Commission File Number 001-31914
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________________________________________
FORM 6-K
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16 of the
Securities Exchange Act of 1934
April 24, 2020
______________________________________________
China Life Insurance Company Limited
(Translation of registrant’s name into English)
16 Financial Street
Xicheng District
Beijing 100033, China
Tel: (86-10) 6363-3333
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F:
Form
20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes ☐ No ☒
If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82- ___________
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Commission File Number 001-31914
China Life Insurance Company Limited issued its 2020 First Quarter Report on April 23, 2020, a copy of which is attached as Exhibit 99.1 hereto.
Certain statements contained in this report may be viewed as “forward-looking statements” within the meaning of Section 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual performance, financial condition or results of operations of the Company to be materially different from any future performance, financial condition or results of operations implied by such forward-looking statements. Further information regarding these risks, uncertainties and other factors is included in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2018 filed with the U.S. Securities and Exchange Commission, or SEC, on April 24, 2019 and in the Company’s other filings with the SEC. You should not place undue reliance on these forward-looking statements. All information provided in this report is as of the date of this report, unless otherwise stated, and we undertake no duty to update such information, except as required under applicable law. Unless otherwise indicated, the Chinese insurance market information set forth in this report is based on public information released by the China Banking and Insurance Regulatory Commission.
EXHIBIT LIST
Exhibit |
|
Description |
99.1 |
|
2020 First Quarter Report, dated April 23, 2020 |
|
Commission File Number 001-31914
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
China Life Insurance Company Limited | ||
(Registrant) | ||
|
|
|
By: |
/s/ Su Hengxuan | |
|
(Signature) | |
April 24, 2020 |
Name: |
Su Hengxuan |
|
Title: |
President and Executive Director |
EXHIBIT 99.1
中國人壽保險股份有限公司
CHINA LIFE INSURANCE COMPANY LIMITED
(A joint stock limited company incorporated in the People’s Republic of China with limited liability)
(Stock Code: 2628)
2020 FIRST QUARTER REPORT
This announcement is made by China Life Insurance Company Limited (the “Company”) pursuant to the inside information provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rules 13.09(2) and 13.10B of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
The financial data of the Company for the first quarter of 2020 have been prepared in accordance with the China Accounting Standards for Business Enterprises and are unaudited. Net profit attributable to equity holders of the Company and equity attributable to equity holders of the Company in the consolidated financial statements have no difference from the relevant data under International Financial Reporting Standards. |
1. |
IMPORTANT NOTICE |
|
1.1 |
The Company’s Board of Directors, the Board of Supervisors, its Directors, Supervisors and Senior Management warrant that the information in this quarterly report is true, accurate and complete and contains no false representations, misleading statements or material omissions, and jointly and severally accept full legal responsibility. |
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1.2 |
On 23 April 2020, the 2020 First Quarter Report of the Company was considered and approved at the twenty-fifth meeting of the sixth session of the Board of the Company. All directors of the Company attended the Board Meeting. |
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1.3 |
The Company’s 2020 first quarter financial report is unaudited. |
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1.4 |
Mr. Wang Bin, Chairman of the Company, Ms. Huang Xiumei, Vice President in charge of financial affairs, Mr. Li Mingguang, Chief Actuary and Ms. Hu Jin, Head of the Financial Department, confirm that the financial reports in this 2020 first quarter report are true, accurate and complete. |
1 |
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2. |
THE COMPANY’S BASIC INFORMATION |
|
2.1 |
Major financial data |
Currency: RMB
|
As at 31 March 2020 |
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As at 31 December 2019 |
|
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Increase/(decrease) compared to 31 December 2019 |
| ||||
Total assets (million) |
|
|
3,874,719 |
|
|
|
3,726,734 |
|
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4.0 | % |
Total equity holders’ equity (million) |
|
|
413,715 |
|
|
|
403,764 |
|
|
|
2.5 | % |
Ordinary share holders’ equity per share (RMB per share) |
|
|
14.36 |
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|
|
14.01 |
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2.5 | % |
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| |||
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For the three months ended 31 March 2020 |
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For the three months ended 31 March 2019 |
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Increase/(decrease) compared to the same period of 2019 |
| |||
Net cash flows from operating activities (million) |
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125,309 |
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111,765 |
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12.1 | % |
Net cash flows from operating activities per share (RMB per share) |
|
|
4.43 |
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3.95 |
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12.1 | % |
Operating income (million) |
|
|
337,772 |
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312,226 |
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|
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8.2 | % |
Net profit attributable to equity holders of the Company (million) |
|
|
17,090 |
|
|
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26,034 |
|
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-34.4 | % |
Net profit attributable to equity holders of the Company after deducting non-recurring items (million) |
|
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17,120 |
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|
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26,045 |
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-34.3 | % |
Earnings per share (basic and diluted) (RMB per share) |
|
|
0.60 |
|
|
|
0.92 |
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-34.8 | % |
Basic earnings per share after deducting non-recurring items (RMB per share) |
|
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0.60 |
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0.92 |
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-34.8 | % |
Weighted average ROE (%) |
|
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4.24 |
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7.74 |
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A decrease of 3.50 percentage points |
| |
Weighted average ROE after deducting non-recurring items (%) |
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4.25 |
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7.75 |
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A decrease of 3.50 percentage points |
|
Note: |
In calculating the percentage changes of “Ordinary share holders’ equity per share”, “Net cash flows from operating activities per share”, “Earnings per share (basic and diluted)” and “Basic earnings per share after deducting non-recurring items”, the tail differences of the basic figures have been taken into account. |
2 |
|
In the first quarter of 2020, facing the complicated and severe external environment and an unexpected outbreak of COVID-19, the Company adopted a proactive approach for both the pandemic prevention and control and its business development, and proceeded steadily with all tasks by concentrating on the strategic goal of “China Life Revitalization” and high-quality development requirements. The Company realized a continued growth in its core businesses and maintained its leading market position with a positive development momentum. Firstly, the Company’s insurance business and new business value achieved steady growth. In the first quarter of 2020, revenues from insurance business1 of the Company reached RMB307,776 million, an increase of 13.0% year on year. First-year regular premiums amounted to RMB76,056 million, an increase of 13.9% year on year. In particular, first-year regular premiums with a payment duration of ten years or longer were RMB25,369 million, an increase of 2.1% year on year. Renewal premiums amounted to RMB198,326 million, an increase of 11.2% year on year. Short-term insurance premiums amounted to RMB32,816 million, an increase of 23.9% year on year. During the reporting period, the protection-oriented business of the Company achieved a fast growth, and the percentage of premiums from designated protection-oriented products in the first-year regular premiums rose by 2.2 percentage points year on year. Value of new business for the first quarter of 2020 rose by 8.3% year on year. The surrender rate was 0.28%, a decrease of 0.34 percentage point year on year. Secondly, the sales force expanded and its quality continued to improve. The Company kicked off the “Dingxin Project” in 2019 under the guidance of the strategic goal of “China Life Revitalization” with “Dual Centers and Dual Focuses” as its strategic core, and a development system of “Yi Ti Duo Yuan” was initially formed, featuring a strengthened individual sales force with an emphasis on its core role of value creation in coordination with the development of group insurance, bancassurance and health insurance. As at the end of the reporting period, the total number of sales force from all channels was over 2 million. The quality of the sales force was improved constantly, and the monthly average productive agents from the strengthened individual sales force