China Life(02628) 每经网·2024-03-29 14:18Core Viewpoint - The five major listed insurance companies in A-shares reported a significant decline in investment income and net profit for 2023, with a total investment income of 384.47 billion yuan, down 15.24% year-on-year, and a combined net profit of 165.52 billion yuan, down 23.25% year-on-year [1][2][4]. Investment Income Summary - The total investment income for the five major insurance companies was 384.47 billion yuan in 2023, compared to 453.58 billion yuan in 2022, reflecting a year-on-year decrease of 15.24% [2][3]. - Individual company performances in terms of investment income were as follows: - China Life: 141.97 billion yuan, down 24.38% from 187.75 billion yuan - Ping An: 123.90 billion yuan, up 32.8% from 93.31 billion yuan - China Pacific: 52.24 billion yuan, down 28.3% from 72.85 billion yuan - China Property: 44.12 billion yuan, down 19.7% from 54.94 billion yuan - New China Life: 22.25 billion yuan, down 50.25% from 44.73 billion yuan [3]. Net Profit Summary - The combined net profit for the five major insurance companies was 165.52 billion yuan in 2023, down 23.25% from the previous year [1][2]. - Breakdown of net profit by company: - Ping An: 85.67 billion yuan, down 22.83% - China Life: 21.11 billion yuan, down 34.2% - China Pacific: 27.25 billion yuan, down 27.1% - New China Life: 8.71 billion yuan, down 11.3% - China Property: 22.77 billion yuan, down 10.2% [2]. Investment Yield Analysis - The total investment yield for the five major insurance companies ranged from 1.8% to 3.3%, significantly lower than the previous year's range of 2.4% to 4.6% [5]. - Individual investment yields were as follows: - China Property: 3.3%, down 1.3 percentage points - New China Life: 1.8%, down 2.5 percentage points - China Pacific: 2.6%, down 1.5 percentage points - China Life: 2.68%, down 1.26 percentage points - Ping An: 3%, up 0.6 percentage points [5]. Market Outlook and Investment Strategies - Despite the decline in investment income and yields, the management of listed insurance companies expressed optimism for the investment market in 2024, anticipating a significant improvement in the stock market compared to the previous two years [6]. - Companies plan to focus on long-duration fixed income assets, high-dividend stocks, and alternative investments to optimize their asset allocation and manage risks effectively [6].