Cover Page
Cover Page - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Document information [line items] | ||
Document Type | 20-F | |
Document Period End Date | Dec. 31, 2022 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | FY | |
Entity Registrant Name | China Life Insurance Company Limited | |
Entity Central Index Key | 0001268896 | |
Current Fiscal Year End Date | --12-31 | |
Entity Well-known Seasoned Issuer | Yes | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Shell Company | false | |
Entity Emerging Growth Company | false | |
Document Annual Report | true | |
Entity Interactive Data Current | Yes | |
Entity Voluntary Filers | No | |
Entity Address, Country | CN | |
Document Transition Report | false | |
Document Shell Company Report | false | |
ICFR Auditor Attestation Flag | true | |
Document Accounting Standard | International Financial Reporting Standards | |
Document Registration Statement | false | |
Entity Address, Address Line One | 16 Financial Street | |
Entity Address, Address Line Two | Xicheng District | |
Entity Address, City or Town | Beijing | |
Entity Incorporation, State or Country Code | F4 | |
Entity Address, Postal Zip Code | 100033 | |
Entity File Number | 001-31914 | |
Auditor Firm ID | 1424 | 1408 |
Auditor Name | PricewaterhouseCoopers Zhong Tian LLP | Ernst & Young Hua Ming LLP |
Auditor Location | Beijing, the People’s Republic of China | Beijing, People’s Republic of China |
Business Contact [Member] | ||
Document information [line items] | ||
Entity Address, Country | CN | |
Entity Address, Address Line One | 16 Financial Street | |
Entity Address, Address Line Two | Xicheng District | |
Entity Address, City or Town | Beijing | |
Entity Address, Postal Zip Code | 100033 | |
Contact Personnel Name | Yinghui Li | |
Contact Personnel Email Address | liyh@e-chinalife.com | |
Local Phone Number | 6363 1191 | |
City Area Code | 10 | |
Country Region | 86 | |
Contact Personnel Fax Number | (86-10) 6657 5112 | |
American Depositary Shares [member] | ||
Document information [line items] | ||
Security Exchange Name | NONE | |
No Trading Symbol Flag | true | |
Title of 12(g) Security | American depositary shares | |
Ordinary shares [member] | H Shares [Member] | ||
Document information [line items] | ||
Entity Common Stock, Shares Outstanding | 7,441,175,000 | |
Security Exchange Name | NONE | |
No Trading Symbol Flag | true | |
Title of 12(g) Security | H shares, par value RMB1.00 per share | |
Ordinary shares [member] | A Shares [Member] | ||
Document information [line items] | ||
Entity Common Stock, Shares Outstanding | 20,823,530,000 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
ASSETS | |||
Property, plant and equipment | ¥ 54,559 | ¥ 55,632 | |
Right-of-use assets | 1,810 | 2,518 | |
Investment properties | 13,193 | 13,374 | |
Investments in associates and joint ventures | 261,179 | 257,953 | |
Held-to-maturity securities | [1] | 1,574,204 | 1,533,753 |
Loans | [2] | 596,490 | 666,087 |
Term deposits | 485,567 | 529,488 | |
Statutory deposits - restricted | 6,333 | 6,333 | |
Available-for-sale securities | 1,738,108 | 1,429,287 | |
Securities at fair value through profit or loss | 223,790 | 206,771 | |
Securities purchased under agreements to resell | 38,533 | 12,915 | |
Accrued investment income | 52,451 | 51,097 | |
Premiums receivable | 19,697 | 20,361 | |
Reinsurance assets | 7,840 | 6,630 | |
Other assets | 28,333 | 39,701 | |
Deferred tax assets | 22,307 | 121 | |
Cash and cash equivalents | 127,594 | 60,459 | |
Total assets | 5,251,988 | 4,892,480 | |
Liabilities | |||
Insurance contracts | 3,880,160 | 3,419,899 | |
Investment contracts | [2] | 374,749 | 313,594 |
Policyholder dividends payable | 96,682 | 124,949 | |
Interest-bearing loans and borrowings | 12,774 | 19,222 | |
Lease liabilities | 1,569 | 2,182 | |
Bonds payable | 34,997 | 34,994 | |
Financial liabilities at fair value through profit or loss | 3,344 | 3,416 | |
Securities sold under agreements to repurchase | 148,958 | 239,446 | |
Annuity and other insurance balances payable | 60,819 | 56,818 | |
Premiums received in advance | 50,830 | 48,699 | |
Other liabilities | 141,122 | 134,059 | |
Deferred tax liabilities | 272 | 7,481 | |
Current income tax liabilities | 238 | 248 | |
Statutory insurance fund | 353 | 339 | |
Total liabilities | 4,806,867 | 4,405,346 | |
Equity | |||
Share capital | 28,265 | 28,265 | |
Reserves | 206,216 | 249,755 | |
Retained earnings | 201,688 | 201,041 | |
Attributable to equity holders of the Company | 436,169 | 479,061 | |
Non-controlling interests | 8,952 | 8,073 | |
Total equity | 445,121 | 487,134 | |
Total liabilities and equity | ¥ 5,251,988 | ¥ 4,892,480 | |
[1]The fair value of held-to-maturity securities is determined by reference with other debt securities which are measured by fair value. Please refer to Note 4.4.[2]Investment contracts at fair value through profit or loss have quoted prices in active markets, and therefore, their fair value was classified as Level 1. |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
REVENUES | |||
Gross written premiums | ¥ 615,190 | ¥ 618,327 | ¥ 612,265 |
Less: premiums ceded to reinsurers | (8,270) | (8,015) | (6,053) |
Net written premiums | 606,920 | 610,312 | 606,212 |
Net change in unearned premium reserves | 905 | 939 | (1,546) |
Net premiums earned | 607,825 | 611,251 | 604,666 |
Investment income | 186,629 | 178,387 | 154,497 |
Net realised gains on financial assets | 12,707 | 20,344 | 14,583 |
Net fair value gains through profit or loss | (12,156) | 4,943 | 21,900 |
Other income | 9,383 | 10,008 | 9,403 |
Total revenues | 804,388 | 824,933 | 805,049 |
BENEFITS, CLAIMS AND EXPENSES | |||
Insurance benefits and claims expenses - Life insurance death and other benefits | (119,369) | (121,354) | (113,609) |
Insurance benefits and claims expenses - Accident and health claims and claim adjustment expenses | (51,311) | (55,030) | (52,395) |
Insurance benefits and claims expenses - Increase in insurance contract liabilities | (461,298) | (442,370) | (414,797) |
Investment contract benefits | (13,340) | (10,628) | (9,846) |
Policyholder dividends resulting from participation in profits | (20,685) | (26,511) | (28,279) |
Underwriting and policy acquisition costs | (54,777) | (65,744) | (84,361) |
Finance costs | (4,863) | (5,598) | (3,747) |
Administrative expenses | (39,874) | (40,867) | (37,732) |
Statutory insurance fund contribution | (1,314) | (1,253) | (1,229) |
Other expenses | (13,994) | (15,566) | (12,280) |
Total benefits, claims and expenses | (780,825) | (784,921) | (758,275) |
Net gains on investments of associates and joint ventures (Including: share of profit of associates and joint ventures of RMB3,628 million, 10,328 million, 8,336 million for 2022, 2021 and 2020) | 484 | 10,328 | 7,666 |
Profit before income tax | 24,047 | 50,340 | 54,440 |
Income tax | 9,467 | 1,917 | (3,103) |
Net profit | 33,514 | 52,257 | 51,337 |
Attributable to: | |||
Equity holders of the Company | 32,082 | 50,766 | 50,221 |
Non-controlling interests | ¥ 1,432 | ¥ 1,491 | ¥ 1,116 |
Basic and diluted earnings per share | ¥ 1.14 | ¥ 1.8 | ¥ 1.77 |
Other comprehensive income that may be reclassified to profit or loss in subsequent periods: | |||
Fair value gains/(losses) on available-for-sale securities | ¥ (83,730) | ¥ 17,065 | ¥ 52,547 |
Amount transferred to net profit from other comprehensive income | (11,386) | (21,722) | (14,386) |
Portion of fair value changes on available-for-sale securities attributable to policyholders equity | 26,123 | (1,793) | (3,959) |
Share of other comprehensive income of associates and joint ventures under the equity method | (3,104) | 1,260 | 672 |
Exchange differences on translating foreign operations | 1,138 | (398) | (986) |
Income tax relating to components of other comprehensive income | 17,348 | 1,098 | (8,482) |
Other comprehensive income that may be reclassified to profit or loss in subsequent periods | (53,611) | (4,490) | 25,406 |
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods: | |||
Share of other comprehensive income of associates and joint ventures under the equity method | (1,625) | (59) | 344 |
Other comprehensive income for the year, net of tax | (55,236) | (4,549) | 25,750 |
Total comprehensive income for the year, net of tax | (21,722) | 47,708 | 77,087 |
Attributable to: | |||
Equity holders of the Company | (23,070) | 46,203 | 75,920 |
Non-controlling interests | ¥ 1,348 | ¥ 1,505 | ¥ 1,167 |
Consolidated Statement of Com_2
Consolidated Statement of Comprehensive Income (Parenthetical) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of comprehensive income [abstract] | |||
Including: share of profit of associates and joint ventures | ¥ 3,628 | ¥ 10,328 | ¥ 8,336 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - CNY (¥) ¥ in Millions | Total | Share capital [member] | Other equity instruments [member] | Reserves [member] | Retained earnings [member] | Non-controlling interests [member] |
Beginning balance at Dec. 31, 2019 | ¥ 410,027 | ¥ 28,265 | ¥ 7,791 | ¥ 197,966 | ¥ 170,425 | ¥ 5,580 |
Net profit | 51,337 | 50,221 | 1,116 | |||
Other comprehensive income | 25,750 | 25,699 | 51 | |||
Total comprehensive income | 77,087 | 25,699 | 50,221 | 1,167 | ||
Transactions with owners | ||||||
Appropriation to reserves (Note 36) | 16,025 | (16,025) | ||||
Dividends declared (Note 32) | (20,834) | (20,834) | ||||
Dividends to non-controlling interests | (174) | (174) | ||||
Others | (8,538) | (7,791) | (1,055) | 308 | ||
Total transactions with owners | (29,546) | ¥ (7,791) | 14,970 | (36,859) | 134 | |
Ending balance at Dec. 31, 2020 | 457,568 | 28,265 | 238,635 | 183,787 | 6,881 | |
Net profit | 52,257 | 50,766 | 1,491 | |||
Other comprehensive income | (4,594) | (4,608) | 14 | |||
Total comprehensive income | 47,663 | (4,608) | 50,766 | 1,505 | ||
Transactions with owners | ||||||
Appropriation to reserves (Note 36) | 15,378 | (15,378) | ||||
Dividends declared (Note 32) | (18,089) | (18,089) | ||||
Dividends to non-controlling interests | (359) | (359) | ||||
Reserves to retained earnings (Note 36) | 45 | (45) | ||||
Others | 351 | 305 | 46 | |||
Total transactions with owners | (18,097) | 15,728 | (33,512) | (313) | ||
Ending balance at Dec. 31, 2021 | 487,134 | 28,265 | 249,755 | 201,041 | 8,073 | |
Net profit | 33,514 | 32,082 | 1,432 | |||
Other comprehensive income | (55,236) | (55,152) | (84) | |||
Total comprehensive income | (21,722) | (55,152) | 32,082 | 1,348 | ||
Transactions with owners | ||||||
Appropriation to reserves (Note 36) | 13,137 | (13,137) | ||||
Dividends declared (Note 32) | (18,372) | (18,372) | ||||
Dividends to non-controlling interests | (469) | (469) | ||||
Reserves to retained earnings (Note 36) | (74) | 74 | ||||
Others | (1,450) | (1,450) | ||||
Total transactions with owners | (20,291) | 11,613 | (31,435) | (469) | ||
Ending balance at Dec. 31, 2022 | ¥ 445,121 | ¥ 28,265 | ¥ 206,216 | ¥ 201,688 | ¥ 8,952 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Profit before income tax | ¥ 24,047 | ¥ 50,340 | ¥ 54,440 |
Adjustments for: | |||
Investment income | (186,629) | (178,387) | (154,497) |
Net realised and unrealised gains on financial assets | (551) | (25,287) | (36,483) |
Insurance contracts | 459,988 | 445,472 | 419,866 |
Depreciation and amortisation | 5,291 | 5,328 | 5,164 |
Foreign exchange losses/(gains) | 69 | (645) | (119) |
Net gains on investments of associates and joint ventures | (484) | (10,328) | (7,666) |
Changes in operating assets and liabilities: | |||
Increase in securities at fair value through profit or loss, net | (35,286) | (44,527) | (21,954) |
Financial liabilities at fair value through profit or loss | 3,175 | (1,478) | 3,004 |
Receivables and payables | 75,266 | 47,241 | 40,603 |
Income tax paid | 982 | (5,862) | (3,263) |
Interest received - securities at fair value through profit or loss | 5,401 | 3,753 | 4,120 |
Dividends received - securities at fair value through profit or loss | 699 | 826 | 775 |
Net cash inflow/(outflow) from operating activities | 351,968 | 286,446 | 303,990 |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Disposals of debt investments | 168,656 | 37,708 | 36,774 |
Maturities of debt investments | 309,801 | 196,596 | 198,640 |
Disposals of equity investments | 513,350 | 385,308 | 308,406 |
Disposals of property, plant and equipment | 363 | 341 | 57 |
Disposals of subsidiaries | 4,395 | 559 | 2,175 |
Purchases of debt investments | (519,495) | (745,973) | (593,917) |
Purchases of equity investments and subsidiaries | (819,785) | (409,676) | (338,306) |
Purchases of property, plant and equipment | (3,076) | (5,583) | (7,662) |
Investments in associates and joint ventures | (5,436) | (7,072) | (14,942) |
Decrease/(Increase) in term deposits, net | 44,273 | 17,748 | (10,947) |
Increase in securities purchased under agreements to resell, net | (27,327) | (2,804) | (3,850) |
Interest received | 153,194 | 142,311 | 126,848 |
Dividends received | 34,330 | 32,177 | 29,590 |
Increase in policy loans, net | (18,198) | (35,479) | (25,858) |
Net cash inflow/(outflow) from investing activities | (164,955) | (393,839) | (292,992) |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Increase/(Decrease) in securities sold under agreements to repurchase, net | (90,711) | 117,211 | 4,912 |
Interest paid | (7,545) | (8,219) | (3,779) |
Repayment of borrowings | (8,275) | (11) | (6,505) |
Dividends paid to equity holders of the Company | (18,372) | (18,089) | (20,834) |
Dividends paid to non-controlling interests | (469) | (372) | (161) |
Cash received from borrowings | 688 | 116 | 7,036 |
Payment of lease liabilities | (1,307) | (1,517) | (1,478) |
Cash paid for redemption of other equity instruments | (9,060) | ||
Capital injected into subsidiaries by non-controlling interests | 5,896 | 22,850 | 22,846 |
Cash received related to other financing activities | 1,069 | ||
Cash paid related to other financing activities | (750) | (1,592) | |
Net cash inflow/(outflow) from financing activities | (120,095) | 111,219 | (7,546) |
Foreign exchange gains/(losses) on cash and cash equivalents | 217 | (71) | (144) |
Net increase in cash and cash equivalents | 67,135 | 3,755 | 3,308 |
Cash and cash equivalents, Beginning of the year | 60,459 | 56,704 | 53,396 |
Cash and cash equivalents, End of the year | 127,594 | 60,459 | 56,704 |
Analysis of balances of cash and cash equivalents | |||
Cash at banks and in hand | 123,142 | 60,275 | 56,585 |
Short-term bank deposits | ¥ 4,452 | ¥ 184 | ¥ 119 |
Organisation and Principal Acti
Organisation and Principal Activities | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Organisation and Principal Activities | 1 ORGANISATION AND PRINCIPAL ACTIVITIES China Life Insurance Company Limited (the “Company”) was established in the People’s Republic of China (“China” or the “PRC”) on 30 June 2003 as a joint stock company with limited liability as part of a group restructuring of China Life Insurance (Group) Company (“CLIC”, formerly China Life Insurance Company) and its subsidiaries (the “Restructuring”). The Company and its subsidiaries are hereinafter collectively referred to as the “Group”. The Group’s principal activities are the writing of life, health, accident and other types of personal insurance business; reinsurance business for personal insurance business; fund management business permitted by national laws and regulations or approved by the State Council of the People’s Republic of China, etc. The Company is a joint stock company incorporated in the PRC with limited liability. The address of its registered office is 16 Financial Street, Xicheng District, Beijing, the PRC. The Company is listed on the Stock Exchange of Hong Kong Limited, and the Shanghai Stock Exchange. In August 2022, the Company has applied for the voluntary delisting of its American depositary shares (“ADSs”) from the New York Stock Exchange (the “NYSE”). The last day of trading of the Company’s ADSs on the NYSE was 1 September 2022 (U.S. Eastern time) and the delisting of the Company’s ADSs has taken effect on 2 September 2022 (U.S. Eastern time). These consolidated financial statements are presented in millions of Renminbi (“RMB million”) unless otherwise stated. These consolidated financial statements have been approved and authorised for issue by the Board of Directors on 29 March 2023. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Significant Accounting Policies | 2 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. 2.1 Basis of preparation The Group has prepared these consolidated financial statements in accordance with International Financial Reporting Standards (“IFRSs”), amendments to IFRSs and interpretations issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) and the applicable disclosure requirements of the Hong Kong Companies Ordinance. The Group has prepared the consolidated financial statements under the historical cost convention, except for financial assets and liabilities at fair value through profit or loss, available for sale securities, insurance contract liabilities and certain property, plant and equipment at deemed cost as part of the Restructuring process. The preparation of financial statements in compliance with IFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3. 2.1.1 New accounting standards and amendments adopted by the Group for the first time for the financial year beginning on 1 January 2022 Standards/Amendments Content Effective for annual periods Amendments to IFRS 3 Update Reference to the Conceptual Framework 1 January 2022 Amendments to IAS 16 Property, Plant and Equipment: Proceeds before intended use 1 January 2022 Amendments to IAS 37 Onerous Contracts – Cost of Fulfilling a Contract 1 January 2022 Annual improvements Annual Improvements to IFRS Standards 2018-2020 Cycle 1 January 2022 These amendments did not have any significant impact on the financial position and performance of the Group. 2.1.2 New accounting standards and amendments that are effective for the financial year ended 31 December 2022 but temporary exemption is applied by the Group Standards/Amendments Content Effective for annual periods IFRS 9 Financial Instruments 1 January 2018 IFRS 9 – Financial Instruments In July 2014, the IASB issued the final version of IFRS 9, bringing together all phases of the financial instruments project to replace IAS 39 and all previous versions of IFRS 9. The standard introduces new requirements for classification and measurement, impairment, and hedge accounting. IFRS 9 is effective for annual periods beginning on or after 1 January 2018, with early adoption permitted. Based on the current assessment, the Group expects that the adoption of IFRS 9 will have a significant impact on the consolidated financial statements. The Group has adopted the temporary exemption permitted in the Amendments to IFRS 4 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (“IFRS 4 Amendment”) to apply IAS 39 rather than IFRS 9, until the effective date of IFRS 17. Refer to Note 33 for more details. Classification and measurement IFRS 9 requires that the Group classifies debt instruments based on the combined effect of application of business models (hold to collect contractual cash flows, hold to collect contractual cash flows and sell financial assets or other business models) and contractual cash flow characteristics (solely payments of principal and interest on the principal amount outstanding or not). Debt instruments not giving rise to cash flows that are solely payments of principal and interest on the principal amount outstanding would be measured at fair value through profit or loss. Other debt instruments giving rise to cash flows that are solely payments of principal and interest on the principal amount outstanding would be measured at amortised cost, fair value through other comprehensive income (“FVOCI”) or fair value through profit or loss, based on their respective business models. The Group analysed the contractual cash flow characteristics of financial assets as at 31 December 2022 and made relevant disclosures in Note 33. Equity instruments would generally be measured at fair value through profit or loss unless the Group elects to measure at FVOCI for certain equity investments not held for trading. This will result in unrealised gains and losses on equity instruments currently classified as available-for-sale The Group expects the presentation using IFRS 9 to result in an increase in financial assets measured at fair value at 1 January 2023, which will be more exposed to capital market fluctuations. Impairment IFRS 9 replaces the “incurred loss” model with the “expected credit loss” model which is designed to include forward-looking information. The Group expects that the provision for debt instruments of the Group under the “expected credit loss” model would be larger than that under the previous “incurred loss” model. Hedge accounting The Group does not apply the hedge accounting currently, so the Group expects that the new hedge accounting model under IFRS 9 will have no impact on the Group’s consolidated financial statements. The Group will adopt IFRS 9 on 1 January 2023.The classification and measurement and impairment requirements are applied retrospectively by adjusting the opening balance sheet at the date of initial application, with no requirement to restate comparative periods. The Group does not intend to restate comparatives. 2.1.3 New accounting standards and amendments that are not yet effective and have not been early adopted by the Group for the financial year beginning on 1 January 2022 Standards/Amendments Content Effective for annual periods IFRS 17 Insurance Contracts 1 January 2023 Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction 1 January 2023 Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies 1 January 2023 Amendments to IAS 8 Definition of Accounting Estimates 1 January 2023 Amendments to IAS 1 Classification of Liabilities as Current or Non-current 1 January 2024 Amendments to IAS 1 Non-current 1 January 2024 Amendments to IFRS 16 Lease Liability in a Sale and Leaseback 1 January 2024 Amendments to IFRS 10 and IAS 28 Amendments Sale or Contribution of Assets between an Investor and its Associate or Joint Venture No mandatory effective date yet determined but available for adoption The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. IFRS 17 – Insurance Contracts In May 2017, the IASB issued IFRS 17 Insurance Contracts, a comprehensive new accounting standard for insurance contracts covering recognition, measurement, presentation and disclosure, which replaces IFRS 4 Insurance Contracts. In June 2020, the IASB issued the amendments to IFRS 17 which include a deferral of the effective date of IFRS 17 to annual reporting periods beginning on or after 1 January 2023. Insurers qualifying for the deferral of IFRS 9 can apply both IFRS 17 and IFRS 9 for the first time to annual reporting periods beginning on or after 1 January 2023. The Group will adopt IFRS 17 for the preparation and disclosure of financial reports on 1 January 2023. The expected impact on the Group’s shareholders’ equity at 1 January 2023 is mainly due to these changes in IFRS 17 compared to IFRS 4, as follows: • It provides a comprehensive general model for insurance contracts, and the measurement is based on the building blocks of discounted, probability-weighted cash flows, a risk adjustment and a contractual service margin representing the unearned profit of the contract. It also provides the variable fee approach for insurance contracts with direct participation features and the premium allocation approach mainly for short-duration; • The fulfilment cash flows include the expected present value of future cash flows and explicit risk adjustment, remeasured every reporting period; • A contractual service margin represents the unearned profitability of the insurance contracts and is recognised in profit or loss over the coverage period; • Certain changes in the fulfilment cash flows relating to future service adjusts the carrying amount of the contractual service margin at the end of the reporting period, and thereby will be recognised in profit or loss over the remaining coverage period; • The discount rate assumption is determined based on observable current market situation that reflect the characteristics of the insurance contract. The effect of changes in discount rates will be reported in either profit or loss or OCI, determined by an accounting policy choice; • The recognition of insurance revenue and insurance service expenses in the statement of comprehensive income based on the concept of services provided during the period; • Amounts that the entity will repay to policyholders, regardless of whether an insured event occurs (non-distinct investment components) are not presented in the statement of comprehensive income, but are recognised directly in the statement of financial position; • Variable fee approach should be adopted for insurance contracts with direct participation features where policyholders share in the returns from underlying items. When applying the variable fee approach, the entity’s share of the fair value changes of the underlying items is included in the CSM; • An entity may simplify the measurement of a group of insurance contracts using the premium allocation approach if and only if the entity reasonably expects that such simplification would produce a measurement of the liability for remaining coverage for the group that would not differ materially from the one that would be produced applying the general model or the coverage period of each contract in the group is one year or less at the inception of the group; • Insurance revenue, insurance service expenses and insurance finance income and expenses are presented separately; • Extensive disclosures to provide information on the recognised amounts from insurance contracts and the nature and extent of risks arising from these contracts. For insurance contracts with accounting treatments that are inconsistent with the provisions of IFRS 17 prior to 1 January 2022, the Group will adopt retrospective approach. When full retrospective approach is impracticable, the Group will adopt modified retrospective approach or fair value approach. Except for IFRS 17, there are no other new accounting standards, amendments or IFRIC interpretations that are not yet effective but would be expected to have a significant impact on the financial position and performance of the Group. 2.2 Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries for the year ended 31 December 2022. Subsidiaries are those entities which are controlled by the Group (including the structured entities controlled by the Group). Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: • power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee); • exposure, or rights, to variable returns from its involvement with the investee; and • the ability to use its power over the investee to affect its returns. When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • the contractual arrangement with the other vote holders of the investee; • rights arising from other contractual arrangements; and • the Group’s voting rights and potential voting rights. The Group re-assesses Profit or loss and each component of OCI are attributed to the equity holders of the Company and to the non-controlling non-controlling A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: • derecognises the assets (including goodwill) and liabilities of the subsidiary; • derecognises the carrying amount of any non-controlling • derecognises the cumulative translation differences recorded in equity; • recognises the fair value of the consideration received; • recognises the fair value of any investment retained; • recognises any surplus or deficit in profit or loss; and • reclassifies the Group’s share of components previously recognised in OCI to profit or loss or retained earnings, as appropriate, as if the Group had directly disposed of the related assets or liabilities. The consolidated financial statements incorporate the financial statements of the combining entities or businesses in business combination under common control as if they had been combined from the date when the combining entities or businesses first came under the control of the ultimate holding company. The net assets of the combining entities or businesses are consolidated using the carrying amount from the ultimate holding company’s perspective. No amount is recognised for goodwill or excess of the Group’s interest in the book value of the net assets over cost at the time of the common control combination, to the extent of the continuation of the ultimate holding company’s interest. The consolidated statement of comprehensive income includes the results of each of the combining entities or businesses from the earliest date presented or since the date when the combining entities or businesses first came under common control, where this is a shorter period, regardless of the date of the common control combination. The comparative financial data have been restated to reflect the business combinations under common control occurred during this year. Transaction costs, including professional fees, registration fees, costs of furnishing information to shareholders, costs or losses incurred in combining operations of the previously separate businesses and other costs incurred in relation to the common control combination that is to be accounted for by using the merger accounting method are recognised as expenses in the period in which they are incurred. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group, other than common control combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interest issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date. On an acquisition-by-acquisition non-controlling non-controlling The excess of the aggregate of the consideration transferred, the fair value of any non-controlling re-assesses re-assessment The investments in subsidiaries are accounted for only in the Company’s statement of financial position at cost less impairment. Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments. Cost also includes direct attributable costs of investment. The results of subsidiaries are accounted for by the Company on the basis of dividends received and receivable. Transactions with non-controlling The Group treats transactions with non-controlling non-controlling non-controlling When the Group ceases to have control or significant influence, any retained interest in the entity is re-measured If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in OCI is reclassified to profit or loss as appropriate. 2.3 Associates and joint ventures Associates are entities over which the Group has significant influence, generally accompanying a shareholding of between 20% and 50% of the voting rights of the investee. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. Joint ventures are the type of joint arrangements whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Investments in associates and joint ventures are accounted for using the equity method of accounting and are initially recognised at cost. The Group’s share of post-acquisition profit or loss of its associates and joint ventures is recognised in net profit, and its share of post-acquisition movements in OCI is recognised in the consolidated statement of comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group’s share of losses in an associate or joint venture equals or exceeds its interest in the associate or joint venture, including any other unsecured receivables, the Group does not recognise further losses unless it has obligations to make payments on behalf of the associate or joint venture. Unrealised gains on transactions between the Group and its associates or joint ventures are eliminated to the extent of the Group’s interests in the associates or joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Associates and joint ventures’ accounting policies have been changed where necessary to ensure consistency with the policies adopted by the Group. Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net identifiable assets of acquired associates or joint ventures at the date of acquisition. Goodwill on acquisitions of associates and joint ventures is included in investments in associates and joint ventures and is tested for impairment as part of the overall balance. Impairment losses on goodwill are not reversed. Gains or losses on the disposal of an entity take into consideration the carrying amount of goodwill relating to the entity sold. The Group determines at each reporting date whether there is any objective evidence that the investments in associates and joint ventures are impaired. If this is the case, an impairment loss is recognised for the amount by which the investment’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of the investment’s fair value less costs of disposal and value in use. The impairment of investments in the associates and joint ventures is reviewed for possible reversal at each reporting date. The investments in associates and joint ventures are stated at cost less impairment in the Company’s statement of financial position. The results of associates and joint ventures are accounted for by the Company on the basis of dividends received and receivable. 2.4 Segment reporting The Group’s operating segments are presented in a manner consistent with the internal management reporting provided to the operating decision maker - president office for deciding how to allocate resources and for assessing performance. Operating segment refers to the segment within the Group that satisfies the following conditions: i) the segment generates income and incurs costs from daily operating activities; ii) management evaluates the operating results of the segment to make resource allocation decision and to evaluate the business performance; and iii) the Group can obtain relevant financial information of the segment, including financial condition, operating results, cash flows and other financial performance indicators. 2.5 Foreign currency translation The Company’s functional currency is RMB. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. The reporting currency of the consolidated financial statements of the Group is RMB. Transactions in foreign currencies are translated at the exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rates ruling at the end of the reporting period. Exchange differences arising in these cases are recognised in net profit. 2.6 Property, plant and equipment Property, plant and equipment, are stated at historical costs less accumulated depreciation and any accumulated impairment losses, except for those acquired prior to 30 June 2003, which are stated at deemed cost less accumulated depreciation and any accumulated impairment losses. The historical costs of property, plant and equipment comprise its purchase price, including import duties and non-refundable Depreciation Depreciation is computed on a straight-line basis to write down the cost of each asset to its residual value over its estimated useful lives as follows: Estimated useful lives Buildings 15 to 35 years Office equipment, furniture and fixtures 3 to 11 years Motor vehicles 4 to 8 years Leasehold improvements Over the shorter of the remaining term of the lease and the useful lives The residual values, depreciation method and useful lives are reviewed periodically to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from items of property, plant and equipment. Assets under construction mainly represent buildings under construction, which are stated at cost less any impairment losses and are not depreciated, except for those acquired prior to 30 June 2003, which are stated at deemed cost less any accumulated impairment losses. Cost comprises the direct costs of construction and capitalised borrowing costs on related borrowed funds during the period of construction. Assets under construction are reclassified to the appropriate category of property, plant and equipment, investment properties or other assets when completed and ready for use. Impairment and gains or losses on disposals Property, plant and equipment are reviewed for impairment losses whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised in net profit for the amount by which the carrying amount of the asset exceeds its recoverable amount, which is the higher of an asset’s net selling price and value in use. The gain or loss on disposal of an item of property, plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant asset, and is recognised in net profit. 2.7 Leases At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset for a period of a time, the Group assesses whether, throughout the period of use, the lessee has the right to obtain substantially all of the economic benefits from use of the identified asset and the right to direct the use of the identified asset. As a lessee Initial measurement At the commencement date of the lease, the Group recognises right-of-use low-value The lease term is the non-cancellable Subsequent measurement The Group applies the straight-line method in depreciating the right-of-use right-of-use right-of-use The Group uses a constant periodic rate of interest to calculate interest on the lease liability in each period during the lease term and recognises the interest in profit or loss. Variable lease payments not included in the measurement of the lease liability are recognised in profit or loss in the period in which the event or condition that triggers the payment occurs. After the commencement date of a lease, when there is a change in in-substance right-of-use right-of-use The Group assesses whether there is any indication that a right-of-use right-of-use right-of-use As a lessor At the commencement date of the lease, leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss. 2.8 Investment properties Investment properties are interests in land use rights and buildings that are held to earn rental income and/or for capital appreciation, rather than for the supply of services or for administrative purposes. Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated at cost less accumulated depreciation and any impairment loss. Depreciation is computed on the straight-line basis over the estimated useful lives. The estimated useful lives of investment properties are 15 to 35 years. Overseas investment properties, that are held by the Group in the form of property ownership, equity investment, or other forms, have expected useful lives not longer than 50 years, determined based on the usage in their locations. The useful lives and depreciation method are reviewed periodically to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from the individual investment properties. An investment property is derecognised when either it has been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or losses on the retirement or disposal of an investment property are recognised in the statement of comprehensive income in the year of retirement or disposal. A transfer to, or from, an investment property is made when, and only when, there is evidence of a change in use. 2.9 Financial assets 2.9.a Classification The Group classifies its financial assets into the following categories: securities at fair value through profit or loss, held-to-maturity available-for-sale (i) Securities at fair value through profit or loss This category has two sub-categories: (ii) Held-to-maturity Held-to-maturity non-derivative available-for-sale (iii) Loans and receivables Loans and receivables are non-derivative available-for-sale. (iv) Available-for-sale Available-for-sale non-derivative 2.9.b Recognition and measurement Purchase and sale of investments are recognised on the trade date, when the Group commits to purchase or sell assets. Investments are initially recognised at fair value plus, in the case of all financial assets not carried at fair value through profit or loss, transaction costs that are directly attributable to their acquisition. Investments are derecognised when the rights to receive cash flows from the investments have expired or when they have been transferred and the Group has also transferred substantially all risks and rewards of ownership. Securities at fair value through profit or loss and available-for-sale Held-to-maturity available-for-sale available-for-sale available-for-sale Term deposits primarily represent traditional bank deposits which have fixed maturity dates and are stated at amortised cost. Loans are carried at amortised cost, net of allowance for impairment. The Group purchases securities under agreements to resell substantially identical securities. These agreements are classified as secured loans and are recorded at amortised cost, i.e., their costs plus accrued interests at the end of the reporting period, which approximates fair value. The amounts advanced under these agreements are reflected as assets in the consolidated statement of financial position. The Group does not take physical possession of securities purchased under agreements to resell. Sale or transfer of the securities is not permitted by the respective clearing house on which they are registered while the lent capital is outstanding. In the event of default by the counterparty, the Group has the right to the underlying securities held by the clearing house. 2.9.c Impairment of financial assets other than securities at fair value through profit or loss Financial assets other than those accounted for as at fair value through profit or loss are adjusted for impairment, where there are declines in value that are considered to be impaired. In evaluating whether a decline in value is an impairment for these financial assets, the Group considers several factors including, but not limited to, the following: • significant financial difficulty of the issuer or debtor; • a breach of contract, such as a default or delinquency in payments; • it becomes probable that the issuer or debtor will enter into bankruptcy or other financial reorganisation; and • the disappearance of an active market for that financial asset because of financial difficulties. In evaluating whether a decline in value is impairment for equity securities, the Group also considers the extent or the duration of the decline. The quantitative factors include the following: • the market price of the equity securities was more than 50% below their cost at the reporting date; • the market price of the equity securities was more than 20% below their cost for a period of at least six months at the reporting date; and • the market price of the equity securities was below their cost for a period of more than one year (including one year) at the reporting date. When the decline in value is considered impairment, held-to-maturity available-for-sale 2.10 Fair value measurement The Group measures financial instruments, such as securities at fair value through profit or loss and available-for-sale • in the principal market for the asset or liability, or • in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorised within the fair value hierarchy, described in Notes 4.4, 8 and 11 based on the lowest level input that is significant to the fair value measurement as a whole. For assets and liabilities that are measured at fair value on a recurring basis, the Group determines whether transfers have occurred between each level in the hierarchy by re-assessing 2.11 Cash and cash equivalents Cash amounts represent cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments with original maturities of 90 days or less, whose carrying value approximates fair value. 2.12 Insurance contracts and investment contracts 2.12.1 Classification The Group issues contracts that transfer insurance risk or financial risk or both. The contracts issued by the Group are classified as insurance contracts and investment contracts. Insurance contracts are those contracts that transfer significant insurance risk. They may also transfer financial risk. Investment contracts are those contracts that transfer financial risk without significant insurance risk. A number of insurance and investment contracts contain a dis |
Critical Accounting Estimates a
Critical Accounting Estimates and Judgements | 12 Months Ended |
Dec. 31, 2022 | |