rose by 18.4% year on year. Thirdly, a significant achievement was made in technology empowerment. During the COVID-19 pandemic, the Company proactively expanded its insurance sales online. By leveraging on the online platforms, such as China Life Inclusive Healthcare and China Life Insurance APP, the Company launched the online customer services for 24 hours a day and 7 days a week, and offered services, such as quick claims settlement, online policy application and electronic insurance policy, to satisfy customers’ demands. In addition, the Company actively carried out online sales force recruitment and management, established a variety of live streaming and sharing platforms, and reinforced online training and meetings. Fourthly, the strategy of investment allocation was more aligned with the market situations. As at the end of the reporting period, the Company’s investment assets reached RMB3,676,151 million, an increase of 2.8% from the end of 2019. The Company took a flexible approach towards allocation to fixed-income assets and asset duration strategy. While controlling the risk exposure of equity investment, it allocated to core equity assets by leveraging on the long term nature of its investment assets to grasp the opportunities in the equity market fluctuations. In the first quarter of 2020, despite a decline in A share market and a significant downward trend in the interest rates, the gross investment income2 of the Company was RMB45,453 million. The gross investment yield3 was 5.13%, merely down by 158 BPs from the corresponding period of 2019 when a significant surge was seen in the equity market. The net investment income4 was RMB38,076 million, and the net investment yield5 was 4.29%, a decrease of 2 BPs year on year. Fifthly, the Company fought against the pandemic with united efforts. Since the outbreak of COVID-19 in the early 2020, the Company voluntarily offered complimentary insurance protection against COVID-19 to medical workers and volunteers fighting on the frontline, covering over 2.5 million people. As at the end of the reporting period, the Company made COVID-19 related claims payment of RMB23.2014 million, of which RMB10.7944 million was paid to the frontline medical workers.
_________________
1 |
Revenues from Insurance Business is consistent with Premium Income in the attached income statement. |
3 |
|
During the reporting period, net profit attributable to equity holders of the Company was RMB17,090 million, a decrease of 34.4% year on year. As at the end of the reporting period, the core solvency ratio and comprehensive solvency ratio of the Company were 272.15% and 281.57%, respectively.
For the remaining period of 2020, the Company will continue to implement national instructions for the pandemic prevention and control in a conscientious manner. By adhering to the strategic goal of “China Life Revitalization”, upholding the strategic core of “centering on customers, concentrating on local branches and field offices, focusing on business value, and strengthening individual insurance business”, and sticking to the operating guideline of “prioritizing business value, strengthening sales force, achieving stable growth, upgrading technology, optimizing services and guarding against risks”, the Company will further promote its reform and transformation, step up its efforts in value creation, team building, reform and innovation, technology empowerment, and risk prevention and control, and strive to make further progress with “China Life Revitalization”.
__________________
2 |
Gross investment income = Net investment income + Net realized gains on investment assets + Fair value gains/losses – Impairment losses of investment assets |
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|
3 |
Gross investment yield = {[(Gross investment income – Interest paid for financial assets sold under agreements to repurchase)/((Investment assets at the end of the previous year – Financial assets sold under agreements to repurchase at the end of the previous year – Derivative financial liabilities at the end of the previous year + Investment assets at the end of the period – Financial assets sold under agreements to repurchase at the end of the period – Derivative financial liabilities at the end of the period)/2)]/91}×366 |
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4 |
Net investment income includes interest income from debt investments, interest income from deposits, dividends and bonus from equity investments, interest income from loans, net income from investment properties, and net income from share of profit of associates and joint ventures, etc. |
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5 |
Net investment yield ={[(Net investment income – Interest paid for financial assets sold under agreements to repurchase)/ ((Investment assets at the end of the previous year – Financial assets sold under agreements to repurchase at the end of the previous year + Investment assets at the end of the period – Financial assets sold under agreements to repurchase at the end of the period)/2)]/91}×366 |
4 |
|
Non-recurring Items and Amounts
RMB million
Non-recurring items Note |
|
For the Reporting Period (from January to March) |
| |
Gains/(losses) on disposal of non-current assets |
|
– |
| |
Government subsidies recognized in current gains/(losses) |
|
10 |
| |
Donations |
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(33 | ) | |
Net non-recurring items other than those mentioned above |
|
(17 | ) | |
Effect of income tax |
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10 |
| |
Attributable to non-controlling interests |
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– |
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Total |
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(30 | ) |
Note: |
As an insurance company, investment (utilization of insurance funds) is one of the major businesses of the Company. Therefore, the non-recurring items do not include fair value gains/(losses) from financial assets at fair value through profit or loss and financial liabilities at fair value through profit or loss, as well as investment income from the disposal of financial assets at fair value through profit or loss and financial liabilities at fair value through profit or loss and available-for-sale financial assets. |
5 |
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2.2 |
Total number of shareholders and the particulars of top ten shareholders as at the end of the reporting period |
Total number of shareholders as at the end of the Reporting Period |
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Number of A Share shareholders: 126,496 |
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Number of H Share shareholders: 27,058 | ||||||||||||||||||
Particulars of top ten shareholders of the Company Unit: Share | ||||||||||||||||||
Name of shareholders |
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Nature of shareholder |
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Percentage of shareholding |
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Total number of shares |
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Number of shares subject to selling restrictions |
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Number of shares pledged or frozen |
| ||||
China Life Insurance (Group) Company |
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State-owned legal person |
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68.37 | % |
|
|
19,323,530,000 |
|
|
|
– |
|
|
|
– |
|
HKSCC Nominees Limited |
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Overseas legal person |
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25.92 | % |
|
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7,325,231,013 |
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– |
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– |
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China Securities Finance Corporation Limited |
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State-owned legal person |
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2.56 | % |
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723,937,634 |
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|
|
– |
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|
|
– |
|
Central Huijin Asset Management Limited |
|
State-owned legal person |
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0.42 | % |
|
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119,719,900 |
|
|
|
– |
|
|
|
– |
|
Hong Kong Securities Clearing Company Limited |
|
Overseas legal person |
|
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0.22 | % |
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61,813,182 |
|
|
|
– |
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– |
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China Universal Asset Management Co., Ltd – Industrial and Commercial Bank of China Limited – China Universal – Tianfu Bull No. 53 Asset Management Plan |
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Other |
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0.05 | % |
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15,015,845 |
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– |
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– |
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Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Securities Investment Fund |
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Other |
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0.05 | % |
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13,478,009 |
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– |
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– |
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China National Nuclear Corporation |
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State-owned legal person |
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0.04 | % |
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12,400,000 |
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– |
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– |
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Bank of Communication – Maxwealth Science and Technology Driven Hybrid Securities Investment Fund |
