EXHIBIT 99.1
Commission File Number 001-31914
CHINA LIFE INSURANCE COMPANY LIMITED
(A joint stock limited company incorporated in the People’s Republic of China with limited liability)
(Stock Code: 2628)
2010 FIRST QUARTER REPORT
This announcement is made by China Life Insurance Company Limited pursuant to Rule 13.09 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
The financial data of the Company for the first quarter of 2010 have been prepared in accordance with the China Accounting Standards for Business Enterprises and are unaudited. Net profit attributable to shareholders of the Company and shareholders’ equity attributable to shareholders of the Company in the consolidated financial statements are identical to the relevant data under International Financial Reporting Standards.
1. Important Notice
1.1 | The Company’s Board of Directors, the Supervisory Committee, its Directors, Supervisors and Senior Management warrant that there are no false representations, misleading statements or material omissions in this report, and jointly and severally accept full responsibility for the authenticity, accuracy and completeness of the information contained in this report. |
1.2 | Of the eleven Directors of the Company, ten attended the Board Meeting. Non-executive Director Ms. Zhuang Zuojin was on leave and gave written authorization to Non-executive Director Mr. Shi Guoqing to act as proxy to attend and vote at the meeting. |
1.3 | The Company’s 2010 first quarter financial report is unaudited. Unless otherwise stated, financial data in the income statement and cash flow statement for the same period of 2009 were restated based on the changed accounting policies of the Company. |
Commission File Number 001-31914
1.4 | Mr. Yang Chao, Chairman of the Company, Mr. Liu Jiade, Vice President in charge of financial affairs, Ms. Hwei-Chung Shao, Chief Actuary and Mr. Yang Zheng, Head of the Financial Department, confirm that the financial reports in this 2010 first quarter report are true and complete. |
2. Basic Information of the Company
2.1 | Major accounting data and financial indicators |
(Currency: RMB)
Increase/(decrease) | ||||||||||||
As at | As at | compared to | ||||||||||
31 March 2010 | 31 December 2009 | 31 December 2009 | ||||||||||
Total assets(million) | 1,281,438 | 1,226,257 | 4.5 | % | ||||||||
Shareholders’ equity attributable to shareholders of the Company(million) | 217,424 | 211,072 | 3.0 | % | ||||||||
Net assets per share attributable to shareholders of the Company(RMB per share) | 7.69 | 7.47 | 3.0 | % |
Increase/(decrease) | ||||||||
For the three months ended | compared to the | |||||||
31 March 2010 | same period of 2009 | |||||||
Net cash flows from operating activities(million) | 78,597 | 48.9 | % | |||||
Net cash flows per share from operating activities(RMB per share) | 2.78 | 48.9 | % |
For the three months | Increase/(decrease) | |||||||||||||||
For the Reporting | ended 31 March 2009 | compared to the | ||||||||||||||
Period (from January to | After | Before | same period of 2009 | |||||||||||||
March) | restatement | restatement | (as restated) | |||||||||||||
Net profit attributable to shareholders of the Company(million) | 10,214 | 6,131 | 5,387 | 66.6 | % | |||||||||||
Basic earnings per share(RMB per share) | 0.36 | 0.22 | 0.19 | 66.6 | % | |||||||||||
Basic earnings per share after deducting non-recurring items(RMB per share) | 0.36 | 0.22 | 0.19 | 66.9 | % | |||||||||||
Diluted earnings per share(RMB per share) | 0.36 | 0.22 | 0.19 | 66.6 | % | |||||||||||
Weighted average ROE(%) | 4.77 | 3.41 | 3.84 | Increase of 1.36 percentage points | ||||||||||||
Weighted average ROE after deducting non-recurring items(%) | 4.77 | 3.40 | 3.83 | Increase of 1.37 percentage points |
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Commission File Number 001-31914
Note: | The data and indicators relating to shareholders’ equity refer to shareholders’ equity attributable to shareholders of the Company. The data and indicators relating to net profit refer to net profit attributable to shareholders of the Company. |
As at 31 March 2010, investment assets of the Company were RMB 1,209,742 million. For the three months ended 31 March 2010, the gross investment yield was 1.47% (or 5.95% if annualized, the simple annualized gross investment yield = (the gross investment yield for the three months ended 31 March 2010/90)×365), the policy surrender rate was 0.66%, and premiums earned reached RMB 109,990 million (the restated data for the corresponding period of 2009 was RMB 96,373 million), with a growth rate of 14.1%.
