Guolonghui September 4th | CITIC Securities research report pointed out that China Life Insurance (601628.SH) achieved premium income of 489.6 billion yuan in 2024H1 (YoY + 4.1%), reaching a historical high. Among them, individual insurance new single period premium increased by + 5.6% YoY, and individual insurance NBV in the first half of the year was 29.29 billion yuan (YoY + 14.6%).银保渠道落实" division of reporting and banking " policy, Yinbao insurance premium YoY - 19.9%. Benefiting from structural adjustments and cost optimization, the company's NBVM has been effectively improved, thereby driving NBV YoY + 18.6%. Benefiting from the equity dividend sector and the rise in the bond market, investment income has been greatly boosted. As of the end of 2024H1, the company's investment assets reached 6.09 trillion yuan, up + 12.5% from the end of the previous year. Due to the impact of the decline in interest rates and the performance of equity market dividend stocks, the fair value change profit and loss in 2024H1 increased significantly by 44.6 billion yuan YoY. The bank gave a 0.8x 2024 P/EV, corresponding to a target price of 41.08 yuan for 6 months, and maintained a buy-A investment rating.
研报掘金丨国投证券：中国人寿上半年总保费创历史同期新高，维持“买入-A”评级
Research reports | China Life Insurance: Total premiums in the first half of the year hit a new historical high, maintaining a "buy-A" rating.
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