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Other |
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0.04 | % |
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11,360,239 |
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– |
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– |
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Abu Dhabi Investment Authority |
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Overseas legal person |
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0.04 | % |
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10,031,708 |
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|
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– |
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– |
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Details of shareholders |
1. |
HKSCC Nominees Limited is a company that holds shares on behalf of the clients of the Hong Kong stock brokers and other participants of the CCASS system. The relevant regulations of The Stock Exchange of Hong Kong Limited do not require such persons to declare whether their shareholdings are pledged or frozen. Hence, HKSCC Nominees Limited is unable to calculate or provide the number of shares that are pledged or frozen. |
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2. |
China Universal Asset Management Co., Ltd – Industrial and Commercial Bank of China Limited – China Universal – Tianfu Bull No. 53 Asset Management Plan has Industrial and Commercial Bank of China Limited as its asset trustee. Industrial and Commercial Bank of China Limited – SSE 50 Exchange Traded Index Securities Investment Fund have Industrial and Commercial Bank of China Limited as its fund depositary. Save as above, the Company was not aware of any connected relationship and concerted parties as defined by the “Measures for the Administration of the Takeover of Listed Companies” among the top ten shareholders of the Company. |
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6 |
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2.3 |
Total number of preference share holders, top ten preference share holders, and the particulars of top ten preference share holders with no selling restrictions as at the end of the reporting period |
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☐ Applicable ✓ Not applicable |
3. |
SIGNIFICANT EVENTS |
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3.1 |
Particulars of and reasons for changes in major accounting items and financial indicators of the Company |
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✓ Applicable ☐ Not applicable |
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(1) Changes in key financial indicators and the reasons |
RMB million
Key financial indicators |
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As at 31 March 2020 |
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As at 31 December 2019 |
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Increase/ (decrease) |
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Main reasons |
||||
Total assets |
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$ | 3,874,719 |
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$ | 3,726,734 |
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4.0 | % |
|
Accumulation of the assets from insurance business and investment business |
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Total liabilities |
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3,455,216 |
|
|
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3,317,392 |
|
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4.2 | % |
|
An increase in reserves of insurance contracts |
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Total equity holders’ equity |
|
|
413,715 |
|
|
|
403,764 |
|
|
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2.5 | % |
|
Due to the effect of profits during the Reporting Period |
RM B million
Key financial indicators |
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For the three months ended 31 March 2020 |
|
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For the three months ended 31 March 2019 |
|
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Increase/ (decrease) |
|
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Main reasons |
||||
Operating profit |
|
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21,130 |
|
|
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33,337 |
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-36.6 | % |
|
Due to the update of discount rate assumption of reserves of traditional insurance contracts and a decrease in gross investment income |
|
Net profit attributable to equity holders of the Company |
|
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17,090 |
|
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26,034 |
|
|
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-34.4 | % |
|
Due to the update of discount rate assumption of reserves of traditional insurance contracts and a decrease in gross investment income |
7 |
(2) Material changes in major accounting items and the reasons
RMB million
Key financial indicators |
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As at 31 March 2020 |
|
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As at 31 December 2019 |
|
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Increase/ (decrease) |
|
|
Main reasons |
||||
Cash fund |
|
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72,038 |
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55,082 |
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30.8 | % |
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The needs for liquidity management |
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Securities purchased under agreements to resell |
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31,305 |
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4,467 |
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600.8 | % |
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The needs for liquidity management |
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Premiums receivables |
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61,943 |
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17,281 |
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258.4 | % |
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The accumulation of renewal premiums |
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Securities sold under agreements to repurchase |
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63,700 |
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118,088 |
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-46.1 | % |
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The needs for liquidity management |
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Unearned premium reserves |
|
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30,024 |
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|
|
13,001 |
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130.9 | % |
|
An increase in short-term insurance business and timing differences of business schedule |
RMB million
Key financial indicators |
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For the three months ended 31 March 2020 |
|
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For the three months ended 31 March 2019 |
|
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Increase/ (decrease) |
|
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Main reasons |
||||
Investment income |
|
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51,729 |
|
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|
38,940 |
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32.8 | % |
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An increase in investment income of equity financial assets |
|
Fair value gains/(losses) |
|
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(5,411 | ) |
|
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13,945 |
|
|
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N/A |
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Due to the fluctuation of the market value of equity financial assets at fair value through profit or loss |
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Surrenders |
|
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7,740 |
|
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15,019 |
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-48.5 | % |
|
A decrease in surrender of certain insurance products |
|
Underwriting and policy acquisition costs |
|
|
34,569 |
|
|
|
25,806 |
|
|
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34.0 | % |
|
Due to an increase in commissions of regular business as a result of the growth of the Company’s business and the optimization of its business structure |
|
Income tax expenses |
|
|
3,760 |
|
|
|
7,116 |
|
|
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-47.2 | % |
|
A year-on-year decrease of operating profits of the Company |
8 |
|
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3.2 |
Explanation and analysis of significant events and their impacts and solutions |
|
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☐ Applicable ✓ Not applicable |
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3.3 |
Undertakings were not implemented in due time during the reporting period |
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✓ Applicable ☐ Not applicable |
Prior to the listing of the Company’s A Shares (30 November 2006), land use rights were injected by China Life Insurance (Group) Company (the “CLIC”) into the Company during its reorganization. Out of these, four pieces of land (with a total area of 10,421.12 square meters) had not had its formalities in relation to the change of ownership completed. Further, out of the properties injected into the Company, there were six properties (with a gross floor area of 8,639.76 square meters) in respect of which the formalities in relation to the change of ownership had not been completed. CLIC undertook to complete the above-mentioned formalities within one year of the date of listing of the Company’s A Shares, and in the event such formalities could not be completed within such period, CLIC would bear any potential losses to the Company in relation thereto.
