The following is a summary of the China Life Insurance Company Limited (CILJF) Q4 2023 Earnings Call Transcript:

Financial Performance:

• China Life reported total assets exceeding CNY5.8 trillion.

• Gross written premiums exceeded CNY640 billion, and the net profit attributable to shareholders was CNY46.8 billion.

• New business value reached RMB3.86 billion, with an adjusted growth rate of 11.9%.

• The company's total liabilities increased by 14.7% to RMB5.32 trillion.

• Shareholder's equity at the end of 2023 stood at CNY477.1 billion, marking a notable 30.3% increase.

• The company's embedded value reached RMB1,260.57 billion, marking a 5.6% increase compared to the previous year end.

Business Progress:

• China Life covered more than 350 million people with major disease insurance and focused on high-quality development as a social stabilizer.

• The company promoted sustainability and improved insurance services, winning the Forbes China ESG Innovative Enterprise Award for 2023.

• Business improvements were made in channel life services with plans for ongoing enhancements through reforms and innovation.

• In response to the low-interest rate environment, China Life plans to maintain asset liability match and flexibly conduct investment operations.

• Plans were made for a comprehensive transformation, including channel optimization and customer service enhancement.

• China Life and an unnamed entity allocated RMB500 million for a PV fund to optimize long-term financial investment.

• The company is strengthening its product offerings to provide long-term protection and retirement products considering the interest rate environment, and emphasizing on healthcare insurance offerings.

• In regard to the sales force, significant steps were taken for improvement through three major reforms yielding positive results.

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