Financial Performance - Total revenue for the third quarter was RMB 46,383 million, a decrease of 10.7% year-on-year[4] - Net profit attributable to shareholders of the parent company was RMB 3 million, down 99.8% compared to the same period last year[10] - The net profit excluding non-recurring gains and losses was RMB 18 million, a decrease of 98.8% year-on-year[4] - The basic and diluted earnings per share were both RMB 1.66, down 56.7% year-on-year[10] - The weighted average return on equity was 4.94%, a decrease of 6.56 percentage points compared to the previous year[5] - Net profit for the nine months ended September 30, 2022, was RMB 5,192 million, a decline of 56.5% from RMB 11,957 million in the same period of 2021[25] - The company’s total profit for the nine months ended September 30, 2022, was RMB 3,403 million, a decrease of 73.9% from RMB 13,061 million in the previous year[25] Assets and Liabilities - Total assets at the end of the reporting period reached RMB 1,195,213 million, an increase of 6.0% from the end of the previous year[5] - The total liabilities reached RMB 1,095,140 million, up from RMB 1,019,207 million at the end of 2021, indicating an increase of about 7.4%[23] - The total equity attributable to shareholders of the parent company was RMB 100,054 million, down from RMB 108,497 million at the end of 2021, reflecting a decrease of about 7.3%[23] - The insurance liabilities, including life insurance and health insurance reserves, totaled RMB 947,477 million, an increase from RMB 859,926 million at the end of 2021, representing a growth of approximately 10.2%[23] Investment Performance - Investment assets amounted to RMB 1,145,133 million, reflecting a growth of 5.8% year-on-year[7] - Annualized total investment return rate was 3.7%, down by 2.7 percentage points year-on-year[19] - Investment income decreased to RMB 35,762 million, down 26.6% from RMB 48,723 million in the previous year[25] Premium Income - The insurance business income for the first nine months was RMB 137,792 million, a slight increase of 0.9% year-on-year[7] - Total premium income reached RMB 137.79 billion, a year-on-year increase of 0.9%[15] - First-year premium for long-term insurance was RMB 15.72 billion, a decrease of 14.6% year-on-year[16] - Renewal premium amounted to RMB 98.99 billion, showing a growth of 2.5% compared to the previous year[16] - The individual insurance channel reported total premium income of RMB 96.88 billion, a decrease of 2.0% year-on-year[18] - The bancassurance channel achieved total premium income of RMB 38.58 billion, an increase of 9.3% year-on-year[18] - The group insurance channel's total premium income was RMB 2.34 billion, a decrease of 3.6% year-on-year[18] - The first-year premium for long-term insurance in the bancassurance channel was RMB 25.23 billion, an increase of 15.6% year-on-year[18] Cash Flow - Cash flow from operating activities increased to RMB 74,309 million, up 28.5% from RMB 57,798 million in the previous year[27] - Cash inflow from investment activities totaled RMB 342,709 million, an increase from RMB 327,879 million in the same period of 2021[27] - The company reported a net decrease in cash and cash equivalents of 3,988,000, compared to an increase of 474,000 in the same period last year[33] - The cash and cash equivalents at the end of the period were 11,471,000, down from 13,467,000 at the end of the previous period[33] Reserves and Provisions - The company increased life insurance reserves by RMB 2.28 billion and long-term health insurance reserves by RMB 2.67 billion due to changes in actuarial assumptions[20] - The company reported a significant increase in policyholder savings and investment funds, which reached RMB 66,955 million, up from RMB 57,691 million at the end of 2021, indicating a growth of approximately 16.5%[23] - The deferred income tax liabilities decreased to RMB 58 million from RMB 1,118 million at the end of 2021, a reduction of about 94.8%[23] Other Comprehensive Income - The company’s other comprehensive income after tax was RMB (9,240) million, compared to RMB (4,533) million in the same period of 2021[26]

Financial Performance - Total revenue for Q3 2022 was RMB 46,383 million, a decrease of 10.7% year-on-year[4] - Net profit attributable to shareholders of the parent company was RMB 3 million, down 99.8% compared to the same period last year[4] - Basic earnings per share attributable to shareholders of the parent company was RMB 1.66, a decrease of 56.7% year-on-year[12] - Total revenue for the nine months ended September 30, 2022, was RMB 171,178 million, a decrease of 6.4% from RMB 183,988 million in the same period of 2021[27] - Net profit attributable to shareholders for the nine months ended September 30, 2022, was RMB 5,192 million, down 56.5% from RMB 11,957 million in the same period of 2021[28] - The company reported a total comprehensive income of RMB (4,048) million for the nine months ended September 30, 2022, compared to RMB 7,424 million in the same period of 2021[30] - The basic and diluted earnings per share for the nine months ended September 30, 2022, were RMB 1.66, down from RMB 3.83 in the same period of 2021[30] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 1,195,213 million, an increase of 6.0% compared to the end of the previous year[4] - The total liabilities reached RMB 1,095,140 million, up from RMB 1,019,207 million, reflecting an increase of approximately 7.4%[24] - The company's equity attributable to shareholders decreased to RMB 100,054 million from RMB 108,497 million, a decline of about 7.5%[26] - The company's long-term health insurance liabilities increased to RMB 180,367 million from RMB 152,581 million, representing a growth of about 18.2%[24] - As of September 30, 2022, total assets amounted to RMB 1,200,000 million, reflecting a growth of 5% year-over-year[29] Investment Performance - Investment assets reached RMB 1,145,133 million, reflecting a growth of 5.8% year-on-year[8] - The annualized total investment return rate was 3.7%, down 2.7 percentage points year-on-year[20] - Investment income for the nine months ended September 30, 2022, was RMB 35,762 million, a decline of 26.6% compared to RMB 48,723 million in the same period of 2021[27] - The company reported a decrease in net profit due to a decline in investment income influenced by a sluggish capital market[12] Insurance Business - Insurance business income for the first nine months of 2022 was RMB 137,792 million, a slight increase of 0.9% compared to the same period in 2021[8] - Total premium income reached RMB 137,792 million, representing a year-on-year increase of 0.9%[17] - The first-year premium for long-term insurance was RMB 34,952 million, a slight decrease of 0.5% compared to RMB 35,122 million in the previous year[17] - The first-year premium for individual insurance channels decreased by 26.0% to RMB 9,664 million[19] - The total premium income from the bancassurance channel