CLIC strictly followed these commitments. As at the end of the Reporting Period, save for the two properties and related land of the Company’s Shenzhen Branch, the ownership registration formalities of which had not been completed due to historical reasons, all other formalities in relation to the change of land and property ownership had been completed. The Shenzhen Branch of the Company continues to use such properties and land, and no other parties have questioned or hindered the use of such properties and land by the Company.
The Company’s Shenzhen Branch and the other co-owners of the properties have issued a letter to the governing department of the original owner of the properties in respect of the confirmation of ownership of the properties, requesting it to report the ownership issue to the State-owned Assets Supervision and Administration Commission of the State Council (“SASAC”), and requesting the SASAC to confirm the respective shares of each co-owner in the properties and to issue written documents in this regard to the department of land and resources of Shenzhen, so as to assist the Company and the other co-owners to complete the formalities in relation to the division of ownership of the properties.
Given that the change of ownership of the above two properties and related land use rights were directed by the co-owners, and all formalities in relation to the change of ownership were proceeded slowly due to reasons such as issues rooted in history and government approvals, CLIC, the controlling shareholder of the Company, made further commitment as follows: CLIC will assist the Company in completing, and urge the co-owners to complete the formalities in relation to the change of ownership in respect of the above two properties and related land use rights as soon as possible. If the formalities cannot be completed due to the reasons of the co-owners, CLIC will take any other legally practicable measures to resolve the issue and will bear any potential losses suffered by the Company as a result of the defective ownership. |
9 |
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3.4 |
Warnings and explanation for any forecasted losses or significant changes (as compared to the same period of last year) in accumulated net profit from the beginning of the year to the end of the next reporting period |
|
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☐ Applicable ✓ Not applicable |
This announcement is published in both Chinese and English. Should there be any inconsistency between the Chinese and English version, the Chinese version shall prevail.
|
By Order of the Board China Life Insurance Company Limited Heng Victor Ja Wei Company Secretary |
As at the date of this announcement, the Board of Directors of the Company comprises:
Executive Directors: |
Wang Bin, Su Hengxuan, Li Mingguang |
Non-executive Directors: |
Yuan Changqing, Liu Huimin, Yin Zhaojun, Wang Junhui |
Independent Non-executive Directors: |
Chang Tso Tung Stephen, Robinson Drake Pike, Tang Xin, Leung Oi-Sie Elsie |
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|
Hong Kong, 23 April 2020 |
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10 |
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4. |
APPENDIX |
|
4.1 |
Balance sheet as at 31 March 2020 (unaudited) |
RMB million (Unless otherwise stated)
ASSETS |
|
As at 31 March 2020 Group |
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As at 31 December 2019 Group |
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As at 31 March 2020 Company |
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As at 31 December 2019 Company |
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Assets |
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|
|
|
|
|
|
|
| ||||
Cash fund |
|
|
72,038 |
|
|
|
55,082 |
|
|
|
66,269 |
|
|
|
48,794 |
|
Financial assets at fair value through profit or loss |
|
|
139,128 |
|
|
|
141,606 |
|
|
|
115,045 |
|
|
|
117,471 |
|
Derivative financial assets |
|
|
– |
|
|
|
428 |
|
|
|
– |
|
|
|
428 |
|
Securities purchased under agreements to resell |
|
|
31,305 |
|
|
|
4,467 |
|
|
|
30,582 |
|
|
|
1,963 |
|
Interest receivables |
|
|
41,945 |
|
|
|
41,455 |
|
|
|
41,157 |
|
|
|
40,855 |
|
Premiums receivables |
|
|
61,943 |
|
|
|
17,281 |
|
|
|
61,943 |
|
|
|
17,281 |
|
Receivables from reinsurers |
|
|
629 |
|
|
|
808 |
|
|
|
629 |
|
|
|
808 |
|
Unearned premium reserves receivable from reinsurers |
|
|
427 |
|
|
|
369 |
|
|
|
427 |
|
|
|
369 |
|
Claim reserves receivable from reinsurers |
|
|
137 |
|
|
|
145 |
|
|
|
137 |
|
|
|
145 |
|
Reserves for life insurance receivables from reinsurers |
|
|
521 |
|
|
|
483 |
|
|
|
521 |
|
|
|
483 |
|
Reserves for long-term health insurance receivables |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
from reinsurers |
|
|
3,270 |
|
|
|
3,356 |
|
|
|
3,270 |
|
|
|
3,356 |
|
Other receivables |
|
|
