China Life Insurance Company Limited

SEHK-2628

Basic

Market Cap
HK$768.91B
EV
HK$696.29B
Shares Out
28.26B
Revenue
CN¥740.01B
Employees
100,000

Margins

Gross
10.95%
EBITDA
3.98%
Operating
3.46%
Pre-Tax
1.76%
Net
2.57%
FCF
52.82%

Returns (5Yr Avg)

ROA
1.03%
ROTA
10.15%
ROE
9.59%
ROCE
1.47%
ROIC
1.62%

Valuation (TTM)

P/E
—
P/B
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—
EV/Gross Profit
—

Valuation (NTM)

Price Target
HK$14.46
P/E
—
PEG
—
EV/Sales
—
EV/EBITDA
—
P/FCF
—

Financial Health

Cash
CN¥257.88B
Net Debt
-CN¥77.34B
Debt/Equity
0.37
EBIT/Interest
1.37

Growth (CAGR)

Rev 3Yr
-2.96%
Rev 5Yr
2.97%
Rev 10Yr
7.14%
Dil EPS 3Yr
-32.46%
Dil EPS 5Yr
-4.18%
Dil EPS 10Yr
-1.44%
Rev Fwd 2Yr
5.51%
EBITDA Fwd 2Yr
30.97%
EPS Fwd 2Yr
6.98%
EPS LT Growth Est
26.67%

Dividends

Yield
—
Payout
64.02%
DPS
CN¥0.43
DPS Growth 3Yr
-12.42%
DPS Growth 5Yr
21.86%
DPS Growth 10Yr
3.67%
DPS Growth Fwd 2Yr
14.41%

Metric	Dec '14	Dec '15	Dec '16	Dec '17	Dec '18	Dec '19	Dec '20	Dec '21	Dec '22	Dec '23	LTM
Premiums and Annuity Revenues						509,427	571,391	569,671	570,703	583,401	589,836
Total Interest And Dividend Income						90,641	103,569	231,470	119,517	117,074	88,497
Gain (Loss) on Sale of Investments, Total						71,934	86,469	-26,420	63,043	14,759	42,008
Other Revenues, Total						17,164	17,434	19,973	12,605	19,612	19,670
Total Revenues						689,166	778,863	794,694	765,868	734,846	740,011
Total Revenues % Chg.						32.8%	13%	2%	-3.6%	-4.1%	48.2%
Policy Benefits						480,991	575,805	603,685	615,541	586,429	597,184
Policy Acquisition / Underwriting Costs, Total						81,396	84,361	65,744	54,777	63,092	63,092
Selling General & Admin Expenses, Total						41,438	38,935	42,120	41,188	40,348	40,308
Provision for Bad Debts	—	—	—	—	—	—	—	—	—	—	190
Provision For Loan Losses	—	—	—	—	—	-2,718	275	-1,376	1,476	1,507	1,507
Other Operating Expenses						6,783	12,331	31,744	14,045	16,685	15,113
Total Operating Expenses						613,326	711,157	744,669	724,075	705,047	714,380
Operating Income						75,840	67,706	50,025	41,793	29,799	25,631
Interest Expense, Total						-15,654	-13,027	—	-17,603	-17,323	-18,705
Currency Exchange Gains (Loss)						-67	119	645	-69	-381	-362
Other Non Operating Income (Expenses)	—	—	—	—	—	—	79	87	61	71	37
EBT, Excl. Unusual Items						60,119	54,877	50,757	24,182	12,166	6,601
Gain (Loss) on Sale of Assets						7	36	69	122	73	59
Asset Writedown						-179	-83	-88	-36	-71	6,626
Other Unusual Items						-152	-354	-398	-221	-290	-290
EBT, Incl. Unusual Items						59,795	54,476	50,340	24,047	11,878	12,996
Income Tax Expense						781	3,103	-1,917	-9,467	-10,755	-7,565
Earnings From Continuing Operations						59,014	51,373	52,257	33,514	22,633	20,561
Minority Interest						-727	-1,116	-1,491	-1,432	-1,523	-1,577
Net Income						58,287	50,257	50,766	32,082	21,110	18,984
Preferred Dividend and Other Adjustments	—					394	201	—	—	—	—
Net Income to Common Incl Extra Items						57,893	50,056	50,766	32,082	21,110	18,984
Net Income to Common Excl. Extra Items						57,893	50,056	50,766	32,082	21,110	18,984
Total Shares Outstanding						28,265	28,265	28,264.7	28,264.7	28,264.7	28,264.7
Weighted Avg. Shares Outstanding						28,265	28,265	28,265	28,265	28,265	28,264.7
Weighted Avg. Shares Outstanding Dil						28,265	28,265	28,265	28,265	28,265	28,264.7
EPS						2	1.8	1.8	1.1	0.7	0.7
EPS Diluted						2	1.8	1.8	1.1	0.7	0.7
EBITDA						78,686	70,937	53,553	45,582	33,618	29,457.5
Effective Tax Rate						1.3%	5.7%	-3.8%	-39.4%	-90.5%	-58.2%