On the evening of October 30, China Life (601628.SH, 2628.HK) released its third quarter performance report for 2024. In the first three quarters, the company’s key performance indicators continued to improve, with total premiums reaching RMB 608.251 billion, a year-on-year increase of 5.1%, of which renewal premiums were RMB 410.742 billion, a year-on-year increase of 7.5%; new single premiums were RMB 197.509 billion, a year-on-year increase of 0.4%; new business value maintained rapid growth, an increase of 25.1% over the restated results of the same period in 2023.
The first-year premium was RMB 113.184 billion, a year-on-year increase of 6.8%, of which the first-year premium for ten years and above was RMB 52.556 billion, a year-on-year increase of 17.7%. Short-term insurance premiums were RMB 73.667 billion, a year-on-year increase of 6.3%.
As of the end of the third quarter, China Life’s total assets reached RMB 6481.554 billion, and its investment assets reached RMB 6356.235 billion, up 11.7% and 12.3% respectively from the beginning of 2024. At the same time, solvency continued to maintain a high level, with the core solvency ratio reaching 154.58% and the comprehensive solvency ratio reaching 211.64%.
As of the end of the reporting period, China Life’s total sales force was 694,000, of which 641,000 were individual insurance sales force; the monthly average first-year premium per capita in the individual insurance channel increased by 17.7% year-on-year, and the team’s capacity has steadily increased on the basis of a high base. Since the beginning of this year, the company has steadily promoted the reform of the marketing system, deepened the transformation of the existing team to specialization, professionalism and integration, and focused on achieving the team’s excellent growth and production capacity improvement. The “Seed Plan” has been piloted in 24 cities including Nanjing and Shenzhen, and has achieved initial results.