Projected Income Statement: China Life Insurance Company Limited

Forecast Balance Sheet: China Life Insurance Company Limited

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 234,433 67,772 114,856 -324,205 -193,360 117,261 117,261 117,261
Change - -71.09% 69.47% -382.27% 40.36% 160.64% 0% 0%
Announcement Date 3/24/22 3/29/23 3/27/24 3/26/25 3/25/26 - - -
1CNY in Million
Estimates

Cash Flow Forecast: China Life Insurance Company Limited

Fiscal Period: December 2020 2021 2022 2023 2024 2025
CAPEX 1 7,467 5,475 3,076 4,171 3,979 3,056
Change - -26.68% -43.82% 35.6% -4.6% -23.2%
Free Cash Flow (FCF) 1 26,774 -9,496 -65,768 -4,982 -755,476 518,147
Change - -135.47% -592.55% 92.43% -15,065.64% 168.59%
Announcement Date 3/25/21 3/24/22 3/29/23 3/27/24 3/26/25 3/25/26
1CNY in Million
Estimates

Forecast Financial Ratios: China Life Insurance Company Limited

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) - - - - - - - -
EBIT Margin (%) 6.57% 3.88% 5.77% - 24.94% 37.39% 39.24% 39.52%
EBT Margin (%) 8.26% 3.96% 1.88% - 24.88% 32.32% 34.44% 31.6%
Net margin (%) 8.33% 5.28% 3.34% - 21.11% 30.49% 31.63% 29.24%
FCF margin (%) - - - - - - - -
FCF / Net Income (%) - - - - - - - -

Profitability

        
ROA 1.11% 0.63% 0.38% 1.72% 2.15% 1.69% 1.28% 1.23%
ROE 10.97% 7.01% 4.71% 21.59% 27.81% 17.94% 17.65% 16.8%

Financial Health

        
Leverage (Debt/EBITDA) - - - - - - - -
Debt / Free cash flow - - - - - - - -

Capital Intensity

        
CAPEX / Current Assets (%) - - 0.66% - - - - -
CAPEX / EBITDA (%) - - - - - - - -
CAPEX / FCF (%) - - - - - - - -

Items per share

        
Cash flow per share 1 10.13 12.45 - - - - - -
Change - 22.87% - - - - - -
Dividend per Share 1 0.65 0.49 0.43 0.65 0.618 0.8691 0.9352 1.026
Change - -24.62% -12.24% 51.16% -4.92% 40.63% 7.61% 9.68%
Book Value Per Share 1 16.93 15.43 16.28 18.03 21.06 23.99 28.48 32.14
Change - -8.86% 5.5% 10.76% 16.81% 13.93% 18.7% 12.86%
EPS 1 1.8 1.14 1.63 3.78 5.45 4.073 4.597 5.063
Change - -36.67% 42.98% 131.9% 44.18% -25.26% 12.87% 10.14%
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 3/24/22 3/29/23 3/27/24 3/26/25 3/25/26 - - -
1CNY
Estimates
2026 *2027 *
P/E ratio 6.69x 5.92x
PBR 1.14x 0.96x
EV / Sales 2.71x 2.48x
Yield 3.19% 3.43%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
-
Global
-
Quality
ESG MSCI
-
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
17
Last Close Price
27.24CNY
Average target price
31.39CNY
Spread / Average Target
+15.25%

Quarterly revenue - Rate of surprise

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  4. Financials China Life Insurance Company Limited