China Life(02628)2025-03-26 10:03Financial Performance - Total premium income amounted to RMB 671.46 billion, with embedded value exceeding RMB 1.4 trillion, maintaining industry leadership [4]. - Net profit attributable to shareholders surpassed RMB 100 billion, reaching RMB 106.935 billion, marking a significant increase [4]. - Total revenue for 2024 reached RMB 528.63 billion, a 53.3% increase from RMB 344.75 billion in 2023 [11]. - Pre-tax profit surged to RMB 115.21 billion, reflecting a 158.5% growth compared to RMB 44.58 billion in the previous year [11]. - Net profit attributable to shareholders was RMB 106.94 billion, up 131.6% from RMB 46.18 billion in 2023 [11]. - Total premium income reached RMB 671.46 billion, a year-on-year increase of 4.7% [22]. - Total investment income significantly increased to RMB 308.25 billion, up 150.4% from the previous year [22]. - The company's insurance service income for 2024 was RMB 208.161 billion, a decrease of 2.0% from RMB 212.445 billion in 2023 [53]. - The underwriting financial profit for 2024 was RMB 209.952 billion, representing a significant increase of 64.1% from RMB 127.923 billion in 2023 [57]. - The net profit for the year ended December 31, 2024, is RMB 108,940 million, a significant increase from RMB 47,547 million in 2023, representing a growth of approximately 128.6% [97]. Assets and Liabilities - Total assets reached RMB 6.77 trillion, and investment assets reached RMB 6.61 trillion, showing rapid growth [4]. - Total assets increased by 16.7% to RMB 6,769.55 billion, compared to RMB 5,802.09 billion in 2023 [11]. - Investment assets rose to RMB 6,611.07 billion, marking a 16.8% increase from RMB 5,659.25 billion in 2023 [11]. - Total liabilities grew by 17.6% to RMB 6,248.30 billion, up from RMB 5,315.05 billion in 2023 [11]. - The company's equity attributable to shareholders increased to RMB 509,675 million in 2024 from RMB 477,093 million in 2023 [96]. - The total amount of insurance contract financial changes was RMB 595,045 million in 2024, up from RMB 259,160 million in 2023, representing a substantial increase of about 129.5% [84]. Investment and Returns - Total investment income was RMB 308.251 billion, with an investment return rate of 5.50% [7]. - In 2024, the company achieved net investment income of RMB 195.674 billion, an increase of RMB 9.808 billion compared to 2023, with a net investment yield of 3.47%, down 23 basis points year-on-year [49]. - The company's total comprehensive income for 2024 is RMB 52,253 million, compared to RMB 25,848 million in 2023, indicating a growth of approximately 102% [97]. - The actual investment return difference for 2024 is RMB 64.061 billion, indicating a positive variance from investment assumptions [117]. - The company's overall investment return rate is assumed to be 4%, with a risk-adjusted discount rate of 8% for typical business operations [113]. Dividends and Shareholder Returns - The company distributed a total dividend of RMB 18.372 billion for the year, maintaining a high and stable dividend level [4]. - The total dividend for the fiscal year 2023 was RMB 12,154 million, with a proposed final dividend of RMB 12,719 million for 2024 [92]. - The company declared dividends of RMB 17,807 million in 2024, up from RMB 13,850 million in 2023, marking an increase of approximately 28.3% [99]. - The company proposed a final dividend of RMB 0.45 per share, totaling approximately RMB 12.719 billion, subject to shareholder approval on June 26, 2025 [122]. Business Operations and Strategy - The company is focusing on digital transformation, enhancing capabilities in big data and artificial intelligence [8]. - The company aims to enhance risk management and compliance systems in response to stricter regulatory trends [10]. - The company is committed to high-quality development and innovation-driven growth as part of its strategic goals for 2025 [10]. - The company is actively exploring innovative models in the insurance and investment sectors, enhancing cooperation with asset management subsidiaries [33]. - The company plans to enhance its market expansion strategies and invest in new product development [104]. Insurance and Claims - The company provided insurance coverage exceeding RMB 200 trillion, with nearly 25 million claims processed [5]. - The number of long-term effective insurance policies reached 326 million [20]. - The policy retention rate for 14 months improved to 91.60%, an increase of 1.20 percentage points year-on-year [22]. - The company has developed and upgraded over 100 new insurance products in 2024 to meet the growing demand for insurance protection and wealth management [37]. ESG and Corporate Governance - The company’s ESG rating improved to A level, reflecting strong performance in environmental, social, and governance practices [5]. - The company maintained an A-class rating in comprehensive risk assessment for 26 consecutive quarters [17]. - The board of directors consists of four executive directors, three non-executive directors, and four independent non-executive directors as of the announcement date [132].