Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]
27 10월 2023 - 1:57AM
Edgar (US Regulatory)
Commission File Number 001-31914
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of
Foreign Private Issuer
Pursuant to Rule 13a-16 or
15d-16
of the Securities Exchange Act of 1934
October 26, 2023
China Life
Insurance Company Limited
(Translation of registrants name into English)
16 Financial Street
Xicheng District
Beijing
100033, China
Tel: (86-10) 6363-3333
(Address of principal executive offices)
Indicate by check mark whether
the registrant files or will file annual reports under cover Form 20-F or Form 40-F:
Form 20-F ☒ Form
40-F ☐
Commission File Number 001-31914
China Life Insurance Company Limited issued its 2023 Third Quarter Report on October 26, 2023, a copy of
which is attached as Exhibit 99.1 hereto.
Certain statements contained in this report may be viewed as forward-looking statements within the
meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other
factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking
statements. Further information regarding these risks, uncertainties and other factors is included in the Companys Annual Report on Form 20-F for the fiscal year ended December 31, 2022 filed with
the U.S. Securities and Exchange Commission, or SEC, on April 21, 2023 and in the Companys other filings with the SEC. You should not place undue reliance on these forward-looking statements. All information provided in this report is as
of the date of this report, unless otherwise stated, and we undertake no duty to update such information, except as required under applicable law. Unless otherwise indicated, the Chinese insurance market information set forth in this report is based
on public information released by the National Administration of Financial Regulation.
EXHIBIT LIST
Commission File Number 001-31914
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
thereunto duly authorized.
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China Life Insurance Company Limited |
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(Registrant) |
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By: |
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/s/ Li Mingguang |
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(Signature) |
October 26, 2023 |
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Name: Title: |
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Li Mingguang Principal Executive Officer and
Executive Director |
EXHIBIT 99.1
Commission File Number 001-31914
CHINA LIFE INSURANCE COMPANY LIMITED
(A joint stock limited company incorporated in the Peoples Republic of China with limited liability)
(Stock Code: 2628)
2023
THIRD QUARTER REPORT
This announcement is made by China Life Insurance Company Limited (the Company) pursuant to the inside
information provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rules 13.09(2) and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
IMPORTANT NOTICE
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The Companys Board of Directors, the Board of Supervisors, its Directors, Supervisors and Senior Management
warrant that the information in the 2023 third quarter report is true, accurate and complete and contains no false representations, misleading statements or material omissions, and accept legal responsibility. |
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The financial data for the 2023 third quarter report of the Company have been prepared in accordance with the
China Accounting Standards for Business Enterprises and are unaudited. |
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Mr. Bai Tao, Chairman of the Board of the Company, Ms. Hu Jin, Person in Charge of Finance and Head of
the Financial Department, and Ms. Hou Jin, temporary chief actuary, confirm that the financial statements in the 2023 third quarter report are true, accurate and complete. |
- 1 -
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1.1 |
Major Accounting Data and Financial Indicators |
Currency: RMB
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Items |
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As
at 30 September 2023 |
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As at 31 December 2022 |
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Increase/ (decrease) compared to 31 December
2022 |
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Total assets (million) |
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5,759,367 |
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5,251,984 |
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9.7 |
% |
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Equity attributable to equity holders of the
Company (million) |
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441,878 |
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436,169 |
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1.3 |
% |
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Items |
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For
the Reporting Period (from July to
September) |
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For the corresponding period of 2022 |
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Increase/ (decrease) compared to the corresponding period of 2022 |
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For
the nine months ended 30 September
2023 |
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For the corresponding period of 2022 |
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Increase/ (decrease) compared to the corresponding period of 2022 |
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After restatement |
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Before restatement |
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After restatement |
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After restatement |
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Before restatement |
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After restatement |
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Operating income (million) |
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155,738 |
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172,716 |
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172,714 |
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-9.8 |
% |
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709,333 |
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701,018 |
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701,012 |
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1.2 |
% |
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Net profit attributable to equity holders of
the Company (million) |
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53 |
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5,669 |
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5,701 |
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-99.1 |
% |
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16,209 |
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31,025 |
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31,117 |
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-47.8 |
% |
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Net profit attributable to equity holders of
the Company after deducting non-recurring items (million) |
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111 |
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5,703 |
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5,735 |
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-98.1 |
% |
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16,353 |
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31,090 |
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31,182 |
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-47.4 |
% |
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Net cash flows from operating activities
(million) |
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N/A |
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N/A |
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N/A |
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N/A |
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339,383 |
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288,829 |
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288,755 |
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17.5 |
% |
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Earnings per share (basic and diluted) (RMB
per share) |
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0.20 |
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0.20 |
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-99.1 |
% |
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0.57 |
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1.10 |
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1.10 |
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-47.8 |
% |
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Weighted average ROE (%) |
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0.01 |
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1.21 |
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1.22 |
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A decrease of 1.20 percentage points |
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3.67 |
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6.61 |
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6.63 |
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A decrease of 2.94 percentage points |
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Notes:
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1. |
The financial data for the first three quarters of 2022 in this report have been restated due to a business
combination under common control in 2022. |
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2. |
In calculating the percentage change of Earnings per share (basic and diluted), the tail
differences of the basic figures have been taken into account. |
- 2 -
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1.2 |
Non-recurring Items and Amounts |
RMB million
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Non-recurring items |
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For
the Reporting Period (from July to
September) |
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For the nine
months ended 30 September
2023 |
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Gains/(losses) on disposal of non-current assets |
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7 |
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19 |
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Government subsidies recognised in current
gains/(losses) |
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14 |
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61 |
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External donations |
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(1 |
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Net
non-operating income and expenses other than those mentioned above |
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(95 |
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(255 |
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Effect of income tax |
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18 |
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44 |
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Attributable to
non-controlling interests |
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(2 |
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(12 |
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Total |
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(58 |
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(144 |
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Note: |
The Company is an insurance company and investment (application of insurance fund) is one of its major
businesses. Therefore, the non-recurring items do not include fair value gains/(losses) from financial assets at fair value through profit or loss and financial liabilities at fair value through profit or
loss, as well as investment income from the disposal of financial assets at fair value through profit or loss and financial liabilities at fair value through profit or loss and
available-for-sale financial assets. |
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1.3 |
Particulars of and Reasons for Changes in Major Accounting Data and Financial Indicators
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Currency: RMB
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Items |
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For
the Reporting Period (from July to
September) |
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For
the corresponding period of
2022 (after
restatement) |
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Increase/ (decrease) compared to the corresponding
period of 2022 (after
restatement) |
