EXHIBIT 99.1
Commission File Number 001-31914
2011 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 2011 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 | All of the Directors of the Company attended the Board Meeting. |
1.3 | The Company’s 2011 first quarter financial report is unaudited. |
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 2011 first quarter report are true and complete. |
Commission File Number 001-31914
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 | ||||||||||
31 March 2011 | 31 December 2010 | December 2010 | ||||||||||
Total assets(million) | 1,514,206 | 1,410,579 | 7.3 | % | ||||||||
Shareholders’ equity attributable to shareholders of the Company(million) | 213,530 | 208,710 | 2.3 | % | ||||||||
Net assets per share attributable to shareholders of the Company(RMB per share) | 7.55 | 7.38 | 2.3 | % |
Increase /(decrease) | ||||||||
For the three months ended | compared to the same | |||||||
31 March 2011 | period of 2010 | |||||||
Net cash flows from operating activities(million) | 60,762 | -22.7 | % | |||||
Net cash flows per share from operating activities(RMB per share) | 2.15 | -22.7 | % |
Increase /(decrease) | ||||||||||||
For the reporting period | For the same period of | compared to the same | ||||||||||
(from January to | 2010 (from January to | period of 2010 (from | ||||||||||
March) | March) | January to March) | ||||||||||
Net profit attributable to shareholders of the Company(million) | 7,971 | 10,214 | -22.0 | % | ||||||||
Basic earnings per share(RMB per share) | 0.28 | 0.36 | -22.0 | % | ||||||||
Basic earnings per share after deducting non-recurring items(RMB per share) | 0.28 | 0.36 | -22.0 | % | ||||||||
Diluted earnings per share(RMB per share) | 0.28 | 0.36 | -22.0 | % | ||||||||
Weighted average ROE(%) | 3.78 | 4.77 | A decrease of 0.99 percentage points | |||||||||
Weighted average ROE after deducting non-recurring items(%) | 3.77 | 4.77 | A decrease of 1.00 percentage points |
Note: | Shareholders’ equity refers to shareholders’ equity attributable to shareholders of the Company, while net profit refers to net profit attributable to shareholders of the Company. |
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Commission File Number 001-31914
As at 31 March 2011, investment assets of the Company were RMB1,426,565 million. For the three months ended 31 March 2011, the gross investment yield was 1.11% (or 4.50% if annualized, the simple annualized gross investment yield = (the gross investment yield for the three months ended 31 March 2011/90)×365), the surrender rate was 0.73%, and premiums earned reached RMB122,024 million, with a growth rate of 10.9%.
Deducting Non-recurring Items and Amount
RMB Million
For the three months ended | ||||
Non-recurring items | 31 March 2011 | |||
Gains on disposal of non-current assets | 10 | |||
Net non-operating income and expenses other than those mentioned above | (5 | ) | ||
Effect of income tax expenses | (1 | ) | ||
Total | 4 |
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 not subject to selling restrictions as at the end of the reporting period |
Unit: Share
The total number of shareholders as at the end of the reporting period | Number of A shareholders: 280,947 | |
Number of H shareholders: 36,400 |
Particulars of the top ten shareholders of listed shares not subject to selling restrictions
Number of listed shares | ||||||||
not subject to selling | ||||||||
restrictions held as at | ||||||||
the end of the reporting | ||||||||
Name of shareholders (Full name) | period | Type | ||||||
China Life Insurance (Group) Company | 19,323,530,000 | A shares | ||||||
HKSCC Nominees Limited | 7,257,488,884 | H shares | ||||||
State Development & Investment Corporation | 49,800,000 | A shares | ||||||
China National Investment & Guaranty Co., Ltd | 29,250,000 | A shares | ||||||
China Pacific Life Insurance Co., Ltd.-Tradition-Ordinary Insurance Products | 20,332,882 | A shares | ||||||
China National Nuclear Corporation | 20,000,000 | A shares | ||||||