22,339 |
|
|
|
19,595 |
|
|
|
19,611 |
|
|
|
17,329 |
|
Loans |
|
|
639,391 |
|
|
|
608,920 |
|
|
|
623,572 |
|
|
|
594,913 |
|
Term deposits |
|
|
550,771 |
|
|
|
535,260 |
|
|
|
544,092 |
|
|
|
528,754 |
|
Available-for-sale financial assets |
|
|
1,042,394 |
|
|
|
1,058,957 |
|
|
|
1,018,592 |
|
|
|
1,037,629 |
|
Held-to-maturity investments |
|
|
954,504 |
|
|
|
928,751 |
|
|
|
953,639 |
|
|
|
927,892 |
|
Long-term equity investments |
|
|
227,480 |
|
|
|
222,983 |
|
|
|
259,140 |
|
|
|
254,905 |
|
Statutory deposits |
|
|
6,333 |
|
|
|
6,333 |
|
|
|
5,653 |
|
|
|
5,653 |
|
Investment properties |
|
|
12,807 |
|
|
|
12,141 |
|
|
|
4,638 |
|
|
|
3,914 |
|
Constructions in progress |
|
|
13,984 |
|
|
|
14,377 |
|
|
|
13,255 |
|
|
|
13,657 |
|
Fixed assets |
|
|
36,170 |
|
|
|
36,343 |
|
|
|
34,397 |
|
|
|
34,545 |
|
Right-of-use assets |
|
|
3,349 |
|
|
|
3,520 |
|
|
|
3,100 |
|
|
|
3,272 |
|
Intangible assets |
|
|
8,086 |
|
|
|
8,070 |
|
|
|
7,366 |
|
|
|
7,340 |
|
Deferred tax assets |
|
|
159 |
|
|
|
128 |
|
|
|
- |
|
|
|
- |
|
Other assets |
|
|
5,599 |
|
|
|
5,866 |
|
|
|
5,358 |
|
|
|
5,590 |
|
Separate account assets |
|
|
10 |
|
|
|
10 |
|
|
|
10 |
|
|
|
10 |
|
Total Assets |
|
|
3,874,719 |
|
|
|
3,726,734 |
|
|
|
3,812,403 |
|
|
|
3,667,356 |
Wang Bin |
Huang Xiumei |
Li Mingguang |
Hu Jin |
Chairman |
Vice President in charge of Accounting Affairs |
Chief Actuary |
Head of Financial Department |
11
4.1 |
Balance sheet as at 31 March 2020 (unaudited) (continued) |
|
RMB million (Unless otherwise stated) | |||||||||||||||
|
As at 31 March 2020 |
|
As at 31 December 2019 |
|
As at 31 March 2020 |
|
As at 31 December 2019 |
| ||||||||
LIABILITIES AND EQUITY |
|
Group |
|
Group |
|
Company |
|
Company |
||||||||
| ||||||||||||||||
Liabilities |
| |||||||||||||||
Short-term borrowings |
|
1,153 |
|
1,115 |
|
– |
|
– |
| |||||||
Financial liabilities at fair value through profit or loss |
|
2,985 |
|
3,859 |
|
– |
|
– |
| |||||||
Securities sold under agreements to repurchase |
|
63,700 |
|
118,088 |
|
58,638 |
|
113,189 |
| |||||||
Premiums received in advance |
|
2,864 |
|
60,898 |
|
2,864 |
|
60,898 |
| |||||||
Brokerage and commission payable |
|
10,291 |
|
7,418 |
|
10,291 |
|
7,418 |
| |||||||
Reinsurance payable |
|
1,020 |
|
817 |
|
1,020 |
|
817 |
| |||||||
Salary and welfare payable |
|
12,303 |
|
12,223 |
|
11,047 |
|
11,048 |
| |||||||
Taxes payable |
|
3,235 |
|
897 |
|
2,889 |
|
409 |
| |||||||
Claims payable |
|
54,035 |
|
51,019 |
|
54,035 |
|
51,019 |
| |||||||
Policyholder dividends payable |
|
113,954 |
|
112,593 |
|
113,954 |
|
112,593 |
| |||||||
Other payable |
|
16,187 |
|
16,804 |
|
15,165 |
|
15,328 |
| |||||||
Policyholder deposits |
|
277,341 |
|
267,794 |
|
277,341 |
|
267,794 |
| |||||||
Unearned premium reserves |
|
30,024 |
|
13,001 |
|
30,024 |
|
13,001 |
| |||||||
Claim reserves |
|
18,941 |
|
18,404 |
|
18,941 |
|
18,404 |
| |||||||
Reserves for life insurance |
|
2,595,089 |
|
2,386,130 |
|
2,595,089 |
|
2,386,130 |
| |||||||
Reserves for long-term health insurance |
|
142,288 |
|
135,201 |
|
142,288 |
|
135,201 |
| |||||||
Long-term borrowings |
|
19,106 |
|
18,930 |
|
– |
|
– |
| |||||||
Bonds payable |
|
34,990 |
|
34,990 |
|
34,990 |
|
34,990 |
| |||||||
Lease liabilities |
|
2,951 |
|
3,091 |
|
2,711 |
|
2,842 |
| |||||||
Deferred tax liabilities |
|
5,472 |
|
10,330 |
|
6,266 |
|
10,714 |
| |||||||
Other liabilities |
|
47,277 |
|
43,780 |
|
21,858 |
|
22,283 |
| |||||||
Separate account liabilities |
|
10 |
|
10 |
|
10 |
|
10 |
||||||||
| ||||||||||||||||
Total liabilities |
|
3,455,216 |
|
3,317,392 |
|
3,399,421 |
|
3,264,088 |
||||||||
| ||||||||||||||||
Equity |
| |||||||||||||||
Share capital |
|
28,265 |
|
28,265 |
|
28,265 |
|
28,265 |
| |||||||
Other equity instruments |
|
7,791 |
|
7,791 |
|
7,791 |
|
7,791 |
| |||||||
Capital reserve |
|
55,048 |
|
55,009 |
|
54,366 |
|
54,327 |
| |||||||
Accumulated other comprehensive income |
|
21,985 |
|
29,163 |
|
20,888 |
|
28,716 |
| |||||||
Surplus reserve |
|
75,161 |
|
75,161 |
|
75,113 |
|
75,113 |
| |||||||
General reserve |
|
37,897 |
|
37,888 |
|
37,304 |
|
37,304 |
||||||||
Retained earnings | 187,568 |
170,487 |
189,255 |
171,752 |
| |||||||||||
Attributable to equity holders of the Company |
|
413,715 |
|
403,764 |
||||||||||||
| ||||||||||||||||
Non-controlling interests |
|
5,788 |
|
5,578 |
||||||||||||
| ||||||||||||||||
Total equity |
|
419,503 |
|
409,342 |
|
412,982 |
|
403,268 |
||||||||
| ||||||||||||||||
Total liabilities and equity |
|
3,874,719 |
|
3,726,734 |
|
3,812,403 |
|
3,667,356 |
Wang Bin |
Huang Xiumei |
Li Mingguang |
Hu Jin |
Chairman |
Vice President in charge of Accounting Affairs |
Chief Actuary |
Head of Financial Department |
12 |
|
4.2 |
Income statement for the first quarter of 2020 (unaudited) |
RMB million (Unless otherwise stated)
|
|
|
|
For the three months ended 31 March |
|
|