Deducting Non-recurring Items and Amount
RMB Million
For the three months ended | ||||
Non-recurring items | 31 March 2010 | |||
Gains/(losses) on disposal of non-current assets | 5 | |||
Net non-operating income and expenses other than those mentioned above | (4 | ) | ||
Effect of income tax expenses | — | |||
Total | 1 |
Note: | As an insurance company, investment (utilization of insurance funds) is one of the main businesses of the Company. Therefore, the non-recurring items do not include fair-value gains/(losses) from held-for-trading financial assets and liabilities, as well as investment income from the disposal of held-for-trading financial assets and liabilities and available-for-sale financial assets. |
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Commission File Number 001-31914
2.2 | Total number of shareholders and the top ten shareholders of shares not subject to trading restrictions as at the end of the reporting period |
The total number of shareholders at the end of the reporting period | Number of A share holders: 227,922 Number of H share holders: 36,599 |
Particulars of the top ten holders of shares not subject to trading restrictions
Number of listed shares | ||||||||
not subject to trading | ||||||||
restrictions held as at | ||||||||
the end of the | ||||||||
Name of shareholder (Full name) | reporting period | Type | ||||||
China Life Insurance (Group) Company | 19,323,530,000 | A shares | ||||||
HKSCC NOMINEES LIMITED | 7,268,050,358 | H shares | ||||||
State Development & Investment Corporation | 49,800,000 | A shares | ||||||
BOCOM-BOSERA Emerging Growth Stock Securities Investment Fund | 31,499,580 | A shares | ||||||
China National Investment & Guaranty Co., Ltd | 29,450,014 | A shares | ||||||
ICBC-BOSERA Third Industry Growth Stock Securities Investment Fund | 28,499,926 | A shares | ||||||
IFC-Standard Chartered-CITIGROUP GLOBAL MARKETS LIMITED | 27,132,961 | A shares | ||||||
DEUTSCHE BANK AKTIENGESELLSCHAFT | 22,706,611 | A shares | ||||||
China Pacific Life Insurance Co., Ltd.-Tradition- Ordinary Insurance Products | 22,136,682 | A shares | ||||||
ICBC-Lion Stock Securities Investment Fund | 22,071,056 | A shares |
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Commission File Number 001-31914
3. Significant Events
3.1 | Particulars of, and reasons for, material changes in major accounting items and financial indicators of the Company |
þ Applicable o Not applicable |
(1) | Changes in key financial indicators and its reasons |
RMB million
As at | As at | |||||||||||||
31 March | 31 December | Increase/ | ||||||||||||
Key Financial Indicators | 2010 | 2009 | (decrease) | Main reasons | ||||||||||
Total assets | 1,281,438 | 1,226,257 | 4.5 | % | Continuous growth of insurance business | |||||||||
Total liabilities | 1,062,272 | 1,013,481 | 4.8 | % | Increase in insurance reserves | |||||||||
Shareholders’ equity attributable to shareholders of the Company | 217,424 | 211,072 | 3.0 | % | Steady growth of insurance business and investment income resulting in increase of the Company’s overall profit |
RMB million
For the three | For the three | |||||||||||||
months ended | months ended | Increase/ | ||||||||||||
Key Financial Indicators | 31 March 2010 | 31 March 2009 | (decrease) | Main reasons | ||||||||||
Operating profit | 12,374 | 7,483 | 65.4 | % | Steady growth of insurance business and investment income resulting in increase of the Company’s overall profit | |||||||||
Net profit attributable to shareholders of the Company | 10,214 | 6,131 | 66.6 | % | Steady growth of insurance business and investment income resulting in increase of the Company’s overall profit |
