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	Sep 30, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Premiums & Annuity Revenue	604,553	583,401	570,703	569,671	571,391	509,427
Total Interest & Dividend Income	25,236	117,074	119,517	231,470	103,569	90,641
Gain (Loss) on Sale of Investments	160,593	14,759	63,043	-26,420	86,469	71,934
Other Revenue	22,523	19,612	12,605	19,973	17,434	17,164
Total Revenue	812,905	734,846	765,868	794,694	778,863	689,166
Revenue Growth (YoY)	199.63%	-4.05%	-3.63%	2.03%	13.02%	32.84%
Policy Benefits	607,297	586,429	615,541	603,685	575,805	480,991
Policy Acquisition & Underwriting Costs	63,205	63,092	54,777	65,744	84,361	81,396
Selling, General & Administrative	40,403	40,348	41,188	42,120	38,935	41,438
Other Operating Expenses	14,205	16,685	14,045	31,744	12,331	6,783
Total Operating Expenses	723,592	705,047	724,075	744,669	711,157	613,326
Operating Income	89,313	29,799	41,793	50,025	67,706	75,840
Interest Expense	-20,265	-17,323	-17,603	-	-13,027	-15,654
Currency Exchange Gain (Loss)	-352	-381	-69	645	119	-67
Other Non Operating Income (Expenses)	55	71	61	87	79	-
EBT Excluding Unusual Items	68,751	12,166	24,182	50,757	54,877	60,119
Gain (Loss) on Sale of Assets	68	73	122	69	36	7
Asset Writedown	31,807	-71	-36	-88	-83	-179
Other Unusual Items	-290	-290	-221	-398	-354	-152
Pretax Income	100,336	11,878	24,047	50,340	54,476	59,795
Income Tax Expense	11,056	-10,755	-9,467	-1,917	3,103	781
Earnings From Continuing Ops.	89,280	22,633	33,514	52,257	51,373	59,014
Minority Interest in Earnings	-1,811	-1,523	-1,432	-1,491	-1,116	-727
Net Income	87,469	21,110	32,082	50,766	50,257	58,287
Preferred Dividends & Other Adjustments	-	-	-	-	201	394
Net Income to Common	87,469	21,110	32,082	50,766	50,056	57,893
Net Income Growth	123.02%	-34.20%	-36.80%	1.01%	-13.78%	411.51%
Shares Outstanding (Basic)	28,250	28,265	28,265	28,265	28,265	28,265
Shares Outstanding (Diluted)	28,250	28,265	28,265	28,265	28,265	28,265
Shares Change (YoY)	-0.23%	-	-	-	-	-
EPS (Basic)	3.10	0.75	1.14	1.80	1.77	2.05
EPS (Diluted)	3.10	0.75	1.14	1.80	1.77	2.05
EPS Growth	123.52%	-34.20%	-36.80%	1.47%	-13.58%	425.77%
Free Cash Flow	405,125	384,061	348,892	280,863	296,550	274,617
Free Cash Flow Per Share	14.34	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	10.99%	4.06%	5.46%	6.29%	8.69%	11.00%
Profit Margin	10.76%	2.87%	4.19%	6.39%	6.43%	8.40%
Free Cash Flow Margin	49.84%	52.26%	45.56%	35.34%	38.07%	39.85%
EBITDA	93,155	33,618	45,582	53,553	70,937	78,686
EBITDA Margin	11.46%	4.57%	5.95%	6.74%	9.11%	11.42%
D&A For EBITDA	3,842	3,819	3,789	3,528	3,231	2,846
EBIT	89,313	29,799	41,793	50,025	67,706	75,840
EBIT Margin	10.99%	4.06%	5.46%	6.29%	8.69%	11.00%
Effective Tax Rate	11.02%	-	-	-	5.70%	1.31%

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