Stock 601628 CHINA LIFE INSURANCE COMPANY LIMITED
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Financials China Life Insurance Company Limited Shanghai S.E.

Equities

601628

CNE000001Q93

Life & Health Insurance

End-of-day quote Shanghai S.E.
Other stock markets
 03:30:00 30/04/2024 am IST 		5-day change 1st Jan Change
30.66 CNY -0.49% Intraday chart for China Life Insurance Company Limited +7.73% +8.15%
26/04 Transcript : China Life Insurance Company Limited, Q1 2024 Earnings Call, Apr 26, 2024
26/04 China Life Insurance Company Limited Reports Earnings Results for the First Quarter Ended March 31, 2024 CI

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 8,69,880 9,06,144 7,05,022 8,59,825 6,59,571 7,10,206 - -
Enterprise Value (EV) 1 3,01,359 9,60,692 9,39,455 9,27,597 7,74,427 96,505 34,558 -33,909
P/E ratio 9.44 x 8.13 x 5.85 x 10.4 x 5.64 x 6.34 x 5.22 x 4.66 x
Yield 3.77% 4.45% 6.17% 4.14% 4.67% 5.45% 6.38% 6.68%
Capitalization / Revenue 1.17 x 1.1 x 1.15 x 1.41 x 1.04 x 1.09 x 1.04 x 1.02 x
EV / Revenue 0.4 x 1.16 x 1.54 x 1.53 x 1.23 x 0.15 x 0.05 x -0.05 x
EV / EBITDA - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.35 x 0.9 x 0.62 x 0.77 x 0.57 x 0.54 x 0.5 x 0.47 x
Nbr of stocks (in thousands) 2,82,64,705 2,82,64,705 2,82,64,705 2,82,64,705 2,82,64,705 2,82,64,705 - -
Reference price 2 19.35 14.39 10.53 11.83 9.198 9.643 9.643 9.643
Announcement Date 25/03/20 25/03/21 24/03/22 29/03/23 27/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 7,45,165 8,24,961 6,11,251 6,07,825 6,32,141 6,53,385 6,84,215 6,97,866
EBITDA - - - - - - - -
EBIT 1 59,990 54,911 40,167 23,563 36,497 32,768 34,288 35,516
Operating Margin 8.05% 6.66% 6.57% 3.88% 5.77% 5.02% 5.01% 5.09%
Earnings before Tax (EBT) 1 59,795 54,488 50,495 24,047 11,878 59,868 53,256 58,634
Net income 1 58,287 50,268 50,921 32,082 21,110 41,758 49,349 52,902
Net margin 7.82% 6.09% 8.33% 5.28% 3.34% 6.39% 7.21% 7.58%
EPS 2 2.050 1.770 1.800 1.140 1.630 1.520 1.849 2.070
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.7300 0.6400 0.6500 0.4900 0.4300 0.5252 0.6152 0.6442
Announcement Date 25/03/20 25/03/21 24/03/22 29/03/23 27/03/24 - - -
1CNY in Million2CNY
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2019 S2 2020 S1 2020 S2 2021 S1 2021 S2 2022 Q1 2022 Q2 2022 S1 2022 Q3 2022 Q4 2022 S2 2023 Q1 2023 Q2 2023 S1 2023 Q3 2023 S2 2024 Q1 2024 S1 2024 S2 2025 S1 2025 S2
Net sales 1,98,981 4,07,936 3,11,226 5,52,601 1,88,609 - - 4,19,636 1,17,043 71,146 1,88,189 3,06,537 - 4,48,915 - 1,83,226 - 4,76,785 1,70,180 4,95,982 1,69,789
EBITDA - - - - - - - - - - - - - - - - - - - - -
EBIT - - - - 1,747 - - 24,991 - - 4,329 - - 37,538 - - - 32,032 38,370 33,241 39,974
Operating Margin - - - - 0.93% - - 5.96% - - 2.3% - - 8.36% - - - 6.72% 22.55% 6.7% 23.54%
Earnings before Tax (EBT) - 35,564 - 46,103 - - 8,704 - - - - - - - - - - - - - -
Net income 1 - 30,535 - 40,975 - 15,178 10,238 25,416 5,701 965 - - 18,266 36,151 53 - 20,644 - - - -
Net margin - 7.49% - 7.41% - - - 6.06% 4.87% 1.36% - - - 8.05% - - - - - - -
EPS - - - - - - - - - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - - - - - - - - - -
Announcement Date 25/03/20 26/08/20 25/03/21 25/08/21 24/03/22 27/04/22 25/08/22 25/08/22 27/10/22 29/03/23 29/03/23 23/05/23 23/08/23 23/08/23 26/10/23 27/03/24 26/04/24 - - - -
1CNY in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 54,548 2,34,433 67,772 1,14,856 - - -
Net Cash position 1 5,68,521 - - - - 6,13,700 6,75,648 7,44,115
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 16.5% 11.8% 11% 7.01% 4.71% 10.1% 10.1% 10.3%
ROA (Net income/ Total Assets) 1.67% 1.26% 1.11% 0.63% 0.38% 0.72% 0.78% 0.74%
Assets 1 34,90,240 39,89,524 45,71,785 50,72,253 55,69,921 58,00,171 63,26,168 71,32,859
Book Value Per Share 2 14.30 15.90 16.90 15.40 16.30 17.80 19.40 20.60
Cash Flow per Share - 10.80 10.10 12.50 - - - -
Capex - 7,410 - - - - - -
Capex / Sales - 0.9% - - - - - -
Announcement Date 25/03/20 25/03/21 24/03/22 29/03/23 27/03/24 - - -
1CNY in Million2CNY
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for China Life Insurance Company Limited

Trading Rating
Investor Rating
ESG Refinitiv
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
22
Last Close Price
9.643 CNY
Average target price
13.3 CNY
Spread / Average Target
+37.94%
Consensus

EPS Revisions

Estimates Revisions

Quarterly revenue - Rate of surprise

Company calendar

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Life Insurance
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