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Critical Accounting Estimates and Judgements | 3 CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS The Group makes estimates and assumptions that affect the reported amounts of assets and liabilities. Estimates and judgements are continually evaluated and based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The Group exercises significant judgement in making appropriate assumptions. Areas susceptible to changes in critical estimates and judgements, which affect the carrying value of assets and liabilities, are set out below. It is possible that actual results may be different from the estimates and judgements referred to below. 3.1 Estimates of future benefit payments and premiums arising from long-term insurance contracts The determination of the liabilities under long-term insurance contracts is based on estimates of future benefit payments, premiums and relevant expenses made by the Group and the margins. Assumptions about mortality rates, morbidity rates, lapse rates, discount rates, expense assumptions and policy dividend assumptions are made based on the most recent historical analysis and current and future economic conditions. The liability uncertainty arising from uncertain future benefit payments, premiums and relevant expenses is reflected in the risk margin. The residual margin relating to the long-term insurance contracts is amortised over the expected life of the contracts, based on the assumptions (mortality rates, morbidity rates, lapse rates, discount rates, expenses assumption and policy dividend assumptions) that are determined at inception of the contracts and remain unchanged for the duration of the contracts. The judgements exercised in the valuation of insurance contract liabilities (including contracts with DPF) affect the amounts recognised in the consolidated financial statements as insurance contract benefits and insurance contract liabilities. The impact of the various assumptions and their changes are described in Note 15. 3.2 Financial instruments The Group’s principal investments are debt securities, equity securities, term deposits and loans. The critical estimates and judgements are those associated with the recognition of impairment and the measurement of fair value. The Group considers a wide range of factors in the impairment assessment as described in Note 2.9.c. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When the fair values of financial assets and liabilities recorded in the consolidated statement of financial position cannot be measured based on quoted prices in active markets, their fair value is measured using valuation techniques which require a degree of judgements. The methods and assumptions used by the Group in measuring the fair value of financial instruments are as follows: • debt securities: fair values are generally based upon current bid prices. Where current bid prices are not readily available, fair values are estimated using either prices observed in recent transactions, values obtained from current bid prices of comparable investments or valuation techniques when the market is not active. • equity securities: fair values are generally based upon current bid prices. Where current bid prices are not readily available, fair values are estimated using either prices observed in recent transactions or commonly used market pricing models. Equity securities, for which fair values cannot be measured reliably, are recognised at cost less impairment. • securities purchased under agreements to resell, policy loans, term deposits, interest-bearing loans and borrowings, and securities sold under agreements to repurchase: the carrying amounts of these assets in the consolidated statement of financial position approximate fair value. • fair values of other loans are obtained from valuation techniques. For the description of valuation techniques, please refer to Note 4.4. Using different valuation techniques and parameter assumptions may lead to some differences of fair value estimations. 3.3 Impairment of investments in associates and joint ventures The Group assesses whether there are any indicators of impairment for investments in associates and joint ventures at the end of each reporting period. Investments in associates and joint ventures are tested for impairment when there are indicators that the carrying amounts may not be recoverable. An impairment exists when the carrying value of investments in associates and joint ventures exceeds its recoverable amount, which is the higher of its fair value less costs of disposal and its value in use. The calculation of the fair value less costs of disposal is based on available data from binding sales transactions in an arm’s length transaction of similar assets or observable market prices less incremental costs for disposing of investments in associates and joint ventures. When value in use calculations are undertaken, the Group must estimate the expected future cash flows from investments in associates and joint ventures and choose a suitable discount rate in order to calculate the present value of those cash flows. 3.4 Income tax The Group is subject to income tax in numerous jurisdictions. During the normal course of business, certain transactions and activities for which the ultimate tax determination is uncertain, the Group needs to exercise significant judgement when determining the income tax. If the final settlement results of the tax matters are different from the amounts recorded, these differences will impact the final income tax expense and deferred tax for the period. 3.5 Determination of control over investee The Group applies its judgement to determine whether the control indicators set out in Note 2.2 indicate that the Group controls structured entities such as funds and asset management products. The Group issues certain structured entities (e.g. funds and asset management products), and acts as a manager for such entities according to the contracts. In addition, the Group may be exposed to variability of returns as a result of holding shares of the structured entities. Determining whether the Group controls such structured entities usually focuses on the assessment of the aggregate economic interests of the Group in the entities (including any carried interests and expected management fees) and the decision-making rights on the entity. As at 31 December 2022, the Group has consolidated some funds issued and managed by the Company’s subsidiary, China Life AMP Asset Management Company (“CL AMP”), some debt investment schemes and asset management products issued and managed by the Company’s subsidiary, China Life Asset Management Company Limited (“AMC”) and some trust schemes and debt investment schemes issued and managed by third parties in the consolidated financial statements. |
Risk Management
Risk Management | 12 Months Ended |
Dec. 31, 2022 | |
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Risk Management | 4 RISK MANAGEMENT Risk management is carried out by the Company’s Risk Management Committee under policies approved by the Company’s Board of Directors. The Group issues contracts that transfer insurance risk or financial risk or both. This section summarises these risks and the way the Group manages them. 4.1 Insurance risk 4.1.1 Types of insurance risks The risk under any one insurance contract is the possibility that an insured event occurs and the uncertainty about the amount of the resulting claim. By the very nature of an insurance contract, this risk is random and therefore unpredictable. For a portfolio of insurance contracts where the theory of probability is applied to the pricing and provisioning, the principal risk that the Group faces under its insurance contracts is that the actual claims and benefit payments are less favourable than the underlying assumptions used in establishing the insurance liabilities. This occurs when the frequency or severity of claims and benefits exceeds the estimates. Insurance events are random, and the actual number of claims and the amount of benefits paid will vary each year from estimates established using statistical techniques. Experience shows that the larger the portfolio of similar insurance contracts, the smaller the relative variability of the expected outcome will be. In addition, a more diversified portfolio is less likely to be affected across the board by a change in any subset of the portfolio. The Group has developed its insurance underwriting strategy to diversify the types of insurance risks accepted and within each of these categories to achieve a sufficiently large population to reduce the variability of the expected outcome. The Group manages insurance risk through underwriting strategies, reinsurance arrangements and claims handling. The Group manages insurance risks through two types of reinsurance agreements, ceding on a quota share basis or a surplus basis, to cover insurance liability risk. Reinsurance contracts cover almost all products, which contain risk liabilities. The products reinsured include: life insurance, accident and health insurance or death, disability, accident, illness and assistance in terms of product category or function, respectively. These reinsurance agreements spread insured risk to a certain extent and reduce the effect of potential losses to the Group. However, the Group’s direct insurance liabilities to the policyholder are completely offset because of the credit risk associated with the failure of reinsurance companies to fulfil their responsibilities. 4.1.2 Concentration of insurance risks Insurance operations of the Group are mainly located in the PRC. There are no significant differences among the regions where the Group underwrites insurance contracts. The table below presents the Group’s major products of long-term insurance contracts: Product name For the year ended 31 December 2022 2021 RMB million % RMB million % Premiums of long-term insurance contracts Xin Xiang Zhi Zun Annuity (Celebration Version) (a) 39,846 7.37 % 40,851 7.52 % Kang Ning Whole Life (b) 13,247 2.45 % 15,430 2.84 % Fu Lu Shuang Xi Participating Endowment (c) 9,379 1.73 % 11,190 2.06 % Xin Ru Yi Annuity(Platinum Version) (d) 8,545 1.58 % 8,781 1.62 % Hong Ying Participating Endowment (e) 31 0.01 % 66 0.01 % Others(f) 469,878 86.86 % 466,656 85.95 % Total 540,926 100.00 % 542,974 100.00 % Insurance benefits of long-term insurance contracts Xin Xiang Zhi Zun Annuity (Celebration Version) (a) 109 0.13 % 67 0.08 % Kang Ning Whole Life (b) 5,453 6.27 % 5,653 6.70 % Fu Lu Shuang Xi Participating Endowment (c) 3,800 4.37 % 3,061 3.63 % Xin Ru Yi Annuity(Platinum Version) (d) 3,391 3.90 % 3,473 4.11 % Hong Ying Participating Endowment (e) 7,581 8.72 % 10,315 12.22 % Others(f) 66,630 76.61 % 61,849 73.26 % Total 86,964 100.00 % 84,418 100.00 % As at 31 December 2022 As at 31 December 2021 RMB million % RMB million % Liabilities of long-term insurance contracts Xin Xiang Zhi Zun Annuity (Celebration Version) (a) 116,400 3.03 % 73,283 2.17 % Kang Ning Whole Life (b) 386,218 10.06 % 365,246 10.81 % Fu Lu Shuang Xi Participating Endowment (c) 181,523 4.73 % 173,942 5.15 % Xin Ru Yi Annuity(Platinum Version) (d) 119,655 3.12 % 110,063 3.26 % Hong Ying Participating Endowment (e) 7,069 0.18 % 14,479 0.43 % Others(f) 3,030,034 78.88 % 2,642,590 78.18 % Total 3,840,899 100.00 % 3,379,603 100.00 % (a) Xin Xiang Zhi Zun Annuity (Celebration Version) is an annuity insurance contract with the options for regular premium of 3 years and 5 years paid annually or monthly. Its insured period is 10 years. This product is applicable to healthy policyholders between 28-day-old 68-year-old. (b) Kang Ning Whole Life is a whole life insurance contract with the options for single premium or regular premium of 10 years or 20 years and the payment methods of insurance are divided into single payment, annual payment, and semi-annual payment. This product is applicable to healthy policyholders under 70-year-old. (c) Fu Lu Shuang Xi Participating Endowment is a participating insurance contract with the options for regular premium of 3 years, 5 years and 10 years paid annually, semiannually, quarterly or monthly. Its insured period extends from the effective date of the insurance contract to the corresponding date of the year when the policyholders turn 75-year-old. 30-day-old 60-year-old. (d) Xin Ru Yi Annuity (Platinum Version) is an annuity-type insurance contract with annual premium payment method and three types of premium payment periods: eighty 28 70 80 (e) Hong Ying Participating Endowment is a participating endowment insurance contract with the options for single premium or regular premium of 3 years, 5 years or 10 years. Its insured period can be 6 years, 10 years or 15 years. This product is applicable to healthy policyholders between 30-day-old 70-year-old. (f) Others consist of various long-term insurance contracts with no significant concentration. 4.1.3 Sensitivity analysis Sensitivity analysis of long-term insurance contracts Liabilities for long-term insurance contracts and liabilities unbundled from universal life insurance contracts and unit-linked insurance contracts with insurance risk are calculated based on the assumptions on mortality rates, morbidity rates, lapse rates and discount rates. Changes in insurance contract reserve assumptions reflect the Company’s actual operating results and changes in its expectation of future events. The Company considers the potential impact of future risk factors on its operating results and incorporates such potential impact in the determination of assumptions. Holding all other variables constant, if mortality rates and morbidity rates were to increase or decrease from the current best estimate by 10%, pre-tax Holding all other variables constant, if lapse rates were to increase or decrease from the current best estimate by 10%, pre-tax Holding all other variables constant, if the discount rates were 50 basis points higher or lower than the current best estimate, pre-tax Sensitivity analysis of short-term insurance contracts The assumptions of reserves for claims and claim adjustment expenses may be affected by other variables such as claims payment of short-term insurance contracts, which may result in the synchronous changes to reserves for claims and claim adjustment expenses. Holding all other variables constant, if claim ratios are 100 basis points higher or lower than the current assumption, pre-tax The following table indicates the claim development for short-term insurance contracts without taking into account the impacts of ceded business: Estimated claims expenses Short-term insurance contracts (accident year) 2018 2019 2020 2021 2022 Total RMB Million Year end 40,601 49,727 52,589 56,938 54,497 1 year later 42,785 51,051 52,057 56,502 2 years later 41,945 50,972 51,597 3 years later 41,945 51,009 4 years later 41,945 Estimated accumulated claims expenses 41,945 51,009 51,597 56,502 54,497 255,550 Accumulated claims expenses paid (41,945 ) (50,494 ) (50,447 ) (52,985 ) (33,526 ) (229,397 ) Unpaid claims expenses — 515 1,150 3,517 20,971 26,153 The following table indicates the claim development for short-term insurance contracts taking into account the impacts of ceded business: Estimated claims expenses Short-term insurance contracts (accident year) 2018 2019 2020 2021 2022 Total RMB Million Year end 40,157 49,175 51,994 55,862 52,657 1 year later 42,280 50,414 51,260 54,985 2 years later 41,442 50,315 50,766 3 years later 41,442 50,340 4 years later 41,442 Estimated accumulated claims expenses 41,442 50,340 50,766 54,985 52,657 250,190 Accumulated claims expenses paid (41,442 ) (49,840 ) (49,648 ) (51,567 ) (32,276 ) (224,773 ) Unpaid claims expenses — 500 1,118 3,418 20,381 25,417 4.2 Financial risk The Group’s activities are exposed to a variety of financial risks. The key financial risk is that proceeds from the sale of financial assets will not be sufficient to fund the obligations arising from the Group’s insurance and investment contracts. The most important components of financial risk are market risk, credit risk and liquidity risk. The Group’s overall risk management program focuses on the unpredictability of financial markets and seeks to minimise potential adverse effects on the financial performance of the Group. Risk management is carried out by a designated department under policies approved by management. The responsible department identifies, evaluates and manages financial risks in close cooperation with the Group’s operating units. The Group provides written principles for overall risk management, as well as written policies covering specific areas, such as managing market risk, credit risk, and liquidity risk. The Group manages financial risk by holding an appropriately diversified investment portfolio as permitted by laws and regulations designed to reduce the risk of concentration in any one specific industry or issuer. The structure of the investment portfolio held by the Group is disclosed in Note 10. The sensitivity analyses below are based on a change in an assumption while holding all other assumptions constant. In practice this is unlikely to occur, and changes in some of the assumptions may be correlated, such as change in interest rate and change in market price. 4.2.1 Market risk (i) Interest rate risk Interest rate risk is the risk that the value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Group’s financial assets are principally comprised of term deposits, debt securities and loans which are exposed to interest rate risk. Changes in the level of interest rates could have a significant impact on the Group’s overall investment return. Many of the Group’s insurance policies offer guaranteed returns to policyholders. These guarantees expose the Group to interest rate risk. The Group manages interest rate risk through adjustments to portfolio structure and duration, and, to the extent possible, by monitoring the mean duration of its assets and liabilities. The sensitivity analysis for interest rate risk illustrates how changes in interest income and the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates at the end of the reporting period. As at 31 December 2022, if market interest rates were 50 basis points higher or lower with all other variables held constant, pre-tax pre-tax available-for-sale (ii) Price risk Price risk arises mainly from the volatility of prices of equity securities held by the Group. Prices of equity securities are determined by market forces. The Group is subject to increased price risk mainly because China’s capital markets are relatively volatile. The Group manages price risk by holding an appropriately diversified investment portfolio as permitted by laws and regulations designed to reduce the risk of concentration in any one specific industry or issuer. As at 31 December 2022, if the prices of all the Group’s equity securities had increased or decreased by 10% with all other variables held constant, pre-tax available-for-sale Pre-tax available-for-sale available-for-sale available-for-sale pre-tax (iii) Currency risk Currency risk is the volatility of fair value or future cash flows of financial instruments resulted from changes in foreign currency exchange rates. The Group’s currency risk exposure mainly arises from cash and cash equivalents, term deposits, debt investments, equity investments, interest-bearing loans and borrowings denominated in currencies other than the functional currency, such as US dollar, HK dollar, GB pound and EUR, etc. The following table summarises primary financial assets and financial liabilities denominated in currencies other than RMB as at 31 December 2022 and 2021, expressed in RMB equivalent: As at 31 December 2022 US dollar HK dollar GB pound EUR Others Total Financial assets Equity securities - Available-for-sale 10,320 58,413 — — — 68,733 - Securities at fair value through profit or loss 4,501 614 394 1,212 874 7,595 Debt securities - Held-to-maturity 206 — — — — 206 - Loans 1,278 — — — — 1,278 - Available-for-sale 6,692 — — — — 6,692 - Securities at fair value through profit or loss 296 — 8 7 3 314 Term deposits 2,176 — — — — 2,176 Cash and cash equivalents 2,849 62 208 136 7 3,262 Total 28,318 59,089 610 1,355 884 90,256 Financial liabilities Interest-bearing loans and other borrowings 6,756 — 2,307 3,192 — 12,255 Total 6,756 — 2,307 3,192 — 12,255 As at 31 December 2021 US dollar HK dollar GB pound EUR Others Total Financial assets Equity securities - Available-for-sale 10,989 75,694 — — — 86,683 - Securities at fair value through profit or loss 4,776 897 391 1,433 927 8,424 Debt securities - Held-to-maturity 131 — — — — 131 - Loans 1,292 — — — — 1,292 - Available-for-sale 4,696 — — — — 4,696 - Securities at fair value through profit or loss 206 — 18 11 61 296 Term deposits 7,785 — — — — 7,785 Cash and cash equivalents 1,920 198 289 56 3 2,466 Total 31,795 76,789 698 1,500 991 111,773 Financial liabilities Interest-bearing loans and other borrowings 11,668 — 2,366 4,652 — 18,686 Total 11,668 — 2,366 4,652 — 18,686 As at 31 December 2022, if RMB had strengthened or weakened by 10% against US dollar, HK dollar, GB pound, EUR and other foreign currencies, with all other variables held constant, pre-tax available-for-sale Pre-tax available-for-sale 4.2.2 Credit risk Credit risk is the risk that one party of a financial transaction or the issuer of a financial instrument will fail to discharge its obligation and cause another party to incur a financial loss. Because the Group’s investment portfolio is restricted to the types of investments as permitted by the China Banking and Insurance Regulatory Commission (“CBIRC”) and a significant portion of the portfolio is in government bonds, government agency bonds, corporate bonds with higher credit rating and term deposits with the state-owned commercial banks, the Group’s overall exposure to credit risk is relatively low. Credit risk is controlled by the application of credit approvals, limits and monitoring procedures. The Group manages credit risk through in-house Credit risk exposure The carrying amount of financial assets included on the consolidated statement of financial position represents the maximum credit risk exposure at the reporting date without taking account of any collateral held or other credit enhancements attached. The Group has no credit risk exposure relating to off-balance Collateral and other credit enhancements Securities purchased under agreements to resell are pledged by counterparties’ debt securities or term deposits of which the Group could take the ownership if the owner of the collateral defaults. Policy loans and most of premium receivables are collateralised by their policies’ cash value according to the terms and conditions of policy loan contracts and policy contracts, respectively. Credit quality The Group’s debt securities investment mainly includes government bonds, government agency bonds, corporate bonds and subordinated bonds, and most of the debt securities are guaranteed by either the Chinese government or Chinese government controlled financial institutions. As at 31 December 2022, 99.9% (as at 31 December 2021: 100.0%) of the corporate bonds held by the Group or the issuers of these corporate bonds had credit ratings of AA/A-2 AA/A-2 As at 31 December 2022, 95.6% (as at 31 December 2021: 99.5%) of the Group’s bank deposits are with the four largest state-owned commercial banks, other national commercial banks and China Securities Depository and Clearing Corporation Limited (“CSDCC”) in the PRC. The Group believes these commercial banks, and CSDCC have a high credit quality. The Group’s most other loans excluding policyholder loans, are guaranteed by third parties or with pledge, or have the fiscal annual budget income as the source of repayment, or have higher credit rating borrowers. As a result, the Group concludes that the credit risk associated with term deposits and accrued investment income thereof, statutory deposits - restricted, other loans, and cash and cash equivalents has not caused a material impact on the Group’s consolidated financial statements as at 31 December 2022 and 2021. The credit risk associated with securities purchased under agreements to resell, policy loans and most of premium receivables has not caused a material impact on the Group’s consolidated financial statements taking into consideration their sufficient collateral held and maturity terms of no more than one year as at 31 December 2022 and 2021. 4.2.3 Liquidity risk Liquidity risk is the risk that the Group is unable to obtain funds at a reasonable funding cost when required to meet a repayment obligation and fund its asset portfolio within a certain time. In the normal course of business, the Group attempts to match the maturity of financial assets to the maturity of insurance and financial liabilities to reduce liquidity risk. The following tables set forth the contractual and expected undiscounted cash flows for financial assets and liabilities and insurance liabilities: Contractual and expected cash flows (undiscounted) As at 31 December 2022 Carrying value Without maturity Not later than 1 year Later than 1 year but not later than 3 years Later than 3 years but later than 5 years Later than 5 years RMB Million Financial assets Contractual cash inflows Equity securities 890,926 890,926 — — — — Debt securities 2,645,176 — 264,690 467,372 422,088 3,306,607 Loans 596,490 — 333,258 137,926 78,902 118,063 Term deposits 485,567 — 195,048 226,337 100,235 — Statutory deposits - restricted 6,333 — 4,063 988 1,718 — Securities purchased under agreements to resell 38,533 — 38,548 — — — Accrued investment income 52,451 — 52,161 290 — — Premiums receivable 19,697 — 19,697 — — — Cash and cash equivalents 127,594 — 127,594 — — — Subtotal 4,862,767 890,926 1,035,059 832,913 602,943 3,424,670 Financial and insurance liabilities Expected cash outflows Insurance contracts 3,880,160 — 51,224 13,060 (346,182 ) (6,164,768 ) Investment contracts 374,749 — (32,435 ) 48,028 117,116 (1,207,897 ) Contractual cash outflows Securities sold under agreements to repurchase 148,958 — (149,004 ) — — — Financial liabilities at fair value through profit or loss 3,344 (3,344 ) — — — — Annuity and other insurance balances payable 60,819 — (60,819 ) — — — Interest-bearing loans and other borrowings 12,774 — (3,675 ) (9,426 ) (97 ) (317 ) Bonds payable 34,997 — (328 ) (36,498 ) — — Lease liabilities 1,569 — (919 ) (790 ) (98 ) (20 ) Subtotal 4,517,370 (3,344 ) (195,956 ) 14,374 (229,261 ) (7,373,002 ) Net cash inflow/(outflow) 345,397 887,582 839,103 847,287 373,682 (3,948,332 ) Contractual and expected cash flows (undiscounted) As at 31 December 2021 Carrying Without Not Later than 1 Later than 3 Later RMB Million Financial assets Contractual cash inflows Equity securities 699,457 699,457 — — — — Debt securities 2,470,354 — 231,604 461,413 508,864 3,029,545 Loans 666,087 — 376,766 138,241 110,345 137,705 Term deposits 529,488 — 144,271 372,571 53,822 — Statutory deposits - restricted 6,333 — 1,936 4,682 181 — Securities purchased under agreements to resell 12,915 — 12,658 346 — — Accrued investment income 51,097 — 49,133 1,964 — — Premiums receivable 20,361 — 20,361 — — — Cash and cash equivalents 60,459 — 60,459 — — — Subtotal 4,516,551 699,457 897,188 979,217 673,212 3,167,250 Financial and insurance liabilities Expected cash outflows Insurance contracts 3,419,899 — 111,912 86,132 (202,368 ) (5,990,882 ) Investment contracts 313,594 — (31,671 ) 16,479 94,302 (957,814 ) Contractual cash outflows Securities sold under agreements to repurchase 239,446 — (239,679 ) — — — Financial liabilities at fair value through profit or loss 3,416 (3,416 ) — — — — Annuity and other insurance balances payable 56,818 — (56,818 ) — — — Interest-bearing loans and other borrowings 19,222 — (2,575 ) (17,183 ) (179 ) (439 ) Bonds payable 34,994 — (332 ) (37,996 ) — — Lease liabilities 2,182 — (1,093 ) (1,067 ) (203 ) (29 ) Subtotal 4,089,571 (3,416 ) (220,256 ) 46,365 (108,448 ) (6,949,164 ) Net cash inflow/(outflow) 426,980 696,041 676,932 1,025,582 564,764 (3,781,914 ) The amounts set forth in the tables above for insurance and investment contracts in each column are the undiscounted cash flows representing expected future benefit payments taking into consideration of future premiums payments or deposits from policyholders. The excess cash inflows from matured financial assets will be reinvested to cover any future liquidity exposures. The estimate is subject to assumptions related to mortality, morbidity, the lapse rate, the loss ratio of short-term insurance contracts, expense and other assumptions. Actual experience may differ from estimates. The liquidity analysis above does not include policyholder dividends payable of RMB96,682 million as at 31 December 2022 (as at 31 December 2021: RMB124,949 million). As at 31 December 2022, declared dividends of RMB88,269 million (as at 31 December 2021: RMB86,506 million) included in policyholder dividends payable have a maturity not later than one year. For the remaining policyholder dividends payable, the amount and timing of the undiscounted cash flows are indeterminate due to the uncertainty of future experiences including investment returns and are subject to future declarations by the Group. Although all investment contracts with DPF and investment contracts without DPF contain contractual options to surrender that can be exercised immediately by all policyholders at any time, the Group’s expected cash flows as shown in the above tables are based on past experience and future expectations. Should these contracts be surrendered immediately, it would cause a cash outflow of RMB71,556 million and RMB299,676 million, respectively for the year ended 31 December 2022 (2021: RMB68,289 million and RMB242,540 million, respectively), payable within one year. 4.2.4 Capital management The Group’s objectives for managing capital are to comply with the insurance capital requirements based on the minimum capital and actual capital required by the CBIRC, prevent risk in operation and safeguard the Group’s ability to continue as a going concern so that it can continue to provide returns for equity holders and benefits for other stakeholders. The Group replenishes capital to improve the solvency ratio by issuing Core Tier 2 Capital Securities and bonds for capital replenishment according to the relevant laws and the approval of the relevant authorities. The Group is also subject to other local capital requirements, such as statutory deposits - restricted requirement, statutory insurance fund requirement, statutory reserve fund requirement and general reserve requirement discussed in detail in Note 10.4, Note 21 and Note 36, respectively. The Group manages capital to ensure its continuous and full compliance with the regulations mainly through monitoring its quarterly solvency ratios, as well as the solvency ratio based on annual stress testing. The CBIRC issued the “Solvency Regulatory Rules II for Insurance Companies” at the end of 2021, and the Company has calculated the core and comprehensive solvency ratio, core capital, actual capital and minimum capital as of December 31, 2022 in accordance with these requirements, as listed below. As at 31 December 2022 As at 31 December 2021 note Core capital 699,688 1,020,756 Actual capital 1,007,601 1,055,768 Minimum capital 487,290 402,341 Core solvency ratio 144 % 254 % Comprehensive solvency ratio 207 % 262 % Note: Calculated in accordance with Insurance Institution Solvency Regulations (No.1 - No.17) (No. 22 [2015]) Notice on Matters Concerning the Formal Implementation of China’s Risk-Oriented Solvency System (No. 10 [2016]) issued by China Insurance Regulatory Commission. According to the solvency ratios results mentioned above, and the unquantifiable evaluation results of operational risk, strategic risk, reputational risk and liquidity risk of insurance companies, the CBIRC evaluates the comprehensive solvency of insurance companies and supervises insurance companies by classifying them into four categories: (i) Category A: solvency ratios meet the requirements, and the operational risk, strategic risk, reputational risk and liquidity risk are very low; (ii) Category B: solvency ratios meet the requirements, and the operational risk, strategic risk, reputational risk and liquidity risk are low; (iii) Category C: solvency ratios do not meet the requirements or solvency ratios meet the requirements but one or several risks in operation, strategy, reputation and liquidity are high; (iv) Category D: solvency ratios do not meet the requirements or solvency ratios meet the requirements but one or several risks in operation, strategy, reputation and liquidity are severe. According to the Supervision Information System of the China Risk Oriented Solvency System, the latest Integrated Risk Rating result of the Company was Category A. 4.3 Disclosures about interest in unconsolidated structured entities The Group’s interest in unconsolidated structured entities are recorded as securities at fair value through profit or loss, available-for-sale These structured entities that the Group has interest in are guaranteed by third parties with higher credit ratings, or by pledging, or by having the fiscal budget income as the source of repayment, or by borrowers with higher credit ratings. The Group did not guarantee or provide any financing support for the structured entities that the Group had interest in or sponsored. (i) The unconsolidated structured entities that the Group has interest in The Group believes that the maximum exposure approximates the carrying amount of interest in these unconsolidated structured entities. The size of unconsolidated structured entities as well as the Group’s carrying amount of the assets recognised in the financial statements relating to its interest in unconsolidated structured entities and the Group’s maximum exposure are shown below: As at 31 December 2022 Unconsolidated structured entities Size Carrying amount of assets Maximum exposure Interest held by the Group Funds managed by affiliated entities 185,894 10,096 10,096 Investment income and service fee Funds managed by third parties Note 1 126,573 126,573 Investment income Trust schemes managed by affiliated entities 1,992 1,295 1,295 Investment income Trust schemes managed by third parties Note 1 47,674 47,674 Investment income Debt investment schemes managed by affiliated entities 60,850 22,781 22,781 Investment income and service fee Debt investment schemes managed by third parties Note 1 46,458 46,458 Investment income Others managed by affiliated entities Note 2 87,959 13,067 13,067 Investment income and service fee Others managed by third parties Note 2 Note 1 100,892 100,892 Investment income As at 31 December 2021 Unconsolidated structured entities Size Carrying Maximum Interest held by Funds managed by affiliated entities 168,466 9,860 9,860 Investment income and service fee Funds managed by third parties Note 1 97,988 97,988 Investment income Trust schemes managed by affiliated entities 1,994 1,296 1,296 Investment income Trust schemes managed by third parties Note 1 62,702 62,702 Investment income Debt investment schemes managed by affiliated entities 39,817 15,770 15,770 Investment income and service fee Debt investment schemes managed by third parties Note 1 51,172 51,172 Investment income Others managed by affiliated entities Note 2 28,368 14,150 14,150 Investment income and service fee Others managed by third parties Note 2 Note 1 107,372 107,372 Investment income Note 1: Funds, trust schemes, debt investment schemes and others managed by third parties were sponsored by third party financial institutions and the information related to size of these structured entities were not publicly available. Note 2: Others included wealth management products, special asset management schemes, and asset-backed plans, etc. (ii) The unconsolidated structure d As at 31 December 2022, the size of the unconsolidated structured entities that the Group sponsored but had no interest was RMB608,027 million (as at 31 December 2021: RMB633,503 million), which were mainly funds, special asset management schemes, pension security products and pension products, etc., sponsored by the Group to generate management service fee income. In 2022, the management service fee from these structured entities was RMB1,731 million (2021: RMB1,995 million), which was recorded as other income. The Group did not transfer assets to these structured entities. 4.4 Fair value hierarchy Level 1 fair value is based on quoted prices (unadjusted) in active markets for identical assets or liabilities that the entity can obtain at the measurement date. Other than Level 1 quoted prices, Level 2 fair value is based on valuation techniques using significant inputs, that are observable for the asset being measured, either directly or indirectly, for substantially the full term of the asset through corroboration with observable market data. Observable inputs generally used to measure the fair value of securities classified as Level 2 include quoted market prices for similar assets in active markets; quoted market prices in markets that are not active for identical or similar assets and other market observable inputs. This level includes the debt securities for which quotations are available from pricing services providers. Fair values provided by pricing services providers are subject to a number of validation procedures by management. These procedures include a review of the valuation models utilised and the results of these models, as well as the recalculation of prices obtained from pricing services at the end of each reporting period. Under certain conditions, the Group may not receive a price quote from independent third-party pricing services. In this instance, the Group’s valuation team may choose to apply an internally developed valuation method to the assets or liabilities being measured, determine the main inputs for valuation, and analyse the change of the valuation and report it to management. Key inputs involved in internal valuation services are not based on observable market data. They reflect assumptions made by management based on judgements and experiences. The assets or liabilities valued by this method are generally classified as Level 3. As at 31 December 2022, assets classified as Level 1 accounted for approximately 40.21% of assets measured at fair value on a recurring basis. Fair value measurements classified as Level 1 include certain debt securities, equity securities that are traded in an active exchange market or interbank market and open-ended funds with public market price quotations. The Group considers a combination of certain factors to determine whether a market for a financial instrument is active, including the occurrence of trades within the specific period, the respective trading volume, and the degree which the implied yields for a debt security for observed transactions differs from the Group’s understanding of the current relevant market rates and information. Trading prices from the Chinese interbank market are determined by both trading counterparties and can be observed publicly. The Group adopted this price of the debt securities traded on the Chinese interbank market at the reporting date as their fair market value and classified t |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Segment Information | 5 SEGMENT INFORMATION 5.1 Operating segments The Group operates in four operating segments: (i) Life insurance business (Life) Life insurance business relates primarily to the sale of life insurance policies, including those life insurance policies without significant insurance risk transferred. (ii) Health insurance business (Health) Health insurance business relates primarily to the sale of health insurance policies, including those health insurance policies without significant insurance risk transferred. (iii) Accident insurance business (Accident) Accident insurance business relates primarily to the sale of accident insurance policies. (iv) Other businesses (Others) Other businesses relate primarily to income and cost of the agency business in respect of transactions with CLIC, etc., as described in Note 34, net share of profit of associates and joint ventures, income and expenses of subsidiaries, and unallocated income and expenditure of the Group. 5.2 Allocation basis of income and expenses Investment income, net realised gains on financial assets, net fair value gains through profit or loss and foreign exchange gains/(losses) within other expenses are allocated among segments in proportion to the respective segments’ average liabilities of insurance contracts and investment contracts at the beginning and end of the year. Administrative expenses are allocated among segments in proportion to the unit cost of respective products in the different segments. Unallocated other income and other expenses are presented in the “Others” segment directly. Income tax is not allocated. 5.3 Allocation basis of assets and liabilities Financial assets, securities sold under agreements to repurchase and derivative financial liabilities are allocated among segments in proportion to the respective segments’ average liabilities of insurance contracts and investment contracts at the beginning and end of the year. Insurance and investment contract liabilities are presented under the respective segments. The remaining assets and liabilities are not allocated. For the year ended 31 December 2022 Life Health Accident Others Elimination Total RMB million Revenues Gross written premiums 485,642 115,329 14,219 — — 615,190 - Term life 2,322 — — — — - Whole life 78,247 — — — — - Endowment 137,467 — — — — - Annuity 267,606 — — — — Net premiums earned 484,504 108,791 14,530 — — 607,825 Investment income 165,523 11,426 425 9,255 — 186,629 Net realised gains on financial assets 11,739 799 30 139 — 12,707 Net fair value gains through profit or loss (7,522 ) (512 ) (19 ) (4,103 ) — (12,156 ) Other income 1,270 80 — 11,366 (3,333 ) 9,383 Including: inter-segment revenue — — — 3,333 (3,333 ) — Segment revenues 655,514 120,584 14,966 16,657 (3,333 ) 804,388 Benefits, claims and expenses Insurance benefits and claims expenses Life insurance death and other benefits (112,471 ) (6,858 ) (40 ) — — (119,369 ) Accident and health claims and claim adjustment expenses — (46,215 ) (5,096 ) — — (51,311 ) Increase in insurance contract liabilities (424,860 ) (36,123 ) (315 ) — — (461,298 ) Investment contract benefits (12,887 ) (453 ) — — — (13,340 ) Policyholder dividends resulting from participation in profits (20,566 ) (119 ) — — — (20,685 ) Underwriting and policy acquisition costs (37,722 ) (11,378 ) (4,165 ) (1,512 ) — (54,777 ) Finance costs (3,794 ) (258 ) (11 ) (800 ) — (4,863 ) Administrative expenses (24,398 ) (9,151 ) (2,639 ) (3,686 ) — (39,874 ) Statutory insurance fund contribution (888 ) (330 ) (96 ) — — (1,314 ) Other expenses (8,345 ) (1,428 ) (335 ) (7,219 ) 3,333 (13,994 ) Including: inter-segment expenses (3,113 ) (212 ) (8 ) — 3,333 — Segment benefits, claims and expenses (645,931 ) (112,313 ) (12,697 ) (13,217 ) 3,333 (780,825 ) Net gains on investments of associates and joint ventures — — — 484 — 484 Including: share of profit of associates and joint ventures — — — 3,628 — 3,628 Segment results 9,583 8,271 2,269 3,924 — 24,047 Income tax 9,467 Net profit 33,514 Attributable to - Equity holders of the Company 32,082 - Non-controlling 1,432 Other comprehensive income attributable to equity holders of the Company (48,816 ) (3,322 ) (125 ) (2,889 ) — (55,152 ) Depreciation and amortisation 3,111 1,156 335 689 — 5,291 As at 31 December 2022 Life Health Accident Others Elimination Total RMB million Assets Financial assets 4,251,305 280,667 10,274 302,044 — 4,844,290 Others 8,871 16,427 806 261,179 — 287,283 Segment assets 4,260,176 297,094 11,080 563,223 — 5,131,573 Unallocated Property, plant and equipment 54,559 Others 65,856 Total 5,251,988 Liabilities Insurance contracts 3,605,769 265,369 9,022 — — 3,880,160 Investment contracts 355,750 18,999 — — — 374,749 Securities sold under agreements to repurchase 131,317 8,937 337 8,367 — 148,958 Others 91,682 5,614 398 16,118 — 113,812 Segment liabilities 4,184,518 298,919 9,757 24,485 — 4,517,679 Unallocated Others 289,188 Total 4,806,867 For the year ended 31 December 2021 Life Health Accident Others Elimination Total RMB million Revenues Gross written premiums 481,311 120,609 16,407 — — 618,327 - Term life 2,501 — — — — - Whole life 69,923 — — — — - Endowment 97,791 — — — — - Annuity 311,096 — — — — Net premiums earned 480,214 114,549 16,488 — — 611,251 Investment income 160,204 10,831 496 6,856 — 178,387 Net realised gains on financial assets 18,768 1,256 58 262 — 20,344 Net fair value gains through profit or loss 2,795 187 9 1,952 — 4,943 Other income 1,228 85 — 11,829 (3,134 ) 10,008 Including: inter-segment revenue — — — 3,134 (3,134 ) — Segment revenues 663,209 126,908 17,051 20,899 (3,134 ) 824,933 Benefits, claims and expenses Insurance benefits and claims expenses Life insurance death and other benefits (114,657 ) (6,656 ) (41 ) — — (121,354 ) Accident and health claims and claim adjustment expenses — (48,076 ) (6,954 ) — — (55,030 ) Increase in insurance contract liabilities (413,206 ) (28,956 ) (208 ) — — (442,370 ) Investment contract benefits (10,223 ) (405 ) — — — (10,628 ) Policyholder dividends resulting from participation in profits (26,367 ) (144 ) — — — (26,511 ) Underwriting and policy acquisition costs (38,290 ) (21,021 ) (4,835 ) (1,598 ) — (65,744 ) Finance costs (4,608 ) (308 ) (14 ) (668 ) — (5,598 ) Administrative expenses (23,339 ) (11,069 ) (2,948 ) (3,511 ) — (40,867 ) Statutory insurance fund contribution (787 ) (367 ) (99 ) — — (1,253 ) Other expenses (8,961 ) (1,307 ) (270 ) (8,162 ) 3,134 (15,566 ) Including: inter-segment expenses (2,929 ) (196 ) (9 ) — 3,134 — Segment benefits, claims and expenses (640,438 ) (118,309 ) (15,369 ) (13,939 ) 3,134 (784,921 ) Net gains on investments of associates and joint ventures — — — 10,328 — 10,328 Including: share of profit of associates and joint ventures — — — 10,328 — 10,328 Segment results 22,771 8,599 1,682 17,288 — 50,340 Income tax 1,917 Net profit 52,257 Attributable to - Equity holders of the Company 50,766 - Non-controlling 1,491 Other comprehensive income attributable to equity holders of the Company (5,290 ) (354 ) (16 ) 1,097 — (4,563 ) Depreciation and amortisation 2,919 1,359 368 682 — 5,328 As at 31 December 2021 Life Health Accident Others Elimination Total RMB million Assets Financial assets 4,001,202 259,618 11,668 223,843 — 4,496,331 Others 9,893 16,044 569 257,953 — 284,459 Segment assets 4,011,095 275,662 12,237 481,796 — 4,780,790 Unallocated Property, plant and equipment 55,632 Others 56,058 Total 4,892,480 Liabilities Insurance contracts 3,180,931 228,899 10,069 — — 3,419,899 Investment contracts 296,104 17,490 — — — 313,594 Securities sold under agreements to repurchase 217,288 14,536 672 6,950 — 239,446 Others 87,371 5,276 379 22,638 — 115,664 Segment liabilities 3,781,694 266,201 11,120 29,588 — 4,088,603 Unallocated Others 316,743 Total 4,405,346 For the year ended 31 December 2020 Life Health Accident Others Elimination Total RMB million Revenues Gross written premiums 480,593 115,089 16,583 — — 612,265 - Term life 2,674 — — — — - Whole life 73,747 — — — — - Endowment 109,275 — — — — - Annuity 294,897 — — — — Net premiums earned 479,600 109,091 15,975 — — 604,666 Investment income 140,963 9,202 462 3,870 — 154,497 Net realised gains on financial assets 13,523 877 44 139 — 14,583 Net fair value gains through profit or loss 17,727 1,148 58 2,967 — 21,900 Other income 1,284 75 — 10,492 (2,448 ) 9,403 Including: inter-segment revenue — — — 2,448 (2,448 ) — Segment revenues 653,097 120,393 16,539 17,468 (2,448 ) 805,049 Benefits, claims and expenses Insurance benefits and claims expenses Life insurance death and other benefits (108,862 ) (4,714 ) (33 ) — — (113,609 ) Accident and health claims and claim adjustment expenses — (44,987 ) (7,408 ) — — (52,395 ) Increase in insurance contract liabilities (382,132 ) (32,445 ) (220 ) — — (414,797 ) Investment contract benefits (9,494 ) (352 ) — — — (9,846 ) Policyholder dividends resulting from participation in profits (28,129 ) (150 ) — — — (28,279 ) Underwriting and policy acquisition costs (60,841 ) (15,921 ) (5,315 ) (2,284 ) — (84,361 ) Finance costs (2,798 ) (183 ) (7 ) (759 ) — (3,747 ) Administrative expenses (23,360 ) (8,677 ) (2,649 ) (3,046 ) — (37,732 ) Statutory insurance fund contribution (833 ) (302 ) (94 ) — — (1,229 ) Other expenses (8,575 ) (1,051 ) (241 ) (4,861 ) 2,448 (12,280 ) Including: inter-segment expenses (2,292 ) (148 ) (8 ) — 2,448 — Segment benefits, claims and expenses (625,024 ) (108,782 ) (15,967 ) (10,950 ) 2,448 (758,275 ) Net gains on investments of associates and joint ventures — — — 7,666 — 7,666 Including: share of profit of associates and joint ventures — — — 8,336 — 8,336 Segment results 28,073 11,611 572 14,184 — 54,440 Income tax (3,103 ) Net profit 51,337 Attributable to - Equity holders of the Company 50,221 - Non-controlling 1,116 Other comprehensive income attributable to equity holders of the Company 23,685 1,534 78 402 — 25,699 Depreciation and amortisation 3,086 1,118 351 609 — 5,164 As at 31 December 2020 Life Health Accident Others Elimination Total RMB million Assets Financial assets 3,537,020 222,559 10,964 117,327 — 3,887,870 Others 10,076 14,939 675 239,584 — 265,274 Segment assets 3,547,096 237,498 11,639 356,911 — 4,153,144 Unallocated Property, plant and equipment 53,616 Others 46,784 Total 4,253,544 Liabilities Insurance contracts 2,767,642 195,487 10,096 — — 2,973,225 Investment contracts 271,757 16,455 — — — 288,212 Securities sold under agreements to repurchase 109,156 7,070 358 5,665 — 122,249 Others 84,668 6,013 370 23,720 — 114,771 Segment liabilities 3,233,223 225,025 10,824 29,385 — 3,498,457 Unallocated Others 297,519 Total 3,795,976 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Property, Plant and Equipment | 6 PROPERTY, PLANT AND EQUIPMENT Buildings Office equipment, furniture and fixtures Motor vehicles Assets under construction Leasehold improvements Total RMB million Cost As at 1 January 2022 59,826 8,394 1,311 6,790 2,433 78,754 Transfers upon completion 3,174 286 — (3,622 ) 93 (69 ) Additions 64 503 1 2,124 — 2,692 Transfers into investment properties — — — (266 ) — (266 ) Disposals (110 ) (299 ) (44 ) — (320 ) (773 ) As at 31 December 2022 62,954 8,884 1,268 5,026 2,206 80,338 Accumulated depreciation As at 1 January 2022 (14,644 ) (5,786 ) (996 ) — (1,671 ) (23,097 ) Charge for the year (2,079 ) (819 ) (118 ) — (335 ) (3,351 ) Disposals 83 286 43 — 282 694 As at 31 December 2022 (16,640 ) (6,319 ) (1,071 ) — (1,724 ) (25,754 ) Impairment As at 1 January 2022 (24 ) — — (1 ) — (25 ) Charge for the year — — — — — — Disposals — — — — — — As at 31 December 2022 (24 ) — — (1 ) — (25 ) Net book value As at 1 January 2022 45,158 2,608 315 6,789 762 55,632 As at 31 December 2022 46,290 2,565 197 5,025 482 54,559 Buildings Office equipment, furniture and fixtures Motor vehicles Assets under construction Leasehold improvements Total RMB million Cost As at 1 January 2021 50,428 8,115 1,352 12,179 2,799 74,873 Transfers upon completion 8,439 — — (8,908 ) 182 (287 ) Additions 1,415 735 5 3,728 — 5,883 Transfers into investment properties — — — (209 ) — (209 ) Disposals (456 ) (456 ) (46 ) — (548 ) (1,506 ) As at 31 December 2021 59,826 8,394 1,311 6,790 2,433 78,754 Accumulated depreciation As at 1 January 2021 (13,085 ) (5,434 ) (891 ) — (1,822 ) (21,232 ) Charge for the year (1,830 ) (786 ) (149 ) — (379 ) (3,144 ) Disposals 271 434 44 — 530 1,279 As at 31 December 2021 (14,644 ) (5,786 ) (996 ) — (1,671 ) (23,097 ) Impairment As at 1 January 2021 (24 ) — — (1 ) — (25 ) Charge for the year — — — — — — Disposals — — — — — — As at 31 December 2021 (24 ) — — (1 ) — (25 ) Net book value As at 1 January 2021 37,319 2,681 461 12,178 977 53,616 As at 31 December 2021 45,158 2,608 315 6,789 762 55,632 As at 31 December 2022, the net book value of buildings above which were in process to obtain title certificates was RMB6,459 million (as at 31 December 2021: RMB9,605 million). |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
