Exhibit 99.1
Commission File Number 001-31914
2012 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 2012 have been prepared in accordance with the China Accounting Standards for Business Enterprises and are unaudited. Net profit attributable to equity holders of the Company and equity attributable to equity holders 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, nine attended the Board Meeting. Executive Directors Mr. Wan Feng, Mr. Lin Dairen and Ms. Liu Yingqi, Non-executive Directors Mr. Miao Jianmin and Ms. Zhuang Zuojin, and Independent Non-executive Directors Mr. Ma Yongwei, Mr. Sun Changji and Mr. Bruce Douglas Moore attended the meeting. Independent Non-executive Director Mr. Anthony Francis Neoh attended the meeting by way of telephony. The Chairman and Executive Director Mr. Yuan Li could not attend the meeting due to other business, and gave written authorization to Executive Director Mr. Wan Feng to act as presider of the meeting and gave written authorization to Non-executive Director Mr. Miao Jianmin to act as proxy to attend and vote at the meeting. Non-executive Director Mr. Shi Guoqing could not attend the meeting due to other business and gave written authorization to Non-executive Director Ms. Zhuang Zuojin to act as proxy to attend and vote at the meeting. |
Commission File Number 001-31914
1.3 | The Company’s 2012 first quarter financial report is unaudited. |
1.4 | Mr. Yuan Li, Chairman of the Company, Mr. Liu Jiade, Vice President in charge of financial affairs, Mr. Li Mingguang, Chief Actuary and Mr. Yang Zheng, Head of the Financial Department, confirm that the financial reports in this 2012 first quarter report are true and complete. |
2. | Basic Information of the Company |
2.1 | Major accounting data and financial indicators |
(Currency: RMB)
As at 31 March 2012 | As at 31 December 2011 | Increase /(decrease) compared to 31 December 2011 | ||||||||||
Total assets (million) | 1,652,057 | 1,583,907 | 4.3 | % | ||||||||
Total equity holders’ equity(million) | 204,825 | 191,530 | 6.9 | % | ||||||||
Equity holders’ equity per share(RMB per share) | 7.25 | 6.78 | 6.9 | % | ||||||||
For the three months ended 31 March 2012 | Increase /(decrease) compared to the same period of 2011 | |||||||||||
Net cash flows from operating activities (million) | 31,445 | -48.2 | % | |||||||||
Net cash flows from operating activities per share(RMB per share) | 1.11 | -48.2 | % | |||||||||
For the reporting period (from January to March) | For the same period of 2011 (from January to March) | Increase /(decrease) compared to the same period of 2011 (from January to March) | ||||||||||
Net profit attributable to equity holders of the Company(million) | 5,625 | 7,971 | -29.4 | % | ||||||||
Basic earnings per share(RMB per share) | 0.20 | 0.28 | -29.4 | % | ||||||||
Basic earnings per share after deducting non-recurring items(RMB per share) | 0.20 | 0.28 | -29.4 | % | ||||||||
Diluted earnings per share(RMB per share) | 0.20 | 0.28 | -29.4 | % | ||||||||
Weighted average ROE (%) | 2.84 | 3.78 | | A decrease of 0.94 percentage points | | |||||||
Weighted average ROE after deducting non-recurring items (%) | 2.84 | 3.77 | | A decrease of 0.93 percentage points | |
Note: | Equity holders’ equity refers to equity attributable to equity holders of the Company, while net profit refers to net profit attributable to equity holders of the Company. |
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Commission File Number 001-31914
As at 31 March 2012, investment assets of the Company were RMB1,554,326 million. For the three months ended 31 March 2012, the gross investment yield was 2.71% (the gross investment yield ={[(Investment income –share of results of associates + Fair value gains/(losses) – Impairment losses of investment assets –Business tax and surcharges expense for investment)/((Investment assets at the beginning of the period + Investment assets at the end of the period)/2)]/91}×366), the surrender rate was 0.76%, and premiums earned was RMB112,737 million, a decrease of 7.6%.
