Company Valuation: China Life Insurance Company Limited

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 704,902 861,171 658,702 975,571 1,130,556 978,990 - -
Change - 22.17% -23.51% 48.11% 15.89% -13.41% - -
Enterprise Value (EV) 1 939,335 928,943 773,558 651,366 937,196 1,096,251 1,096,251 1,096,251
Change - -1.11% -16.73% -15.8% 43.88% 16.97% 0% 0%
P/E ratio 5.85x 10.4x 5.64x 3.65x 4.51x 6.67x 5.91x 5.36x
PBR 0.62x 0.77x 0.56x 0.77x 1.17x 1.13x 0.95x 0.84x
PEG - -0.3x 0.1x 0x 0.1x -0.3x 0.5x 0.5x
Capitalization / Revenue 1.15x 1.42x 1.04x - 1.55x 1.43x 2.18x 1.72x
EV / Revenue 1.54x 1.53x 1.22x - 1.28x 1.6x 2.44x 1.93x
EV / EBITDA - - - - - - - -
EV / EBIT 23.4x 39.4x 21.2x 5.63x 5.15x 5.5x 6.23x 5.45x
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 0.65 0.49 0.43 0.65 0.618 0.8691 0.9352 1.026
Rate of return 6.18% 4.13% 4.68% 4.71% 2.51% 3.2% 3.44% 3.78%
EPS 2 1.8 1.14 1.63 3.78 5.45 4.073 4.597 5.063
Distribution rate 36.1% 43% 26.4% 17.2% 11.3% 21.3% 20.3% 20.3%
Net sales 1 611,251 607,825 632,141 - 729,887 685,490 448,422 567,760
EBITDA - - - - - - - -
EBIT 1 40,167 23,563 36,497 115,600 181,998 199,140 175,939 201,060
Net income 1 50,921 32,082 21,110 106,935 154,078 125,065 141,827 166,031
Net Debt 1 234,433 67,772 114,856 -324,205 -193,360 117,261 117,261 117,261
Reference price 2 10.53 11.85 9.19 13.79 24.60 27.15 27.15 27.15
Nbr of stocks (in thousands) 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 in Million2CNY
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
6.67x2.67x - 3.2% 144B
15.23x - - 2.45% 115B
9.95x0.48x11.76x1.5% 53.72B
11.27x - - 3.97% 43.23B
15.43x10.36x98.46x2.69% 31.3B
9.32x2.2x10.49x5.52% 23.13B
70.59x1.45x - 0.17% 19.88B
68.13x1.25x - 0.35% 14.2B
9.66x - - 5.04% 12.41B
14.7x0.75x - 3.3% 11.88B
Average 23.09x 2.73x 40.24x 2.82% 46.89B
Weighted average by Cap. 15.14x 2.82x 36.58x 2.81%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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