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For the nine months ended 30 September
2023 |
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For
the corresponding period of 2022 (after
restatement) |
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Increase/ (decrease) compared to the corresponding
period of 2022 (after
restatement) |
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Main reasons |
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Net profit attributable to equity holders of
the Company (million) |
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53 |
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5,669 |
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-99.1 |
% |
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16,209 |
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31,025 |
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-47.8 |
% |
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Due to the impact of the equity market
stayingat the low level, the investment income declined year on year |
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Net profit attributable to equity holders of
the Company after deducting non-recurring items (million) |
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111 |
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5,703 |
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-98.1 |
% |
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16,353 |
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31,090 |
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-47.4 |
% |
Earnings per share (basic and diluted) (RMB
per share) |
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0.20 |
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-99.1 |
% |
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0.57 |
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1.10 |
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-47.8 |
% |
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A year-on-year decrease
in net profit attributable to equity holders of the Company |
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Weighted average ROE (%) |
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0.01 |
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1.21 |
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A decrease of
1.20 percentage points |
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3.67 |
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6.61 |
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A decrease of
2.94 percentage points |
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2. |
INFORMATION ON SHAREHOLDERS |
Total Number of Ordinary Share Shareholders and the Particulars of Top Ten Shareholders as at the End of the Reporting Period
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Total number of shareholders as
at the end of the Reporting Period |
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Number of A
Share shareholders: 86,541 |
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Number of H
Share shareholders: 24,491 |
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Particulars of top ten shareholders of the Company |
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Unit: Share |
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Name of shareholders |
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Nature of shareholder |
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Percentage of shareholding |
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Total number of shares
held as at the end of the Reporting Period |
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Number
of shares subject to selling restrictions |
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Number of shares pledged or frozen |
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China Life Insurance (Group) Company |
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State-owned legal person |
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68.37 |
% |
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19,323,530,000 |
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HKSCC Nominees Limited |
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Overseas legal person |
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25.93 |
% |
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7,327,868,382 |
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China Securities Finance Corporation
Limited |
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State-owned legal person |
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2.51 |
% |
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708,240,246 |
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Central Huijin Asset Management
Limited |
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State-owned legal person |
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0.41 |
% |
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117,165,585 |
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Hong Kong Securities Clearing Company
Limited |
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Overseas legal person |
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0.13 |
% |
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37,261,949 |
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Industrial and Commercial Bank of China Limited
SSE 50 Exchange Traded Index Securities Investment Fund |
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Other |
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0.06 |
% |
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15,977,103 |
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Guosen Securities Co., Ltd. Founder
Fubon CSI Insurance Theme Index Securities Investment Fund |
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Other |
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0.05 |
% |
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13,226,012 |
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National Social Security Fund Portfolio
114 |
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Other |
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0.04 |
% |
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12,000,000 |
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Industrial and Commercial Bank of China Limited
Huatai-PineBridge CSI 300 Exchange Traded Index Securities Investment Fund |
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Other |
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0.04 |
% |
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10,748,933 |
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China International Television
Corporation |
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State-owned legal person |
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0.04 |
% |
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10,000,000 |
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Notes:
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1. |
HKSCC Nominees Limited is a company that holds shares on behalf of the clients of the Hong Kong stock brokers
and other participants of the CCASS system. The relevant regulations of The Stock Exchange of Hong Kong Limited do not require such persons to declare whether their shareholdings are pledged or frozen. Hence, HKSCC Nominees Limited is unable to
calculate or provide the number of shares that are pledged or frozen. |
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2. |
Both Industrial and Commercial Bank of China Limited SSE 50 Exchange Traded Index Securities Investment
Fund and Industrial and Commercial Bank of China Limited Huatai-PineBridge CSI 300 Exchange Traded Index Securities Investment Fund have Industrial and Commercial Bank of China Limited as their fund depositary. Save as above, the Company was
not aware of any connected relationship and concerted parties as defined by the Measures for the Administration of the Takeover of Listed Companies among the top ten shareholders of the Company. |
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3. |
QUARTERLY BUSINESS OVERVIEW |
In the first three quarters of 2023, as the momentum of economic upturn in China continued to consolidate, the recovery of the life insurance
industry has sustained, but there were still uncertainties and complexities. During the Reporting Period, the Company continued to pursue high-quality development and achieved a steady business performance with improved business quality, which
further enhanced its comprehensive strengths and solidified its market leading position in the industry. Firstly, the growth momentum was sustained with steady improvement in business quality. In the first three quarters of 2023, the Company
achieved a rapid growth in its insurance businesses. Its revenues from insurance businesses1 were RMB578,799 million, an increase of 4.5% year on year. Premiums from new policies were
RMB196,656 million, an increase of 14.8% year on year. In particular, first-year regular premiums amounted to RMB105,982 million, an increase of 16.0% year on year. Both the scale and growth rate of revenues from insurance businesses,
premiums from new policies and first-year regular premiums hit record highs for the corresponding period of the past three years. The Company realised a rapid growth in premiums from new policies with its business structure continuously optimised.
First-year regular premiums with a payment duration of ten years or longer were RMB44,639 million, an increase of 15.4% year on year, and its proportion in the first-year regular premiums was 42.12%, rising by 2.13 percentage points from the
first half of 2023. The value of new business for the first three quarters of 2023 continued to grow, recording a year-on-year increase of 14.0%. Renewal premiums were
RMB382,143 million, which generally remained stable. Short-term insurance premiums amounted to RMB69,319 million, an increase of 3.4% year on year. The surrender rate2 was 0.88%, an
increase of 0.14 percentage point year on year. Secondly, the sales force of the Company was further stabilised and its quality was steadily improved. Focusing on the Eight Reform Programs and implementation of the Sales
Channel Strengthening Program, the Company continued to drive business growth through productive agents, proceeded with the sales system reforms in greater depth, and reinforced agent recruitment and development, so as to push forward the
transformation of the sales team to be more specialised and professional. As at the end of the Reporting Period, the Companys total sales force was 0.72 million, of which the number of agents of the individual agent business sector was
0.66 million, further stabilising and solidifying the scale of its sales team. In the meantime, the quality of the sales team continued to optimise and its productivity was significantly improved, with the monthly average first-year regular
premiums per agent increasing by 28.6% year on year. Thirdly, the Company remained under pressure in terms of investment income due to the complicated and severe capital market environment. In the third quarter of 2023, the coupon rate of
domestic bonds was volatile at the low level with the neutral weight edging further downwards, which created a persistent pressure on the allocation of fixed-income assets. The stock market continued to fluctuate at the low level, severely affecting
the investment income from open market equity investment. Affected by the above factors, in the first three quarters of 2023, the Company achieved gross investment income3 of RMB109,997
1 |
Revenues from insurance businesses is consistent with Premium Income in the attached consolidated income
statement. |
2 |
Surrender Rate = Surrender payment/(Opening balance of life insurance reserves and long-term health insurance
reserves + Premiums from life insurance and long-term health insurance) |
3 |
Gross investment income = Net investment income + Net realised gains on investment assets + Fair value
gains/losses Impairment losses of investment assets |
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million and gross investment yield4 was
2.81%. The net investment income5 was RMB148,340 million and the net investment yield6 was 3.81%. Fourthly, the solvency ratios of the
Company continued to maintain at high levels. As at the end of the Reporting Period, the Companys core solvency ratio and comprehensive solvency ratio were 161.25% and 232.68%, respectively, the increase of 17.66 percentage points and
25.90 percentage points from the end of 2022, respectively. The strong solvency ratios provide solid capital foundation for the development of the Company.
As at the end of the Reporting Period, the Companys total assets and investment assets were RMB5,759,367 million and
RMB5,519,950 million, respectively. In the first three quarters of 2023, due to the impact of the equity market staying at the low level, the investment income of the Company declined year on year and net profit attributable to equity holders
of the Company was RMB16,209 million, a decrease of 47.8% year on year.
