The Ministry of Finance has recently unveiled the "Notice on Guiding Insurance Funds for Long-term and Steady Investment and Further Strengthening Long-term Cycle Assessment for State-owned Commercial Insurance Companies," set to take effect during the 2025 annual performance evaluation. This notice introduces substantial changes to the assessment methodology for operational efficiency indicators of state-owned commercial insurance companies. It shifts away from the previous short-term assessment metrics of 'Return on Equity' and '(State-owned) Capital Preservation and Appreciation Rate,' adopting instead a multi-cycle approach that integrates assessments for the current year, a 3-year cycle, and a newly introduced 5-year cycle. Furthermore, it specifies the weight distribution of indicators for each cycle. This adjustment aims to instill a stronger emphasis on long-term investment and value investment among state-owned commercial insurance companies, bolster their asset-liability and investment management capabilities, and ensure that insurance funds serve as a more stable "anchor" in the capital market, fostering long-term stability and sustainable development. In response, China Life Insurance Group expressed its approval, noting that the "Notice" helps mitigate the influence of short-term fluctuations on the company's operational results and risk assessments, presents a more objective reflection of the company's actual situation, and advances its high-quality development. This policy shift is also part of a concerted effort by multiple departments to implement a previously jointly issued plan aimed at encouraging the entry of medium- and long-term funds into the market.