China Life(02628)2024-10-30 10:40Financial Performance - Net profit attributable to shareholders of the parent company for Q3 2024 was RMB 66,245 million, a significant increase of 1,767.1% from RMB 3,548 million in the same period last year[3] - Operating revenue for Q3 2024 was RMB 192,964 million, representing a 124.7% increase compared to RMB 85,885 million in Q3 2023[3] - Basic and diluted earnings per share for Q3 2024 were RMB 2.34, up 1,767.1% from RMB 0.13 in the same period last year[3] - Net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 66,283 million, a 1,738.1% increase from RMB 3,606 million in Q3 2023[3] - Net profit attributable to shareholders for the first three quarters reached RMB 104.52 billion, up 173.9% year-on-year[14] - The group's operating profit for the first nine months of 2024 reached RMB 123,902 million, a significant increase from RMB 35,463 million in the same period of 2023, representing a growth of approximately 249%[22] - Net profit attributable to shareholders of the parent company for the first nine months of 2024 was RMB 104,523 million, compared to RMB 38,164 million in 2023, marking an increase of about 174%[22] - Basic and diluted earnings per share for the first nine months of 2024 were RMB 3.70, up from RMB 1.35 in the same period of 2023, reflecting a growth of approximately 174%[22] - The total comprehensive income attributable to shareholders of the parent company for the first nine months of 2024 was RMB 101,747 million, compared to a loss of RMB 20,923 million in 2023[24] Assets and Liabilities - Total assets reached RMB 6,481,554 million, an increase of 14.6% compared to the previous year's end of RMB 5,653,727 million[3] - The total liabilities increased to RMB 5,903,939 million as of September 30, 2024, compared to RMB 5,316,011 million at the end of 2023, an increase of about 11%[19] - The company's equity attributable to shareholders rose to RMB 566,704 million in 2024, up from RMB 327,784 million in 2023, indicating a growth of approximately 73%[19] - The total liabilities and equity amounted to RMB 6,481,554 million, reflecting a growth from RMB 5,653,727 million in 2023, an increase of around 14.6%[19] - The total assets of the group as of January 1, 2024, amounted to RMB 5,802,086 million, an increase of RMB 148,359 million from December 31, 2023[32] - The total liabilities of the group as of January 1, 2024, were RMB 5,315,052 million, a slight decrease from RMB 5,316,011 million at the end of 2023[33] - The total equity of the group as of January 1, 2024, was RMB 487,034 million, reflecting an increase of RMB 149,318 million from December 31, 2023[33] Cash Flow - Cash flow from operating activities for the year-to-date period was RMB 346,601 million, reflecting a 6.7% increase compared to RMB 324,982 million in the same period last year[3] - Cash flow from operating activities for the first nine months of 2024 amounted to RMB 688,885 million, an increase from RMB 670,752 million in 2023, indicating a growth of about 2%[26] - The group reported cash inflow from investment activities of RMB 1,835,051 million for the first nine months of 2024, compared to RMB 1,116,800 million in 2023, showing a growth of approximately 64%[29] - The net cash flow from investment activities for the first nine months of 2024 was RMB (2,150,519) million, compared to RMB (1,414,991) million in 2023, indicating a deeper cash outflow[29] - The group's cash inflow from financing activities for the first nine months of 2024 was RMB 45,373 million, compared to RMB 24,139 million in the same period of 2023, representing an increase of 88%[31] - The net cash flow from financing activities for the group in the first nine months of 2024 was RMB (149,637) million, a significant decrease from RMB (21,463) million in 2023[31] Shareholder Information - Total number of shareholders at the end of the reporting period: 77,988 A-share shareholders and 23,893 H-share shareholders[8] - The largest shareholder, China Life Insurance (Group) Company, holds 68.37% of the shares, totaling 19,323,530,000 shares[8] - HKSCC Nominees Limited, the second-largest shareholder, holds 25.92% of the shares, totaling 7,325,308,497 shares[8] - The third-largest shareholder, China Securities Finance Corporation Limited, holds 2.51% of the shares, totaling 708,240,246 shares[8] - The total number of shares held by the top ten shareholders with unrestricted shares amounts to 27,586,000,000 shares[9] - The top ten shareholders do not have any known relationships or agreements as per the regulations of the listed company acquisition management[10] - The total number of shares lent out and not yet returned by the top ten shareholders is 154,200 shares, which is 0.00% of the total share capital[11] Insurance and Investment Performance - Total premium for the first three quarters of 2024 reached RMB 608.25 billion, a year-on-year increase of 5.1%[15] - New single premium amounted to RMB 197.51 billion, with a slight increase of 0.4% year-on-year[15] - First-year regular premium was RMB 113.18 billion, reflecting a year-on-year growth of 6.8%[15] - Investment income for the first three quarters of 2024 was RMB 261.42 billion, a significant year-on-year increase of 152.4%[13] - Insurance service income rose to RMB 157,849 million in 2024, compared to RMB 136,439 million in 2023, marking an increase of 15.7%[20] Strategic Initiatives - The company is actively planning a new round of comprehensive reform to enhance product and business diversification[14] - The company plans to expand its market presence and invest in new technologies to enhance service offerings and operational efficiency in the coming quarters[20] - The company is focusing on strategic acquisitions to bolster its market position and diversify its product portfolio[20] - The sales force totaled 694,000, with a focus on enhancing professional and comprehensive capabilities[12]