CHINA LIFE INSURANCE CO LTD financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data CHINA LIFE INSURANCE CO LTD files with the SEC in its annual reports.

In CNY millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Revenue	507,449	540,781	643,355	627,419	729,499	805,049	824,933	804,388
General and administrative	27,458	31,854	35,953	37,486	40,283	37,732	40,867	39,874
Interest expense	4,320	4,767	4,601	4,116	4,255	3,747	5,598	4,863
Pre-tax income	45,931	23,842	41,671	13,921	59,788	54,440	50,340	24,047
Income tax	10,744	4,257	8,919	1,985	781	3,103	-1,917	-9,467
Net income to minority interests	488	458	499	541	726	1,116	1,491	1,432
Net income	34,699	19,127	32,253	11,395	58,281	50,221	50,766	32,082
EPS, basic	1.22	0.66	1.13	0.39	2.05	1.77
EPS, diluted	1.22	0.66	1.13	0.39	2.05	1.77

Balance sheet

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Cash and equivalents	76,096	67,046	48,586	50,848	53,396	56,704	60,459	127,594
Property, plant and equipment	26,974	30,389	42,707	47,281	51,758	53,616	55,632	54,559
Lease right-of-use assets				2,555	3,520	3,076	2,518	1,810
Total assets		2,696,951	2,897,591	3,254,403	3,726,791	4,253,544	4,892,480	5,251,988
Total liabilities		2,389,303	2,572,281	2,931,113	3,317,432	3,795,976	4,405,346	4,806,867
Retained earnings		122,558	139,202	133,022	170,487	183,856	201,041	201,688
Shareholders' equity		303,621	320,933	318,371	403,764	450,056	479,061	436,169
Minority interests		4,027	4,377	4,919	5,578	6,881	8,073	8,952
Total equity	326,214	307,648	325,310	320,426	410,027	457,568	487,134	445,121
Total liabilities and equity		2,696,951	2,897,591	3,254,403	3,726,734	4,252,466	4,892,480	5,251,988

Cash flow statement

	FY2015	FY2017	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022
Net income	35,187	19,585	32,752	11,936	59,007	51,337	52,257	33,514
Depreciation and amortization	2,036	2,083	2,240	2,638	4,379	5,164	5,328	5,291
Cash from operations	-18,811	89,098	200,990	147,552	286,028	303,990	286,446	351,968
Capital expenditures	-8,384	-5,310	-9,619	-19,546	-11,417	-7,662	-5,583	-3,076
Cash from investing	67,047	-104,703	-173,676	-238,373	-247,517	-292,992	-393,839	-164,955
Debt issued	0	13,831	3,121	727	123	7,036	116	688
Debt repaid	0	-30,000	-38,000		-365	-6,505	-11	-8,275
Cash from financing	-19,415	6,270	-45,595	92,963	-36,075	-7,546	111,219	-120,095
Exchange rate effect	241	285	-179	81	55	-144	-71	217
Net change in cash	29,062	-9,050	-18,460	2,223	2,491	3,308	3,755	67,135
Free cash flow	-27,195	83,788	191,371	128,006	274,611	296,328	280,863	348,892

Key metrics

Worked out from the statements above. Latest values use fiscal 2022. No valuation: we have no share price for this company.

Profitability

Metric	Value	How it is calculated
Pre-tax margin	3.0%	Pre-tax income / revenue.
Net margin	4.0%	Net income / revenue.
FCF margin	43.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	43.8%	Cash from operations / revenue.
Effective tax rate	-39.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	7.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	0.6%	Net income / average total assets.
Capex / revenue	0.4%	Capital expenditures / revenue.
D&A / revenue	0.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.5%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	3.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	4.6%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-36.8%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-18.0%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-0.1%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	22.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.2%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	11.9%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	24.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	8.3%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	12.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-9.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	2.6%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	6.3%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	7.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	12.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	12.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Liabilities / assets	91.5%	Total liabilities / total assets.
Tangible book value	CN¥436.17B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.16x	Revenue / average total assets.
Fixed asset turnover	14.6x	Revenue / average property, plant and equipment.
FCF conversion	1,088.0%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	0.9%	Capital expenditures / cash from operations, when that is positive.

What was CHINA LIFE INSURANCE CO LTD's revenue in fiscal 2022?

CHINA LIFE INSURANCE CO LTD reported revenue of CN¥804.39B for fiscal 2022, 2.5% lower than the year before.

Was CHINA LIFE INSURANCE CO LTD profitable in fiscal 2022?

Yes. Net income was CN¥32.08B, a net margin of 4%.

How much free cash flow did CHINA LIFE INSURANCE CO LTD generate in fiscal 2022?

Cash from operations of CN¥351.97B minus capital expenditures of CN¥3.08B left free cash flow of CN¥348.89B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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