New China Life Insurance Company Ltd. (HKG: 1336)

New China Life Insurance Company Income Statement

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

Fiscal Year	TTM	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019
Period Ending	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Premiums & Annuity Revenue	44,231	48,045	56,878	161,314	156,443	135,403
Total Interest & Dividend Income	-10,380	14,896	5,237	57,288	39,368	7,934
Gain (Loss) on Sale of Investments	26,420	-18,427	1,468	-45	7,032	27,908
Other Revenue	1,554	1,038	1,137	1,570	938	1,184
Total Revenue	61,825	45,552	64,720	220,127	203,781	172,429
Revenue Growth (YoY)	120.83%	-29.62%	-70.60%	8.02%	18.18%	13.31%
Policy Benefits	30,373	34,019	33,083	173,464	155,930	125,970
Policy Acquisition & Underwriting Costs	-	-	-	14,592	17,827	16,871
Selling, General & Administrative	1,872	327	346	12,472	12,395	13,037
Other Operating Expenses	2,835	2,772	3,515	3,042	811	2,313
Total Operating Expenses	36,584	37,118	36,944	203,570	186,963	158,191
Operating Income	25,241	8,434	27,776	16,557	16,818	14,238
Interest Expense	-2,841	-2,086	-1,173	-800	-1,350	-1,008
Earnings From Equity Investments	-639	-639	-18	-	264	-
Currency Exchange Gain (Loss)	-451	-194	-4,506	-116	-241	40
Other Non Operating Income (Expenses)	26	-	-	-	-	21
EBT Excluding Unusual Items	21,336	5,515	22,079	15,641	15,491	13,291
Gain (Loss) on Sale of Assets	-3	-	-	-5	-	-9
Asset Writedown	-1,190	-	-	-3	-	-4
Other Unusual Items	-32	-	-	37	-	-57
Pretax Income	20,111	5,515	22,079	15,670	15,491	13,221
Income Tax Expense	256	-3,201	575	719	1,194	-1,339
Earnings From Continuing Ops.	19,855	8,716	21,504	14,951	14,297	14,560
Minority Interest in Earnings	-5	-4	-4	-4	-3	-1
Net Income	19,850	8,712	21,500	14,947	14,294	14,559
Net Income to Common	19,850	8,712	21,500	14,947	14,294	14,559
Net Income Growth	0.51%	-59.48%	43.84%	4.57%	-1.82%	83.78%
Shares Outstanding (Basic)	3,120	3,120	3,120	3,120	3,120	3,120
Shares Outstanding (Diluted)	3,120	3,120	3,120	3,120	3,120	3,120
Shares Change (YoY)	60.03%	-	-	-	-	-
EPS (Basic)	6.36	2.79	6.89	4.79	4.58	4.67
EPS (Diluted)	6.36	2.79	6.89	4.79	4.58	4.67
EPS Growth	-37.21%	-59.51%	43.84%	4.59%	-1.85%	83.78%
Free Cash Flow	99,176	89,458	86,727	70,595	64,144	37,060
Free Cash Flow Per Share	31.78	28.67	27.80	22.63	20.56	11.88
Dividend Per Share	1.390	0.850	1.080	1.440	1.390	1.410
Dividend Growth	28.70%	-21.30%	-25.00%	3.60%	-1.42%	83.12%
Operating Margin	40.83%	18.52%	42.92%	7.52%	8.25%	8.26%
Profit Margin	32.11%	19.13%	33.22%	6.79%	7.01%	8.44%
Free Cash Flow Margin	160.41%	196.39%	134.00%	32.07%	31.48%	21.49%
EBITDA	26,397	9,570	28,886	17,382	17,698	14,863
EBITDA Margin	42.70%	21.01%	44.63%	7.90%	8.68%	8.62%
D&A For EBITDA	1,156	1,136	1,110	825	880	625
EBIT	25,241	8,434	27,776	16,557	16,818	14,238
EBIT Margin	40.83%	18.52%	42.92%	7.52%	8.25%	8.26%
Effective Tax Rate	1.27%	-	2.60%	4.59%	7.71%	-
Revenue as Reported	72,254	72,254	108,164	222,380	203,858	174,566

Source: S&P Capital IQ. Insurance template. Financial Sources.