The Company will continue to pursue the guideline of making
progress while maintaining stability, firmly implement the business strategy of achieving stable growth, prioritising business value, optimising business structure, strengthening sales force, promoting reforms and guarding against risks,
properly coordinate its business development with team building, facilitate in-depth reforms on key areas, push forward the sales system reforms in great depth, and properly proceed with the empowerment and
implementation of healthcare and senior-care ecosystem. It will also endeavour to improve capabilities in customer services and management, strengthen the supporting role of digital iteration, further enhance the protection of consumers rights
and interests, and reinforce the bottom line of risk prevention and control, with the goal of promoting the high-quality development of the Company with stable and sustainable growth.
4 |
Gross investment yield = [(Gross investment income Interest paid for financial assets sold under
agreements to repurchase)/ ((Investment assets at the end of the previous year Financial assets sold under agreements to repurchase at the end of the previous year + Investment assets at the end of the period Financial assets sold
under agreements to repurchase at the end of the period)/2)]/273×365 |
5 |
Net investment income mainly includes interest income, dividend and bonus from all types of financial assets,
net income from investment properties, and income from investments in associates and joint ventures, etc. |
6 |
Net investment yield = [(Net investment income Interest paid for financial assets sold under agreements
to repurchase)/ ((Investment assets at the end of the previous year Financial assets sold under agreements to repurchase at the end of the previous year + Investment assets at the end of the period Financial assets sold under
agreements to repurchase at the end of the period)/2)]/273×365 |
- 7 -
4. |
QUARTERLY FINANCIAL STATEMENTS |
Balance sheet as at 30 September 2023 (unaudited)
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RMB million (Unless otherwise stated) |
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ASSETS |
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As at 30 September
2023 Group |
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As at 31 December
2022 Group |
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As at 30 September
2023 Company |
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As at 31 December
2022 Company |
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Assets |
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Cash fund |
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158,633 |
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128,953 |
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142,621 |
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119,033 |
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Financial assets at fair value through profit or loss |
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250,104 |
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223,782 |
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113,334 |
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93,649 |
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Securities purchased under agreements to resell |
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23,177 |
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38,533 |
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19,065 |
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35,816 |
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Interest receivables |
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57,363 |
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52,309 |
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53,811 |
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49,833 |
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Premiums receivables |
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41,721 |
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19,697 |
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41,721 |
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19,697 |
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Receivables from reinsurers |
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1,809 |
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1,433 |
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1,809 |
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1,433 |
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Unearned premium reserves receivable from reinsurers |
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839 |
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774 |
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839 |
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774 |
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Claim reserves receivable from reinsurers |
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756 |
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736 |
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756 |
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736 |
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Reserves for life insurance receivables from reinsurers |
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729 |
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603 |
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729 |
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603 |
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Reserves for long-term health insurance receivables from reinsurers |
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4,544 |
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4,294 |
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4,544 |
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4,294 |
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Other receivables |
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25,486 |
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13,409 |
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|
|
28,778 |
|
|
|
16,964 |
|
Loans |
|
|
597,618 |
|
|
|
596,490 |
|
|
|
580,818 |
|
|
|
578,963 |
|
Term deposits |
|
|
429,846 |
|
|
|
485,567 |
|
|
|
346,638 |
|
|
|
442,690 |
|
Available-for-sale
financial assets |
|
|
2,043,774 |
|
|
|
1,738,108 |
|
|
|
1,932,742 |
|
|
|
1,644,704 |
|
Held-to-maturity
investments |
|
|
1,740,750 |
|
|
|
1,574,204 |
|
|
|
1,738,353 |
|
|
|
1,571,892 |
|
Long-term equity investments |
|
|
258,339 |
|
|
|
261,179 |
|
|
|
513,859 |
|
|
|
466,875 |
|
Statutory deposits |
|
|
6,333 |
|
|
|
6,333 |
|
|
|
5,653 |
|
|
|
5,653 |
|
Investment properties |
|
|
12,844 |
|
|
|
13,193 |
|
|
|
6,113 |
|
|
|
6,266 |
|
Constructions in progress |
|
|
5,513 |
|
|
|
5,025 |
|
|
|
4,604 |
|
|
|
4,293 |