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Leases | 7 LEASES (a) Right-of-use Buildings Others Total RMB million Cost As at 1 January 2022 5,370 2 5,372 Additions 639 1 640 Deductions (1,808 ) — (1,808 ) As at 31 December 2022 4,201 3 4,204 Accumulated depreciation As at 1 January 2022 (2,853 ) (1 ) (2,854 ) Charge for the year (1,138 ) (1 ) (1,139 ) Deductions 1,599 — 1,599 As at 31 December 2022 (2,392 ) (2 ) (2,394 ) Impairment As at 1 January 2022 — — — As at 31 December 2022 — — — Net book value As at 1 January 2022 2,517 1 2,518 As at 31 December 2022 1,809 1 1,810 Buildings Others Total RMB million Cost As at 1 January 2021 5,430 2 5,432 Additions 972 1 973 Deductions (1,032 ) (1 ) (1,033 ) As at 31 December 2021 5,370 2 5,372 Accumulated depreciation As at 1 January 2021 (2,355 ) (1 ) (2,356 ) Charge for the year (1,410 ) (1 ) (1,411 ) Deductions 912 1 913 As at 31 December 2021 (2,853 ) (1 ) (2,854 ) Impairment As at 1 January 2021 — — — As at 31 December 2021 — — — Net book value As at 1 January 2021 3,075 1 3,076 As at 31 December 2021 2,517 1 2,518 The Group had no significant profit or loss from subleasing right-of-use The Group’s right-of-use (b) The amounts recognised in profit or loss in relation to leases are as follows: As at As at Interest on lease liabilities 74 96 Depreciation charge of right-of-use 1,139 1,411 Expense relating to short-term leases 324 333 Expense relating to leases of low-value — 1 Total 1,537 1,841 |
Investment Properties
Investment Properties | 12 Months Ended |
Dec. 31, 2022 | |
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Investment Properties | 8 INVESTMENT PROPERTIES Buildings Cost As at 1 January 2022 14,971 Additions 266 Deductions (11 ) As at 31 December 2022 15,226 Accumulated depreciation As at 1 January 2022 (1,597 ) Additions (437 ) Deductions 1 As at 31 December 2022 (2,033 ) Net book value As at 1 January 2022 13,374 As at 31 December 2022 13,193 Fair value As at 1 January 2022 16,626 As at 31 December 2022 16,854 Buildings Cost As at 1 January 2021 15,385 Additions (414 ) As at 31 December 2021 14,971 Accumulated depreciation As at 1 January 2021 (1,168 ) Additions (429 ) As at 31 December 2021 (1,597 ) Net book value As at 1 January 2021 14,217 As at 31 December 2021 13,374 Fair value As at 1 January 2021 17,285 As at 31 December 2021 16,626 The Company leases part of its investment properties to its subsidiaries and charges rentals based on the areas occupied by the respective entities. These properties are categorised as property, plant and equipment of the Group in the consolidated statement of financial position. The Group has no restrictions on the use of its investment properties and no contractual obligations to each investment property purchased, constructed or developed or for repairs, maintenance and enhancements. As at 31 December 2022, the Group has no investment properties for which the title certificates were in process to obtain (as at 31 December 2021: RMB981 million). The fair value of investment properties of the Group as at 31 December 2022 amounted to RMB16,854 million (as at 31 December 2021: RMB16,626 million), which was estimated by the Group having regards to valuations performed by independent appraisers. The investment properties were classified as Level 3 in the fair value hierarchy. The Group uses the weighted average of market comparison approach and income approach as its valuation method to estimate the fair value of its investment properties. Under the market comparison approach, the estimated fair value of a property is based on the average sale price of comparable properties recently sold; the income approach is to convert projected future incomes of investment properties into value by rate of return, rate of capitalization or income multiplier. According to the calculation results of the above two valuation approaches, with consideration of the comprehensive adjustment coefficient, which is composed of a number of adjusting factors, including the time and the conditions of sale, the geographical location, age, decoration, floor area, lot size of the property and other factors. Under the market comparison approach and income approach, an increase (decrease) in the comprehensive adjustment coefficient will result in an increase (decrease) in the fair value of investment properties. |
Investments in Associates and J
Investments in Associates and Joint Ventures | 12 Months Ended |
Dec. 31, 2022 | |
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Investments in Associates and Joint Ventures | 9 INVESTMENTS IN ASSOCIATES AND JOINT VENTURES 2022 2021 RMB million RMB million As at 1 January 257,953 239,584 Change of the cost 12,877 11,400 Share of profit or loss 3,628 10,328 Dividends declared (5,373 ) (4,480 ) Other equity movements (4,756 ) 1,121 Impairment (3,150 ) — As at 31 December 261,179 257,953 Movement Accounting Cost As at 31 December Change of the cost Share of profit or loss Declared dividends Other equity movements Provision of impairment As at 31 Percentage of equity Accumulated amount of impairment RMB Million RMB Million Associates China Guangfa Bank Co., Ltd. (“CGB”) (i) Equity Method 53,201 86,179 8,025 5,857 (774 ) (1,202 ) — 98,085 43.686 % — Sino-Ocean Group Holding Limited (“Sino-Ocean”) (ii) Equity Method 11,245 11,899 — (4,831 ) (61 ) (2,168 ) (2,645 ) 2,194 29.59 % (5,862 ) China Life Property & Casualty Insurance Company Limited (“CLP&C”) Equity Method 9,600 10,151 3,600 282 (75 ) (457 ) — 13,501 40.00 % — COFCO Futures Company Limited (“COFCO Futures”) Equity Method 1,339 1,692 — 76 (33 ) 2 — 1,737 35.00 % — China Pipe Group Sichuan to East China Gas Pipeline Co., Ltd. (“Pipeline Company”) Equity Method 20,000 21,438 — 1,364 (1,279 ) 46 — 21,569 43.86 % — China United Network Communications Limited (“China Unicom”) (iii) Equity Method 21,801 22,644 — 706 (337 ) (411 ) — 22,602 10.03 % — Others (iv) Equity Method 48,735 49,015 734 (161 ) (1,736 ) (184 ) (505 ) 47,163 (505 ) Subtotal 165,921 203,018 12,359 3,293 (4,295 ) (4,374 ) (3,150 ) 206,851 (6,367 ) Joint ventures Joy City Commercial Property Fund L.P. (“Joy City”) Equity Method 6,281 5,546 — (131 ) (138 ) 6 — 5,283 66.67 % — Mapleleaf Century Limited (“MCL”) Equity Method 7,656 4,237 — 54 — (738 ) — 3,553 75.00 % — Others (iv) Equity Method 49,094 45,152 518 412 (940 ) 350 — 45,492 — Subtotal 63,031 54,935 518 335 (1,078 ) (382 ) — 54,328 — Total 228,952 257,953 12,877 3,628 (5,373 ) (4,756 ) (3,150 ) 261,179 (6,367 ) (i) The 2021 final dividend of RMB0.0813 in cash per ordinary share was approved and declared in the Annual General Meeting of CGB on 24 June 2022. The Company’s cash dividend receivable is RMB774 million. (ii) The 2021 final dividend of HKD 0.032 in cash per ordinary share was approved and declared in the Annual General Meeting of Sino-Ocean on 20 May 2022. The Company received a cash dividend equivalent to RMB61 million. On 31 December 2021, the cumulative impairment loss of RMB3,217 million for the investment in Sino-Ocean had been recognised by the Group. On 31 December 2022, the Hong Kong stock price of Sino-Ocean was HKD per share. The Group performed an impairment test for the investment and recognised an impairment provision of RMB million based on the share price of Sino-Ocean H shares. If the share price of Sino-Ocean decreases by % as of 31 December 2022, it will increase the Group’s provision for impairment by RMB million. If the Group’s share of the book value of Sino-Ocean’s net assets attributable to shareholders of the parent company as at 31 December 2022 is lower than the book value of long-term equity investment in Sino-Ocean held by the Group, a RMB1,000 million decrease in the net assets attributable to shareholders of the parent company would result in a decrease of RMB million in the book value of the Group’s long-term equity investment in Sino-Ocean. (iii) The 2021 final dividend of RMB0.0391 in cash per ordinary share was approved and declared in the Annual General Meeting of China Unicom on 10 May 2022. The Company received a cash dividend of RMB125 million. The 2022 interim dividend of RMB0.0663 in cash per ordinary share was approved and declared in the Annual General Meeting of China Unicom on 13 October 2022. The Company received a cash dividend equivalent to RMB212 million. On 31 December 2022, the stock price of China Unicom was RMB4.48 per share. (iv) The Group invested in real estate, industrial logistics assets and other industries through these enterprises. (v) There is no significant restriction for the Group to dispose of its associates and joint ventures. As at 31 December 2022, the major associates and joint ventures of the Group are as follows: Name Place of incorporation Percentage of equity interest held Associates CGB PRC 43.686 % Sino-Ocean Hong Kong, PRC 29.59 % CLP&C PRC 40.00 % COFCO Futures PRC 35.00 % Pipeline Company PRC 43.86 % China Unicom PRC 10.03 % Joint ventures Joy City The British Cayman Islands 66.67 % MCL The British Virgin Islands 75.00 % As at 31 December 2021, the major associates and joint ventures of the Group are as follows: Name Place of incorporation Percentage of equity interest held Associates CGB PRC 43.686 % Sino-Ocean Hong Kong, PRC 29.59 % CLP&C PRC 40.00 % COFCO Futures PRC 35.00 % Pipeline Company PRC 43.86 % China Unicom PRC 10.29 % Joint ventures Joy City The British Cayman Islands 66.67 % MCL The British Virgin Islands 75.00 % The following table illustrates the financial information of the Group’s major associates and joint ventures as at 31 December 2022 and for the year ended 31 December 2022: CGB Sino-Ocean CLP&C COFCO Futures Pipeline Company China Unicom Joy City MCL RMB million RMB million RMB million RMB million RMB million RMB million RMB million RMB million Total assets 3,417,906 246,072 135,690 29,306 37,315 644,687 9,710 23,957 Total liabilities 3,156,057 198,186 101,933 25,889 1,369 297,413 22 12,773 Total equity 261,849 47,886 33,757 3,417 35,946 347,274 9,688 11,184 Total equity attributable to equity holders of the associates and joint ventures 216,858 31,747 33,757 3,407 35,946 154,370 9,688 11,184 Total adjustments (i) 369 (7,790 ) — — 384 16,038 (1,764 ) (6,447 ) Total equity attributable to equity holders of the associates and joint ventures after adjustments 217,227 23,957 33,757 3,407 36,330 170,408 7,924 4,737 Proportion of the Group’s ownership 43.686 % 29.59 % 40.00 % 35.00 % 43.86 % 10.03 % 66.67 % 75.00 % Gross carrying value of the investments 98,085 8,056 13,501 1,737 21,569 22,602 5,283 3,553 Impairment — (5,862 ) — — — — — — Net carrying value of the investments 98,085 2,194 13,501 1,737 21,569 22,602 5,283 3,553 Total revenues 75,154 42,447 87,461 3,222 6,097 361,123 (145 ) 883 Net profit/(loss) 15,528 (15,650 ) 717 219 3,128 16,651 (164 ) 774 Other comprehensive income (2,765 ) (6,186 ) (1,197 ) 6 — 190 10 (1,750 ) Total comprehensive income 12,763 (21,836 ) (480 ) 225 3,128 16,841 (154 ) (976 ) The following table illustrates the financial information of the Group’s major associates and joint ventures as at 31 December 2021 and for the year ended 31 December 2021: CGB Sino-Ocean CLP&C COFCO Futures Pipeline Company China Unicom Joy City MCL RMB million RMB million RMB million RMB million RMB million RMB million RMB million RMB million Total assets 3,359,985 281,252 120,178 25,153 37,099 593,284 10,258 24,195 Total liabilities 3,125,484 204,805 94,756 21,868 1,476 257,074 232 13,035 Total equity 234,501 76,447 25,422 3,285 35,623 336,210 10,026 11,160 Total equity attributable to equity holders of the associates and joint ventures 189,510 55,074 25,422 3,277 35,623 149,217 10,026 11,160 Total adjustments (i) 464 (7,257 ) — — 405 16,509 (1,707 ) (5,511 ) Total equity attributable to equity holders of the associates and joint ventures after adjustments 189,974 47,817 25,422 3,277 36,028 165,726 8,319 5,649 Proportion of the Group’s ownership 43.686 % 29.59 % 40.00 % 35.00 % 43.86 % 10.29 % 66.67 % 75.00 % Gross carrying value of the investments 86,179 15,116 10,151 1,692 21,438 22,644 5,546 4,237 Impairment — (3,217 ) — — — — — — Net carrying value of the investments 86,179 11,899 10,151 1,692 21,438 22,644 5,546 4,237 Total revenues 74,905 68,645 82,549 6,846 5,583 331,665 352 897 Net profit/(loss) 17,476 5,091 621 281 3,081 14,416 333 28 Other comprehensive income 2,416 (35 ) (766 ) (8 ) — (27 ) 15 447 Total comprehensive income 19,892 5,056 (145 ) 273 3,081 14,389 348 475 (i) Including adjustments for the difference of accounting policies, fair value and others. The Group had no contingent liabilities with the associates and joint ventures as at 31 December 2022 and 31 December 2021. The Group had a capital contribution commitment of RMB15,231 million with associates and joint ventures as at 31 December 2022 (as at 31 December 2021: RMB20,730 million). The capital contribution commitment amount has been included in the capital commitments in Note 39. |
Financial Assets
Financial Assets | 12 Months Ended |
Dec. 31, 2022 | |
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Financial Assets | 10 FINANCIAL ASSETS 10.1 Held-to-maturity As at 31 As at 31 RMB million RMB million Debt securities Government bonds 378,105 349,370 Government agency bonds 1,004,162 911,451 Corporate bonds 178,203 209,627 Subordinated bonds 13,734 63,305 Total 1,574,204 1,533,753 Debt securities Listed in Mainland, PRC 231,704 246,134 Listed in Hong Kong, PRC 144 87 Listed overseas 62 44 Unlisted (i) 1,342,294 1,287,488 Total 1,574,204 1,533,753 (i) Unlisted debt securities are those traded on the Chinese interbank market. As at 31 December 2022, there is held-to-maturity Debt securities - fair value hierarchy As at 31 As at 31 Level 1 Level 2 Total Level 1 Level 2 Total RMB RMB RMB RMB RMB RMB Government bonds 240,597 177,217 417,814 68,300 314,113 382,413 Government agency bonds 104,751 976,103 1,080,854 74,241 895,343 969,584 Corporate bonds 719 185,426 186,145 7,911 211,882 219,793 Subordinated bonds — 15,993 15,993 — 66,481 66,481 Total 346,067 1,354,739 1,700,806 150,452 1,487,819 1,638,271 Debt securities - Contractual maturity schedule As at 31 December 2022 As at 31 December 2021 RMB million RMB million Maturing: Within one year 33,961 55,370 After one year but within five years 160,527 147,786 After five years but within ten years 83,894 163,479 After ten years 1,295,822 1,167,118 Total 1,574,204 1,533,753 10.2 Loans As at 31 As at 31 RMB million RMB million Policy loans (i) 254,407 236,209 Other loans 344,426 433,697 Total 598,833 669,906 Impairment (2,343 ) (3,819 ) Net value 596,490 666,087 As at 31 As at 31 RMB million RMB million Maturing: Within one year 307,396 348,940 After one year but within five years 180,686 182,493 After five years but within ten years 97,081 106,319 After ten years 13,670 32,154 Total 598,833 669,906 Impairment (2,343 ) (3,819 ) Net value 596,490 666,087 (i) As at 31 December 2022, maturities of policy loans are within 6 months (as at 31 December 2021: same), and their fair values approximated to their carrying amounts. 10.3 Term deposits As at 31 As at 31 RMB million RMB million Maturing: Within one year 183,832 135,301 After one year but within five years 301,735 394,187 Total 485,567 529,488 As at 31 December 2022, the Group’s term deposits of RMB2,175 million(as at 31 December 2021: RMB2,641 million) were deposited in banks for risk reserves of enterprise annuity fund investments, risk reserves of personal endowment security management business and backing overseas borrowings, which are restricted to use. 10.4 Statutory deposits - restricted As at 31 As at 31 RMB million RMB million Contractual maturity schedule: Within one year 3,933 1,720 After one year but within five years 2,400 4,613 Total 6,333 6,333 Insurance companies in China are required to deposit an amount that equals 20% of their registered capital with banks in compliance with regulations of the CBIRC. These funds may not be used for any purpose other than for paying off debts during liquidation proceedings. 10.5 Available-for-sale As at 31 As at 31 RMB million RMB million Available-for-sale Debt securities Government bonds 47,188 58,561 Government agency bonds 313,270 259,753 Corporate bonds 188,563 203,147 Subordinated bonds 156,024 111,029 Others (i) 174,398 161,054 Subtotal 879,443 793,544 Equity securities Funds 131,897 94,895 Common stocks 414,148 256,441 Preferred stocks 50,522 52,127 Others (i) 244,964 212,001 Subtotal 841,531 615,464 Available-for-sale Equity securities Others (i) 17,134 20,279 Total 1,738,108 1,429,287 (i) Other available-for-sale As at 31 As at 31 RMB million RMB million Debt securities Listed in Mainland, PRC 85,450 86,145 Listed in Hong Kong, PRC 38 — Listed overseas 94 — Unlisted 793,861 707,399 Subtotal 879,443 793,544 Equity securities Listed in Mainland, PRC 420,287 238,155 Listed in Hong Kong, PRC 59,495 75,694 Listed overseas 59 28 Unlisted 378,824 321,866 Subtotal 858,665 635,743 Total 1,738,108 1,429,287 Unlisted debt securities are those traded on the Chinese interbank market and those not publicly traded. Unlisted equity securities are those not traded on stock exchanges, which are mainly open-ended funds with public market price quotations, wealth management products and private equity funds. Debt securities - Contractual maturity schedule As at 31 As at 31 RMB million RMB million Maturing: Within one year 118,373 36,597 After one year but within five years 206,086 179,476 After five years but within ten years 239,004 318,992 After ten years 315,980 258,479 Total 879,443 793,544 10.6 Securities at fair value through profit or loss As at As at RMB million RMB million Debt securities Government bonds 1,805 1,393 Government agency bonds 9,622 7,989 Corporate bonds 152,347 90,425 Others (i) 27,755 43,250 Subtotal 191,529 143,057 Equity securities Funds 13,444 17,794 Common stocks 18,552 45,649 Others 265 271 Subtotal 32,261 63,714 Total 223,790 206,771 Debt securities Listed in Mainland, PRC 36,455 29,934 Listed in Hong Kong, PRC 21 23 Listed overseas 293 273 Unlisted 154,760 112,827 Subtotal 191,529 143,057 Equity securities Listed in Mainland, PRC 16,901 45,817 Listed in Hong Kong, PRC 637 736 Listed overseas 4,233 4,849 Unlisted 10,490 12,312 Subtotal 32,261 63,714 Total 223,790 206,771 (i) Other debt securities at fair value through profit or loss mainly include interbank negotiable certificates of deposit. Unlisted debt securities are those traded on the Chinese interbank market and those not publicly traded. Unlisted equity securities are those not traded on stock exchanges, which are mainly open-ended funds with public market price quotations. 10.7 Securities purchased under agreements to resell As at 31 As at 31 RMB million RMB million Maturing: Within 30 days 38,215 11,896 Above 30 days 318 1,019 Total 38,533 12,915 10.8 Accrued investment income As at 31 As at 31 RMB million RMB million Bank deposits 13,238 12,735 Debt securities 32,580 31,900 Others 6,633 6,462 Total 52,451 51,097 Current 49,356 49,031 Non-current 3,095 2,066 Total 52,451 51,097 |
Fair Value of Financial Assets
Fair Value of Financial Assets and Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
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Fair Value of Financial Assets and Liabilities | 11 FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES The table below presents the carrying value and estimated fair value of major financial assets and liabilities, and investment contracts: Carrying value Estimated fair value (i) As at 31 As at 31 As at 31 As at 31 RMB million RMB RMB million RMB Held-to-maturity 1,574,204 1,533,753 1,700,806 1,638,271 Loans (iii) 596,490 666,087 605,692 686,005 Term deposits 485,567 529,488 485,567 529,488 Statutory deposits - restricted 6,333 6,333 6,333 6,333 Available-for-sale 1,720,974 1,409,008 1,720,974 1,409,008 Securities at fair value through profit or loss 223,790 206,771 223,790 206,771 Securities purchased under agreements to resell 38,533 12,915 38,533 12,915 Cash and cash equivalents 127,594 60,459 127,594 60,459 Investment contracts (iii) (374,749 ) (313,594 ) (357,760 ) (299,727 ) Financial liabilities at fair value through profit or loss (3,344 ) (3,416 ) (3,344 ) (3,416 ) Securities sold under agreements to repurchase (148,958 ) (239,446 ) (148,958 ) (239,446 ) Bonds payable (34,997 ) (34,994 ) (35,387 ) (35,898 ) Interest-bearing loans and borrowings (12,774 ) (19,222 ) (12,774 ) (19,222 ) (i) The estimates and judgements to determine the fair value of financial assets are described in Note 3.2. (ii) The fair value of held-to-maturity (iii) Investment contracts at fair value through profit or loss have quoted prices in active markets, and therefore, their fair value was classified as Level 1. The fair value of policy loans approximated its carrying value. The fair values of other loans and investment contracts at amortised cost were determined using valuation techniques, with consideration of the present value of expected cash flows arising from contracts using a risk-adjusted discount rate, allowing for the risk-free rate available on the valuation date, credit risk and risk margin associated with the future cash flows. The fair values of other loans and investment contracts at amortised cost were classified as Level 3. |
Premiums Receivable
Premiums Receivable | 12 Months Ended |
Dec. 31, 2022 | |
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Premiums Receivable | 12 PREMIUMS RECEIVABLE As at 31 December 2022, the carrying value of premiums receivable within one year was RMB19,079 million (as at 31 December 2021: RMB19,935 million). |
Reinsurance Assets
Reinsurance Assets | 12 Months Ended |
Dec. 31, 2022 | |
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Reinsurance Assets | 13 REINSURANCE ASSETS As at 31 As at 31 Long-term insurance contracts ceded (Note 15) 4,897 4,910 Due from reinsurance companies 1,433 485 Ceded unearned premiums (Note 15) 774 823 Claims recoverable from reinsurers (Note 15) 736 412 Total 7,840 6,630 Current 2,943 1,720 Non-current 4,897 4,910 Total 7,840 6,630 |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2022 | |
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Other Assets | 14 OTHER ASSETS As at 31 As at 31 Land use rights(i) 8,092 8,107 Disbursements 6,255 5,330 Automated policy loans 3,855 3,673 Investments receivable and prepaid 1,029 9,493 Due from related parties 963 717 Tax prepaid 171 3,353 Prepayments to constructors 77 101 Others 7,891 8,927 Total 28,333 39,701 Current 18,439 30,756 Non-current 9,894 8,945 Total 28,333 39,701 (i) The Group’s right-of-use right-of-use |
Insurance Contracts
Insurance Contracts | 12 Months Ended |
Dec. 31, 2022 | |
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Insurance Contracts | 15 INSURANCE CONTRACTS (a) Process used to decide on assumptions (i) For the insurance contracts of which future insurance benefits are affected by investment yields of the corresponding investment portfolios, the discount rate assumption is based on expected investment returns of the asset portfolio backing these liabilities, considering the impacts of time value on reserves. In developing the discount rate assumptions, the Group considers investment experience, the current investment portfolio and the trend of the relevant yield curves. The assumed discount rates reflect the future economic outlook as well as the Group’s investment strategy. The assumed discount rates with risk margin are as follows: Discount rate assumptions As at 31 December 2022 4.85 % As at 31 December 2021 4.85 % For the insurance contracts of which future insurance benefits are not affected by investment yields of the corresponding investment portfolios, the discount rate assumption is based on the “Yield curve of reserve computation benchmark for insurance contracts”, published on the “China Bond” website with consideration of liquidity spreads, taxation and other relevant factors. The assumed spot discount rates with risk margin are as follows: Discount rate assumptions As at 31 December 2022 2.68%~4.80% As at 31 December 2021 2.88%~4.80% There is uncertainty on the discount rate assumption, which is affected by factors such as future macro-economy, monetary and foreign exchange policies, capital market and availability of investment channels of insurance funds. The Group determines the discount rate assumption based on the information available at the end of each reporting period, including the consideration of risk margin. (ii) The mortality and morbidity assumptions are based on the Group’s historical mortality and morbidity experience. The assumed mortality rates and morbidity rates vary with the age of the insured and contract type. The Group bases its mortality assumptions on China Life Insurance Mortality Table (2010-2013), adjusted where appropriate to reflect the Group’s recent historical mortality experience. The main source of uncertainty with life insurance contracts is that epidemics and wide-ranging lifestyle changes could result in deterioration in future mortality experience, thus leading to an inadequate reserving of liability. Similarly, improvements in longevity due to continuing advancements in medical care and social conditions may expose the Group to longevity risk. The Group bases its morbidity assumptions for critical illness products on analysis of historical experience and expectations of future developments. There are two main sources of uncertainty. Firstly, wide-ranging lifestyle changes could result in future deterioration in morbidity experience. Secondly, future development of medical technologies and improved coverage of medical facilities available to policyholders may bring forward the timing of diagnosing critical illness, which demands earlier payment of the critical illness benefits. Both could ultimately result in an inadequate reserving of liability if current morbidity assumptions do not properly reflect such trends. Risk margin is considered in the Group’s mortality and morbidity assumptions. (iii) Expense assumptions are based on expected unit costs with the consideration of previous expense studies and future trends. Expense assumptions are affected by certain factors such as future inflation and market competition which bring uncertainty to these assumptions. The Group determines expense assumptions based on information available at the end of each reporting period and risk margin. Components of expense assumptions include the cost per policy and percentage of premium as follows: Individual Life Group Life RMB Per Policy % of Premium RMB Per Policy % of Premium As at 31 December 2022 45.00 0.85%~0.90% 25.00 0.90 % As at 31 December 2021 45.00 0.85%~0.90% 25.00 0.90 % (iv) The lapse rates are affected by certain factors, such as future macro-economy, availability of financial substitutions, and market competition, which bring uncertainty to these assumptions. The lapse rates and other assumptions are determined with reference to creditable past experience, current conditions and future expectations. (v) The Group applies a consistent method to determine risk margin. The Group considers risk margin for the discount rate, mortality and morbidity and expense assumptions to compensate for the uncertain amount and timing of future cash flows. When determining risk margin, the Group considers historical experience, future expectations and other factors. The Group determines the risk margin level by itself as the regulations have not imposed any specific requirement on it. (vi) The policy dividend assumption has uncertainty and is affected by factors such as the expected investment returns, the Group’s dividend policy, and the reasonable expectations of policyholders. The Group is obliged to pay 70% or a higher percentage as agreed in the insurance policy of the cumulative distributable income to the participating insurance policyholders. (b) Net liabilities of insurance contracts As at 31 As at 31 Gross Long-term insurance contracts 3,840,899 3,379,603 Short-term insurance contracts - Claims and claim adjustment expenses 26,153 26,234 - Unearned premiums 13,108 14,062 Total, gross 3,880,160 3,419,899 Recoverable from reinsurers Long-term insurance contracts (Note 13) (4,897 ) (4,910 ) Short-term insurance contracts - Claims and claim adjustment expenses (Note 13) (736 ) (412 ) - Unearned premiums (Note 13) (774 ) (823 ) Total, ceded (6,407 ) (6,145 ) Net Long-term insurance contracts 3,836,002 3,374,693 Short-term insurance contracts - Claims and claim adjustment expenses 25,417 25,822 - Unearned premiums 12,334 13,239 Total, net 3,873,753 3,413,754 (c) Movements in liabilities of short-term insurance contracts The table below presents movements in claims and claim adjustment expense reserve: 2022 2021 Notified claims 4,197 4,319 Incurred but not reported 22,037 17,672 Total as at 1 January - Gross 26,234 21,991 Cash paid for claims settled - Cash paid for current year claims (33,526 ) (34,301 ) - Cash paid for prior year claims (20,193 ) (17,783 ) Claims incurred - Claims arising in current year 54,497 56,938 - Claims arising in prior years (859 ) (611 ) Total as at 31 December - Gross 26,153 26,234 Notified claims 3,272 4,197 Incurred but not reported 22,881 22,037 Total as at 31 December - Gross 26,153 26,234 The table below presents movements in unearned premium reserves: 2022 2021 RMB million RMB million Gross Ceded Net Gross Ceded Net As at 1 January 14,062 (823 ) 13,239 14,701 (523 ) 14,178 Increase 13,108 (774 ) 12,334 14,062 (823 ) 13,239 Release (14,062 ) 823 (13,239 ) (14,701 ) 523 (14,178 ) As at 31 December 13,108 (774 ) 12,334 14,062 (823 ) 13,239 (d) Movements in liabilities of long-term insurance contracts The table below presents movements in the liabilities of long-term insurance contracts: 2022 2021 As at 1 January 3,379,603 2,936,533 Premiums 540,926 542,974 Release of liabilities (i) (282,665 ) (287,705 ) Accretion of interest 166,174 148,504 Change in assumptions - Change in discount rates 31,918 30,701 - Change in other assumptions (ii) 2,549 7,574 Other movements 2,394 1,022 As at 31 December 3,840,899 3,379,603 (i) The release of liabilities mainly consists of release due to death or other termination and related expenses, release of residual margin and change of reserves for claims and claim adjustment expenses. (ii) For the year ended 31 December 2022, the change in other assumptions was mainly caused by the change in morbidity rate assumptions of certain products, which increased insurance contract liabilities by RMB2,415 million. This change reflected the Group’s most recent experience and future expectations about the morbidity rates as at the reporting date. Changes in assumptions other than morbidity rates increased insurance contract liabilities by RMB134 million. For the year ended 31 December 2021, the change in other assumptions was mainly caused by the change in morbidity rate assumptions of certain products, which increased insurance contract liabilities by RMB5,897 million. This change reflected the Group’s most recent experience and future expectations about the morbidity rates as at the reporting date. Changes in assumptions other than morbidity rates increased insurance contract liabilities by RMB1,677 million. |
Investment Contracts
Investment Contracts | 12 Months Ended |
Dec. 31, 2022 | |
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Investment Contracts | 16 INVESTMENT CONTRACTS As at 31 As at 31 Investment contracts with discretionary participating features (“DPF”) at amortised cost 71,970 68,544 Investment contracts without DPF - At amortised cost 302,772 245,041 - At fair value through profit or loss 7 9 Total 374,749 313,594 The table below presents movements of investment contracts with DPF: 2022 2021 As at 1 January 68,544 64,950 Deposits received 4,498 4,910 Deposits withdrawn, payments on death and other benefits (2,533 ) (2,711 ) Policy fees deducted from account balances (42 ) (41 ) Interest credited 1,503 1,436 As at 31 December 71,970 68,544 |
Interest-Bearing Loans and Borr
Interest-Bearing Loans and Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
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Interest-Bearing Loans and Borrowings | 17 INTEREST-BEARING LOANS AND BORROWINGS Maturity date Interest rate As at 31 December 2022 RMB million As at 31 Credit loans 5 January 2022 1.80% — 563 Guaranteed loans 13 January 2022 1.50% — 913 Guaranteed loans 9 March 2022 EURLIBOR+3.00%(i) — 794 Guaranteed loans 8 September 2023 Within 12 months, 742 — Guaranteed loans 8 September 2023 3.10% 2,450 2,383 Credit loans 25 June 2024 3.08% 2,307 2,366 Credit loans 16 September 2024 3.30% — 5,483 Credit loans 27 September 2024 USD LIBOR+1.00%(iii) 6,756 6,184 Mortgages loans 15 June 2034 LPR(iv) 436 450 Mortgages loans 15 June 2034 LPR+0.53%(iv) 51 53 Mortgages loans 15 June 2034 LPR+0.63%(iv) 32 33 Total 12,774 19,222 (i) 3.00% when EURIBOR is negative. (ii) 2.50% for 12 months and 2.70% for more than 12 months when EURIBOR is negative. (iii) 1.00% when USD LIBOR is negative. (iv) The adjustment date is 1 January of each year. |
Bonds Payable
Bonds Payable | 12 Months Ended |
Dec. 31, 2022 | |
Text Block 1 [Abstract] | |
Bonds Payable | 18 BONDS PAYABLE As at 31 December 2022, all bonds payable were the bonds for capital replenishment (the “Bond”) with a total carrying value of RMB34,997 million (as at 31 December 2021: RMB34,994 million), and the fair value of RMB35,387 million (as at 31 December 2021: RMB35,898 million). The fair value of the Bond was classified as level 2 in the fair value hierarchy. The following table presents the par value of the bonds payable: Issue date Maturity date Interest rate p.a. As at 31 December 2022 RMB million As at 31 December 2021 RMB million 22 March 2019 22 March 2029 4.28 % 35,000 35,000 Total 35,000 35,000 The fair value of bonds payable is based on the valuation results of China Central Depository & Clearing Co., Ltd. On 20 March 2019, the Company issued a bond in the national inter-bank bond market at a principal amount of RMB35 billion, and completed the issuance on 22 March 2019. The bond has a 10-year Bonds payable are measured at amortised cost as described in Note 2.15. |
Securities Sold under Agreement
Securities Sold under Agreements to Repurchase | 12 Months Ended |
Dec. 31, 2022 | |
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Securities Sold under Agreements to Repurchase | 19 SECURITIES SOLD UNDER AGREEMENTS TO REPURCHASE As at 31 As at 31 Interbank market 101,641 181,121 Stock exchange market 47,317 58,325 Total 148,958 239,446 Maturing: Within 30 days 148,958 237,371 More than 30 days within 90 days — 2,075 Total 148,958 239,446 As at 31 December 2022, bonds with a carrying value of RMB110,104 million (as at 31 December 2021: RMB199,211 million) were pledged as collateral for financial assets sold under agreements to repurchase resulting from repurchase transactions entered into by the Group in the interbank market. For debt repurchase transactions through the stock exchange, the Group is required to deposit certain exchange-traded bonds into a collateral pool with fair value converted at a standard rate pursuant to the stock exchange’s regulation which should be no less than the balance of the related repurchase transaction. As at 31 December 2022, the carrying value of securities deposited in the collateral pool was RMB269,925 million (as at 31 December 2021: RMB298,043 million). The collateral is restricted from trading during the period of the repurchase transaction. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Other Liabilities | 20 OTHER LIABILITIES As at 31 As at 31 Payable to the third-party holders of consolidated structured entities 73,845 67,862 Interest payable to policyholders 19,959 17,866 Salary and welfare payable 11,735 12,884 Brokerage and commission payable 4,664 5,352 Payable to constructors 2,606 2,497 Agency deposits 1,298 1,467 Interest payable of debt instruments 1,241 1,528 Tax payable 704 720 Stock appreciation rights (Note 31) 340 291 Others 24,730 23,592 Total 141,122 134,059 Current 141,122 134,059 Non-current — — Total 141,122 134,059 |
Statutory Insurance Fund
Statutory Insurance Fund | 12 Months Ended |
Dec. 31, 2022 | |
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Statutory Insurance Fund | 21 STATUTORY INSURANCE FUND As required by the CIRC Order [2008] No. 2, “ Measures for Administration of Statutory Insurance Fund |
Investment Income
Investment Income | 12 Months Ended |
Dec. 31, 2022 | |
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Investment Income | 22 INVESTMENT INCOME For the year ended 31 December 2022 2021 2020 RMB million RMB million RMB million Debt securities - held-to-maturity 62,883 56,830 44,757 - available-for-sale 32,079 29,491 22,695 - at fair value through profit or loss 5,174 4,079 3,482 Equity securities - available-for-sale 28,934 27,806 24,185 - at fair value through profit or loss 770 912 798 Bank deposits 25,161 25,949 25,860 Loans 30,915 32,970 31,948 Securities purchased under agreements to resell 713 350 772 Total 186,629 178,387 154,497 For the year ended 31 December 2 022 th December 2021: RMB million, for the year ended 31 December 2020: RMB million). Interest income was mainly accrued using the effective interest method. |
Net Realised Gains on Financial
Net Realised Gains on Financial Assets | 12 Months Ended |
Dec. 31, 2022 | |
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Net Realised Gains on Financial Assets | 23 NET REALIS E For the year ended 31 December 2022 2021 2020 RMB million RMB million RMB million Debt securities Realised gains (i) 7,344 198 1,287 Impairment (ii) 1,621 (1,359 ) 288 Subtotal 8,965 (1,161 ) 1,575 Equity securities Realised gains (i) 23,573 42,867 24,925 Impairment (ii) (19,831 ) (21,362 ) (11,917 ) Subtotal 3,742 21,505 13,008 Total 12,707 20,344 14,583 (i) Realised gains were generated mainly from available-for-sale (ii) During the year ended 31 December 2022, the Group recognised an impairment charge of RMB2,644 million on available-for-sale available-for-sale available-for-sale available-for-sale an impairment reversal of RMB1,476 million on loans(2021:nil, 2020: an impairment reversal of RMB275 million), and no impairment charge of held-to-maturity securities (2021: nil, 2020: RMB3 million), for which the Group determined that objective evidence of impairment existed. |
Net Fair Value Gains through Pr
Net Fair Value Gains through Profit or Loss | 12 Months Ended |
Dec. 31, 2022 | |
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Net Fair Value Gains through Profit or Loss | 24 NET FAIR VALUE GAINS THROUGH PROFIT OR LOSS For the year ended 31 December 2022 2021 2020 RMB million RMB million RMB million Debt securities (1,613 ) 1,069 (583 ) Equity securities (10,956 ) 3,470 22,997 Stock appreciation rights (49 ) 202 255 Financial liabilities at fair value through profit or loss 462 202 (648 ) Derivative financial instruments — — (121 ) Total (12,156 ) 4,943 21,900 |
Insurance Benefits and Claims E
Insurance Benefits and Claims Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Insurance Benefits and Claims Expenses | 25 INSURANCE BENEFITS AND CLAIMS EXPENSES Gross Ceded Net RMB million RMB million RMB million For the year ended 31 December 2022 Life insurance death and other benefits 124,086 (4,717 ) 119,369 Accident and health claims and claim adjustment expenses 53,638 (2,327 ) 51,311 Increase in insurance contract liabilities 461,285 13 461,298 Total 639,009 (7,031 ) 631,978 For the year ended 31 December 2021 Life insurance death and other benefits 125,998 (4,644 ) 121,354 Accident and health claims and claim adjustment expenses 56,327 (1,297 ) 55,030 Increase in insurance contract liabilities 443,053 (683 ) 442,370 Total 625,378 (6,624 ) 618,754 For the year ended 31 December 2020 Life insurance death and other benefits 117,129 (3,520 ) 113,609 Accident and health claims and claim adjustment expenses 53,073 (678 ) 52,395 Increase in insurance contract liabilities 415,186 (389 ) 414,797 Total 585,388 (4,587 ) 580,801 |
Investment Contract Benefits
Investment Contract Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Investment Contract Benefits | 26 INVESTMENT CONTRACT BENEFITS Benefits of investment contracts are mainly the interest credited to investment contracts. |
Finance Costs
Finance Costs | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Finance Costs | 27 FINANCE COSTS For the year ended 31 December 2022 2021 2020 RMB million RMB million RMB million Interest expenses for securities sold under agreements to repurchase 2,689 3,523 1,565 Interest expenses for bonds payable 1,500 1,500 1,503 Interest expenses for interest-bearing loans and borrowings 600 479 566 Interest on lease liabilities 74 96 113 Total 4,863 5,598 3,747 |
Profit before Income Tax
Profit before Income Tax | 12 Months Ended |
Dec. 31, 2022 | |
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Profit before Income Tax | 28 PROFIT BEFORE INCOME TAX Profit before income tax is stated after charging/(crediting) the following: For the year ended 31 December 2022 2021 2020 RMB million RMB million RMB million Employee salaries and welfare costs 20,232 20,936 19,553 Housing benefits 1,481 1,413 1,319 Contribution to the defined contribution pension plan 3,444 3,274 2,455 Depreciation and amortisation 5,291 5,328 5,164 Foreign exchange gains/(losses) 69 (645 ) (119 ) Remuneration in respect of audit services provided by auditors 53 53 63 |
Taxation
Taxation | 12 Months Ended |
Dec. 31, 2022 | |
