Commission File Number 001-31914
Exhibit 99.1.
CHINA LIFE INSURANCE COMPANY LIMITED
(A joint stock limited company incorporated in the People’s Republic of China with limited liability)
(Stock Code: 2628)
2013 First Quarter Report
This announcement is made by China Life Insurance Company Limited pursuant to the inside information provisions under Part XIVA of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong) and Rules 13.09(2) and 13.10B 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 2013 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. Chairman and Executive Director Mr. Yang Mingsheng, Executive Directors Mr. Wan Feng, Mr. Lin Dairen, Non-executive Directors Mr. Miao Jianmin, Mr. Zhang Xiangxian and Independent Non- executive Directors Mr. Sun Changji, Mr. Bruce Douglas Moore, Mr. Anthony Francis Neoh and Mr Tang Jianbang attended the meeting. Executive Director Ms. Liu Yingqi and Non-executive Director Mr. Wang Sidong could not attend the meeting due to other business, and gave written authorization to Executive Director Mr. Lin Dairen and Executive Director Mr. Wan Feng to act as proxy to attend and vote at the meeting, respectively. |
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Commission File Number 001-31914
1.3 | The Company’s 2013 first quarter financial report is unaudited. |
1.4 | Mr. Yang Mingsheng, 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 2013 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 2013 | As at 31 December 2012 | Increase/(decrease) compared to 31 December 2012 | ||||||||||
Total assets(million) | 1,938,010 | 1,898,916 | 2.1 | % | ||||||||
Total equity holders’ equity(million) | 231,877 | 221,085 | 4.9 | % | ||||||||
Equity holders’ equity per share(RMB per share) | 8.20 | 7.82 | 4.9 | % | ||||||||
For the three months ended 31 March 2013 | Increase/(decrease) compared to the same period of 2012 | |||||||||||
Net cash flows from operating activities(million) | 18,877 | -40.0 | % | |||||||||
Net cash flows from operating activities per share(RMB per share) | 0.67 | -40.0 | % | |||||||||
For the Reporting Period (from January to March) | For the same period of 2012 (from January to March) | Increase/(decrease) compared to the same period of 2012 (from January to March) | ||||||||||
Net profit attributable to equity holders of the Company(million) | 10,077 | 5,625 | 79.1 | % | ||||||||
Basic earnings per share(RMB per share) | 0.36 | 0.20 | 79.1 | % | ||||||||
Basic earnings per share after deducting non-recurring items(RMB per share) | 0.36 | 0.20 | 79.3 | % | ||||||||
Diluted earnings per share(RMB per share) | 0.36 | 0.20 | 79.1 | % | ||||||||
Weighted average ROE(%) | 4.45 | 2.84 | An increase of 1.61 percentage points | |||||||||
Weighted average ROE after deducting non-recurring items(%) | 4.45 | 2.84 | An increase of 1.61 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 2013, investment assets of the Company were RMB1,815,817 million. For the three months ended 31 March 2013, the net investment yield was 4.25% (net investment income including interest income from debt securities and bank deposits, dividends from equity securities, and interest income from policy loans and debt plan investments), the gross investment yield was 5.82% (the gross investment yield ={[(Investment income – share of results of associates + Fair value gains/(losses) – Impairment losses of investment assets – Business tax and surcharges for investment)/((Investment assets at the beginning of the period + Investment assets at the end of the period)/2)]/90}×365), the surrender rate was 1.36%, and premiums earned was RMB110,068 million, a decrease of 2.4%.
