- As at the end of the Reporting Period, the Company’s total assets reached
RMB5,173,524 million, an increase of 5.8% from the end of 2021. The Company’s embedded value was RMB1,250,877 million, an increase of 4.0% from the end of 2021, and the Company’s business value continued to take the lead in the industry.
- During the Reporting Period, the Company’s total revenue was
RMB516,670 million; the Company’s gross written premiums were RMB439,969 million, and its industry leadership was further enhanced; the value of half year’s sales for the six months ended 30 June 2022was RMB25,745 million.
- As at the end of the Reporting Period, the Company’s investment assets reached
RMB4,977,082 million, an increase of 5.5% from the end of 2021. During the Reporting Period, the Company’s net investment income was RMB97,009 million, rising by 8.1% year on year. The gross investment yield was 4.21%, the net investment yield was 4.15%. The comprehensive investment yield taking into account the current net fair value changes of available-for-sale securities recognized in other comprehensive income was 3.75%.
- During the Reporting Period, net profit attributable to equity holders of the Company was
- The Company will not declare an interim dividend of ordinary shares for the Reporting Period.
Review of Business Operations in the First Half of 2022
In the first half of 2022, facing the increasingly complicated and challenging international environment, as well as multiple and sporadic outbreaks of the COVID-19 pandemic in
The Company continued to deepen reforms and innovation and promoted transformation and upgrade in key areas, injecting new driving forces for its high-quality development. The individual agent business sector consistently pushed forward the transformation of sales force to be high-quality, professional and efficient by focusing on its quality improvement. The diversified business sector consistently optimized its business mode, with its capability in specialized business operations continuing to increase. For the investment sector, the achievements of market-oriented reforms were continuously consolidated. Adhering to the top-level allocation strategy, the Company further improved the structure of asset allocation, and the long-term investment deployment was optimized. The technology sector facilitated the integration of internal and external data and digital collaboration, and fully enhanced its capability in digital connectivity within and outside the Company by deepening the construction of its digital platform. The operation sector innovatively promoted the implementation of a nationwide integrated model of intelligent centralization and sharing for business operations, consistently reinforced the protection of consumers’ rights and interests, built up its service brand, and further enhanced service efficiency and customer experience, with a view to providing customers with “convenient, quality and caring” operations and services.
In the first half of 2022, the industry entered into a stage of profound adjustments. The Company prioritized business value and demonstrated greater resilience in its business development, with its business scale and value continuing to lead the market. During the Reporting Period, the Company’s gross written premiums amounted to
As at the end of the Reporting Period, the total assets of the Company surpassed
During the Reporting Period, gross written premiums from the life insurance business of the Company were
In the first half of 2022, there were severe complexities and uncertainties for the development of the industry, which posed greater challenges to the development of the Company’s insurance business. The Company kept a close eye on the change of the market demands, maintained strategic consistency, and adjusted its development tactics in a timely manner. It focused on the basic operational units, strived to consolidate its foundation through specialized operation, standardized management, market-oriented mechanism and technological support, and unswervingly pursued the high-quality development of its businesses, thereby solidifying its market leading advantages further. As at the end of the Reporting Period, the number of total sales force of the Company was 810,000.
Individual Agent Business Sector
The individual agent business sector strived to make progress while maintaining stability, consistently deepened business restructuring, and saw stable progress of business development. During the Reporting Period, gross written premiums from the sector were
During the Reporting Period, the Company continued to drive business through productive agents, upheld the sales force strategy of “stabilizing headcount while seeking for higher productivity”, and the size of its sales force was generally stabilized with enhanced quality. As at the end of the Reporting Period, the number of agents of the sector was 746,000, including 476,000 agents from the general sales team and 270,000 agents from the upsales team, and the proportion of the number of high-performance agents remained stable. In the first half of 2022, the individual agent business sector actively responded to multiple challenges from the regular pandemic prevention and control as well as the change of the market environment, focused on the basic operational units and adopted various measures to stimulate the vitality of its sales teams. The Company rolled out the “
Diversified Business Sector
By concentrating on specialized operation, quality and efficiency enhancement, as well as transformation and innovation, the diversified business sector coordinated well with the individual agent business sector and actively developed the bancassurance business, group insurance, and health insurance businesses. The bancassurance channel further promoted and implemented its business mode transformation and the operation modes of group insurance and health insurance were optimized for steady advancement.
Bancassurance Channel The bancassurance channel actively deepened its cooperation with banks, steadily enhanced its business scale and value, and gradually strengthened its capability of sustainable development. During the Reporting Period, gross written premiums from the channel amounted to
Group Insurance Channel With high-quality development as the guiding principle, the group insurance channel coordinated business scale and profitability and pushed forward stable development in all business lines. During the Reporting Period, gross written premiums from the channel were
Other Channels In the first half of 2022, gross written premiums from other channels were
In recent years, the Company has greatly developed the online insurance business and provided customers with quality service experience through online-to-offline sales and online direct sales. During the Reporting Period, the Company’s online insurance business grew rapidly. Total premiums under the China Banking and
Integrated Financial Sector
Being customer-centric, the Company fully leveraged the resource advantages of the fellow members of
By integrating online and offline as well as internal and external healthcare resources, the Company improved its health management and service capabilities and actively participated in Healthy China initiative. China Life Inclusive Healthcare Service Platform continued to diversify its services while upgrading its system functions. As at the end of the Reporting Period, more than a hundred types of services were available on the platform, and the accumulated registered users of the platform rose by over 13% from the end of 2021, remaining the leadership of the industry. The Company implemented the national strategy of proactively responding to population aging, continued to establish the
Playing an important role in serving national strategies of Healthy China initiative and proactively responding to population aging, the Company adhered to the customer-centric product development concept, vigorously enhanced its capability in product innovation, and consistently improved its diversified product supply system. In the first half of 2022, for the purpose of serving the strategy of Healthy China initiative, the Company strengthened innovation in protection liabilities with respect to diseases, medical health and care, and launched several series of critical illness insurance products and medical insurance products, to provide better health protection for customers with diversified demands. It introduced exclusive accident protection products for flexible employees and new urban residents to increase the accessibility and convenience of insurance services to flexible employment groups. The Company also took active actions to serve the national strategy of proactively responding to population aging, diversified the series of insurance products for the seniors, and took an initiative to launch the insurance products tailored to the seniors. It actively engaged in the development of the third-pillar pension insurance and initiated nationwide promotion of the exclusive pension products.
In the first half of 2022, the Company newly developed and upgraded a total of 42 products, including two life insurance products, ten health insurance products, 29 accident insurance products, and one annuity insurance product. Out of these products, 39 were protection-oriented insurance products, and three were long-term savings insurance products.
In the first half of 2022, domestic bond yields were at historic lows and the interest rate pivot fell remarkably from 2021, which created a mounting pressure on the allocation of fixed-income assets. Due to the effects of various factors such as the
As at the end of the Reporting Period, the Company’s investment assets reached
In the first half of 2022, the Company’s net investment income was
The life insurance industry is an indispensable and important pillar of the modern financial system and multi-tiered social security system. As a leader in the industry,
The Company is a leading life insurance company in
Our products and services include individual life insurance, group life insurance, and accident and health insurance. The Company is a leading provider of individual and group life insurance, annuity products and accident and health insurance in
 The Company has filed a Form 25 with the
Certain statements contained in this press release may be viewed as “forward-looking statements” as defined by Section 27A of the
Unless otherwise indicated, the Chinese insurance market information set forth in this press release is based on public information released by China Banking and
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