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Taxation | 29 TAXATION Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset current tax assets against current tax liabilities and when the deferred income tax relates to the same tax authority. (a) The amount of taxation charged to net profit represents: For the year ended 31 December 2022 2021 2020 RMB million RMB million RMB million Current taxation - Enterprise income tax 2,190 4,824 6,588 Deferred taxation (11,657 ) (6,741 ) (3,485 ) Total tax charges (9,467 ) (1,917 ) 3,103 (b) The reconciliation between the Group’s effective tax rate and the statutory tax rate of 25 % in the PRC (2021: same, 2020: same) is as follows: For the year ended 31 December 2022 2021 2020 RMB million RMB million RMB million Profit before income tax 24,047 50,340 54,440 Tax computed at the statutory tax rate 6,012 12,585 13,610 Adjustment on current income tax of previous period (246 ) (412 ) (464 ) Non-taxable (15,844 ) (14,386 ) (10,787 ) Expenses not deductible for tax purposes (i) 311 276 202 Unused tax losses 33 27 507 Others 267 (7 ) 35 Income tax at the effective tax rate (9,467 ) (1,917 ) 3,103 (i) Non-taxable (c) As at 31 December 2022 and 31 December 2021, the amounts of deferred tax assets and liabilities are as follows: As at 31 As at 31 December 2022 December 2021 RMB million RMB million Deferred tax assets 24,884 22,354 Deferred tax liabilities (2,849 ) (29,714 ) Net deferred tax assets 22,307 121 Net deferred tax liabilities (272 ) (7,481 ) As at 31 December 2022 and 31 December 2021, deferred income tax was calculated in full on temporary differences under the liability method using the principal tax rate of 25%. The movements in net deferred income tax assets and liabilities during the period were as follows: Net deferred tax assets/(liabilities) Insurance Investments Others Total RMB million RMB million RMB million RMB million (i) (ii) (iii) As at 1 January 2021 4,334 (22,386 ) 2,853 (15,199 ) (Charged)/Credited to net profit 2,862 3,534 345 6,741 (Charged)/Credited to other comprehensive income - Available-for-sale — 677 — 677 - Portion of fair value changes on available-for-sale 448 — — 448 - Others — (27 ) — (27 ) As at 31 December 2021 7,644 (18,202 ) 3,198 (7,360 ) As at 1 January 2022 7,644 (18,202 ) 3,198 (7,360 ) (Charged)/Credited to net profit 1,612 3,025 7,020 11,657 (Charged)/Credited to other comprehensive income - Available-for-sale — 23,776 — 23,776 - Portion of fair value changes on available-for-sale (6,530 ) — — (6,530 ) - Others — 492 — 492 As at 31 December 2022 2,726 9,091 10,218 22,035 (i) The deferred tax liabilities arising from the insurance category are mainly related to the change of long-term insurance contract liabilities at 31 December 2008 as a result of the first time adoption of IFRSs in 2009 and the temporary differences of short-term insurance contract liabilities and policyholder dividends payable. (ii) The deferred tax arising from the investments category is mainly related to the temporary differences of unrealised gains/(losses) on available-for-sale (iii) The deferred tax arising from the others category is mainly related to deductible losses available for use in future years, and the temporary differences of employee salaries and welfare costs payable. Unrecognised deductible tax losses of the Group amounted to RMB3,183 million as at 31 December 2022 (as at 31 December 2021: RMB3,173 million). (d) The analysis of net deferred tax assets and deferred tax liabilities is as follows: As at 31 As at 31 RMB million RMB million Deferred tax assets: - deferred tax assets to be recovered after 12 months 15,954 14,695 - deferred tax assets to be recovered within 12 months 8,930 7,659 Subtotal 24,884 22,354 Deferred tax liabilities: - deferred tax liabilities to be settled after 12 months (1,396 ) (26,850 ) - deferred tax liabilities to be settled within 12 months (1,453 ) (2,864 ) Subtotal (2,849 ) (29,714 ) Net deferred tax assets/(liabilities) 22,035 (7,360 ) |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
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Earnings Per Share | 30 EARNINGS PER SHARE There is no difference between the basic and diluted earnings per share. The basic and diluted earnings per share for the year ended 31 December 2022 are calculated based on the net profit for the year attributable to ordinary equity holders of the Company and the weighted average of 28,264,705,000 ordinary shares (2021: same). |
Stock Appreciation Rights
Stock Appreciation Rights | 12 Months Ended |
Dec. 31, 2022 | |
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Stock Appreciation Rights | 31 STOCK APPRECIATION RIGHTS The Board of Directors of the Company approved, on 5 January 2006, an award of stock appreciation rights of 4.05 million units and on 21 August 2006, another award of stock appreciation rights of 53.22 million units to eligible employees. The exercise prices of the two awards were HKD 5.33 and HKD 6.83, respectively, the average closing price of shares in the five trading days prior to 1 July 2005 and 1 January 2006, the dates for vesting and exercise price setting purposes of this award. Upon the exercise of stock appreciation rights, exercising recipients will receive payments in RMB, subject to any withholding tax, equal to the number of stock appreciation rights exercised times the difference between the exercise price and market price of the H shares at the time of exercise. Stock appreciation rights have been awarded in units, with each unit representing the value of one H share. No shares of common stock will be issued under the stock appreciation rights plan. According to the Company’s plan, all stock appreciation rights will have an exercise period of five years from the date of award and will not be exercisable before the fourth anniversary of the date of award unless specific market or other conditions have been met. On 26 February 2010, the Board of Directors of the Company extended the exercise period of all stock appreciation rights, which is also subject to government policy. As at 31 December 2022, there were 55.01 million units outstanding and exercisable (as at 31 December 2021: same). As at 31 December 2022, the amount of intrinsic value for the vested stock appreciation rights was RMB327 million (as at 31 December 2021: RMB278 million). The fair value of the stock appreciation rights is estimated on the date of valuation at each reporting date using lattice-based option valuation models based on expected volatility from 18% to 51%, an expected dividend yield of no higher than 7.14% and a risk-free interest rate ranging from 1.05% to 4.07%. The Company recognised a loss of RMB49 million in the net fair value through profit or loss in the consolidated comprehensive income representing the fair value change of the rights during the year ended 31 December 2022 (2021: The Company recognised a gain of RMB202 million in the net fair value through profit or loss in the consolidated comprehensive income representing the fair value change of the rights). RMB327 million and RMB13 million were included in salary and staff welfare payable included under other liabilities for the units not exercised and exercised but not paid as at 31 December 2022 (as at 31 December 2021: RMB278 million and RMB13 million), respectively. There was no unrecognised compensation cost for the stock appreciation rights as at 31 December 2022 (as at 31 December 2021: nil). |
Dividends
Dividends | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Dividends | 32 DIVIDENDS Pursuant to the shareholders’ approval at the Annual General Meeting on 29 June 2022, a final dividend of RMB 0.65 (inclusive of tax) per ordinary share totalling RMB 18,372 million in respect of the year ended 31 December 2021 was declared and paid in 2022. The dividend has been recorded in the consolidated financial statements for the year ended 31 December 2022. Pursuant to the shareholders’ approval at the Annual General Meeting on 30 June 2021, a final dividend of RMB 0.49 (inclusive of tax) per ordinary share totalling RMB13,850 million in respect of the year ended 31 December 2020 was declared and paid in 2021. The dividend has been recorded in the consolidated financial statements for the year ended 31 December 2021. Pursuant to the shareholders’ approval at the Annual General Meeting on 29 June 2020, a final dividend of RMB0.73 (inclusive of tax) per ordinary share totalling RMB20,633 million in respect of the year ended 31 December 2019 was declared and paid in 2020. The dividend has been recorded in the consolidated financial statements for the year ended 31 December 2020. A distribution of RMB201 million (inclusive of tax) to the holders of Core Tier 2 Capital Securities was approved by management in 2020 according to the authorisation by the Board of Directors, which was delegated by the General Meeting. Pursuant to a resolution passed at the meeting of the Board of Directors on 29 March 2023, a final dividend of RMB0.49 (inclusive of tax) per ordinary share totalling approximately RMB13,850 million for the year ended 31 December 2022 was proposed for shareholders’ approval at the forthcoming Annual General Meeting. The dividend has not been recorded in the consolidated financial statements for the year ended 31 December 2022. |
Disclosures About the Temporary
Disclosures About the Temporary Exemption from IFRS 9 | 12 Months Ended |
Dec. 31, 2022 | |
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Disclosures About the Temporary Exemption from IFRS 9 | 33 DISCLOSURES ABOUT THE TEMPORARY EXEMPTION FROM IFRS 9 According to IFRS 4 Amendments, the Company made the assessment based on the Group’s financial position of 31 December 2015, concluding that the carrying amount of the Group’s liabilities arising from contracts within the scope of IFRS 4, which includes any deposit components or embedded derivatives unbundled from insurance contracts, was significant compared to the total carrying amount of all its liabilities. The percentage of the total carrying amount of its liabilities connected with insurance relative to the total carrying amount of all its liabilities is greater than 90 percent. There had been no significant change in the activities of the Group since then that requires reassessment. Therefore, the Group’s activities are predominantly connected with insurance, meeting the criteria to apply temporary exemption from IFRS 9. Sino-Ocean, China Unicom, CGB and certain associates of the Group, have adopted IFRS 9. According to IFRS 4 Amendments, the Group elected not to apply uniform accounting policies when using the equity method for these associates. (a) The tables below present the fair value of the following groups of financial assets(i) under IFRS 9 as at 31 December 2022 and 31 December 2021 and fair value changes for the year ended 31 December 2022 and 31 December 2021: For the year ended 31 December 2022 2021 RMB million RMB million Held for trading financial assets 223,790 206,771 Financial assets that are managed and whose performance are evaluated on a fair value basis — — Other financial assets - Financial assets with contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding (“SPPI”) 2,553,284 2,559,014 - Financial assets with contractual terms that do not give rise to SPPI 1,236,915 958,340 Total 4,013,989 3,724,125 Fair value changes for the year ended 31 December 2022 2021 RMB million RMB million Held for trading financial assets (12,569 ) 4,541 Financial assets that are managed and whose performance are evaluated on a fair value basis — — Other financial assets - Financial assets with contractual terms that give rise to SPPI 16,929 92,219 - Financial assets with contractual terms that do not give rise to SPPI (62,141 ) 14,959 Total (57,781 ) 111,719 (i) Only including securities at fair value through profit or loss, loans (excluding policy loans), available-for-sale held-to-maturity (b) The table below presents the credit risk exposure (ii) Carrying amount (iv) Carrying amount (iv) As at 31 December 2022 As at 31 December 2021 RMB Million RMB Million Domestic Rating not required (iii) 855,149 832,127 AAA 1,549,830 1,592,582 AA+ 5,383 6,551 AA 5 80 AA- 3,000 3,000 Subtotal 2,413,367 2,434,340 Overseas A+ 105 427 A 6,417 4,331 A- 89 13 BBB+ 99 75 BBB 1 — BBB- 45 — BB 161 — Subtotal 6,917 4,846 Total 2,420,284 2,439,186 (c) The table below presents financial assets without low credit risk for aforementioned financial assets with contractual terms that give rise to SPPI: As at 31 December 2022 Carrying amount (iv) Fair value RMB Million RMB Million Domestic 8,388 7,123 Overseas 161 161 Total 8,549 7,284 As at 31 December 2021 Carrying amount (iv) Fair value RMB Million RMB Million Domestic 9,631 7,274 Total 9,631 7,274 (ii) Credit risk ratings for domestic assets are provided by domestic qualified external rating agencies and credit risk ratings for overseas assets are provided by overseas qualified external rating agencies. (iii) Mainly including government bonds and policy financial bonds. (iv) For financial assets measured at amortised cost, the carrying amount before adjusting impairment allowance is disclosed here. |
Significant Related Party Trans
Significant Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Significant Related Party Transactions | 34 SIGNIFICANT RELATED PARTY TRANSACTIONS (a) Related parties with control relationship Information of the parent company is as follows: Name Location of Principal business Relationship with the Company Nature of Legal CLIC Beijing, China Insurance services including receipt of premiums and payment of benefits in respect of the in-force life, health, accident and other types of personal insurance business, and the reinsurance business; holding or investing in domestic and overseas insurance companies or other financial insurance institutions; fund management business permitted by national laws and regulations or approved by the State Council of the People’s Republic of China; and other businesses approved by insurance regulatory agencies. Immediate State-owned Bai Tao (b) Subsidiaries Refer to Note 34( f (c) Associates and joint ventures Refer to Note 9 for the basic and related information of associates and joint ventures. (d) Other related parties Significant related parties Relationship with the Company China Life Real Estate Co., Limited (“CLRE”) Under common control of CLIC China Life Insurance (Overseas) Company Limited (“CL Overseas”) Under common control of CLIC China Life Investment Management Company Limited (Formerly known as “China Life Investment Holding Company Limited”)(“CLI”) Under common control of CLIC China Life Ecommerce Company Limited (“CL Ecommerce”) Under common control of CLIC China Life Healthcare Investment company limited (“CLHI”) Under common control of CLIC China Life Enterprise Annuity Fund (“EAP”) A pension fund jointly set up by the Company and others (e) Registered capital of related parties with control relationship and changes during the year Name of related party As at 31 Increase Decrease As at 31 December 2022 CLIC RMB4,600 — — RMB4,600 AMC RMB4,000 — — RMB4,000 China Life Pension Company Limited (“Pension Company”) RMB3,400 — — RMB3,400 China Life (Suzhou) Pension and Retirement Investment Company Limited (“Suzhou Pension Company”) RMB2,181 — — RMB2,181 CL AMP RMB1,288 — — RMB1,288 CL Wealth RMB200 — — RMB200 Shanghai Rui Chong Investment Co., Limited (“Rui Chong Company”) RMB6,100 — — RMB6,100 China Life (Beijing) Health Management Co., Limited (“CL Health”) RMB1,530 — — RMB1,530 China Life Franklin (Shenzhen) Equity Investment Fund Management Co., Limited (“Franklin Shenzhen Company”) USD2 RMB87 — RMB100 Xi’an Shengyi Jingsheng Real Estate Co., Ltd. (“Shengyi Jingsheng”) RMB1,131 — RMB300 RMB831 Dalian Hope Building Company Ltd. (“Hope Building”) RMB484 — — RMB484 China Life Insurance Sales Company Limited (“CL Sales”) RMB544 — — RMB544 China Life (Hangzhou) Company Limited (“CL Hangzhou”) RMB65 — — RMB65 China Life Jiayuan (Xiamen) Health Management Company Limited (“CL Jiayuan”) RMB1,500 — — RMB1,500 China Life (Tianjin) Pension Health Investment Company Limited (“CL Tianjin Health”) RMB700 — — RMB700 The table above does not include the partnerships and the subsidiaries which were not set up or invested in Mainland China that having control relationship with the Group. These partnerships and subsidiaries do not have related information about registered capital. (f) Percentages of holding of related parties with control relationship and changes during the year As at 31 December 2021 As at 31 December 2022 Shareholder Amount Percentage Increase Decrease Amount Percentage CLIC RMB19,324 68.37% — — RMB19,324 68.37% As at 31 December 2021 As at 31 December 2022 Subsidiaries Amount Percentage of holding Increase Decrease Amount Percentage of holding AMC RMB1,680 60.00% directly — — RMB1,680 60.00% directly Pension Company RMB2,746 74.27% directly and indirectly — — RMB2,746 74.27% directly and indirectly China Life Franklin Asset Management Company Limited (“AMC HK”) HKD 130 50.00% indirectly — — HKD 130 50.00% indirectly Suzhou Pension Company RMB2,181 100.00% directly — — RMB2,181 100.00% directly CL AMP RMB1,095 85.03% indirectly — — RMB1,095 85.03% indirectly CL Wealth RMB200 100.00% indirectly — — RMB200 100.00% indirectly Golden Phoenix Tree Limited — 100.00% directly — — — 100.00% directly As at 31 December 2021 As at 31 December 2022 Subsidiaries (continued) Amount Percentage of holding Increase Decrease Amount Percentage of holding King Phoenix Tree Limited — 100.00% indirectly — — — 100.00% indirectly Rui Chong Company RMB6,100 100.00% directly — — RMB6,100 100.00% directly New Aldgate Limited RMB1,167 100.00% directly — — RMB1,167 100.00% directly Glorious Fortune Forever Limited — 100.00% directly — — — 100.00% directly CL Hotel Investor, L.P. RMB285 100.00% directly — — RMB285 100.00% directly Golden Bamboo Limited RMB1,993 100.00% directly RMB1,108 — RMB3,101 100.00% directly Sunny Bamboo Limited RMB1,876 100.00% directly RMB483 — RMB2,359 100.00% directly Fortune Bamboo Limited RMB2,435 100.00% directly — — RMB2,435 100.00% directly China Century Core Fund Limited USD1,125 100.00% indirectly — — USD1,125 100.00% indirectly CL Health RMB1,530 100.00% directly — — RMB1,530 100.00% directly Franklin Shenzhen Company USD2 100.00% indirectly RMB87 — RMB100 100.00% indirectly Guo Yang Guo Sheng RMB2,835 89.997% directly — — RMB2,835 89.997% directly New Capital Wisdom Limited — 100.00% indirectly — — — 100.00% indirectly New Fortune Wisdom Limited — 100.00% indirectly — — — 100.00% indirectly Wisdom Forever Limited Partnership USD452 100.00% indirectly — — USD452 100.00% indirectly Shanghai Yuan Shu Yuan Jiu Investment RMB571 99.98% directly — RMB31 RMB540 99.98% directly Shanghai Yuan Shu Yuan Pin Investment RMB571 99.98% directly — RMB31 RMB540 99.98% directly Shanghai Wansheng Industry Partnership (Limited RMB4,024 99.98% directly RMB12 — RMB4,036 99.98% directly Ningbo Meishan Bonded Port Area Bai Ning RMB1,680 99.98% directly — — RMB1,680 99.98% directly Hope Building RMB484 100.00% indirectly — — RMB484 100.00% indirectly Wuhu Yuanxiang Tianfu Investment Management RMB548 99.98% directly — RMB46 RMB502 99.98% directly As at 31 December 2021 As at 31 December 2022 Subsidiaries (continued) Amount Percentage of holding Increase Decrease Amount Percentage of holding Wuhu Yuanxiang Tianyi Investment Management Partnership (Limited Partnership) (“Yuanxiang Tianyi”) RMB548 99.98% directly — RMB46 RMB502 99.98% directly Shengyi Jingsheng RMB1,093 100% indirectly — — RMB1,093 100% indirectly CBRE Global Investors U.S. Investments I, LLC (“CG Investments”) RMB4,111 99.99% directly — — RMB4,111 99.99% directly China Life Guangde(Tianjin) Equity Investment Fund Partnership (Limited Partnership) (“CL Guang De”) RMB616 99.95% directly RMB700 — RMB1,316 99.95% directly Beijing China Life Pension Industry Investment Fund (Limited Partnership) (“CL Pension Industry”) RMB504 99.90% directly RMB1,888 — RMB2,392 99.90% directly China Life Qihang Phase I (Tianjin) Equity Investment Fund Partnership (Limited Partnership) (“China Life Qihang Fund l”) RMB6,065 99.99% directly RMB850 — RMB6,915 99.99% directly China Life Xing Wan (Tianjin) Enterprise Management Partnership (Limited Partnership)(“CL Xing wan”) RMB3,865 99.98% indirectly — RMB100 RMB3,765 99.98% indirectly CL Sales — 90.81% directly — — — 90.81% directly CL Hangzhou RMB65 99.99% indirectly — — RMB65 99.99% indirectly CL Jiayuan RMB300 99.99% indirectly — — RMB300 99.99% indirectly CL Tianjin Health (i) — — RMB1,216 — RMB1,216 99.99% indirectly (i) On 8 December 2022, CL Pension Industry injected capital of RMB million to CL Tianjin Health, a wholly owned subsidiary of CLIC, and acquired % of the shareholders’ equity. Both parties are under common control by CLIC which is not transitory before and after the combination. Therefore, this is a business combination under common control. The financial statements of the Group were restated based on the financial statements as at 31 December 2021 obtained from the merged party on the combination date. In December 2022 CL Pension Industry increased its investment in CL Tianjin Health by RMB million. As at 31 December 2022, the change of registration with the department in charge of industrial and commercial administration was still in progress. (g) Transactions with significant related parties For the year ended 31 December 2022 2021 Notes RMB RMB Transactions with CLIC and its subsidiaries CLIC Distribution of dividends from the Company and AMC to CLIC 12,941 12,663 Policy management fee received from CLIC (i) (vii) 463 554 Asset management fee received from CLIC (ii.a) 150 156 CLP&C Capital increase (Note 9) 3,600 — Agency fee received from CLP&C (iii) (vii) 1,516 1,634 Rental and a service fee received from CLP&C 99 78 Dividends from CLP&C (Note 9) 75 214 Asset management fee received from CLP&C (ii.c) 43 52 CLI Payment of asset management fee to CLI (ii.d) (vii) 637 588 CLHI Payment of operation management service fee to CLHI (vi) 96 112 CL Overseas Asset management fee received from CL Overseas (ii.b) 108 79 Transactions with associates and joint ventures CGB Capital increase (Note 9) 8,025 — Interest received from CGB 2,747 3,268 Dividends from CGB (Note 9) 774 662 Commission expenses charged by CGB (iv) 218 190 Insurance premium received from CGB 180 88 Rental fee received from CGB 173 145 Sino-Ocean Dividends from Sino-Ocean (Note 9) 61 271 Interest of corporate bonds received from Sino-Ocean 7 17 Transaction between other associates and joint ventures and the Group Dividends from other associates and joint ventures (Note 9) 4,463 3,333 Transaction between EAP and the Group Contribution to EAP 1,355 1,357 Transactions between other subsidiaries and the Company Payment of an asset management fee Payment of an asset management fee to AMC (ii.e) (vii) 2,872 2,742 Payment of an asset management fee to AMC HK (ii.f) 18 15 Payment of an asset management fee to Pension Company 94 7 Dividends from subsidiaries Dividends from AMC 549 432 Dividends from Pension Company 241 127 Dividends from the other subsidiaries 475 738 For the year ended 31 December 2022 2021 Notes RMB RMB Agency fee received Agency fee received from Pension Company for entrusted sales of annuity funds and other businesses (v) 57 70 Rental received Rental received from Pension Company 76 70 Capital increase in subsidiaries (Note 34(f)) Capital contribution to CL Pension Industry 1,888 495 Capital contribution to Golden Bamboo Limited 1,108 — Capital contribution to China Life Qihang Fund I 850 6,064 Capital contribution to CL Guang De 700 321 Capital contribution to Sunny Bamboo Limited 483 — Capital contribution to Shanghai Wansheng 12 12 Capital reduction of subsidiaries (Note 34(f)) Capital contribution to Yuanxiang Tianfu 46 — Capital contribution to Yuanxiang Tianyi 46 — Capital contribution to Yuanshu Yuanpin 31 — Capital contribution to Yuanshu Yuanjiu 31 — Transactions between the consolidated structured entities and the Company Distribution of profits from the consolidated structured entities to the Company 15,686 15,947 Notes: (i) On 31 December 2021, the Company and CLIC renewed an insurance agency agreement, effective from 1 January 2022 to 31 December 2024. The Company performs its duties as insurance agent in accordance with the agreement, but does not acquire any rights and profits or assume any obligations, losses and risks as an insurer of the non-transferable (ii.a) In December 2018, CLIC renewed an asset management agreement with AMC, entrusting AMC to manage and make investments for its insurance funds. The agreement is effective from 1 January 2019 to 31 December 2021. In July 2020, CLIC revised the asset management agreement with AMC, effective from 1 July 2020 to 31 December 2022. In accordance with the agreement and the revision, CLIC paid AMC a basic service fee at the rate of 0.08% per annum for the management of insurance funds. The service fee was calculated on a monthly basis and payable on a quarterly basis, by multiplying the average book value of the assets under management (after deducting the funds and interests of positive repurchase transactions and deducting the principal and interests of debt and equity investment schemes, project asset-backed schemes and customised non-standard non-standard (ii.b) In 2018, CL Overseas renewed an investment management agreement with AMC HK, effective from 1 January 2018 to 31 December 2022. In accordance with the agreement, CL Overseas entrusted AMC HK to manage and make investments for its insurance funds and paid AMC HK a basic investment management fee and an investment performance fee. The basic investment management fee was accrued by multiplying the weighted average total funds by the basic fee rate. The investment performance fee was calculated based on the difference between the total actual annual yields and predetermined net realised yield. The basic investment management fee was calculated and payable on a semi-annual basis. The investment performance fee was payable according to the total actual annual yield at the end of each year. (ii.c) On 10 February 2021, CLP&C renewed an agreement for the management of insurance funds with AMC, entrusting AMC to manage and make investments for its insurance funds, effective from 1 January 2021 to 31 December 2023. In accordance with the agreement, CLP&C paid AMC a fixed service fee and a variable service fee. The fixed service fee was calculated on a monthly basis and payable on an annual basis, by multiplying the average net asset value of assets of each category under management at the beginning and the end of any given month by the responding annual investment management fee rate, divided by 12. The variable service fee was payable on an annual basis, and linked to investment performance. (ii.d) On 27 December 2021, the Company and CLI renewed an operation and management agreement of alternative investment of insurance funds, effective from 1 January 2022 to 31 December 2023. The agreement shall be automatically renewed for one year unless either party gives written notice to the other party not to renew it 90 business days prior to the expiration of this agreement. In accordance with the agreement, the Company entrusted CLI to engage in investment, operation and management of non-standard non-fixed-income (ii.e) On 28 December 2018, the Company and AMC renewed the agreement for the management of insurance funds, effective from (ii.f) On 29 December 2021, the Company and AMC HK renewed the management agreement of insurance funds investment, which is effective from 1 January 2022 to 31 December 2024. In accordance with the agreement, the Company entrusted AMC HK to manage and make investments for its insurance funds and paid AMC HK an asset management fee on a semi-annual basis. The management fee is determined by market-oriented pricing, and the maximum investment management fee paid annually is RMB30 million. Asset management fees charged to the Company by AMC HK are eliminated in the consolidated statement of comprehensive income. (iii) On 31 January 2018, CLP&C and the Company signed an insurance agency framework agreement, whereby CLP&C entrusted the Company to act as an agent to sell designated P&C insurance products in certain authorised jurisdictions. The agency fee was determined based on cost (tax included) plus a margin. The agreement is effective for three years, from 8 March 2018 to 7 March 2021. On 20 February 2021, CLP&C and the Company renewed the agreement, effective for two years, from 8 March 2021 to CLP&C and CL Sales signed the Strategic Cooperation Agreement on 22 July 2019. According to the agreement, CL Sales, as an agent of insurance products, provides intermediary services for CLP&C. The two parties determine the specific commissions and the standard of sales management fee through fair negotiation, based on the local market price and the paid- in premium which exclude value-added tax and deducte the premium from batch reduction. This agreement is valid for three years, from 22 July 2019 to 21 July 2022. (iv) On 19 October 2018, the Company and CGB renewed an insurance agency agreement to distribute insurance products. All individual insurance products suitable for distribution through bancassurance channels are included in the agreement. CGB provides agency services, including the sale of insurance products, collecting premiums and paying benefits. The Company paid the agency commission by multiplying the net amount of total premiums received from the sale of each category individual insurance products after deducting the surrender premiums in the hesitation period, by the responding fixed commission rate. The commission rates for various insurance products sold by CGB are agreed based on arm’s length transactions. The commissions are payable on a monthly basis. The agreement was effective from the signing date to 16 August 2020. On 22 August 2020, the Company and CGB renewed an insurance agency agreement to distribute insurance products, effective from the signing date to 22 August 2022. On 19 August 2022, the Company and CGB signed an insurance part-time agency business cooperation agreement, effective from the signing date to 31 December 2022. On 27 December 2021, the Company and CGB renewed another insurance agency agreement to distribute corporate group insurance products. The corporate group insurance products suitable for distribution through bancassurance channels are included in the agreement. The Company paid the agency commission by multiplying the net amount of total premiums received from the sale of each category group insurance product after deducting the surrender premiums, by the responding fixed commission rate. The commission rates for various insurance products sold by CGB are agreed by reference to comparable market prices of independent third-parties. The commissions are paid on a monthly basis. The agreement is effective for one years from 1 January 2022, with an automatic one-year (v) On 29 December 2021, the Company and Pension Company renewed an entrusted sales service agreement for pension business acted by life business. The agreement is effective from 1 January 2022 to 31 December 2024. The business means that Pension Company entrusted the Company to cooperate in selling enterprise annuity funds, pension security business, occupational pension business and the third-pillar pension financial business. According to the agreement, the commissions for the cooperative service of enterprise annuity fund management, which is the core business of Pension Company, are calculated at 50% to 70% of the annual entrusting management fee revenues, depending on the duration of the agreement. The commissions for cooperative account management service are calculated at 60% of the first year’s account management fee and were only charged for the first year, regardless of the duration of the agreement. The commissions for cooperative investment management services, in accordance with the duration of the agreement, are calculated at 35% to 60% of the annual investment management fee (excluding risk reserves for investment). For pension security business, the commissions of the group pension plan are, in accordance with the duration of the contracts, calculated at 50% to 3% of the annual investment management fee, decreasing annually; the commissions of the personal pension plan are calculated at 30% to 50% of the annual investment management fee according to the various rates of the daily management fee applied to the various individual pension management products in all of the management years; the cooperative commissions of occupation annuity and third-pillar pension financial business should be determined by both parties on a separate occasion. The commissions charged to Pension Company by the Company are eliminated in the consolidated statement of comprehensive income of the Group. (vi) On 31 December 2021, the Company and CLHI renewed an aged-care projects management service agreement, effective from (vii) These transactions constitute continuing connected transactions which are subject to reporting and announcement requirements but are exempt from independent shareholders’ approval requirements under Chapter 14A of the Listing Rules. The Company has complied with the disclosure requirements in accordance with Chapter 14A of the Listing Rules. (h) Amounts due from/to significant related parties The following table summarises the balances due from and to significant related parties. The balances of the Group are all unsecured. The balances of the Group are non-interest-bearing As at 31 December 2022 As at 31 December 2021 RMB million RMB million The resulting balances due from and to significant related parties of the Group Amount due from CLIC 539 342 Amount due from CL Overseas 118 59 Amount due from CLP&C 293 258 Amount due to CLP&C (53 ) (17 ) Amount due from CLI 5 51 Amount due to CLI (528 ) (445 ) Amount due from CLRE 4 2 Amount due to CLHI (61 ) (40 ) Amount deposited with CGB 57,904 69,148 Wealth management products and other financial instruments of CGB 8,027 8,384 Amount due from CGB 761 9,138 Amount due to CGB (66 ) (80 ) Debt securities of Sino-Ocean 648 356 Amount due from Sino-Ocean 4 7 Amount due from CL Ecommerce 4 3 Amount due to CL Ecommerce (29 ) (15 ) The resulting balances due from and to subsidiaries of the Company Amount due from CL Hotel Investors ,L.P. 6,137 — Amount due to AMC (782 ) (717 ) Amount due to AMC HK (7 ) (8 ) Amount due from Pension Company 43 46 Amount due to Pension Company (123 ) (114 ) Amount due from Rui Chong Company 274 604 (i) Key management personnel compensation For the year ended 31 December 2022 2021 RMB million RMB million Salaries and other benefits 21 33 The total compensation package for the Company’s key management personnel has not yet been finalised in accordance with regulations of the relevant PRC authorities. The compensation listed above is the tentative payment. Under IAS 24 Related Party Disclosures As at 31 December 2022, most of the bank deposits of the Group were with state-owned banks; the issuers of corporate bonds and subordinated bonds held by the Group were mainly state-owned enterprises. For the year ended 31 December 2022, a large portion of group insurance business of the Group were with state-owned enterprises; the majority of bancassurance commission charges were paid to state-owned banks and postal offices; and the majority of the reinsurance agreements of the Group were entered into with a state-owned reinsurance company. |
Share Capital and Reserves
Share Capital and Reserves | 12 Months Ended |
Dec. 31, 2022 | |
Share capital [member] | |
Statement [line items] | |
Share Capital and Reserves | 35 SHARE CAPITAL As at 31 December 2022 As at 31 December 2021 No. of shares RMB million No. of shares RMB million Registered, authorised, issued and fully paid Ordinary shares of RMB1 each 28,264,705,000 28,265 28,264,705,000 28,265 As at 31 December 2022, the Company’s share capital was as follows: As at 31 December 2022 No. of shares RMB million Owned by CLIC (i) 19,323,530,000 19,324 Owned by other equity holders 8,941,175,000 8,941 Including: domestic listed 1,500,000,000 1,500 overseas listed (ii) 7,441,175,000 7,441 Total 28,264,705,000 28,265 (i) All shares owned by CLIC are domestic listed shares. (ii) Overseas listed shares are traded on the Stock Exchange of Hong Kong Limited and the New York Stock Exchange. |
Reserves [member] | |
Statement [line items] | |
Share Capital and Reserves | 36 RESERVES Share Other reserves Unrealised gains/ (losses) from available- for-sale Other Statutory Discretionary fund General Exchange Other non-reclassifiable equity method Total RMB million RMB million RMB million RMB million RMB million RMB million RMB million RMB million RMB million RMB million (a) (b) (c) As at 1 January 2020 53,905 1,848 28,594 756 40,516 34,645 37,888 (24 ) (162 ) 197,966 Other comprehensive income for the year — — 25,674 646 — — — (965 ) 344 25,699 Appropriation to reserves — — — — 5,009 5,857 5,159 — — 16,025 Others — (1,055 ) — — — — — — — (1,055 ) As at 31 December 2020 53,905 793 54,268 1,402 45,525 40,502 43,047 (989 ) 182 238,635 As at 1 January 2021 53,905 793 54,268 1,402 45,525 40,502 43,047 (989 ) 182 238,635 Other comprehensive income for the year — — (5,349 ) 1,233 — — — (388 ) (104 ) (4,608 ) Appropriation to reserves — — — — 5,096 5,009 5,273 — — 15,378 Other comprehensive income to retained earnings — — — — — — — — 45 45 Others — 305 — — — — — — — 305 As at 31 December 2021 53,905 1,098 48,919 2,635 50,621 45,511 48,320 (1,377 ) 123 249,755 As at 1 January 2022 53,905 1,098 48,919 2,635 50,621 45,511 48,320 (1,377 ) 123 249,755 Other comprehensive income for the year — — (51,627 ) (3,002 ) — — — 1,102 (1,625 ) (55,152 ) Appropriation to reserves — — — — 3,932 5,096 4,109 — — 13,137 Other comprehensive income to retained earnings — — — — — — — — (74 ) (74 ) Others — (1,450 ) — — — — — — — (1,450 ) As at 31 December 2022 53,905 (352 ) (2,708 ) (367 ) 54,553 50,607 52,429 (275 ) (1,576 ) 206,216 (a) Pursuant to the relevant PRC laws, the Company appropriated 10% of its net profit under Chinese Accounting Standards (“CAS”) to statutory reserve which amounted to RMB3,932 million for the year ended 31 December 2022 (2021: RMB5,096 million, 2020: RMB5,009 million). (b) Approved at the Annual General Meeting in 29 June 2022, the Company appropriated RMB5,096 (c) Pursuant to “Financial Standards of Financial Enterprises - Implementation Guide” issued by the Ministry of Finance of the PRC on 30 March Under related PRC law, dividends may be paid only out of distributable profits. Any distributable profits that are not distributed in a given year are retained and available for distribution in the subsequent years. |
Notes to the Consolidated State
Notes to the Consolidated Statement of Cash Flows | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Notes to the Consolidated Statement of Cash Flows | 37 NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS Changes in liabilities arising from financing activities Interest-bearing Bonds Lease liabilities Securities sold under Other liability-payable to the Other liability- interest payable related Total RMB million RMB million RMB million RMB million RMB million RMB million RMB million At 1 January 2020 20,263 34,990 3,091 118,088 21,400 1,327 199,159 Changes from financing cash flows 531 — (1,618 ) 4,912 21,254 (3,639 ) 21,440 Foreign exchange movement (807 ) — — — — — (807 ) Changes arising from losing control of consolidated structured entities — — — (751 ) — — (751 ) New leases — — 1,156 — — — 1,156 Interest expense — 2 113 — — 3,632 3,747 Others — — (78 ) — — — (78 ) At 31 December 2020 19,987 34,992 2,664 122,249 42,654 1,320 223,866 At 1 January 2021 19,987 34,992 2,664 122,249 42,654 1,320 223,866 Changes from financing cash flows 105 — (1,517 ) 117,211 25,208 (6,461 ) 134,546 Foreign exchange movement (870 ) — — — — — (870 ) Changes arising from losing control of consolidated structured entities — — — (368 ) — — (368 ) New leases — — 1,086 — — — 1,086 Interest expense — 2 96 — — 5,500 5,598 Others — — (147 ) 354 — — 207 At 31 December 2021 19,222 34,994 2,182 239,446 67,862 359 364,065 Interest-bearing Bonds Lease liabilities Securities sold under Other liability-payable to the Other liability- interest payable related Total RMB million RMB million RMB million RMB million RMB million RMB million RMB million At 1 January 2022 19,222 34,994 2,182 239,446 67,862 359 364,065 Changes from financing cash flows (7,587 ) — (1,307 ) (90,711 ) 5,983 (5,073 ) (98,695 ) Foreign exchange movement 1,139 — — — — — 1,139 Changes arising from losing control of consolidated structured entities — — — — — — — New leases — — 817 — — — 817 Interest expense — 3 74 — — 4,786 4,863 Others — — (197 ) 223 — — 26 At 31 December 2022 12,774 34,997 1,569 148,958 73,845 72 272,215 |
Provisions and Contingencies
Provisions and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Provisions and Contingencies | 38 PROVISIONS AND CONTINGENCIES The following is a summary of the significant contingent liabilities: As at 31 December 2022 As at 31 December 2021 RMB million RMB million Pending lawsuits 531 506 The Group involves in certain lawsuits arising from the ordinary course of business. In order to accurately disclose the contingent liabilities for pending lawsuits, the Group analysed all pending lawsuits case by case at the end of each interim and annual reporting period. A provision will only be recognised if management determines, based on third-party legal advice, that the Group has present obligations and the settlement of which is expected to result in an outflow of the Group’s resources embodying economic benefits, and the amount of such obligations could be reasonably estimated. Otherwise, the Group will disclose the pending lawsuits as contingent liabilities. As at 31 December 2022 and 2021, the Group had other contingent liabilities but disclosure of such was not practical because the amounts of liabilities could not be reliably estimated and were not material in aggregate. |
Commitments