increased by 9.3% to RMB 38,576 million[19] - The total insurance premium earned for the nine months ended September 30, 2022, was RMB 135,533 million, slightly up from RMB 134,882 million in the same period of 2021[27] Cash Flow - The net cash flow from operating activities for the nine months ended September 30, 2022, was RMB 74,309 million, an increase of 28.5% from RMB 57,798 million in the same period of 2021[31] - The cash inflow from investment activities totaled RMB 342,709 million, an increase from RMB 327,879 million in the same period of 2021, reflecting a growth of approximately 4%[32] - The net cash outflow from investment activities was RMB (60,493) million for the nine months ended September 30, 2022, compared to RMB (58,993) million in the same period of 2021, indicating a slight increase in outflow of about 2.5%[32] - The cash inflow from financing activities was RMB 26,107 million, down from RMB 44,789 million in the same period of 2021, representing a decrease of approximately 42%[34] - The net cash outflow from financing activities was RMB (18,316) million for the nine months ended September 30, 2022, compared to a net inflow of RMB 1,684 million in the same period of 2021, showing a significant shift in cash flow[34] - The total cash and cash equivalents at the end of the period was RMB 11,471 million, a decrease from RMB 13,467 million at the end of the same period in 2021, reflecting a decline of approximately 15%[34] Future Outlook - The company plans to enhance its market expansion strategies and invest in new technology developments to improve operational efficiency and customer service in the upcoming quarters[29]

Financial Performance - Total revenue for the first half of 2022 was 124,085 million, a decrease of 4.8% compared to 130,386 million in 2021[15]. - Total premium income and policy management fee income increased by 2.0% to 102,643 million from 100,641 million year-on-year[15]. - Pre-tax profit dropped significantly by 62.4% to 4,543 million from 12,086 million in the same period last year[15]. - Net profit attributable to shareholders decreased by 50.8% to 5,187 million from 10,546 million year-on-year[15]. - Basic earnings per share for the first half of 2022 were RMB 1.66, a decrease from RMB 3.38 in the same period of 2021, representing a decline of 50.8%[145]. - The total comprehensive income for the six months ended June 30, 2022, was RMB 104,500 million, compared to RMB 101,667 million for the same period in 2021, indicating an increase of about 2.9%[147]. Assets and Liabilities - Total assets increased by 5.4% to 1,188,526 million compared to 1,127,721 million at the end of 2021[16]. - Total liabilities rose by 6.4% to 1,084,007 million from 1,019,207 million at the end of 2021[16]. - The company's total equity attributable to shareholders as of June 30, 2022, was RMB 104,500 million, down from RMB 108,497 million at the end of 2021, a decrease of about 3.7%[142]. Investment Performance - Annualized total investment return rate fell to 4.2%, down 2.3 percentage points from 6.5% in the previous year[19]. - Net investment income for the six months ended June 30, 2022, was CNY 24,892 million, a 16.4% increase from CNY 21,380 million in the same period of 2021[52]. - Total investment income decreased by 27.3% to CNY 22,630 million compared to CNY 31,117 million in the previous year[52]. - The fair value of trading financial assets increased to RMB 76,459 million as of June 30, 2022, compared to RMB 70,226 million as of December 31, 2021, reflecting a growth of approximately 17.5%[162]. Risk Management - The company faces various risks including market risk, credit risk, insurance risk, operational risk, reputational risk, strategic risk, and liquidity risk[6]. - The company has implemented various measures to effectively manage and control these risks[6]. - The company continues to actively manage risks associated with credit products and is selectively allocating new projects under controlled risk conditions[49]. - The company closely monitors liquidity risks associated with policyholder withdrawals and market fluctuations, ensuring sufficient cash flow to meet current demands[64]. Business Operations - The company is focusing on transforming its business model to enhance customer-centric services and improve product differentiation in a competitive market[24]. - The company aims to enhance product diversification by centering on customer needs and strengthening product innovation, improving the product system, and increasing risk protection levels throughout the customer lifecycle[69]. - The company plans to improve team quality by implementing support policies for high-performing teams and promoting a marketing team transformation towards "youthfulness, professionalism, and urbanization"[69]. Governance and Compliance - The board meeting on August 30, 2022, had 15 directors present, all of whom attended in person[6]. - The company held one shareholders' meeting and five board meetings during the reporting period, ensuring compliance with governance standards[97]. - The company confirmed adherence to the standards set forth in the "Standard Code" regarding securities trading by its directors and senior management during the reporting period[100]. - Two independent non-executive directors resigned due to the completion of their six-year term, which may affect the board's compliance with regulatory requirements[104]. Embedded Value and New Business Value - The embedded value as of June 30, 2022, was CNY 258.873 billion, reflecting a slight increase of 0.02% from the end of the previous year[30]. - The new business value for the first half of 2022 was CNY 2.112 billion, down 48.4% year-on-year[30]. - The effective business value before deducting required capital costs was CNY 122,305 million, up from CNY 120,279 million year-over-year[87]. - The company prepared the embedded value results as of June 30, 2022, to provide investors with insights into its economic value and business performance[75]. Social Responsibility - The company provided 9.4 million CNY in aid to Shibing County, Guizhou Province, and 1 million CNY to Ulanqab City, Inner Mongolia, supporting 11 targeted assistance projects in the first half of 2022[114]. - The company’s volunteer team reached 46,308 members, conducting 2,036 volunteer activities with a total service time of 81,205 hours in the first half of 2022[114]. Legal and Regulatory Matters - The company has not experienced any administrative penalties due to environmental issues during the reporting period[113]. - The company has no significant litigation, arbitration, or claims pending as of June 30, 2022[119]. - The company incurred a total of RMB 2,910 million in settlement payments related to unauthorized repurchase transactions conducted by the former chairman[195]. - The company is currently engaged in legal proceedings to recover the outstanding amounts related to the violations of the former chairman[198].

