The results for the first three quarters were announced. China Life Insurance’s business development is stable and making progress, and its market leadership continues to be solid.
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On the evening of October 26, China Life Insurance Co., Ltd. (hereinafter referred to as “China Life Insurance Company”) announced its performance report for the first three quarters. The report shows that the company’s premium income, new policy premiums, and first-year regular premiums in the first three quarters all hit record highs in scale and growth for the same period in the past three years, and the company’s business development is stable and making progress.
In the first three quarters of 2023, my country’s economic recovery has continued to consolidate, and the industry’s recovery trend has continued. However, there are still many uncertain and complex factors.China Life Insurance CompanyAdhering to the theme of high-quality development, business development remains stable and development quality continues to improvethe market leading advantage continues to be solid, and the comprehensive strength is further enhanced.
Business development has been stable while improving, and the quality of development has been stable and improved.In the first three quarters of 2023,China Life InsuranceThe company’s insurance business has achieved rapid development, with premium income reaching RMB578.799 billion yuan, a year-on-year increase of 4.5%. New policy premiums reached RMB 196.656 billion, a year-on-year increase of 14.8%, of which first-year regular premiums were RMB 105.982 billion, a year-on-year increase of 16.0%. While new policy premiums are growing rapidly, the business structure is constantly being optimized. First-year regular premiums with ten years or more were RMB 44.639 billion, a year-on-year increase of 15.4%, accounting for 42.12% of first-year regular premiums, an increase of 2.13 percentage points from the first half of 2023. New business value continued to grow in the first three quarters of 2023, with a year-on-year increase of 14.0%. Renewal premiums were RMB 382.143 billion, basically stable. Short-term insurance premiums were RMB 69.319 billion, a year-on-year increase of 3.4%.
The sales force has stabilized and consolidated, and the quality is stable and improving.China Life InsuranceThe company insists on effective team-driven business development, focusing on“Eight major projects“continues to land“Sales channel strengthening project“, deepen the reform of the marketing system, strengthen the growth and education of the sales team, and steadily promote the transformation of the sales team into a professional and professional one.As ofSeptember 30, 2023the company’s total sales force is720,000 people, including 660,000 individual insurance sales personnel.The stabilization trend of team size has been further consolidated; the quality of the team has continued to be optimized, team production capacity has increased significantly, and the monthly average first-year regular premium per capita in the individual insurance sector has increased year-on-year.28.6%.
Investment returns continue to be under pressure in the complex and severe capital market environment.In the third quarter of 2023, domestic bond interest rates fluctuated at low levels, with the center further declining, and the pressure on fixed-income asset allocation continued; the stock market continued to fluctuate at low levels, and the pressure on the income of public market equity products further increased. Affected by this, in the first three quarters of 2023,China Life InsuranceThe company achieved total investment income of RMB109.997 billion yuan, with a total investment rate of return of 2.81%; net investment income of 148.340 billion yuan, with a net investment rate of return of 3.81%.
Solvency continues to remain at a high level.As ofOn September 30, 2023, China Life Insurance Company’s core solvency adequacy ratio reachedThe comprehensive solvency adequacy ratio reached 161.25%, reaching 232.68%, an increase of 17.66 percentage points and 25.90 percentage points respectively from the end of 2022. It continues to maintain a high level and provides a solid capital guarantee for the company’s development.
The report shows that as ofOn September 30, 2023, China Life Insurance Company’s total assets reached RMB5,759.367 billion yuan, with investment assets reaching 5,519.950 billion yuanboth exceed5.5 trillion yuan.In the first three quarters of 2023,China Life Insurance CompanyNet profit attributable to shareholders of the parent company is RMB16.209 billion yuan.
China Life Insurance Company stated that it will adhere to the general tone of seeking progress while maintaining stability and adhere toWith the business strategy of “steady growth, emphasis on value, optimizing structure, strengthening the team, promoting reforms, and preventing risks”, we will coordinate business development and team building, deeply promote reforms in key areas, deepen the reform of the marketing system, and do a good job in endowment of the health and wellness ecosystem. capabilities and implementation, we will make every effort to improve customer operation and service capabilities, enhance digital iteration support capabilities, continue to strengthen the protection of consumer rights and interests, build a solid bottom line for risk prevention and control, and effectively promote the company’s high-quality development to be stable and long-term.
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