|
Fixed assets |
|
|
47,602 |
|
|
|
49,052 |
|
|
|
43,642 |
|
|
|
45,088 |
|
Right-of-use
assets |
|
|
1,480 |
|
|
|
1,810 |
|
|
|
1,295 |
|
|
|
1,595 |
|
Intangible assets |
|
|
8,340 |
|
|
|
8,532 |
|
|
|
7,256 |
|
|
|
7,406 |
|
Deferred tax assets |
|
|
33,925 |
|
|
|
22,307 |
|
|
|
33,833 |
|
|
|
22,120 |
|
Other assets |
|
|
5,551 |
|
|
|
5,654 |
|
|
|
5,127 |
|
|
|
5,410 |
|
Separate account assets |
|
|
2,291 |
|
|
|
7 |
|
|
|
7 |
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
5,759,367 |
|
|
|
5,251,984 |
|
|
|
5,627,947 |
|
|
|
5,145,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bai Tao |
|
Hu Jin |
|
Hou Jin |
|
Hu Jin |
Legal
Representative |
|
Person in charge of
Accounting Affairs |
|
Temporary
Chief Actuary |
|
Head of Financial
Department |
- 8 -
Balance sheet as at 30 September 2023 (unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RMB million (Unless otherwise stated) |
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
As at
30 September 2023
Group |
|
|
As at 31 December 2022
Group |
|
|
As at 30 September 2023 Company |
|
|
As at 31 December 2022 Company |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial liabilities at fair value through profit or loss |
|
|
5,488 |
|
|
|
3,344 |
|
|
|
|
|
|
|
|
|
Securities sold under agreements to repurchase |
|
|
154,614 |
|
|
|
148,954 |
|
|
|
138,343 |
|
|
|
140,587 |
|
Premiums received in advance |
|
|
38,370 |
|
|
|
50,830 |
|
|
|
38,370 |
|
|
|
50,830 |
|
Brokerage and commission payable |
|
|
4,190 |
|
|
|
4,664 |
|
|
|
4,188 |
|
|
|
4,660 |
|
Reinsurance payable |
|
|
1,460 |
|
|
|
998 |
|
|
|
1,460 |
|
|
|
998 |
|
Salary and welfare payable |
|
|
8,724 |
|
|
|
12,075 |
|
|
|
7,585 |
|
|
|
10,758 |
|
Taxes payable |
|
|
992 |
|
|
|
942 |
|
|
|
673 |
|
|
|
509 |
|
Dividends payable |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Claims payable |
|
|
66,623 |
|
|
|
60,819 |
|
|
|
66,623 |
|
|
|
60,819 |
|
Policyholder dividends payable |
|
|
92,458 |
|
|
|
96,682 |
|
|
|
92,458 |
|
|
|
96,682 |
|
Other payable |
|
|
15,066 |
|
|
|
18,974 |
|
|
|
13,052 |
|
|
|
16,964 |
|
Policyholder deposits |
|
|
473,253 |
|
|
|
374,742 |
|
|
|
473,253 |
|
|
|
374,742 |
|
Unearned premium reserves |
|
|
25,411 |
|
|
|
13,108 |
|
|
|
25,411 |
|
|
|
13,108 |
|
Claim reserves |
|
|
26,757 |
|
|
|
26,153 |
|
|
|
26,757 |
|
|
|
26,153 |
|
Reserves for life insurance |
|
|
3,967,017 |
|
|
|
3,607,236 |
|
|
|
3,967,017 |
|
|
|
3,607,236 |
|
Reserves for long-term health insurance |
|
|
260,010 |
|
|
|
233,663 |
|
|
|
260,010 |
|
|
|
233,663 |
|
Long-term borrowings |
|
|
12,636 |
|
|
|
12,774 |
|
|
|
|
|
|
|
|
|
Bonds payable |
|
|
34,999 |
|
|
|
34,997 |
|
|
|
34,999 |
|
|
|
34,997 |
|
Lease liabilities |
|
|
1,280 |
|
|
|
1,569 |
|
|
|
1,091 |
|
|
|
1,342 |
|
Deferred tax liabilities |
|
|
647 |
|
|
|
272 |
|
|
|
|
|
|
|
|
|
Other liabilities |
|
|
115,603 |
|
|
|
104,060 |
|
|
|
31,254 |
|
|
|
29,921 |
|
Separate account liabilities |
|
|
2,291 |
|
|
|
7 |
|
|
|
7 |
|
|
|
7 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
5,307,899 |
|
|
|
4,806,863 |
|
|
|
5,182,551 |
|
|
|
4,703,976 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Share capital |
|
|
28,265 |
|
|
|
28,265 |
|
|
|
28,265 |
|
|
|
28,265 |
|
Capital reserve |
|
|
53,940 |
|
|
|
53,554 |
|
|
|
52,479 |
|
|
|
52,410 |
|
Accumulated other comprehensive income |
|
|
(1,963 |
) |
|
|
(4,927 |
) |
|
|
(4,223 |
) |
|
|
(6,103 |
) |
Surplus reserve |
|
|
109,092 |
|
|
|
105,160 |
|
|
|
109,044 |
|
|
|
105,112 |
|
General reserve |
|
|
52,500 |
|
|
|
52,429 |
|
|
|
51,341 |
|
|
|
51,341 |
|
Retained earnings |
|
|
200,044 |
|
|
|
201,688 |
|
|
|
208,490 |
|
|
|
210,793 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to equity holders of the Company |
|
|
441,878 |
|
|
|
436,169 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
9,590 |
|
|
|
8,952 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
451,468 |
|
|
|
445,121 |
|
|
|
445,396 |
|
|
|
441,818 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
|
5,759,367 |
|
|
|
5,251,984 |
|
|
|
5,627,947 |
|
|
|
5,145,794 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bai Tao |
|
Hu Jin |
|
Hou Jin |
|
Hu Jin |
Legal
Representative |
|
Person in charge of
Accounting Affairs |
|
Temporary
Chief Actuary |
|
Head of Financial
Department |
- 9 -
Income statement for the third quarter of 2023 (unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RMB million (Unless otherwise stated) |
|
|
|
|
|
|
|
|
|
For the nine months
ended 30 September |
|
|
For the nine months
ended 30 September |
|
|
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
ITEMS |
|
|
|
Group |
|
|
Group |
|
|
Company |
|
|
Company |
|
|
|
|
|
|
|
|
(Restated) |
|
|
|
|
|
|
|
1 |
|
Operating income |
|
|
709,333 |
|
|
|
701,018 |
|
|
|
703,483 |
|
|
|
699,558 |
|
|
|
Premiums earned |
|
|
560,227 |
|
|
|
536,679 |
|
|
|
560,227 |
|
|
|
536,679 |
|
|
|
Premium income |
|
|
578,799 |
|
|
|
554,105 |
|
|
|
578,799 |
|
|
|
554,105 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Including: Reinsurance premium income |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Premiums ceded to reinsurers |
|
|
(6,334 |
) |
|
|
(6,897 |
) |
|
|
(6,334 |
) |
|
|
(6,897 |
) |
|
|
Change in unearned premium reserves |
|
|
(12,238 |
) |
|
|
(10,529 |
) |
|
|
(12,238 |
) |
|
|
(10,529 |
) |
|
|
Investment income |
|
|
140,630 |
|
|
|
165,354 |
|
|
|
138,446 |
|
|
|
164,412 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Including: Share of profit of associates and joint ventures |
|
|
6,900 |
|
|
|
6,352 |
|
|
|
6,605 |
|
|
|
7,840 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other gains |
|
|
129 |
|
|
|
148 |
|
|
|
79 |
|
|
|
88 |
|
|
|
Fair value gains/(losses) |
|
|
1,821 |
|
|
|
(8,104 |
) |
|
|
1,009 |
|
|
|
(5,702 |
) |
|
|
Foreign exchange gains/(losses) |
|
|
(195 |
) |
|
|
214 |
|
|
|
323 |
|
|
|
1,020 |
|
|
|
Other operating income |
|
|
6,689 |
|
|
|
6,657 |
|
|
|
3,368 |
|
|
|
2,991 |
|
|
|
Gains/(losses) on disposal of assets |
|
|
32 |
|
|
|
70 |
|
|
|
31 |
|
|
|
70 |
|
2 |
|
Operating expenses |
|
|
(703,106 |
) |
|
|
(672,930 |
) |
|
|
(699,974 |
) |
|
|
(670,087 |
) |
|
|
Surrenders |
|
|
(38,468 |
) |
|
|
(28,693 |
) |
|
|
(38,468 |
) |
|
|
(28,693 |
) |
|
|
Claims expense |
|
|
(139,116 |
) |
|
|
(107,736 |
) |
|
|
(139,116 |
) |
|
|
(107,736 |
) |
|
|
Less: Claims recoverable from reinsurers |
|
|
5,307 |
|
|
|
5,045 |
|
|
|
5,307 |
|
|
|
5,045 |
|
|
|
Increase in insurance contracts reserve |
|
|
(386,725 |
) |
|
|
(415,129 |
) |
|
|
(386,725 |
) |
|
|
(415,129 |
) |
|
|
Less: Insurance reserves recoverable from reinsurers |
|
|
396 |
|
|
|
672 |
|
|
|
396 |
|
|
|
672 |
|
|
|
Policyholder dividends resulting from participation in profits |
|
|
(6,244 |
) |
|
|
(17,285 |
) |
|
|
(6,244 |
) |
|
|
(17,285 |
) |
|
|
Tax and surcharges |
|
|
(796 |
) |
|
|
(789 |
) |
|
|
(663 |
) |
|
|
(676 |
) |
|
|
Underwriting and policy acquisition costs |
|
|
(53,962 |