Financial Performance - Total revenue for the first half of 2022 was 124,795 million, a decrease of 5.5% compared to 132,075 million in 2021[16]. - Net profit attributable to shareholders was 5,187 million, down 50.8% from 10,546 million in the same period last year[16]. - Basic and diluted earnings per share were both 1.66, a decrease of 50.9% from 3.38 in the previous year[17]. - The total comprehensive income for the six months ended June 30, 2022, was RMB 396 million, significantly lower than RMB 9,124 million in the same period of 2021, indicating a decline of 95.7%[160]. - The company reported a net profit of 1,127 million, representing a 45% increase compared to the previous period[73]. - The company reported a decrease in net profit of 44 million in one of its subsidiaries, highlighting the need for strategic adjustments[73]. Assets and Liabilities - Total assets of New China Life Insurance Co., Ltd. reached RMB 1,188,526 million[14]. - Total liabilities of the company reached RMB 1,084,007 million, compared to RMB 1,019,207 million at the end of 2021, marking an increase of about 6.4%[156]. - The company's equity attributable to shareholders decreased to RMB 104,500 million from RMB 108,497 million, a decline of approximately 3.7%[158]. - The total liabilities and equity combined amounted to RMB 1,188,526 million, up from RMB 1,127,721 million, reflecting a growth of 5.4%[158]. - The company's long-term health insurance liability increased to RMB 171,268 million from RMB 152,581 million, representing a growth of 12.2%[156]. Investment Performance - Annualized total investment return rate decreased to 4.2%, down from 6.5% in 2021, a decline of 2.3 percentage points[20]. - The net investment income for the first half of 2022 was CNY 24,892 million, a 16.4% increase compared to CNY 21,380 million in the same period of 2021[54]. - Total investment income decreased by 27.3% to CNY 22,630 million in the first half of 2022, down from CNY 31,117 million in the previous year[54]. - The company reported a significant decline in investment asset trading gains, with a loss of CNY 1,528 million compared to a gain of CNY 10,945 million in the same period of 2021, marking a 114.0% decrease[54]. - The company’s equity investment dividends and income rose by 68.4% to CNY 7,463 million, compared to CNY 4,431 million in the previous year[54]. Premium Income and Claims - As of June 30, 2022, the total premium income reached CNY 102.586 billion, representing a year-on-year growth of 2.0%[30]. - The first-year premium for long-term insurance was CNY 29.486 billion, a decrease of 1.7% compared to the previous year[30]. - Renewal premiums accounted for 68.4% of total premiums, with a year-on-year increase of 4.8% to CNY 70.212 billion[30]. - The company reported a net claims expenditure of 20,635 million, down 18.3% from 25,257 million in the previous year[20]. - Claims paid in the first half of 2022 decreased by 16.0% year-on-year to 21.933 billion yuan, with claims payments down 23.3%[45][46]. Risk Management - The company faces various risks including market, credit, insurance, operational, reputational, strategic, and liquidity risks, which are effectively managed[6]. - The company aims to strengthen its risk management capabilities through a comprehensive risk management system[75]. - The company maintains a close watch on liquidity risks associated with policyholder withdrawals and market fluctuations[66]. Corporate Governance - The board of directors confirmed the accuracy and completeness of the semi-annual report, with no false records or significant omissions[6]. - The company held one shareholders' meeting and five board meetings during the reporting period, ensuring compliance with regulatory requirements[105]. - The company has not engaged in any significant equity or non-equity investments during the reporting period[128]. Strategic Initiatives - The company aims to enhance its product offerings and customer service experience while optimizing insurance fund utilization[26]. - The company plans to enhance product diversification and improve customer service efficiency to drive high-quality development[74]. - The company is exploring potential acquisitions in the health insurance sector to diversify its product offerings[148]. - The company announced a strategic partnership with a leading tech firm to enhance its digital insurance offerings[147]. Employee and Community Engagement - The company organized 15,059 training sessions in the first half of 2022, with a total of 1,285,894 participants, averaging 38.6 hours of training per employee[120]. - The company provided 9.4 million RMB in aid to Guizhou Province and 1 million RMB to Inner Mongolia for poverty alleviation projects in the first half of 2022[123]. - The company’s volunteer team reached 46,308 members, conducting 2,036 volunteer activities with a total service time of 81,205 hours in the first half of 2022[123]. Regulatory Compliance - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance of the People's Republic of China[172]. - The company has implemented new accounting standards related to financial instruments across its major subsidiaries[73]. - The company has maintained a diversified entrusted investment management system, primarily using internal investment managers supplemented by external managers[130].

