2024-03-27 16:00Financial Performance - Premium income for 2023 was RMB 641.38 billion, a year-on-year increase of 4.3%, achieving a historical high[5] - The company achieved a net profit attributable to shareholders of RMB 21.11 billion, down from RMB 32.08 billion in 2022[5] - The total investment income for 2023 was RMB 141.97 billion, down from RMB 187.75 billion in 2022[10] - The net profit attributable to shareholders of the parent company decreased by 34.2% to RMB 21,110 million from RMB 32,082 million in 2022[56] - The company reported a significant decline in operating profit, which fell by 49.8% to RMB 12,241 million compared to RMB 24,383 million in the previous year[56] - The company's premium income for 2023 reached RMB 641,380 million, an increase from RMB 607,825 million in 2022, representing a growth of 4.0%[52] - The company reported a 34.2% decrease in net profit attributable to shareholders, down to RMB 21.110 billion from RMB 32.082 billion in 2022, primarily due to lower investment income[62] - The total comprehensive income for 2023 was RMB 38.816 billion, compared to a loss of RMB 21.722 billion in 2022, showing a significant turnaround[118] Assets and Liabilities - Total assets reached RMB 5.89 trillion and investment assets reached RMB 5.67 trillion, marking a new peak[4] - Total assets as of December 31, 2023, amounted to RMB 5,888,479 million, up 12.1% from RMB 5,251,984 million in 2022[56] - Total liabilities reached CNY 5,418,437 million, up from CNY 4,806,863 million in the previous year, indicating a growth of approximately 12.7%[99] - The total assets of China Life as of December 31, 2023, were CNY 5,746,077 million, compared to CNY 5,145,794 million in 2022, reflecting an increase of about 11.7%[100] - The total liabilities of China Life as of December 31, 2023, amounted to RMB 5,286.232 billion, an increase from RMB 4,703.976 billion in 2022, representing a growth of approximately 12.35%[115] - The life insurance liability reserves as of December 31, 2023, were RMB 3,983.433 billion, an increase from RMB 3,607.236 billion in 2022, reflecting a growth of approximately 10.39%[115] Business Growth and Market Position - New business value for the year was RMB 36.86 billion, an increase of 11.9% compared to the same period in 2022[5] - The individual insurance segment reported total premium income of RMB 501.58 billion in 2023, a year-on-year increase of 1.9%[28] - The company has achieved significant growth in total assets, investment assets, intrinsic value, and premium income, with increases of several times or even tens of times over the past 20 years[70] - In 2023, the company maintained a leading position in the life insurance market, becoming the largest life insurance company globally[70] Risk Management and Governance - The company has enhanced its risk management framework, maintaining an A-class rating in comprehensive risk assessment and achieving high scores in solvency evaluations[69] - The company has implemented a comprehensive risk management system, focusing on insurance risk, market risk, credit risk, operational risk, strategic risk, reputation risk, liquidity risk, and information security risk[72] - The company has established a fraud risk management organization system led by the board of directors, enhancing fraud risk prevention awareness and capabilities[77] - The company has set up a network security and information technology committee to oversee information security risk management, ensuring compliance and enhancing operational safety[76] Shareholder Returns and Dividends - The company plans to distribute cash dividends of RMB 0.43 per share, totaling approximately RMB 12.15 billion, pending shareholder approval[35] - The company plans to distribute a cash dividend of RMB 4.30 per 10 shares for the 2023 fiscal year, subject to shareholder approval[64] - The company has distributed over 190 billion yuan in dividends since its listing, reflecting a strong commitment to investor returns[70] Digital Transformation and Innovation - The company is focusing on digital transformation and technology integration to improve service efficiency and competitiveness in the insurance market[68] - The company has established a digital insurance ecosystem to support its comprehensive digital transformation strategy[42] Board and Independent Directors - The board of directors consists of 8 members, including 2 executive directors, 2 non-executive directors, and 4 independent directors, meeting regulatory requirements[157] - The independent directors possess extensive experience in macroeconomics, financial management, legal compliance, and financial auditing, ensuring compliance with listing rules[158] - The independent directors have actively engaged in training sessions to update their professional knowledge, including anti-money laundering compliance training[87] Financial Reporting and Compliance - The company plans to continue executing relevant accounting standards and policies to ensure compliance and accuracy in financial reporting[132] - The company submitted Form 15F to the SEC on November 13, 2023, to deregister its depositary shares and corresponding H-shares, effective February 12, 2024[154]