Deducting Non-recurring Items and Amount
Non-recurring items | RMB million For the three months ended | |||
Gains on disposal of non-current assets | 5 | |||
Government subsidies included in current gains/(losses) | 1 | |||
Net non-operating income and expenses other than those mentioned above | (14 | ) | ||
Effect of income tax | 2 | |||
Attributable to non-controlling interest | — | |||
Total | (6 | ) |
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 share holders: 223,881 | |||||||
Number of H share holders: 35,460 | ||||||||
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 | 7,281,384,916 | H shares | ||||||
State Development & Investment Corporation | 35,685,900 | A shares | ||||||
National Social Security Fund-Portfolio 103 | 33,799,460 | A shares | ||||||
China Construction Bank – Bosera Theme Industry Stock Securities Investment Fund | 33,730,393 | A shares | ||||||
China Construction Bank – Great Wall Brand Merit-choosed Equity Fund | 20,968,306 | A shares | ||||||
New China Life Insurance Company Ltd. – Participating – Participating Products of Group Life Insurance – 018L – FH001 Hu | 20,458,146 | A shares | ||||||
China National Nuclear Corporation | 20,000,000 | A shares | ||||||
National Social Security Fund-Portfolio 110 | 18,701,036 | A shares | ||||||
China International Television Corporation | 18,452,300 | A shares |
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Commission File Number 001-31914
3. | Significant Events |
3.1 | Particulars of and reasons for changes in major accounting items and financial indicators of theCompany |
ü Applicable Not applicable
(1) | Changes in key financial indicators and their reasons |
RMB million
Key financial indicators | As at 31 March 2013 | As at 31 December 2012 | Increase/ (decrease) | Main reasons | ||||||||||
Total assets | 1,938,010 | 1,898,916 | 2.1 | % | Accumulation of insurance business assets | |||||||||
Total liabilities | 1,704,050 | 1,675,815 | 1.7 | % | Increase in insurance reserves | |||||||||
Total equity holders’ equity | 231,877 | 221,085 | 4.9 | % | The influence of the net profit during the Reporting Period |
RMB million
Key financial indicators | For the three months ended 31 March 2013 | For the three months ended 31 March 2012 | Increase/ (decrease) | Main reasons | ||||||||||
Operating profit | 12,802 | 6,871 | 86.3 | % | Increase in investment yield and decrease in impairment losses | |||||||||
Net profit attributable to equity holders of the Company | 10,077 | 5,625 | 79.1 | % | Increase in investment yield and decrease in impairment losses |
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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 2013 | As at 31 December 2012 | Increase/ (decrease) | Main reasons | ||||||||||
Securities sold under agreements to repurchase | 45,000 | 68,499 | -34.3 | % | The needs for liquidity management | |||||||||
Claims payable | 24,702 | 16,890 | 46.3 | % | Increase in maturity benefits payable | |||||||||
RMB million
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Key financial indicators | For the three months ended 31 March 2013 | For the three months ended 31 March 2012 | Increase/ (decrease) | Main reasons | ||||||||||
Investment income | 26,094 | 19,016 | 37.2 | % | The Company adopted a more initiative investment approach in light of market conditions and increased the allocation in fixed-income investment assets | |||||||||
Surrenders | 20,088 | 9,916 | 102.6 | % | Increase in surrenders of some products sold through bancassurance channel resulting from the impact of various wealth management products offered by banks | |||||||||
Claims expense | 43,862 | 31,167 | 40.7 | % | Intensive payment for maturity benefits for some products | |||||||||
Increase in insurance contracts reserve | 39,763 | 60,489 | -34.3 | % | Release of insurance reserves resulting from the surrender by policyholders and the maturity of insurance products | |||||||||
Policyholder dividends | 6,368 | 1,433 | 344.4 | % | Increase in investment yields for participating products | |||||||||
Impairment losses | 847 | 7,686 | -89.0 | % | Decrease in equity securities which meet the conditions for recognizing impairment losses resulting from the fluctuation in the 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 above-mentioned 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, the ownership registration formalities of which had not been completed due to historical reasons, 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.
At present, the Company’s Shenzhen Branch and the co-owner and the original owner of the properties have reached an agreement that the ownership of the properties of each party will be determined by legal proceeding and the parties intend to bring the legal proceedings in the near future. CLIC will bear the costs incurred in accordance with its undertakings.