Guotai Jun’an-China Construction Bank-The Hong Kong and Shanghai Banking Corporation Limited | 19,850,165 | A shares | ||||||
IFC-Standard Chartered- GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION PTE LTD | 19,636,445 | A shares | ||||||
China International Television Corporation | 18,452,300 | A shares | ||||||
National Social Security Fund —Portfolio 102 | 18,050,373 | A shares |
3. | Significant Events |
3.1 | Particulars of, and reasons for, material changes in major accounting items and financial indicators of the Company |
þ Applicableo Not applicable
(1) Changes in key financial indicators and their reasons
RMB million
Key Financial | As at | As at | Increase/ | |||||||||||||
Indicators | 31 March 2011 | 31 December 2010 | (decrease) | Main reasons | ||||||||||||
Total assets | 1,514,206 | 1,410,579 | 7.3 | % | Accumulation of insurance business assets | |||||||||||
Total liabilities | 1,298,870 | 1,200,104 | 8.2 | % | Increase in insurance reserves | |||||||||||
Shareholders’ equity attributable to shareholders of the Company | 213,530 | 208,710 | 2.3 | % | Steady increase in business volume |
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Commission File Number 001-31914
RMB million
For the three | For the three | |||||||||||||||
Key Financial | months ended | months ended | Increase/ | |||||||||||||
Indicators | 31 March 2011 | 31 March 2010 | (decrease) | Main reasons | ||||||||||||
Operating profit | 9,505 | 12,374 | -23.2 | % | Decrease in investment income | |||||||||||
Net profit attributable to shareholders of the Company | 7,971 | 10,214 | -22.0 | % | Decrease in investment income |
(2) Material changes in major accounting items and their reasons
RMB million
As at | As at | |||||||||||||||
Key Financial | 31 March | 31 December | Increase/ | |||||||||||||
Indicators | 2011 | 2010 | (decrease) | Main reasons | ||||||||||||
Cash Fund | 82,566 | 47,839 | 72.6 | % | Investment assets allocation and liquidity management demand | |||||||||||
Held-for-trading financial assets | 16,465 | 9,693 | 69.9 | % | Increase in volume of held-for-trading debt securities | |||||||||||
Premiums receivables | 12,050 | 7,274 | 65.7 | % | Accumulation of renewal premiums | |||||||||||
Other receivables | 9,592 | 3,154 | 204.1 | % | Increase in deposit receivable for investment | |||||||||||
Financial assets sold under agreements to repurchase | 44,260 | 23,065 | 91.9 | % | Liquidity management demand | |||||||||||
Claims payable | 11,439 | 8,275 | 38.2 | % | Increase in payable maturity benefits |
RMB million
For the three | For the three | |||||||||||||||
Key Financial | months ended | months ended | Increase/ | |||||||||||||
Indicators | 31 March 2011 | 31 March 2010 | (decrease) | Main reasons | ||||||||||||
Surrenders | 8,177 | 6,090 | 34.3 | % | Increase in accumulative business volume | |||||||||||
Claims expense | 28,038 | 14,921 | 87.9 | % | Increase in maturity benefits | |||||||||||
Policyholder dividends | 3,293 | 4,065 | -19.0 | % | Decrease in investment yield for participating products | |||||||||||
Impairment losses | 1,565 | 13 | 11938.5 | % | Increase in assets which meet the condition of impairment losses | |||||||||||
Income tax expenses | 1,488 | 2,123 | -29.9 | % | Decrease in taxable income |
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Commission File Number 001-31914
3.2 | Explanation and analysis of significant events and their impacts and solutions |
o Applicableþ Not applicable
3.3 | Implementation of undertakings by the Company, its shareholders and de facto controller |
þ Applicableo Not applicable
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 square meters) 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 square meters) 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 land of the Company’s Shenzhen Branch, all other formalities in relation to the change of land and property ownership had been completed. The Shenzhen Branch of the Company continues to use such properties and land, and no other parties have questioned or hindered the use of such properties and land by the Company.
