][9]. - China Life has established a diversified and stable investment portfolio, with over 4.8 trillion yuan in public market bonds and stock investments [8][9]. Digital Transformation - The company has embraced digital transformation, enhancing operational efficiency and customer service through advanced data management and AI applications [10][11]. - Significant improvements in claims processing and customer service efficiency were reported, with approval efficiency exceeding 26% [10][11]. Risk Management - China Life has maintained an A-class risk rating for 26 consecutive quarters, reflecting its strong risk management capabilities [4][11]. - The company has integrated compliance management into all operational levels, achieving dual-standard certification for its compliance management system [11]. Future Outlook - The company aims to continue its high-quality development strategy, focusing on value creation, risk management, and global asset allocation capabilities [12].

非银金融/保险Ⅱ 中国人寿（601628.SH） 审慎假设调整不改 EV 高增，负债端延续稳健增长 2025 年 03 月 28 日 投资评级：买入（维持） | 日期 | 2025/3/27 | | --- | --- | | 当前股价(元) | 38.03 | | 一年最高最低(元) | 50.88/26.50 | | 总市值(亿元) | 10,749.07 | | 流通市值(亿元) | 7,919.19 | | 总股本(亿股) | 282.65 | | 流通股本(亿股) | 208.24 | | 近 3 个月换手率(%) | 3.74 | 股价走势图 -20% 0% 20% 40% 60% 80% 2024-03 2024-07 2024-11 2025-03 中国人寿 沪深300 数据来源：聚源 相关研究报告 《权益持仓高充分受益股市回暖，人 力规模和质效延续提升 —中国人寿 2024Q3 业绩点评》-2024.10.31 《三季度业绩超预期，新准则下权益 弹性突出—中国人寿业绩预增点评》 -2024.10.17 股债双牛驱动全年业绩高增，公司权益弹性突出 2024 年公司总投资收益达 3083 亿元， ...

中国经济网北京3月28日讯 （记者 马欣） 中国人寿（601628.SH）昨日召开2024年度业绩发布会。蔡希 良就任中国人寿董事长后首度公开亮相，他表示，"目前，我们是全球市值最高的寿险公司，我希望中 国人寿不自满、不止步、不松懈，继续对标国际先进，在多项指标已跻身全球保险公司前列的基础上， 百尺竿头更进一步，成为'发展卓越，创新驱动，协同高效，治理现代'的寿险全球领军企业。" "交出了一份成色十足的成绩单"，蔡希良在业绩发布会上这样评价过去一年中国人寿取得的成绩。数据 显示，2024年，中国人寿总保费达6714.57亿元，首年期交保费达1190.77亿元，创历史新高；内含价值 超1.4万亿元；一年新业务价值337.09亿元，继续引领行业。报告期内，该公司总投资收益达3082.51亿 元，同口径同比大幅增长150%，投入产出效率持续提高，归属于公司股东的净利润达1069.35亿元，大 幅增长108.9%。 蔡希良表示，中国人寿将扎根于服务中国式现代化的实践，致力于服务最广大的人民群众，凭借强大的 分销渠道，提供多元化的产品服务供给，在创新商业模式、领先科技和数字化技术运用、卓越的客户洞 察与服务等方面更进一 ...

蔡希良总结了公司业绩的四个显著特征： 根据年报披露的数据，2024年，中国人寿总保费达6714.57亿元，同比增长4.7%；一年新业 务价值在2024年经济假设下实现337.09亿元，基于2023年经济假设同比增速达24.3%；实现 归属于母公司股东的净利润1069.35亿元，同比增长108.9%。 董事长以"成色十足"总结2024年业绩 希望中国人寿不自满、不止步、不松懈 发布会上，去年12月履新中国人寿董事长一职的蔡希良首度公开亮相，以"成色十足"评价过 去一年中国人寿取得的成绩。 3月27日上午，中国人寿保险股份有限公司（以下简称"中国人寿"）召开2024年度业绩发布 会。董事长蔡希良表示，中国人寿坚持做守初心、负责任、值得信赖的企业，积极融入中国 式现代化建设的全局，努力加快高质量发展，交了一份成色十足的成绩单。 一是规模价值全面领跑。2024年总保费达6714.57亿元，首年期交保费达1190.77亿元，创历 史新高；内含价值超1.4万亿元；一年新业务价值在2024年经济假设下实现337.09亿元，继续 引领行业。 二是经营效益大幅提升。总投资收益达3082.51亿元，同口径同比大幅增长150%，投 ...