Financial Performance - The company's operating revenue for Q1 2022 was RMB 74,963 million, a decrease of 7.9% compared to the same period last year[4] - Net profit attributable to shareholders of the parent company was RMB 1,344 million, down 78.7% year-on-year[4] - Total operating income for the three months ended March 31, 2022, was RMB 74,963 million, down 7.3% from RMB 81,365 million in the same period of 2021[22] - The company's net profit for the three months ended March 31, 2022, was RMB 1,345 million, a decrease of 78.7% compared to RMB 6,306 million for the same period in 2021[21] - The fair value changes of available-for-sale financial assets resulted in a loss of RMB (19,498) million for the three months ended March 31, 2022, compared to a loss of RMB (2,338) million in the same period of 2021[23] - The company reported a basic and diluted earnings per share of RMB 0.43 for the three months ended March 31, 2022, down from RMB 2.02 in the same period of 2021[23] Cash Flow and Investments - The net cash flow from operating activities increased by 38.8% to RMB 36,149 million[4] - The total cash inflow from investment activities for the three months ended March 31, 2022, was RMB 134,019 million, up from RMB 101,692 million in the same period of 2021, representing a growth of 31.5%[24] - The net cash flow from financing activities for the three months ended March 31, 2022, was RMB (15,705) million, an improvement from RMB (27,503) million in the same period of 2021[30] - The company received RMB 58,118 million in cash from original insurance contract premiums for the three months ended March 31, 2022, compared to RMB 54,443 million in the same period of 2021, reflecting a growth of 6.1%[24] - The net increase in policyholder deposits and investment funds for the three months ended March 31, 2022, was RMB 4,055 million, significantly higher than RMB 1,883 million in the same period of 2021[24] - The company reported a total cash outflow from investment activities of RMB 152,429 million for the three months ended March 31, 2022, compared to RMB 95,287 million in the same period of 2021, indicating increased investment activity[29] Insurance Business Performance - The insurance business income reached RMB 64,890 million, reflecting a growth of 2.4% compared to the previous year[7] - Total premium income for Q1 2022 reached RMB 64.89 billion, a year-on-year increase of 2.4%[14] - First-year premium income for long-term insurance decreased by 18.3% to RMB 8.57 billion, while renewal premiums increased by 8.0% to RMB 42.36 billion[15] - Individual insurance channel premium income fell by 5.3% to RMB 42.79 billion, with first-year premiums down 20.9%[16] - The bank insurance channel saw a 25.7% increase in total premium income to RMB 21.24 billion, with renewal premiums rising significantly by 112.3%[17] - The earned premium growth rate was 2.9%, down 6.2 percentage points from the previous year[7] Assets and Liabilities - The total assets of the company as of March 31, 2022, were RMB 1,144,393 million, an increase of 1.5% from the end of the previous year[5] - The company's total assets as of March 31, 2022, were RMB 1,144.39 billion, compared to RMB 1,127.72 billion at the end of 2021[19] - The company's total liabilities as of March 31, 2022, were RMB 1,096.07 billion, indicating a stable financial position[19] - The total liabilities as of March 31, 2022, amounted to RMB 1,042,451 million, an increase of 2.3% from RMB 1,019,207 million as of December 31, 2021[20] - The total equity attributable to shareholders of the parent company as of March 31, 2022, was RMB 101,924 million, a decrease of 6.5% from RMB 108,497 million as of December 31, 2021[20] Solvency and Ratios - The core solvency ratio was 144.19%, down from 243.35% at the end of 2021[9] - The return on average equity for shareholders of the parent company was 1.28%, a decrease of 4.86 percentage points year-on-year[5] - The net claims expenditure was RMB 12,762 million, a decrease of 19.3% compared to the previous year[8] Shareholder Information - The number of shareholders was 115,282, with the largest shareholder holding 33.12% of the A-shares[12] - The company's cash and cash equivalents increased to RMB 17.49 billion from RMB 15.48 billion year-on-year[19] - The cash and cash equivalents at the end of the period were RMB 17,467 million, slightly down from RMB 17,996 million at the end of the same period in 2021[30]

Financial Performance - Total revenue for Q1 2022 was RMB 74,963 million, a decrease of 7.9% compared to the same period last year[4] - Net profit attributable to shareholders of the parent company was RMB 1,344 million, down 78.7% year-on-year[4] - Basic and diluted earnings per share were both RMB 0.43, reflecting a decrease of 78.7% compared to RMB 2.02 in Q1 2021[13] - The net profit attributable to shareholders of the parent company for the three months ended March 31, 2022, was RMB 1,344 million, a decrease of 78.7% compared to RMB 6,305 million for the same period in 2021[25] - The company reported a basic and diluted earnings per share of RMB 0.43 for the three months ended March 31, 2022, down from RMB 2.02 for the same period in 2021[27] - The total comprehensive income attributable to the parent company's shareholders for the three months ended March 31, 2022, was RMB (6,568) million, compared to RMB 2,087 million for the same period in 2021[27] Cash Flow - Net cash flow from operating activities increased by 38.8% to RMB 36,149 million[4] - The net cash flow from operating activities for the three months ended March 31, 2022, was RMB 36,149 million, an increase from RMB 26,043 million for the same period in 2021, showing a growth of approximately 38.9%[28] - Cash inflow from financing activities was RMB 12,585 million, down 33.2% from RMB 18,840 million in the same period last year[30] - Cash outflow from financing activities totaled RMB 28,290 million, a decrease of 39% compared to RMB 46,343 million in the previous