New China Life Insurance Company (601336) Q3 2024 earnings summary

Executive summary

• Net profit attributable to shareholders for the first nine months surged 116.7% year-over-year to RMB 20,680 million, driven by strong investment performance amid capital market gains.

• Operating income for the first nine months reached RMB 106,956 million, up 72.9% year-over-year.

• Total assets increased 18.8% from the end of last year to RMB 1,667,028 million.

Financial highlights

• Basic and diluted EPS for the first nine months were RMB 6.63, up 116.7% year-over-year.

• Net cash flow from operating activities for the first nine months was RMB 88,788 million, up 11.5% year-over-year.

• Annualized total investment yield for the first three quarters was 6.8%, and annualized comprehensive investment yield was 8.1%, compared to 3.0% a year ago.

Outlook and guidance

• The company continues to focus on long-term, high-quality growth, with ongoing transformation in business structure and channel optimization.