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
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Commission File Number 001-31914
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 Victor Ja Wei |
Company Secretary |
As at the date of this announcement, the Board of Directors of the Company comprises:
Executive Directors: | Mr. Yang Mingsheng, Mr. Wan Feng, Mr Lin Dairen, | |
Ms. Liu Yingqi | ||
Non-executive Directors: | Mr. Miao Jianmin, Mr. Zhang Xiangxian, Mr Wang Sidong | |
Independent non-executive Directors: | Mr. Sun Changji, Mr. Bruce Douglas Moore, | |
Mr. Anthony Francis Neoh, Mr Tang Jianbang |
Hong Kong,
25 April 2013
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Commission File Number 001-31914
4. | Appendix |
4.1 Balance sheet as at 31 March 2013 (unaudited)
RMB million (Unless otherwise stated)
As at | As at | As at | As at | |||||||||||||
31 March | 31 December | 31 March | 31 December | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
ASSETS | Group | Group | Company | Company | ||||||||||||
Assets | ||||||||||||||||
Cash fund | 65,304 | 69,434 | 64,711 | 68,637 | ||||||||||||
Held-for-trading financial assets | 41,847 | 34,018 | 41,737 | 33,970 | ||||||||||||
Securities purchased under agreements to resell | 9,156 | 894 | 9,126 | 844 | ||||||||||||
Interest receivables | 29,061 | 28,926 | 28,950 | 28,837 | ||||||||||||
Premiums receivables | 16,424 | 8,738 | 16,424 | 8,738 | ||||||||||||
Receivables from reinsurers | 24 | 35 | 24 | 35 | ||||||||||||
Unearned premium reserves receivable from reinsurers | 131 | 101 | 131 | 101 | ||||||||||||
Claim reserves receivable from reinsurers | 51 | 54 | 51 | 54 | ||||||||||||
Reserves for life insurance receivables from reinsurers | 15 | 13 | 15 | 13 | ||||||||||||
Reserves for long-term health insurance receivables from reinsurers | 748 | 745 | 748 | 745 | ||||||||||||
Policy loans | 41,086 | 39,893 | 41,086 | 39,893 | ||||||||||||
Debt plan investments | 43,544 | 40,526 | 43,354 | 40,336 | ||||||||||||
Other receivables | 15,328 | 9,547 | 15,089 | 9,379 | ||||||||||||
Term deposits | 646,970 | 641,080 | 645,670 | 639,780 | ||||||||||||
Available-for-sale financial assets | 489,661 | 506,416 | 487,405 | 504,341 | ||||||||||||
Held-to-maturity investments | 472,096 | 452,389 | 471,541 | 451,838 | ||||||||||||
Long-term equity investments | 29,773 | 28,991 | 33,638 | 32,856 | ||||||||||||
Statutory deposits | 6,153 | 6,153 | 5,653 | 5,653 | ||||||||||||
Constructions in progress | 5,189 | 5,126 | 5,189 | 5,126 | ||||||||||||
Fixed assets | 16,503 | 16,865 | 15,976 | 16,329 | ||||||||||||
Intangible assets | 6,464 | 6,498 | 6,407 | 6,439 | ||||||||||||
Other assets | 2,447 | 2,439 | 2,435 | 2,424 | ||||||||||||
Separate account assets | 35 | 35 | 35 | 35 | ||||||||||||
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Total Assets | 1,938,010 | 1,898,916 | 1,935,395 | 1,896,403 | ||||||||||||
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YangMingsheng | LiuJiade | LiMingguang | YangZheng | |||
Chairman | Vice President in charge of Accounting Affairs | Chief Actuary | Head of Financial Department |
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Commission File Number 001-31914
4.1 | Balance sheet as at 31 March 2013 (unaudited) (continued) |
RMB million (Unless otherwise stated)
As at | As at | As at | As at | |||||||||||||
31 March | 31 December | 31 March | 31 December | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
LIABILITIES AND EQUITY | Group | Group | Company | Company | ||||||||||||
Liabilities | ||||||||||||||||
Securities sold under agreements to repurchase | 45,000 | 68,499 | 45,000 | 68,499 | ||||||||||||
Premiums received in advance | 1,707 | 2,576 | 1,707 | 2,576 | ||||||||||||
Brokerage and commission payable | 2,245 | 2,459 | 2,245 | 2,459 | ||||||||||||
Reinsurance payable | 101 | 70 | 101 | 70 | ||||||||||||
Salary and welfare payable | 3,856 | 4,876 | 3,506 | 4,473 | ||||||||||||
Taxes payable | 493 | 425 | 427 | 387 | ||||||||||||
Claims payable | 24,702 | 16,890 | 24,702 | 16,890 | ||||||||||||
Policyholder dividends payable | 47,432 | 44,240 | 47,432 | 44,240 | ||||||||||||