Commitments | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Commitments | 39 COMMITMENTS (a) Capital commitments The Group had the following capital commitments relating to property development projects and investments: As at 31 As at 31 RMB million RMB million Contracted, but not provided for Investments 91,727 94,770 Property, plant and equipment 1,408 1,528 Total 93,135 96,298 (b) Operating lease commitments As lessor, the future minimum rentals receivable under non-cancellable As at 31 As at 31 RMB million RMB million Not later than one year 893 781 Later than one year but not later than five years 1,478 1,296 Later than five years 160 142 Total 2,531 2,219 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Basis of preparation | 2.1 Basis of preparation The Group has prepared these consolidated financial statements in accordance with International Financial Reporting Standards (“IFRSs”), amendments to IFRSs and interpretations issued by the International Accounting Standards Board (“IASB”). These consolidated financial statements also comply with the applicable disclosure provisions of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”) and the applicable disclosure requirements of the Hong Kong Companies Ordinance. The Group has prepared the consolidated financial statements under the historical cost convention, except for financial assets and liabilities at fair value through profit or loss, available for sale securities, insurance contract liabilities and certain property, plant and equipment at deemed cost as part of the Restructuring process. The preparation of financial statements in compliance with IFRSs requires the use of certain critical accounting estimates. It also requires management to exercise its judgement in the process of applying the Group’s accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in Note 3. 2.1.1 New accounting standards and amendments adopted by the Group for the first time for the financial year beginning on 1 January 2022 Standards/Amendments Content Effective for annual periods Amendments to IFRS 3 Update Reference to the Conceptual Framework 1 January 2022 Amendments to IAS 16 Property, Plant and Equipment: Proceeds before intended use 1 January 2022 Amendments to IAS 37 Onerous Contracts – Cost of Fulfilling a Contract 1 January 2022 Annual improvements Annual Improvements to IFRS Standards 2018-2020 Cycle 1 January 2022 These amendments did not have any significant impact on the financial position and performance of the Group. 2.1.2 New accounting standards and amendments that are effective for the financial year ended 31 December 2022 but temporary exemption is applied by the Group Standards/Amendments Content Effective for annual periods IFRS 9 Financial Instruments 1 January 2018 IFRS 9 – Financial Instruments In July 2014, the IASB issued the final version of IFRS 9, bringing together all phases of the financial instruments project to replace IAS 39 and all previous versions of IFRS 9. The standard introduces new requirements for classification and measurement, impairment, and hedge accounting. IFRS 9 is effective for annual periods beginning on or after 1 January 2018, with early adoption permitted. Based on the current assessment, the Group expects that the adoption of IFRS 9 will have a significant impact on the consolidated financial statements. The Group has adopted the temporary exemption permitted in the Amendments to IFRS 4 Applying IFRS 9 Financial Instruments with IFRS 4 Insurance Contracts (“IFRS 4 Amendment”) to apply IAS 39 rather than IFRS 9, until the effective date of IFRS 17. Refer to Note 33 for more details. Classification and measurement IFRS 9 requires that the Group classifies debt instruments based on the combined effect of application of business models (hold to collect contractual cash flows, hold to collect contractual cash flows and sell financial assets or other business models) and contractual cash flow characteristics (solely payments of principal and interest on the principal amount outstanding or not). Debt instruments not giving rise to cash flows that are solely payments of principal and interest on the principal amount outstanding would be measured at fair value through profit or loss. Other debt instruments giving rise to cash flows that are solely payments of principal and interest on the principal amount outstanding would be measured at amortised cost, fair value through other comprehensive income (“FVOCI”) or fair value through profit or loss, based on their respective business models. The Group analysed the contractual cash flow characteristics of financial assets as at 31 December 2022 and made relevant disclosures in Note 33. Equity instruments would generally be measured at fair value through profit or loss unless the Group elects to measure at FVOCI for certain equity investments not held for trading. This will result in unrealised gains and losses on equity instruments currently classified as available-for-sale The Group expects the presentation using IFRS 9 to result in an increase in financial assets measured at fair value at 1 January 2023, which will be more exposed to capital market fluctuations. Impairment IFRS 9 replaces the “incurred loss” model with the “expected credit loss” model which is designed to include forward-looking information. The Group expects that the provision for debt instruments of the Group under the “expected credit loss” model would be larger than that under the previous “incurred loss” model. Hedge accounting The Group does not apply the hedge accounting currently, so the Group expects that the new hedge accounting model under IFRS 9 will have no impact on the Group’s consolidated financial statements. The Group will adopt IFRS 9 on 1 January 2023.The classification and measurement and impairment requirements are applied retrospectively by adjusting the opening balance sheet at the date of initial application, with no requirement to restate comparative periods. The Group does not intend to restate comparatives. 2.1.3 New accounting standards and amendments that are not yet effective and have not been early adopted by the Group for the financial year beginning on 1 January 2022 Standards/Amendments Content Effective for annual periods IFRS 17 Insurance Contracts 1 January 2023 Amendments to IAS 12 Deferred Tax related to Assets and Liabilities arising from a Single Transaction 1 January 2023 Amendments to IAS 1 and IFRS Practice Statement 2 Disclosure of Accounting Policies 1 January 2023 Amendments to IAS 8 Definition of Accounting Estimates 1 January 2023 Amendments to IAS 1 Classification of Liabilities as Current or Non-current 1 January 2024 Amendments to IAS 1 Non-current 1 January 2024 Amendments to IFRS 16 Lease Liability in a Sale and Leaseback 1 January 2024 Amendments to IFRS 10 and IAS 28 Amendments Sale or Contribution of Assets between an Investor and its Associate or Joint Venture No mandatory effective date yet determined but available for adoption The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. IFRS 17 – Insurance Contracts In May 2017, the IASB issued IFRS 17 Insurance Contracts, a comprehensive new accounting standard for insurance contracts covering recognition, measurement, presentation and disclosure, which replaces IFRS 4 Insurance Contracts. In June 2020, the IASB issued the amendments to IFRS 17 which include a deferral of the effective date of IFRS 17 to annual reporting periods beginning on or after 1 January 2023. Insurers qualifying for the deferral of IFRS 9 can apply both IFRS 17 and IFRS 9 for the first time to annual reporting periods beginning on or after 1 January 2023. The Group will adopt IFRS 17 for the preparation and disclosure of financial reports on 1 January 2023. The expected impact on the Group’s shareholders’ equity at 1 January 2023 is mainly due to these changes in IFRS 17 compared to IFRS 4, as follows: • It provides a comprehensive general model for insurance contracts, and the measurement is based on the building blocks of discounted, probability-weighted cash flows, a risk adjustment and a contractual service margin representing the unearned profit of the contract. It also provides the variable fee approach for insurance contracts with direct participation features and the premium allocation approach mainly for short-duration; • The fulfilment cash flows include the expected present value of future cash flows and explicit risk adjustment, remeasured every reporting period; • A contractual service margin represents the unearned profitability of the insurance contracts and is recognised in profit or loss over the coverage period; • Certain changes in the fulfilment cash flows relating to future service adjusts the carrying amount of the contractual service margin at the end of the reporting period, and thereby will be recognised in profit or loss over the remaining coverage period; • The discount rate assumption is determined based on observable current market situation that reflect the characteristics of the insurance contract. The effect of changes in discount rates will be reported in either profit or loss or OCI, determined by an accounting policy choice; • The recognition of insurance revenue and insurance service expenses in the statement of comprehensive income based on the concept of services provided during the period; • Amounts that the entity will repay to policyholders, regardless of whether an insured event occurs (non-distinct investment components) are not presented in the statement of comprehensive income, but are recognised directly in the statement of financial position; • Variable fee approach should be adopted for insurance contracts with direct participation features where policyholders share in the returns from underlying items. When applying the variable fee approach, the entity’s share of the fair value changes of the underlying items is included in the CSM; • An entity may simplify the measurement of a group of insurance contracts using the premium allocation approach if and only if the entity reasonably expects that such simplification would produce a measurement of the liability for remaining coverage for the group that would not differ materially from the one that would be produced applying the general model or the coverage period of each contract in the group is one year or less at the inception of the group; • Insurance revenue, insurance service expenses and insurance finance income and expenses are presented separately; • Extensive disclosures to provide information on the recognised amounts from insurance contracts and the nature and extent of risks arising from these contracts. For insurance contracts with accounting treatments that are inconsistent with the provisions of IFRS 17 prior to 1 January 2022, the Group will adopt retrospective approach. When full retrospective approach is impracticable, the Group will adopt modified retrospective approach or fair value approach. Except for IFRS 17, there are no other new accounting standards, amendments or IFRIC interpretations that are not yet effective but would be expected to have a significant impact on the financial position and performance of the Group. |
Consolidation | 2.2 Consolidation The consolidated financial statements include the financial statements of the Company and its subsidiaries for the year ended 31 December 2022. Subsidiaries are those entities which are controlled by the Group (including the structured entities controlled by the Group). Control is achieved when the Group is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Group controls an investee if and only if the Group has: • power over the investee (i.e., existing rights that give it the current ability to direct the relevant activities of the investee); • exposure, or rights, to variable returns from its involvement with the investee; and • the ability to use its power over the investee to affect its returns. When the Group has less than a majority of the voting or similar rights of an investee, the Group considers all relevant facts and circumstances in assessing whether it has power over an investee, including: • the contractual arrangement with the other vote holders of the investee; • rights arising from other contractual arrangements; and • the Group’s voting rights and potential voting rights. The Group re-assesses Profit or loss and each component of OCI are attributed to the equity holders of the Company and to the non-controlling non-controlling A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction. If the Group loses control over a subsidiary, it: • derecognises the assets (including goodwill) and liabilities of the subsidiary; • derecognises the carrying amount of any non-controlling • derecognises the cumulative translation differences recorded in equity; • recognises the fair value of the consideration received; • recognises the fair value of any investment retained; • recognises any surplus or deficit in profit or loss; and • reclassifies the Group’s share of components previously recognised in OCI to profit or loss or retained earnings, as appropriate, as if the Group had directly disposed of the related assets or liabilities. The consolidated financial statements incorporate the financial statements of the combining entities or businesses in business combination under common control as if they had been combined from the date when the combining entities or businesses first came under the control of the ultimate holding company. The net assets of the combining entities or businesses are consolidated using the carrying amount from the ultimate holding company’s perspective. No amount is recognised for goodwill or excess of the Group’s interest in the book value of the net assets over cost at the time of the common control combination, to the extent of the continuation of the ultimate holding company’s interest. The consolidated statement of comprehensive income includes the results of each of the combining entities or businesses from the earliest date presented or since the date when the combining entities or businesses first came under common control, where this is a shorter period, regardless of the date of the common control combination. The comparative financial data have been restated to reflect the business combinations under common control occurred during this year. Transaction costs, including professional fees, registration fees, costs of furnishing information to shareholders, costs or losses incurred in combining operations of the previously separate businesses and other costs incurred in relation to the common control combination that is to be accounted for by using the merger accounting method are recognised as expenses in the period in which they are incurred. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group, other than common control combinations. The consideration transferred for the acquisition of a subsidiary is the fair value of the assets transferred, the liabilities incurred and the equity interest issued by the Group. The consideration transferred includes the fair value of any asset or liability resulting from a contingent consideration arrangement. Acquisition-related costs are expensed as incurred. Identifiable assets acquired, and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair value at the acquisition date. On an acquisition-by-acquisition non-controlling non-controlling The excess of the aggregate of the consideration transferred, the fair value of any non-controlling re-assesses re-assessment The investments in subsidiaries are accounted for only in the Company’s statement of financial position at cost less impairment. Cost is adjusted to reflect changes in consideration arising from contingent consideration amendments. Cost also includes direct attributable costs of investment. The results of subsidiaries are accounted for by the Company on the basis of dividends received and receivable. Transactions with non-controlling The Group treats transactions with non-controlling non-controlling non-controlling When the Group ceases to have control or significant influence, any retained interest in the entity is re-measured If the ownership interest in an associate is reduced but significant influence is retained, only a proportionate share of the amounts previously recognised in OCI is reclassified to profit or loss as appropriate. |
Associates and joint ventures | 2.3 Associates and joint ventures Associates are entities over which the Group has significant influence, generally accompanying a shareholding of between 20% and 50% of the voting rights of the investee. Significant influence is the power to participate in the financial and operating policy decisions of the investee, but is not control or joint control over those policies. Joint ventures are the type of joint arrangements whereby the parties that have joint control of the arrangement have rights to the net assets of the joint venture. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Investments in associates and joint ventures are accounted for using the equity method of accounting and are initially recognised at cost. The Group’s share of post-acquisition profit or loss of its associates and joint ventures is recognised in net profit, and its share of post-acquisition movements in OCI is recognised in the consolidated statement of comprehensive income. The cumulative post-acquisition movements are adjusted against the carrying amount of the investment. When the Group’s share of losses in an associate or joint venture equals or exceeds its interest in the associate or joint venture, including any other unsecured receivables, the Group does not recognise further losses unless it has obligations to make payments on behalf of the associate or joint venture. Unrealised gains on transactions between the Group and its associates or joint ventures are eliminated to the extent of the Group’s interests in the associates or joint ventures. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. Associates and joint ventures’ accounting policies have been changed where necessary to ensure consistency with the policies adopted by the Group. Goodwill represents the excess of the cost of an acquisition over the fair value of the Group’s share of the net identifiable assets of acquired associates or joint ventures at the date of acquisition. Goodwill on acquisitions of associates and joint ventures is included in investments in associates and joint ventures and is tested for impairment as part of the overall balance. Impairment losses on goodwill are not reversed. Gains or losses on the disposal of an entity take into consideration the carrying amount of goodwill relating to the entity sold. The Group determines at each reporting date whether there is any objective evidence that the investments in associates and joint ventures are impaired. If this is the case, an impairment loss is recognised for the amount by which the investment’s carrying amount exceeds its recoverable amount. The recoverable amount is the higher of the investment’s fair value less costs of disposal and value in use. The impairment of investments in the associates and joint ventures is reviewed for possible reversal at each reporting date. The investments in associates and joint ventures are stated at cost less impairment in the Company’s statement of financial position. The results of associates and joint ventures are accounted for by the Company on the basis of dividends received and receivable. |
Segment reporting | 2.4 Segment reporting The Group’s operating segments are presented in a manner consistent with the internal management reporting provided to the operating decision maker - president office for deciding how to allocate resources and for assessing performance. Operating segment refers to the segment within the Group that satisfies the following conditions: i) the segment generates income and incurs costs from daily operating activities; ii) management evaluates the operating results of the segment to make resource allocation decision and to evaluate the business performance; and iii) the Group can obtain relevant financial information of the segment, including financial condition, operating results, cash flows and other financial performance indicators. |
Foreign currency translation | 2.5 Foreign currency translation The Company’s functional currency is RMB. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. The reporting currency of the consolidated financial statements of the Group is RMB. Transactions in foreign currencies are translated at the exchange rates ruling at the transaction dates. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rates ruling at the end of the reporting period. Exchange differences arising in these cases are recognised in net profit. |
Property, plant and equipment | 2.6 Property, plant and equipment Property, plant and equipment, are stated at historical costs less accumulated depreciation and any accumulated impairment losses, except for those acquired prior to 30 June 2003, which are stated at deemed cost less accumulated depreciation and any accumulated impairment losses. The historical costs of property, plant and equipment comprise its purchase price, including import duties and non-refundable Depreciation Depreciation is computed on a straight-line basis to write down the cost of each asset to its residual value over its estimated useful lives as follows: Estimated useful lives Buildings 15 to 35 years Office equipment, furniture and fixtures 3 to 11 years Motor vehicles 4 to 8 years Leasehold improvements Over the shorter of the remaining term of the lease and the useful lives The residual values, depreciation method and useful lives are reviewed periodically to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from items of property, plant and equipment. Assets under construction mainly represent buildings under construction, which are stated at cost less any impairment losses and are not depreciated, except for those acquired prior to 30 June 2003, which are stated at deemed cost less any accumulated impairment losses. Cost comprises the direct costs of construction and capitalised borrowing costs on related borrowed funds during the period of construction. Assets under construction are reclassified to the appropriate category of property, plant and equipment, investment properties or other assets when completed and ready for use. Impairment and gains or losses on disposals Property, plant and equipment are reviewed for impairment losses whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. An impairment loss is recognised in net profit for the amount by which the carrying amount of the asset exceeds its recoverable amount, which is the higher of an asset’s net selling price and value in use. The gain or loss on disposal of an item of property, plant and equipment is the difference between the net sales proceeds and the carrying amount of the relevant asset, and is recognised in net profit. |
Leases | 2.7 Leases At inception of a contract, the Group assesses whether the contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset for a period of a time, the Group assesses whether, throughout the period of use, the lessee has the right to obtain substantially all of the economic benefits from use of the identified asset and the right to direct the use of the identified asset. As a lessee Initial measurement At the commencement date of the lease, the Group recognises right-of-use low-value The lease term is the non-cancellable Subsequent measurement The Group applies the straight-line method in depreciating the right-of-use right-of-use right-of-use The Group uses a constant periodic rate of interest to calculate interest on the lease liability in each period during the lease term and recognises the interest in profit or loss. Variable lease payments not included in the measurement of the lease liability are recognised in profit or loss in the period in which the event or condition that triggers the payment occurs. After the commencement date of a lease, when there is a change in in-substance right-of-use right-of-use The Group assesses whether there is any indication that a right-of-use right-of-use right-of-use As a lessor At the commencement date of the lease, leases in which the Group does not transfer substantially all the risks and rewards incidental to ownership of an asset are classified as operating leases. Rental income arising is accounted for on a straight-line basis over the lease terms and is included in revenue in the statement of profit or loss. |
Investment properties | 2.8 Investment properties Investment properties are interests in land use rights and buildings that are held to earn rental income and/or for capital appreciation, rather than for the supply of services or for administrative purposes. Investment properties are measured initially at cost, including transaction costs. Subsequent to initial recognition, investment properties are stated at cost less accumulated depreciation and any impairment loss. Depreciation is computed on the straight-line basis over the estimated useful lives. The estimated useful lives of investment properties are 15 to 35 years. Overseas investment properties, that are held by the Group in the form of property ownership, equity investment, or other forms, have expected useful lives not longer than 50 years, determined based on the usage in their locations. The useful lives and depreciation method are reviewed periodically to ensure that the method and period of depreciation are consistent with the expected pattern of economic benefits from the individual investment properties. An investment property is derecognised when either it has been disposed of or when the investment property is permanently withdrawn from use and no future economic benefit is expected from its disposal. Any gains or losses on the retirement or disposal of an investment property are recognised in the statement of comprehensive income in the year of retirement or disposal. A transfer to, or from, an investment property is made when, and only when, there is evidence of a change in use. |
Financial assets | 2.9 Financial assets 2.9.a Classification The Group classifies its financial assets into the following categories: securities at fair value through profit or loss, held-to-maturity available-for-sale (i) Securities at fair value through profit or loss This category has two sub-categories: (ii) Held-to-maturity Held-to-maturity non-derivative available-for-sale (iii) Loans and receivables Loans and receivables are non-derivative available-for-sale. (iv) Available-for-sale Available-for-sale non-derivative 2.9.b Recognition and measurement Purchase and sale of investments are recognised on the trade date, when the Group commits to purchase or sell assets. Investments are initially recognised at fair value plus, in the case of all financial assets not carried at fair value through profit or loss, transaction costs that are directly attributable to their acquisition. Investments are derecognised when the rights to receive cash flows from the investments have expired or when they have been transferred and the Group has also transferred substantially all risks and rewards of ownership. Securities at fair value through profit or loss and available-for-sale Held-to-maturity available-for-sale available-for-sale available-for-sale Term deposits primarily represent traditional bank deposits which have fixed maturity dates and are stated at amortised cost. Loans are carried at amortised cost, net of allowance for impairment. The Group purchases securities under agreements to resell substantially identical securities. These agreements are classified as secured loans and are recorded at amortised cost, i.e., their costs plus accrued interests at the end of the reporting period, which approximates fair value. The amounts advanced under these agreements are reflected as assets in the consolidated statement of financial position. The Group does not take physical possession of securities purchased under agreements to resell. Sale or transfer of the securities is not permitted by the respective clearing house on which they are registered while the lent capital is outstanding. In the event of default by the counterparty, the Group has the right to the underlying securities held by the clearing house. 2.9.c Impairment of financial assets other than securities at fair value through profit or loss Financial assets other than those accounted for as at fair value through profit or loss are adjusted for impairment, where there are declines in value that are considered to be impaired. In evaluating whether a decline in value is an impairment for these financial assets, the Group considers several factors including, but not limited to, the following: • significant financial difficulty of the issuer or debtor; • a breach of contract, such as a default or delinquency in payments; • it becomes probable that the issuer or debtor will enter into bankruptcy or other financial reorganisation; and • the disappearance of an active market for that financial asset because of financial difficulties. In evaluating whether a decline in value is impairment for equity securities, the Group also considers the extent or the duration of the decline. The quantitative factors include the following: • the market price of the equity securities was more than 50% below their cost at the reporting date; • the market price of the equity securities was more than 20% below their cost for a period of at least six months at the reporting date; and • the market price of the equity securities was below their cost for a period of more than one year (including one year) at the reporting date. When the decline in value is considered impairment, held-to-maturity available-for-sale |
Fair value measurement | 2.10 Fair value measurement The Group measures financial instruments, such as securities at fair value through profit or loss and available-for-sale • in the principal market for the asset or liability, or • in the absence of a principal market, in the most advantageous market for the asset or liability. The principal or the most advantageous market must be accessible by the Group at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorised within the fair value hierarchy, described in Notes 4.4, 8 and 11 based on the lowest level input that is significant to the fair value measurement as a whole. For assets and liabilities that are measured at fair value on a recurring basis, the Group determines whether transfers have occurred between each level in the hierarchy by re-assessing |
Cash and cash equivalents | 2.11 Cash and cash equivalents Cash amounts represent cash on hand and demand deposits. Cash equivalents are short-term, highly liquid investments with original maturities of 90 days or less, whose carrying value approximates fair value. |
Insurance contracts and investment contracts | 2.12 Insurance contracts and investment contracts 2.12.1 Classification The Group issues contracts that transfer insurance risk or financial risk or both. The contracts issued by the Group are classified as insurance contracts and investment contracts. Insurance contracts are those contracts that transfer significant insurance risk. They may also transfer financial risk. Investment contracts are those contracts that transfer financial risk without significant insurance risk. A number of insurance and investment contracts contain a discretionary participating feature (“DPF”). This feature entitles the policyholders to receive additional benefits or bonuses that are, at least in part, at the discretion of the Group. 2.12.2 Insurance contracts 2.12.2.a Recognition and measurement (i) Short-term insurance contracts Premiums from the sale of short duration accident and health insurance products are recorded when written and are accreted to earnings on a pro-rata The unearned premium reserve represents the portion of the premiums written net of certain acquisition costs relating to the unexpired terms of coverage. Reserves for claims and claim adjustment expenses consist of the reserves for reported and unreported claims and reserves for claims expenses with respect to insured events. In developing these reserves, the Group considers the nature and distribution of the risks, claims cost development, and experiences in deriving the reasonable estimated amount and the applicable margins. The methods used for reported and unreported claims include the case-by-case (ii) Long-term insurance contracts Long-term insurance contracts include whole life insurance, term life insurance, endowment insurance and annuity policies with significant life contingency risk. Premiums are recognised as revenue when due from policyholders. The Group uses the discounted cash flow method to estimate the reserve of long-term insurance contracts. The reserve of long-term insurance contracts consists of a reasonable estimate of liability, a risk margin and a residual margin. The long-term insurance contract liabilities are calculated using various assumptions, including assumptions on mortality rates, morbidity rates, lapse rates, discount rates, and expense assumptions, and based on the following principles: (a) The reasonable estimate of liability for long-term insurance contracts is the present value of reasonable estimates of future cash outflows less future cash inflows. The expected future cash inflows include cash inflows of future premiums arising from the undertaking of insurance obligations, with consideration of decrement mostly from death and surrenders. The expected future cash outflows are cash outflows incurred to fulfil contractual obligations, consisting of the following: • guaranteed benefits based on contractual terms, including payments for deaths, disabilities, diseases, survivals, maturities and surrenders; • additional non-guaranteed • reasonable expenses incurred to manage insurance contracts or to process claims, including maintenance expenses and claim settlement expenses. Future administration expenses are included in the maintenance expenses. Expenses are determined based on expense analysis with consideration of future inflation and the Group’s expense management control. On each reporting date, the Group reviews the assumptions for reasonable estimates of liability and risk margins, with consideration of all available information, taking into account the Group’s historical experience and expectation of future events. Changes in assumptions are recognised in net profit. Assumptions for the amortisation of residual margin are locked in at policy issuance and are not adjusted at each reporting date. (b) Margin has been taken into consideration while computing the reserve of insurance contracts, measured separately and recognised in net profit in each period over the life of the contracts. At the inception of the contracts, the Group does not recognise Day 1 gain, whereas on the other hand, Day 1 loss is recognised in net profit immediately. Margin comprises risk margin and residual margin. Risk margin is the reserve accrued to compensate for the uncertain amount and timing of future cash flows. At the inception of the contract, the residual margin is calculated net of certain acquisition costs, mainly consist of underwriting and policy acquisition costs, by the Group representing Day 1 gain and will be amortised over the life of the contracts. For insurance contracts of which future returns are affected by investment yields of corresponding investment portfolios, their related residual margins are amortised based on estimated future participating dividends payable to policyholders. For insurance contracts of which future returns are not affected by investment yields of corresponding investment portfolios, their related residual margins are amortised based on sum assured of outstanding policies. The subsequent measurement of the residual margin is independent from the reasonable estimate of future discounted cash flows and risk margin. The assumption changes have no effect on the subsequent measurement of the residual margin. (c) The Group has considered the impact of time value on the reserve calculation for insurance contracts. (iii) Universal life contracts and unit-linked contracts Universal life contracts and unit-linked contracts are unbundled into the following components: • insurance components • non-insurance The insurance components are accounted for as insurance contracts; and the non-insurance 2.12.2.b Liability adequacy test The Group assesses the adequacy of insurance contract reserves using the current estimate of future cash flows with available information at the end of each reporting period. If that assessment shows that the carrying amount of its insurance liabilities (less related intangible assets, if applicable) is inadequate in light of the estimated future cash flows, the insurance contract reserves will be adjusted accordingly, and any changes of the insurance contract liabilities will be recognised in net profit. 2.12.2.c Reinsurance contracts held Contracts with reinsurers under which the Group is compensated for losses on one or more contracts issued by the Group and that meet the classification requirements for insurance contracts are classified as reinsurance contracts held. Contracts with reinsurers that do not meet these classification requirements are classified as financial assets. Insurance contracts entered into by the Group under which the contract holder is another insurer (inwards reinsurance) are included with insurance contracts. The benefits to which the Group is entitled under its reinsurance contracts held are recognised as reinsurance assets. Amounts recoverable from or due to reinsurers are measured consistently with the amounts associated with the reinsured insurance contracts and in accordance with the terms of each reinsurance contract. Reinsurance liabilities are primarily premiums payable for reinsurance contracts and are recognised as expenses when due. The Group assesses its reinsurance assets for impairment as at the end of reporting period. If there is objective evidence that the reinsurance asset is impaired, the Group reduces the carrying amount of the reinsurance asset to its recoverable amount and recognises that impairment loss in net profit. 2.12.3 Investment contracts For investment contracts with or without DPF, the Company’s policy fee income mainly consists of acquisition cost and various fees (handling fees and management fees, etc.) over the period of which the service is provided. Policy fee income net of certain acquisition cost is amortised over the expected life of the contracts by period and recognised in revenue. Except for unit-linked contracts, of which the liabilities are carried at fair value, the liabilities of investment contracts are carried at amortised cost. 2.12.4 DPF in long-term insurance contracts and investment contracts DPF is contained in certain long-term insurance contracts and investment contracts. These contracts are collectively called participating contracts. The Group is obligated to pay to the policyholders of participating contracts as a group at the higher of 70% of accumulated surplus available and the rate specified in the contracts. The accumulated surplus available mainly arises from net investment income and gains and losses arising from the assets supporting these contracts. To the extent unrealised gains or losses from available-for-sale |
Financial liabilities at fair value through profit or loss | 2.13 Financial liabilities at fair value through profit or loss Financial liabilities at fair value through profit or loss are the portions owned by the external investors in the consolidated structured entities (open-ended funds). Such financial liabilities are designated at fair value upon initial recognition, and all realised or unrealised gains or losses are recognised in net profit. |
Securities sold under agreements to repurchase | 2.14 Securities sold under agreements to repurchase The Group retains substantially all the risk and rewards of ownership of securities sold under agreements to repurchase which generally mature within 180 days from the transaction date. Therefore, securities sold under agreements to repurchase are classified as secured borrowings. The Group may be required to provide additional collateral based on the fair value of the underlying securities. Securities sold under agreements to repurchase are recorded at amortised cost, i.e., their cost plus accrued interest at the end of the reporting period. It is the Group’s policy to maintain effective control over securities sold under agreements to repurchase which includes maintaining physical possession of the securities. Accordingly, such securities continue to be carried on the consolidated statement of financial position. |
Bonds payable | 2.15 Bonds payable Bonds payable are initially recognised at fair value and subsequently measured at amortised cost using the effective interest rate method. Amortised cost is calculated by taking into account any discount or premium at acquisition and transaction costs. |
Derivative instruments | 2.16 Derivative instruments Derivatives are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured Embedded derivatives that are not closely related to their host contracts and meet the definition of a derivative are separated and fair valued through profit or loss. The Group does not separately measure embedded derivatives that meet the definition of an insurance contract or embedded derivatives that are closely related to host insurance contracts including embedded options to surrender insurance contracts for a fixed amount (or an amount based on a fixed amount and an interest rate). |
Employee benefits | 2.17 Employee benefits Pension benefits Full-time employees of the Group are covered by various government-sponsored pension plans, under which the employees are entitled to a monthly pension based on certain formulae. These government agencies are responsible for the pension liability to these employees upon retirement. The Group contributes on a monthly basis to these pension plans for full-time employees. All contributions made under the government-sponsored pension plans described above are fully attributable to employees at the time of the payment and the Group is unable to forfeit any amounts contributed by it to such plans. In addition to the government-sponsored pension plans, the Group established an employee annuity fund plan pursuant to the relevant laws and regulations in the PRC, whereby the Group is required to contribute to the plan at fixed rates of the employees’ salary costs. Contributions made by the Group under the annuity fund plan that is forfeited in respect of those employees who resign from their positions prior to the full vesting of the contributions will be recorded in the public account of the annuity fund and shall not be used to offset any contributions to be made by the Group in the future. All funds in the public account will be attributed to the employees whose accounts are in normal status after the approval procedures are completed as required. Under these plans, the Group has no legal or constructive obligation for retirement benefit beyond the contributions made. Housing benefits All full-time employees of the Group are entitled to participate in various government-sponsored housing funds. The Group contributes on a monthly basis to these funds based on certain percentages of the salaries of the employees. The Group’s liability in respect of these funds is limited to the contributions payable in each year. Stock appreciation rights Compensation under the stock appreciation rights is measured based on the fair value of the liabilities incurred and is expensed over the vesting period. Valuation techniques including option pricing models are used to estimate fair value of relevant liabilities. The liability is re-measured |
Share capital | 2.18 Share capital Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of equity instruments are shown in equity as a deduction, net of tax, from the proceeds. |
Revenue recognition | 2.19 Revenue recognition Turnover of the Group represents the total revenues which include the following: Premiums Premiums from long-term insurance contracts are recognised as revenue when due from the policyholders. Premiums from the sale of short duration accident and health insurance products are recorded when written and are accreted to earnings on a pro-rata Policy fee income The policy fee income for investment contracts mainly consists of acquisition costs and various fees (handling fees and management fees, etc.) over the period of which the service is provided. Policy fee income net of certain acquisition costs is amortised over the expected life of the contracts and recognised as other income. Investment income Investment income comprises interest income from term deposits, cash and cash equivalents, debt securities, securities purchased under agreements to resell, loans and dividend income from equity securities. Interest income is recorded on an accrual basis using the effective interest rate method. Dividend income is recognised when the right to receive dividend payment is established. |
Finance costs | 2.20 Finance costs Interest expenses for bonds payable, securities sold under agreements to repurchase, interest-bearing loans, borrowings and lease liabilities are recognised within finance costs in net profit using the effective interest rate method. |
Current and deferred income taxation | 2.21 Current and deferred income taxation Income tax expense for the period comprises current and deferred tax. Income tax is recognised in net profit, except to the extent that it relates to items recognised directly in OCI where the income tax is recognised in OCI. Current income tax assets and liabilities for the current period are calculated on the basis of the tax laws enacted or substantively enacted at the end of each reporting period in the jurisdictions where the Company and its subsidiaries operate and generate taxable income. Management periodically evaluates positions taken with respect to situations in which applicable tax regulations are subject to interpretation. Deferred income tax is recognised, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Substantively enacted tax rates are used in the determination of deferred income tax. Deferred income tax is provided on temporary differences arising on investments in subsidiaries, associates and joint ventures except where the timing of the reversal of the temporary difference can be controlled and it is probable that the temporary difference will not be reversed in the foreseeable future. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Conversely, previously unrecognised deferred tax assets are reassessed by the end of each reporting period and are recognised to the extent that it is probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the end of the reporting period. Deferred tax assets and deferred tax liabilities are offset if and only if the Group has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income tax levied by the same taxation authority on either the same taxable entity or different taxable entities which intend either to settle current tax liabilities and assets on a net basis, or to realise the assets and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax liabilities or assets are expected to be settled or recovered. |
Provisions and contingencies | 2.22 Provisions and contingencies Provisions are recognised when the Group has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount has been reliably estimated. Provisions are not recognised for future operating losses. A contingent liability is a possible obligation that arises from past events and whose existence will only be confirmed by the occurrence or non-occurrence A contingent liability is not recognised in the consolidated statement of financial position but is disclosed in the notes to the consolidated financial statements. When a change in the probability of an outflow occurs so that such outflow is probable and can be reliably measured, it will then be recognised as a provision. |
Dividend distribution | 2.23 Dividend distribution Dividend distribution to the Company’s equity holders is recognised as a liability in the Group’s consolidated financial statements in the year in which the dividends are approved by the Company’s equity holders. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Estimated Useful Lives for Depreciation Purposes of Property, Plant and Equipment | Depreciation is computed on a straight-line basis to write down the cost of each asset to its residual value over its estimated useful lives as follows: Estimated useful lives Buildings 15 to 35 years Office equipment, furniture and fixtures 3 to 11 years Motor vehicles 4 to 8 years Leasehold improvements Over the shorter of the remaining term of the lease and the useful lives |
Risk Management (Tables)
Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement [line items] | |
Major Products of Long-term Insurance Contracts | The table below presents the Group’s major products of long-term insurance contracts: Product name For the year ended 31 December 2022 2021 RMB million % RMB million % Premiums of long-term insurance contracts Xin Xiang Zhi Zun Annuity (Celebration Version) (a) 39,846 7.37 % 40,851 7.52 % Kang Ning Whole Life (b) 13,247 2.45 % 15,430 2.84 % Fu Lu Shuang Xi Participating Endowment (c) 9,379 1.73 % 11,190 2.06 % Xin Ru Yi Annuity(Platinum Version) (d) 8,545 1.58 % 8,781 1.62 % Hong Ying Participating Endowment (e) 31 0.01 % 66 0.01 % Others(f) 469,878 86.86 % 466,656 85.95 % Total 540,926 100.00 % 542,974 100.00 % Insurance benefits of long-term insurance contracts Xin Xiang Zhi Zun Annuity (Celebration Version) (a) 109 0.13 % 67 0.08 % Kang Ning Whole Life (b) 5,453 6.27 % 5,653 6.70 % Fu Lu Shuang Xi Participating Endowment (c) 3,800 4.37 % 3,061 3.63 % Xin Ru Yi Annuity(Platinum Version) (d) 3,391 3.90 % 3,473 4.11 % Hong Ying Participating Endowment (e) 7,581 8.72 % 10,315 12.22 % Others(f) 66,630 76.61 % 61,849 73.26 % Total 86,964 100.00 % 84,418 100.00 % As at 31 December 2022 As at 31 December 2021 RMB million % RMB million % Liabilities of long-term insurance contracts Xin Xiang Zhi Zun Annuity (Celebration Version) (a) 116,400 3.03 % 73,283 2.17 % Kang Ning Whole Life (b) 386,218 10.06 % 365,246 10.81 % Fu Lu Shuang Xi Participating Endowment (c) 181,523 4.73 % 173,942 5.15 % Xin Ru Yi Annuity(Platinum Version) (d) 119,655 3.12 % 110,063 3.26 % Hong Ying Participating Endowment (e) 7,069 0.18 % 14,479 0.43 % Others(f) 3,030,034 78.88 % 2,642,590 78.18 % Total 3,840,899 100.00 % 3,379,603 100.00 % (a) Xin Xiang Zhi Zun Annuity (Celebration Version) is an annuity insurance contract with the options for regular premium of 3 years and 5 years paid annually or monthly. Its insured period is 10 years. This product is applicable to healthy policyholders between 28-day-old 68-year-old. (b) Kang Ning Whole Life is a whole life insurance contract with the options for single premium or regular premium of 10 years or 20 years and the payment methods of insurance are divided into single payment, annual payment, and semi-annual payment. This product is applicable to healthy policyholders under 70-year-old. (c) Fu Lu Shuang Xi Participating Endowment is a participating insurance contract with the options for regular premium of 3 years, 5 years and 10 years paid annually, semiannually, quarterly or monthly. Its insured period extends from the effective date of the insurance contract to the corresponding date of the year when the policyholders turn 75-year-old. 30-day-old 60-year-old. (d) Xin Ru Yi Annuity (Platinum Version) is an annuity-type insurance contract with annual premium payment method and three types of premium payment periods: eighty 28 70 80 (e) Hong Ying Participating Endowment is a participating endowment insurance contract with the options for single premium or regular premium of 3 years, 5 years or 10 years. Its insured period can be 6 years, 10 years or 15 years. This product is applicable to healthy policyholders between 30-day-old 70-year-old. (f) Others consist of various long-term insurance contracts with no significant concentration. |
