On August 28, at the 2026 interim results conference, China Life Vice President, Chief Investment Officer, and Board Secretary Liu Hui addressed the stability of investment performance. He noted that the insurance industry has recently faced increasing performance volatility, and the company has upheld its long-term value management philosophy, coordinating efforts across multiple dimensions to tackle these challenges. Liu Hui shared his perspective on investment from both short-term and long-term angles.
"From a short-term view, don't be clouded by fleeting market shadows," Liu Hui stated. He explained that short-term performance fluctuations are normal and shouldn't be overinterpreted. Under the new accounting standards, most investment assets are measured at market value, so short-term returns reflect a point-in-time, transitional phase rather than a shift in the company's operational efficiency or long-term investment capability. Meanwhile, short-term capital market swings often present positioning opportunities; as patient capital, the firm not only has the steadiness to endure volatility but also the ability to seize opportunities.
"From a long-term view, take a broader perspective," Liu Hui emphasized. He noted that the company's average investment return over nearly two decades stands at 5.15%, with the resilience of returns and counter-volatility measures rooted in its commitment to long-term strategy and professional coordination. On one hand, the company adheres to its long-term strategy, viewing the capital markets with an extended horizon without altering strategic direction or established tactics due to temporary dips. It also strictly follows investment discipline and conducts timely tactical rebalancing. On the other hand, it emphasizes professional coordination; with nearly 8 trillion yuan in managed assets, the firm employs a top-down, integrated approach to mitigate volatility and enhance stability.
Liu Hui stressed that life insurance funds possess long-term characteristics, and he hopes investors will assess the company's investment performance more from a long-term, sustainable, and asset-liability-linked perspective.
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