3.4 | Warnings and explanation for any significant changes in net profit or cumulative losses from the beginning of the year to the end of the next reporting period as compared to the same period of last year |
o Applicableþ Not applicable
3.5 | The implementation of cash dividend policy during the reporting period |
o Applicableþ 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
China Life Insurance Company Limited
Heng Kwoo Seng
Company Secretary
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Commission File Number 001-31914
As at the date of this announcement, the Board of Directors of the Company comprises:
Executive Directors: | Mr. Yang Chao, Mr. Wan Feng, Mr. Lin Dairen, Ms. Liu Yingqi | |
Non-executive Directors: | Mr. Miao Jianmin, Mr. Shi Guoqing, Ms. Zhuang Zuojin | |
Independent non-executive Directors: | Mr. Ma Yongwei, Mr. Sun Changji, Mr. Bruce Douglas Moore, Mr. Anthony Francis Neoh |
Hong Kong,
25 April 2011
25 April 2011
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Commission File Number 001-31914
4. | Appendix |
4.1 | Balance sheet as at 31 March 2011(unaudited) |
RMB million (Unless otherwise stated)
As at | As at | |||||||||||||||
As at | 31 December | As at | 31 December | |||||||||||||
31 March 2011 | 2010 | 31 March 2011 | 2010 | |||||||||||||
ASSETS | Group | Group | Company | Company | ||||||||||||
Assets | ||||||||||||||||
Cash Fund | 82,566 | 47,839 | 82,265 | 47,530 | ||||||||||||
Held-for-trading financial assets | 16,465 | 9,693 | 16,359 | 9,607 | ||||||||||||
Interest receivables | 19,889 | 18,193 | 19,786 | 18,098 | ||||||||||||
Premiums receivables | 12,050 | 7,274 | 12,050 | 7,274 | ||||||||||||
Receivables from reinsurers | 26 | 22 | 26 | 22 | ||||||||||||
Unearned premium reserves receivable from reinsurers | 58 | 57 | 58 | 57 | ||||||||||||
Claim reserves receivable from reinsurers | 31 | 32 | 31 | 32 | ||||||||||||
Reserves for life insurance receivables from reinsurers | 11 | 13 | 11 | 13 | ||||||||||||
Reserves for long-term health insurance receivables from reinsurers | 705 | 706 | 705 | 706 | ||||||||||||
Policy loans | 26,159 | 23,977 | 26,159 | 23,977 | ||||||||||||
Debt plan investments | 14,180 | 12,566 | 13,990 | 12,376 | ||||||||||||
Other receivables | 9,592 | 3,154 | 9,599 | 3,142 | ||||||||||||
Term deposits | 490,385 | 441,585 | 489,017 | 440,217 | ||||||||||||
Available-for-sale financial assets | 544,433 | 548,121 | 541,250 | 544,744 | ||||||||||||
Held-to-maturity investments | 246,224 | 246,227 | 246,218 | 246,220 | ||||||||||||
Long-term equity investments | 21,254 | 20,892 | 25,119 | 24,757 | ||||||||||||
Statutory deposits | 6,153 | 6,153 | 5,653 | 5,653 | ||||||||||||
Constructions in progress | 2,314 | 2,080 | 2,314 | 2,080 | ||||||||||||
Fixed assets | 16,146 | 16,498 | 15,601 | 15,944 | ||||||||||||
Intangible assets | 3,728 | 3,726 | 3,693 | 3,690 | ||||||||||||
Other assets | 1,758 | 1,687 | 1,744 | 1,684 | ||||||||||||
Separate account assets | 79 | 84 | 79 | 84 | ||||||||||||
Total Assets | 1,514,206 | 1,410,579 | 1,511,727 | 1,407,907 | ||||||||||||
Yang Chao Chairman | Liu Jiade Vice President in charge of Accounting Affairs | Hwei-Chung Shao Chief Actuary | Yang Zheng Head of Financial Department |
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Commission File Number 001-31914
4.1 | Balance sheet as at 31 March 2011 (unaudited) (continued) |
RMB million (Unless otherwise stated)
As at | As at | As at | As at | |||||||||||||
31 March 2011 | 31 December 2010 | 31 March 2011 | 31 December 2010 | |||||||||||||