year[30] - Net cash flow from financing activities was negative RMB 15,705 million, improving from negative RMB 27,503 million year-over-year[30] - The net increase in cash and cash equivalents was RMB 2,008 million, compared to RMB 5,003 million in the same period last year[30] - The ending balance of cash and cash equivalents was RMB 17,467 million, slightly down from RMB 17,996 million year-over-year[30] Assets and Liabilities - Total assets at the end of Q1 2022 were RMB 1,144,393 million, an increase of 1.5% from the end of the previous year[6] - The total liabilities as of March 31, 2022, were RMB 1,042,451 million, compared to RMB 1,019,207 million as of December 31, 2021, showing an increase of approximately 2.3%[24] - The company's total equity attributable to shareholders decreased to RMB 101,924 million from RMB 108,497 million, a decline of about 6.0%[24] Insurance Premiums - The net premium earned was RMB 63,894 million, representing a growth rate of 2.9%[8] - Total premium income for Q1 2022 reached RMB 64.89 billion, a year-on-year increase of 2.4%[16] - First-year premium for long-term insurance was RMB 21.10 billion, down 2.9% year-on-year, while first-year regular premium decreased by 18.3% to RMB 8.57 billion[17] - Renewal premium increased by 8.0% year-on-year to RMB 42.36 billion[17] - Short-term insurance premium fell by 41.4% to RMB 1.43 billion[17] - Premium income from the individual insurance channel decreased by 5.3% to RMB 42.79 billion[19] - Premium income from the bank insurance channel increased by 25.7% to RMB 21.24 billion[19] - Group insurance premium income fell by 33.2% to RMB 0.86 billion[19] - The company reported a significant decline in first-year premiums for long-term insurance in the group channel, down 67.3% to RMB 0.05 billion[19] Investment Performance - Investment assets as of March 31, 2022, amounted to RMB 1,096.07 billion, a 1.2% increase from the previous year[20] - Annualized total investment return rate for Q1 2022 was 4.0%, a decrease of 3.9 percentage points year-on-year[20] - Investment income for the three months ended March 31, 2022, was RMB 11,876 million, down from RMB 19,558 million in the same period of 2021, reflecting a decrease of about 39.4%[26] - The company experienced a significant decrease in fair value changes, reporting a loss of RMB (1,093) million for the three months ended March 31, 2022, compared to a loss of RMB (618) million in the same period of 2021[26] - The company's cash outflow from investment activities for the three months ended March 31, 2022, was RMB 152,429 million, compared to RMB 95,287 million in the same period of 2021, indicating an increase of approximately 60%[28] Solvency Ratios - The core solvency ratio was 144.19%, down from 243.35% at the end of 2021[11] - The comprehensive solvency ratio was 239.67%, compared to 252.09% at the end of the previous year[11]

Financial Performance - The net profit attributable to shareholders for 2021 was RMB 14.947 billion, an increase from RMB 14.294 billion in 2020[15]. - The company plans to distribute a cash dividend of RMB 1.44 per share for the year 2021, totaling approximately RMB 4.492 billion, which accounts for 30.1% of the net profit attributable to shareholders[5]. - In 2021, the total revenue reached CNY 220.03 billion, an increase of 7.9% compared to CNY 203.86 billion in 2020[42]. - The pre-tax profit was CNY 15.67 billion, a slight increase of 1.2% from CNY 15.49 billion in 2020[42]. - Net profit amounted to CNY 14.947 billion, reflecting a year-on-year growth of 4.6%[39]. - The total premium income reached CNY 163.47 billion, a year-on-year increase of 2.5%[39]. - The total liabilities at the end of 2021 were CNY 1,019.21 billion, an increase of 12.9% from CNY 902.70 billion in 2020[43]. - The total investment income for 2021 was CNY 57.62 billion, representing a 23.5% increase from CNY 46.66 billion in 2020[77]. Asset Management - The total assets of the company reached RMB 1,127.721 billion in 2021, showing significant growth compared to RMB 1,004.376 billion in 2020[14]. - Total investment assets grew to CNY 1,082.80 billion, marking a 12.1% increase from CNY 965.65 billion in the previous year[33]. - The investment amount in debt-type financial assets was CNY 577.21 billion, accounting for 53.3% of total investment assets, a decrease of 5.5 percentage points from the previous year[75]. - The investment amount in equity-type financial assets was CNY 257.44 billion, accounting for 23.8% of total investment assets, an increase of 2.4 percentage points from the previous year[75]. - The total intrinsic value increased to 258,824 million from 240,604 million, reflecting a growth of approximately 7.6%[117]. Business Strategy - The company has adopted a strategic focus on life insurance, wealth management, and health care, supported by technology to create a synergistic development model[10]. - The company aims to enhance its market expansion strategies and invest in new product development[33]. - The company aims to enhance its strategic focus on high-quality development and digital transformation in the upcoming year[37]. - The company plans to enhance its digital transformation and adapt to the evolving market demands, focusing on a dual approach of sales and service[91]. - The company aims to strengthen its market position through strategic appointments and a focus on performance-driven compensation for its leadership team[127]. Risk Management - The company has effectively managed various risks, including market, credit, insurance, operational, reputational, strategic, and liquidity risks[5]. - The company faces risks from the ongoing COVID-19 pandemic and complex international environments, which may impact market, credit, and liquidity[94]. - To address these risks, the company will optimize its comprehensive risk management system and strengthen risk management mechanisms[95]. - The company is committed to strengthening risk management and enhancing product