Claim Development for Short-term Insurance Contracts | The following table indicates the claim development for short-term insurance contracts without taking into account the impacts of ceded business: Estimated claims expenses Short-term insurance contracts (accident year) 2018 2019 2020 2021 2022 Total RMB Million Year end 40,601 49,727 52,589 56,938 54,497 1 year later 42,785 51,051 52,057 56,502 2 years later 41,945 50,972 51,597 3 years later 41,945 51,009 4 years later 41,945 Estimated accumulated claims expenses 41,945 51,009 51,597 56,502 54,497 255,550 Accumulated claims expenses paid (41,945 ) (50,494 ) (50,447 ) (52,985 ) (33,526 ) (229,397 ) Unpaid claims expenses — 515 1,150 3,517 20,971 26,153 The following table indicates the claim development for short-term insurance contracts taking into account the impacts of ceded business: Estimated claims expenses Short-term insurance contracts (accident year) 2018 2019 2020 2021 2022 Total RMB Million Year end 40,157 49,175 51,994 55,862 52,657 1 year later 42,280 50,414 51,260 54,985 2 years later 41,442 50,315 50,766 3 years later 41,442 50,340 4 years later 41,442 Estimated accumulated claims expenses 41,442 50,340 50,766 54,985 52,657 250,190 Accumulated claims expenses paid (41,442 ) (49,840 ) (49,648 ) (51,567 ) (32,276 ) (224,773 ) Unpaid claims expenses — 500 1,118 3,418 20,381 25,417 |
Summary of Primary Financial Assets and Financial Liabilities Denominated in Currencies other than RMB, Expressed in RMB Equivalent | The following table summarises primary financial assets and financial liabilities denominated in currencies other than RMB as at 31 December 2022 and 2021, expressed in RMB equivalent: As at 31 December 2022 US dollar HK dollar GB pound EUR Others Total Financial assets Equity securities - Available-for-sale 10,320 58,413 — — — 68,733 - Securities at fair value through profit or loss 4,501 614 394 1,212 874 7,595 Debt securities - Held-to-maturity 206 — — — — 206 - Loans 1,278 — — — — 1,278 - Available-for-sale 6,692 — — — — 6,692 - Securities at fair value through profit or loss 296 — 8 7 3 314 Term deposits 2,176 — — — — 2,176 Cash and cash equivalents 2,849 62 208 136 7 3,262 Total 28,318 59,089 610 1,355 884 90,256 Financial liabilities Interest-bearing loans and other borrowings 6,756 — 2,307 3,192 — 12,255 Total 6,756 — 2,307 3,192 — 12,255 As at 31 December 2021 US dollar HK dollar GB pound EUR Others Total Financial assets Equity securities - Available-for-sale 10,989 75,694 — — — 86,683 - Securities at fair value through profit or loss 4,776 897 391 1,433 927 8,424 Debt securities - Held-to-maturity 131 — — — — 131 - Loans 1,292 — — — — 1,292 - Available-for-sale 4,696 — — — — 4,696 - Securities at fair value through profit or loss 206 — 18 11 61 296 Term deposits 7,785 — — — — 7,785 Cash and cash equivalents 1,920 198 289 56 3 2,466 Total 31,795 76,789 698 1,500 991 111,773 Financial liabilities Interest-bearing loans and other borrowings 11,668 — 2,366 4,652 — 18,686 Total 11,668 — 2,366 4,652 — 18,686 |
Contractual and Expected Undiscounted Cash Flows for Financial Assets and Liabilities and Insurance Liabilities | The following tables set forth the contractual and expected undiscounted cash flows for financial assets and liabilities and insurance liabilities: Contractual and expected cash flows (undiscounted) As at 31 December 2022 Carrying value Without maturity Not later than 1 year Later than 1 year but not later than 3 years Later than 3 years but later than 5 years Later than 5 years RMB Million Financial assets Contractual cash inflows Equity securities 890,926 890,926 — — — — Debt securities 2,645,176 — 264,690 467,372 422,088 3,306,607 Loans 596,490 — 333,258 137,926 78,902 118,063 Term deposits 485,567 — 195,048 226,337 100,235 — Statutory deposits - restricted 6,333 — 4,063 988 1,718 — Securities purchased under agreements to resell 38,533 — 38,548 — — — Accrued investment income 52,451 — 52,161 290 — — Premiums receivable 19,697 — 19,697 — — — Cash and cash equivalents 127,594 — 127,594 — — — Subtotal 4,862,767 890,926 1,035,059 832,913 602,943 3,424,670 Financial and insurance liabilities Expected cash outflows Insurance contracts 3,880,160 — 51,224 13,060 (346,182 ) (6,164,768 ) Investment contracts 374,749 — (32,435 ) 48,028 117,116 (1,207,897 ) Contractual cash outflows Securities sold under agreements to repurchase 148,958 — (149,004 ) — — — Financial liabilities at fair value through profit or loss 3,344 (3,344 ) — — — — Annuity and other insurance balances payable 60,819 — (60,819 ) — — — Interest-bearing loans and other borrowings 12,774 — (3,675 ) (9,426 ) (97 ) (317 ) Bonds payable 34,997 — (328 ) (36,498 ) — — Lease liabilities 1,569 — (919 ) (790 ) (98 ) (20 ) Subtotal 4,517,370 (3,344 ) (195,956 ) 14,374 (229,261 ) (7,373,002 ) Net cash inflow/(outflow) 345,397 887,582 839,103 847,287 373,682 (3,948,332 ) Contractual and expected cash flows (undiscounted) As at 31 December 2021 Carrying Without Not Later than 1 Later than 3 Later RMB Million Financial assets Contractual cash inflows Equity securities 699,457 699,457 — — — — Debt securities 2,470,354 — 231,604 461,413 508,864 3,029,545 Loans 666,087 — 376,766 138,241 110,345 137,705 Term deposits 529,488 — 144,271 372,571 53,822 — Statutory deposits - restricted 6,333 — 1,936 4,682 181 — Securities purchased under agreements to resell 12,915 — 12,658 346 — — Accrued investment income 51,097 — 49,133 1,964 — — Premiums receivable 20,361 — 20,361 — — — Cash and cash equivalents 60,459 — 60,459 — — — Subtotal 4,516,551 699,457 897,188 979,217 673,212 3,167,250 Financial and insurance liabilities Expected cash outflows Insurance contracts 3,419,899 — 111,912 86,132 (202,368 ) (5,990,882 ) Investment contracts 313,594 — (31,671 ) 16,479 94,302 (957,814 ) Contractual cash outflows Securities sold under agreements to repurchase 239,446 — (239,679 ) — — — Financial liabilities at fair value through profit or loss 3,416 (3,416 ) — — — — Annuity and other insurance balances payable 56,818 — (56,818 ) — — — Interest-bearing loans and other borrowings 19,222 — (2,575 ) (17,183 ) (179 ) (439 ) Bonds payable 34,994 — (332 ) (37,996 ) — — Lease liabilities 2,182 — (1,093 ) (1,067 ) (203 ) (29 ) Subtotal 4,089,571 (3,416 ) (220,256 ) 46,365 (108,448 ) (6,949,164 ) Net cash inflow/(outflow) 426,980 696,041 676,932 1,025,582 564,764 (3,781,914 ) |
Capital Management under Insurance Institution Solvency Regulations | The CBIRC issued the “Solvency Regulatory Rules II for Insurance Companies” at the end of 2021, and the Company has calculated the core and comprehensive solvency ratio, core capital, actual capital and minimum capital as of December 31, 2022 in accordance with these requirements, as listed below. As at 31 December 2022 As at 31 December 2021 note Core capital 699,688 1,020,756 Actual capital 1,007,601 1,055,768 Minimum capital 487,290 402,341 Core solvency ratio 144 % 254 % Comprehensive solvency ratio 207 % 262 % Note: Calculated in accordance with Insurance Institution Solvency Regulations (No.1 - No.17) (No. 22 [2015]) Notice on Matters Concerning the Formal Implementation of China’s Risk-Oriented Solvency System (No. 10 [2016]) issued by China Insurance Regulatory Commission. |
Quantitative Disclosures of Fair Value Measurement Hierarchy for Assets and Liabilities Measured at Fair Value | The following table presents the Group’s quantitative disclosures of the fair value measurement hierarchy for assets and liabilities measured at fair value as at 31 December 2022: Fair value measurement using Total Quoted in active markets Significant observable inputs Significant unobservable inputs Level 1 Level 2 Level 3 RMB million RMB million RMB million RMB million Assets measured at fair value Available-for-sale - Equity securities Funds 131,897 — — 131,897 Common stocks 396,163 17,985 — 414,148 Preferred stocks — — 50,522 50,522 Others 45,525 29,260 170,179 244,964 - Debt securities Government bonds 36,945 10,243 — 47,188 Government agency bonds 77,982 235,288 — 313,270 Corporate bonds 3,678 184,885 — 188,563 Subordinated bonds 53,194 102,830 — 156,024 Others — 1,096 173,302 174,398 Securities at fair value through profit or loss - Equity securities Funds 13,086 358 — 13,444 Common stocks 17,280 1,272 — 18,552 Others 92 173 — 265 - Debt securities Government bonds 661 1,144 — 1,805 Government agency bonds 2,387 7,235 — 9,622 Corporate bonds 3,018 149,284 45 152,347 Others 129 25,521 2,105 27,755 Total 782,037 766,574 396,153 1,944,764 Liabilities measured at fair value Financial liabilities at fair value through profit or loss (3,344 ) — — (3,344 ) Investment contracts at fair value through profit or loss (7 ) — — (7 ) Total (3,351 ) — — (3,351 ) The following table presents the Group’s quantitative disclosures of the fair value measurement hierarchy for assets and liabilities measured at fair value as at 31 December 2021: Fair value measurement using Total Quoted prices in active markets Significant observable inputs Significant unobservable inputs Level 1 Level 2 Level 3 RMB million RMB million RMB million RMB million Assets measured at fair value Available-for-sale - Equity securities Funds 94,895 — — 94,895 Common stocks 233,347 23,094 — 256,441 Preferred stocks — — 52,127 52,127 Others 21,010 54,535 136,456 212,001 - Debt securities Government bonds 9,208 49,353 — 58,561 Government agency bonds 31,464 228,289 — 259,753 Corporate bonds 4,705 198,442 — 203,147 Subordinated bonds 16,880 94,149 — 111,029 Others — 555 160,499 161,054 Securities at fair value through profit or loss - Equity securities Funds 17,572 222 — 17,794 Common stocks 43,476 2,173 — 45,649 Others 5 266 — 271 - Debt securities Government bonds 153 1,240 — 1,393 Government agency bonds 2,346 5,643 — 7,989 Corporate bonds 6,646 83,734 45 90,425 Others 100 43,150 — 43,250 Total 481,807 784,845 349,127 1,615,779 Liabilities measured at fair value Financial liabilities at fair value through profit or loss (3,416 ) — — (3,416 ) Investment contracts at fair value through profit or loss (9 ) — — (9 ) Total (3,425 ) — — (3,425 ) The following table presents the changes in Level 3 financial instruments for the year ended 31 December 2021: Available-for-sale securities Securities at fair Total Debt securities Equity securities Debt securities RMB million RMB million RMB million RMB million Opening balance 143,905 150,010 9 293,924 Purchases 27,415 43,661 — 71,076 Transfer into Level 3 — — 36 36 Total gains/(losses) recorded in other comprehensive income 4,073 (2,212 ) — 1,861 Disposals or exercises — (2,876 ) — (2,876 ) Maturity (14,894 ) — — (14,894 ) Closing balance 160,499 188,583 45 349,127 |
Summary of Information About Significant Unobservable Inputs Used for Primary Assets and Liabilities at Fair Value Classified as Level 3 | The table below presents information about the significant unobservable inputs used for primary financial instruments at fair value classified as Level 3 as at 31 December 2022 and 31 December 2021: Fair value Valuation techniques Significant unobservable Range Relationships between fair value and unobservable inputs Equity securities 31 December 2022: 29,597 31 December 2021: 28,245 Comparable companies approach Discounts for lack of marketability 31 December 2022: 31 December 2021: The fair value is inversely related to the discounts for lack of marketability 31 December 2022: 41,904 31 December 2021: 36,556 Net asset value method N/A N/A N/A 31 December 2022: 133,864 31 December 2021: 116,245 Discounted cash flow method Discount rate 31 December 2022: 31 December 2021: The fair value is inversely related to discount rate Debt securities 31 December 2022: 158,507 31 December 2021: 160,499 Discounted cash flow method Discount rate 31 December 2022: 31 December 2021: 3.21%- 9.78% The fair value is inversely related to discount rate |
Significant unobservable inputs Level 3 [member] | |
Statement [line items] | |
Summary of Size, Carrying Amount of Assets Recognised in Financial Statement and Maximum Exposure Relating to its Interest In Unconsolidated Structured Entities | The size of unconsolidated structured entities as well as the Group’s carrying amount of the assets recognised in the financial statements relating to its interest in unconsolidated structured entities and the Group’s maximum exposure are shown below: As at 31 December 2022 Unconsolidated structured entities Size Carrying amount of assets Maximum exposure Interest held by the Group Funds managed by affiliated entities 185,894 10,096 10,096 Investment income and service fee Funds managed by third parties Note 1 126,573 126,573 Investment income Trust schemes managed by affiliated entities 1,992 1,295 1,295 Investment income Trust schemes managed by third parties Note 1 47,674 47,674 Investment income Debt investment schemes managed by affiliated entities 60,850 22,781 22,781 Investment income and service fee Debt investment schemes managed by third parties Note 1 46,458 46,458 Investment income Others managed by affiliated entities Note 2 87,959 13,067 13,067 Investment income and service fee Others managed by third parties Note 2 Note 1 100,892 100,892 Investment income As at 31 December 2021 Unconsolidated structured entities Size Carrying Maximum Interest held by Funds managed by affiliated entities 168,466 9,860 9,860 Investment income and service fee Funds managed by third parties Note 1 97,988 97,988 Investment income Trust schemes managed by affiliated entities 1,994 1,296 1,296 Investment income Trust schemes managed by third parties Note 1 62,702 62,702 Investment income Debt investment schemes managed by affiliated entities 39,817 15,770 15,770 Investment income and service fee Debt investment schemes managed by third parties Note 1 51,172 51,172 Investment income Others managed by affiliated entities Note 2 28,368 14,150 14,150 Investment income and service fee Others managed by third parties Note 2 Note 1 107,372 107,372 Investment income Note 1: Funds, trust schemes, debt investment schemes and others managed by third parties were sponsored by third party financial institutions and the information related to size of these structured entities were not publicly available. Note 2: Others included wealth management products, special asset management schemes, and asset-backed plans, etc. |
Quantitative Disclosures of Fair Value Measurement Hierarchy for Assets and Liabilities Measured at Fair Value | The following table presents the changes in Level 3 financial instruments for the year ended 31 December 2022: Available-for-sale securities Securities at fair value through profit or loss Total Debt securities Equity securities Debt securities RMB million RMB million RMB million RMB million Opening balance 160,499 188,583 45 349,127 Purchases 49,497 44,778 2,671 96,946 Transferred out of Level 3 (10 ) — — (10 ) Total gains/(losses) recorded in profit or loss — (1,714 ) 182 (1,532 ) Total gains/(losses) recorded in other comprehensive income (1,829 ) (168 ) — (1,997 ) Disposals or exercises (600 ) (10,778 ) — (11,378 ) Maturity (34,255 ) — (748 ) (35,003 ) Closing balance 173,302 220,701 2,150 396,153 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Financial Information of Operating Segments | For the year ended 31 December 2022 Life Health Accident Others Elimination Total RMB million Revenues Gross written premiums 485,642 115,329 14,219 — — 615,190 - Term life 2,322 — — — — - Whole life 78,247 — — — — - Endowment 137,467 — — — — - Annuity 267,606 — — — — Net premiums earned 484,504 108,791 14,530 — — 607,825 Investment income 165,523 11,426 425 9,255 — 186,629 Net realised gains on financial assets 11,739 799 30 139 — 12,707 Net fair value gains through profit or loss (7,522 ) (512 ) (19 ) (4,103 ) — (12,156 ) Other income 1,270 80 — 11,366 (3,333 ) 9,383 Including: inter-segment revenue — — — 3,333 (3,333 ) — Segment revenues 655,514 120,584 14,966 16,657 (3,333 ) 804,388 Benefits, claims and expenses Insurance benefits and claims expenses Life insurance death and other benefits (112,471 ) (6,858 ) (40 ) — — (119,369 ) Accident and health claims and claim adjustment expenses — (46,215 ) (5,096 ) — — (51,311 ) Increase in insurance contract liabilities (424,860 ) (36,123 ) (315 ) — — (461,298 ) Investment contract benefits (12,887 ) (453 ) — — — (13,340 ) Policyholder dividends resulting from participation in profits (20,566 ) (119 ) — — — (20,685 ) Underwriting and policy acquisition costs (37,722 ) (11,378 ) (4,165 ) (1,512 ) — (54,777 ) Finance costs (3,794 ) (258 ) (11 ) (800 ) — (4,863 ) Administrative expenses (24,398 ) (9,151 ) (2,639 ) (3,686 ) — (39,874 ) Statutory insurance fund contribution (888 ) (330 ) (96 ) — — (1,314 ) Other expenses (8,345 ) (1,428 ) (335 ) (7,219 ) 3,333 (13,994 ) Including: inter-segment expenses (3,113 ) (212 ) (8 ) — 3,333 — Segment benefits, claims and expenses (645,931 ) (112,313 ) (12,697 ) (13,217 ) 3,333 (780,825 ) Net gains on investments of associates and joint ventures — — — 484 — 484 Including: share of profit of associates and joint ventures — — — 3,628 — 3,628 Segment results 9,583 8,271 2,269 3,924 — 24,047 Income tax 9,467 Net profit 33,514 Attributable to - Equity holders of the Company 32,082 - Non-controlling 1,432 Other comprehensive income attributable to equity holders of the Company (48,816 ) (3,322 ) (125 ) (2,889 ) — (55,152 ) Depreciation and amortisation 3,111 1,156 335 689 — 5,291 As at 31 December 2022 Life Health Accident Others Elimination Total RMB million Assets Financial assets 4,251,305 280,667 10,274 302,044 — 4,844,290 Others 8,871 16,427 806 261,179 — 287,283 Segment assets 4,260,176 297,094 11,080 563,223 — 5,131,573 Unallocated Property, plant and equipment 54,559 Others 65,856 Total 5,251,988 Liabilities Insurance contracts 3,605,769 265,369 9,022 — — 3,880,160 Investment contracts 355,750 18,999 — — — 374,749 Securities sold under agreements to repurchase 131,317 8,937 337 8,367 — 148,958 Others 91,682 5,614 398 16,118 — 113,812 Segment liabilities 4,184,518 298,919 9,757 24,485 — 4,517,679 Unallocated Others 289,188 Total 4,806,867 For the year ended 31 December 2021 Life Health Accident Others Elimination Total RMB million Revenues Gross written premiums 481,311 120,609 16,407 — — 618,327 - Term life 2,501 — — — — - Whole life 69,923 — — — — - Endowment 97,791 — — — — - Annuity 311,096 — — — — Net premiums earned 480,214 114,549 16,488 — — 611,251 Investment income 160,204 10,831 496 6,856 — 178,387 Net realised gains on financial assets 18,768 1,256 58 262 — 20,344 Net fair value gains through profit or loss 2,795 187 9 1,952 — 4,943 Other income 1,228 85 — 11,829 (3,134 ) 10,008 Including: inter-segment revenue — — — 3,134 (3,134 ) — Segment revenues 663,209 126,908 17,051 20,899 (3,134 ) 824,933 Benefits, claims and expenses Insurance benefits and claims expenses Life insurance death and other benefits (114,657 ) (6,656 ) (41 ) — — (121,354 ) Accident and health claims and claim adjustment expenses — (48,076 ) (6,954 ) — — (55,030 ) Increase in insurance contract liabilities (413,206 ) (28,956 ) (208 ) — — (442,370 ) Investment contract benefits (10,223 ) (405 ) — — — (10,628 ) Policyholder dividends resulting from participation in profits (26,367 ) (144 ) — — — (26,511 ) Underwriting and policy acquisition costs (38,290 ) (21,021 ) (4,835 ) (1,598 ) — (65,744 ) Finance costs (4,608 ) (308 ) (14 ) (668 ) — (5,598 ) Administrative expenses (23,339 ) (11,069 ) (2,948 ) (3,511 ) — (40,867 ) Statutory insurance fund contribution (787 ) (367 ) (99 ) — — (1,253 ) Other expenses (8,961 ) (1,307 ) (270 ) (8,162 ) 3,134 (15,566 ) Including: inter-segment expenses (2,929 ) (196 ) (9 ) — 3,134 — Segment benefits, claims and expenses (640,438 ) (118,309 ) (15,369 ) (13,939 ) 3,134 (784,921 ) Net gains on investments of associates and joint ventures — — — 10,328 — 10,328 Including: share of profit of associates and joint ventures — — — 10,328 — 10,328 Segment results 22,771 8,599 1,682 17,288 — 50,340 Income tax 1,917 Net profit 52,257 Attributable to - Equity holders of the Company 50,766 - Non-controlling 1,491 Other comprehensive income attributable to equity holders of the Company (5,290 ) (354 ) (16 ) 1,097 — (4,563 ) Depreciation and amortisation 2,919 1,359 368 682 — 5,328 As at 31 December 2021 Life Health Accident Others Elimination Total RMB million Assets Financial assets 4,001,202 259,618 11,668 223,843 — 4,496,331 Others 9,893 16,044 569 257,953 — 284,459 Segment assets 4,011,095 275,662 12,237 481,796 — 4,780,790 Unallocated Property, plant and equipment 55,632 Others 56,058 Total 4,892,480 Liabilities Insurance contracts 3,180,931 228,899 10,069 — — 3,419,899 Investment contracts 296,104 17,490 — — — 313,594 Securities sold under agreements to repurchase 217,288 14,536 672 6,950 — 239,446 Others 87,371 5,276 379 22,638 — 115,664 Segment liabilities 3,781,694 266,201 11,120 29,588 — 4,088,603 Unallocated Others 316,743 Total 4,405,346 For the year ended 31 December 2020 Life Health Accident Others Elimination Total RMB million Revenues Gross written premiums 480,593 115,089 16,583 — — 612,265 - Term life 2,674 — — — — - Whole life 73,747 — — — — - Endowment 109,275 — — — — - Annuity 294,897 — — — — Net premiums earned 479,600 109,091 15,975 — — 604,666 Investment income 140,963 9,202 462 3,870 — 154,497 Net realised gains on financial assets 13,523 877 44 139 — 14,583 Net fair value gains through profit or loss 17,727 1,148 58 2,967 — 21,900 Other income 1,284 75 — 10,492 (2,448 ) 9,403 Including: inter-segment revenue — — — 2,448 (2,448 ) — Segment revenues 653,097 120,393 16,539 17,468 (2,448 ) 805,049 Benefits, claims and expenses Insurance benefits and claims expenses Life insurance death and other benefits (108,862 ) (4,714 ) (33 ) — — (113,609 ) Accident and health claims and claim adjustment expenses — (44,987 ) (7,408 ) — — (52,395 ) Increase in insurance contract liabilities (382,132 ) (32,445 ) (220 ) — — (414,797 ) Investment contract benefits (9,494 ) (352 ) — — — (9,846 ) Policyholder dividends resulting from participation in profits (28,129 ) (150 ) — — — (28,279 ) Underwriting and policy acquisition costs (60,841 ) (15,921 ) (5,315 ) (2,284 ) — (84,361 ) Finance costs (2,798 ) (183 ) (7 ) (759 ) — (3,747 ) Administrative expenses (23,360 ) (8,677 ) (2,649 ) (3,046 ) — (37,732 ) Statutory insurance fund contribution (833 ) (302 ) (94 ) — — (1,229 ) Other expenses (8,575 ) (1,051 ) (241 ) (4,861 ) 2,448 (12,280 ) Including: inter-segment expenses (2,292 ) (148 ) (8 ) — 2,448 — Segment benefits, claims and expenses (625,024 ) (108,782 ) (15,967 ) (10,950 ) 2,448 (758,275 ) Net gains on investments of associates and joint ventures — — — 7,666 — 7,666 Including: share of profit of associates and joint ventures — — — 8,336 — 8,336 Segment results 28,073 11,611 572 14,184 — 54,440 Income tax (3,103 ) Net profit 51,337 Attributable to - Equity holders of the Company 50,221 - Non-controlling 1,116 Other comprehensive income attributable to equity holders of the Company 23,685 1,534 78 402 — 25,699 Depreciation and amortisation 3,086 1,118 351 609 — 5,164 As at 31 December 2020 Life Health Accident Others Elimination Total RMB million Assets Financial assets 3,537,020 222,559 10,964 117,327 — 3,887,870 Others 10,076 14,939 675 239,584 — 265,274 Segment assets 3,547,096 237,498 11,639 356,911 — 4,153,144 Unallocated Property, plant and equipment 53,616 Others 46,784 Total 4,253,544 Liabilities Insurance contracts 2,767,642 195,487 10,096 — — 2,973,225 Investment contracts 271,757 16,455 — — — 288,212 Securities sold under agreements to repurchase 109,156 7,070 358 5,665 — 122,249 Others 84,668 6,013 370 23,720 — 114,771 Segment liabilities 3,233,223 225,025 10,824 29,385 — 3,498,457 Unallocated Others 297,519 Total 3,795,976 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Property, Plant and Equipment | Buildings Office equipment, furniture and fixtures Motor vehicles Assets under construction Leasehold improvements Total RMB million Cost As at 1 January 2022 59,826 8,394 1,311 6,790 2,433 78,754 Transfers upon completion 3,174 286 — (3,622 ) 93 (69 ) Additions 64 503 1 2,124 — 2,692 Transfers into investment properties — — — (266 ) — (266 ) Disposals (110 ) (299 ) (44 ) — (320 ) (773 ) As at 31 December 2022 62,954 8,884 1,268 5,026 2,206 80,338 Accumulated depreciation As at 1 January 2022 (14,644 ) (5,786 ) (996 ) — (1,671 ) (23,097 ) Charge for the year (2,079 ) (819 ) (118 ) — (335 ) (3,351 ) Disposals 83 286 43 — 282 694 As at 31 December 2022 (16,640 ) (6,319 ) (1,071 ) — (1,724 ) (25,754 ) Impairment As at 1 January 2022 (24 ) — — (1 ) — (25 ) Charge for the year — — — — — — Disposals — — — — — — As at 31 December 2022 (24 ) — — (1 ) — (25 ) Net book value As at 1 January 2022 45,158 2,608 315 6,789 762 55,632 As at 31 December 2022 46,290 2,565 197 5,025 482 54,559 Buildings Office equipment, furniture and fixtures Motor vehicles Assets under construction Leasehold improvements Total RMB million Cost As at 1 January 2021 50,428 8,115 1,352 12,179 2,799 74,873 Transfers upon completion 8,439 — — (8,908 ) 182 (287 ) Additions 1,415 735 5 3,728 — 5,883 Transfers into investment properties — — — (209 ) — (209 ) Disposals (456 ) (456 ) (46 ) — (548 ) (1,506 ) As at 31 December 2021 59,826 8,394 1,311 6,790 2,433 78,754 Accumulated depreciation As at 1 January 2021 (13,085 ) (5,434 ) (891 ) — (1,822 ) (21,232 ) Charge for the year (1,830 ) (786 ) (149 ) — (379 ) (3,144 ) Disposals 271 434 44 — 530 1,279 As at 31 December 2021 (14,644 ) (5,786 ) (996 ) — (1,671 ) (23,097 ) Impairment As at 1 January 2021 (24 ) — — (1 ) — (25 ) Charge for the year — — — — — — Disposals — — — — — — As at 31 December 2021 (24 ) — — (1 ) — (25 ) Net book value As at 1 January 2021 37,319 2,681 461 12,178 977 53,616 As at 31 December 2021 45,158 2,608 315 6,789 762 55,632 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Detailed Information about in Right of Use Assets | (a) Right-of-use Buildings Others Total RMB million Cost As at 1 January 2022 5,370 2 5,372 Additions 639 1 640 Deductions (1,808 ) — (1,808 ) As at 31 December 2022 4,201 3 4,204 Accumulated depreciation As at 1 January 2022 (2,853 ) (1 ) (2,854 ) Charge for the year (1,138 ) (1 ) (1,139 ) Deductions 1,599 — 1,599 As at 31 December 2022 (2,392 ) (2 ) (2,394 ) Impairment As at 1 January 2022 — — — As at 31 December 2022 — — — Net book value As at 1 January 2022 2,517 1 2,518 As at 31 December 2022 1,809 1 1,810 Buildings Others Total RMB million Cost As at 1 January 2021 5,430 2 5,432 Additions 972 1 973 Deductions (1,032 ) (1 ) (1,033 ) As at 31 December 2021 5,370 2 5,372 Accumulated depreciation As at 1 January 2021 (2,355 ) (1 ) (2,356 ) Charge for the year (1,410 ) (1 ) (1,411 ) Deductions 912 1 913 As at 31 December 2021 (2,853 ) (1 ) (2,854 ) Impairment As at 1 January 2021 — — — As at 31 December 2021 — — — Net book value As at 1 January 2021 3,075 1 3,076 As at 31 December 2021 2,517 1 2,518 The Group had no significant profit or loss from subleasing right-of-use The Group’s right-of-use |
Detailed Information about in Recognized Profit or Loss Leases | (b) The amounts recognised in profit or loss in relation to leases are as follows: As at As at Interest on lease liabilities 74 96 Depreciation charge of right-of-use 1,139 1,411 Expense relating to short-term leases 324 333 Expense relating to leases of low-value — 1 Total 1,537 1,841 |
Investment Properties (Tables)
Investment Properties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Investment Properties | Buildings Cost As at 1 January 2022 14,971 Additions 266 Deductions (11 ) As at 31 December 2022 15,226 Accumulated depreciation As at 1 January 2022 (1,597 ) Additions (437 ) Deductions 1 As at 31 December 2022 (2,033 ) Net book value As at 1 January 2022 13,374 As at 31 December 2022 13,193 Fair value As at 1 January 2022 16,626 As at 31 December 2022 16,854 Buildings Cost As at 1 January 2021 15,385 Additions (414 ) As at 31 December 2021 14,971 Accumulated depreciation As at 1 January 2021 (1,168 ) Additions (429 ) As at 31 December 2021 (1,597 ) Net book value As at 1 January 2021 14,217 As at 31 December 2021 13,374 Fair value As at 1 January 2021 17,285 As at 31 December 2021 16,626 |
Investments in Associates and_2
Investments in Associates and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Movement of Investments in Associates and Joint Ventures | 2022 2021 RMB million RMB million As at 1 January 257,953 239,584 Change of the cost 12,877 11,400 Share of profit or loss 3,628 10,328 Dividends declared (5,373 ) (4,480 ) Other equity movements (4,756 ) 1,121 Impairment (3,150 ) — As at 31 December 261,179 257,953 |
Detailed Information about Movement of Investments in Associates and Joint Ventures | Movement Accounting Cost As at 31 December Change of the cost Share of profit or loss Declared dividends Other equity movements Provision of impairment As at 31 Percentage of equity Accumulated amount of impairment RMB Million RMB Million Associates China Guangfa Bank Co., Ltd. (“CGB”) (i) Equity Method 53,201 86,179 8,025 5,857 (774 ) (1,202 ) — 98,085 43.686 % — Sino-Ocean Group Holding Limited (“Sino-Ocean”) (ii) Equity Method 11,245 11,899 — (4,831 ) (61 ) (2,168 ) (2,645 ) 2,194 29.59 % (5,862 ) China Life Property & Casualty Insurance Company Limited (“CLP&C”) Equity Method 9,600 10,151 3,600 282 (75 ) (457 ) — 13,501 40.00 % — COFCO Futures Company Limited (“COFCO Futures”) Equity Method 1,339 1,692 — 76 (33 ) 2 — 1,737 35.00 % — China Pipe Group Sichuan to East China Gas Pipeline Co., Ltd. (“Pipeline Company”) Equity Method 20,000 21,438 — 1,364 (1,279 ) 46 — 21,569 43.86 % — China United Network Communications Limited (“China Unicom”) (iii) Equity Method 21,801 22,644 — 706 (337 ) (411 ) — 22,602 10.03 % — Others (iv) Equity Method 48,735 49,015 734 (161 ) (1,736 ) (184 ) (505 ) 47,163 (505 ) Subtotal 165,921 203,018 12,359 3,293 (4,295 ) (4,374 ) (3,150 ) 206,851 (6,367 ) Joint ventures Joy City Commercial Property Fund L.P. (“Joy City”) Equity Method 6,281 5,546 — (131 ) (138 ) 6 — 5,283 66.67 % — Mapleleaf Century Limited (“MCL”) Equity Method 7,656 4,237 — 54 — (738 ) — 3,553 75.00 % — Others (iv) Equity Method 49,094 45,152 518 412 (940 ) 350 — 45,492 — Subtotal 63,031 54,935 518 335 (1,078 ) (382 ) — 54,328 — Total 228,952 257,953 12,877 3,628 (5,373 ) (4,756 ) (3,150 ) 261,179 (6,367 ) (i) The 2021 final dividend of RMB0.0813 in cash per ordinary share was approved and declared in the Annual General Meeting of CGB on 24 June 2022. The Company’s cash dividend receivable is RMB774 million. (ii) The 2021 final dividend of HKD 0.032 in cash per ordinary share was approved and declared in the Annual General Meeting of Sino-Ocean on 20 May 2022. The Company received a cash dividend equivalent to RMB61 million. On 31 December 2021, the cumulative impairment loss of RMB3,217 million for the investment in Sino-Ocean had been recognised by the Group. On 31 December 2022, the Hong Kong stock price of Sino-Ocean was HKD per share. The Group performed an impairment test for the investment and recognised an impairment provision of RMB million based on the share price of Sino-Ocean H shares. If the share price of Sino-Ocean decreases by % as of 31 December 2022, it will increase the Group’s provision for impairment by RMB million. If the Group’s share of the book value of Sino-Ocean’s net assets attributable to shareholders of the parent company as at 31 December 2022 is lower than the book value of long-term equity investment in Sino-Ocean held by the Group, a RMB1,000 million decrease in the net assets attributable to shareholders of the parent company would result in a decrease of RMB million in the book value of the Group’s long-term equity investment in Sino-Ocean. (iii) The 2021 final dividend of RMB0.0391 in cash per ordinary share was approved and declared in the Annual General Meeting of China Unicom on 10 May 2022. The Company received a cash dividend of RMB125 million. The 2022 interim dividend of RMB0.0663 in cash per ordinary share was approved and declared in the Annual General Meeting of China Unicom on 13 October 2022. The Company received a cash dividend equivalent to RMB212 million. On 31 December 2022, the stock price of China Unicom was RMB4.48 per share. (iv) The Group invested in real estate, industrial logistics assets and other industries through these enterprises. (v) There is no significant restriction for the Group to dispose of its associates and joint ventures. |
Major Associates and Joint Venture | As at 31 December 2022, the major associates and joint ventures of the Group are as follows: Name Place of incorporation Percentage of equity interest held Associates CGB PRC 43.686 % Sino-Ocean Hong Kong, PRC 29.59 % CLP&C PRC 40.00 % COFCO Futures PRC 35.00 % Pipeline Company PRC 43.86 % China Unicom PRC 10.03 % Joint ventures Joy City The British Cayman Islands 66.67 % MCL The British Virgin Islands 75.00 % As at 31 December 2021, the major associates and joint ventures of the Group are as follows: Name Place of incorporation Percentage of equity interest held Associates CGB PRC 43.686 % Sino-Ocean Hong Kong, PRC 29.59 % CLP&C PRC 40.00 % COFCO Futures PRC 35.00 % Pipeline Company PRC 43.86 % China Unicom PRC 10.29 % Joint ventures Joy City The British Cayman Islands 66.67 % MCL The British Virgin Islands 75.00 % |
Financial Information of Major Associates and Joint Venture | The following table illustrates the financial information of the Group’s major associates and joint ventures as at 31 December 2022 and for the year ended 31 December 2022: CGB Sino-Ocean CLP&C COFCO Futures Pipeline Company China Unicom Joy City MCL RMB million RMB million RMB million RMB million RMB million RMB million RMB million RMB million Total assets 3,417,906 246,072 135,690 29,306 37,315 644,687 9,710 23,957 Total liabilities 3,156,057 198,186 101,933 25,889 1,369 297,413 22 12,773 Total equity 261,849 47,886 33,757 3,417 35,946 347,274 9,688 11,184 Total equity attributable to equity holders of the associates and joint ventures 216,858 31,747 33,757 3,407 35,946 154,370 9,688 11,184 Total adjustments (i) 369 (7,790 ) — — 384 16,038 (1,764 ) (6,447 ) Total equity attributable to equity holders of the associates and joint ventures after adjustments 217,227 23,957 33,757 3,407 36,330 170,408 7,924 4,737 Proportion of the Group’s ownership 43.686 % 29.59 % 40.00 % 35.00 % 43.86 % 10.03 % 66.67 % 75.00 % Gross carrying value of the investments 98,085 8,056 13,501 1,737 21,569 22,602 5,283 3,553 Impairment — (5,862 ) — — — — — — Net carrying value of the investments 98,085 2,194 13,501 1,737 21,569 22,602 5,283 3,553 Total revenues 75,154 42,447 87,461 3,222 6,097 361,123 (145 ) 883 Net profit/(loss) 15,528 (15,650 ) 717 219 3,128 16,651 (164 ) 774 Other comprehensive income (2,765 ) (6,186 ) (1,197 ) 6 — 190 10 (1,750 ) Total comprehensive income 12,763 (21,836 ) (480 ) 225 3,128 16,841 (154 ) (976 ) The following table illustrates the financial information of the Group’s major associates and joint ventures as at 31 December 2021 and for the year ended 31 December 2021: CGB Sino-Ocean CLP&C COFCO Futures Pipeline Company China Unicom Joy City MCL RMB million RMB million RMB million RMB million RMB million RMB million RMB million RMB million Total assets 3,359,985 281,252 120,178 25,153 37,099 593,284 10,258 24,195 Total liabilities 3,125,484 204,805 94,756 21,868 1,476 257,074 232 13,035 Total equity 234,501 76,447 25,422 3,285 35,623 336,210 10,026 11,160 Total equity attributable to equity holders of the associates and joint ventures 189,510 55,074 25,422 3,277 35,623 149,217 10,026 11,160 Total adjustments (i) 464 (7,257 ) — — 405 16,509 (1,707 ) (5,511 ) Total equity attributable to equity holders of the associates and joint ventures after adjustments 189,974 47,817 25,422 3,277 36,028 165,726 8,319 5,649 Proportion of the Group’s ownership 43.686 % 29.59 % 40.00 % 35.00 % 43.86 % 10.29 % 66.67 % 75.00 % Gross carrying value of the investments 86,179 15,116 10,151 1,692 21,438 22,644 5,546 4,237 Impairment — (3,217 ) — — — — — — Net carrying value of the investments 86,179 11,899 10,151 1,692 21,438 22,644 5,546 4,237 Total revenues 74,905 68,645 82,549 6,846 5,583 331,665 352 897 Net profit/(loss) 17,476 5,091 621 281 3,081 14,416 333 28 Other comprehensive income 2,416 (35 ) (766 ) (8 ) — (27 ) 15 447 Total comprehensive income 19,892 5,056 (145 ) 273 3,081 14,389 348 475 (i) Including adjustments for the difference of accounting policies, fair value and others. |
Financial Assets (Tables)
Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Held-to-Maturity Securities | 10.1 Held-to-maturity As at 31 As at 31 RMB million RMB million Debt securities Government bonds 378,105 349,370 Government agency bonds 1,004,162 911,451 Corporate bonds 178,203 209,627 Subordinated bonds 13,734 63,305 Total 1,574,204 1,533,753 Debt securities Listed in Mainland, PRC 231,704 246,134 Listed in Hong Kong, PRC 144 87 Listed overseas 62 44 Unlisted (i) 1,342,294 1,287,488 Total 1,574,204 1,533,753 (i) Unlisted debt securities are those traded on the Chinese interbank market. |
Summary of Fair Value Hierarchy of Financial Assets | Debt securities - fair value hierarchy As at 31 As at 31 Level 1 Level 2 Total Level 1 Level 2 Total RMB RMB RMB RMB RMB RMB Government bonds 240,597 177,217 417,814 68,300 314,113 382,413 Government agency bonds 104,751 976,103 1,080,854 74,241 895,343 969,584 Corporate bonds 719 185,426 186,145 7,911 211,882 219,793 Subordinated bonds — 15,993 15,993 — 66,481 66,481 Total 346,067 1,354,739 1,700,806 150,452 1,487,819 1,638,271 |
Contractual Maturity Schedule of Held-to-Maturity Securities | Debt securities - Contractual maturity schedule As at 31 December 2022 As at 31 December 2021 RMB million RMB million Maturing: Within one year 33,961 55,370 After one year but within five years 160,527 147,786 After five years but within ten years 83,894 163,479 After ten years 1,295,822 1,167,118 Total 1,574,204 1,533,753 |
Summary of Loans | 10.2 Loans As at 31 As at 31 RMB million RMB million Policy loans (i) 254,407 236,209 Other loans 344,426 433,697 Total 598,833 669,906 Impairment (2,343 ) (3,819 ) Net value 596,490 666,087 As at 31 As at 31 RMB million RMB million Maturing: Within one year 307,396 348,940 After one year but within five years 180,686 182,493 After five years but within ten years 97,081 106,319 After ten years 13,670 32,154 Total 598,833 669,906 Impairment (2,343 ) (3,819 ) Net value 596,490 666,087 (i) As at 31 December 2022, maturities of policy loans are within 6 months (as at 31 December 2021: same), and their fair values approximated to their carrying amounts. |
Summary of Term Deposits Maturity | 10.3 Term deposits As at 31 As at 31 RMB million RMB million Maturing: Within one year 183,832 135,301 After one year but within five years 301,735 394,187 Total 485,567 529,488 |
Summary of Restricted Statutory Deposits Maturity | 10.4 Statutory deposits - restricted As at 31 As at 31 RMB million RMB million Contractual maturity schedule: Within one year 3,933 1,720 After one year but within five years 2,400 4,613 Total 6,333 6,333 |
Summary of Available-for-Sale Securities | 10.5 Available-for-sale As at 31 As at 31 RMB million RMB million Available-for-sale Debt securities Government bonds 47,188 58,561 Government agency bonds 313,270 259,753 Corporate bonds 188,563 203,147 Subordinated bonds 156,024 111,029 Others (i) 174,398 161,054 Subtotal 879,443 793,544 Equity securities Funds 131,897 94,895 Common stocks 414,148 256,441 Preferred stocks 50,522 52,127 Others (i) 244,964 212,001 Subtotal 841,531 615,464 Available-for-sale Equity securities Others (i) 17,134 20,279 Total 1,738,108 1,429,287 (i) Other available-for-sale As at 31 As at 31 RMB million RMB million Debt securities Listed in Mainland, PRC 85,450 86,145 Listed in Hong Kong, PRC 38 — Listed overseas 94 — Unlisted 793,861 707,399 Subtotal 879,443 793,544 Equity securities Listed in Mainland, PRC 420,287 238,155 Listed in Hong Kong, PRC 59,495 75,694 Listed overseas 59 28 Unlisted 378,824 321,866 Subtotal 858,665 635,743 Total 1,738,108 1,429,287 |
Contractual Maturity Schedule of Available-for-Sale Securities | Debt securities - Contractual maturity schedule As at 31 As at 31 RMB million RMB million Maturing: Within one year 118,373 36,597 After one year but within five years 206,086 179,476 After five years but within ten years 239,004 318,992 After ten years 315,980 258,479 Total 879,443 793,544 |
Summary of Securities at Fair Value through Profit or Loss | 10.6 Securities at fair value through profit or loss As at As at RMB million RMB million Debt securities Government bonds 1,805 1,393 Government agency bonds 9,622 7,989 Corporate bonds 152,347 90,425 Others (i) 27,755 43,250 Subtotal 191,529 143,057 Equity securities Funds 13,444 17,794 Common stocks 18,552 45,649 Others 265 271 Subtotal 32,261 63,714 Total 223,790 206,771 Debt securities Listed in Mainland, PRC 36,455 29,934 Listed in Hong Kong, PRC 21 23 Listed overseas 293 273 Unlisted 154,760 112,827 Subtotal 191,529 143,057 Equity securities Listed in Mainland, PRC 16,901 45,817 Listed in Hong Kong, PRC 637 736 Listed overseas 4,233 4,849 Unlisted 10,490 12,312 Subtotal 32,261 63,714 Total 223,790 206,771 (i) Other debt securities at fair value through profit or loss mainly include interbank negotiable certificates of deposit. |
Contractual Maturity Schedule of Securities Purchased under Agreements to Resell | 10.7 Securities purchased under agreements to resell As at 31 As at 31 RMB million RMB million Maturing: Within 30 days 38,215 11,896 Above 30 days 318 1,019 Total 38,533 12,915 |
Summary of Accrued Investment Income | 10.8 Accrued investment income As at 31 As at 31 RMB million RMB million Bank deposits 13,238 12,735 Debt securities 32,580 31,900 Others 6,633 6,462 Total 52,451 51,097 Current 49,356 49,031 Non-current 3,095 2,066 Total 52,451 51,097 |
Fair Value of Financial Asset_2
Fair Value of Financial Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Carrying Value and Estimated Fair Value of Major Financial Assets and Liabilities, and Investment Contracts | The table below presents the carrying value and estimated fair value of major financial assets and liabilities, and investment contracts: Carrying value Estimated fair value (i) As at 31 As at 31 As at 31 As at 31 RMB million RMB RMB million RMB Held-to-maturity 1,574,204 1,533,753 1,700,806 1,638,271 Loans (iii) 596,490 666,087 605,692 686,005 Term deposits 485,567 529,488 485,567 529,488 Statutory deposits - restricted 6,333 6,333 6,333 6,333 Available-for-sale 1,720,974 1,409,008 1,720,974 1,409,008 Securities at fair value through profit or loss 223,790 206,771 223,790 206,771 Securities purchased under agreements to resell 38,533 12,915 38,533 12,915 Cash and cash equivalents 127,594 60,459 127,594 60,459 Investment contracts (iii) (374,749 ) (313,594 ) (357,760 ) (299,727 ) Financial liabilities at fair value through profit or loss (3,344 ) (3,416 ) (3,344 ) (3,416 ) Securities sold under agreements to repurchase (148,958 ) (239,446 ) (148,958 ) (239,446 ) Bonds payable (34,997 ) (34,994 ) (35,387 ) (35,898 ) Interest-bearing loans and borrowings (12,774 ) (19,222 ) (12,774 ) (19,222 ) (i) The estimates and judgements to determine the fair value of financial assets are described in Note 3.2. (ii) The fair value of held-to-maturity (iii) Investment contracts at fair value through profit or loss have quoted prices in active markets, and therefore, their fair value was classified as Level 1. |
Reinsurance Assets (Tables)
Reinsurance Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Reinsurance Assets | As at 31 As at 31 Long-term insurance contracts ceded (Note 15) 4,897 4,910 Due from reinsurance companies 1,433 485 Ceded unearned premiums (Note 15) 774 823 Claims recoverable from reinsurers (Note 15) 736 412 Total 7,840 6,630 Current 2,943 1,720 Non-current 4,897 4,910 Total 7,840 6,630 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Other Assets | As at 31 As at 31 Land use rights(i) 8,092 8,107 Disbursements 6,255 5,330 Automated policy loans 3,855 3,673 Investments receivable and prepaid 1,029 9,493 Due from related parties 963 717 Tax prepaid 171 3,353 Prepayments to constructors 77 101 Others 7,891 8,927 Total 28,333 39,701 Current 18,439 30,756 Non-current 9,894 8,945 Total 28,333 39,701 (i) The Group’s right-of-use right-of-use |
Insurance Contracts (Tables)
Insurance Contracts (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement [line items] | |
Summary of Components of Expense Assumptions | Components of expense assumptions include the cost per policy and percentage of premium as follows: Individual Life Group Life RMB Per Policy % of Premium RMB Per Policy % of Premium As at 31 December 2022 45.00 0.85%~0.90% 25.00 0.90 % As at 31 December 2021 45.00 0.85%~0.90% 25.00 0.90 % |
Summary of Net Liabilities of Insurance Contracts | As at 31 As at 31 Gross Long-term insurance contracts 3,840,899 3,379,603 Short-term insurance contracts - Claims and claim adjustment expenses 26,153 26,234 - Unearned premiums 13,108 14,062 Total, gross 3,880,160 3,419,899 Recoverable from reinsurers Long-term insurance contracts (Note 13) (4,897 ) (4,910 ) Short-term insurance contracts - Claims and claim adjustment expenses (Note 13) (736 ) (412 ) - Unearned premiums (Note 13) (774 ) (823 ) Total, ceded (6,407 ) (6,145 ) Net Long-term insurance contracts 3,836,002 3,374,693 Short-term insurance contracts - Claims and claim adjustment expenses 25,417 25,822 - Unearned premiums 12,334 13,239 Total, net 3,873,753 3,413,754 |
Summary of Movements in Liabilities of Short-Term Insurance Contracts | The table below presents movements in claims and claim adjustment expense reserve: 2022 2021 Notified claims 4,197 4,319 Incurred but not reported 22,037 17,672 Total as at 1 January - Gross 26,234 21,991 Cash paid for claims settled - Cash paid for current year claims (33,526 ) (34,301 ) - Cash paid for prior year claims (20,193 ) (17,783 ) Claims incurred - Claims arising in current year 54,497 56,938 - Claims arising in prior years (859 ) (611 ) Total as at 31 December - Gross 26,153 26,234 Notified claims 3,272 4,197 Incurred but not reported 22,881 22,037 Total as at 31 December - Gross 26,153 26,234 |
