China Life Insurance Co. Ltd. (CILJF), a leading life insurance provider in China, has released its fourth-quarter earnings report, revealing a year of substantial financial gains. The company’s 2024 performance reflects its robust position within the financial services sector, despite operating in a challenging external environment.
In its report to investors, China Life Insurance Co. highlighted several key achievements.
Total assets climbed to RMB6.77 trillion, while net profit attributable to equity holders surged to RMB106.9 billion, a 131.6% increase compared to the previous year. Gross written premiums reached RMB671.5 billion, and the company’s embedded value exceeded RMB1.4 trillion, solidifying its leadership in the industry. These figures underscore the company’s success.
Further illustrating its financial strength, China Life Insurance reported a 53.3% increase in total revenues and a 158.5% rise in profit before income tax. The company’s strategic asset-liability management contributed significantly to its gross investment income, which reached RMB308.3 billion. The company also maintained a high solvency ratio.
China Life Insurance has been actively diversifying its product offerings and business operations. This strategy has resulted in steady growth in first-year regular premiums and renewal premiums. The company also focused on strengthening its sales force and digital capabilities, amassing a network of 666,000 agents. Gains from equity investments also boosted their overall financial performance.
Looking forward, China Life Insurance plans to continue its strategy of high-quality development. This includes a focus on innovation, risk management, and strategic investments. The company aims to strengthen its market presence, enhance its existing product offerings, and continue supporting national development goals.
