Financial Performance - Total revenue for 2023 was RMB 344,746 million, a decrease of 7.0% from RMB 370,861 million in 2022[7]. - Pre-tax profit for 2023 was RMB 44,576 million, down 36.4% from RMB 70,060 million in 2022[7]. - Net profit attributable to shareholders for 2023 was RMB 46,181 million, a decline of 30.7% compared to RMB 66,680 million in 2022[7]. - Earnings per share (basic and diluted) for 2023 was RMB 1.63, down 30.7% from RMB 2.36 in 2022[7]. - Return on equity (ROE) for 2023 was 9.65%, a decrease of 7.61 percentage points from 17.26% in 2022[7]. - The company's total investment return for 2023 was 2.43%, down 1.47 percentage points from 3.90% in 2022[7]. - The total comprehensive income attributable to shareholders for 2023 was RMB 24,440 million, compared to a loss of RMB 2,577 million in 2022[53]. - The total financial expenses and credit impairment losses for 2023 amounted to RMB 5,308 million, compared to RMB 4,863 million in 2022[52]. Assets and Liabilities - Total assets as of December 31, 2023, reached RMB 5,802,086 million, an increase of 15.8% from RMB 5,010,068 million in 2022[7]. - Total liabilities as of December 31, 2023, amounted to RMB 5,315,052 million, up 14.7% from RMB 4,635,095 million in 2022[7]. - Shareholders' equity attributable to the company as of December 31, 2023, was RMB 477,093 million, an increase of 30.3% from RMB 366,021 million in 2022[7]. - The company's total liabilities to equity ratio improved to 11.1 in 2023 from 12.4 in 2022, indicating a stronger equity position relative to liabilities[80]. Premiums and Insurance Business - Total premium income was RMB 641.38 billion, an increase of 4.3% year-on-year, achieving a historical high[12]. - The total premium income for life insurance business reached RMB 512.62 billion in 2023, a year-on-year increase of 5.6%[17]. - The first-year premium income for life insurance was RMB 130.84 billion, up from RMB 105.29 billion in 2022, reflecting a significant growth[16]. - The individual insurance segment generated total premiums of RMB 501.58 billion, an increase of 1.9% year-on-year[18]. - The new business value for the individual insurance segment was RMB 34.65 billion, representing a year-on-year increase of 10.4%[20]. Investment Activities - The company achieved a net investment income of RMB 185,866 million in 2023, with a net investment yield of 3.70%[35]. - Total investment income for 2023 was RMB 123,082 million, resulting in a total investment yield of 2.43%[34]. - The company reported a decrease in total investment income from RMB 176,277 million in 2022 to RMB 123,082 million in 2023[34]. - The company maintained a strong asset quality, with over 98% of credit bonds rated AAA and over 99% of credit-type financial products rated AAA[36]. Dividends and Shareholder Returns - The board proposed a cash dividend of RMB 4.30 per 10 shares for the 2023 fiscal year, subject to shareholder approval[2]. - The company has cumulatively distributed over RMB 190 billion in dividends since its listing, emphasizing its commitment to investor returns[5]. - The total cash dividends received from China Unicom for the mid-year 2023 distribution amounted to RMB 254 million[62]. Governance and Strategy - The company aims to enhance its governance structure and internal mechanisms to align with national development goals and improve financial service quality[5]. - The company is focusing on five key areas: technology finance, green finance, inclusive finance, pension finance, and digital finance, to drive future growth[5]. - The company plans to expand its market presence and invest in new product development to drive future growth[90]. Digital Transformation and Efficiency - In 2023, the company achieved a 24.9% replacement rate of manual operations in six operational scenarios through the "digital underwriter" initiative, enhancing operational efficiency by over 27.0% in underwriting, policy maintenance, and claims areas[47]. - The average claims processing time was reduced to 0.38 days, with a claims approval rate of 99.7%, and the number of "critical illness one-day claims" increased by 31.9% year-on-year[47]. - The company’s digital risk control system, based on big data analysis, has improved the identification and monitoring of key business risks[46]. Market Position and Recognition - China Life Insurance achieved a historic high in total premiums for 2023, with a double-digit growth in new business value, maintaining a leading position in the industry[3]. - The company has been recognized as a "2023 Forbes China ESG Innovation Enterprise," reflecting its commitment to sustainable development[3]. Future Outlook - The company anticipates that its funding will meet insurance business expenditures and new investment project needs in 2024, with plans for financing arrangements based on capital market conditions[51]. - The company plans to focus on customer-centric strategies in 2024, aiming for stable growth and value enhancement while ensuring risk prevention and service improvement[50].