Summary of Movements in Unearned Premium Reserves | The table below presents movements in unearned premium reserves: 2022 2021 RMB million RMB million Gross Ceded Net Gross Ceded Net As at 1 January 14,062 (823 ) 13,239 14,701 (523 ) 14,178 Increase 13,108 (774 ) 12,334 14,062 (823 ) 13,239 Release (14,062 ) 823 (13,239 ) (14,701 ) 523 (14,178 ) As at 31 December 13,108 (774 ) 12,334 14,062 (823 ) 13,239 |
Summary of Movements in Liabilities of Long-Term Insurance Contracts | The table below presents movements in the liabilities of long-term insurance contracts: 2022 2021 As at 1 January 3,379,603 2,936,533 Premiums 540,926 542,974 Release of liabilities (i) (282,665 ) (287,705 ) Accretion of interest 166,174 148,504 Change in assumptions - Change in discount rates 31,918 30,701 - Change in other assumptions (ii) 2,549 7,574 Other movements 2,394 1,022 As at 31 December 3,840,899 3,379,603 (i) The release of liabilities mainly consists of release due to death or other termination and related expenses, release of residual margin and change of reserves for claims and claim adjustment expenses. (ii) For the year ended 31 December 2022, the change in other assumptions was mainly caused by the change in morbidity rate assumptions of certain products, which increased insurance contract liabilities by RMB2,415 million. This change reflected the Group’s most recent experience and future expectations about the morbidity rates as at the reporting date. Changes in assumptions other than morbidity rates increased insurance contract liabilities by RMB134 million. For the year ended 31 December 2021, the change in other assumptions was mainly caused by the change in morbidity rate assumptions of certain products, which increased insurance contract liabilities by RMB5,897 million. This change reflected the Group’s most recent experience and future expectations about the morbidity rates as at the reporting date. Changes in assumptions other than morbidity rates increased insurance contract liabilities by RMB1,677 million. |
Investment returns of asset portfolio backing [member] | |
Statement [line items] | |
Summary of Assumed Discount Rates with Risk Margin | The assumed discount rates with risk margin are as follows: Discount rate assumptions As at 31 December 2022 4.85 % As at 31 December 2021 4.85 % |
Yield curve of reserve computation benchmark for insurance contracts [member] | |
Statement [line items] | |
Summary of Assumed Discount Rates with Risk Margin | The assumed spot discount rates with risk margin are as follows: Discount rate assumptions As at 31 December 2022 2.68%~4.80% As at 31 December 2021 2.88%~4.80% |
Investment Contracts (Tables)
Investment Contracts (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Investment Contracts | As at 31 As at 31 Investment contracts with discretionary participating features (“DPF”) at amortised cost 71,970 68,544 Investment contracts without DPF - At amortised cost 302,772 245,041 - At fair value through profit or loss 7 9 Total 374,749 313,594 |
Movements of Investment Contracts with DPF | The table below presents movements of investment contracts with DPF: 2022 2021 As at 1 January 68,544 64,950 Deposits received 4,498 4,910 Deposits withdrawn, payments on death and other benefits (2,533 ) (2,711 ) Policy fees deducted from account balances (42 ) (41 ) Interest credited 1,503 1,436 As at 31 December 71,970 68,544 |
Interest-Bearing Loans and Bo_2
Interest-Bearing Loans and Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Interest Bearing Loans and Borrowings | Maturity date Interest rate As at 31 December 2022 RMB million As at 31 Credit loans 5 January 2022 1.80% — 563 Guaranteed loans 13 January 2022 1.50% — 913 Guaranteed loans 9 March 2022 EURLIBOR+3.00%(i) — 794 Guaranteed loans 8 September 2023 Within 12 months, 742 — Guaranteed loans 8 September 2023 3.10% 2,450 2,383 Credit loans 25 June 2024 3.08% 2,307 2,366 Credit loans 16 September 2024 3.30% — 5,483 Credit loans 27 September 2024 USD LIBOR+1.00%(iii) 6,756 6,184 Mortgages loans 15 June 2034 LPR(iv) 436 450 Mortgages loans 15 June 2034 LPR+0.53%(iv) 51 53 Mortgages loans 15 June 2034 LPR+0.63%(iv) 32 33 Total 12,774 19,222 (i) 3.00% when EURIBOR is negative. (ii) 2.50% for 12 months and 2.70% for more than 12 months when EURIBOR is negative. (iii) 1.00% when USD LIBOR is negative. (iv) The adjustment date is 1 January of each year. |
Bonds Payable (Tables)
Bonds Payable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text Block 1 [Abstract] | |
Summary of Bonds Payable at Par Value | The following table presents the par value of the bonds payable: Issue date Maturity date Interest rate p.a. As at 31 December 2022 RMB million As at 31 December 2021 RMB million 22 March 2019 22 March 2029 4.28 % 35,000 35,000 Total 35,000 35,000 |
Securities Sold under Agreeme_2
Securities Sold under Agreements to Repurchase (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Securities Sold under Agreements to Repurchase | As at 31 As at 31 Interbank market 101,641 181,121 Stock exchange market 47,317 58,325 Total 148,958 239,446 Maturing: Within 30 days 148,958 237,371 More than 30 days within 90 days — 2,075 Total 148,958 239,446 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Other Liabilities | As at 31 As at 31 Payable to the third-party holders of consolidated structured entities 73,845 67,862 Interest payable to policyholders 19,959 17,866 Salary and welfare payable 11,735 12,884 Brokerage and commission payable 4,664 5,352 Payable to constructors 2,606 2,497 Agency deposits 1,298 1,467 Interest payable of debt instruments 1,241 1,528 Tax payable 704 720 Stock appreciation rights (Note 31) 340 291 Others 24,730 23,592 Total 141,122 134,059 Current 141,122 134,059 Non-current — — Total 141,122 134,059 |
Investment Income (Tables)
Investment Income (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Investment Income | For the year ended 31 December 2022 2021 2020 RMB million RMB million RMB million Debt securities - held-to-maturity 62,883 56,830 44,757 - available-for-sale 32,079 29,491 22,695 - at fair value through profit or loss 5,174 4,079 3,482 Equity securities - available-for-sale 28,934 27,806 24,185 - at fair value through profit or loss 770 912 798 Bank deposits 25,161 25,949 25,860 Loans 30,915 32,970 31,948 Securities purchased under agreements to resell 713 350 772 Total 186,629 178,387 154,497 |
Net Realised Gains on Financi_2
Net Realised Gains on Financial Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Net Realised Gains on Financial Assets | For the year ended 31 December 2022 2021 2020 RMB million RMB million RMB million Debt securities Realised gains (i) 7,344 198 1,287 Impairment (ii) 1,621 (1,359 ) 288 Subtotal 8,965 (1,161 ) 1,575 Equity securities Realised gains (i) 23,573 42,867 24,925 Impairment (ii) (19,831 ) (21,362 ) (11,917 ) Subtotal 3,742 21,505 13,008 Total 12,707 20,344 14,583 (i) Realised gains were generated mainly from available-for-sale (ii) During the year ended 31 December 2022, the Group recognised an impairment charge of RMB2,644 million on available-for-sale available-for-sale available-for-sale available-for-sale an impairment reversal of RMB1,476 million on loans(2021:nil, 2020: an impairment reversal of RMB275 million), and no impairment charge of held-to-maturity securities (2021: nil, 2020: RMB3 million), for which the Group determined that objective evidence of impairment existed. |
Net Fair Value Gains through _2
Net Fair Value Gains through Profit or Loss (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Net Fair Value Gains through Profit or Loss | For the year ended 31 December 2022 2021 2020 RMB million RMB million RMB million Debt securities (1,613 ) 1,069 (583 ) Equity securities (10,956 ) 3,470 22,997 Stock appreciation rights (49 ) 202 255 Financial liabilities at fair value through profit or loss 462 202 (648 ) Derivative financial instruments — — (121 ) Total (12,156 ) 4,943 21,900 |
Insurance Benefits and Claims_2
Insurance Benefits and Claims Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Insurance Benefits and Claims Expenses | Gross Ceded Net RMB million RMB million RMB million For the year ended 31 December 2022 Life insurance death and other benefits 124,086 (4,717 ) 119,369 Accident and health claims and claim adjustment expenses 53,638 (2,327 ) 51,311 Increase in insurance contract liabilities 461,285 13 461,298 Total 639,009 (7,031 ) 631,978 For the year ended 31 December 2021 Life insurance death and other benefits 125,998 (4,644 ) 121,354 Accident and health claims and claim adjustment expenses 56,327 (1,297 ) 55,030 Increase in insurance contract liabilities 443,053 (683 ) 442,370 Total 625,378 (6,624 ) 618,754 For the year ended 31 December 2020 Life insurance death and other benefits 117,129 (3,520 ) 113,609 Accident and health claims and claim adjustment expenses 53,073 (678 ) 52,395 Increase in insurance contract liabilities 415,186 (389 ) 414,797 Total 585,388 (4,587 ) 580,801 |
Finance Costs (Tables)
Finance Costs (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Finance Costs | For the year ended 31 December 2022 2021 2020 RMB million RMB million RMB million Interest expenses for securities sold under agreements to repurchase 2,689 3,523 1,565 Interest expenses for bonds payable 1,500 1,500 1,503 Interest expenses for interest-bearing loans and borrowings 600 479 566 Interest on lease liabilities 74 96 113 Total 4,863 5,598 3,747 |
Profit before Income Tax (Table
Profit before Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Details of Profit before Income Tax | Profit before income tax is stated after charging/(crediting) the following: For the year ended 31 December 2022 2021 2020 RMB million RMB million RMB million Employee salaries and welfare costs 20,232 20,936 19,553 Housing benefits 1,481 1,413 1,319 Contribution to the defined contribution pension plan 3,444 3,274 2,455 Depreciation and amortisation 5,291 5,328 5,164 Foreign exchange gains/(losses) 69 (645 ) (119 ) Remuneration in respect of audit services provided by auditors 53 53 63 |
Taxation (Tables)
Taxation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Taxation Charge | (a) The amount of taxation charged to net profit represents: For the year ended 31 December 2022 2021 2020 RMB million RMB million RMB million Current taxation - Enterprise income tax 2,190 4,824 6,588 Deferred taxation (11,657 ) (6,741 ) (3,485 ) Total tax charges (9,467 ) (1,917 ) 3,103 |
Summary of Reconciliation Between Group's Effective Tax Rate and the Statutory Tax Rate | (b) The reconciliation between the Group’s effective tax rate and the statutory tax rate of 25 % in the PRC (2021: same, 2020: same) is as follows: For the year ended 31 December 2022 2021 2020 RMB million RMB million RMB million Profit before income tax 24,047 50,340 54,440 Tax computed at the statutory tax rate 6,012 12,585 13,610 Adjustment on current income tax of previous period (246 ) (412 ) (464 ) Non-taxable (15,844 ) (14,386 ) (10,787 ) Expenses not deductible for tax purposes (i) 311 276 202 Unused tax losses 33 27 507 Others 267 (7 ) 35 Income tax at the effective tax rate (9,467 ) (1,917 ) 3,103 (i) Non-taxable |
Summary of Movements in Deferred Tax Assets and Liabilities | (c) As at 31 December 2022 and 31 December 2021, the amounts of deferred tax assets and liabilities are as follows: As at 31 As at 31 December 2022 December 2021 RMB million RMB million Deferred tax assets 24,884 22,354 Deferred tax liabilities (2,849 ) (29,714 ) Net deferred tax assets 22,307 121 Net deferred tax liabilities (272 ) (7,481 ) As at 31 December 2022 and 31 December 2021, deferred income tax was calculated in full on temporary differences under the liability method using the principal tax rate of 25%. The movements in net deferred income tax assets and liabilities during the period were as follows: Net deferred tax assets/(liabilities) Insurance Investments Others Total RMB million RMB million RMB million RMB million (i) (ii) (iii) As at 1 January 2021 4,334 (22,386 ) 2,853 (15,199 ) (Charged)/Credited to net profit 2,862 3,534 345 6,741 (Charged)/Credited to other comprehensive income - Available-for-sale — 677 — 677 - Portion of fair value changes on available-for-sale 448 — — 448 - Others — (27 ) — (27 ) As at 31 December 2021 7,644 (18,202 ) 3,198 (7,360 ) As at 1 January 2022 7,644 (18,202 ) 3,198 (7,360 ) (Charged)/Credited to net profit 1,612 3,025 7,020 11,657 (Charged)/Credited to other comprehensive income - Available-for-sale — 23,776 — 23,776 - Portion of fair value changes on available-for-sale (6,530 ) — — (6,530 ) - Others — 492 — 492 As at 31 December 2022 2,726 9,091 10,218 22,035 (i) The deferred tax liabilities arising from the insurance category are mainly related to the change of long-term insurance contract liabilities at 31 December 2008 as a result of the first time adoption of IFRSs in 2009 and the temporary differences of short-term insurance contract liabilities and policyholder dividends payable. (ii) The deferred tax arising from the investments category is mainly related to the temporary differences of unrealised gains/(losses) on available-for-sale (iii) The deferred tax arising from the others category is mainly related to deductible losses available for use in future years, and the temporary differences of employee salaries and welfare costs payable. |
Summary of Deferred Tax Assets and Deferred Tax Liabilities | (d) The analysis of net deferred tax assets and deferred tax liabilities is as follows: As at 31 As at 31 RMB million RMB million Deferred tax assets: - deferred tax assets to be recovered after 12 months 15,954 14,695 - deferred tax assets to be recovered within 12 months 8,930 7,659 Subtotal 24,884 22,354 Deferred tax liabilities: - deferred tax liabilities to be settled after 12 months (1,396 ) (26,850 ) - deferred tax liabilities to be settled within 12 months (1,453 ) (2,864 ) Subtotal (2,849 ) (29,714 ) Net deferred tax assets/(liabilities) 22,035 (7,360 ) |
Disclosures About the Tempora_2
Disclosures About the Temporary Exemption from IFRS 9 (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Fair Value of Financial Assets Under IFRS 9 and Fair Value Changes | (a) The tables below present the fair value of the following groups of financial assets(i) under IFRS 9 as at 31 December 2022 and 31 December 2021 and fair value changes for the year ended 31 December 2022 and 31 December 2021: For the year ended 31 December 2022 2021 RMB million RMB million Held for trading financial assets 223,790 206,771 Financial assets that are managed and whose performance are evaluated on a fair value basis — — Other financial assets - Financial assets with contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding (“SPPI”) 2,553,284 2,559,014 - Financial assets with contractual terms that do not give rise to SPPI 1,236,915 958,340 Total 4,013,989 3,724,125 Fair value changes for the year ended 31 December 2022 2021 RMB million RMB million Held for trading financial assets (12,569 ) 4,541 Financial assets that are managed and whose performance are evaluated on a fair value basis — — Other financial assets - Financial assets with contractual terms that give rise to SPPI 16,929 92,219 - Financial assets with contractual terms that do not give rise to SPPI (62,141 ) 14,959 Total (57,781 ) 111,719 (i) Only including securities at fair value through profit or loss, loans (excluding policy loans), available-for-sale held-to-maturity |
Summary of Credit Risk Exposure for Financial Assets with Contractual Terms that Give Rise to SPPI | (b) The table below presents the credit risk exposure (ii) Carrying amount (iv) Carrying amount (iv) As at 31 December 2022 As at 31 December 2021 RMB Million RMB Million Domestic Rating not required (iii) 855,149 832,127 AAA 1,549,830 1,592,582 AA+ 5,383 6,551 AA 5 80 AA- 3,000 3,000 Subtotal 2,413,367 2,434,340 Overseas A+ 105 427 A 6,417 4,331 A- 89 13 BBB+ 99 75 BBB 1 — BBB- 45 — BB 161 — Subtotal 6,917 4,846 Total 2,420,284 2,439,186 (ii) Credit risk ratings for domestic assets are provided by domestic qualified external rating agencies and credit risk ratings for overseas assets are provided by overseas qualified external rating agencies. (iii) Mainly including government bonds and policy financial bonds. (iv) For financial assets measured at amortised cost, the carrying amount before adjusting impairment allowance is disclosed here. |
Summary of Financial Assets Not Considered to have Low Credit Risk on Reporting Date | (c) The table below presents financial assets without low credit risk for aforementioned financial assets with contractual terms that give rise to SPPI: As at 31 December 2022 Carrying amount (iv) Fair value RMB Million RMB Million Domestic 8,388 7,123 Overseas 161 161 Total 8,549 7,284 As at 31 December 2021 Carrying amount (iv) Fair value RMB Million RMB Million Domestic 9,631 7,274 Total 9,631 7,274 (iv) For financial assets measured at amortised cost, the carrying amount before adjusting impairment allowance is disclosed here. |
Significant Related Party Tra_2
Significant Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Information of Parent Company | Information of the parent company is as follows: Name Location of Principal business Relationship with the Company Nature of Legal CLIC Beijing, China Insurance services including receipt of premiums and payment of benefits in respect of the in-force life, health, accident and other types of personal insurance business, and the reinsurance business; holding or investing in domestic and overseas insurance companies or other financial insurance institutions; fund management business permitted by national laws and regulations or approved by the State Council of the People’s Republic of China; and other businesses approved by insurance regulatory agencies. Immediate State-owned Bai Tao |
Summary of Names of Significant Related Parties and Nature of Relationship with Company | (d) Other related parties Significant related parties Relationship with the Company China Life Real Estate Co., Limited (“CLRE”) Under common control of CLIC China Life Insurance (Overseas) Company Limited (“CL Overseas”) Under common control of CLIC China Life Investment Management Company Limited (Formerly known as “China Life Investment Holding Company Limited”)(“CLI”) Under common control of CLIC China Life Ecommerce Company Limited (“CL Ecommerce”) Under common control of CLIC China Life Healthcare Investment company limited (“CLHI”) Under common control of CLIC China Life Enterprise Annuity Fund (“EAP”) A pension fund jointly set up by the Company and others |
Summary of Registered Capital of Related Parties with Control Relationship and Changes | (e) Registered capital of related parties with control relationship and changes during the year Name of related party As at 31 Increase Decrease As at 31 December 2022 CLIC RMB4,600 — — RMB4,600 AMC RMB4,000 — — RMB4,000 China Life Pension Company Limited (“Pension Company”) RMB3,400 — — RMB3,400 China Life (Suzhou) Pension and Retirement Investment Company Limited (“Suzhou Pension Company”) RMB2,181 — — RMB2,181 CL AMP RMB1,288 — — RMB1,288 CL Wealth RMB200 — — RMB200 Shanghai Rui Chong Investment Co., Limited (“Rui Chong Company”) RMB6,100 — — RMB6,100 China Life (Beijing) Health Management Co., Limited (“CL Health”) RMB1,530 — — RMB1,530 China Life Franklin (Shenzhen) Equity Investment Fund Management Co., Limited (“Franklin Shenzhen Company”) USD2 RMB87 — RMB100 Xi’an Shengyi Jingsheng Real Estate Co., Ltd. (“Shengyi Jingsheng”) RMB1,131 — RMB300 RMB831 Dalian Hope Building Company Ltd. (“Hope Building”) RMB484 — — RMB484 China Life Insurance Sales Company Limited (“CL Sales”) RMB544 — — RMB544 China Life (Hangzhou) Company Limited (“CL Hangzhou”) RMB65 — — RMB65 China Life Jiayuan (Xiamen) Health Management Company Limited (“CL Jiayuan”) RMB1,500 — — RMB1,500 China Life (Tianjin) Pension Health Investment Company Limited (“CL Tianjin Health”) RMB700 — — RMB700 The table above does not include the partnerships and the subsidiaries which were not set up or invested in Mainland China that having control relationship with the Group. These partnerships and subsidiaries do not have related information about registered capital. |
Summary of Percentages of Holding of Related Parties with Control Relationship and Changes | (f) Percentages of holding of related parties with control relationship and changes during the year As at 31 December 2021 As at 31 December 2022 Shareholder Amount Percentage Increase Decrease Amount Percentage CLIC RMB19,324 68.37% — — RMB19,324 68.37% As at 31 December 2021 As at 31 December 2022 Subsidiaries Amount Percentage of holding Increase Decrease Amount Percentage of holding AMC RMB1,680 60.00% directly — — RMB1,680 60.00% directly Pension Company RMB2,746 74.27% directly and indirectly — — RMB2,746 74.27% directly and indirectly China Life Franklin Asset Management Company Limited (“AMC HK”) HKD 130 50.00% indirectly — — HKD 130 50.00% indirectly Suzhou Pension Company RMB2,181 100.00% directly — — RMB2,181 100.00% directly CL AMP RMB1,095 85.03% indirectly — — RMB1,095 85.03% indirectly CL Wealth RMB200 100.00% indirectly — — RMB200 100.00% indirectly Golden Phoenix Tree Limited — 100.00% directly — — — 100.00% directly As at 31 December 2021 As at 31 December 2022 Subsidiaries (continued) Amount Percentage of holding Increase Decrease Amount Percentage of holding King Phoenix Tree Limited — 100.00% indirectly — — — 100.00% indirectly Rui Chong Company RMB6,100 100.00% directly — — RMB6,100 100.00% directly New Aldgate Limited RMB1,167 100.00% directly — — RMB1,167 100.00% directly Glorious Fortune Forever Limited — 100.00% directly — — — 100.00% directly CL Hotel Investor, L.P. RMB285 100.00% directly — — RMB285 100.00% directly Golden Bamboo Limited RMB1,993 100.00% directly RMB1,108 — RMB3,101 100.00% directly Sunny Bamboo Limited RMB1,876 100.00% directly RMB483 — RMB2,359 100.00% directly Fortune Bamboo Limited RMB2,435 100.00% directly — — RMB2,435 100.00% directly China Century Core Fund Limited USD1,125 100.00% indirectly — — USD1,125 100.00% indirectly CL Health RMB1,530 100.00% directly — — RMB1,530 100.00% directly Franklin Shenzhen Company USD2 100.00% indirectly RMB87 — RMB100 100.00% indirectly Guo Yang Guo Sheng RMB2,835 89.997% directly — — RMB2,835 89.997% directly New Capital Wisdom Limited — 100.00% indirectly — — — 100.00% indirectly New Fortune Wisdom Limited — 100.00% indirectly — — — 100.00% indirectly Wisdom Forever Limited Partnership USD452 100.00% indirectly — — USD452 100.00% indirectly Shanghai Yuan Shu Yuan Jiu Investment RMB571 99.98% directly — RMB31 RMB540 99.98% directly Shanghai Yuan Shu Yuan Pin Investment RMB571 99.98% directly — RMB31 RMB540 99.98% directly Shanghai Wansheng Industry Partnership (Limited RMB4,024 99.98% directly RMB12 — RMB4,036 99.98% directly Ningbo Meishan Bonded Port Area Bai Ning RMB1,680 99.98% directly — — RMB1,680 99.98% directly Hope Building RMB484 100.00% indirectly — — RMB484 100.00% indirectly Wuhu Yuanxiang Tianfu Investment Management RMB548 99.98% directly — RMB46 RMB502 99.98% directly As at 31 December 2021 As at 31 December 2022 Subsidiaries (continued) Amount Percentage of holding Increase Decrease Amount Percentage of holding Wuhu Yuanxiang Tianyi Investment Management Partnership (Limited Partnership) (“Yuanxiang Tianyi”) RMB548 99.98% directly — RMB46 RMB502 99.98% directly Shengyi Jingsheng RMB1,093 100% indirectly — — RMB1,093 100% indirectly CBRE Global Investors U.S. Investments I, LLC (“CG Investments”) RMB4,111 99.99% directly — — RMB4,111 99.99% directly China Life Guangde(Tianjin) Equity Investment Fund Partnership (Limited Partnership) (“CL Guang De”) RMB616 99.95% directly RMB700 — RMB1,316 99.95% directly Beijing China Life Pension Industry Investment Fund (Limited Partnership) (“CL Pension Industry”) RMB504 99.90% directly RMB1,888 — RMB2,392 99.90% directly China Life Qihang Phase I (Tianjin) Equity Investment Fund Partnership (Limited Partnership) (“China Life Qihang Fund l”) RMB6,065 99.99% directly RMB850 — RMB6,915 99.99% directly China Life Xing Wan (Tianjin) Enterprise Management Partnership (Limited Partnership)(“CL Xing wan”) RMB3,865 99.98% indirectly — RMB100 RMB3,765 99.98% indirectly CL Sales — 90.81% directly — — — 90.81% directly CL Hangzhou RMB65 99.99% indirectly — — RMB65 99.99% indirectly CL Jiayuan RMB300 99.99% indirectly — — RMB300 99.99% indirectly CL Tianjin Health (i) — — RMB1,216 — RMB1,216 99.99% indirectly (i) On 8 December 2022, CL Pension Industry injected capital of RMB million to CL Tianjin Health, a wholly owned subsidiary of CLIC, and acquired % of the shareholders’ equity. Both parties are under common control by CLIC which is not transitory before and after the combination. Therefore, this is a business combination under common control. The financial statements of the Group were restated based on the financial statements as at 31 December 2021 obtained from the merged party on the combination date. In December 2022 CL Pension Industry increased its investment in CL Tianjin Health by RMB million. As at 31 December 2022, the change of registration with the department in charge of industrial and commercial administration was still in progress. |
Summary of Significant Transactions Carried Out by the Group with Its Significant Related Parties | (g) Transactions with significant related parties For the year ended 31 December 2022 2021 Notes RMB RMB Transactions with CLIC and its subsidiaries CLIC Distribution of dividends from the Company and AMC to CLIC 12,941 12,663 Policy management fee received from CLIC (i) (vii) 463 554 Asset management fee received from CLIC (ii.a) 150 156 CLP&C Capital increase (Note 9) 3,600 — Agency fee received from CLP&C (iii) (vii) 1,516 1,634 Rental and a service fee received from CLP&C 99 78 Dividends from CLP&C (Note 9) 75 214 Asset management fee received from CLP&C (ii.c) 43 52 CLI Payment of asset management fee to CLI (ii.d) (vii) 637 588 CLHI Payment of operation management service fee to CLHI (vi) 96 112 CL Overseas Asset management fee received from CL Overseas (ii.b) 108 79 Transactions with associates and joint ventures CGB Capital increase (Note 9) 8,025 — Interest received from CGB 2,747 3,268 Dividends from CGB (Note 9) 774 662 Commission expenses charged by CGB (iv) 218 190 Insurance premium received from CGB 180 88 Rental fee received from CGB 173 145 Sino-Ocean Dividends from Sino-Ocean (Note 9) 61 271 Interest of corporate bonds received from Sino-Ocean 7 17 Transaction between other associates and joint ventures and the Group Dividends from other associates and joint ventures (Note 9) 4,463 3,333 Transaction between EAP and the Group Contribution to EAP 1,355 1,357 Transactions between other subsidiaries and the Company Payment of an asset management fee Payment of an asset management fee to AMC (ii.e) (vii) 2,872 2,742 Payment of an asset management fee to AMC HK (ii.f) 18 15 Payment of an asset management fee to Pension Company 94 7 Dividends from subsidiaries Dividends from AMC 549 432 Dividends from Pension Company 241 127 Dividends from the other subsidiaries 475 738 For the year ended 31 December 2022 2021 Notes RMB RMB Agency fee received Agency fee received from Pension Company for entrusted sales of annuity funds and other businesses (v) 57 70 Rental received Rental received from Pension Company 76 70 Capital increase in subsidiaries (Note 34(f)) Capital contribution to CL Pension Industry 1,888 495 Capital contribution to Golden Bamboo Limited 1,108 — Capital contribution to China Life Qihang Fund I 850 6,064 Capital contribution to CL Guang De 700 321 Capital contribution to Sunny Bamboo Limited 483 — Capital contribution to Shanghai Wansheng 12 12 Capital reduction of subsidiaries (Note 34(f)) Capital contribution to Yuanxiang Tianfu 46 — Capital contribution to Yuanxiang Tianyi 46 — Capital contribution to Yuanshu Yuanpin 31 — Capital contribution to Yuanshu Yuanjiu 31 — Transactions between the consolidated structured entities and the Company Distribution of profits from the consolidated structured entities to the Company 15,686 15,947 Notes: (i) On 31 December 2021, the Company and CLIC renewed an insurance agency agreement, effective from 1 January 2022 to 31 December 2024. The Company performs its duties as insurance agent in accordance with the agreement, but does not acquire any rights and profits or assume any obligations, losses and risks as an insurer of the non-transferable (ii.a) In December 2018, CLIC renewed an asset management agreement with AMC, entrusting AMC to manage and make investments for its insurance funds. The agreement is effective from 1 January 2019 to 31 December 2021. In July 2020, CLIC revised the asset management agreement with AMC, effective from 1 July 2020 to 31 December 2022. In accordance with the agreement and the revision, CLIC paid AMC a basic service fee at the rate of 0.08% per annum for the management of insurance funds. The service fee was calculated on a monthly basis and payable on a quarterly basis, by multiplying the average book value of the assets under management (after deducting the funds and interests of positive repurchase transactions and deducting the principal and interests of debt and equity investment schemes, project asset-backed schemes and customised non-standard non-standard (ii.b) In 2018, CL Overseas renewed an investment management agreement with AMC HK, effective from 1 January 2018 to 31 December 2022. In accordance with the agreement, CL Overseas entrusted AMC HK to manage and make investments for its insurance funds and paid AMC HK a basic investment management fee and an investment performance fee. The basic investment management fee was accrued by multiplying the weighted average total funds by the basic fee rate. The investment performance fee was calculated based on the difference between the total actual annual yields and predetermined net realised yield. The basic investment management fee was calculated and payable on a semi-annual basis. The investment performance fee was payable according to the total actual annual yield at the end of each year. (ii.c) On 10 February 2021, CLP&C renewed an agreement for the management of insurance funds with AMC, entrusting AMC to manage and make investments for its insurance funds, effective from 1 January 2021 to 31 December 2023. In accordance with the agreement, CLP&C paid AMC a fixed service fee and a variable service fee. The fixed service fee was calculated on a monthly basis and payable on an annual basis, by multiplying the average net asset value of assets of each category under management at the beginning and the end of any given month by the responding annual investment management fee rate, divided by 12. The variable service fee was payable on an annual basis, and linked to investment performance. (ii.d) On 27 December 2021, the Company and CLI renewed an operation and management agreement of alternative investment of insurance funds, effective from 1 January 2022 to 31 December 2023. The agreement shall be automatically renewed for one year unless either party gives written notice to the other party not to renew it 90 business days prior to the expiration of this agreement. In accordance with the agreement, the Company entrusted CLI to engage in investment, operation and management of non-standard non-fixed-income (ii.e) On 28 December 2018, the Company and AMC renewed the agreement for the management of insurance funds, effective from (ii.f) On 29 December 2021, the Company and AMC HK renewed the management agreement of insurance funds investment, which is effective from 1 January 2022 to 31 December 2024. In accordance with the agreement, the Company entrusted AMC HK to manage and make investments for its insurance funds and paid AMC HK an asset management fee on a semi-annual basis. The management fee is determined by market-oriented pricing, and the maximum investment management fee paid annually is RMB30 million. Asset management fees charged to the Company by AMC HK are eliminated in the consolidated statement of comprehensive income. (iii) On 31 January 2018, CLP&C and the Company signed an insurance agency framework agreement, whereby CLP&C entrusted the Company to act as an agent to sell designated P&C insurance products in certain authorised jurisdictions. The agency fee was determined based on cost (tax included) plus a margin. The agreement is effective for three years, from 8 March 2018 to 7 March 2021. On 20 February 2021, CLP&C and the Company renewed the agreement, effective for two years, from 8 March 2021 to CLP&C and CL Sales signed the Strategic Cooperation Agreement on 22 July 2019. According to the agreement, CL Sales, as an agent of insurance products, provides intermediary services for CLP&C. The two parties determine the specific commissions and the standard of sales management fee through fair negotiation, based on the local market price and the paid- in premium which exclude value-added tax and deducte the premium from batch reduction. This agreement is valid for three years, from 22 July 2019 to 21 July 2022. (iv) On 19 October 2018, the Company and CGB renewed an insurance agency agreement to distribute insurance products. All individual insurance products suitable for distribution through bancassurance channels are included in the agreement. CGB provides agency services, including the sale of insurance products, collecting premiums and paying benefits. The Company paid the agency commission by multiplying the net amount of total premiums received from the sale of each category individual insurance products after deducting the surrender premiums in the hesitation period, by the responding fixed commission rate. The commission rates for various insurance products sold by CGB are agreed based on arm’s length transactions. The commissions are payable on a monthly basis. The agreement was effective from the signing date to 16 August 2020. On 22 August 2020, the Company and CGB renewed an insurance agency agreement to distribute insurance products, effective from the signing date to 22 August 2022. On 19 August 2022, the Company and CGB signed an insurance part-time agency business cooperation agreement, effective from the signing date to 31 December 2022. On 27 December 2021, the Company and CGB renewed another insurance agency agreement to distribute corporate group insurance products. The corporate group insurance products suitable for distribution through bancassurance channels are included in the agreement. The Company paid the agency commission by multiplying the net amount of total premiums received from the sale of each category group insurance product after deducting the surrender premiums, by the responding fixed commission rate. The commission rates for various insurance products sold by CGB are agreed by reference to comparable market prices of independent third-parties. The commissions are paid on a monthly basis. The agreement is effective for one years from 1 January 2022, with an automatic one-year (v) On 29 December 2021, the Company and Pension Company renewed an entrusted sales service agreement for pension business acted by life business. The agreement is effective from 1 January 2022 to 31 December 2024. The business means that Pension Company entrusted the Company to cooperate in selling enterprise annuity funds, pension security business, occupational pension business and the third-pillar pension financial business. According to the agreement, the commissions for the cooperative service of enterprise annuity fund management, which is the core business of Pension Company, are calculated at 50% to 70% of the annual entrusting management fee revenues, depending on the duration of the agreement. The commissions for cooperative account management service are calculated at 60% of the first year’s account management fee and were only charged for the first year, regardless of the duration of the agreement. The commissions for cooperative investment management services, in accordance with the duration of the agreement, are calculated at 35% to 60% of the annual investment management fee (excluding risk reserves for investment). For pension security business, the commissions of the group pension plan are, in accordance with the duration of the contracts, calculated at 50% to 3% of the annual investment management fee, decreasing annually; the commissions of the personal pension plan are calculated at 30% to 50% of the annual investment management fee according to the various rates of the daily management fee applied to the various individual pension management products in all of the management years; the cooperative commissions of occupation annuity and third-pillar pension financial business should be determined by both parties on a separate occasion. The commissions charged to Pension Company by the Company are eliminated in the consolidated statement of comprehensive income of the Group. (vi) On 31 December 2021, the Company and CLHI renewed an aged-care projects management service agreement, effective from (vii) These transactions constitute continuing connected transactions which are subject to reporting and announcement requirements but are exempt from independent shareholders’ approval requirements under Chapter 14A of the Listing Rules. The Company has complied with the disclosure requirements in accordance with Chapter 14A of the Listing Rules. |
Summary of Balances Due From and to Significant Related Parties | (h) Amounts due from/to significant related parties The following table summarises the balances due from and to significant related parties. The balances of the Group are all unsecured. The balances of the Group are non-interest-bearing As at 31 December 2022 As at 31 December 2021 RMB million RMB million The resulting balances due from and to significant related parties of the Group Amount due from CLIC 539 342 Amount due from CL Overseas 118 59 Amount due from CLP&C 293 258 Amount due to CLP&C (53 ) (17 ) Amount due from CLI 5 51 Amount due to CLI (528 ) (445 ) Amount due from CLRE 4 2 Amount due to CLHI (61 ) (40 ) Amount deposited with CGB 57,904 69,148 Wealth management products and other financial instruments of CGB 8,027 8,384 Amount due from CGB 761 9,138 Amount due to CGB (66 ) (80 ) Debt securities of Sino-Ocean 648 356 Amount due from Sino-Ocean 4 7 Amount due from CL Ecommerce 4 3 Amount due to CL Ecommerce (29 ) (15 ) The resulting balances due from and to subsidiaries of the Company Amount due from CL Hotel Investors ,L.P. 6,137 — Amount due to AMC (782 ) (717 ) Amount due to AMC HK (7 ) (8 ) Amount due from Pension Company 43 46 Amount due to Pension Company (123 ) (114 ) Amount due from Rui Chong Company 274 604 |
Key Management Personnel Compensation | (i) Key management personnel compensation For the year ended 31 December 2022 2021 RMB million RMB million Salaries and other benefits 21 33 |
Share Capital and Reserves (Tab
Share Capital and Reserves (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Share Capital | As at 31 December 2022 As at 31 December 2021 No. of shares RMB million No. of shares RMB million Registered, authorised, issued and fully paid Ordinary shares of RMB1 each 28,264,705,000 28,265 28,264,705,000 28,265 As at 31 December 2022, the Company’s share capital was as follows: As at 31 December 2022 No. of shares RMB million Owned by CLIC (i) 19,323,530,000 19,324 Owned by other equity holders 8,941,175,000 8,941 Including: domestic listed 1,500,000,000 1,500 overseas listed (ii) 7,441,175,000 7,441 Total 28,264,705,000 28,265 (i) All shares owned by CLIC are domestic listed shares. (ii) Overseas listed shares are traded on the Stock Exchange of Hong Kong Limited and the New York Stock Exchange. |
Summary of Reserves | Share Other reserves Unrealised gains/ (losses) from available- for-sale Other Statutory Discretionary fund General Exchange Other non-reclassifiable equity method Total RMB million RMB million RMB million RMB million RMB million RMB million RMB million RMB million RMB million RMB million (a) (b) (c) As at 1 January 2020 53,905 1,848 28,594 756 40,516 34,645 37,888 (24 ) (162 ) 197,966 Other comprehensive income for the year — — 25,674 646 — — — (965 ) 344 25,699 Appropriation to reserves — — — — 5,009 5,857 5,159 — — 16,025 Others — (1,055 ) — — — — — — — (1,055 ) As at 31 December 2020 53,905 793 54,268 1,402 45,525 40,502 43,047 (989 ) 182 238,635 As at 1 January 2021 53,905 793 54,268 1,402 45,525 40,502 43,047 (989 ) 182 238,635 Other comprehensive income for the year — — (5,349 ) 1,233 — — — (388 ) (104 ) (4,608 ) Appropriation to reserves — — — — 5,096 5,009 5,273 — — 15,378 Other comprehensive income to retained earnings — — — — — — — — 45 45 Others — 305 — — — — — — — 305 As at 31 December 2021 53,905 1,098 48,919 2,635 50,621 45,511 48,320 (1,377 ) 123 249,755 As at 1 January 2022 53,905 1,098 48,919 2,635 50,621 45,511 48,320 (1,377 ) 123 249,755 Other comprehensive income for the year — — (51,627 ) (3,002 ) — — — 1,102 (1,625 ) (55,152 ) Appropriation to reserves — — — — 3,932 5,096 4,109 — — 13,137 Other comprehensive income to retained earnings — — — — — — — — (74 ) (74 ) Others — (1,450 ) — — — — — — — (1,450 ) As at 31 December 2022 53,905 (352 ) (2,708 ) (367 ) 54,553 50,607 52,429 (275 ) (1,576 ) 206,216 (a) Pursuant to the relevant PRC laws, the Company appropriated 10% of its net profit under Chinese Accounting Standards (“CAS”) to statutory reserve which amounted to RMB3,932 million for the year ended 31 December 2022 (2021: RMB5,096 million, 2020: RMB5,009 million). (b) Approved at the Annual General Meeting in 29 June 2022, the Company appropriated RMB5,096 (c) Pursuant to “Financial Standards of Financial Enterprises - Implementation Guide” issued by the Ministry of Finance of the PRC on 30 March |
Notes to the Consolidated Sta_2
Notes to the Consolidated Statement of Cash Flows (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Changes in Liabilities Arising From Financing Activities | Interest-bearing Bonds Lease liabilities Securities sold under Other liability-payable to the Other liability- interest payable related Total RMB million RMB million RMB million RMB million RMB million RMB million RMB million At 1 January 2020 20,263 34,990 3,091 118,088 21,400 1,327 199,159 Changes from financing cash flows 531 — (1,618 ) 4,912 21,254 (3,639 ) 21,440 Foreign exchange movement (807 ) — — — — — (807 ) Changes arising from losing control of consolidated structured entities — — — (751 ) — — (751 ) New leases — — 1,156 — — — 1,156 Interest expense — 2 113 — — 3,632 3,747 Others — — (78 ) — — — (78 ) At 31 December 2020 19,987 34,992 2,664 122,249 42,654 1,320 223,866 At 1 January 2021 19,987 34,992 2,664 122,249 42,654 1,320 223,866 Changes from financing cash flows 105 — (1,517 ) 117,211 25,208 (6,461 ) 134,546 Foreign exchange movement (870 ) — — — — — (870 ) Changes arising from losing control of consolidated structured entities — — — (368 ) — — (368 ) New leases — — 1,086 — — — 1,086 Interest expense — 2 96 — — 5,500 5,598 Others — — (147 ) 354 — — 207 At 31 December 2021 19,222 34,994 2,182 239,446 67,862 359 364,065 Interest-bearing Bonds Lease liabilities Securities sold under Other liability-payable to the Other liability- interest payable related Total RMB million RMB million RMB million RMB million RMB million RMB million RMB million At 1 January 2022 19,222 34,994 2,182 239,446 67,862 359 364,065 Changes from financing cash flows (7,587 ) — (1,307 ) (90,711 ) 5,983 (5,073 ) (98,695 ) Foreign exchange movement 1,139 — — — — — 1,139 Changes arising from losing control of consolidated structured entities — — — — — — — New leases — — 817 — — — 817 Interest expense — 3 74 — — 4,786 4,863 Others — — (197 ) 223 — — 26 At 31 December 2022 12,774 34,997 1,569 148,958 73,845 72 272,215 |
Provisions and Contingencies (T
Provisions and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Summary of Significant Contingent Liabilities | The following is a summary of the significant contingent liabilities: As at 31 December 2022 As at 31 December 2021 RMB million RMB million Pending lawsuits 531 506 |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Text block [abstract] | |
Capital Commitments Relating to Property Development Projects and Investments | The Group had the following capital commitments relating to property development projects and investments: As at 31 As at 31 RMB million RMB million Contracted, but not provided for Investments 91,727 94,770 Property, plant and equipment 1,408 1,528 Total 93,135 96,298 |
Future Minimum Rentals Receivable under Non-cancellable Operating Leases | As lessor, the future minimum rentals receivable under non-cancellable As at 31 As at 31 RMB million RMB million Not later than one year 893 781 Later than one year but not later than five years 1,478 1,296 Later than five years 160 142 Total 2,531 2,219 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Estimated Useful Lives for Depreciation Purposes of Property, Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Leasehold improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property plant and equipment | Over the shorter of the remaining term ofthe lease and the useful lives |
Bottom of range [member] | Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property plant and equipment | 15 years |
Bottom of range [member] | Office equipment, furniture and fixtures [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property plant and equipment | 3 years |
Bottom of range [member] | Motor vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property plant and equipment | 4 years |
Top of range [member] | Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property plant and equipment | 35 years |
Top of range [member] | Office equipment, furniture and fixtures [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property plant and equipment | 11 years |
Top of range [member] | Motor vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives of property plant and equipment | 8 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Bottom of range [member] | |
Disclosure of detailed information about investment property [line items] | |
Estimated useful lives of investment properties | 15 years |
Top of range [member] | |
Disclosure of detailed information about investment property [line items] | |
Estimated useful lives of investment properties | 35 years |
Overseas [member] | |
Disclosure of detailed information about investment property [line items] | |
