2024-10-30 10:33Financial Performance - Net profit attributable to shareholders was RMB 66,245 million, a significant increase of 1,767.1% year-on-year[4]. - Operating revenue for the third quarter was RMB 192,964 million, representing a growth of 124.7% compared to the same period last year[4]. - Basic earnings per share rose to RMB 2.34, up 1,767.1% from RMB 0.13 in the same quarter last year[4]. - The weighted average return on equity increased to 12.49%, up 11.44 percentage points year-on-year[4]. - Net profit for the first nine months of 2024 was RMB 105,904 million, up 169% from RMB 39,257 million in the same period of 2023[17]. - The total comprehensive income for the first nine months of 2024 was RMB 103,181 million, compared to a loss of RMB 19,867 million in the same period of 2023[18]. Asset and Equity Growth - Total assets reached RMB 6,481,554 million, an increase of 14.6% compared to the end of the previous year[3]. - Total equity attributable to shareholders increased by 72.9% to RMB 566,704 million compared to the end of the previous year[3]. - As of September 30, 2024, total assets reached RMB 6,481.55 billion, an increase of 11.7% compared to the beginning of 2024[15]. - The total assets as of September 30, 2024, were RMB 6,481,554 million, compared to RMB 5,653,727 million at the end of 2023, indicating a growth of 14.6%[16]. Cash Flow and Investment - Net cash flow from operating activities for the year-to-date period was RMB 346,601 million, a 6.7% increase compared to the previous year[4]. - The total cash inflow from operating activities for the first nine months of 2024 was RMB 9,104 million, an increase of 12.5% compared to RMB 8,089 million in the same period of 2023[19]. - Investment cash inflow totaled RMB 1,835,051 million, significantly higher than RMB 1,116,800 million in the same period of 2023, indicating a strong investment recovery[20]. - The net cash outflow from investment activities was RMB 2,150,519 million, compared to RMB 1,414,991 million in the previous year, leading to a net cash flow of RMB -315,468 million[21]. Shareholder Information - The company reported a total of 77,988 shareholders at the end of the reporting period[7]. - The largest shareholder, China Life Insurance (Group) Company, holds 68.37% of the shares[7]. - As of the end of the reporting period, the total number of common shareholders was 19,323,530,000 shares held by China Life Insurance (Group) Company[8]. - The top ten shareholders include HKSCC Nominees Limited with 7,325,308,497 shares, accounting for a significant portion of the total shares[8]. Insurance Business Performance - The insurance business showed resilience despite a high base from the previous year, indicating strong performance in premium income[10]. - In the first three quarters of 2024, total premium income reached RMB 608.25 billion, a year-on-year increase of 5.1%[12]. - Renewal premiums amounted to RMB 410.74 billion, growing by 7.5% year-on-year, while new single premiums were RMB 197.51 billion, up 0.4%[13]. - The insurance service income for the first nine months of 2024 was RMB 157,849 million, compared to RMB 136,439 million in the same period of 2023, reflecting a growth of 15.7%[17]. Operational Strategies and Market Position - The company reported a continuous improvement in operational quality and market position, emphasizing a focus on risk prevention and high-quality development[10]. - The company has implemented strategies to enhance asset-liability management, leading to sustained business growth and improved operational efficiency[10]. - The report highlights a commitment to integrating financial policies with national economic strategies, aiming for comprehensive development[10]. - The company continues to focus on innovation and reform, aligning with national financial directives to enhance its service offerings[10]. Solvency and Liabilities - The core solvency ratio stood at 154.58%, while the comprehensive solvency ratio was 211.64%, indicating a strong solvency position[12]. - The total liabilities as of September 30, 2024, amounted to RMB 5,903,939 million, an increase of 11% from RMB 5,316,011 million at the end of 2023[16]. - The insurance contract liabilities increased to RMB 5,574,084 million as of September 30, 2024, from RMB 4,859,175 million at the end of 2023, reflecting a growth of 14.7%[16].