China Life(601628) 新浪财经·2025-04-30 04:36Core Insights - China Life Insurance reported a strong performance in Q1 2025, with net profit attributable to shareholders reaching 28.8 billion yuan, a year-on-year increase of 39.5% [1] - The company's net assets at the end of Q1 2025 were 532.5 billion yuan, reflecting a quarter-on-quarter increase of 4.5% [1] - The new business value (NBV) grew by 4.8% year-on-year, despite a decline in new premium income [2] Financial Performance - The total premium income for Q1 2025 was 354.4 billion yuan, up 5% year-on-year, while new premium income was 107.4 billion yuan, down 4.5% [1][2] - The annualized net and total investment returns were 2.60% and 2.75%, respectively, both showing a decline compared to the previous year [1][2] - The decrease in insurance service fees by 32.8% year-on-year contributed to the net profit growth, alongside improved underwriting management and rising market interest rates [1] Product and Investment Strategy - The company optimized its product structure, with the proportion of floating income-type regular premium income reaching 51.7% in Q1 2025, which is expected to lower liability costs [2] - Despite market volatility impacting investment returns, the company maintained stable solvency ratios, with core and comprehensive solvency adequacy ratios at 146.1% and 199.3%, respectively [2] Investment Outlook - The company maintains a strong buy rating, with expectations for continued profit growth driven by a recovering equity market and dividend insurance sales [3] - Projected net profits for 2025-2027 are 107.4 billion yuan, 108.2 billion yuan, and 110.5 billion yuan, with year-on-year growth rates of 0.4%, 0.7%, and 2.1% respectively [3] - The projected NBV for the same period is 36.7 billion yuan, 38.9 billion yuan, and 40.9 billion yuan, with growth rates of 8.8%, 6.2%, and 4.9% respectively [3]