Other payable | 2,377 | 2,713 | 2,340 | 2,656 | ||||||||||||
Policyholder deposits | 64,802 | 66,604 | 64,802 | 66,604 | ||||||||||||
Unearned premium reserves | 7,652 | 5,955 | 7,652 | 5,955 | ||||||||||||
Claim reserves | 2,951 | 3,078 | 2,951 | 3,078 | ||||||||||||
Reserves for life insurance | 1,398,659 | 1,359,894 | 1,398,659 | 1,359,894 | ||||||||||||
Reserves for long-term health insurance | 16,736 | 15,610 | 16,736 | 15,610 | ||||||||||||
Bonds payable | 67,982 | 67,981 | 67,982 | 67,981 | ||||||||||||
Deferred tax liabilities | 10,140 | 7,834 | 10,228 | 7,922 | ||||||||||||
Other liabilities | 7,180 | 6,076 | 7,180 | 6,076 | ||||||||||||
Separate account liabilities | 35 | 35 | 35 | 35 | ||||||||||||
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Total liabilities | 1,704,050 | 1,675,815 | 1,703,685 | 1,675,405 | ||||||||||||
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Equity | ||||||||||||||||
Share capital | 28,265 | 28,265 | 28,265 | 28,265 | ||||||||||||
Capital reserve | 59,966 | 59,251 | 59,948 | 59,242 | ||||||||||||
Surplus reserve | 37,221 | 37,221 | 37,173 | 37,173 | ||||||||||||
General reserve | 15,959 | 15,959 | 15,959 | 15,959 | ||||||||||||
Retained earnings | 90,469 | 80,392 | 90,365 | 80,359 | ||||||||||||
Exchange differences from translating foreign currency financial statement | (3 | ) | (3 | ) | — | — | ||||||||||
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Attributable to equity holders of the Company | 231,877 | 221,085 | 231,710 | 220,998 | ||||||||||||
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Non-controlling interests | 2,083 | 2,016 | — | — | ||||||||||||
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Total equity | 233,960 | 223,101 | 231,710 | 220,998 | ||||||||||||
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Total liabilities and equity | 1,938,010 | 1,898,916 | 1,935,395 | 1,896,403 | ||||||||||||
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YangMingsheng | LiuJiade | LiMingguang | YangZheng | |||
Chairman | Vice President in charge of Accounting Affairs | Chief Actuary | Head of Financial Department |
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Commission File Number 001-31914
4.2 | Income statement for the first quarter of 2013 (unaudited) |
RMB million (Unless otherwise stated)
For the three months ended | For the three months ended | |||||||||||||||||
31 March | 31 March | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Group | Group | Company | Company | |||||||||||||||
1. | Operating income | 138,250 | 131,925 | 138,061 | 131,784 | |||||||||||||
Premiums earned | 110,068 | 112,737 | 110,068 | 112,737 | ||||||||||||||
Premium income | 111,912 | 113,752 | 111,912 | 113,752 | ||||||||||||||
Including: reinsurance premium income | 2 | — | 2 | — | ||||||||||||||
Less: Premiums ceded to reinsurers | (177 | ) | (100 | ) | (177 | ) | (100 | ) | ||||||||||
Unearned premium reserves | (1,667 | ) | (915 | ) | (1,667 | ) | (915 | ) | ||||||||||
Investment income | 26,094 | 19,016 | 26,033 | 18,959 | ||||||||||||||
Including: share of results of associates | 606 | 539 | 606 | 539 | ||||||||||||||
Fair value gains/(losses) | 1,295 | (433 | ) | 1,291 | (430 | ) | ||||||||||||
Foreign exchange gains/(losses) | (37 | ) | (24 | ) | (37 | ) | (24 | ) | ||||||||||
Other operating income | 830 | 629 | 706 | 542 | ||||||||||||||
2. | Operating expenses | (125,448 | ) | (125,054 | ) | (125,451 | ) | (125,050 | ) | |||||||||
Surrenders | (20,088 | ) | (9,916 | ) | (20,088 | ) | (9,916 | ) | ||||||||||
Claims expense | (43,862 | ) | (31,167 | ) | (43,862 | ) | (31,167 | ) | ||||||||||
Less: claims recoverable from reinsurers | 45 | 28 | 45 | 28 | ||||||||||||||
Increase in insurance contracts reserve | (39,763 | ) | (60,489 | ) | (39,763 | ) | (60,489 | ) | ||||||||||
Less: insurance reserves recoverable from reinsurers | 2 | (7 | ) | 2 | (7 | ) | ||||||||||||
Policyholder dividends | (6,368 | ) | (1,433 | ) | (6,368 | ) | (1,433 | ) | ||||||||||
Business tax and surcharges | (331 | ) | (339 | ) | (311 | ) | (324 | ) | ||||||||||
Underwriting and policy acquisition costs | (6,954 | ) | (7,840 | ) | (6,954 | ) | (7,840 | ) | ||||||||||