innovation to ensure sustainable long-term development[93]. Customer Engagement - New China Life Insurance provided services to 33.25 million individual customers and 89,000 institutional clients[25]. - The total customer base exceeded 30 million[39]. - The company is focusing on long-term health insurance products to replace short-term health insurance, leading to a decrease in short-term insurance business scale[47]. Corporate Governance - The company has a diverse board of directors with expertise in various financial sectors, which supports its governance and strategic direction[128][131]. - The company is committed to enhancing its corporate governance practices, as evidenced by the detailed reporting on executive compensation and board appointments[126][132]. - The board consists of 15 members, including 2 executive directors, 8 non-executive directors, and 5 independent non-executive directors, complying with legal and regulatory requirements[177]. Employee Management - The company has established a performance-based compensation system for senior management, linking annual performance wages to company performance and individual assessment results[161]. - The company has a competitive compensation policy for employees, including various welfare plans to meet diverse employee needs[166]. - As of December 31, 2021, the company had a total of 34,434 employees, with 59.6% (20,523) in sales and sales management roles[163][164]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15% based on current market trends and user acquisition strategies[60]. - The company plans to maintain stable growth in business scale while emphasizing value management and improving operational efficiency in 2022[93]. - The company aims to reduce operational costs by 10% through process optimization and automation initiatives in the upcoming fiscal year[60].

Financial Performance - In 2021, New China Life Insurance achieved a total premium income of RMB 163.47 billion, marking a year-on-year increase of 2.5%[19] - The company's total assets reached RMB 1,127.72 billion in 2021, up from RMB 1,004.38 billion in 2020, reflecting a growth of 12.3%[19] - The net profit attributable to shareholders for 2021 was RMB 14.95 billion, representing a 4.4% increase compared to RMB 14.29 billion in 2020[19] - Total revenue for 2021 reached CNY 222.38 billion, an increase of 7.6% compared to CNY 206.54 billion in 2020[33] - Net profit attributable to shareholders was CNY 14.95 billion, reflecting a growth of 4.6% from CNY 14.29 billion in the previous year[33] - The total assets of the company amounted to CNY 1,127.72 billion, up 12.1% from CNY 1,004.38 billion in 2020[33] - The company reported a significant increase in fair value gains of 111 million, compared to no gains in 2020[57] - The total investment income for 2021 was CNY 57,621 million, an increase of 23.5% compared to CNY 46,664 million in 2020[117] Dividends and Shareholder Returns - The company proposed a cash dividend of RMB 1.44 per share, totaling approximately RMB 4.49 billion, which accounts for 30.1% of the net profit attributable to shareholders[7] - The company reported a 109.2% increase in policyholder dividend expenditure to 1.21 billion, driven by the sustained growth of dividend business[100] Risk Management - New China Life Insurance is actively managing various risks, including market, credit, and operational risks, to ensure sustainable growth[7] - The company plans to enhance its risk management framework in response to potential risks, ensuring effective operation of the risk management system[151] - The company faces risks from the ongoing global COVID-19 pandemic and complex international environments, which may impact market, credit, and liquidity risks[151] Business Strategy and Growth - The company has established a strategic framework of "1+2+1," focusing on life insurance as the core, with wealth management and health care as wings, supported by technology[15] - The company aims to enhance its role as a provider of life and health insurance products and services, focusing on building a comprehensive insurance ecosystem[39] - The company is committed to expanding its market presence and enhancing its product offerings through technological advancements and strategic partnerships[15] - The company aims to shift from a "scale-oriented" approach to a model that balances value and scale[147] - The company plans to enhance the adaptability and flexibility of its supply structure to meet changing demands[147] - The company is focusing on integrating technology with human resources to drive growth[147] Customer Engagement and Market Presence - The company served over 30 million customers, reflecting its strong market presence[46] - The first-year premium from individual insurance channels was CNY 18.479 billion, solidifying market position[49] - The long-term insurance first-year premium increased by 26.7%, with a market share of 15%, up by 2.3 percentage points[49] - The company’s individual insurance channel generated premium income of CNY 119.83 billion, an increase of 2.1% year-on-year[81] - The bancassurance channel reported premium income of CNY 40.74 billion, up by 2.5% compared to the previous year[81] Financial Ratios and Solvency - The comprehensive solvency adequacy ratio stood at 252.09%, down from 277.84% in the previous year, indicating a decrease of 25.75 percentage points[35] - The core solvency adequacy ratio decreased to 243.35%, down 24.93 percentage points from 268.28% in 2020[35] - The company's total liabilities to total assets ratio was 90.4% as of December 31, 2021, compared to 89.9% in 2020[128] Investment Performance - The company reported an investment asset total of CNY 1,082.80 billion, which is a 12.1% increase from CNY 965.65 billion in 2020[35] - The total investment return rate improved to 5.9%, a 0.4 percentage point increase from 5.5% in 2020[58] - The net investment yield for 2021 was 4.3%, a decrease of 0.3 percentage points from 