CISI FIN released a research report stating that China Life (02628) maintains its leading position in the life insurance sector with a broad mass customer base. The firm assigns an "Overweight" rating to the company and recommends investor attention.

In H1 2025, China Life achieved operating revenue of RMB 239.235 billion, up 2.1% year-on-year (under Chinese accounting standards, same below), with net profit attributable to shareholders reaching RMB 40.931 billion, an increase of 6.9% year-on-year. During the period, the company's weighted average return on equity was 7.83%, up 0.04 percentage points from the same period last year. The insurance business achieved steady growth with operational improvements across all channels.

**Total Premium Income Growth**: In the first half of 2025, the company's total premium income reached RMB 525.088 billion, up 7.3% year-on-year. Among this, first-year regular premium income was RMB 81.249 billion, with ten-year and above first-year regular premiums reaching RMB 30.305 billion, accounting for 37.30% of total first-year regular premiums.

**Individual Insurance Channel**: In H1 2025, total premiums reached RMB 400.448 billion, up 2.6% year-on-year. Renewal premiums were RMB 326.563 billion, up 10.4% year-on-year. First-year regular premiums totaled RMB 64.085 billion, with ten-year and above first-year regular premiums at RMB 30.280 billion, accounting for over 45% of the individual insurance channel's first-year regular premiums. During the period, the individual insurance channel's new business value reached RMB 24.337 billion, up 9.5% year-on-year.

**Bancassurance Channel**: In H1 2025, total premiums reached RMB 72.444 billion, up 45.7% year-on-year. New business premiums reached RMB 35.873 billion, up 111.1% year-on-year. First-year regular premiums totaled RMB 17.032 billion, up 34.4% year-on-year. Renewal premiums reached RMB 36.571 billion, up 11.7% year-on-year, accounting for 50.48% of the channel's total premiums.

**Leading Sales Force Scale**: As of the first half of 2025, the company's total sales force numbered 641,000 people, including 592,000 individual insurance sales personnel, maintaining basic stability.

**New Business Value and Embedded Value**: In the first half of 2025, the company achieved new business value of RMB 28.546 billion, representing a 20.3% increase compared to restated results using the same economic assumptions from the same period in 2024. As of June 30, 2025, the company's embedded value reached RMB 1,477.827 billion, up 5.5% from the end of 2024.

**Investment Asset Growth and Adequate Solvency**: As of June 30, 2025, the company's investment assets reached RMB 7.1 trillion, up 7.8% from the end of 2024. In the first half of 2025, the company achieved total investment returns of RMB 127.506 billion with a total investment yield of 3.29%, and net investment returns of RMB 96.067 billion with a net investment yield of 2.78%.

**Risk Warnings**: Capital market volatility; premium growth falling short of expectations; industry policy changes; operational risks from foreign capital entry.