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Commission File Number 001-31914
(2) | Material changes in major accounting items and its reasons |
RMB million
As at | As at | |||||||||||||
31 March | 31 December | Increase/ | ||||||||||||
Key Financial Indicators | 2010 | 2009 | (decrease) | Main reasons | ||||||||||
Cash and cash equivalents | 55,632 | 36,176 | 53.8 | % | Increase in investment assets and assets allocation rebalancing | |||||||||
Held-for-trading financial assets | 4,223 | 9,102 | –53.6 | % | Sale of part of held-for-trading financial assets | |||||||||
Securities purchased under agreements to resell | 19,208 | — | N/A | Assets allocation rebalancing | ||||||||||
Premiums receivables | 12,252 | 6,818 | 79.7 | % | Accumulation of renewal premiums | |||||||||
Long-term equity investments | 16,713 | 8,470 | 97.3 | % | New long-term equity investment project | |||||||||
Financial assets sold under agreements to repurchase | — | 33,553 | –100 | % | Assets allocation rebalancing |
RMB million
For the three | For the three | |||||||||||||
months ended | months ended | Increase/ | ||||||||||||
Key Financial Indicators | 31 March 2010 | 31 March 2009 | (decrease) | Main reasons | ||||||||||
Unearned premium reserves | 281 | 810 | –65.3 | % | The variation of the pace of development of short-term insurance business | |||||||||
Investment income | 18,339 | 11,711 | 56.6 | % | Increase in equity investment income and dividends from securities investment funds | |||||||||
Fair value gains/(losses) | (340 | ) | 841 | –140.4 | % | Impact of capital market fluctuation | ||||||||
Other operating income | 728 | 550 | 32.4 | % | Increase in business income of the Company’s subsidiaries, etc. | |||||||||
Claims expense | 14,921 | 23,893 | –37.6 | % | Decrease in maturity benefits | |||||||||
Increase of insurance reserve | 77,868 | 56,020 | 39.0 | % | Increase in insurance business and decrease in maturity benefits | |||||||||
Policyholder dividends | 4,065 | 2,096 | 93.9 | % | Increase in investment yield for participating products and the growth of participating insurance business | |||||||||
Business tax and surcharges expense | 1,059 | 188 | 463.3 | % | Increase in insurance business tax and surcharges | |||||||||
Impairment losses | 13 | 2,237 | –99.4 | % | Decrease in assets which meet the condition of impairment losses | |||||||||
Income tax expenses | 2,123 | 1,345 | 57.8 | % | Increase in taxable income | |||||||||
Other comprehensive income/(loss) | (3,862 | ) | 5,608 | –168.9 | % | Impact of capital market fluctuation |
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Commission File Number 001-31914
3.2 | Explanation and analysis of significant events and their impacts and solutions |
o Applicable þ Not applicable |
3.3 | Implementation of undertakings by the Company, its shareholders and de facto controller |
þ Applicable o Not applicable |
1. | As the controlling shareholders of the Company, China Life Insurance (Group) Company (“CLIC”) undertook not to transfer or entrust others to manage their direct and indirect holdings in the Company, nor allow the Company to repurchase such shares for a period of 36 months from the date of listing of the Company’s A Shares. CLIC strictly followed these commitments during the Reporting Period. The lock-up of the 19,323,530,000 shares held by CLIC has expired on 11 January 2010. According to the “Implementation Measures in relation to the Transfer of certain State-owned Shares on the Domestic Stock Market to enrich the National Social Security Fund Policy” and Notice No. 63, jointly promulgated by the Ministry of Finance of PRC, the State-owned Assets Supervision and Administration Commission, the China Securities Regulatory Commission and the National Social Security Fund Council, 150,000,000 shares of the Company held by CLIC have been frozen in accordance with the law. The Company received a written notification from CLIC informing the Company that CLIC will fulfill its obligation to transfer the state-owned shares through payment of funds, and thereby continue to hold the shares. CLIC will commence procedures for un-freezing those shares after payment of the funds. |