) |
|
|
(45,713 |
) |
|
|
(53,934 |
) |
|
|
(45,712 |
) |
|
|
Administrative expenses |
|
|
(29,537 |
) |
|
|
(28,656 |
) |
|
|
(27,326 |
) |
|
|
(26,492 |
) |
|
|
Less: Expenses recoverable from reinsurers |
|
|
525 |
|
|
|
1,050 |
|
|
|
525 |
|
|
|
1,050 |
|
|
|
Other operating expenses |
|
|
(21,917 |
) |
|
|
(20,921 |
) |
|
|
(20,632 |
) |
|
|
(19,828 |
) |
|
|
Impairment losses |
|
|
(32,569 |
) |
|
|
(14,775 |
) |
|
|
(33,094 |
) |
|
|
(15,303 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bai Tao |
|
Hu Jin |
|
Hou Jin |
|
Hu Jin |
Legal
Representative |
|
Person in charge of
Accounting Affairs |
|
Temporary
Chief Actuary |
|
Head of Financial
Department |
- 10 -
Income statement for the third quarter of 2023 (unaudited) (continued)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
RMB million (Unless otherwise stated) |
|
|
|
|
|
|
|
|
|
For the nine months
ended 30 September |
|
|
For the nine months
ended 30 September |
|
|
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
ITEMS |
|
|
|
Group |
|
|
Group |
|
|
Company |
|
|
Company |
|
|
|
|
|
|
|
|
(Restated) |
|
|
|
|
|
|
|
3 |
|
Operating profit |
|
|
6,227 |
|
|
|
28,088 |
|
|
|
3,509 |
|
|
|
29,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Non-operating income |
|
|
32 |
|
|
|
59 |
|
|
|
28 |
|
|
|
55 |
|
|
|
Less: Non-operating expenses |
|
|
(298 |
) |
|
|
(286 |
) |
|
|
(296 |
) |
|
|
(285 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
Net profit before income tax |
|
|
5,961 |
|
|
|
27,861 |
|
|
|
3,241 |
|
|
|
29,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Income tax expenses |
|
|
11,341 |
|
|
|
4,315 |
|
|
|
12,238 |
|
|
|
5,369 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
|
Net profit |
|
|
17,302 |
|
|
|
32,176 |
|
|
|
15,479 |
|
|
|
34,610 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
According to operating continuity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net profit from continuing operations |
|
|
17,302 |
|
|
|
32,176 |
|
|
|
15,479 |
|
|
|
34,610 |
|
|
|
According to ownership of the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Equity holders of the Company |
|
|
16,209 |
|
|
|
31,025 |
|
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
1,093 |
|
|
|
1,151 |
|
|
|
|
|
|
|
|
|
6 |
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
|
|
RMB0.57 |
|
|
|
RMB1.10 |
|
|
|
|
|
|
|
|
|
|
|
Diluted earnings per share |
|
|
RMB0.57 |
|
|
|
RMB1.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bai Tao |
|
Hu Jin |
|
Hou Jin |
|
Hu Jin |
Legal
Representative |
|
Person in charge of
Accounting Affairs |
|
Temporary
Chief Actuary |
|
Head of Financial
Department |
- 11 -
Income statement for the third quarter of 2023 (unaudited) (continued)
RMB million (Unless otherwise stated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months
ended 30 September |
|
|
For the nine months
ended 30 September |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
ITEMS |
|
Group |
|
|
Group |
|
|
Company |
|
|
Company |
|
|
|
|
|
|
(Restated) |
|
|
|
|
|
|
|
7 Other comprehensive income |
|
|
2,927 |
|
|
|
(37,752 |
) |
|
|
1,880 |
|
|
|
(38,450 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income attributable to equity holders of the Company (net of tax) |
|
|
2,964 |
|
|
|
(37,649 |
) |
|
|
|
|
|
|
|
|
Other comprehensive income that may be reclassified to profit or loss |
|
|
2,088 |
|
|
|
(37,473 |
) |
|
|
1,012 |
|
|
|
(38,188 |
) |
Fair value gains/(losses) on
available-for-sale financial assets |
|
|
(22,473 |
) |
|
|
(45,538 |
) |
|
|
(23,505 |
) |
|
|
(46,455 |
) |
Less: Amount transferred to net profit from other comprehensive income |
|
|
29,976 |
|
|
|
(5,551 |
) |
|
|
29,992 |
|
|
|
(5,409 |
) |
Portion of fair value changes on
available-for-sale financial assets attributable to participating policyholders |
|
|
(4,940 |
) |
|
|
14,691 |
|
|
|
(4,940 |
) |
|
|
14,691 |
|
Other comprehensive income that may be transferred to profit or loss under the equity
method |
|
|
(1,072 |
) |
|
|
(1,723 |
) |
|
|
(573 |
) |
|
|
(1,035 |
) |
Exchanges differences on translating foreign operations |
|
|
597 |
|
|
|
648 |
|
|
|
38 |
|
|
|
20 |
|
Other comprehensive income that will not be reclassified to profit or loss |
|
|
876 |
|
|
|
(176 |
) |
|
|
868 |
|
|
|
(262 |
) |
Other comprehensive income that may not be transferred to profit or loss under the equity
method |
|
|
876 |
|
|
|
(176 |
) |
|
|
868 |
|
|
|
(262 |
) |
Other comprehensive income attributable to non-controlling
interests (net of tax) |
|
|
(37 |
) |
|
|
(103 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 Total comprehensive income |
|
|
20,229 |
|
|
|
(5,576 |
) |
|
|
17,359 |
|
|
|
(3,840 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Attributable to equity holders of the Company |
|
|
19,173 |
|
|
|
(6,624 |
) |
|
|
|
|
|
|
|
|
Attributable to non-controlling interests |
|
|
1,056 |
|
|
|
1,048 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bai Tao |
|
Hu Jin |
|
Hou Jin |
|
Hu Jin |
Legal
Representative |
|
Person in charge of
Accounting Affairs |
|
Temporary
Chief Actuary |
|
Head of Financial
Department |
- 12 -
Cash flow statement for the third quarter of 2023 (unaudited)
RMB million (Unless otherwise stated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months
ended 30 September |
|
|
For the nine months
ended 30 September |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
ITEMS |
|
Group |
|
|
Group |
|
|
Company |
|
|
Company |
|
|
|
|
|
|
(Restated) |
|
|
|
|
|
|
|
1 Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Premiums received |
|
|
541,748 |
|
|
|
494,458 |
|
|
|
541,748 |
|
|
|
494,458 |
|
Net increase in policyholder deposits |
|
|
85,282 |
|
|
|
38,442 |
|
|
|
85,282 |
|
|
|
38,442 |
|
Net cash received from financial assets at fair value through profit or loss |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15,414 |
|
Net cash received from financial liabilities at fair value through profit or loss |
|
|
|
|
|
|
1,865 |
|
|
|
|
|
|
|
|
|
Cash received from other operating activities |
|
|
9,521 |
|
|
|
13,037 |
|
|
|
4,343 |
|
|
|
7,492 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub-total of cash inflows from operating
activities |
|
|
636,551 |
|
|
|
547,802 |
|
|
|
631,373 |
|
|
|
555,806 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for claims |
|
|
(171,719 |
) |
|
|
(133,065 |
) |
|
|
(171,719 |
) |
|
|
(133,065 |
) |
Net cash paid for reinsurance business |
|
|
(416 |
) |
|
|
(1,057 |
) |
|
|
(416 |
) |
|
|
(1,057 |
) |
Cash paid for brokerage and commission fees |
|
|
(54,486 |
) |
|
|
(46,369 |
) |
|
|
(54,457 |
) |
|
|
(46,366 |
) |
Cash paid for policyholder dividends |
|
|
(16,139 |
) |
|
|
(17,803 |
) |
|
|
(16,137 |
) |
|
|
(17,803 |
) |
Cash paid to and for employees |
|
|
(19,798 |
) |
|
|
(20,209 |
) |
|
|
(18,207 |
) |
|
|
(18,510 |
) |
Cash paid for taxes and surcharges |
|
|
(4,894 |
) |
|
|
(5,482 |
) |
|
|
(3,072 |
) |
|
|
(3,477 |
) |