Deducting Non-recurring Items and Amount
RMB Million
Non-recurring items | For the three months ended 31 March 2012 | |||
Gains on disposal of non-current assets | 2 | |||
Government subsidies included in current gains/(losses) | 1 | |||
Net non-operating income and expenses other than those mentioned above | (2 | ) | ||
Effect of income tax expenses | — | |||
Attribute to non-controlling interest | — | |||
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 not subject to selling restrictions as at the end of the reporting period |
Unit: Share
Total number of shareholders as at the end of the reporting period | Number of A share holders: 246,246 | |
Number of H share holders: 36,126 |
Particulars of the top ten shareholders of listed shares not subject to selling restrictions
Name of shareholders (Full name) | Number of listed shares not subject to selling restrictions held as at the end of the reporting period | Type | ||||||
China Life Insurance (Group) Company | 19,323,530,000 | A shares | ||||||
HKSCC Nominees Limited | 7,272,501,591 | H shares | ||||||
State Development & Investment Corporation | 49,800,000 | A shares | ||||||
China National Investment & Guaranty Co., Ltd | 29,200,000 | A shares | ||||||
PICC Life Insurance Company Limited- Participating–Participating Products of Individual Life Insurance | 27,290,623 | A shares | ||||||
China National Nuclear Corporation | 20,000,000 | A shares | ||||||
China International Television Corporation | 18,452,300 | A shares | ||||||
ICBC-Invesco Great Wall Selected Blue Chip Stock Securities Investment Fund | 17,630,208 | A shares | ||||||
IFC—Standard Chartered – GOVERNMENT OF SINGAPORE INVESTMENT CORPORATION PTE LTD | 16,291,257 | A shares | ||||||
Ping An Property & Casualty Insurance Company of China, Ltd-Owned Fund | 15,224,596 | A shares |
3. | Significant Events |
3.1 | Particulars of, and reasons for, material changes in major accounting items and financial indicators of the Company |
ü Applicable¨ Not applicable
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Commission File Number 001-31914
(1) | Changes in key financial indicators and their reasons |
RMB million
Key Financial Indicators | As at 31 March 2012 | As at 31 December 2011 | Increase/ (decrease) | Main reasons | ||||||||||
Total assets | 1,652,057 | 1,583,907 | 4.3 | % | Accumulation of insurance business assets | |||||||||
Total liabilities | 1,445,320 | 1,390,519 | 3.9 | % | New insurance business and the accumulation of insurance liabilities | |||||||||
Total equity holders’ equity | 204,825 | 191,530 | 6.9 | % | Increase in fair value of available-for-sale financial assets resulting from a slight recovery in the stock markets during the reporting period |
RMB million
Key Financial Indicators | For the three months ended 31 March 2012 | For the three months ended 31 March 2011 | Increase/ (decrease) | Main reasons | ||||||||||
Operating profit | 6,871 | 9,505 | -27.7 | % | The stock markets remained at a low level continuously though there was a slight recovery during the reporting period. As a result, impairment losses increased, which caused a decrease in profit. | |||||||||
Net profit attributable to equity holders of the Company | 5,625 | 7,971 | -29.4 | % | The stock markets remained at a low level continuously though there was a slight recovery during the reporting period. As a result, impairment losses increased, which caused a decrease in profit. |
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Commission File Number 001-31914
(2) Material changes in major accounting items and their reasons
RMB million
Key Financial Indicators | As at 31 March 2012 | As at 31 December 2011 | Increase/ (decrease) | Main reasons | ||||||||||
Held-for-trading financial assets | 39,700 | 23,640 | 67.9 | % | Increase in equity securities allocated to held-for-trading financial assets | |||||||||
Premiums receivables | 14,538 | 8,253 | 76.2 | % | Accumulation of renewal premiums | |||||||||
Securities sold under agreement to repurchase | 5,800 | 13,000 | -55.4 | % | The needs for liquidity management | |||||||||
Claims payable | 16,412 | 11,954 | 37.3 | % | Increase in maturity benefits payable | |||||||||