2. | Prior to the listing of the Company’s A Shares (30 November 2006), land use rights were injected by CLIC into the Company during its reorganization. Out of these, four pieces of land (with a total area of 10,421.12 m2) had not had its formalities in relation to the change of ownership completed. Further, out of the properties injected into the Company, there were six properties (with a gross floor area of 8,639.76 m2) in respect of which the formalities in relation to the change of ownership had not been completed. CLIC undertook to complete the abovementioned formalities within 1 year of the date of listing of the Company’s A Shares, and in the event such formalities could not be completed within such period, CLIC would bear any potential losses to the Company in relation thereto. CLIC strictly followed these commitments. As at the end of the Reporting Period, save for the two properties and related lands of the Company’s Shenzhen Branch, all other formalities in relation to the change of land and property ownership have been completed. The Shenzhen Branch of the Company continues to use such property and land, and no other parties have questioned or hindered the use of such property and land by the Company. |
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Commission File Number 001-31914
3. | China Life-CMG Life Assurance Company Limited, previously a subsidiary of CLIC, was a sino-foreign joint venture established on 4 July 2000, and had been owned as to 51% by CLIC and as to 49% by CMG Group of Australia. The business scope of China Life-CMG Life is to conduct the following businesses (excluding statutory insurance business) within the administrative district of Shanghai municipality and in the provinces, autonomous regions and municipalities where it has established branches: (1) insurance business such as life insurance, health insurance and accident and casualty insurance; (2) re-insurance of the above insurance businesses. CLIC undertook to sell all of its equity interests in China Life-CMC Life to a third party within three years after the listing of the Company on the Hong Kong Stock Exchange, or to take other measures to eliminate any competition between China Life-CMG Life and the Company. |
On 27 January 2010, CLIC transferred its 51% equity interests in China Life-CMG Life to the Bank of Communications Co., Ltd. with the approval of the Ministry of Finance of the PRC, the State Administration for Industry and Commerce and the China Insurance Regulatory Commission. As a result, China Life-CMG Life Assurance Company Ltd. was formally renamed as BoCommLife Insurance Company Limited, and CLIC had thereby fulfilled its undertaking. |
3.4 | Warnings and explanation for any significant changes in net profit or cumulative loss from the beginning of the year to the end of the next reporting period as compared to the same period of last year |
o Applicable þ Not applicable |
3.5 | The implementation of cash dividend policy during the reporting period | ||
o Applicable þ Not applicable |
This announcement is published in both Chinese and English languages. The Chinese version announcement shall prevail.