LIABILITIES AND EQUITY | Group | Group | Company | Company | ||||||||||||
Liabilities | ||||||||||||||||
Financial assets sold under agreements to repurchase | 44,260 | 23,065 | 44,000 | 22,660 | ||||||||||||
Premiums received in advance | 1,974 | 1,880 | 1,974 | 1,880 | ||||||||||||
Brokerage and commission payable | 2,672 | 1,944 | 2,672 | 1,944 | ||||||||||||
Reinsurance payable | 60 | 36 | 60 | 36 | ||||||||||||
Salary and welfare payable | 4,058 | 4,972 | 3,774 | 4,720 | ||||||||||||
Taxes payable | 1,912 | 412 | 1,879 | 375 | ||||||||||||
Claims payable | 11,439 | 8,275 | 11,439 | 8,275 | ||||||||||||
Policyholder dividends payable | 51,086 | 52,828 | 51,086 | 52,828 | ||||||||||||
Other payable | 2,412 | 3,265 | 2,518 | 3,248 | ||||||||||||
Policyholder deposits | 70,156 | 70,087 | 70,156 | 70,087 | ||||||||||||
Unearned premium reserves | 6,833 | 5,935 | 6,833 | 5,935 | ||||||||||||
Claim reserves | 3,147 | 3,304 | 3,147 | 3,304 | ||||||||||||
Reserves for life insurance | 1,074,951 | 1,000,483 | 1,074,951 | 1,000,483 | ||||||||||||
Reserves for long-term health insurance | 9,128 | 8,413 | 9,128 | 8,413 | ||||||||||||
Deferred tax liabilities | 11,250 | 11,776 | 11,307 | 11,828 | ||||||||||||
Other liabilities | 3,453 | 3,345 | 3,453 | 3,345 | ||||||||||||
Separate account liabilities | 79 | 84 | 79 | 84 | ||||||||||||
Total liabilities | 1,298,870 | 1,200,104 | 1,298,456 | 1,199,445 | ||||||||||||
Shareholders’ equity | ||||||||||||||||
Share capital | 28,265 | 28,265 | 28,265 | 28,265 | ||||||||||||
Capital reserve | 55,309 | 58,460 | 55,329 | 58,453 | ||||||||||||
Surplus reserve | 29,050 | 29,050 | 29,002 | 29,002 | ||||||||||||
General reserve | 13,004 | 13,004 | 13,004 | 13,004 | ||||||||||||
Retained earnings | 87,904 | 79,933 | 87,671 | 79,738 | ||||||||||||
Exchange differences from translating foreign currency financial statement | (2 | ) | (2 | ) | — | — | ||||||||||
Total equity attributable to shareholders of the Company | 213,530 | 208,710 | 213,271 | 208,462 | ||||||||||||
Minority interests | 1,806 | 1,765 | — | — | ||||||||||||
Total shareholders’ equity | 215,336 | 210,475 | 213,271 | 208,462 | ||||||||||||
Total liabilities and shareholders’ equity | 1,514,206 | 1,410,579 | 1,511,727 | 1,407,907 | ||||||||||||
Yang Chao | Liu Jiade | Hwei-Chung Shao | Yang Zheng | |||
Chairman | Vice President in charge of | Chief Actuary | Head of | |||
Accounting Affairs | Financial Department |
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Commission File Number 001-31914
4.2 | Income statement for the first quarter of 2011 (unaudited) |
RMB million (Unless otherwise stated)
For the three months ended | For the three months ended | |||||||||||||||
31 March | 31 March | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Group | Group | Company | Company | |||||||||||||
1. Operating income | 140,006 | 128,733 | 139,872 | 128,563 | ||||||||||||
Premiums earned | 122,024 | 109,990 | 122,024 | 109,990 | ||||||||||||
Premium income | 122,978 | 110,299 | 122,978 | 110,299 | ||||||||||||
Less: Premiums ceded to reinsurers | (57 | ) | (28 | ) | (57 | ) | (28 | ) | ||||||||
Unearned premium reserves | (897 | ) | (281 | ) | (897 | ) | (281 | ) | ||||||||
Investment income | 17,171 | 18,339 | 17,112 | 18,275 | ||||||||||||
Including: share of results of associates | 483 | 400 | 483 | 400 | ||||||||||||
Fair value gains/(losses) | 332 | (340 | ) | 330 | (338 | ) | ||||||||||
Foreign exchange gains/(losses) | (124 | ) | 16 | (124 | ) | 16 | ||||||||||
