On September 2nd, Guotai Junan Securities research report pointed out that China Life Insurance (601628.SH) achieved a net income of 38.3 billion yuan in the first half of the year, a year-on-year increase of 10.6%; the net income for Q2 alone was 17.6 billion yuan, a year-on-year increase of 48.9%. The structure of new policies has improved, with the proportion of policies lasting ten years or more increasing. The new premium for the first half of the year decreased by 6.4% compared to the same period last year, while the first-year premium for periodical payment decreased by 0.1% year-on-year; the periodical payment for ten years or more increased by 9.4% year-on-year, and the proportion rose by 3.8 percentage points to 43.8%. The bank believes that the company's silver insurance channel strictly implements the "separation of banking and insurance" policy requirements, strengthens commission expense control, and may adhere to a focus on both scale and value in the future. The company is pushing forward with the reform of the marketing system, accelerating the establishment of a customer-centered individual insurance operation management system, and is expected to maintain stable operations and consolidate its leading position in the market in the future. As of August 30, 2024, the company's stock price corresponds to a 2024E PEV of 0.7x. A reasonable value range of 36.31-38.73 yuan is given for 0.75-0.80 times 2024E PEV, with an "outperform market" rating.