Net cash paid for financial assets at fair value through profit or loss |
|
|
(15,090 |
) |
|
|
(15,456 |
) |
|
|
(16,849 |
) |
|
|
|
|
Net cash paid for financial liabilities at fair value through profit or loss |
|
|
(1,090 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for other operating activities |
|
|
(13,536 |
) |
|
|
(19,532 |
) |
|
|
(14,070 |
) |
|
|
(18,986 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub-total of cash outflows from operating
activities |
|
|
(297,168 |
) |
|
|
(258,973 |
) |
|
|
(294,927 |
) |
|
|
(239,264 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from operating activities |
|
|
339,383 |
|
|
|
288,829 |
|
|
|
336,446 |
|
|
|
316,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bai Tao |
|
Hu Jin |
|
Hou Jin |
|
Hu Jin |
Legal
Representative |
|
Person in charge of
Accounting Affairs |
|
Temporary
Chief Actuary |
|
Head of Financial
Department |
- 13 -
Cash flow statement for the third quarter of 2023 (unaudited) (continued)
RMB million (Unless otherwise stated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months
ended 30 September |
|
|
For the nine months
ended 30 September |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
ITEMS |
|
Group |
|
|
Group |
|
|
Company |
|
|
Company |
|
|
|
|
|
|
(Restated) |
|
|
|
|
|
|
|
2 Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash received from sales and redemption of investments |
|
|
963,796 |
|
|
|
930,542 |
|
|
|
889,576 |
|
|
|
823,882 |
|
Cash received from investment income |
|
|
136,780 |
|
|
|
134,495 |
|
|
|
134,998 |
|
|
|
131,863 |
|
Net cash received from disposals of fixed assets, intangible assets and other long-term
assets |
|
|
85 |
|
|
|
148 |
|
|
|
85 |
|
|
|
147 |
|
Net cash received from securities purchased under agreements to resell |
|
|
16,139 |
|
|
|
|
|
|
|
16,751 |
|
|
|
|
|
Net cash received from the disposal of subsidiaries and other business units |
|
|
|
|
|
|
255 |
|
|
|
34 |
|
|
|
2,263 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub-total of cash inflows from investing
activities |
|
|
1,116,800 |
|
|
|
1,065,440 |
|
|
|
1,041,444 |
|
|
|
958,155 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash paid for investments |
|
|
(1,401,820 |
) |
|
|
(1,080,431 |
) |
|
|
(1,288,048 |
) |
|
|
(1,015,918 |
) |
Net increase in policy loans |
|
|
(14,401 |
) |
|
|
(12,922 |
) |
|
|
(14,401 |
) |
|
|
(12,922 |
) |
Cash paid for acquisition of fixed assets, intangible assets and other long-term assets |
|
|
(1,967 |
) |
|
|
(1,720 |
) |
|
|
(1,473 |
) |
|
|
(1,358 |
) |
Net cash paid from securities purchased under agreements to resell |
|
|
|
|
|
|
(12,867 |
) |
|
|
|
|
|
|
(11,507 |
) |
Net cash paid for the acquisition of subsidiaries and other business units |
|
|
(11,006 |
) |
|
|
(12,117 |
) |
|
|
(30,598 |
) |
|
|
(12,513 |
) |
Cash paid for other investing activities |
|
|
(198 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub-total of cash outflows from investing
activities |
|
|
(1,429,392 |
) |
|
|
(1,120,057 |
) |
|
|
(1,334,520 |
) |
|
|
(1,054,218 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from investing activities |
|
|
(312,592 |
) |
|
|
(54,617 |
) |
|
|
(293,076 |
) |
|
|
(96,063 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bai Tao |
|
Hu Jin |
|
Hou Jin |
|
Hu Jin |
Legal
Representative |
|
Person in charge of
Accounting Affairs |
|
Temporary
Chief Actuary |
|
Head of Financial
Department |
- 14 -
Cash flow statement for the third quarter of 2023 (unaudited) (continued)
RMB million (Unless otherwise stated)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the nine months
ended 30 September |
|
|
For the nine months
ended 30 September |
|
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
ITEMS |
|
Group |
|
|
Group |
|
|
Company |
|
|
Company |
|
|
|
|
|
|
(Restated) |
|
|
|
|
|
|
|
3 Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash received from investment |
|
|
17,889 |
|
|
|
3,241 |
|
|
|
|
|
|
|
|
|
Including: Cash received from the investment of
non-controlling interests by subsidiaries |
|
|
17,889 |
|
|
|
3,241 |
|
|
|
|
|
|
|
|
|
Cash received from borrowings |
|
|
18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash received for securities sold under agreements to repurchase |
|
|
5,482 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash received from other financing activities |
|
|
750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub-total of cash inflows from financing
activities |
|
|
24,139 |
|
|
|
3,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash repaid to lenders |
|
|
(563 |
) |
|
|
(97 |
) |
|
|
|
|
|
|
|
|
Cash paid for dividends and interests and repaid for lenders |
|
|
(20,139 |
) |
|
|
(24,429 |
) |
|
|
(17,016 |
) |
|
|
(21,825 |
) |
Net cash paid for securities sold under agreements to repurchase |
|
|
|
|
|
|
(151,849 |
) |
|
|
(2,244 |
) |
|
|
(157,334 |
) |
Cash paid for other financing activities |
|
|
(761 |
) |
|
|
(1,228 |
) |
|
|
(621 |
) |
|
|
(760 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub-total of cash outflows from financing
activities |
|
|
(21,463 |
) |
|
|
(177,603 |
) |
|
|
(19,881 |
) |
|
|
(179,919 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net cash flows from financing activities |
|
|
2,676 |
|
|
|
(174,362 |
) |
|
|
(19,881 |
) |
|
|
(179,919 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 Effect of changes in foreign exchange rate on cash and cash
equivalents |
|
|
107 |
|
|
|
228 |
|
|
|
99 |
|
|
|
189 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 Net increase in cash and cash equivalents |
|
|
29,574 |
|
|
|
60,078 |
|
|
|
23,588 |
|
|
|
40,749 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Opening balance of cash and cash equivalents |
|
|
127,594 |
|
|
|
60,459 |
|
|
|
119,036 |
|
|
|
53,593 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 Closing balance of cash and cash equivalents |
|
|
157,168 |
|
|
|
120,537 |
|
|
|
142,624 |
|
|
|
94,342 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bai Tao |
|
Hu Jin |
|
Hou Jin |
|
Hu Jin |
Legal
Representative |
|
Person in charge of
Accounting Affairs |
|
Temporary
Chief Actuary |
|
Head of Financial
Department |
- 15 -
Notes:
Under Accounting Standards for Business Enterprises (ASBE), the Company adopts the transition plan for the new accounting
standards for insurance contracts, namely: From 1 January 2023 to 31 December 2025, the Company will continue to apply ASBE No. 25 Direct Insurance Contracts (Caikuai [2006] No. 3), ASBE
No. 26 Reinsurance Contracts (Caikuai [2006] No. 3), Regulations regarding the Accounting Treatment of Insurance Contracts (Caikuai [2009] No. 15), ASBE No. 22 Recognition
and Measurement of Financial Instruments (Caikuai [2006] No. 3), ASBE No. 23 Transfer of Financial Assets (Caikuai [2006] No. 3), ASBE No. 24 Hedging (Caikuai [2006]
No. 3), ASBE No. 37 Presentation of Financial Instruments (Caikuai [2014] No. 23) and other relevant accounting standards.