Group 1 - China Life and Xinhua Insurance have jointly established a private equity fund with a total investment of 50 billion yuan, targeting high-quality listed companies with large market capitalization and good liquidity [1] - The Ministry of Housing and Urban-Rural Development has instructed cities to prepare housing development plans for the next two years to prevent market volatility [2] - The People's Bank of China is focusing on enhancing financial support for five key areas, including technology finance and green finance, while effectively utilizing monetary policy tools [3] Group 2 - The State-owned Assets Supervision and Administration Commission has outlined plans for a new round of state-owned enterprise reforms, aiming to complete over 70% of reform tasks in 2024 [4] - UBS reports that central Huijin and others have bought over 410 billion yuan through ETFs, indicating a low likelihood of short-term sell-offs [5] - The gaming industry has seen a significant increase in approvals, with 111 domestic games approved in February, signaling a positive regulatory environment [6] Group 3 - Bitcoin prices surged over 10%, reaching a two-year high of approximately 57,000 USD, with a month-on-month increase exceeding 30% [6] - Viking Therapeutics' weight loss drug trial results led to a stock price increase of over 121%, with 88% of patients in the treatment group losing 10% or more of their weight [6] - Positive earnings reports include CITIC Bo's net profit of 350 million yuan for 2023, a year-on-year increase of 696.31% [7]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 中國人壽保險股份有限公司 CHINA LIFE INSURANCE COMPANY LIMITED 炷㕤ᷕ厗Ṣ㮹ℙ⚳姣Ⅎㆸ䩳ᷳ偉ấ㚱旸℔⎠炸! 炷偉ấẋ嘇;!3739炸! 2023年第三季度報告 本公告由中國人壽保險股份有限公司（「本公司」）根據證券及期貨條例（香港法例第571章）第 XIVA部的內幕消息條文以及香港聯合交易所有限公司證券上市規則第13.09(2)條及第13.10B 條而作出。 重要內容提示 • 本公司董事會、監事會及董事、監事、高級管理人員保證本季度報告內容的真實、 準確、完整，不存在虛假記載、誤導性陳述或者重大遺漏，並承擔法律責任。 • 本公司2023年第三季度報告所載財務資料根據中國企業會計準則編製，且未經審計。 • 本公司董事長白濤先生，財務負責人及財務機構負責人胡錦女士，臨時總精算師侯晉 女士聲明：保證本季度報告中財務報告的真實、準確、完整。 - 1 - 1. 主要財務數據 1 ...

Financial Performance - The net profit attributable to shareholders for the first half of 2023 was RMB 36,151 million, down 8.0% from RMB 39,305 million in the same period of 2022[7]. - The company's earnings per share (basic and diluted) decreased to RMB 1.28, a decline of 8.0% compared to RMB 1.39 in the first half of 2022[7]. - The company's total revenue for the first half of 2023 was RMB 186,324 million, a slight decrease of 1.3% from RMB 188,744 million in the first half of 2022[7]. - The total comprehensive income attributable to shareholders for the six months ended June 30, 2023, was RMB 25,263 million, down from RMB 32,403 million in the same period of 2022, reflecting a decrease of about 22%[138]. - The net profit for the six months ended June 30, 2023, was RMB 36,151 million, compared to RMB 39,305 million in the same period of 2022, representing a decrease of about 5.5%[139]. Assets and Liabilities - Total assets reached RMB 5,507,193 million, an increase of 9.9% compared to RMB 5,010,068 million at the end of 2022[7]. - The total liabilities for insurance contracts increased by 10.1% to RMB 4,696.086 billion, up from RMB 4,266.947 billion[12]. - The asset-liability ratio improved to 91.15%, a decrease of 1.37 percentage points from 92.52% at the end of 2022[7]. - The total liabilities as of June 30, 2023, were RMB 5,019,629 million, compared to RMB 4,635,095 million as of December 31, 2022, marking an increase of about 8.3%[135]. Investment Performance - Investment assets amounted to RMB 5,386,667 million, reflecting an 11.9% increase from RMB 4,811,893 million at the end of 2022[7]. - The company's investment income for the first half of 2023 was RMB 23.606 billion, significantly impacted by accounting standard changes, making year-on-year comparison not applicable[13]. - The total investment income for the first half of 2023 was RMB 91.37 billion, with net profit attributable to shareholders at RMB 36.15 billion[19]. - The net investment income for the first half of 2023 was RMB 90,585 million, resulting in a net investment yield of 3.31%[40]. Insurance Operations - As of June 30, 2023, the company has approximately 326 million valid long-term individual and group life insurance policies, annuity contracts, and long-term health insurance policies[2]. - The total insurance service revenue for the first half of 2023 was RMB 91.941 billion, showing a slight increase of 0.2% from RMB 91.725 billion in the same period of 