4.6% in 2020[117] Governance and Management - The company appointed Xu Zhibin as the Chairman of the Board on January 25, 2021, and his position was approved by the China Banking and Insurance Regulatory Commission on November 10, 2021[191] - The company has undergone several changes in its board of directors and supervisory board, reflecting ongoing governance adjustments[195] - The total remuneration for the CEO, Li Quan, during the reporting period was 179.38 million, with a total tax of 101.47 million[197] Future Outlook - During the "14th Five-Year Plan" period, the company aims to become the most outstanding financial service group in China, focusing on comprehensive life insurance business[148] - In 2022, the company will emphasize value while maintaining stable growth in business scale, particularly focusing on regular premium business development[150] - The company is committed to participating in the construction of a multi-level social security system to support high-quality development[147]

Financial Performance - Total revenue for the third quarter of 2021 was RMB 51,913 million, an increase of 1.6% year-on-year[4] - Net profit attributable to shareholders of the parent company was RMB 1,408 million, a decrease of 51.2% compared to the same period last year[4] - Basic and diluted earnings per share were both RMB 0.45, down 51.6% year-on-year[5] - The company's total revenue for the nine months ended September 30, 2021, was RMB 183,988 million, an increase of 8.6% compared to RMB 169,772 million for the same period in 2020[21] - Net profit attributable to shareholders for the same period was RMB 11,954 million, up 7.6% from RMB 11,105 million in the previous year[21] - The company reported a basic and diluted earnings per share of RMB 3.83 for the nine months ended September 30, 2021, compared to RMB 3.56 in the same period of the previous year[26] - The total comprehensive income for the nine months was RMB 7,424 million, down from RMB 13,782 million in the previous year, reflecting a decrease of 46.1%[26] Assets and Liabilities - Total assets at the end of the reporting period reached RMB 1,061,702 million, reflecting a 5.7% increase from the end of the previous year[5] - Total assets as of September 30, 2021, were RMB 1,061.70 billion, compared to RMB 1,004.38 billion at the end of 2020[19] - The total liabilities increased to RMB 956,928 million as of September 30, 2021, compared to RMB 902,696 million at the end of 2020, reflecting a growth of 6.0%[20] - The total equity attributable to shareholders increased to RMB 104,758 million as of September 30, 2021, from RMB 101,667 million at the end of 2020, marking a rise of 3.1%[20] Investment Performance - Investment assets amounted to RMB 1,018,414 million, representing a 5.5% increase year-on-year[7] - The company's investment income for the nine months was RMB 48,723 million, representing a 22.5% increase from RMB 39,777 million in the prior year[21] - Annualized total investment return rate was 6.4%, an increase of 0.8 percentage points year-on-year[16] - Cash inflow from investment activities was RMB 327,879 million for the nine months, compared to RMB 272,739 million in the same period last year, indicating a significant increase of 20.2%[27] Insurance Business - The insurance business income for the year-to-date was RMB 136,562 million, up 1.6% year-on-year[7] - Total premium income reached RMB 136.56 billion, a year-on-year increase of 1.6%[14] - First-year premium income for long-term insurance was RMB 35.12 billion, down 2.4% year-on-year[14] - Renewal premium income increased by 4.9% year-on-year to RMB 96.60 billion[14] - Individual insurance channel premium income totaled RMB 98.83 billion, up 3.2% year-on-year[15] - Group insurance premium income rose by 21.8% year-on-year to RMB 2.43 billion[15] Cash Flow - The net cash flow from operating activities for the year-to-date was RMB 57,798 million, an increase of 3.9%[5] - The net cash flow from operating activities was RMB 57,798 million for the nine months, compared to RMB 55,610 million in the same period last year, indicating a growth of 3.9%[27] - Cash inflow from financing activities totaled $44,789 million for the nine months ended September 30, 2021, compared to $10,081 million for the same period in 2020, representing a significant increase[28] - Net cash flow from financing activities was $1,684 million for the nine months ended September 30, 2021, recovering from a net outflow of $37,970 million in the same period of 2020[28] - The cash and cash equivalents balance at the end of the period was $13,467 million, up from $9,963 million a year earlier, indicating a strong liquidity position[28] - The company reported a net cash increase of $474 million for the nine months ended September 30, 2021, contrasting with a net decrease of $1,802 million in the same period of 2020[28] Actuarial Adjustments - The company adjusted actuarial assumptions, increasing life insurance reserves by RMB 2.47 billion and long-term health insurance reserves by RMB 6.38 billion[17] - The company reported a pre-tax profit reduction of RMB 8.85 billion due to changes in actuarial estimates[17] Cash Dividends and Financing Activities - Cash dividends paid amounted to $4,859 million, with $193 million distributed to minority shareholders during the nine months ended September 30, 2021[28] - The total cash outflow from financing activities was $43,105 million for the nine months ended September 30, 2021, down from $48,051 million in the same period of 2020[28] - The company paid $14,858 million in other financing-related cash outflows during the nine months ended September 30, 2021, compared to $70 million in the same period of 2020[28]

