2023-03-29 10:48Financial Performance - In 2022, China Life Insurance achieved a total premium income of RMB 3.6 trillion, with new business value and embedded value maintaining industry leadership[2]. - Total revenue for 2022 was RMB 804,388 million, a decrease of 2.5% compared to RMB 824,933 million in 2021[4]. - Net profit attributable to shareholders decreased by 36.8% to RMB 32,082 million from RMB 50,766 million in 2021[4]. - Pre-tax profit fell by 52.2% to RMB 24,047 million from RMB 50,340 million in 2021[4]. - The net profit for 2022 was RMB 33,514 million, down from RMB 52,257 million in 2021, representing a decline of approximately 36%[58]. - The company reported a basic and diluted earnings per share of RMB 1.14 for 2022, compared to RMB 1.80 in 2021[58]. - The total comprehensive income for 2022 was RMB (21,722) million, compared to RMB 47,663 million in 2021[87]. Investment Performance - Total investment return rate was 3.94%, reflecting effective asset-liability management despite significant market adjustments[2]. - Total investment income for 2022 was RMB 187,751 million, down 12.3% from RMB 214,057 million in 2021, with a total investment return rate of 3.94%, a decline of 104 basis points[35]. - The company maintained a strategic focus on long-term asset allocation amidst a volatile market environment, emphasizing support for national strategies and the real economy[32]. - The proportion of equity investments in the portfolio increased from 8.75% to 11.34% year-on-year, reflecting a shift towards long-term equity market opportunities[34]. - The company reported a net investment yield of 4.00% for 2022, a decrease of 38 basis points compared to the previous year[36]. Business Operations - The company is focusing on digital transformation and resource integration to enhance its operational capabilities and risk management[3]. - The company initiated a new operational strategy called "Eight Major Projects" focusing on innovation and resource integration[14]. - The company plans to deepen supply-side reforms and accelerate the implementation of the "Eight Major Projects" in 2023[55]. - The company is actively participating in the construction of a multi-level social security system, expanding its insurance services for new citizens[2]. Insurance Products and Services - The company launched personal pension business as part of its product innovation strategy[13]. - The company launched 88 new or upgraded insurance products in 2022, covering various categories including life, annuity, health, and accident insurance[24]. - The health insurance segment recorded premiums of RMB 265.369 billion, marking a significant increase from RMB 228.899 billion in 2021[28]. - The company introduced new health insurance products such as "Respecting Fortune" and "Love and Health," enhancing its health insurance offerings[25]. Market Position and Strategy - The MSCI ESG rating for the company improved to BBB, positioning it among the leading players in the domestic life insurance industry[2]. - The company plans to expand its market presence and enhance product offerings in the upcoming fiscal year[94]. - The company is focusing on new technology development to improve operational efficiency and customer experience[94]. - The company has allocated resources for potential mergers and acquisitions to strengthen its market position[94]. Financial Health and Solvency - The company maintained a solvency ratio of 206.78% and a core solvency ratio of 143.59%[11]. - The debt-to-asset ratio increased by 1.48 percentage points to 91.52% from 90.04% in 2021[4]. - The company closely monitors liquidity risks associated with policyholder withdrawals and defaults, ensuring sufficient cash flow to meet current demands[40]. - The core solvency adequacy ratio was 143.59% as of December 31, 2022, reflecting a decrease from 169.05% as of June 30, 2022[46]. Dividend and Shareholder Returns - The company plans to distribute a final dividend of RMB 4.90 per 10 shares (tax included), subject to approval at the 2022 annual general meeting[1]. - The proposed dividend for the fiscal year 2022 is RMB 0.49 per share, totaling approximately RMB 13,850 million, which will be presented at the annual general meeting[84]. - The company will withhold a corporate income tax of 10% on dividends distributed to non-resident corporate shareholders[117]. Regulatory and Compliance - China Life Insurance maintained an A-class rating in the comprehensive risk assessment by the China Banking and Insurance Regulatory Commission for 19 consecutive quarters[3]. - The company's 2022 annual performance has been reviewed and audited by PwC, with a standard unqualified audit opinion issued[122]. - The group will adopt IFRS 9 for financial reporting starting January 1, 2023, which is expected to significantly impact the consolidated financial statements[100].