The following additional disclosures are related financial information prepared in accordance with ASBE No. 25
Insurance Contracts (Caikuai [2020] No. 20), ASBE No. 22 Recognition and Measurement of Financial Instruments (Caikuai [2017] No. 7), ASBE No. 23 Transfer of Financial
Assets (Caikuai [2017] No. 8), ASBE No. 24 Hedge Accounting (Caikuai [2017] No. 9) and ASBE No. 37 Presentation of Financial Instruments (Caikuai [2017] No. 14)
(the new standards) by the Company for the third quarter of 2023. The Company has restated and presented the comparative information associated with insurance contracts in accordance with ASBE No. 25
Insurance Contracts (Caikuai [2020] No. 20), and there is no need to restate and present any comparative information associated with financial instruments in accordance with ASBE No. 22 Recognition and
Measurement of Financial Instruments (Caikuai [2017] No. 7).
Balance sheet under the new standards as at 30 September 2023
(unaudited)
RMB million (Unless otherwise stated)
|
|
|
|
|
|
|
|
|
ASSETS |
|
As at 30 September
2023 Group |
|
|
As at 31 December
2022 Group |
|
|
|
|
|
|
(Restated) |
|
Assets |
|
|
|
|
|
|
|
|
Cash fund |
|
|
159,230 |
|
|
|
128,956 |
|
Financial assets at fair value through profit or loss |
|
|
N/A |
|
|
|
223,790 |
|
Financial assets purchased under agreements to resell |
|
|
23,179 |
|
|
|
38,533 |
|
Interest receivables |
|
|
N/A |
|
|
|
49,438 |
|
Term deposits |
|
|
439,715 |
|
|
|
485,567 |
|
Held-for-trading
financial assets |
|
|
1,613,360 |
|
|
|
N/A |
|
Financial assets at amortised cost |
|
|
208,386 |
|
|
|
N/A |
|
Debt financial assets at fair value through other comprehensive income |
|
|
2,643,797 |
|
|
|
N/A |
|
Equity financial assets at fair value through other comprehensive income |
|
|
132,518 |
|
|
|
N/A |
|
Loans |
|
|
N/A |
|
|
|
342,083 |
|
Available-for-sale
financial assets |
|
|
N/A |
|
|
|
1,738,108 |
|
Held-to-maturity
investments |
|
|
N/A |
|
|
|
1,574,204 |
|
Reinsurance contract assets |
|
|
25,095 |
|
|
|
24,096 |
|
Long-term equity investments |
|
|
259,650 |
|
|
|
262,488 |
|
Statutory deposits |
|
|
6,466 |
|
|
|
6,333 |
|
Investment properties |
|
|
12,844 |
|
|
|
13,193 |
|
Fixed assets |
|
|
47,602 |
|
|
|
49,052 |
|
Constructions in progress |
|
|
5,513 |
|
|
|
5,025 |
|
Right-of-use
assets |
|
|
1,480 |
|
|
|
1,810 |
|
Intangible assets |
|
|
8,340 |
|
|
|
8,532 |
|
Deferred tax assets |
|
|
23,289 |
|
|
|
46,126 |
|
Other assets |
|
|
29,897 |
|
|
|
12,734 |
|
|
|
|
|
|
|
|
|
|
Total assets |
|
|
5,640,361 |
|
|
|
5,010,068 |
|
|
|
|
|
|
|
|
|
|
- 16 -
Balance sheet under the new standards as at 30 September 2023 (unaudited) (continued)
RMB million (Unless otherwise stated)
|
|
|
|
|
|
|
|
|
LIABILITIES AND EQUITY |
|
As at 30 September
2023 Group |
|
|
As at 31 December
2022 Group |
|
|
|
|
|
|
(Restated) |
|
Liabilities |
|
|
|
|
|
|
|
|
Financial liabilities at fair value through profit or loss |
|
|
N/A |
|
|
|
3,344 |
|
Held-for-trading
financial liabilities |
|
|
5,488 |
|
|
|
N/A |
|
Financial assets sold under agreements to repurchase |
|
|
154,645 |
|
|
|
148,958 |
|
Premiums received in advance |
|
|
37,239 |
|
|
|
49,654 |
|
Salary and welfare payable |
|
|
8,724 |
|
|
|
12,075 |
|
Taxes payable |
|
|
961 |
|
|
|
942 |
|
Long-term borrowings |
|
|
12,653 |
|
|
|
12,774 |
|
Bonds payable |
|
|
35,789 |
|
|
|
34,997 |
|
Insurance contract liabilities |
|
|
4,785,095 |
|
|
|
4,266,947 |
|
Reinsurance contract liabilities |
|
|
169 |
|
|
|
160 |
|
Lease liabilities |
|
|
1,280 |
|
|
|
1,569 |
|
Deferred tax liabilities |
|
|
|
|
|
|
272 |
|
Other liabilities |
|
|
113,978 |
|
|
|
103,403 |
|
|
|
|
|
|
|
|
|
|
Total liabilities |
|
|
5,156,021 |
|
|
|
4,635,095 |
|
|
|
|
|
|
|
|
|
|
Equity |
|
|
|
|
|
|
|
|
Share capital |
|
|
28,265 |
|
|
|
28,265 |
|
Capital reserve |
|
|
53,940 |
|
|
|
53,554 |
|
Accumulated other comprehensive income |
|
|
(64,821 |
) |
|
|
(112,110 |
) |
Surplus reserve |
|
|
109,092 |
|
|
|
105,160 |
|
General reserve |
|
|
52,500 |
|
|
|
52,429 |
|
Retained earnings |
|
|
295,763 |
|
|
|
238,723 |
|
|
|
|
|
|
|
|
|
|
Attributable to equity holders of the Company |
|
|
474,739 |
|
|
|
366,021 |
|
|
|
|
|
|
|
|
|
|
Non-controlling interests |
|
|
9,601 |
|
|
|
8,952 |
|
|
|
|
|
|
|
|
|
|
Total equity |
|
|
484,340 |
|
|
|
374,973 |
|
|
|
|
|
|
|
|
|
|
Total liabilities and equity |
|
|
5,640,361 |
|
|
|
5,010,068 |
|
|
|
|
|
|
|
|
|
|
- 17 -
Income statement under the new standards for the third quarter of 2023 (unaudited)
RMB million (Unless otherwise stated)
|
|
|
|
|
|
|
|
|
ITEMS |
|
For the nine months ended 30 September
2023 Group |
|
|
For the nine months ended 30 September
2022 Group |
|
|
|
|
|
|
(Restated) |
|
1 Operating income |
|
|
244,990 |
|
|
|
292,967 |
|
Insurance revenue |
|
|
136,439 |
|
|
|
137,385 |
|
Interest income |
|
|
92,036 |
|
|
|
N/A |
|
Investment income |
|
|
22,578 |
|
|
|
156,921 |
|
|
|
|
|
|
|
|
|
|
Including: Share of profit of associates and joint ventures |
|
|
6,719 |
|
|
|
6,468 |
|
|
|
|
|
|
|
|
|
|
Other gains |
|
|
129 |
|
|
|
148 |
|
Fair value gains/(losses) |
|
|
(12,089 |
) |
|
|
(8,104 |
) |
Foreign exchange gains/(losses) |
|
|
(195 |
) |
|
|
214 |
|
Other operating income |
|
|
6,060 |
|
|
|
6,333 |
|
