China Life Insurance Company (2628) H2 2024 earnings summary

Executive summary

• Gross written premiums rose 4.7% year-over-year to RMB 671,457 million in 2024, with first-year regular premiums up 5.8% and embedded value up 11.2%.

• Net profit attributable to equity holders surged 131.6% year-over-year to RMB 123,082 million, with total assets reaching RMB 6.77 trillion.

• Embedded value surpassed RMB 1.4 trillion, and the company maintained a high and stable dividend payout.

• Operational quality, efficiency, and market position were enhanced, with a focus on high-quality development and digital transformation.

• MSCI ESG rating upgraded to A, the highest in the domestic life and health insurance industry.

Financial highlights

• Total assets grew 16.7% year-over-year to RMB 6,769,546 million as of December 31, 2024.

• Net profit attributable to equity holders rose 131.6% year-over-year to RMB 123,082 million; earnings per share increased to RMB 3.78.

• Gross investment income surged 150.4% to RMB 308,251 million.

• Equity attributable to equity holders increased to RMB 509,675 million.

• Embedded value at year-end was RMB 1,401,146 million, up from RMB 1,260,567 million.

Outlook and guidance

• Focus on maintaining momentum for steady performance, value growth, and accelerating upgrade and transformation in 2025.

• Aims to build a world-class life insurance company with Chinese characteristics, emphasizing improved business efficiency and service systems.

• The company aims to consolidate its market-leading position, strengthen its sales force, and ensure stable, healthy growth.

• Anticipates sufficient capital for insurance business expenditures and new investments in 2025, with potential financing based on market conditions.