Deferred tax liabilities | 4,116 | 1,454 | 183.1 | % | Increase in fair value of available-for-sale financial assets |
RMB million
Key Financial Indicators | For the three months ended 31 March 2012 | For the three months ended 31 March 2011 | Increase/ (decrease) | Main reasons | ||||||||||
Fair value gains/(losses) | (433 | ) | 332 | -230.4 | % | Impact of the downturn in the stock markets in late March | ||||||||
Policyholder dividends | 1,433 | 3,293 | -56.5 | % | Decrease in investment yield for participating products | |||||||||
Other operating expenses | 1,352 | 863 | 56.7 | % | Increased interest payments during the reporting period due to the subordinated term debts issued by the Company at the end of 2011 | |||||||||
Impairment losses | 7,686 | 1,565 | 391.1 | % | Increase in equity securities which meet the conditions for recognizing impairment losses resulting from the continuous low-level performance of Chinese capital markets |
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Commission File Number 001-31914
3.2 | Explanation and analysis of significant events and their impacts and solutions |
¨ Applicable ü Not applicable
3.3 | Implementation of undertakings by the Company, its shareholders and de facto controller |
ü Applicable ¨ Not applicable
Prior to the listing of the Company’s A Shares (30 November 2006), land use rights were injected by China Life Insurance (Group) Company (the “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 have 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 forecasted losses or significant changes (as compared to the same period of last year) in accumulated net profit from the beginning of the year to the end of the next reporting period |
¨ Applicable ü Not applicable
3.5 | The implementation of cash dividend policy during the reporting period |
¨ Applicable ü 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: | Mr. Yuan Li, 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 2012
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Commission File Number 001-31914
4. | Appendix |
4.1 | Balance sheet as at 31 March 2012 (unaudited) |
RMB million (Unless otherwise stated)
ASSETS | As at 31 March 2012 Group | As at 31 December 2011 Group | As at 31 March 2012 Company | As at 31 December 2011 Company | ||||||||||||
Assets | ||||||||||||||||
Cash fund | 67,593 | 55,971 | 66,929 | 55,571 | ||||||||||||
Held-for-trading financial assets | 39,700 | 23,640 | 39,393 | 23,400 | ||||||||||||
Securities purchased under agreements to resell | 2,403 | 2,370 | 2,305 | 2,170 | ||||||||||||
Interest receivables | 23,506 | 22,946 | 23,407 | 22,854 | ||||||||||||
Premiums receivables | 14,538 | 8,253 | 14,538 | 8,253 | ||||||||||||
Receivables from reinsurers | 31 | 27 | 31 | 27 | ||||||||||||
Unearned premium reserves receivable from reinsurers | 84 | 76 | 84 | 76 | ||||||||||||
Claim reserves receivable from reinsurers | 40 | 45 | 40 | 45 | ||||||||||||
Reserves for life insurance receivables from reinsurers | 11 | 12 | 11 | 12 | ||||||||||||
Reserves for long-term health insurance receivables from reinsurers | 717 | 718 | 717 | 718 | ||||||||||||
Policy loans | 33,387 | 32,321 | 33,387 | 32,321 | ||||||||||||
Debt plan investments | 31,115 | 28,783 | 30,925 | 28,593 | ||||||||||||
Other receivables | 5,354 | 3,906 | 5,303 | 3,687 | ||||||||||||
Term deposits | 574,231 | 520,793 | 572,931 | 519,493 | ||||||||||||
Available-for-sale financial assets | 521,690 | 562,948 | 519,560 | 560,674 | ||||||||||||
Held-to-maturity investments | 278,054 | 261,933 | 278,018 | 261,897 | ||||||||||||
Long-term equity investments | 25,179 | 24,448 | 28,930 | 28,313 | ||||||||||||
Statutory deposits | 6,153 | 6,153 | 5,653 | 5,653 | ||||||||||||
Constructions in progress | 3,146 | 3,082 | 3,132 | 3,068 | ||||||||||||
Fixed assets | 16,467 | 16,830 | 15,933 | 16,287 | ||||||||||||
Intangible assets | 6,517 | 6,564 | 6,468 | 6,514 | ||||||||||||
Other assets | 2,088 | 2,031 | 2,079 | 2,022 | ||||||||||||
Separate account assets | 53 | 57 | 53 | 57 | ||||||||||||
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Total Assets | 1,652,057 | 1,583,907 | 1,649,827 | 1,581,705 | ||||||||||||
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Yuan Li Chairman | Liu Jiade Vice President in charge of Accounting Affairs | Li Mingguang 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 2012 (unaudited) (continued) |
