On the evening of October 26, the life insurance company under China Life Group announced its performance report for the first three quarters. The report shows that the company’s premium income, new policy premiums, and first-year regular premiums in the first three quarters all hit record highs in scale and growth for the same period in the past three years, and the company’s business development is stable and making progress.
In the first three quarters of 2023, my country’s economic recovery has continued to consolidate, and the industry’s recovery trend has continued. However, there are still many uncertain and complex factors. China Life Insurance Company adheres to the theme of high-quality development, maintains stable business development, continuously improves the quality of development, continues to consolidate its market leadership, and further enhances its comprehensive strength.
Business development is making steady progress, and development quality is improving steadily.
In the first three quarters of 2023, the insurance business of China Life Insurance Company achieved rapid development, with premium income reaching RMB 578.799 billion, a year-on-year increase of 4.5%, and new single premiums reaching RMB 196.656 billion, a year-on-year increase of 14.8%, of which first-year regular premiums It was RMB 105.982 billion, a year-on-year increase of 16.0%. While new policy premiums are growing rapidly, the business structure is constantly being optimized. First-year regular premiums with ten years or more were RMB 44.639 billion, a year-on-year increase of 15.4%, accounting for 42.12% of first-year regular premiums, an increase of 2.13 percentage points from the first half of 2023. New business value continued to grow in the first three quarters of 2023, with a year-on-year increase of 14.0%. Renewal premiums were RMB 382.143 billion, basically stable. Short-term insurance premiums were RMB 69.319 billion, a year-on-year increase of 3.4%.
The sales force has stabilized and its quality has been stable and improving.
China Life Insurance Company insists on having an effective team to drive business development. Focusing on the “Eight Major Projects”, it continues to implement the “Sales Channel Strengthening Project”, further promotes the reform of the marketing system, strengthens the growth and education of the sales team, and steadily promotes the professionalization and professionalization of the sales team. transformation. As of September 30, 2023, the company’s total sales force was 720,000, of which the personal insurance sales force was 660,000. The stabilization of the team size has been further consolidated; the quality of the team has continued to be optimized, and the team’s production capacity has increased significantly. The monthly average per capita of the personal insurance sector First-year regular premiums increased by 28.6% year-on-year.
Investment income continues to be under pressure in the complex and severe capital market environment
In the third quarter of 2023, domestic bond interest rates fluctuated at low levels, with the center further declining, and the pressure on fixed-income asset allocation continued; the stock market continued to fluctuate at low levels, and the pressure on the income of public market equity products further increased. Affected by this, in the first three quarters of 2023, China Life Insurance Company achieved a total investment income of RMB 109.997 billion, with a total investment rate of return of 2.81%; net investment income of RMB 148.340 billion, with a net investment rate of return of 3.81%.
Solvency remains at a high level
As of September 30, 2023, the core solvency adequacy ratio of China Life Insurance Company reached 161.25%, and the comprehensive solvency adequacy ratio reached 232.68%, an increase of 17.66 percentage points and 25.90 percentage points respectively from the end of 2022, continuing to maintain a high level. Provide solid capital guarantee for the company’s development.
The report shows that as of September 30, 2023, China Life Insurance Company’s total assets reached RMB 5,759.367 billion, and its investment assets reached RMB 5,519.950 billion, both exceeding RMB 5.5 trillion. In the first three quarters of 2023, China Life Insurance Company’s net profit attributable to shareholders of the parent company was RMB 16.209 billion.
China Life Insurance Company stated that it will adhere to the general tone of work of seeking progress while maintaining stability, adhere to the business strategy of “stable growth, value value, optimize structure, strengthen the team, promote reform, and prevent risks”, coordinate business development and team building, and deepen Promote reforms in key areas, deepen the reform of the marketing system, empower and implement the health and wellness ecosystem, strive to improve customer operation and service capabilities, enhance digital iteration support capabilities, continue to strengthen the protection of consumer rights and interests, build a solid bottom line for risk prevention and control, and effectively promote The company’s high-quality development is steady and long-term.