By Order of the Board of | ||
China Life Insurance Company Limited | ||
Heng Kwoo Seng | ||
Company Secretary |
As at the date of this announcement, the Board of Directors of the Company comprises:
Executive Directors: | Yang Chao, Wan Feng, Lin Dairen, Liu Yingqi | |
Non-executive Directors: | Miao Jianmin, Shi Guoqing, Zhuang Zuojin | |
Independent Non-executive Directors: | Sun Shuyi, Ma Yongwei, Sun Changji, Bruce Douglas Moore | |
Hong Kong, 28 April 2010 |
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Commission File Number 001-31914
4. APPENDIX
4.1 | Balance sheet as at 31 March 2010 (unaudited) |
RMB million (Unless otherwise stated)
As at | As at | As at | As at | |||||||||||||
31 March | 31 December | 31 March | 31 December | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
ASSETS | Group | Group | Company | Company | ||||||||||||
Assets | ||||||||||||||||
Cash and cash equivalents | 55,632 | 36,176 | 54,332 | 35,561 | ||||||||||||
Held-for-trading financial assets | 4,223 | 9,102 | 4,205 | 9,082 | ||||||||||||
Securities purchased under agreements to resell | 19,208 | — | 19,208 | — | ||||||||||||
Interest receivables | 15,746 | 14,199 | 15,670 | 14,111 | ||||||||||||
Premiums receivables | 12,252 | 6,818 | 12,252 | 6,818 | ||||||||||||
Receivable from reinsurers | 21 | 17 | 21 | 17 | ||||||||||||
Unearned premium reserves receivable from reinsurers | 60 | 83 | 60 | 83 | ||||||||||||
Claim reserves receivable from reinsurers | 20 | 31 | 20 | 31 | ||||||||||||
Reserves for life insurance receivables from reinsurers | 9 | 9 | 9 | 9 | ||||||||||||
Reserves for long-term health insurance receivables from reinsurers | 690 | 692 | 690 | 692 | ||||||||||||
Policy loans | 15,960 | 13,831 | 15,960 | 13,831 | ||||||||||||
Debt plan investments | 9,250 | 9,250 | 9,200 | 9,200 | ||||||||||||
Other receivables | 4,029 | 1,892 | 3,992 | 1,846 | ||||||||||||
Term deposits | 372,508 | 344,983 | 372,008 | 343,483 | ||||||||||||
Available-for-sale financial assets | 485,267 | 517,499 | 482,152 | 514,055 | ||||||||||||
Held-to-maturity investments | 241,540 | 235,099 | 241,533 | 235,092 | ||||||||||||
Long-term equity investments | 16,713 | 8,470 | 20,578 | 12,335 | ||||||||||||
Statutory deposits | 6,154 | 6,153 | 5,653 | 5,653 | ||||||||||||
Constructions in progress | 1,305 | 3,536 | 1,305 | 3,336 | ||||||||||||
Fixed assets | 15,908 | 13,511 | 15,388 | 13,184 | ||||||||||||
Intangible assets | 3,371 | 3,402 | 3,343 | 3,372 | ||||||||||||
Other assets | 1,495 | 1,452 | 1,491 | 1,447 | ||||||||||||
Separate account assets | 77 | 52 | 77 | 52 | ||||||||||||
Total Assets | 1,281,438 | 1,226,257 | 1,279,147 | 1,223,290 | ||||||||||||
Yang Chao | Liu Jiade | Hwei-Chung Shao | Yang Zheng | |||
Chairman | Vice President | Chief Actuary | Head of the | |||
in charge of | Financial | |||||
Accounting Affairs | Department |
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Commission File Number 001-31914
4.1 | Balance sheet as at 31 March 2010 (unaudited) (continued) |
RMB million (Unless otherwise stated)
As at | As at | As at | As at | |||||||||||||
31 March | 31 December | 31 March | 31 December | |||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
LIABILITIES AND EQUITY | Group | Group | Company | Company | ||||||||||||
Liabilities | ||||||||||||||||
Financial assets sold under agreements to repurchase | — | 33,553 | — | 32,810 | ||||||||||||
Premiums received in advance | 2,033 | 1,804 | 2,033 | 1,804 | ||||||||||||
Brokerage and commission payable | 2,029 | 1,320 | 2,029 | 1,320 | ||||||||||||
Reinsurance payable | 34 | 30 | 34 | 30 | ||||||||||||
Salary and welfare payable | 4,068 | 4,447 | 3,878 | 4,287 | ||||||||||||