Gains/(losses) on disposal of assets |
|
|
32 |
|
|
|
70 |
|
2 Operating expenses |
|
|
(213,333 |
) |
|
|
(232,317 |
) |
Insurance service expenses |
|
|
(99,171 |
) |
|
|
(95,987 |
) |
Allocation of reinsurance premiums paid |
|
|
(4,226 |
) |
|
|
(3,552 |
) |
Less: Amounts recovered from reinsurers |
|
|
3,774 |
|
|
|
5,168 |
|
Insurance finance income/(expenses) from insurance contracts issued |
|
|
(101,029 |
) |
|
|
(109,899 |
) |
Less: Reinsurance finance income/(expenses) from reinsurance contracts held |
|
|
465 |
|
|
|
436 |
|
Interest expenses |
|
|
(3,563 |
) |
|
|
N/A |
|
Underwriting and policy acquisition costs |
|
|
(1,167 |
) |
|
|
(1,052 |
) |
Tax and surcharges |
|
|
(795 |
) |
|
|
(770 |
) |
Administrative expenses |
|
|
(4,454 |
) |
|
|
(4,371 |
) |
Expected credit losses |
|
|
935 |
|
|
|
N/A |
|
Impairment losses |
|
|
N/A |
|
|
|
(14,807 |
) |
Other operating expenses |
|
|
(4,102 |
) |
|
|
(7,483 |
) |
|
|
|
|
|
|
|
|
|
- 18 -
Income statement under the new standards for the third quarter of 2023 (unaudited)
(continued)
RMB million (Unless otherwise stated)
|
|
|
|
|
|
|
|
|
ITEMS |
|
For the nine months ended 30 September
2023 Group |
|
|
For the nine months ended 30 September
2022 Group |
|
|
|
|
|
|
(Restated) |
|
3 Operating profit |
|
|
31,657 |
|
|
|
60,650 |
|
|
|
|
|
|
|
|
|
|
Add: Non-operating income |
|
|
32 |
|
|
|
59 |
|
Less: Non-operating expenses |
|
|
(298 |
) |
|
|
(286 |
) |
|
|
|
|
|
|
|
|
|
4 Profit before income tax |
|
|
31,391 |
|
|
|
60,423 |
|
|
|
|
|
|
|
|
|
|
Less: Income tax expenses |
|
|
5,168 |
|
|
|
(3,758 |
) |
|
|
|
|
|
|
|
|
|
5 Net profit |
|
|
36,559 |
|
|
|
56,665 |
|
|
|
|
|
|
|
|
|
|
According to operating continuity: |
|
|
|
|
|
|
|
|
Net profit from continuing operations |
|
|
36,559 |
|
|
|
56,665 |
|
According to ownership of the company: |
|
|
|
|
|
|
|
|
Equity holders of the Company |
|
|
35,541 |
|
|
|
55,514 |
|
Non-controlling interests |
|
|
1,018 |
|
|
|
1,151 |
|
6 Earnings per share |
|
|
|
|
|
|
|
|
Basic earnings per share |
|
|
RMB1.26 |
|
|
|
RMB1.96 |
|
Diluted earnings per share |
|
|
RMB1.26 |
|
|
|
RMB1.96 |
|
- 19 -
Income statement under the new standards for the third quarter of 2023 (unaudited)
(continued)
|
|
|
|
|
|
|
|
|
RMB million (Unless otherwise stated) |
|
|
|
|
ITEMS |
|
For the nine months ended 30 September
2023 Group |
|
|
For the nine months ended 30 September
2022 Group |
|
|
|
|
|
|
(Restated) |
|
7 Other comprehensive income |
|
|
(13,421 |
) |
|
|
(62,905 |
) |
|
|
|
|
|
|
|
|
|
Other comprehensive income attributable to equity holders of the Company (net of tax) |
|
|
(13,461 |
) |
|
|
(62,802 |
) |
Other comprehensive income that may be reclassified to profit or loss |
|
|
(14,562 |
) |
|
|
(62,626 |
) |
Other comprehensive income that may be reclassified to profit or loss under the equity
method |
|
|
(813 |
) |
|
|
(1,738 |
) |
Changes in fair value of debt financial assets at fair value through other comprehensive
income |
|
|
48,006 |
|
|
|
N/A |
|
Allowance for credit losses on debt financial assets at fair value through other comprehensive
income |
|
|
(479 |
) |
|
|
N/A |
|
Exchanges differences on translating foreign operations |
|
|
597 |
|
|
|
648 |
|
Insurance finance income/(expenses) from insurance contracts issued |
|
|
(62,288 |
) |
|
|
(11,057 |
) |
Reinsurance finance income/(expenses) from reinsurance contracts held |
|
|
415 |
|
|
|
610 |
|
Fair value gains/(losses) on
available-for-sale financial assets |
|
|
N/A |
|
|
|
(45,538 |
) |
Less: Amount transferred to net profit from other comprehensive income |
|
|
N/A |
|
|
|
(5,551 |
) |
Other comprehensive income that will not be reclassified to profit or loss |
|
|
1,101 |
|
|
|
(176 |
) |
Other comprehensive income that may not be transferred to profit or loss under the equity
method |
|
|
804 |
|
|
|
(176 |
) |
Changes in fair value of equity financial assets at fair value through other comprehensive
income |
|
|
787 |
|
|
|
N/A |
|
Insurance finance income/(expenses) from insurance contracts issued |
|
|
(490 |
) |
|
|
|
|
Other comprehensive income attributable to non-controlling
interests (net of tax) |
|
|
40 |
|
|
|
(103 |
) |
|
|
|
|
|
|
|
|
|
8 Total comprehensive income |
|
|
23,138 |
|
|
|
(6,240 |
) |
|
|
|
|
|
|
|
|
|
Attributable to equity holders of the Company |
|
|
22,080 |
|
|
|
(7,288 |
) |
Attributable to non-controlling interests |
|
|
1,058 |
|
|
|
1,048 |
|
- 20 -
This announcement is published in both Chinese and English. Should there be any inconsistency between
the Chinese and English versions, the Chinese version shall prevail.
|
By Order of the Board |
China Life Insurance Company Limited
Heng Victor Ja Wei |
Company Secretary |
As at the date of this announcement, the Board of Directors of the Company comprises:
|
|
|
Executive Directors: |
|
Bai Tao, Li Mingguang |
Non-executive Directors: |
|
Wang Junhui, Zhuo Meijuan |
Independent Non-executive Directors: |
|
Lam Chi Kuen, Zhai Haitao, Huang Yiping, Chen Jie |
Beijing, China
26 October
2023
- 21 -
China Life Insurance (PK) (USOTC:CILJF)
과거 데이터 주식 차트
부터 10월(10) 2024 으로 11월(11) 2024
China Life Insurance (PK) (USOTC:CILJF)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024
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