¿Por qué China Life mostró pérdidas en el cuarto trimestre a pesar de obtener una ganancia total de 154 mil millones?

全年实现净利润同比增长44.1%，但第四季度单季净利润却呈现亏损，中国人寿保险股份有限公司（下称“中国人寿”：601628.SH；02628.HK）的2025年业绩引发市场关注。对此，该公司管理层在3月26日的2025年度业绩发布会上给出回应。

China Life Insurance Co., Ltd. (hereinafter referred to as “China Life”: 601628.SH; 02628.HK) achieved a year-on-year net profit growth of 44.1% for the whole year, but the net profit for the fourth quarter showed a loss, attracting market attention. In response, the company management provided answers at the 2025 annual performance press conference on March 26.

中国人寿总裁利明光表示，中国人寿2025年第四季度净利润为负，主要是由于资本市场在第四季度发生结构性调整，公司持有的部分股票和基金出现回调所致，这种波动大部分是阶段性的，反映的是资本市场变化，并不代表公司长期经营趋势。

China Life’s President Li Mingguang stated that the net profit for the fourth quarter of 2025 was negative, mainly due to structural adjustments in the capital market during the fourth quarter, which caused a pullback in some of the stocks and funds held by the company. This volatility is mostly temporary, reflecting changes in the capital market and does not represent the company’s long-term operating trend.

利明光进一步称，寿险公司具有长周期、跨周期经营特性，中国人寿的投资是价值投资、长期投资，资产负债管理和投资管理都应放在更长周期内观察，建议大家减少对单季度利润的过度解读。

Li further stated that life insurance companies have characteristics of long-cycle and cross-cycle operations. China Life’s investments are value investments and long-term investments, and asset-liability management and investment management should be observed over a longer cycle. He suggested that everyone reduce excessive interpretation of single-quarter profits.

数据显示，中国人寿2025年前三季度实现归母净利润1678.04亿元，同比增长60.5%；全年实现归母净利润1540.78亿元，同比增长44.1%。

Data shows that China Life achieved a net profit attributable to shareholders of 167.804 billion yuan in the first three quarters of 2025, a year-on-year increase of 60.5%; for the whole year, it achieved a net profit attributable to shareholders of 154.078 billion yuan, a year-on-year increase of 44.1%.

全年来看，其投资端的表现依然突出。截至2025年12月31日，中国人寿投资资产达7.42万亿元，较2024年底增长12.3%，债券、定期存款、债权型金融产品等品种配置比例基本保持稳定，股票和基金（不包含货币市场基金）配置比例由2024年底的12.18%上升至16.89%,主要原因是公司把握市场机会坚决加大权益投资力度，权益投资规模显著提升。2025年，中国人寿实现总投资收益3876.94亿元，较2024年同期增加794.43亿元；总投资收益率为6.09%，较2024年同期上升59个基点。

Overall, its investment performance remains outstanding. As of December 31, 2025, China Life’s investment assets reached 7.42 trillion yuan, an increase of 12.3% from the end of 2024. The allocation ratios of bonds, time deposits, and debt-type financial products remained basically stable, while the allocation ratio of stocks and funds (excluding money market funds) rose from 12.18% at the end of 2024 to 16.89%. The main reason is that the company seized market opportunities and resolutely increased equity investment efforts, significantly raising the scale of equity investments. In 2025, China Life achieved total investment income of 387.694 billion yuan, an increase of 79.443 billion yuan compared to the same period in 2024; the total investment yield was 6.09%, an increase of 59 basis points compared to the same period in 2024.

发布会中，美伊冲突带来的全球地缘政治风险也成为公司投资端关注的重点。对此，中国人寿副总裁兼董事会秘书刘晖表示，公司在境外资产的配置规模较小，对公司整体资产的影响也较小。但公司近期也在密切关注美伊冲突带来的全球地缘政治风险。目前的走势和影响还不确定，需要持续关注。

During the press conference, the global geopolitical risks brought about by the US-Iran conflict also became a key focus for the company’s investment side. In this regard, China Life’s Vice President and Board Secretary Liu Hui stated that the company’s allocation scale of overseas assets is relatively small, and the impact on the company’s overall assets is also limited. However, the company is closely monitoring the global geopolitical risks brought about by the US-Iran conflict. The current trends and impacts are still uncertain and need continuous attention.

刘晖称，长期以来，公司也会持续看到部分地缘政治事件对于能源价格、通胀预期以及全球大类资产定价的影响。作为保险资金，会充分发挥长期资金稳定性的优势，动态调整资产配置策略，把握好市场波动中的机会，布局优质核心资产，实现长期稳健的投资业绩。

Liu Hui stated that for a long time, the company has also continuously observed the impact of certain geopolitical events on energy prices, inflation expectations, and the pricing of global major assets. As an insurance fund, it will fully leverage the advantages of long-term capital stability, dynamically adjust asset allocation strategies, seize opportunities amid market fluctuations, and layout quality core assets to achieve long-term stable investment performance.

(本文来自第一财经)
(This article is from Yicai Global)