For the three months ended 31 March |
| ||||||||||||
|
|
|
|
2020 Group |
|
|
2019 Group |
|
|
2020 Company |
|
|
2019 Company |
| ||||||
|
1 |
|
Operating income |
|
337,772 |
|
312,226 |
|
336,859 |
|
310,383 | |||||||||
|
|
|
|
Premiums earned |
|
|
289,518 |
|
|
|
257,552 |
|
|
|
289,518 |
|
|
|
257,552 |
|
|
|
|
|
Premium income |
|
|
307,776 |
|
|
|
272,353 |
|
|
|
307,776 |
|
|
|
272,353 |
|
|
|
|
|
Including: Reinsurance premium income |
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
1 |
|
|
|
|
|
Less: Premiums ceded to reinsurers |
|
|
(1,293 | ) |
|
|
(1,078 | ) |
|
|
(1,293 | ) |
|
|
(1,078 | ) |
|
|
|
|
Change in unearned premium reserves |
|
|
(16,965 | ) |
|
|
(13,723 | ) |
|
|
(16,965 | ) |
|
|
(13,723 | ) |
|
|
|
|
Investment income |
|
|
51,729 |
|
|
|
38,940 |
|
|
|
50,872 |
|
|
|
38,931 |
|
|
|
|
|
Including: Share of profit of associates and joint ventures |
|
|
3,007 |
|
|
|
2,174 |
|
|
|
3,076 |
|
|
|
2,348 |
|
|
|
|
|
Other gains |
|
|
15 |
|
|
|
12 |
|
|
|
12 |
|
|
|
12 |
|
|
|
|
|
Fair value gains/(losses) |
|
|
(5,411 | ) |
|
|
13,945 |
|
|
|
(4,575 | ) |
|
|
13,220 |
|
|
|
|
|
Foreign exchange gains/(losses) |
|
|
58 |
|
|
|
188 |
|
|
|
121 |
|
|
|
(150 | ) |
|
|
|
|
Other operating income |
|
|
1,862 |
|
|
|
1,589 |
|
|
|
910 |
|
|
|
818 |
|
|
|
|
|
Gains/(losses) on disposal of assets |
|
|
1 |
|
|
|
– |
|
|
|
1 |
|
|
|
– |
|
|
2 |
|
Operating expenses |
|
(316,642 | ) |
|
(278,889 | ) |
|
(315,768 | ) |
|
(278,006 | ) | |||||
|
|
|
|
Surrenders |
|
|
(7,740 | ) |
|
|
(15,019 | ) |
|
|
(7,740 | ) |
|
|
(15,019 | ) |
|
|
|
|
Claims expense |
|
|
(35,530 | ) |
|
|
(41,186 | ) |
|
|
(35,530 | ) |
|
|
(41,186 | ) |
|
|
|
|
Less: Claims recoverable from reinsurers |
|
|
673 |
|
|
|
847 |
|
|
|
673 |
|
|
|
847 |
|
|
|
|
|
Increase in insurance contracts reserve |
|
|
(216,583 | ) |
|
|
(176,232 | ) |
|
|
(216,583 | ) |
|
|
(176,232 | ) |
|
|
|
|
Less: Insurance reserves recoverable from reinsurers |
|
|
(56 | ) |
|
|
160 |
|
|
|
(56 | ) |
|
|
160 |
|
|
|
|
|
Policyholder dividends resulting from |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
participation in profits |
|
|
(6,591 | ) |
|
|
(5,775 | ) |
|
|
(6,591 | ) |
|
|
(5,775 | ) |
|
|
|
|
Tax and surcharges |
|
|
(218 | ) |
|
|
(139 | ) |
|
|
(202 | ) |
|
|
(117 | ) |
|
|
|
|
Underwriting and policy acquisition costs |
|
|
(34,569 | ) |
|
|
(25,806 | ) |
|
|
(34,569 | ) |
|
|
(25,806 | ) |
|
|
|
|
Administrative expenses |
|
|
(9,654 | ) |
|
|
(8,256 | ) |
|
|
(9,159 | ) |
|
|
(7,737 | ) |
|
|
|
|
Less: Expenses recoverable from reinsurers |
|
|
62 |
|
|
|
48 |
|
|
|
62 |
|
|
|
48 |
|
|
|
|
|
Other operating expenses |
|
|
(5,553 | ) |
|
|
(5,502 | ) |
|
|
(5,190 | ) |
|
|
(5,160 | ) |
|
|
|
|
Impairment losses |
|
|
(883 | ) |
|
|
(2,029 | ) |
|
|
(883 | ) |
|
|
(2,029 | ) |
Wang Bin |
Huang Xiumei |
Li Mingguang |
Hu Jin |
Chairman |
Vice President in charge of Accounting Affairs |
Chief Actuary |
Head of Financial Department |
13 |
4.2 |
Income statement for the first quarter of 2020 (unaudited) (continued) |
RMB million (Unless otherwise stated)
|
|
|
|
For the three months ended 31 March |
|
|
For the three months ended 31 March |
| ||||||||||||
|
|
|
|
|
2020 Group |
|
|
2019 Group |
|
|
2020 Company |
|
|
2019 Company |
| |||||
|
3 |
|
Operating profit |
|
21,130 |
|
33,337 |
|
21,091 |
|
32,377 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Add: Non-operating income |
|
|
12 |
|
|
|
25 |
|
|
|
9 |
|
|
|
24 |
|
|
|
|
|
Less: Non-operating expenses |
|
|
(60 | ) |
|
|
(50 | ) |
|
|
(57 | ) |
|
|
(50 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
Net profit before income tax |
|
21,082 |
|
33,312 |
|
21,043 |
|
32,351 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Less: Income tax expenses |
|
|
(3,760 | ) |
|
|
(7,116 | ) |
|
|
(3,540 | ) |
|
|
(6,982 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
|
Net profit |
|
17,322 |
|
26,196 |
|
17,503 |
|
25,369 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
According to operating continuity: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
– Net profit from continuing operations |
|
|
17,322 |
|
|
|
26,196 |
|
|
|
17,503 |
|
|
|
25,369 |
|
|
|
|
|
According to ownership of the company: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
– Equity holders of the Company |
|
|
17,090 |
|
|
|
26,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
– Non-controlling interests |
|
|
232 |
|
|
|
162 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
|
Earnings per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
Basic earnings per share |
|
RMB0.60 |
|
|
RMB0.92 |
|
|
|
|
|
|
|
|
| ||
|
|
|
|
Diluted earnings per share |
|
RMB0.60 |
|
|
RMB0.92 |
|
|
|
|
|
|
|
|
|
Wang Bin |
Huang Xiumei |
Li Mingguang |
Hu Jin |
Chairman |
Vice President in charge of Accounting Affairs |
Chief Actuary |
Head of Financial Department |
14 |
|
4.2 |
