Tai Ping Yang·2024-04-13 16:00Investment Rating - The report maintains a "Buy" rating for China Life Insurance [4][10]. Core Views - The report highlights that China Life Insurance achieved an operating revenue of 837.86 billion yuan in 2023, a year-on-year increase of 1.4%. However, the net profit attributable to shareholders decreased by 34.2% to 21.11 billion yuan [3][10]. - Premium income rose to 641.38 billion yuan, reflecting a 4.3% year-on-year growth, with individual insurance premiums showing a recovery trend [3][10]. - The company increased its dividend payout ratio to 57.57%, indicating confidence in future profitability and positively impacting stock prices [3][10]. Summary by Sections Financial Performance - Total assets reached 5.89 trillion yuan, with investment assets growing to 5.67 trillion yuan, both up by approximately 12.1% year-on-year [3]. - The net investment yield and total investment yield were reported at 3.77% and 2.68%, respectively, down by 0.23 percentage points and 1.26 percentage points year-on-year [3][10]. Future Projections - Revenue is expected to grow by 7.44%, 7.47%, and 7.19% in 2024, 2025, and 2026, respectively. Net profit is projected to increase by 23.89%, 17.06%, and 12.67% over the same period [3][11]. - The estimated earnings per share (EPS) for the next three years are 0.93, 1.08, and 1.22 yuan, with corresponding price-to-earnings (PE) ratios of 29.75, 25.42, and 22.56 [11].