Administrative expenses | (5,409 | ) | (4,897 | ) | (5,233 | ) | (4,726 | ) | ||||||||||
Less: expenses recoverable from reinsurers | 56 | 44 | 56 | 44 | ||||||||||||||
Other operating expenses | (1,929 | ) | (1,352 | ) | (2,128 | ) | (1,534 | ) | ||||||||||
Impairment losses | (847 | ) | (7,686 | ) | (847 | ) | (7,686 | ) | ||||||||||
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3. | Operating profit | 12,802 | 6,871 | 12,610 | 6,734 | |||||||||||||
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Add: Non-operating income | 12 | 15 | 11 | 15 | ||||||||||||||
Less: Non-operating expenses | (20 | ) | (14 | ) | (20 | ) | (14 | ) | ||||||||||
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4. | Net profit before income tax | 12,794 | 6,872 | 12,601 | 6,735 | |||||||||||||
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Less: Income tax expenses | (2,650 | ) | (1,194 | ) | (2,595 | ) | (1,148 | ) | ||||||||||
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5. | Net profit | 10,144 | 5,678 | 10,006 | 5,587 | |||||||||||||
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6. | Attributable to: | |||||||||||||||||
– equity holders of the Company | 10,077 | 5,625 | ||||||||||||||||
– non-controlling interests | 67 | 53 | ||||||||||||||||
7. | Earnings per share | |||||||||||||||||
Basic earnings per share | RMB0.36 | RMB0.20 | ||||||||||||||||
Diluted earnings per share | RMB0.36 | RMB0.20 | ||||||||||||||||
8. | Other Comprehensive income | 715 | 7,671 | 706 | 7,657 | |||||||||||||
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9. | Total Comprehensive income | 10,859 | 13,349 | 10,712 | 13,244 | |||||||||||||
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Attributable to equity holders of the Company | 10,792 | 13,295 | ||||||||||||||||
Attributable to non-controlling interests | 67 | 54 |
YangMingsheng | LiuJiade | LiMingguang | YangZheng | |||
Chairman | Vice President in charge of Accounting Affairs | Chief Actuary | Head of Financial Department |
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Commission File Number 001-31914
4.3 | Cash flow statement for the first quarter of 2013 (unaudited) |
RMB million (Unless otherwise stated)
For the three months ended | For the three months ended | |||||||||||||||||
31 March | 31 March | |||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||
Group | Group | Company | Company | |||||||||||||||
1. | Cash flows from operating activities | |||||||||||||||||
Premiums received | 103,357 | 105,422 | 103,357 | 105,422 | ||||||||||||||
Cash received from other operating activities | 704 | 790 | 577 | 494 | ||||||||||||||
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Sub-total of cash inflows from operating activities | 104,061 | 106,212 | 103,934 | 105,916 | ||||||||||||||
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Cash paid for claims | (56,138 | ) | (36,635 | ) | (56,138 | ) | (36,635 | ) | ||||||||||
Net cash paid for reinsurance business | (34 | ) | (8 | ) | (34 | ) | (8 | ) | ||||||||||
Net decrease in policyholder deposits | (1,790 | ) | (3,120 | ) | (1,790 | ) | (3,120 | ) | ||||||||||
Cash paid for brokerage and commission fees | (7,169 | ) | (7,479 | ) | (7,169 | ) | (7,479 | ) | ||||||||||
Cash paid for policyholder dividends | (2,543 | ) | (2,751 | ) | (2,543 | ) | (2,751 | ) | ||||||||||
Cash paid to and for employees | (3,345 | ) | (3,020 | ) | (3,179 | ) | (2,891 | ) | ||||||||||
Net cash paid for held-for-trading financial assets | (6,420 | ) | (15,676 | ) | (6,383 | ) | (15,605 | ) | ||||||||||
Cash paid for taxes and surcharges | (3,055 | ) | (2,145 | ) | (2,989 | ) | (2,089 | ) | ||||||||||
Cash paid for other operating activities | (4,690 | ) | (3,933 | ) | (4,771 | ) | (3,965 | ) | ||||||||||
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Sub-total of cash outflows from operating activities | (85,184 | ) | (74,767 | ) | (84,996 | ) | (74,543 | ) | ||||||||||
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Net cash flows from operating activities | 18,877 | 31,445 | 18,938 | 31,373 | ||||||||||||||
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YangMingsheng | LiuJiade | LiMingguang | YangZheng | |||