Income statement for the first quarter of 2020 (unaudited) (continued) |
RMB million (Unless otherwise stated)
|
|
|
|
For the three months ended 31 March |
|
|
For the three months ended 31 March |
| ||||||||||||
|
|
|
|
|
2020 Group |
|
|
2019 Group |
|
|
2020 Company |
|
|
2019 Company |
| |||||
|
7 |
|
Other comprehensive income |
|
(7,200 | ) |
|
23,082 |
|
(7,828 | ) |
|
22,984 | |||||||
|
|
|
|
Other comprehensive income attributable to equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
holders of the Company (net of tax) |
|
|
(7,178 | ) |
|
|
23,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income that may be |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reclassified to profit or loss |
|
|
(7,081 | ) |
|
|
23,080 |
|
|
|
(7,731 | ) |
|
|
22,984 |
|
|
|
|
|
Fair value gains/(losses) on available-for-sale |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
financial assets |
|
|
(3,096 | ) |
|
|
34,802 |
|
|
|
(3,792 | ) |
|
|
34,679 |
|
|
|
|
|
Less: Amount transferred to net profit from |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
other comprehensive income |
|
|
(7,654 | ) |
|
|
(3,003 | ) |
|
|
(7,605 | ) |
|
|
(2,977 | ) |
|
|
|
|
Portion of fair value changes on available- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
for-sale financial assets attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
participating policyholders |
|
|
2,694 |
|
|
|
(9,268 | ) |
|
|
2,694 |
|
|
|
(9,268 | ) |
|
|
|
|
Other comprehensive income that may be |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
transferred to profit or loss under the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity method |
|
|
839 |
|
|
|
666 |
|
|
|
951 |
|
|
|
666 |
|
|
|
|
|
Exchanges differences on translating |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
foreign operations |
|
|
136 |
|
|
|
(117 | ) |
|
|
21 |
|
|
|
(116 | ) |
|
|
|
|
Other comprehensive income that will not be |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
reclassified to profit or loss |
|
|
(97 | ) |
|
|
– |
|
|
|
(97 | ) |
|
|
– |
|
|
|
|
|
Other comprehensive income that may not |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
be transferred to profit or loss under the |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
equity method |
|
|
(97 | ) |
|
|
– |
|
|
|
(97 | ) |
|
|
– |
|
|
|
|
|
Other comprehensive income attributable to |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
non-controlling interests (net of tax) |
|
|
(22 | ) |
|
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
|
Total comprehensive income |
|
10,122 |
|
49,278 |
|
9,675 |
|
48,353 | |||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
– Attributable to equity holders of the Company |
|
|
9,912 |
|
|
|
49,114 |
|
|
|
|
|
|
|
|
|
|
|
|
|
– Attributable to non-controlling interests |
|
|
210 |
|
|
|
164 |
|
|
|
|
|
|
|
|
|
Wang Bin |
Huang Xiumei |
Li Mingguang |
Hu Jin |
Chairman |
Vice President in charge of Accounting Affairs |
Chief Actuary |
Head of Financial Department |
15 |
|
4.3 |
Cash flow statement for the first quarter of 2020 (unaudited) |
RMB million (Unless otherwise stated)
|
|
|
|
|
|
For the three months ended 31 March |
|
|
For the three months ended 31 March |
| ||||||||||
|
|
|
|
|
|
2020 Group |
|
|
2019 Group |
|
|
2020 Company |
|
|
2019 Company |
| ||||
|
1 |
|
Cash flows from operating activities |
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
Premiums received |
|
|
204,687 |
|
|
|
187,527 |
|
|
|
204,687 |
|
|
|
187,527 |
|
|
|
|
|
Net increase in policyholder deposits |
|
|
9,691 |
|
|
|
8,861 |
|
|
|
9,691 |
|
|
|
8,861 |
|
|
|
|
|
Net cash received from financial assets at fair value through profit or loss |
|
|
– |
|
|
|
6,937 |
|
|
|
750 |
|
|
|
9,324 |
|
|
|
|
|
Net cash received from financial liabilities at fair value through profit or loss |
|
|
181 |
|
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
|
|
Cash received from other operating activities |
|
|
2,439 |
|
|
|
2,957 |
|
|
|
1,123 |
|
|
|
2,006 |
|
|
|
|
|
Sub-total of cash inflows from operating activities |
|
216,998 |
|
206,282 |
|
216,251 |
|
207,718 | ||||||||
|
|
|
|
Cash paid for claims |
|
|
(40,254 | ) |
|
|
(54,821 | ) |
|
|
(40,254 | ) |
|
|
(54,821 | ) |
|
|
|
|
Net cash paid for reinsurance business |
|
|
(176 | ) |
|
|
(222 | ) |
|
|
(176 | ) |
|
|
(222 | ) |
|
|
|
|
Cash paid for brokerage and commission fees |
|
|
(31,696 | ) |
|
|
(23,040 | ) |
|
|
(31,696 | ) |
|
|
(23,040 | ) |
|
|
|
|
Cash paid for policyholder dividends |
|
|
(1,637 | ) |
|
|
(2,665 | ) |
|
|
(1,637 | ) |
|
|
(2,665 | ) |
|
|
|
|
Cash paid to and for employees |
|
|
(5,912 | ) |
|
|
(6,150 | ) |
|
|
(5,640 | ) |
|
|
(5,873 | ) |
|
|
|
|
Cash paid for taxes and surcharges |
|
|
(4,947 | ) |
|
|
(1,755 | ) |
|
|
(4,381 | ) |
|
|
(1,435 | ) |
|
|
|
|
Net cash paid for financial assets at fair value through profit or loss |
|
|
(683 | ) |
|
|
