China Life(601628)2024-10-15 07:35Group 1: Business Development - The new business value growth rate for the first three quarters is 14%, a decrease from approximately 20% in the first half of the year, influenced by the interest rate cut in August [1] - Recent regulatory policies are expected to promote high-quality development in the industry, addressing historical and systemic issues [1][2] - The company remains confident about its business development in 2024, despite potential adjustments in pace due to regulatory changes [2] Group 2: Profit Performance - The profit growth rate under new standards for the third quarter is negative, with a larger decline compared to the first half of the year, primarily due to decreased investment income [2][3] - The overall investment environment is challenging, with stock market performance impacting equity investment returns [3][4] - The company anticipates a recovery in the macro economy in the fourth quarter and next year, but the sustainability of this recovery is uncertain [3] Group 3: Human Resources and Agent Performance - The company has maintained a stable agent workforce over the past three quarters, with a focus on improving agent quality and productivity [4][5] - The agent recruitment rate has improved compared to the previous year, contributing to a stable workforce [5][6] - The company aims to enhance the quality of agent recruitment in 2024, balancing quantity and quality in workforce growth [6] Group 4: Investment Strategy - The company has faced significant impairment losses, totaling over 30 billion, primarily due to equity investments amid a challenging market [4][5] - The investment strategy focuses on long-term asset-liability matching, aiming for stable returns despite short-term market volatility [3][5] - The company emphasizes the importance of viewing investment performance from a long-term perspective, rather than quarterly fluctuations [5]