China Life(02628)2023-04-27 09:02Financial Performance - Net profit attributable to shareholders was RMB 17,885 million, representing an 18.0% increase year-on-year[2] - The total comprehensive income for the group in Q1 2023 was RMB 25,124 million, compared to a loss of RMB 13,205 million in Q1 2022[15] - The profit attributable to shareholders of the parent company for Q1 2023 was RMB 27,348 million, up from RMB 15,365 million in Q1 2022, indicating an increase of 77.5%[27] - The total profit for Q1 2023 was RMB 31,910 million, up from RMB 16,502 million in the same period last year, reflecting a growth of 93.8%[27] - The company has shown resilience in its financial performance, with a strong recovery in comprehensive income and net profit growth[28] Revenue and Income - Operating income for the quarter was RMB 368,385 million, reflecting a 7.2% growth compared to the same period last year[2] - The total operating revenue for Q1 2023 was RMB 368,385 million, an increase of 7.4% compared to RMB 343,778 million in Q1 2022[12] - The premium income for Q1 2023 was RMB 306,537 million, compared to RMB 294,483 million in Q1 2022, showing an increase of 4.1%[12] - Insurance service income was RMB 47,183 million, slightly up from RMB 46,110 million in the same period last year[26] Assets and Liabilities - Total assets reached RMB 5,462,586 million, an increase of 4.0% compared to the end of the previous year[2] - The total liabilities as of March 31, 2023, amounted to RMB 4,992,310 million, an increase from RMB 4,806,863 million as of December 31, 2022, reflecting a growth of 3.9%[11] - The total equity attributable to shareholders of the parent company reached RMB 460,964 million as of March 31, 2023, up from RMB 436,169 million at the end of 2022, marking an increase of 5.7%[11] Investment Performance - In Q1 2023, the company achieved total investment income of RMB 52.932 billion, a year-on-year increase of 18.8%[8] - The company reported a simple annualized total investment return rate of 4.21%, an increase of 33 basis points year-on-year[8] - The investment income for Q1 2023 was RMB 57,374 million, compared to RMB 53,991 million in Q1 2022, indicating an increase of 6.4%[12] - The company reported a fair value change gain of RMB 2,212 million in Q1 2023, compared to a loss of RMB 6,997 million in Q1 2022, showing a significant recovery[12] Cash Flow - The net cash flow from operating activities for the group was RMB 172,252 million in Q1 2023, an increase from RMB 171,093 million in Q1 2022[19] - The cash inflow from investment activities was RMB 409,439 million in Q1 2023, up from RMB 392,690 million in Q1 2022[19] - The net cash flow from investment activities was a negative RMB 61,685 million in Q1 2023, compared to a positive RMB 14,292 million in Q1 2022[19] - The cash and cash equivalents at the end of Q1 2023 stood at RMB 172,842 million, significantly higher than RMB 82,364 million at the end of Q1 2022[21] Operational Metrics - The total sales force stood at 722,000, with individual insurance sales personnel at 662,000, showing stability in team size[7] - The renewal premium was RMB 209.55 billion, a decrease of 2.1% year-on-year[7] - The return rate was 0.40%, an increase of 0.12 percentage points year-on-year[7] - The weighted average return on net assets increased by 0.78 percentage points to 3.99%[2] Future Plans and Strategies - The company plans to deepen reform and innovation, optimize operational services, and enhance consumer rights protection[8] - The company aims to accelerate the implementation of its "Eight Major Projects" and strengthen digital construction and risk control[8] - The company plans to continue adopting new insurance contract accounting standards until December 31, 2025, which may impact future financial reporting[23]