China Life(02628)2025-04-29 09:06Financial Performance - Net profit attributable to shareholders increased by 39.5% year-on-year to RMB 28,802 million[6] - Basic and diluted earnings per share rose to RMB 1.02, a 39.5% increase compared to the previous year[6] - Net profit for Q1 2025 reached RMB 29,273 million, an increase of 39.2% from RMB 21,021 million in Q1 2024[22] - Operating profit for Q1 2025 was RMB 32,669 million, up 21.5% from RMB 26,868 million in Q1 2024[22] - Basic earnings per share for Q1 2025 were RMB 1.02, compared to RMB 0.73 in Q1 2024, reflecting a growth of 39.7%[22] - Total comprehensive income for Q1 2025 was RMB 23,252 million, significantly higher than RMB 3,687 million in Q1 2024[24] Revenue and Premiums - Operating revenue decreased by 8.9% year-on-year to RMB 110,177 million[6] - Total insurance premiums for Q1 2025 amounted to RMB 354.41 billion, a year-on-year growth of 5.0%[12] - Renewal premiums were RMB 246.98 billion, reflecting a 9.7% increase year-on-year[12] - New single premiums decreased by 4.5% year-on-year to RMB 107.43 billion[12] - Total operating revenue for Q1 2025 was RMB 110,177 million, a decrease of 8.3% compared to RMB 120,970 million in Q1 2024[20] Investment Performance - The company achieved total investment income of RMB 53.767 billion in Q1 2025, with a total investment return rate of 2.75%[14] - Investment income surged to RMB 25,179 million in Q1 2025, compared to RMB 5,464 million in Q1 2024, marking a significant increase of 360.5%[20] - The net cash flow from investment activities for the group in Q1 2025 was negative RMB 190,207 million, compared to a positive RMB 28 million in Q1 2024[28] - The total cash inflow from investment activities for the group in Q1 2025 was RMB 591,716 million, an increase from RMB 572,600 million in Q1 2024[28] - The cash outflow from investment activities for the group in Q1 2025 was RMB 781,923 million, up from RMB 572,572 million in Q1 2024[28] - The cash received from investment income and interest in Q1 2025 was RMB 42,008 million, an increase from RMB 36,383 million in Q1 2024[28] Cash Flow and Financing - The company reported a net cash flow from operating activities of RMB 192,530 million, up 4.8% from the previous year[6] - Cash flow from operating activities for Q1 2025 was RMB 192,530 million, an increase from RMB 183,759 million in Q1 2024[26] - The net cash flow from financing activities for the group in Q1 2025 was RMB 12,966 million, compared to a negative RMB 77,644 million in Q1 2024[30] - The total cash inflow from financing activities for the group in Q1 2025 was RMB 30,911 million, significantly higher than RMB 8,567 million in Q1 2024[30] - The cash outflow from financing activities for the group in Q1 2025 was RMB 17,945 million, a decrease from RMB 86,211 million in Q1 2024[30] - The net increase in cash and cash equivalents for the group in Q1 2025 was RMB 15,346 million, compared to an increase of RMB 106,156 million in Q1 2024[30] - The ending balance of cash and cash equivalents for the group as of March 31, 2025, was RMB 100,851 million, down from RMB 254,217 million at the end of Q1 2024[30] Assets and Solvency - Total assets reached RMB 6,976,390 million, an increase of 3.1% compared to the previous year[6] - As of the end of Q1 2025, total assets amounted to RMB 6,976.39 billion, with investment assets at RMB 6,819.173 billion, both showing a growth of 3.1% compared to the end of 2024[15] - The core solvency adequacy ratio stood at 146.12%, while the comprehensive solvency adequacy ratio was 199.34%[15] - The company maintained an A-class rating in the comprehensive risk assessment for 27 consecutive quarters[15] Business Strategy and Development - The company is focused on high-quality development, emphasizing customer-centric strategies and aiming to become a world-class life insurance company with Chinese characteristics[15] - The company continues to enhance its asset-liability management and underwriting management in response to market interest rate changes[15] - The new marketing model trials are progressing steadily, with the "Seed Plan" continuing to deepen based on previous reforms[14] - In Q1 2025, the company's new business value increased by 4.8% compared to the same period in 2024, using the same economic assumptions[14] - As of the end of Q1 2025, the total sales force reached 646,000, with individual insurance sales personnel accounting for 596,000, maintaining overall stability in team size[14] Operating Expenses - The company experienced a decrease in operating expenses, totaling RMB (77,508) million in Q1 2025, down from RMB (94,102) million in Q1 2024, a reduction of 17.6%[20] - Insurance service income remained stable at RMB 54,211 million for both Q1 2025 and Q1 2024[20] Foreign Exchange Impact - The company reported a foreign exchange loss of RMB 199 million in Q1 2025, compared to a gain of RMB 22 million in Q1 2024[20]