2022[13]. - The first-year premium for long-term insurance reached RMB 97.42 billion, up from RMB 79.84 billion in the previous year, reflecting a growth of 22.1%[19]. - The policy retention rate for 14 months improved to 89.20% from 85.10% in the previous year, indicating better customer retention[19]. Solvency and Capital Management - The solvency adequacy ratio was reported at 204.23%, while the core solvency adequacy ratio was 140.43%, indicating a strong capital position[18]. - The core solvency adequacy ratio as of June 30, 2023, was 140.43%, slightly down from 143.59% at the end of 2022[48]. - The actual capital rose to RMB 1,031,818 million from RMB 1,007,601 million at the end of 2022[48]. Digital Transformation and Innovation - The company is focusing on digital transformation and marketing system reform to enhance operational efficiency and customer service[16]. - The company is advancing a digital transformation strategy, focusing on integrating new technologies like AI and 5G into its operations[21]. - The company launched 78 new or upgraded insurance products in the first half of 2023, focusing on health and retirement insurance[35]. - The company achieved a 94.9% intelligent underwriting approval rate, with the efficiency of new policy underwriting approval increasing by 36.6%[53]. Corporate Governance and Compliance - The company held six board meetings and two supervisory meetings in the first half of 2023, ensuring compliance with governance regulations[101]. - The company continues to adhere to the corporate governance code, with the chairman unable to attend the annual general meeting due to other commitments, but effective communication with shareholders was maintained[102]. - The company has engaged PwC and Deloitte as auditors for the 2023 fiscal year, with the interim financial report reviewed by PwC[98]. Shareholder Information - The company distributed RMB 13,850 million in shareholder dividends during the first half of 2023, impacting the internal value[70]. - China Life Insurance (Group) Company remains the largest shareholder, holding 68.37% of the shares, equivalent to 19,323,530,000 shares[104]. - The company did not distribute interim ordinary share dividends for the reporting period[103]. Market Outlook and Strategy - The long-term outlook for the life insurance industry in China indicates significant market potential due to increasing demand for high-quality health, medical, and wealth management services as GDP per capita approaches that of moderately developed countries[60]. - In the second half of 2023, the company aims for stable growth in total premiums and rapid growth in new business value, focusing on customer management and product diversification strategies[61]. - The company plans to enhance its asset-liability management and optimize asset allocation to address the dual pressures of declining yields and increased volatility in investment returns[62].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 中 國 人 壽 保 險 股 份 有 限 公 司 CHINA LIFE INSURANCE COMPANY LIMITED (cid:28855)(cid:13668)(cid:7637)(cid:21399)(cid:7778)(cid:15289)(cid:8473)(cid:9268)(cid:9907)(cid:23011)(cid:8498)(cid:12728)(cid:19059)(cid:7667)(cid:20553)(cid:7845)(cid:14001)(cid:26104)(cid:8468)(cid:9120)(cid:28856)(cid:33) (cid:28855)(cid:28855)(cid:20553)(cid:20553)(cid:7845)(cid:7845)(cid:7819)(cid:7819)(cid:22023)(cid:22023)(cid:59)(c ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 中 國 人 壽 保 險 股 份 有 限 公 司 CHINA LIFE INSURANCE COMPANY LIMITED (cid:28855)(cid:13668)(cid:7637)(cid:21399)(cid:7778)(cid:15289)(cid:8473)(cid:9268)(cid:9907)(cid:23011)(cid:8498)(cid:12728)(cid:19059)(cid:7667)(cid:20553)(cid:7845)(cid:14001)(cid:26104)(cid:8468)(cid:9120)(cid:28856)(cid:33) (cid:28855)(cid:28855)(cid:20553)(cid:20553)(cid:7845)(cid:7845)(cid:7819)(cid:7819)(cid:22023)(cid:22023)(cid:59)(c ...

中國人壽保險股份有限公司 : 2628 股份代號 ...

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香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準 確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產 生或因倚賴該等內容而引致的任何損失承擔任何責任。 中 國 人 壽 保 險 股 份 有 限 公 司 CHINA LIFE INSURANCE COMPANY LIMITED (cid:28855)(cid:13668)(cid:7637)(cid:21399)(cid:7778)(cid:15289)(cid:8473)(cid:9268)(cid:9907)(cid:23011)(cid:8498)(cid:12728)(cid:19059)(cid:7667)(cid:20553)(cid:7845)(cid:14001)(cid:26104)(cid:8468)(cid:9120)(cid:28856)(cid:33) (cid:28855)(cid:28855)(cid:20553)(cid:20553)(cid:7845)(cid:7845)(cid:7819)(cid:7819)(cid:22023)(cid:22023)(cid:59)(c ...