Taxes payable | 5,264 | 4,206 | 5,240 | 4,195 | ||||||||||||
Claims payable | 7,521 | 5,721 | 7,521 | 5,721 | ||||||||||||
Policyholder dividends payable | 55,615 | 54,587 | 55,615 | 54,587 | ||||||||||||
Other payable | 2,218 | 3,078 | 2,265 | 3,074 | ||||||||||||
Policyholder deposits | 69,412 | 67,274 | 69,412 | 67,274 | ||||||||||||
Unearned premium reserves | 6,254 | 5,997 | 6,254 | 5,997 | ||||||||||||
Claim reserves | 2,975 | 2,944 | 2,975 | 2,944 | ||||||||||||
Reserves for life insurance | 880,343 | 802,895 | 880,343 | 802,895 | ||||||||||||
Reserves for long-term health insurance | 6,717 | 6,328 | 6,717 | 6,328 | ||||||||||||
Deferred tax liabilities | 14,657 | 16,361 | 14,673 | 16,377 | ||||||||||||
Other liabilities | 3,055 | 2,884 | 3,055 | 2,882 | ||||||||||||
Separate account liabilities | 77 | 52 | 77 | 52 | ||||||||||||
Total liabilities | 1,062,272 | 1,013,481 | 1,062,121 | 1,012,577 | ||||||||||||
Shareholders’ equity | ||||||||||||||||
Share capital | 28,265 | 28,265 | 28,265 | 28,265 | ||||||||||||
Capital reserve | 70,800 | 74,662 | 70,745 | 74,598 | ||||||||||||
Reserve fund | 18,490 | 18,490 | 18,442 | 18,442 | ||||||||||||
General reserve | 9,636 | 9,636 | 9,636 | 9,636 | ||||||||||||
Retained earnings | 90,234 | 80,020 | 89,938 | 79,772 | ||||||||||||
Exchange differences from translating foreign operating | (1 | ) | (1 | ) | — | — | ||||||||||
Total equity attributable to shareholders of the Company | 217,424 | 211,072 | 217,026 | 210,713 | ||||||||||||
Minority interests | 1,742 | 1,704 | — | — | ||||||||||||
Total shareholders’ equity | 219,166 | 212,776 | 217,026 | 210,713 | ||||||||||||
Total liabilities and shareholders’ equity | 1,281,438 | 1,226,257 | 1,279,147 | 1,223,290 | ||||||||||||
Yang Chao Chairman | Liu Jiade Vice President in charge of Accounting Affairs | Hwei-Chung Shao Chief Actuary | Yang Zheng Head of the Financial Department |
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4.2 | Income statement for the three months ended 31 March 2010 (unaudited) |
RMB million (Unless otherwise stated)
For the three months | For the three months | |||||||||||||||
ended 31 March | ended 31 March | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Group | Group | Company | Company | |||||||||||||
(restated) | (restated) | |||||||||||||||
1. Operating income | 128,733 | 109,477 | 128,563 | 109,399 | ||||||||||||
Premiums earned | 109,990 | 96,373 | 109,990 | 96,373 | ||||||||||||
Premium income | 110,299 | 97,213 | 110,299 | 97,213 | ||||||||||||
Including: reinsurance premium income | — | 1 | — | 1 | ||||||||||||
Less: Premiums ceded to reinsurers | (28 | ) | (30 | ) | (28 | ) | (30 | ) | ||||||||
Unearned premium reserves | (281 | ) | (810 | ) | (281 | ) | (810 | ) | ||||||||
Investment income | 18,339 | 11,711 | 18,275 | 11,672 | ||||||||||||
Including: share of results of associates | 400 | 248 | 400 | 248 | ||||||||||||
Fair value gains/(losses) | (340 | ) | 841 | (338 | ) | 838 | ||||||||||
Foreign exchange gains/(losses) | 16 | 2 | 16 | 2 | ||||||||||||
Other operating income | 728 | 550 | 620 | 514 | ||||||||||||
2. Operating expenses | (116,359 | ) | (101,994 | ) | (116,311 | ) | (101,993 | ) | ||||||||
Surrenders | (6,090 | ) | (6,926 | ) | (6,090 | ) | (6,926 | ) | ||||||||
Claims expense | (14,921 | ) | (23,893 | ) | (14,921 | ) | (23,893 | ) | ||||||||
Less: claims recoverable from reinsurers | 18 | 17 | 18 | 17 | ||||||||||||
Increase in insurance contracts reserve | (77,868 | ) | (56,020 | ) | (77,868 | ) | (56,020 | ) | ||||||||
Less: insurance reserves recoverable from reinsurers | (13 | ) | (3 | ) | (13 | ) | (3 | ) | ||||||||