– |
|
|
|
– |
|
|
|
– |
|
|
|
|
|
Net cash paid for financial liabilities at fair value through profit or loss |
|
|
– |
|
|
|
(729 | ) |
|
|
– |
|
|
|
– |
|
|
|
|
|
Cash paid for other operating activities |
|
|
(6,384 | ) |
|
|
(5,135 | ) |
|
|
(5,959 | ) |
|
|
(4,777 | ) |
|
|
|
|
Sub-total of cash outflows from operating activities |
|
(91,689 | ) |
|
(94,517 | ) |
|
(89,743 | ) |
|
(92,833 | ) | ||||
|
|
|
|
Net cash flows from operating activities |
|
125,309 |
|
111,765 |
|
126,508 |
|
114,885 |
Wang Bin |
Huang Xiumei |
Li Mingguang |
Hu Jin |
Chairman |
Vice President in charge of Accounting Affairs |
Chief Actuary |
Head of Financial Department |
16 |
|
4.3 |
Cash flow statement for the first quarter of 2020 (unaudited) (continued) |
RMB million (Unless otherwise stated)
|
|
|
|
|
|
For the three months ended 31 March |
|
|
For the three months ended 31 March |
| ||||||||||
|
|
|
|
|
|
2020 Group |
|
|
2019 Group |
|
|
2020 Company |
|
|
2019 Company |
| ||||
|
2 |
|
Cash flows from investing activities |
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
Cash received from sales and redemption of investments |
|
|
225,176 |
|
|
|
287,661 |
|
|
|
221,265 |
|
|
|
282,157 |
|
|
|
|
|
Cash received from investment income |
|
|
34,741 |
|
|
|
37,152 |
|
|
|
34,102 |
|
|
|
35,827 |
|
|
|
|
|
Net cash received from disposals of fixed assets, intangible assets and other long-term assets |
|
|
2 |
|
|
|
– |
|
|
|
2 |
|
|
|
– |
|
|
|
|
|
Net cash received from the disposal of subsidiaries and other business units |
|
|
591 |
|
|
|
1,419 |
|
|
|
953 |
|
|
|
1,432 |
|
|
|
|
|
Sub-total of cash inflows from investing activities |
|
260,510 |
|
326,232 |
|
256,322 |
|
319,416 | ||||||||
|
|
|
|
Cash paid for investments |
|
|
(283,748 | ) |
|
|
(277,277 | ) |
|
|
(273,907 | ) |
|
|
(271,479 | ) |
|
|
|
|
Net increase in policy loans |
|
|
(4,461 | ) |
|
|
(7,094 | ) |
|
|
(4,461 | ) |
|
|
(7,094 | ) |
|
|
|
|
Cash paid for acquisition of fixed assets, intangible assets and other long-term assets |
|
|
(1,738 | ) |
|
|
(1,808 | ) |
|
|
(1,706 | ) |
|
|
(1,617 | ) |
|
|
|
|
Net cash paid from securities purchased under agreements to resell |
|
|
(27,118 | ) |
|
|
(22,211 | ) |
|
|
(28,619 | ) |
|
|
(22,782 | ) |
|
|
|
|
Sub-total of cash outflows from investing activities |
|
(317,065 | ) |
|
(308,390 | ) |
|
(308,693 | ) |
|
(302,972 | ) | ||||
|
|
|
|
Net cash flows from investing activities |
|
(56,555 | ) |
|
17,842 |
|
(52,371 | ) |
|
16,444 |
Wang Bin |
Huang Xiumei |
Li Mingguang |
Hu Jin |
Chairman |
Vice President in charge of Accounting Affairs |
Chief Actuary |
Head of Financial Department |
17 |
|
4.3 |
Cash flow statement for the first quarter of 2020 (unaudited) (continued) |
RMB million (Unless otherwise stated)
|
|
|
|
|
|
For the three months ended 31 March |
|
|
For the three months ended 31 March |
| ||||||||||
|
|
|
|
|
|
2020 Group |
|
|
2019 Group |
|
|
2020 Company |
|
|
2019 Company |
| ||||
|
3 |
|
Cash flows from financing activities |
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
Cash received from investment |
|
|
4,479 |
|
|
|
2,625 |
|
|
|
– |
|
|
|
– |
|
|
|
|
|
Including: Cash received from the investment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
of non-controlling interests by subsidiaries |
|
|
4,479 |
|
|
|
2,625 |
|
|
|
– |
|
|
|
– |
|
|
|
|
|
Cash received from borrowings |
|
|
124 |
|
|
|
34,988 |
|
|
|
– |
|
|
|
34,988 |
|
|
|
|
|
Cash received from other financing activities |
|
|
– |
|
|
|
132 |
|
|
|
– |
|
|
|
– |
|
|
|
|
|
Sub-total of cash inflows from financing activities |
|
4,603 |
|
37,745 |
|
– |
|
34,988 | ||||||||
|
|
|
|
Cash paid for dividends and interests and repaid for lenders |
|
|
(2,107 | ) |
|
|
(904 | ) |
|
|
(1,871 | ) |
|
|
(749 | ) |
|
|
|
|
Net cash paid for securities sold under agreements to repurchase |
|
|
(53,743 | ) |
|
|
(150,076 | ) |
|
|
(54,551 | ) |
|
|
(149,963 | ) |
|
|
|
|
Cash paid for other financing activities |
|
|
(549 | ) |
|
|
(197 | ) |
|
|
(263 | ) |
|
|
(182 | ) |
|
|
|
|
Sub-total of cash outflows from financing activities |
|
(56,399 | ) |
|
(151,177 | ) |
|
(56,685 | ) |
|
(150,894 | ) | ||||
|
|
|
|
Net cash flows from financing activities |
|
(51,796 | ) |
|
(113,432 | ) |
|
(56,685 | ) |
|
(115,906 | ) | ||||
|
4 |
|
Effect of changes in foreign exchange rate on cash and cash equivalents |
|
16 |
|
(105 | ) |
|
23 |
|
(91 | ) | |||||||
|
5 |
|
Net increase in cash and cash equivalents |
|
16,974 |
|
16,070 |
|
17,475 |
|
15,332 | |||||||||
|
|
|
|
Add: Opening balance of cash and cash equivalents |
|
|
53,306 |
|
|
|
50,809 |
|
|
|
48,802 |
|
|
|
47,904 |
|
|
6 |
|
Closing balance of cash and cash equivalents |
|
70,280 |
|
66,879 |
|
66,277 |
|
63,236 |
Wang Bin |
Huang Xiumei |
Li Mingguang |
Hu Jin |
Chairman |
Vice President in charge of Accounting Affairs |
Chief Actuary |
Head of Financial Department |
18 |
|