RMB million (Unless otherwise stated)
LIABILITIES AND EQUITY | As at 31 March 2012 Group | As at 31 December 2011 Group | As at 31 March 2012 Company | As at 31 December 2011 Company | ||||||||||||
Liabilities | ||||||||||||||||
Securities sold under agreements to repurchase | 5,800 | 13,000 | 5,800 | 13,000 | ||||||||||||
Premiums received in advance | 1,673 | 3,719 | 1,673 | 3,719 | ||||||||||||
Brokerage and commission payable | 2,232 | 1,871 | 2,232 | 1,871 | ||||||||||||
Reinsurance payable | 79 | 55 | 79 | 55 | ||||||||||||
Salary and welfare payable | 3,972 | 4,776 | 3,682 | 4,438 | ||||||||||||
Taxes payable | 1,410 | 1,143 | 1,360 | 1,120 | ||||||||||||
Claims payable | 16,412 | 11,954 | 16,412 | 11,954 | ||||||||||||
Policyholder dividends payable | 45,050 | 46,368 | 45,050 | 46,368 | ||||||||||||
Other payable | 2,020 | 2,537 | 2,053 | 2,513 | ||||||||||||
Policyholder deposits | 66,620 | 69,740 | 66,620 | 69,740 | ||||||||||||
Unearned premium reserves | 6,621 | 5,698 | 6,621 | 5,698 | ||||||||||||
Claim reserves | 3,062 | 3,189 | 3,062 | 3,189 | ||||||||||||
Reserves for life insurance | 1,238,815 | 1,179,257 | 1,238,815 | 1,179,257 | ||||||||||||
Reserves for long-term health insurance | 12,287 | 11,229 | 12,287 | 11,229 | ||||||||||||
Bonds payable | 29,991 | 29,990 | 29,991 | 29,990 | ||||||||||||
Deferred tax liabilities | 4,116 | 1,454 | 4,200 | 1,539 | ||||||||||||
Other liabilities | 5,107 | 4,482 | 5,107 | 4,482 | ||||||||||||
Separate account liabilities | 53 | 57 | 53 | 57 | ||||||||||||
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Total liabilities | 1,445,320 | 1,390,519 | 1,445,097 | 1,390,219 | ||||||||||||
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Equity | ||||||||||||||||
Share capital | 28,265 | 28,265 | 28,265 | 28,265 | ||||||||||||
Capital reserve | 41,926 | 34,256 | 41,960 | 34,303 | ||||||||||||
Surplus reserve | 34,266 | 34,266 | 34,218 | 34,218 | ||||||||||||
General reserve | 14,852 | 14,852 | 14,852 | 14,852 | ||||||||||||
Retained earnings | 85,519 | 79,894 | 85,435 | 79,848 | ||||||||||||
Exchange differences from translating foreign currency financial statement | (3 | ) | (3 | ) | — | — | ||||||||||
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Attributable to equity holders of the Company | 204,825 | 191,530 | 204,730 | 191,486 | ||||||||||||
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Non-controlling interests | 1,912 | 1,858 | — | — | ||||||||||||
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Total equity | 206,737 | 193,388 | 204,730 | 191,486 | ||||||||||||
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Total liabilities and equity | 1,652,057 | 1,583,907 | 1,649,827 | 1,581,705 | ||||||||||||
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Yuan Li Chairman | Liu Jiade Vice President in charge of Accounting Affairs | Li Mingguang Chief Actuary | Yang Zheng Head of Financial Department |
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Commission File Number 001-31914
4.2 | Income statement for the first quarter of 2012 (unaudited) |
RMB million (Unless otherwise stated)
For the three months ended 31 March | For the three months ended 31 March | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Group | Group | Company | Company | |||||||||||||
1.Operating income | 131,925 | 140,006 | 131,784 | 139,872 | ||||||||||||
Premiums earned | 112,737 | 122,024 | 112,737 | 122,024 | ||||||||||||
Premium income | 113,752 | 122,978 | 113,752 | 122,978 | ||||||||||||
Less: Premiums ceded to reinsurers | (100 | ) | (57 | ) | (100 | ) | (57 | ) | ||||||||
Unearned premium reserves | (915 | ) | (897 | ) | (915 | ) | (897 | ) | ||||||||
Investment income | 19,016 | 17,171 | 18,959 | 17,112 | ||||||||||||
Including: share of results of associates | 539 | 483 | 539 | 483 | ||||||||||||
Fair value gains/(losses) | (433 | ) | 332 | (430 | ) | 330 | ||||||||||
Foreign exchange gains/(losses) | (24 | ) | (124 | ) | (24 | ) | (124 | ) | ||||||||
Other operating income | 629 | 603 | 542 | 530 | ||||||||||||
2.Operating expenses | (125,054 | ) | (130,501 | ) | (125,050 | ) | (130,501 | ) | ||||||||
