CHINA LIFE INSURANCE CO LTD
CILJF, CILFY · Life Insurance · EDGAR filings ↗
Grade
C62Leading Chinese life insurer with strong cash flow but declining earnings, thin margins and China-governance overhang.
Strengths
- Market-leading scale; FCF 99.6th pct and OCF margin 73.7th pct reflect strong cash generation
- ROA 0.64% (74th pct) above the insurer median
Risks
- Net income fell ~41% and revenue declined ~10% (15th pct); net margin 4.2% (26th pct)
- ROE 7.5% only mid-pack (50th pct); controlling-shareholder (CLIC), PRC legal/governance and FX risks
Notable findings
- Customer concentration~56% of revenue from one customer/distributor — 56% of total revenues in 2022
- Strong balance sheetStrong balance sheet — $18.5B cash & investments
Key metrics
Net margin
4.2%
Return on equity
7.5%
Return on assets
0.6%
Revenue growth (QoQ)
-9.9%
Net-income growth
-40.7%
Free cash flow
$50.6B
Tangible book value
$64.5B
Cash & investments
$18.5B
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2023-04-21 | 2022-12-31 | 0001193125-23-109212 ↗ |
| 20-F | 2022-04-29 | 2021-12-31 | 0001193125-22-129996 ↗ |
| 20-F | 2021-04-29 | 2020-12-31 | 0001193125-21-138189 ↗ |
| 20-F | 2020-04-29 | 2019-12-31 | 0001193125-20-124352 ↗ |
| 20-F | 2019-04-24 | 2018-12-31 | 0001193125-19-115848 ↗ |
| 20-F | 2018-04-25 | 2017-12-31 | 0001193125-18-130051 ↗ |
| 20-F | 2017-04-21 | 2016-12-31 | 0001193125-17-131397 ↗ |
| 20-F | 2016-04-22 | 2015-12-31 | 0001193125-16-551164 ↗ |
| 20-F | 2015-04-24 | 2014-12-31 | 0001193125-15-145089 ↗ |
| 20-F | 2014-04-25 | 2013-12-31 | 0001193125-14-158154 ↗ |
| 20-F | 2013-04-26 | 2012-12-31 | 0001193125-13-175506 ↗ |
| 20-F | 2012-04-26 | 2011-12-31 | 0001193125-12-183640 ↗ |