China Life Insurance Company Limited Announces 2017 Annual Results (H Shares)
Highlights
- As at the end of the Reporting Period, the Company's total assets reached
RMB2,897,591 million , an increase of 7.4% from the end of 2016. The Company's embedded value wasRMB734,172 million , an increase of 12.6% year-on-year. - During the Reporting Period, the Company's total revenue was
RMB643,355 million , an increase of 19.0% year-on-year; the Company's gross written premiums wereRMB511,966 million , an increase of 18.9% year-on-year; the value of one year's sales wasRMB60,117 million , an increase of 21.9% year-on-year. The Company's market share in 2017 was approximately 19.7%, maintaining the first place in life insurance industry inChina . - As at the end of the Reporting Period, the Company's investment assets reached
RMB2,591,652 million , an increase of 5.6% from the end of 2016. During the Reporting Period, the gross investment yield was 5.16%, the net investment yield was 4.91%, and the gross investment yield including net share of profit of associates and joint ventures was 5.16%. The comprehensive investment yield taking into account the current net fair value changes of available-for-sale securities recognized in other comprehensive income was 4.55%. - During the Reporting Period, net profit attributable to equity holders of the Company was
RMB32,253 million , an increase of 68.6% year-on-year. - The board of directors of the Company recommended the payment of a final dividend of
RMB0.40 per share (inclusive of tax). The foregoing profit distribution plan is subject to the approval by the 2017 Annual General Meeting to be held on6 June 2018 (Wednesday).
Business Overview of 2017
In 2017, facing the complicated and changing external environment and fierce market competition, the Company actively implemented an innovation-driven development strategy, adhered to the value-oriented principle, adopted multiple measures, sped up business development and promoted transformation and upgrade by adhering to the operating guideline of "prioritizing value, strengthening sales force, optimizing business structure, achieving stable growth and safeguarding against risks". The Company operated in a generally sound and prudent manner, with its business maintaining a rapid growth and its sales force expanding with better quality. During the Reporting Period, the Company's gross written premiums were
Continuous improvement in business value. In 2017, the value of one year's sales of the Company was
Constant optimization in premium structure. During the Reporting Period, out of the premiums from new policies, first-year regular premiums amounted to
Significant increase in the Company's profit. In 2017, interest income from investment portfolios achieved a stable growth, and the net fair value gains through profit or loss increased greatly. The Company's gross investment income was
During the Reporting Period, gross written premiums from the life insurance business of the Company amounted to
Exclusive Individual Agent Channel. During the Reporting Period, the exclusive individual agent channel maintained a strong growth with its business structure continuously optimized and the quality of its sales force further enhanced. Gross written premiums from the exclusive individual agent channel amounted to
Bancassurance Channel. In 2017, the bancassurance channel put more efforts in business transformation. While further controlling the scale of single premium business, the Company strengthened the development of regular premium business to improve the value contributed by bancassurance channel. During the Reporting Period, gross written premiums from the bancassurance channel were
Group Insurance Channel. By closely following national strategies, the group insurance channel actively played the role in offering services for people's livelihood, consistently promoted the diversification of business development, and effectively pushed forward the steady development of its various businesses. During the Reporting Period, gross written premiums from the group insurance channel amounted to
Other Business Channels. During the Reporting Period, gross written premiums from other channels were
In 2017, the global economy continued to recover with ongoing expansion and mild inflation in general, and the developed economies were inclined to tighten their monetary policies. The Chinese economy maintained a stable growth with its structure continuously optimized and both quality and efficiency further improved. In the context of preventing risks and deleveraging in the financial industry, the Chinese government maintained a prudent and moderate monetary policy and intensely introduced a variety of regulatory policies. Bond yield increased significantly, and A Share market experienced obvious structural differentiation. In 2017, the Company seized the opportunity of the interest rate hike and increased its allocation in bonds with long duration and debt-type financial products. The Company maintained its allocation in equity investment in the open market at a reasonable level and seized structural opportunities, and also attached great importance to the value of allocation of stocks in the
In 2017, by seizing the opportunity of the interest rate hike, the Company increased its allocation in fixed income assets and increased moderately in stock investments. Among the major types of investments, the percentage of investment in bonds increased to 45.86% from 45.63% as at the end of 2016, the percentage of term deposits changed to 17.34% from 21.94% as at the end of 2016, the percentage of investment in stocks and funds (excluding money market funds) increased to 10.33% from 10.05% as at the end of 2016, and the percentage of investment in debt-type financial products increased to 11.65% from 5.38% as at the end of 2016.
2018 Outlook
In the near future, the main characteristic of
2018 is the first year for the Company to enter the era of high-quality development. We will actively adapt to changes in customer needs and regulatory requirements in the new era, deepen the construction of supply system, investment system, innovation system, talent system and risk control system and spare no efforts to complete the five major tasks of "transforming sales management model, adjusting business structure, revitalizing and taking lead in large and medium-sized cities, building technology-driven
In 2018, we will reembark on our journey with high-quality development, from now and from here.
About
The Company is a leading life insurance company in
Our products and services include individual life insurance, group life insurance, and accident and health insurance. The Company is a leading provider of individual and group life insurance, annuity products and accident and health insurance in
Forward-looking statements
Certain statements contained in this press release may be viewed as "forward-looking statements" within the meaning of Section 27A of the
View original content:http://www.prnewswire.com/news-releases/china-life-insurance-company-limited-announces-2017-annual-results-h-shares-300618178.html
SOURCE
WV Delegation Urges President to Approve Disaster Relief for West Virginia After Flooding in February
Voya Financial Enhances its Suite of Digital Retirement Planning Capabilities to Support the Special Needs Community
Advisor News
Annuity News
Health/Employee Benefits News
Life Insurance News