Chairman | Vice President in charge of Accounting Affairs | Chief Actuary | Head of Financial Department |
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Commission File Number 001-31914
4.3 Cash flow statement for the first quarter of 2013 (unaudited) (continued)
RMB million (Unless otherwise stated)
For the three months ended 31 March | For the three months ended 31 March | |||||||||||||||||
2013 Group | 2012 Group | 2013 Company | 2012 Company | |||||||||||||||
2. | Cash flows from investing activities | |||||||||||||||||
Cash received from sales and redemption of investments | 112,704 | 62,859 | 112,288 | 62,311 | ||||||||||||||
Cash received from investment income | 18,506 | 14,958 | 18,477 | 14,902 | ||||||||||||||
Net cash received from disposals of fixed assets, intangible assets and other long- term assets | 29 | 3 | 29 | 3 | ||||||||||||||
Net cash received from securities purchased under agreements to resell | — | 257 | — | 151 | ||||||||||||||
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Sub-total of cash inflows from investing activities | 131,239 | 78,077 | 130,794 | 77,367 | ||||||||||||||
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Cash paid for investments | (120,686 | ) | (89,342 | ) | (120,085 | ) | (88,824 | ) | ||||||||||
Net increase in policy loans | (1,194 | ) | (1,066 | ) | (1,194 | ) | (1,066 | ) | ||||||||||
Cash paid for acquisition of fixed assets, intangible assets and other long-term assets | (497 | ) | (258 | ) | (489 | ) | (258 | ) | ||||||||||
Net cash paid for securities purchased under agreements to resell | (8,261 | ) | — | (8,282 | ) | — | ||||||||||||
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Sub-total of cash outflows from investing activities | (130,638 | ) | (90,666 | ) | (130,050 | ) | (90,148 | ) | ||||||||||
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Net cash flows from investing activities | 601 | (12,589 | ) | 744 | (12,781 | ) | ||||||||||||
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YangMingsheng | LiuJiade | LiMingguang | YangZheng | |||
Chairman | Vice President in charge of Accounting Affairs | Chief Actuary | Head of Financial Department |
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Commission File Number 001-31914
4.3 | Cash flow statement for the first quarter of 2013 (unaudited) (continued) |
RMB million (Unless otherwise stated)
For the three months ended 31 March | For the three months ended 31 March | |||||||||||||||||
2013 Group | 2012 Group | 2013 Company | 2012 Company | |||||||||||||||
3. | Cash flows from financing activities | |||||||||||||||||
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Sub-total of cash inflows from financing activities | — | — | — | — | ||||||||||||||
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Net cash paid for securities sold under agreements to repurchase | (23,607 | ) | (7,218 | ) | (23,607 | ) | (7,218 | ) | ||||||||||
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Sub-total of cash outflows from financing activities | (23,607 | ) | (7,218 | ) | (23,607 | ) | (7,218 | ) | ||||||||||
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Net cash flows from financing activities | (23,607 | ) | (7,218 | ) | (23,607 | ) | (7,218 | ) | ||||||||||
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4. | Effect of changes in foreign exchange rate on cash and cash equivalents | (1 | ) | (16 | ) | (1 | ) | (16 | ) | |||||||||
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5. | Net increase/(decrease) in cash and cash equivalents | (4,130 | ) | 11,622 | (3,926 | ) | 11,358 | |||||||||||
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Add: Opening balance of cash and cash equivalents | 69,452 | 55,985 | 68,655 | 55,585 | ||||||||||||||
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6. | Closing balance of cash and cash equivalents | 65,322 | 67,607 | 64,729 | 66,943 | |||||||||||||
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Yang Mingsheng | Liu Jiade | Li Mingguang | Yang Zheng | |||
Chairman | Vice President in charge of Accounting Affairs | Chief Actuary | Head of Financial Department |
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