$CILJF

CHINA LIFE INSURANCE CO LTD

CIK:0001268896|SEC Filings

Consolidated Statement of Comprehensive Income - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
REVENUES
Gross written premiums	¥ 615,190	¥ 618,327	¥ 612,265
Less: premiums ceded to reinsurers	(8,270)	(8,015)	(6,053)
Net written premiums	606,920	610,312	606,212
Net change in unearned premium reserves	905	939	(1,546)
Net premiums earned	607,825	611,251	604,666
Investment income	186,629	178,387	154,497
Net realised gains on financial assets	12,707	20,344	14,583
Net fair value gains through profit or loss	(12,156)	4,943	21,900
Other income	9,383	10,008	9,403
Total revenues	804,388	824,933	805,049
BENEFITS, CLAIMS AND EXPENSES
Insurance benefits and claims expenses - Life insurance death and other benefits	(119,369)	(121,354)	(113,609)
Insurance benefits and claims expenses - Accident and health claims and claim adjustment expenses	(51,311)	(55,030)	(52,395)
Insurance benefits and claims expenses - Increase in insurance contract liabilities	(461,298)	(442,370)	(414,797)
Investment contract benefits	(13,340)	(10,628)	(9,846)
Policyholder dividends resulting from participation in profits	(20,685)	(26,511)	(28,279)
Underwriting and policy acquisition costs	(54,777)	(65,744)	(84,361)
Finance costs	(4,863)	(5,598)	(3,747)
Administrative expenses	(39,874)	(40,867)	(37,732)
Statutory insurance fund contribution	(1,314)	(1,253)	(1,229)
Other expenses	(13,994)	(15,566)	(12,280)
Total benefits, claims and expenses	(780,825)	(784,921)	(758,275)
Net gains on investments of associates and joint ventures (Including: share of profit of associates and joint ventures of RMB3,628 million, 10,328 million, 8,336 million for 2022, 2021 and 2020)	484	10,328	7,666
Profit before income tax	24,047	50,340	54,440
Income tax	9,467	1,917	(3,103)
Net profit	33,514	52,257	51,337
Attributable to:
Equity holders of the Company	32,082	50,766	50,221
Non-controlling interests	¥ 1,432	¥ 1,491	¥ 1,116
Basic and diluted earnings per share	¥ 1.14	¥ 1.8	¥ 1.77
Other comprehensive income that may be reclassified to profit or loss in subsequent periods:
Fair value gains/(losses) on available-for-sale securities	¥ (83,730)	¥ 17,065	¥ 52,547
Amount transferred to net profit from other comprehensive income	(11,386)	(21,722)	(14,386)
Portion of fair value changes on available-for-sale securities attributable to policyholders equity	26,123	(1,793)	(3,959)
Share of other comprehensive income of associates and joint ventures under the equity method	(3,104)	1,260	672
Exchange differences on translating foreign operations	1,138	(398)	(986)
Income tax relating to components of other comprehensive income	17,348	1,098	(8,482)
Other comprehensive income that may be reclassified to profit or loss in subsequent periods	(53,611)	(4,490)	25,406
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods:
Share of other comprehensive income of associates and joint ventures under the equity method	(1,625)	(59)	344
Other comprehensive income for the year, net of tax	(55,236)	(4,549)	25,750
Total comprehensive income for the year, net of tax	(21,722)	47,708	77,087
Attributable to:
Equity holders of the Company	(23,070)	46,203	75,920
Non-controlling interests	¥ 1,348	¥ 1,505	¥ 1,167

