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Stock Movement | China Life Insurance Falls Over 6% Post-Earnings
China Life Insurance (02628) reported a 44% profit increase last year, but its stock price fell after the announcement, dropping as much as 7.2% to a low of HKD 25.4.
As of 10:50 a.m., the stock was at HKD 25.46, down 6.9%, with a turnover of HKD 1.285 billion.
China Life announced that for the year ending December 31, the attributable net profit to shareholders was RMB 154.078 billion, a 44.09% increase year-on-year. Earnings per share were RMB 5.45, with a final dividend of RMB 0.618.
During the period, revenue reached RMB 616.065 billion, up 16.54% year-on-year. The value of new business was RMB 45.752 billion, a 35.7% increase, the fastest growth since 2017. Embedded value was RMB 1.47 trillion, maintaining the industry’s top position.
Total premiums exceeded RMB 700 billion, reaching RMB 729.887 billion, an 8.7% increase year-on-year. Total investment income was RMB 387.694 billion, up 25.8% year-on-year, with an overall investment yield of 6.09%, an increase of 59 basis points.