Financials China Life Insurance Company Limited

Equities

Market Closed - Hong Kong S.E. Other stock markets 03:08:20 2025-12-16 EST			5-day change	1st Jan Change
27.38 ^HKD	-4.13%		-2.42%	+86.51%

12-09	China Life Insurance's 11-Month Gross Written Premiums Surpass 700 Billion Yuan	MT
12-09	China Life Insurance accumulated premium for Jan to Nov over 700 billion yuan	RE

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	604,666	611,251	607,825	632,141	-	732,680	756,330	802,810
Change	-	1.09%	-0.56%	4%	-	-	3.23%	6.15%
EBITDA	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-
EBIT ¹	46,822	40,167	23,563	36,497	115,600	200,680	108,708	117,353
Change	-	-14.21%	-41.34%	54.89%	216.74%	73.6%	-45.83%	7.95%
Interest Paid ¹	-3,747	-5,598	-4,863	-5,308	-7,310	-6,300	-6,934	-7,616
Earnings before Tax (EBT) ¹	54,488	50,495	24,047	11,878	115,213	177,570	103,451	113,070
Change	-	-7.33%	-52.38%	-50.61%	869.97%	54.12%	-41.74%	9.3%
Net income ¹	50,268	50,921	32,082	21,110	106,935	159,687	105,040	120,360
Change	-	1.3%	-37%	-34.2%	406.56%	49.33%	-34.22%	14.59%
Announcement Date	3/25/21	3/24/22	3/29/23	3/27/24	3/26/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2025 Q3	2025 Q4
Net sales	-	-	-	-	-	-	117,043	71,146	306,537	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-39.21%	330.86%	-	-	-	-	-	-	-
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	8,704	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	3,190	28,589	12,386	7,527	15,178	10,238	5,701	965	-	18,266	53	4,901	20,644	17,634	126,873	8,502
Change	-	796.21%	-56.68%	-39.23%	101.65%	-32.55%	-44.32%	-83.07%	-	-	-99.71%	9,147.17%	321.22%	-14.58%	619.48%	-93.3%
Announcement Date	3/25/21	4/28/21	8/25/21	10/28/21	4/27/22	8/25/22	10/27/22	3/29/23	5/23/23	8/23/23	10/26/23	3/27/24	4/26/24	8/29/24	10/30/25	-

¹CNY in Million

Estimates

Fiscal Period: December	2021 S1	2021 S2	2022 S1	2022 S2	2023 S1	2023 S2	2024 S1	2024 S2	2025 S1	2025 S2	2026 S1	2026 S2	2027 S1
Net sales ¹	552,601	188,609	419,636	188,189	448,915	183,226	-	-	-	207,592	556,919	223,960	595,937
Change	-	-65.87%	122.49%	-55.15%	138.54%	-59.18%	-	-	-	-	168.28%	-59.79%	166.09%
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT ¹	-	1,747	24,991	4,329	37,538	918	-	61,547	42,511	169,489	47,185	44,934	48,462
Change	-	-	1,330.51%	-82.68%	767.13%	-97.55%	-	-	-30.93%	298.69%	-72.16%	-4.77%	7.85%
Charge d'intérêts	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	46,103	-	-	-	-	-	-	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income	40,975	-	25,416	-	36,151	-	38,278	-	-	-	-	-	-
Change	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	8/25/21	3/24/22	8/25/22	3/29/23	8/23/23	3/27/24	8/29/24	3/26/25	8/27/25	-	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	121,856	234,433	67,772	114,856	-324,205	105,483	105,483	105,483
Change	-	92.39%	-71.09%	69.47%	-382.27%	132.54%	0%	0%
Announcement Date	3/25/21	3/24/22	3/29/23	3/27/24	3/26/25	-	-	-

¹CNY in Million

Estimates

Fiscal Period: December	2019	2020	2021	2022	2023	2024
CAPEX ¹	11,415	7,467	5,475	3,076	4,171	3,979
Change	-	-34.59%	-26.68%	-43.82%	35.6%	-4.6%
Free Cash Flow (FCF) ¹	95,790	26,774	-9,496	-65,768	-4,982	-755,476
Change	-	-72.05%	-135.47%	-592.55%	92.43%	-15,065.64%
Announcement Date	3/25/20	3/25/21	3/24/22	3/29/23	3/27/24	3/26/25

¹CNY in Million

Estimates

Fiscal Period: December	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	-	-	-	-	-	-	-	-
EBIT Margin (%)	7.74%	6.57%	3.88%	5.77%	-	27.39%	14.37%	14.62%
EBT Margin (%)	9.01%	8.26%	3.96%	1.88%	-	24.24%	13.68%	14.08%
Net margin (%)	8.31%	8.33%	5.28%	3.34%	-	21.79%	13.89%	14.99%
FCF margin (%)	-	-	-	-	-	-	-	-
FCF / Net Income (%)	-	-	-	-	-	-	-	-
Profitability
ROA	1.26%	1.11%	0.63%	0.38%	1.72%	2.15%	0.98%	0.98%
ROE	11.77%	10.97%	7.01%	4.71%	21.59%	25.94%	15.35%	14.49%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	1.23%	-	-	0.66%	-	-	-	-
CAPEX / EBITDA (%)	-	-	-	-	-	-	-	-
CAPEX / FCF (%)	-	-	-	-	-	-	-	-
Items per share
Cash flow per share ¹	10.76	10.13	12.45	-	-	-	-	-
Change	-	-5.78%	22.87%	-	-	-	-	-
Dividend per Share ¹	0.64	0.65	0.49	0.43	0.65	0.7923	0.7877	0.8263
Change	-	1.56%	-24.62%	-12.24%	51.16%	21.89%	-0.58%	4.9%
Book Value Per Share ¹	15.92	16.93	15.43	16.28	18.03	21.68	23.95	26.37
Change	-	6.34%	-8.86%	5.5%	10.76%	20.26%	10.47%	10.09%
EPS ¹	1.77	1.8	1.14	1.63	3.78	4.58	3.416	3.59
Change	-	1.69%	-36.67%	42.98%	131.9%	21.15%	-25.4%	5.1%
Nbr of stocks (in thousands)	28,264,705	28,264,705	28,264,705	28,264,705	28,264,705	28,264,705	28,264,705	28,264,705
Announcement Date	3/25/21	3/24/22	3/29/23	3/27/24	3/26/25	-	-	-