FRA:NCL Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Premiums & Annuity Revenue	47,882	45,894	45,597	56,878	161,314	156,443
Total Interest & Dividend Income	-414	-15,890	15,089	5,237	57,288	39,368
Gain (Loss) on Sale of Investments	26,427	33,600	-18,925	1,468	-45	7,032
Other Revenue	2,459	1,496	321	1,137	1,570	938
Total Revenue	76,354	65,100	42,082	64,720	220,127	203,781
Revenue Growth (YoY)	33.35%	54.70%	-34.98%	-70.60%	8.02%	18.18%
Policy Benefits	22,008	20,818	22,560	33,083	173,464	155,930
Policy Acquisition & Underwriting Costs	9,174	9,174	9,011	-	14,592	17,827
Selling, General & Administrative	730	3,062	2,370	-	12,472	12,395
Other Operating Expenses	731	713	622	3,861	3,042	811
Total Operating Expenses	30,755	33,767	34,563	36,944	203,570	186,963
Operating Income	45,599	31,333	7,519	27,776	16,557	16,818
Interest Expense	-3,751	-3,166	-2,086	-1,173	-800	-1,350
Earnings From Equity Investments	-	-	-	-18	-	264
Currency Exchange Gain (Loss)	44	80	113	-4,506	-116	-241
Other Non Operating Income (Expenses)	5	-30	-2	-	-	-
EBT Excluding Unusual Items	41,897	28,217	5,544	22,079	15,641	15,491
Gain (Loss) on Sale of Assets	-7	-3	-1	-	-5	-
Asset Writedown	-	-	-	-	-3	-
Other Unusual Items	1,020	-73	-28	-	37	-
Pretax Income	42,910	28,141	5,515	22,079	15,670	15,491
Income Tax Expense	4,499	1,908	-3,201	575	719	1,194
Earnings From Continuing Ops.	38,411	26,233	8,716	21,504	14,951	14,297
Minority Interest in Earnings	-5	-4	-4	-4	-4	-3
Net Income	38,406	26,229	8,712	21,500	14,947	14,294
Net Income to Common	38,406	26,229	8,712	21,500	14,947	14,294
Net Income Growth	93.48%	201.07%	-59.48%	43.84%	4.57%	-1.82%
Shares Outstanding (Basic)	3,121	3,120	3,120	3,120	3,120	3,120
Shares Outstanding (Diluted)	3,121	3,120	3,120	3,120	3,120	3,120
Shares Change (YoY)	0.01%	-	-	-	-	-
EPS (Basic)	12.31	8.41	2.79	6.89	4.79	4.58
EPS (Diluted)	12.31	8.41	2.79	6.89	4.79	4.58
EPS Growth	93.54%	201.32%	-59.51%	43.84%	4.58%	-1.85%
Free Cash Flow	96,507	95,190	89,458	86,727	70,595	64,144
Free Cash Flow Per Share	30.92	30.51	28.67	27.80	22.63	20.56
Dividend Per Share	2.660	2.530	0.850	1.080	1.440	1.390
Dividend Growth	91.37%	197.65%	-21.30%	-25.00%	3.60%	-1.42%
Operating Margin	59.72%	48.13%	17.87%	42.92%	7.52%	8.25%
Profit Margin	50.30%	40.29%	20.70%	33.22%	6.79%	7.01%
Free Cash Flow Margin	126.39%	146.22%	212.58%	134.00%	32.07%	31.48%
EBITDA	46,593	32,337	8,537	28,886	17,382	17,698
EBITDA Margin	61.02%	49.67%	20.29%	44.63%	7.90%	8.69%
D&A For EBITDA	993.5	1,004	1,018	1,110	825	880
EBIT	45,599	31,333	7,519	27,776	16,557	16,818
EBIT Margin	59.72%	48.13%	17.87%	42.92%	7.52%	8.25%
Effective Tax Rate	10.48%	6.78%	-	2.60%	4.59%	7.71%
Revenue as Reported	-	-	-	108,164	222,380	203,858

Source: S&P Global Market Intelligence. Insurance template. Financial Sources.