Consolidated Statement of Cash Flows - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES
Profit before income tax	¥ 24,047	¥ 50,340	¥ 54,440
Adjustments for:
Investment income	(186,629)	(178,387)	(154,497)
Net realised and unrealised gains on financial assets	(551)	(25,287)	(36,483)
Insurance contracts	459,988	445,472	419,866
Depreciation and amortisation	5,291	5,328	5,164
Foreign exchange losses/(gains)	69	(645)	(119)
Net gains on investments of associates and joint ventures	(484)	(10,328)	(7,666)
Changes in operating assets and liabilities:
Increase in securities at fair value through profit or loss, net	(35,286)	(44,527)	(21,954)
Financial liabilities at fair value through profit or loss	3,175	(1,478)	3,004
Receivables and payables	75,266	47,241	40,603
Income tax paid	982	(5,862)	(3,263)
Interest received - securities at fair value through profit or loss	5,401	3,753	4,120
Dividends received - securities at fair value through profit or loss	699	826	775
Net cash inflow/(outflow) from operating activities	351,968	286,446	303,990
CASH FLOWS FROM INVESTING ACTIVITIES
Disposals of debt investments	168,656	37,708	36,774
Maturities of debt investments	309,801	196,596	198,640
Disposals of equity investments	513,350	385,308	308,406
Disposals of property, plant and equipment	363	341	57
Disposals of subsidiaries	4,395	559	2,175
Purchases of debt investments	(519,495)	(745,973)	(593,917)
Purchases of equity investments and subsidiaries	(819,785)	(409,676)	(338,306)
Purchases of property, plant and equipment	(3,076)	(5,583)	(7,662)
Investments in associates and joint ventures	(5,436)	(7,072)	(14,942)
Decrease/(Increase) in term deposits, net	44,273	17,748	(10,947)
Increase in securities purchased under agreements to resell, net	(27,327)	(2,804)	(3,850)
Interest received	153,194	142,311	126,848
Dividends received	34,330	32,177	29,590
Increase in policy loans, net	(18,198)	(35,479)	(25,858)
Net cash inflow/(outflow) from investing activities	(164,955)	(393,839)	(292,992)
CASH FLOWS FROM FINANCING ACTIVITIES
Increase/(Decrease) in securities sold under agreements to repurchase, net	(90,711)	117,211	4,912
Interest paid	(7,545)	(8,219)	(3,779)
Repayment of borrowings	(8,275)	(11)	(6,505)
Dividends paid to equity holders of the Company	(18,372)	(18,089)	(20,834)
Dividends paid to non-controlling interests	(469)	(372)	(161)
Cash received from borrowings	688	116	7,036
Payment of lease liabilities	(1,307)	(1,517)	(1,478)
Cash paid for redemption of other equity instruments			(9,060)
Capital injected into subsidiaries by non-controlling interests	5,896	22,850	22,846
Cash received related to other financing activities			1,069
Cash paid related to other financing activities		(750)	(1,592)
Net cash inflow/(outflow) from financing activities	(120,095)	111,219	(7,546)
Foreign exchange gains/(losses) on cash and cash equivalents	217	(71)	(144)
Net increase in cash and cash equivalents	67,135	3,755	3,308
Cash and cash equivalents, Beginning of the year	60,459	56,704	53,396
Cash and cash equivalents, End of the year	127,594	60,459	56,704
Analysis of balances of cash and cash equivalents
Cash at banks and in hand	123,142	60,275	56,585
Short-term bank deposits	¥ 4,452	¥ 184	¥ 119

Consolidated Statement of Financial Position - CNY (¥)
¥ in Millions

Dec. 31, 2022

Dec. 31, 2021

ASSETS

Property, plant and equipment

¥ 54,559

¥ 55,632

Right-of-use assets

1,810

2,518

Investment properties

13,193

13,374

Investments in associates and joint ventures

261,179

257,953

Held-to-maturity securities

^[1]

1,574,204

1,533,753

Loans

^[2]

596,490

666,087

Term deposits

485,567

529,488

Statutory deposits - restricted

6,333

Available-for-sale securities

1,738,108

1,429,287

Securities at fair value through profit or loss

223,790

206,771

Securities purchased under agreements to resell

38,533

12,915

Accrued investment income

52,451

51,097

Premiums receivable

19,697

20,361

Reinsurance assets

7,840

6,630

Other assets

28,333

39,701

Deferred tax assets

22,307

121

Cash and cash equivalents

127,594

60,459

Total assets

5,251,988

4,892,480

Liabilities

Insurance contracts

3,880,160

3,419,899

Investment contracts

^[2]

374,749

313,594

Policyholder dividends payable

96,682

124,949

Interest-bearing loans and borrowings

12,774

19,222

Lease liabilities

1,569

2,182

Bonds payable

34,997

34,994

Financial liabilities at fair value through profit or loss

3,344

3,416

Securities sold under agreements to repurchase

148,958

239,446

Annuity and other insurance balances payable

60,819

56,818

Premiums received in advance

50,830

48,699

Other liabilities

141,122

134,059

Deferred tax liabilities

272

7,481

Current income tax liabilities

238

248

Statutory insurance fund

353

339

Total liabilities

4,806,867

4,405,346

Equity

Share capital

28,265

Reserves

206,216

249,755

Retained earnings

201,688

201,041

Attributable to equity holders of the Company

436,169

479,061

Non-controlling interests

8,952

8,073

Total equity

445,121

487,134

Total liabilities and equity

¥ 5,251,988

¥ 4,892,480

[1]	The fair value of held-to-maturity securities is determined by reference with other debt securities which are measured by fair value. Please refer to Note 4.4.
[2]	Investment contracts at fair value through profit or loss have quoted prices in active markets, and therefore, their fair value was classified as Level 1.