China Life Insurance Co Class H ( (CILJF) ) has realeased its Q3 earnings. Here is a breakdown of the information China Life Insurance Co Class H presented to its investors.
China Life Insurance Co. Ltd. is a leading provider of life insurance policies in China, operating primarily in the financial services sector with a significant focus on insurance and investment management.
In its 2024 third-quarter earnings report, China Life Insurance posted impressive financial results, highlighting substantial growth in both operating income and net profit compared to the previous year. The report emphasized the company’s strategic advancements and robust financial performance for the period ending September 30, 2024.
The company reported a striking increase in net profit attributable to equity holders, amounting to RMB 104,523 million, representing a 173.9% rise year-on-year. The operating income also saw a significant boost, climbing to RMB 427,180 million, up 54.8% from the corresponding quarter in 2023. This growth was largely driven by a strong rebound in the stock market, resulting in a notable increase in investment income. Additionally, the company’s total assets grew by 14.6% to RMB 6,481,554 million, and the equity attributable to equity holders soared by 72.9% compared to the end of 2023.
China Life’s business strategy focused on a customer-centric approach and enhancing operational efficiency, which led to a 5.1% rise in gross written premiums and a substantial improvement in the value of new business. The company also maintained a robust solvency position, with its core solvency ratio at 154.58% and comprehensive solvency ratio at 211.64%, reflecting its solid financial foundation.
Looking ahead, China Life Insurance remains committed to driving high-quality development by accelerating reforms, optimizing its sales force, and diversifying its products and business models. The company aims to continue its progress in establishing new growth drivers while maintaining a stable and risk-aware operational framework.