Policyholder dividends | (4,065 | ) | (2,096 | ) | (4,065 | ) | (2,096 | ) | ||||||||
Business tax and surcharges expense | (1,059 | ) | (188 | ) | (1,046 | ) | (181 | ) | ||||||||
Underwriting and policy acquisition costs | (7,491 | ) | (6,227 | ) | (7,491 | ) | (6,227 | ) | ||||||||
Administrative expenses | (4,141 | ) | (3,767 | ) | (4,013 | ) | (3,665 | ) | ||||||||
Less: expenses recoverable from reinsurers | 5 | 6 | 5 | 6 | ||||||||||||
Other operating expenses | (721 | ) | (660 | ) | (814 | ) | (768 | ) | ||||||||
Impairment losses | (13 | ) | (2,237 | ) | (13 | ) | (2,237 | ) | ||||||||
3. Operating profit | 12,374 | 7,483 | 12,252 | 7,406 | ||||||||||||
Add: Non-operating income | 10 | 48 | 10 | 48 | ||||||||||||
Less: Non-operating expenses | (9 | ) | (31 | ) | (9 | ) | (31 | ) | ||||||||
4. Net profit before income tax expenses | 12,375 | 7,500 | 12,253 | 7,423 | ||||||||||||
Less: Income tax expenses | (2,123 | ) | (1,345 | ) | (2,087 | ) | (1,326 | ) | ||||||||
5. Net profit | 10,252 | 6,155 | 10,166 | 6,097 | ||||||||||||
6. Attributable to: | ||||||||||||||||
— shareholders of the Company | 10,214 | 6,131 | ||||||||||||||
— minority interests | 38 | 24 | ||||||||||||||
7. Earnings per share | ||||||||||||||||
Basic earnings per share | RMB0.36 | RMB0.22 | ||||||||||||||
Diluted earnings per share | RMB0.36 | RMB0.22 | ||||||||||||||
8. Other comprehensive income/(loss) | (3,862 | ) | 5,608 | (3,853 | ) | 5,553 | ||||||||||
9. Total comprehensive income/(loss) | 6,390 | 11,763 | 6,313 | 11,650 | ||||||||||||
— shareholders of the Company | 6,352 | 11,729 | ||||||||||||||
— minority interests | 38 | 34 |
Yang Chao Chairman | Liu Jiade Vice President in charge of Accounting Affairs | Hwei-Chung Shao Chief Actuary | Yang Zheng Head of the Financial Department |
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4.3 | Cash flow statement for the three months ended 31 March 2010 (unaudited) |
RMB million (Unless otherwise stated) | ||||||||||||||||
For the three months | For the three months | |||||||||||||||
ended 31 March | ended 31 March | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Group | Group | Company | Company | |||||||||||||
(restated) | (restated) | |||||||||||||||
1. Cash flows from operating activities | ||||||||||||||||
Premiums received | 104,730 | 92,301 | 104,730 | 92,301 | ||||||||||||
Net cash from reinsurance business | — | 120 | — | 120 | ||||||||||||
Net increase in policyholder investments and agency business liabilities | 2,181 | — | 2,181 | — | ||||||||||||
Net cash from securities at fair value through income | 4,714 | 1,162 | 4,717 | 1,142 | ||||||||||||
Cash received from other operating activities | 1,212 | 1,171 | 1,012 | 740 | ||||||||||||
Sub-total of cash inflows from operating activities | 112,837 | 94,754 | 112,640 | 94,303 | ||||||||||||
Cash paid for claims | (19,210 | ) | (28,672 | ) | (19,210 | ) | (28,672 | ) | ||||||||
Net cash paid for reinsurance business | (5 | ) | — | (5 | ) | — | ||||||||||
Net decrease in policyholder investments and agency business liabilities | — | (666 | ) | — | (666 | ) | ||||||||||
Cash paid for brokerage and commission fees | (6,781 | ) | (6,187 | ) | (6,781 | ) | (6,187 | ) | ||||||||
Cash paid for policyholder dividends | (1,100 | ) | (2,201 | ) | (1,100 | ) | (2,201 | ) | ||||||||
Cash paid to and for employees | (2,424 | ) | (2,074 | ) | (2,383 | ) | (2,039 | ) | ||||||||
Cash paid for taxes and surcharges | (1,852 | ) | (492 | ) | (1,822 | ) | (481 | ) | ||||||||
Cash paid for other operating activities | (2,868 | ) | (1,662 | ) | (2,782 | ) | (1,416 | ) | ||||||||
Sub-total of cash outflows from operating activities | (34,240 | ) | (41,954 | ) | (34,083 | ) | (41,662 | ) | ||||||||