Other operating income | 603 | 728 | 530 | 620 | ||||||||||||
2. Operating expenses | (130,501 | ) | (116,359 | ) | (130,501 | ) | (116,311 | ) | ||||||||
Surrenders | (8,177 | ) | (6,090 | ) | (8,177 | ) | (6,090 | ) | ||||||||
Claims expense | (28,038 | ) | (14,921 | ) | (28,038 | ) | (14,921 | ) | ||||||||
Less: claims recoverable from reinsurers | 17 | 18 | 17 | 18 | ||||||||||||
Increase in insurance contracts reserve | (75,026 | ) | (77,868 | ) | (75,026 | ) | (77,868 | ) | ||||||||
Less: insurance reserves recoverable from reinsurers | (3 | ) | (13 | ) | (3 | ) | (13 | ) | ||||||||
Policyholder dividends | (3,293 | ) | (4,065 | ) | (3,293 | ) | (4,065 | ) | ||||||||
Business tax and surcharges expense | (326 | ) | (1,059 | ) | (314 | ) | (1,046 | ) | ||||||||
Underwriting and policy acquisition costs | (8,657 | ) | (7,491 | ) | (8,657 | ) | (7,491 | ) | ||||||||
Administrative expenses | (4,574 | ) | (4,141 | ) | (4,433 | ) | (4,013 | ) | ||||||||
Less: expenses recoverable from reinsurers | 4 | 5 | 4 | 5 | ||||||||||||
Other operating expenses | (863 | ) | (721 | ) | (1,016 | ) | (814 | ) | ||||||||
Impairment losses | (1,565 | ) | (13 | ) | (1,565 | ) | (13 | ) | ||||||||
3. Operating profit | 9,505 | 12,374 | 9,371 | 12,252 | ||||||||||||
Add: Non-operating income | 18 | 10 | 17 | 10 | ||||||||||||
Less: Non-operating expenses | (13 | ) | (9 | ) | (12 | ) | (9 | ) | ||||||||
4. Net profit before income tax expenses | 9,510 | 12,375 | 9,376 | 12,253 | ||||||||||||
Less: Income tax expenses | (1,488 | ) | (2,123 | ) | (1,443 | ) | (2,087 | ) | ||||||||
5. Net profit | 8,022 | 10,252 | 7,933 | 10,166 | ||||||||||||
6. Attributable to: | ||||||||||||||||
- shareholders of the Company | 7,971 | 10,214 | ||||||||||||||
- minority interests | 51 | 38 | ||||||||||||||
7. Earnings per share | ||||||||||||||||
Basic earnings per share | RMB | 0.28 | RMB | 0.36 | ||||||||||||
Diluted earnings per share | RMB | 0.28 | RMB | 0.36 | ||||||||||||
8. Other Comprehensive income/(losses) | (3,161 | ) | (3,862 | ) | (3,124 | ) | (3,853 | ) | ||||||||
9. Total Comprehensive income | 4,861 | 6,390 | 4,809 | 6,313 | ||||||||||||
Attributable to shareholders of the Company | 4,820 | 6,352 | ||||||||||||||
Attributable to minority interests | 41 | 38 |
Yang Chao | Liu Jiade | Hwei-Chung Shao | Yang Zheng | |||
Chairman | Vice President in charge of | Chief Actuary | Head of | |||
Accounting Affairs | Financial Department |
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Commission File Number 001-31914
4.3 Cash flow statement for the first quarter of 2011 (unaudited)
RMB million (Unless otherwise stated)
For the three months ended | For the three months ended | |||||||||||||||
31 March | 31 March | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Group | Group | Company | Company | |||||||||||||
1. Cash flows from operating activities | ||||||||||||||||
Premiums received | 118,235 | 104,730 | 118,235 | 104,730 | ||||||||||||
Net increase in policyholder deposits | 48 | 2,181 | 48 | 2,181 | ||||||||||||
Net cash received from held-for-trading financial assets | — | 4,714 | — | 4,717 | ||||||||||||
Cash received from other operating activities | 678 | 1,212 | 551 | 1,012 | ||||||||||||
Sub-total of cash inflows from operating activities | 118,961 | 112,837 | 118,834 | 112,640 | ||||||||||||
Cash paid for claims | (33,057 | ) | (19,210 | ) | (33,057 | ) | (19,210 | ) | ||||||||
Net cash paid for reinsurance business | (17 | ) | (5 | ) | (17 | ) | (5 | ) | ||||||||
Cash paid for brokerage and commission fees | (7,932 | ) | (6,781 | ) | (7,932 | ) | (6,781 | ) | ||||||||