Surrenders | (9,916 | ) | (8,177 | ) | (9,916 | ) | (8,177 | ) | ||||||||
Claims expense | (31,167 | ) | (28,038 | ) | (31,167 | ) | (28,038 | ) | ||||||||
Less: claims recoverable from reinsurers | 28 | 17 | 28 | 17 | ||||||||||||
Increase in insurance contracts reserve | (60,489 | ) | (75,026 | ) | (60,489 | ) | (75,026 | ) | ||||||||
Less: insurance reserves recoverable from reinsurers | (7 | ) | (3 | ) | (7 | ) | (3 | ) | ||||||||
Policyholder dividends | (1,433 | ) | (3,293 | ) | (1,433 | ) | (3,293 | ) | ||||||||
Business tax and surcharges expense | (339 | ) | (326 | ) | (324 | ) | (314 | ) | ||||||||
Underwriting and policy acquisition costs | (7,840 | ) | (8,657 | ) | (7,840 | ) | (8,657 | ) | ||||||||
Administrative expenses | (4,897 | ) | (4,574 | ) | (4,726 | ) | (4,433 | ) | ||||||||
Less: expenses recoverable from reinsurers | 44 | 4 | 44 | 4 | ||||||||||||
Other operating expenses | (1,352 | ) | (863 | ) | (1,534 | ) | (1,016 | ) | ||||||||
Impairment losses | (7,686 | ) | (1,565 | ) | (7,686 | ) | (1,565 | ) | ||||||||
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3.Operating profit | 6,871 | 9,505 | 6,734 | 9,371 | ||||||||||||
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Add: Non-operating income | 15 | 18 | 15 | 17 | ||||||||||||
Less: Non-operating expenses | (14 | ) | (13 | ) | (14 | ) | (12 | ) | ||||||||
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4.Net profit before income tax expenses | 6,872 | 9,510 | 6,735 | 9,376 | ||||||||||||
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Less: Income tax expenses | (1,194 | ) | (1,488 | ) | (1,148 | ) | (1,443 | ) | ||||||||
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5.Net profit | 5,678 | 8,022 | 5,587 | 7,933 | ||||||||||||
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6.Attributable to: | ||||||||||||||||
- equity holders of the Company | 5,625 | 7,971 | ||||||||||||||
- non-controlling interests | 53 | 51 | ||||||||||||||
7.Earnings per share | ||||||||||||||||
Basic earnings per share | RMB 0.20 | RMB 0.28 | ||||||||||||||
Diluted earnings per share | RMB 0.20 | RMB 0.28 | ||||||||||||||
8.Other Comprehensive income | 7,671 | (3,161 | ) | 7,657 | (3,124 | ) | ||||||||||
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9.Total Comprehensive income | 13,349 | 4,861 | 13,244 | 4,809 | ||||||||||||
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Attributable to equity holders of the Company | 13,295 | 4,820 | ||||||||||||||
Attributable to non-controlling interests | 54 | 41 |
Yuan Li | Liu Jiade | Li Mingguang | 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 2012 (unaudited) |
RMB million (Unless otherwise stated)
For the three months ended 31 March | For the three months ended 31 March | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Group | Group | Company | Company | |||||||||||||
1. Cash flows from operating activities | ||||||||||||||||
Premiums received | 105,422 | 118,235 | 105,422 | 118,235 | ||||||||||||
Net increase in policyholder deposits | — | 48 | — | 48 | ||||||||||||
Cash received from other operating activities | 790 | 678 | 494 | 551 | ||||||||||||
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Sub-total of cash inflows from operating activities | 106,212 | 118,961 | 105,916 | 118,834 | ||||||||||||
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Cash paid for claims | (36,635 | ) | (33,057 | ) | (36,635 | ) | (33,057 | ) | ||||||||
Net cash paid for reinsurance business | (8 | ) | (17 | ) | (8 | ) | (17 | ) | ||||||||
Net decrease in policyholder deposits | (3,120 | ) | — | (3,120 | ) | — | ||||||||||
Cash paid for brokerage and commission fees | (7,479 | ) | (7,932 | ) | (7,479 | ) | (7,932 | ) | ||||||||
Cash paid for policyholder dividends | (2,751 | ) | (2,515 | ) | (2,751 | ) | (2,515 | ) | ||||||||
Cash paid to and for employees | (3,020 | ) | (2,821 | ) | (2,891 | ) | (2,771 | ) | ||||||||
Net cash paid for held-for-trading financial assets | (15,676 | ) | (7,272 | ) | (15,605 | ) | (7,257 | ) | ||||||||
Cash paid for taxes and surcharges | (2,145 | ) | (414 | ) | (2,089 | ) | (354 | ) | ||||||||
Cash paid for other operating activities | (3,933 | ) | (4,171 | ) | (3,965 | ) | (4,127 | ) | ||||||||