Financial Performance - Total revenue for the first half of 2021 reached RMB 130,386 million, with a net profit attributable to shareholders of RMB 10,546 million, reflecting an annualized total investment return rate of 6.5%[10]. - Total revenue for the first half of 2021 reached 130,386 million RMB, representing a 12.3% increase compared to 116,076 million RMB in the same period of 2020[13]. - Net profit attributable to shareholders of the parent company was 10,546 million RMB, reflecting a growth of 28.3% from 8,218 million RMB in the previous year[13]. - Annualized total investment return rate improved to 6.5%, an increase of 1.4 percentage points from 5.1% in the same period last year[15]. - Total premium income and policy management fee income amounted to 100,641 million RMB, up 3.9% from 96,903 million RMB year-on-year[15]. - Investment income surged by 47.2% to 30,542 million RMB, driven by increased gains from asset trading[18]. - Total insurance business expenses for the six months ended June 30, 2021, amounted to RMB 118,178 million, an increase of 11.1% from RMB 106,304 million in the same period of 2020[124]. - The total comprehensive income for the six months ended June 30, 2021, was RMB 9,124 million, down from RMB 11,121 million in the same period of 2020[126]. Assets and Liabilities - The company's total assets amounted to RMB 1,022,175 million, and the embedded value was reported at RMB 250,766 million[10]. - The company managed assets exceeding 1 trillion RMB, with a total asset value of 1,022,175 million RMB, up 1.8% from 1,004,376 million RMB at the end of 2020[13]. - The total liabilities reached RMB 915,703 million, up from RMB 902,696 million, indicating an increase of about 1.2%[123]. - The long-term insurance contract liabilities rose to RMB 814,373 million from RMB 750,258 million, marking an increase of approximately 8.6%[123]. - The total insurance contract reserves as of June 30, 2021, were 818,729 million, reflecting an 8.5% increase from 754,409 million at the end of 2020[34]. Solvency and Capital - The comprehensive solvency adequacy ratio stood at 250.766%, demonstrating strong financial stability[10]. - The comprehensive solvency adequacy ratio decreased to 269.67% as of June 30, 2021, from 277.84% as of December 31, 2020[46]. - The core capital of Xinhua Life Insurance Co., Ltd. was CNY 285,025 million, an increase from CNY 280,817 million as of December 31, 2020[46]. - The actual capital as of June 30, 2021, was RMB 295,025 million, up from RMB 290,817 million at the end of 2020, indicating a growth of 1.42%[200]. - The minimum capital requirement increased to RMB 109,401 million as of June 30, 2021, compared to RMB 104,672 million at the end of 2020, representing a rise of 4.00%[200]. Business Operations - The company is committed to providing comprehensive life insurance products and services through a nationwide network and diversified sales channels[10]. - The company provided services to over 30 million individual clients and nearly 90,000 institutional clients, enhancing customer service efficiency[12]. - The company launched new community products in the health and elderly care sector, marking a significant expansion in its service offerings[12]. - The company plans to enhance team quality and optimize product supply to meet customer needs, focusing on health and retirement products[53]. - The company aims to strengthen risk management and compliance operations, emphasizing a preventive risk control philosophy[53]. Market and Economic Environment - The domestic economy is gradually recovering post-pandemic, showing a stable and long-term positive trend, but global economic recovery remains weak with low demand and commodity inflation[54]. - The company emphasizes macroeconomic and industry research to prudently forecast domestic and international market trends[55]. - The company has faced increased market, credit, and liquidity risks due to the complexity of the internal and external environment since the outbreak of COVID-19[54]. Employee and Governance - The company has a total of 35,438 employees under labor contracts as of June 30, 2021[94]. - The company held three shareholder meetings and six board meetings during the reporting period, ensuring compliance with governance standards[80]. - The board of directors confirmed the accuracy and completeness of the financial report, with all 12 attending directors present at the meeting[3]. - The company has appointed Zhang Hong as Vice President, with his appointment approved by the China Banking and Insurance Regulatory Commission on June 21, 2021[91]. Risk Management - The company faces significant insurance risks due to the randomness of insurance events and the uncertainty of claims exceeding the insurance liabilities[180]. - Financial risks include market risk, credit risk, and liquidity risk, with a focus on minimizing negative impacts on financial conditions[184]. - The group has a liquidity risk management strategy that matches investment assets with liabilities to mitigate liquidity risk[193]. - The company has established a diversified investment portfolio to mitigate financial risks associated with specific industries or issuers[184]. Regulatory and Compliance - The company has adopted new accounting standards effective from January 1, 2021, which may impact future financial reporting but had no significant effect on the current interim financial statements[134]. - The group has temporarily exempted the application of IFRS 9, continuing to use IAS 39 for financial assets and liabilities as of January 1, 2018[138]. - The company has established a reputation risk management system covering all lines and institutions to enhance consumer rights protection and risk prevention[55]. Community Engagement - The company allocated RMB 8 million to support the construction of Shibing County No. 1 Middle School in Guizhou[97]. - The company donated RMB 10 million to support flood relief and post-disaster reconstruction in Henan Province[98]. - As of July 31, 2021, the company’s insurance project for sanitation workers covered 142 cities, providing nearly 840,000 workers with accident insurance worth RMB 100,000 each, totaling over RMB 264.3 billion in donated coverage since 2017[98].