FRA:NCL Balance Sheet

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
Investments in Debt Securities	788,377	745,257	660,410	578,201	542,343	553,417
Investments in Equity & Preferred Securities	96,980	60,885	10,544	229,120	227,533	192,713
Policy Loans	-	-	-	-	40,806	37,732
Other Investments	318,461	287,894	261,249	236,394	172,652	124,472
Total Investments	1,739,252	1,589,019	1,321,825	1,132,733	1,062,761	949,489
Cash & Equivalents	28,737	38,461	21,808	17,586	15,476	12,993
Reinsurance Recoverable	10,927	10,812	9,802	10,590	3,981	3,666
Other Receivables	5,976	630	561	15,336	15,170	12,763
Separate Account Assets	-	-	-	-	236	-
Property, Plant & Equipment	18,717	18,837	18,899	18,736	19,171	16,935
Other Intangible Assets	3,853	4,054	4,063	4,002	3,792	3,753
Restricted Cash	1,758	1,807	1,784	1,715	-	1,715
Other Current Assets	1	155	186	1,005	1,627	1,042
Long-Term Deferred Tax Assets	23,139	19,678	10,709	7,890	196	153
Long-Term Deferred Charges	-	382	417	-	374	-
Other Long-Term Assets	1,131	8,462	13,203	5,343	4,937	1,867
Total Assets	1,833,491	1,692,297	1,403,257	1,214,936	1,127,721	1,004,376
Accounts Payable	-	-	-	416	-	455
Accrued Expenses	7,236	7,227	5,644	6,297	6,813	7,023
Insurance & Annuity Liabilities	1,524,554	1,366,090	1,146,497	1,014,502	859,935	750,372
Unpaid Claims	-	-	-	-	8,155	8,247
Unearned Premiums	249	336	274	-	6,680	8,807
Reinsurance Payable	-	-	-	-	504	297
Current Portion of Leases	-	314	361	430	-	426
Short-Term Debt	149,370	171,588	106,987	52,827	55,415	41,888
Current Income Taxes Payable	579	174	125	21	171	30
Long-Term Debt	20,371	30,384	20,262	10,000	10,000	10,000
Long-Term Leases	632	401	399	425	1,040	638
Long-Term Deferred Tax Liabilities	1,084	200	56	57	1,118	2,673
Separate Account Liability	-	-	-	-	224	196
Other Current Liabilities	10,265	8,553	3,592	-	-	2,516
Other Long-Term Liabilities	18,155	10,304	13,498	31,481	68,662	68,624
Total Liabilities	1,732,950	1,596,028	1,298,165	1,116,940	1,019,207	902,696
Common Stock	3,120	3,120	3,120	3,120	3,120	3,120
Additional Paid-In Capital	-	23,970	23,979	23,964	23,905	23,964
Retained Earnings	177,219	150,953	129,061	107,983	74,007	63,396
Comprehensive Income & Other	-79,831	-81,803	-51,093	-37,092	7,465	11,187
Total Common Equity	100,508	96,240	105,067	97,975	108,497	101,667
Minority Interest	33	29	25	21	17	13
Shareholders' Equity	100,541	96,269	105,092	97,996	108,514	101,680
Total Liabilities & Equity	1,833,491	1,692,297	1,403,257	1,214,936	1,127,721	1,004,376
Filing Date Shares Outstanding	3,120	3,120	3,120	3,120	3,120	3,120
Total Common Shares Outstanding	3,120	3,120	3,120	3,120	3,120	3,120
Total Debt	170,373	202,687	128,009	63,682	66,455	52,952
Net Cash (Debt)	-141,636	-164,226	-106,201	-46,096	-50,979	-39,959
Net Cash Per Share	-45.38	-52.64	-34.04	-14.77	-16.34	-12.81
Book Value Per Share	32.22	30.85	33.68	31.41	34.78	32.59
Tangible Book Value	96,655	92,186	101,004	93,973	104,705	97,914
Tangible Book Value Per Share	30.98	29.55	32.38	30.12	33.56	31.39
Buildings	-	17,924	17,724	17,515	16,473	12,453
Machinery	-	2,264	2,150	1,650	1,561	1,378
Construction In Progress	-	2,339	2,039	1,877	2,649	4,059

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