Cash paid for policyholder dividends | (2,515 | ) | (1,100 | ) | (2,515 | ) | (1,100 | ) | ||||||||
Cash paid to and for employees | (2,821 | ) | (2,424 | ) | (2,771 | ) | (2,383 | ) | ||||||||
Net cash paid for held-for-trading financial assets | (7,272 | ) | — | (7,257 | ) | — | ||||||||||
Cash paid for taxes and surcharges | (414 | ) | (1,852 | ) | (354 | ) | (1,822 | ) | ||||||||
Cash paid for other operating activities | (4,171 | ) | (2,868 | ) | (4,127 | ) | (2,782 | ) | ||||||||
Sub-total of cash outflows from operating activities | (58,199 | ) | (34,240 | ) | (58,030 | ) | (34,083 | ) | ||||||||
Net cash flows from operating activities | 60,762 | 78,597 | 60,804 | 78,557 | ||||||||||||
Yang Chao | Liu Jiade | Hwei-Chung Shao | Yang Zheng | |||
Chairman | Vice President in charge of | Chief Actuary | Head of | |||
Accounting Affairs | Financial Department |
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Commission File Number 001-31914
4.3 Cash flow statement for the first quarter of 2011 (unaudited) (continued)
RMB million (Unless otherwise stated)
For the three months ended | For the three months ended | |||||||||||||||
31 March | 31 March | |||||||||||||||
2011 | 2010 | 2011 | 2010 | |||||||||||||
Group | Group | Company | Company | |||||||||||||
2. Cash flows from investing activities | ||||||||||||||||
Cash received from sales and redemption of investments | 44,590 | 114,891 | 43,834 | 112,640 | ||||||||||||
Cash received from investment income | 12,212 | 10,829 | 12,145 | 10,776 | ||||||||||||
Net cash received from disposals of fixed assets, intangible assets and other long-term assets | 10 | 26 | 10 | 25 | ||||||||||||
Sub-total of cash inflows from investing activities | 56,812 | 125,746 | 55,989 | 123,441 | ||||||||||||
Cash paid for investments | (99,782 | ) | (129,353 | ) | (99,152 | ) | (128,440 | ) | ||||||||
Net increase in policy loans | (2,532 | ) | (2,264 | ) | (2,532 | ) | (2,264 | ) | ||||||||
Cash paid for acquisition of fixed assets, intangible assets and other long-term assets | (1,558 | ) | (474 | ) | (1,549 | ) | (471 | ) | ||||||||
Net cash paid for financial assets purchased under agreements to resell | — | (19,190 | ) | — | (19,190 | ) | ||||||||||
Sub-total of cash outflows from investing activities | (103,872 | ) | (151,281 | ) | (103,233 | ) | (150,365 | ) | ||||||||
Net cash flows from investing activities | (47,060 | ) | (25,535 | ) | (47,244 | ) | (26,924 | ) | ||||||||
3. Cash flows from financing activities | ||||||||||||||||
Net cash received from financial assets sold under agreements to repurchase | 21,132 | — | 21,282 | — | ||||||||||||
Sub-total of cash inflows from financing activities | 21,132 | — | 21,282 | — | ||||||||||||
Net cash paid for financial assets 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 | 21,132 | (33,605 | ) | 21,282 | (32,861 | ) | ||||||||||
4. Effect of changes in foreign exchange rate on cash and cash equivalents | (105 | ) | (5 | ) | (105 | ) | (5 | ) | ||||||||
5. Net increase in cash and cash equivalents | 34,729 | 19,452 | 34,737 | 18,767 | ||||||||||||
Add: Opening balance of cash and cash equivalents | 47,854 | 36,197 | 47,545 | 35,582 | ||||||||||||
6. Closing balance of cash and cash equivalents | 82,583 | 55,649 | 82,282 | 54,349 | ||||||||||||
Yang Chao Chairman | Liu Jiade Vice President in charge of | Hwei-Chung Shao Chief Actuary | Yang Zheng Head of | |||
Accounting Affairs | Financial Department |
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