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Sub-total of cash outflows from operating activities | (74,767 | ) | (58,199 | ) | (74,543 | ) | (58,030 | ) | ||||||||
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Net cash flows from operating activities | 31,445 | 60,762 | 31,373 | 60,804 | ||||||||||||
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Yuan Li | Liu Jiade | Li Mingguang | 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 2012 (unaudited) (continued) |
RMB million (Unless otherwise stated)
For the three months ended 31 March | For the three months ended 31 March | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Group | Group | Company | Company | |||||||||||||
2. Cash flows from investing activities | ||||||||||||||||
Cash received from sales and redemption of investments | 62,859 | 44,590 | 62,311 | 43,834 | ||||||||||||
Cash received from investment income | 14,958 | 12,212 | 14,902 | 12,145 | ||||||||||||
Net cash received from disposals of fixed assets, intangible assets and other long-term assets | 3 | 10 | 3 | 10 | ||||||||||||
Net cash from securities purchased under agreements to resell | 257 | — | 151 | — | ||||||||||||
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Sub-total of cash inflows from investing activities | 78,077 | 56,812 | 77,367 | 55,989 | ||||||||||||
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Cash paid for investments | (89,342 | ) | (99,782 | ) | (88,824 | ) | (99,152 | ) | ||||||||
Net increase in policy loans | (1,066 | ) | (2,532 | ) | (1,066 | ) | (2,532 | ) | ||||||||
Cash paid for acquisition of fixed assets, intangible assets and other long-term assets | (258 | ) | (1,558 | ) | (258 | ) | (1,549 | ) | ||||||||
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Sub-total of cash outflows from investing activities | (90,666 | ) | (103,872 | ) | (90,148 | ) | (103,233 | ) | ||||||||
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Net cash flows from investing activities | (12,589 | ) | (47,060 | ) | (12,781 | ) | (47,244 | ) | ||||||||
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Yuan Li | Liu Jiade | Li Mingguang | Yang Zheng | |||
Chairman | Vice President in charge of | Chief Actuary | Head of | |||
Accounting Affairs | Financial Department |
12
Commission File Number 001-31914
4.3 | Cash flow statement for the first quarter of 2012 (unaudited) (continued) |
RMB million (Unless otherwise stated)
For the three months ended 31 March | For the three months ended 31 March | |||||||||||||||
2012 | 2011 | 2012 | 2011 | |||||||||||||
Group | Group | Company | Company | |||||||||||||
3. Cash flows from financing activities | ||||||||||||||||
Net cash received from securities sold under agreements to repurchase | — | 21,132 | — | 21,282 | ||||||||||||
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Sub-total of cash inflows from financing activities | — | 21,132 | — | 21,282 | ||||||||||||
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Net cash paid for securities sold under agreements to repurchase | (7,218 | ) | — | (7,218 | ) | — | ||||||||||
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Sub-total of cash outflows from financing activities | (7,218 | ) | — | (7,218 | ) | — | ||||||||||
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Net cash flows from financing activities | (7,218 | ) | 21,132 | (7,218 | ) | 21,282 | ||||||||||
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4. Effect of changes in foreign exchange rate on cash and cash equivalents | (16 | ) | (105 | ) | (16 | ) | (105 | ) | ||||||||
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5. Net increase in cash and cash equivalents | 11,622 | 34,729 | 11,358 | 34,737 | ||||||||||||
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Add: Opening balance of cash and cash equivalents | 55,985 | 47,854 | 55,585 | 47,545 | ||||||||||||
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6. Closing balance of cash and cash equivalents | 67,607 | 82,583 | 66,943 | 82,282 | ||||||||||||
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Yuan Li | Liu Jiade | Li Mingguang | Yang Zheng | |||
Chairman | Vice President in charge of | Chief Actuary | Head of | |||
Accounting Affairs | Financial Department |
13