China Life Insurance Company Limited (HKG: 2628)

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	Jun 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Premiums & Annuity Revenue	597,822	583,401	570,703	569,671	571,391	509,427
Total Interest & Dividend Income	74,264	117,074	119,517	231,470	103,569	90,641
Gain (Loss) on Sale of Investments	72,722	14,759	63,043	-26,420	86,469	71,934
Other Revenue	20,999	19,612	12,605	19,973	17,434	17,164
Total Revenue	765,807	734,846	765,868	794,694	778,863	689,166
Revenue Growth (YoY)	106.26%	-4.05%	-3.63%	2.03%	13.02%	32.84%
Policy Benefits	604,966	586,429	615,541	603,685	575,805	480,991
Policy Acquisition & Underwriting Costs	63,169	63,092	54,777	65,744	84,361	81,396
Selling, General & Administrative	40,252	40,348	41,188	42,120	38,935	41,438
Other Operating Expenses	14,500	16,685	14,045	31,744	12,331	6,783
Total Operating Expenses	721,933	705,047	724,075	744,669	711,157	613,326
Operating Income	43,874	29,799	41,793	50,025	67,706	75,840
Interest Expense	-19,474	-17,323	-17,603	-	-13,027	-15,654
Currency Exchange Gain (Loss)	-8	-381	-69	645	119	-67
Other Non Operating Income (Expenses)	190	71	61	87	79	-
EBT Excluding Unusual Items	24,582	12,166	24,182	50,757	54,877	60,119
Gain (Loss) on Sale of Assets	62	73	122	69	36	7
Asset Writedown	-70	-71	-36	-88	-83	-179
Other Unusual Items	-459	-290	-221	-398	-354	-152
Pretax Income	23,984	11,878	24,047	50,340	54,476	59,795
Income Tax Expense	-2,352	-10,755	-9,467	-1,917	3,103	781
Earnings From Continuing Ops.	26,336	22,633	33,514	52,257	51,373	59,014
Minority Interest in Earnings	-1,564	-1,523	-1,432	-1,491	-1,116	-727
Net Income	24,772	21,110	32,082	50,766	50,257	58,287
Preferred Dividends & Other Adjustments	-	-	-	-	201	394
Net Income to Common	24,772	21,110	32,082	50,766	50,056	57,893
Net Income Growth	-40.08%	-34.20%	-36.80%	1.01%	-13.78%	411.51%
Shares Outstanding (Basic)	28,265	28,265	28,265	28,265	28,265	28,265
Shares Outstanding (Diluted)	28,265	28,265	28,265	28,265	28,265	28,265
EPS (Basic)	0.88	0.75	1.14	1.80	1.77	2.05
EPS (Diluted)	0.88	0.75	1.14	1.80	1.77	2.05
EPS Growth	-39.97%	-34.20%	-36.80%	1.47%	-13.58%	425.77%
Free Cash Flow	413,781	384,061	348,892	280,863	296,550	274,617
Free Cash Flow Per Share	14.64	13.59	12.34	9.94	10.49	9.72
Dividend Per Share	0.630	0.430	0.490	0.650	0.640	0.730
Dividend Growth	28.57%	-12.24%	-24.62%	1.56%	-12.33%	356.25%
Operating Margin	5.73%	4.06%	5.46%	6.29%	8.69%	11.00%
Profit Margin	3.23%	2.87%	4.19%	6.39%	6.43%	8.40%
Free Cash Flow Margin	54.03%	52.26%	45.56%	35.34%	38.07%	39.85%
EBITDA	47,689	33,618	45,582	53,553	70,937	78,686
EBITDA Margin	6.23%	4.57%	5.95%	6.74%	9.11%	11.42%
D&A For EBITDA	3,815	3,819	3,789	3,528	3,231	2,846
EBIT	43,874	29,799	41,793	50,025	67,706	75,840
EBIT Margin	5.73%	4.06%	5.46%	6.29%	8.69%	11.00%
Effective Tax Rate	-	-	-	-	5.70%	1.31%

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