惊呆了！中国人寿踩雷地产，业绩好惨

Core Insights - China Life Insurance reported a significant decline in net profit for the year, with a year-on-year decrease of 34.2% in net profit attributable to shareholders [1][2] - The company's revenue for 2023 was 837.9 billion, showing a modest growth of 1.43% compared to the previous year, indicating a lack of strong growth momentum [1][2] - The net profit margin for China Life was only 2.7%, which is considerably lower than its peers, highlighting its weak profitability [1][2] Revenue and Profit Analysis - The total revenue for China Life in 2023 was 837.9 billion, with a year-on-year increase of 1.43% [1] - The net profit for the year was 226.33 billion, reflecting a decline of 32.47%, while the net profit attributable to shareholders was 211.1 billion, down 34.2% [1][2] - Compared to competitors, China Life's profitability is significantly lower, with China Ping An reporting a net profit of 1,092.74 billion and a net profit margin of 11.96% [1][2] Insurance Business Performance - China Life's total insurance premium income reached 641.38 billion, an increase of 26.19 billion from the previous year, primarily driven by growth in life insurance [2] - However, the overall profit from insurance operations halved, with life insurance profits down 54%, health insurance down 72.6%, and accident insurance down 58.9% [2] - The company experienced a 31.3% increase in policy surrenders, amounting to an additional 11.6 billion, and a 24.3% rise in claims payments, totaling an increase of 34.1 billion [2] Investment Performance - The total investment return rate for China Life fell to 2.68%, marking the first time in ten years it dropped below 3% [3] - The total assets of China Life reached 5.89 trillion, with investment assets totaling 5.67 trillion, but the investment income was only 142 billion [3] - The investment strategy involved a mix of fixed-income financial assets (73%) and equity financial assets (19%), with a significant portion in bonds [3] Cash Flow and Investment Strategy - The net cash flow from investment activities was negative 428.1 billion, indicating a higher outflow than inflow [3] - China Life's investment in Oceanwide Group, which faced debt restructuring, raised concerns about the company's ability to recover its initial investment of 11.245 billion [3] - The company has adjusted its investment strategy, opting not to invest in Oceanwide Group's financial products in 2023, reflecting a cautious approach in the current market environment [3]