Net cash flows from operating activities | 78,597 | 52,800 | 78,557 | 52,641 | ||||||||||||
Yang Chao Chairman | Liu Jiade Vice President in charge of Accounting Affairs | Hwei-Chung Shao Chief Actuary | Yang Zheng Head of the Financial Department |
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4.3 | Cash flow statement for the three months ended 31 March 2010 (unaudited) (continued) |
RMB million (Unless otherwise stated) | ||||||||||||||||
For the three months | For the three months | |||||||||||||||
ended 31 March | ended 31 March | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Group | Group | Company | Company | |||||||||||||
(restated) | (restated) | |||||||||||||||
2. Cash flows from investing activities | ||||||||||||||||
Cash received from sales and redemption of investments | 114,891 | 59,099 | 112,640 | 58,092 | ||||||||||||
Cash received from investment income | 10,829 | 8,383 | 10,776 | 8,363 | ||||||||||||
Net cash received from disposals of fixed assets, intangible assets and other long-term assets | 26 | 58 | 25 | 58 | ||||||||||||
Sub-total of cash inflows from investing activities | 125,746 | 67,540 | 123,441 | 66,513 | ||||||||||||
Cash paid for investments | (129,353 | ) | (100,261 | ) | (128,440 | ) | (99,814 | ) | ||||||||
Net increase in policy loans | (2,264 | ) | (790 | ) | (2,264 | ) | (790 | ) | ||||||||
Cash paid for acquisition of fixed assets, intangible assets and other long-term assets | (474 | ) | (531 | ) | (471 | ) | (284 | ) | ||||||||
Net cash from securities purchased under agreements to resell | (19,190 | ) | — | (19,190 | ) | — | ||||||||||
Sub-total of cash outflows from investing activities | (151,281 | ) | (101,582 | ) | (150,365 | ) | (100,888 | ) | ||||||||
Net cash flows from investing activities | (25,535 | ) | (34,042 | ) | (26,924 | ) | (34,375 | ) | ||||||||
3. Cash flows from financing activities | ||||||||||||||||
Net proceeds from investment in securities sold under agreements to repurchase | — | 4,574 | — | 3,868 | ||||||||||||
Sub-total of cash inflows from financing activities | — | 4,574 | — | 3,868 | ||||||||||||
Net cash paid for securities sold under agreements to repurchase | (33,605 | ) | — | (32,861 | ) | — | ||||||||||
Sub-total of cash outflows from financing activities | (33,605 | ) | — | (32,861 | ) | — | ||||||||||
Net cash flows from financing activities | (33,605 | ) | 4,574 | (32,861 | ) | 3,868 | ||||||||||
Yang Chao Chairman | Liu Jiade Vice President in charge of Accounting Affairs | Hwei-Chung Shao Chief Actuary | Yang Zheng Head of the Financial Department |
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4.3 | Cash flow statement for the three months ended 31 March 2010 (unaudited) (continued) |
RMB million (Unless otherwise stated) | ||||||||||||||||
For the three months | For the three months | |||||||||||||||
ended 31 March | ended 31 March | |||||||||||||||
2010 | 2009 | 2010 | 2009 | |||||||||||||
Group | Group | Company | Company | |||||||||||||
(restated) | (restated) | |||||||||||||||
4. Effect of changes in foreign exchange rate on cash and cash equivalents | (5 | ) | 2 | (5 | ) | 2 | ||||||||||
5. Net increase/(decrease) in cash and cash equivalents | 19,452 | 23,334 | 18,767 | 22,136 | ||||||||||||
Add: Opening balance of cash and cash equivalents | 36,197 | 34,085 | 35,582 | 33,934 | ||||||||||||
6. Closing balance of cash and cash equivalents | 55,649 | 57,419 | 54,349 | 56,070 | ||||||||||||
Yang Chao Chairman | Liu Jiade Vice President in charge of Accounting Affairs | Hwei-Chung Shao Chief Actuary | Yang Zheng Head of the Financial Department |
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