Description of estimated useful lives of investment properties | not longer than 50 years |
Risk Management - Major Product
Risk Management - Major Products of Long-term Insurance Contracts (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of risk management [line items] | ||||
Premiums of long-term insurance contracts | ¥ 615,190 | ¥ 618,327 | ¥ 612,265 | |
Liabilities of long-term insurance contracts | 3,873,753 | 3,413,754 | ||
Gross [member] | ||||
Disclosure of risk management [line items] | ||||
Liabilities of long-term insurance contracts | 3,880,160 | 3,419,899 | ||
Long-term insurance contracts [member] | ||||
Disclosure of risk management [line items] | ||||
Liabilities of long-term insurance contracts | 3,836,002 | 3,374,693 | ||
Long-term insurance contracts [member] | Gross [member] | ||||
Disclosure of risk management [line items] | ||||
Premiums of long-term insurance contracts | ¥ 540,926 | ¥ 542,974 | ||
Premiums of long-term insurance contracts percentage | 100% | 100% | ||
Insurance benefits of long-term insurance contracts | ¥ 86,964 | ¥ 84,418 | ||
Insurance benefits of long-term insurance contracts percentage | 100% | 100% | ||
Liabilities of long-term insurance contracts | ¥ 3,840,899 | ¥ 3,379,603 | ¥ 2,936,533 | |
Liabilities of long-term insurance contracts percentage | 100% | 100% | ||
Xin Xiang Zhi Zun Annuity (Celebration Version) [member] | Long-term insurance contracts [member] | Gross [member] | ||||
Disclosure of risk management [line items] | ||||
Premiums of long-term insurance contracts | [1] | ¥ 39,846 | ¥ 40,851 | |
Premiums of long-term insurance contracts percentage | [1] | 7.37% | 7.52% | |
Insurance benefits of long-term insurance contracts | [1] | ¥ 109 | ¥ 67 | |
Insurance benefits of long-term insurance contracts percentage | [1] | 0.13% | 0.08% | |
Liabilities of long-term insurance contracts | [1] | ¥ 116,400 | ¥ 73,283 | |
Liabilities of long-term insurance contracts percentage | [1] | 3.03% | 2.17% | |
Kang Ning Whole Life [member] | Long-term insurance contracts [member] | Gross [member] | ||||
Disclosure of risk management [line items] | ||||
Premiums of long-term insurance contracts | [2] | ¥ 13,247 | ¥ 15,430 | |
Premiums of long-term insurance contracts percentage | [2] | 2.45% | 2.84% | |
Insurance benefits of long-term insurance contracts | [2] | ¥ 5,453 | ¥ 5,653 | |
Insurance benefits of long-term insurance contracts percentage | [2] | 6.27% | 6.70% | |
Liabilities of long-term insurance contracts | [2] | ¥ 386,218 | ¥ 365,246 | |
Liabilities of long-term insurance contracts percentage | [2] | 10.06% | 10.81% | |
Fu Lu Shuang Xi Participating Endowment [member] | Long-term insurance contracts [member] | Gross [member] | ||||
Disclosure of risk management [line items] | ||||
Premiums of long-term insurance contracts | [3] | ¥ 9,379 | ¥ 11,190 | |
Premiums of long-term insurance contracts percentage | [3] | 1.73% | 2.06% | |
Insurance benefits of long-term insurance contracts | [3] | ¥ 3,800 | ¥ 3,061 | |
Insurance benefits of long-term insurance contracts percentage | [3] | 4.37% | 3.63% | |
Liabilities of long-term insurance contracts | [3] | ¥ 181,523 | ¥ 173,942 | |
Liabilities of long-term insurance contracts percentage | [3] | 4.73% | 5.15% | |
Xin Ru Yi Annuity(Platinum Version) [member] | Long-term insurance contracts [member] | Gross [member] | ||||
Disclosure of risk management [line items] | ||||
Premiums of long-term insurance contracts | [4] | ¥ 8,545 | ¥ 8,781 | |
Premiums of long-term insurance contracts percentage | [4] | 1.58% | 1.62% | |
Insurance benefits of long-term insurance contracts | [4] | ¥ 3,391 | ¥ 3,473 | |
Insurance benefits of long-term insurance contracts percentage | [4] | 3.90% | 4.11% | |
Liabilities of long-term insurance contracts | [4] | ¥ 119,655 | ¥ 110,063 | |
Liabilities of long-term insurance contracts percentage | [4] | 3.12% | 3.26% | |
Hong Ying Participating Endowment [member] | Long-term insurance contracts [member] | Gross [member] | ||||
Disclosure of risk management [line items] | ||||
Premiums of long-term insurance contracts | [5] | ¥ 31 | ¥ 66 | |
Premiums of long-term insurance contracts percentage | [5] | 0.01% | 0.01% | |
Insurance benefits of long-term insurance contracts | [5] | ¥ 7,581 | ¥ 10,315 | |
Insurance benefits of long-term insurance contracts percentage | [5] | 8.72% | 12.22% | |
Liabilities of long-term insurance contracts | [5] | ¥ 7,069 | ¥ 14,479 | |
Liabilities of long-term insurance contracts percentage | [5] | 0.18% | 0.43% | |
Others [member] | Long-term insurance contracts [member] | Gross [member] | ||||
Disclosure of risk management [line items] | ||||
Premiums of long-term insurance contracts | [6] | ¥ 469,878 | ¥ 466,656 | |
Premiums of long-term insurance contracts percentage | [6] | 86.86% | 85.95% | |
Insurance benefits of long-term insurance contracts | [6] | ¥ 66,630 | ¥ 61,849 | |
Insurance benefits of long-term insurance contracts percentage | [6] | 76.61% | 73.26% | |
Liabilities of long-term insurance contracts | [6] | ¥ 3,030,034 | ¥ 2,642,590 | |
Liabilities of long-term insurance contracts percentage | [6] | 78.88% | 78.18% | |
[1]Xin Xiang Zhi Zun Annuity (Celebration Version) is an annuity insurance contract with the options for regular premium of 3 years and 5 years paid annually or monthly. Its insured period is 10 years. This product is applicable to healthy policyholders between 28-day-old and 68-year-old. From the first effective date after the fifth policy years to the expiration period, if the policyholders live to the annual corresponding effective date, the annuity payment shall be paid at 60% of annual premium according to the basic sum insured if the payment period is 3 years; and the annuity payment shall be paid at 100% of annual premium according to the basic sum insured if the payment period is 5 years. If the policyholders live to the annual corresponding effective date of the expiration period, the contract terminates and maturity benefit is paid at the basic sum insured. If death incurred over insured period, the contract terminates and death benefit is paid at the premium received (without interest).[2]Kang Ning Whole Life is a whole life insurance contract with the options for single premium or regular premium of 10 years or 20 years and the payment methods of insurance are divided into single payment, annual payment, and semi-annual payment. This product is applicable to healthy policyholders under 70-year-old. The critical illness benefit is paid at 200% of the basic sum insured. If the critical illness benefits are paid within the payment period, the insurance premium of each subsequent period shall be exempted, and the contract shall continue to be valid from the date of the payment of the critical illness benefits. Both death and disability benefits are paid at 300% of the basic sum insured less any critical illness benefits paid.[3]Fu Lu Shuang Xi Participating Endowment is a participating insurance contract with the options for regular premium of 3 years, 5 years and 10 years paid annually, semiannually, quarterly or monthly. Its insured period extends from the effective date of the insurance contract to the corresponding date of the year when the policyholders turn 75-year-old. This product is applicable to healthy policyholders between 30-day-old and 60-year-old. Starting from the effective date of the insurance contract, the survival benefit is paid every two policy years on the corresponding date at 10% of the basic sum insured. If death incurred over insured period, the contract terminates and death benefit is paid at death benefit amount. If the policyholders live to the annual corresponding effective date of the expiration period, the contract terminates and maturity benefit is paid at maturity benefit amount.[4]Xin Ru Yi Annuity(Platinum Version) is an annuity-type insurance contract with annual premium payment method and three types of premium payment periods: three years, five years and ten years. The insurance period is from the effective date of the contract to the effective date of the year when the insured reaches the age of eighty. Any person born above 28 days and under 70 years of age and in good health can be the insured person. If the insured person survives until the annual effective date from the effective date to the agreed annuity date, the first survival benefit will be paid at 10% of the first premium paid; the subsequent annual survival benefit will be paid at the basic insurance amount. If the insured person survives to the annual effective date from the agreed annuity commencement date to the annual effective date when the insured person reaches the age of 80, the first annuity payment will be made at 110% of the basic insurance amount; each subsequent annuity payment will be increased by 10% of the basic insurance amount on top of the previous payment amount. The maturity benefit is paid according to the premiums paid (without interest). The death benefit is paid at the greater of the premiums paid (without interest) and the cash value of the contract at the time of the insured’s death.[5]Hong Ying Participating Endowment is a participating endowment insurance contract with the options for single premium or regular premium of 3 years, 5 years or 10 years. Its insured period can be 6 years, 10 years or 15 years. This product is applicable to healthy policyholders between 30-day-old and 70-year-old. Maturity benefit of a single premium policy is paid at the basic sum insured, while that of a regular premium policy is paid at the basic sum insured multiplied by the number of years of the premium payments. Disease death benefit incurred within the first policy year is paid at the premium received (without interest). Disease death benefit incurred after the first policy year is paid at the basic sum insured for a single premium policy or the basic sum insured multiplied by the number of years of premium payments for a regular premium policy. When accidents occurred during taking a train, a ship or a flight period, death benefit is paid at the basic sum multiplied by 3 insured for a single premium policy or the basic sum multiplied by 3 and times the number of years of premium payments insured for a regular premium policy. When accidents occurred out of the period of taking a train, a ship or a flight, death benefit is paid at the basic sum multiplied by 2 insured for a single premium policy or the basic sum multiplied by 2 and times the number of years of premium payments insured for a regular premium policy.[6]Others consist of various long-term insurance contracts with no significant concentration. |
Risk Management - Major Produ_2
Risk Management - Major Products of Long-term Insurance Contracts (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Xin Xiang Zhi Zun Annuity (Celebration Version) [member] | Annual or monthly payments [member] | |
Disclosure of risk management [line items] | |
Description of insurance contract | Xin Xiang Zhi Zun Annuity (Celebration Version) is an annuity insurance contract with the options for regular premium of 3 years and 5 years paid annually or monthly. Its insured period is 10 years. This product is applicable to healthy policyholders between 28-day-old and 68-year-old. |
Insurance coverage period | 10 years |
Xin Xiang Zhi Zun Annuity (Celebration Version) [member] | Annual or monthly payments [member] | First Effective Date After Five Policy Years [Member] | |
Disclosure of risk management [line items] | |
Special survival payment percentage for three years payment period | 60% |
Special survival payment percentage for five years payment period | 100% |
Kang Ning Whole Life [member] | Single premium or regular premium [member] | |
Disclosure of risk management [line items] | |
Description of insurance contract | Kang Ning Whole Life is a whole life insurance contract with the options for single premium or regular premium of 10 years or 20 years and the payment methods of insurance are divided into single payment, annual payment, and semi-annual payment. This product is applicable to healthy policyholders under 70-year-old. The critical illness benefit is paid at 200% of the basic sum insured. If the critical illness benefits are paid within the payment period, the insurance premium of each subsequent period shall be exempted, and the contract shall continue to be valid from the date of the payment of the critical illness benefits. Both death and disability benefits are paid at 300% of the basic sum insured less any critical illness benefits paid. |
Fu Lu Shuang Xi Participating Endowment [member] | Regular premium [member] | |
Disclosure of risk management [line items] | |
Description of insurance contract | Fu Lu Shuang Xi Participating Endowment is a participating insurance contract with the options for regular premium of 3 years, 5 years and 10 years paid annually, semiannually, quarterly or monthly. Its insured period extends from the effective date of the insurance contract to the corresponding date of the year when the policyholders turn 75-year-old. |
Extended age limit of policy holders | 75-year-old |
Percentage special survival payment two years on annual premium | 10% |
Xin Ru Yi Annuity(Platinum Version) [member] | Annual payments [member] | |
Disclosure of risk management [line items] | |
Description of insurance contract | Xin Ru Yi Annuity (Platinum Version) is an annuity-type insurance contract with annual premium payment method and three types of premium payment periods: three years, five years and ten years. The insurance period is from the effective date of the contract to the effective date of the year when the insured reaches the age of eighty. |
Extended age limit of policy holders | 80-year-old |
Annuity insurance payment as percentage of first premium | 10% |
Annuity insurance payment percentage based on basic sum insured | 110% |
Hong Ying Participating Endowment [member] | Single premium or regular premium [member] | |
Disclosure of risk management [line items] | |
Description of insurance contract | Hong Ying Participating Endowment is a participating endowment insurance contract with the options for single premium or regular premium of 3 years, 5 years or 10 years. Its insured period can be 6 years, 10 years or 15 years. This product is applicable to healthy policyholders between 30-day-old and 70-year-old. |
Bottom of range [member] | Xin Xiang Zhi Zun Annuity (Celebration Version) [member] | Regular premium [member] | |
Disclosure of risk management [line items] | |
Age limit of policy holders | 28-day-old |
Bottom of range [member] | Fu Lu Shuang Xi Participating Endowment [member] | Regular premium [member] | |
Disclosure of risk management [line items] | |
Age limit of policy holders | 30-day-old |
Bottom of range [member] | Xin Ru Yi Annuity(Platinum Version) [member] | Annual payments [member] | |
Disclosure of risk management [line items] | |
Age limit of policy holders | 28 days |
Bottom of range [member] | Hong Ying Participating Endowment [member] | Single premium or regular premium [member] | |
Disclosure of risk management [line items] | |
Age limit of policy holders | 30-day-old |
Top of range [member] | Xin Xiang Zhi Zun Annuity (Celebration Version) [member] | Annual or monthly payments [member] | |
Disclosure of risk management [line items] | |
Age limit of policy holders | 68-year-old |
Top of range [member] | Kang Ning Whole Life [member] | Single premium or regular premium [member] | |
Disclosure of risk management [line items] | |
Age limit of policy holders | 70-year-old |
Top of range [member] | Fu Lu Shuang Xi Participating Endowment [member] | Regular premium [member] | |
Disclosure of risk management [line items] | |
Age limit of policy holders | 60-year-old |
Top of range [member] | Xin Ru Yi Annuity(Platinum Version) [member] | Annual payments [member] | |
Disclosure of risk management [line items] | |
Age limit of policy holders | 70 years |
Annuity insurance payment percentage based on basic sum insured | 10% |
Top of range [member] | Hong Ying Participating Endowment [member] | Single premium or regular premium [member] | |
Disclosure of risk management [line items] | |
Age limit of policy holders | 70-year-old |
Period one [member] | Xin Xiang Zhi Zun Annuity (Celebration Version) [member] | Regular premium [member] | |
Disclosure of risk management [line items] | |
Insurance premium period | 3 years |
Period one [member] | Kang Ning Whole Life [member] | Single premium or regular premium [member] | |
Disclosure of risk management [line items] | |
Insurance premium period | 10 years |
Period one [member] | Fu Lu Shuang Xi Participating Endowment [member] | Regular premium [member] | |
Disclosure of risk management [line items] | |
Insurance premium period | 3 years |
Period one [member] | Xin Ru Yi Annuity(Platinum Version) [member] | Annual payments [member] | |
Disclosure of risk management [line items] | |
Insurance premium period | 3 years |
Period one [member] | Hong Ying Participating Endowment [member] | Single premium or regular premium [member] | |
Disclosure of risk management [line items] | |
Insurance premium period | 3 years |
Insurance coverage period | 6 years |
Period two [member] | Xin Xiang Zhi Zun Annuity (Celebration Version) [member] | Annual or monthly payments [member] | |
Disclosure of risk management [line items] | |
Insurance premium period | 5 years |
Period two [member] | Kang Ning Whole Life [member] | Single premium or regular premium [member] | |
Disclosure of risk management [line items] | |
Insurance premium period | 20 years |
Period two [member] | Fu Lu Shuang Xi Participating Endowment [member] | Regular premium [member] | |
Disclosure of risk management [line items] | |
Insurance premium period | 5 years |
Period two [member] | Xin Ru Yi Annuity(Platinum Version) [member] | Annual payments [member] | |
Disclosure of risk management [line items] | |
Insurance premium period | 5 years |
Period two [member] | Hong Ying Participating Endowment [member] | Single premium or regular premium [member] | |
Disclosure of risk management [line items] | |
Insurance premium period | 5 years |
Insurance coverage period | 10 years |
Period three [member] | Fu Lu Shuang Xi Participating Endowment [member] | Regular premium [member] | |
Disclosure of risk management [line items] | |
Insurance premium period | 10 years |
Period three [member] | Xin Ru Yi Annuity(Platinum Version) [member] | Annual payments [member] | |
Disclosure of risk management [line items] | |
Insurance premium period | 10 years |
Period three [member] | Hong Ying Participating Endowment [member] | Single premium or regular premium [member] | |
Disclosure of risk management [line items] | |
Insurance premium period | 10 years |
Insurance coverage period | 15 years |
Critical illness benefit [member] | Kang Ning Whole Life [member] | Single premium or regular premium [member] | |
Disclosure of risk management [line items] | |
Percentage of benefit paid on basic sum insured | 200% |
Death benefits [member] | Kang Ning Whole Life [member] | Single premium or regular premium [member] | |
Disclosure of risk management [line items] | |
Percentage of benefit paid on basic sum insured less critical illness benefits paid | 300% |
Death benefits [member] | Hong Ying Participating Endowment [member] | Single premium or regular premium [member] | |
Disclosure of risk management [line items] | |
Multiple of benefit paid on basic sum insured for accidents occurred during period of taking train ship or flight | 3 |
Multiple of benefit paid on basic sum insured for accidents occurred out of the period of taking train ship or flight | 2 |
Disability benefits [member] | Kang Ning Whole Life [member] | Single premium or regular premium [member] | |
Disclosure of risk management [line items] | |
Percentage of benefit paid on basic sum insured less critical illness benefits paid | 300% |
Risk Management - Additional In
Risk Management - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of risk management [line items] | ||
Policyholder dividends declared | ¥ 96,682 | ¥ 124,949 |
Debt securities [member] | ||
Disclosure of risk management [line items] | ||
Transfers from Level 1 to Level 2 | 4,993 | 16,499 |
Transfers from Level 2 to Level 1 | 46,485 | 31,764 |
Equity securities [member] | ||
Disclosure of risk management [line items] | ||
Transfers from Level 1 to Level 2 | 3,478 | 4,196 |
Transfers from Level 2 to Level 1 | ¥ 23,470 | 5,520 |
Mortality and morbidity rates [member] | Long term insurance contracts [member] | ||
Disclosure of risk management [line items] | ||
Sensitivity analysis of insurance contracts, description | if mortality rates and morbidity rates were to increase or decrease from the current best estimate by 10% | |
Mortality and morbidity rates [member] | Long term insurance contracts [member] | Top of range [member] | ||
Disclosure of risk management [line items] | ||
Pre-tax profit for sensitivity analysis | ¥ 44,114 | 40,963 |
Mortality and morbidity rates [member] | Long-term insurance contracts [member] | Bottom of range [member] | ||
Disclosure of risk management [line items] | ||
Pre-tax profit for sensitivity analysis | ¥ 42,364 | 39,459 |
Lapse rates [member] | Long term insurance contracts [member] | ||
Disclosure of risk management [line items] | ||
Sensitivity analysis of insurance contracts, description | if lapse rates were to increase or decrease from the current best estimate by 10% | |
Lapse rates [member] | Long term insurance contracts [member] | Bottom of range [member] | ||
Disclosure of risk management [line items] | ||
Pre-tax profit for sensitivity analysis | ¥ 1,888 | 399 |
Lapse rates [member] | Long term insurance contracts [member] | Top of range [member] | ||
Disclosure of risk management [line items] | ||
Pre-tax profit for sensitivity analysis | ¥ 1,948 | 472 |
Discount rates [member] | Long term insurance contracts [member] | ||
Disclosure of risk management [line items] | ||
Sensitivity analysis of insurance contracts, description | if the discount rates were 50 basis points higher or lower than the current best estimate | |
Discount rates [member] | Long term insurance contracts [member] | Bottom of range [member] | ||
Disclosure of risk management [line items] | ||
Pre-tax profit for sensitivity analysis | ¥ 147,880 | 130,439 |
Discount rates [member] | Long term insurance contracts [member] | Top of range [member] | ||
Disclosure of risk management [line items] | ||
Pre-tax profit for sensitivity analysis | 167,301 | 152,136 |
Claim ratios [member] | Short-term insurance contracts [member] | Bottom of range [member] | ||
Disclosure of risk management [line items] | ||
Pre-tax profit for sensitivity analysis | 725 | 740 |
Claim ratios [member] | Short-term insurance contracts [member] | Top of range [member] | ||
Disclosure of risk management [line items] | ||
Pre-tax profit for sensitivity analysis | ¥ 725 | 740 |
Claim ratios [member] | Short-term insurance contracts [member] | ||
Disclosure of risk management [line items] | ||
Sensitivity analysis of insurance contracts, description | if claim ratios are 100 basis points higher or lower than the current assumption | |
Interest rate risk [member] | ||
Disclosure of risk management [line items] | ||
Interest rate description | if market interest rates were 50 basis points higher or lower with all other variables held constant | |
Interest rate risk [member] | Bottom of range [member] | ||
Disclosure of risk management [line items] | ||
Pre-tax profit for sensitivity analysis | ¥ 517 | 830 |
Pre-tax available-for-sale reserve in equity | 29,948 | 18,831 |
Interest rate risk [member] | Top of range [member] | ||
Disclosure of risk management [line items] | ||
Pre-tax profit for sensitivity analysis | 517 | 830 |
Pre-tax available-for-sale reserve in equity | ¥ 23,795 | 18,831 |
Equity price risk [member] | ||
Disclosure of risk management [line items] | ||
Description of equity securities prices | if the prices of all the Group’s equity securities had increased or decreased by 10% with all other variables held constant | |
Equity price risk [member] | Bottom of range [member] | ||
Disclosure of risk management [line items] | ||
Pre-tax profit for sensitivity analysis | ¥ 3,214 | 6,371 |
Pre-tax available-for-sale reserve in equity | 67,436 | 49,804 |
Equity price risk [member] | Top of range [member] | ||
Disclosure of risk management [line items] | ||
Pre-tax profit for sensitivity analysis | 3,214 | 6,371 |
Pre-tax available-for-sale reserve in equity | ¥ 84,153 | 49,804 |
Currency risk [member] | ||
Disclosure of risk management [line items] | ||
Interest rate description | if RMB had strengthened or weakened by 10% against US dollar, HK dollar, GB pound, EUR and other foreign currencies, with all other variables held constant | |
Actual exchange gains | ¥ 69 | 645 |
Currency risk [member] | Bottom of range [member] | ||
Disclosure of risk management [line items] | ||
Pre-tax profit for sensitivity analysis | 927 | 640 |
Pre-tax available-for-sale reserve in equity | 6,820 | 8,440 |
Currency risk [member] | Top of range [member] | ||
Disclosure of risk management [line items] | ||
Pre-tax profit for sensitivity analysis | 927 | 640 |
Pre-tax available-for-sale reserve in equity | ¥ 6,820 | ¥ 8,440 |
Credit risk [member] | ||
Disclosure of risk management [line items] | ||
Percentage of corporate bonds held by the Group | 99.90% | 100% |
Percentage of subordinate bonds held by the Group | 100% | 100% |
Percentage of deposits on bank | 95.60% | 99.50% |
Liquidity risk [member] | ||
Disclosure of risk management [line items] | ||
Policyholder dividends declared | ¥ 96,682 | ¥ 124,949 |
Estimated cash out flow upon surrendered of investment contract with DPF | 71,556 | 68,289 |
Estimated cash out flow upon surrendered of investment contract without DPF | 299,676 | 242,540 |
Liquidity risk [member] | Not later than one year [member] | ||
Disclosure of risk management [line items] | ||
Policyholder dividends declared | ¥ 88,269 | 86,506 |
Quoted prices in active markets Level 1 [member] | ||
Disclosure of risk management [line items] | ||
Percentage of assets measured at fair value on a recurring basis | 40.21% | |
Significant observable inputs Level 2 [member] | ||
Disclosure of risk management [line items] | ||
Percentage of assets measured at fair value on a recurring basis | 39.42% | |
Significant unobservable inputs Level 3 [member] | ||
Disclosure of risk management [line items] | ||
Percentage of assets measured at fair value on a recurring basis | 20.37% | |
Unconsolidated structured entities that the Group has sponsored but does not have interest in [member] | ||
Disclosure of risk management [line items] | ||
Unconsolidated structured entities, Size | ¥ 608,027 | 633,503 |
Management service fee from unconsolidated structured entities | ¥ 1,731 | ¥ 1,995 |
Risk Management - Claim Develop
Risk Management - Claim Development for Short-term Insurance Contracts (Detail) ¥ in Millions | 12 Months Ended |
Dec. 31, 2022 CNY (¥) | |
Short-term insurance contracts without impact of reinsurance [member] | |
Disclosure of risk management [line items] | |
Estimated accumulated claims expenses | ¥ 255,550 |
Accumulated claims expenses paid | (229,397) |
Unpaid claims expenses | 26,153 |
Short-term insurance contracts without impact of reinsurance [member] | Short-term insurance contracts, 2018 [member] | |
Disclosure of risk management [line items] | |
Estimated accumulated claims expenses | 41,945 |
Accumulated claims expenses paid | (41,945) |
Short-term insurance contracts without impact of reinsurance [member] | Short-term insurance contracts, 2018 [member] | Not later than one year [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 40,601 |
Short-term insurance contracts without impact of reinsurance [member] | Short-term insurance contracts, 2018 [member] | 1 year later [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 42,785 |
Short-term insurance contracts without impact of reinsurance [member] | Short-term insurance contracts, 2018 [member] | 2 years later [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 41,945 |
Short-term insurance contracts without impact of reinsurance [member] | Short-term insurance contracts, 2018 [member] | 3 years later [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 41,945 |
Short-term insurance contracts without impact of reinsurance [member] | Short-term insurance contracts, 2018 [member] | 4 years later [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 41,945 |
Short-term insurance contracts without impact of reinsurance [member] | Short-term insurance contracts, 2019 [member] | |
Disclosure of risk management [line items] | |
Estimated accumulated claims expenses | 51,009 |
Accumulated claims expenses paid | (50,494) |
Unpaid claims expenses | 515 |
Short-term insurance contracts without impact of reinsurance [member] | Short-term insurance contracts, 2019 [member] | Not later than one year [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 49,727 |
Short-term insurance contracts without impact of reinsurance [member] | Short-term insurance contracts, 2019 [member] | 1 year later [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 51,051 |
Short-term insurance contracts without impact of reinsurance [member] | Short-term insurance contracts, 2019 [member] | 2 years later [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 50,972 |
Short-term insurance contracts without impact of reinsurance [member] | Short-term insurance contracts, 2019 [member] | 3 years later [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 51,009 |
Short-term insurance contracts without impact of reinsurance [member] | Short-term insurance contracts, 2020 [member] | |
Disclosure of risk management [line items] | |
Estimated accumulated claims expenses | 51,597 |
Accumulated claims expenses paid | (50,447) |
Unpaid claims expenses | 1,150 |
Short-term insurance contracts without impact of reinsurance [member] | Short-term insurance contracts, 2020 [member] | Not later than one year [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 52,589 |
Short-term insurance contracts without impact of reinsurance [member] | Short-term insurance contracts, 2020 [member] | 1 year later [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 52,057 |
Short-term insurance contracts without impact of reinsurance [member] | Short-term insurance contracts, 2020 [member] | 2 years later [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 51,597 |
Short-term insurance contracts without impact of reinsurance [member] | Short-term insurance contracts, 2021 [member] | |
Disclosure of risk management [line items] | |
Estimated accumulated claims expenses | 56,502 |
Accumulated claims expenses paid | (52,985) |
Unpaid claims expenses | 3,517 |
Short-term insurance contracts without impact of reinsurance [member] | Short-term insurance contracts, 2021 [member] | Not later than one year [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 56,938 |
Short-term insurance contracts without impact of reinsurance [member] | Short-term insurance contracts, 2021 [member] | 1 year later [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 56,502 |
Short-term insurance contracts without impact of reinsurance [member] | Short-term insurance contracts, 2022 [member] | |
Disclosure of risk management [line items] | |
Estimated accumulated claims expenses | 54,497 |
Accumulated claims expenses paid | (33,526) |
Unpaid claims expenses | 20,971 |
Short-term insurance contracts without impact of reinsurance [member] | Short-term insurance contracts, 2022 [member] | Not later than one year [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 54,497 |
Short-term insurance contracts with impact of reinsurance [member] | |
Disclosure of risk management [line items] | |
Estimated accumulated claims expenses | 250,190 |
Accumulated claims expenses paid | (224,773) |
Unpaid claims expenses | 25,417 |
Short-term insurance contracts with impact of reinsurance [member] | Short-term insurance contracts, 2018 [member] | |
Disclosure of risk management [line items] | |
Estimated accumulated claims expenses | 41,442 |
Accumulated claims expenses paid | (41,442) |
Short-term insurance contracts with impact of reinsurance [member] | Short-term insurance contracts, 2018 [member] | Not later than one year [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 40,157 |
Short-term insurance contracts with impact of reinsurance [member] | Short-term insurance contracts, 2018 [member] | 1 year later [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 42,280 |
Short-term insurance contracts with impact of reinsurance [member] | Short-term insurance contracts, 2018 [member] | 2 years later [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 41,442 |
Short-term insurance contracts with impact of reinsurance [member] | Short-term insurance contracts, 2018 [member] | 3 years later [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 41,442 |
Short-term insurance contracts with impact of reinsurance [member] | Short-term insurance contracts, 2018 [member] | 4 years later [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 41,442 |
Short-term insurance contracts with impact of reinsurance [member] | Short-term insurance contracts, 2019 [member] | |
Disclosure of risk management [line items] | |
Estimated accumulated claims expenses | 50,340 |
Accumulated claims expenses paid | (49,840) |
Unpaid claims expenses | 500 |
Short-term insurance contracts with impact of reinsurance [member] | Short-term insurance contracts, 2019 [member] | Not later than one year [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 49,175 |
Short-term insurance contracts with impact of reinsurance [member] | Short-term insurance contracts, 2019 [member] | 1 year later [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 50,414 |
Short-term insurance contracts with impact of reinsurance [member] | Short-term insurance contracts, 2019 [member] | 2 years later [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 50,315 |
Short-term insurance contracts with impact of reinsurance [member] | Short-term insurance contracts, 2019 [member] | 3 years later [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 50,340 |
Short-term insurance contracts with impact of reinsurance [member] | Short-term insurance contracts, 2020 [member] | |
Disclosure of risk management [line items] | |
Estimated accumulated claims expenses | 50,766 |
Accumulated claims expenses paid | (49,648) |
Unpaid claims expenses | 1,118 |
Short-term insurance contracts with impact of reinsurance [member] | Short-term insurance contracts, 2020 [member] | Not later than one year [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 51,994 |
Short-term insurance contracts with impact of reinsurance [member] | Short-term insurance contracts, 2020 [member] | 1 year later [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 51,260 |
Short-term insurance contracts with impact of reinsurance [member] | Short-term insurance contracts, 2020 [member] | 2 years later [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 50,766 |
Short-term insurance contracts with impact of reinsurance [member] | Short-term insurance contracts, 2021 [member] | |
Disclosure of risk management [line items] | |
Estimated accumulated claims expenses | 54,985 |
Accumulated claims expenses paid | (51,567) |
Unpaid claims expenses | 3,418 |
Short-term insurance contracts with impact of reinsurance [member] | Short-term insurance contracts, 2021 [member] | Not later than one year [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 55,862 |
Short-term insurance contracts with impact of reinsurance [member] | Short-term insurance contracts, 2021 [member] | 1 year later [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | 54,985 |
Short-term insurance contracts with impact of reinsurance [member] | Short-term insurance contracts, 2022 [member] | |
Disclosure of risk management [line items] | |
Estimated accumulated claims expenses | 52,657 |
Accumulated claims expenses paid | (32,276) |
Unpaid claims expenses | 20,381 |
Short-term insurance contracts with impact of reinsurance [member] | Short-term insurance contracts, 2022 [member] | Not later than one year [member] | |
Disclosure of risk management [line items] | |
Estimated claims expenses | ¥ 52,657 |
Risk Management - Summary of Pr
Risk Management - Summary of Primary Financial Assets and Financial Liabilities Denominated in Currencies other than RMB, Expressed in RMB Equivalent (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial assets | |||||
Held-to-maturity securities | [1] | ¥ 1,574,204 | ¥ 1,533,753 | ||
Available-for-sale securities | 1,738,108 | 1,429,287 | |||
Securities at fair value through profit or loss | 223,790 | 206,771 | |||
Term deposits | 485,567 | 529,488 | |||
Cash and cash equivalents | 127,594 | 60,459 | ¥ 56,704 | ¥ 53,396 | |
Total | 4,862,767 | 4,516,551 | |||
Financial liabilities | |||||
Interest-bearing loans and other borrowings | 12,774 | 19,222 | |||
Equity securities [member] | |||||
Financial assets | |||||
Available-for-sale securities | 858,665 | 635,743 | |||
Debt securities [member] | |||||
Financial assets | |||||
Held-to-maturity securities | 1,574,204 | 1,533,753 | |||
Available-for-sale securities | 879,443 | 793,544 | |||
Currency risk [member] | |||||
Financial assets | |||||
Term deposits | 2,176 | 7,785 | |||
Cash and cash equivalents | 3,262 | 2,466 | |||
Total | 90,256 | 111,773 | |||
Financial liabilities | |||||
Interest-bearing loans and other borrowings | 12,255 | 18,686 | |||
Total | 12,255 | 18,686 | |||
Currency risk [member] | Equity securities [member] | |||||
Financial assets | |||||
Available-for-sale securities | 68,733 | 86,683 | |||
Securities at fair value through profit or loss | 7,595 | 8,424 | |||
Currency risk [member] | Debt securities [member] | |||||
Financial assets | |||||
Held-to-maturity securities | 206 | 131 | |||
Loans | 1,278 | 1,292 | |||
Available-for-sale securities | 6,692 | 4,696 | |||
Securities at fair value through profit or loss | 314 | 296 | |||
Currency risk [member] | US dollar [member] | |||||
Financial assets | |||||
Term deposits | 2,176 | 7,785 | |||
Cash and cash equivalents | 2,849 | 1,920 | |||
Total | 28,318 | 31,795 | |||
Financial liabilities | |||||
Interest-bearing loans and other borrowings | 6,756 | 11,668 | |||
Total | 6,756 | 11,668 | |||
Currency risk [member] | US dollar [member] | Equity securities [member] | |||||
Financial assets | |||||
Available-for-sale securities | 10,320 | 10,989 | |||
Securities at fair value through profit or loss | 4,501 | 4,776 | |||
Currency risk [member] | US dollar [member] | Debt securities [member] | |||||
Financial assets | |||||
Held-to-maturity securities | 206 | 131 | |||
Loans | 1,278 | 1,292 | |||
Available-for-sale securities | 6,692 | 4,696 | |||
Securities at fair value through profit or loss | 296 | 206 | |||
Currency risk [member] | HK dollar [member] | |||||
Financial assets | |||||
Cash and cash equivalents | 62 | 198 | |||
Total | 59,089 | 76,789 | |||
Currency risk [member] | HK dollar [member] | Equity securities [member] | |||||
Financial assets | |||||
Available-for-sale securities | 58,413 | 75,694 | |||
Securities at fair value through profit or loss | 614 | 897 | |||
Currency risk [member] | GB pound [member] | |||||
Financial assets | |||||
Cash and cash equivalents | 208 | 289 | |||
Total | 610 | 698 | |||
Financial liabilities | |||||
Interest-bearing loans and other borrowings | 2,307 | 2,366 | |||
Total | 2,307 | 2,366 | |||
Currency risk [member] | GB pound [member] | Equity securities [member] | |||||
Financial assets | |||||
Securities at fair value through profit or loss | 394 | 391 | |||
Currency risk [member] | GB pound [member] | Debt securities [member] | |||||
Financial assets | |||||
Securities at fair value through profit or loss | 8 | 18 | |||
Currency risk [member] | EUR [member] | |||||
Financial assets | |||||
Cash and cash equivalents | 136 | 56 | |||
Total | 1,355 | 1,500 | |||
Financial liabilities | |||||
Interest-bearing loans and other borrowings | 3,192 | 4,652 | |||
Total | 3,192 | 4,652 | |||
Currency risk [member] | EUR [member] | Equity securities [member] | |||||
Financial assets | |||||
Securities at fair value through profit or loss | 1,212 | 1,433 | |||
Currency risk [member] | EUR [member] | Debt securities [member] | |||||
Financial assets | |||||
Securities at fair value through profit or loss | 7 | 11 | |||
Currency risk [member] | Others [member] | |||||
Financial assets | |||||
Cash and cash equivalents | 7 | 3 | |||
Total | 884 | 991 | |||
Currency risk [member] | Others [member] | Equity securities [member] | |||||
Financial assets | |||||
Securities at fair value through profit or loss | 874 | 927 | |||
Currency risk [member] | Others [member] | Debt securities [member] | |||||
Financial assets | |||||
Securities at fair value through profit or loss | ¥ 3 | ¥ 61 | |||
[1]The fair value of held-to-maturity securities is determined by reference with other debt securities which are measured by fair value. Please refer to Note 4.4. |
Risk Management - Contractual a
Risk Management - Contractual and Expected Undiscounted Cash Flows for Financial Assets and Liabilities and Insurance Liabilities (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Financial assets - Contractual cash inflows | |||||
Equity securities | ¥ 890,926 | ¥ 699,457 | |||
Debt securities | 2,645,176 | 2,470,354 | |||
Loans | [1] | 596,490 | 666,087 | ||
Term deposits | 485,567 | 529,488 | |||
Statutory deposits - restricted | 6,333 | 6,333 | |||
Securities purchased under agreements to resell | 38,533 | 12,915 | |||
Accrued investment income | 52,451 | 51,097 | |||
Premiums receivable | 19,697 | 20,361 | |||
Cash and cash equivalents | 127,594 | 60,459 | ¥ 56,704 | ¥ 53,396 | |
Subtotal | 4,862,767 | 4,516,551 | |||
Financial and insurance liabilities - Expected cash outflows | |||||
Insurance contracts | 3,880,160 | 3,419,899 | ¥ 2,973,225 | ||
Expected cash outflows of investment contracts | 374,749 | 313,594 | |||
Financial and insurance liabilities - Contractual cash outflows | |||||
Securities sold under agreements to repurchase | 148,958 | 239,446 | |||
Financial liabilities at fair value through profit or loss | 3,344 | 3,416 | |||
Annuity and other insurance balances payable | 60,819 | 56,818 | |||
Interest-bearing loans and other borrowings | 12,774 | 19,222 | |||
Bonds payable | 34,997 | 34,994 | |||
Lease liabilities | 1,569 | 2,182 | |||
Subtotal | 4,517,370 | 4,089,571 | |||
Net cash inflow/(outflow) | 345,397 | 426,980 | |||
Without maturity [member] | |||||
Financial assets - Contractual cash inflows | |||||
Equity securities | 890,926 | 699,457 | |||
Subtotal | 890,926 | 699,457 | |||
Financial and insurance liabilities - Contractual cash outflows | |||||
Financial liabilities at fair value through profit or loss | (3,344) | (3,416) | |||
Subtotal | (3,344) | (3,416) | |||
Net cash inflow/(outflow) | 887,582 | 696,041 | |||
Not later than 1 year [member] | |||||
Financial assets - Contractual cash inflows | |||||
Term deposits | 183,832 | 135,301 | |||
Statutory deposits - restricted | 3,933 | 1,720 | |||
Undiscounted cash flow [member] | Not later than 1 year [member] | |||||
Financial assets - Contractual cash inflows | |||||
Debt securities | 264,690 | 231,604 | |||
Loans | 333,258 | 376,766 | |||
Term deposits | 195,048 | 144,271 | |||
Statutory deposits - restricted | 4,063 | 1,936 | |||
Securities purchased under agreements to resell | 38,548 | 12,658 | |||
Accrued investment income | 52,161 | 49,133 | |||
Premiums receivable | 19,697 | 20,361 | |||
Cash and cash equivalents | 127,594 | 60,459 | |||
Subtotal | 1,035,059 | 897,188 | |||
Financial and insurance liabilities - Expected cash outflows | |||||
Insurance contracts | 51,224 | 111,912 | |||
Expected cash outflows of investment contracts | (32,435) | (31,671) | |||
Financial and insurance liabilities - Contractual cash outflows | |||||
Securities sold under agreements to repurchase | (149,004) | (239,679) | |||
Annuity and other insurance balances payable | (60,819) | (56,818) | |||
Interest-bearing loans and other borrowings | (3,675) | (2,575) | |||
Bonds payable | (328) | (332) | |||
Lease liabilities | (919) | (1,093) | |||
Subtotal | (195,956) | (220,256) | |||
Net cash inflow/(outflow) | 839,103 | 676,932 | |||
Undiscounted cash flow [member] | Later than 1 year and not later than 3 years [member] | |||||
Financial assets - Contractual cash inflows | |||||
Debt securities | 467,372 | 461,413 | |||
Loans | 137,926 | 138,241 | |||
Term deposits | 226,337 | 372,571 | |||
Statutory deposits - restricted | 988 | 4,682 | |||
Securities purchased under agreements to resell | 346 | ||||
Accrued investment income | 290 | 1,964 | |||
Subtotal | 832,913 | 979,217 | |||
Financial and insurance liabilities - Expected cash outflows | |||||
Insurance contracts | 13,060 | 86,132 | |||
Expected cash outflows of investment contracts | 48,028 | 16,479 | |||
Financial and insurance liabilities - Contractual cash outflows | |||||
Interest-bearing loans and other borrowings | (9,426) | (17,183) | |||
Bonds payable | (36,498) | (37,996) | |||
Lease liabilities | (790) | (1,067) | |||
Subtotal | 14,374 | 46,365 | |||
Net cash inflow/(outflow) | 847,287 | 1,025,582 | |||
Undiscounted cash flow [member] | Later than 3 years and not later than 5 years [member] | |||||
Financial assets - Contractual cash inflows | |||||
Debt securities | 422,088 | 508,864 | |||
Loans | 78,902 | 110,345 | |||
Term deposits | 100,235 | 53,822 | |||
Statutory deposits - restricted | 1,718 | 181 | |||
Subtotal | 602,943 | 673,212 | |||
Financial and insurance liabilities - Expected cash outflows | |||||
Insurance contracts | (346,182) | (202,368) | |||
Expected cash outflows of investment contracts | 117,116 | 94,302 | |||
Financial and insurance liabilities - Contractual cash outflows | |||||
Interest-bearing loans and other borrowings | (97) | (179) | |||
Lease liabilities | (98) | (203) | |||
Subtotal | (229,261) | (108,448) | |||
Net cash inflow/(outflow) | 373,682 | 564,764 | |||
Undiscounted cash flow [member] | Later than 5 years [member] | |||||
Financial assets - Contractual cash inflows | |||||
Debt securities | 3,306,607 | 3,029,545 | |||
Loans | 118,063 | 137,705 | |||
Subtotal | 3,424,670 | 3,167,250 | |||
Financial and insurance liabilities - Expected cash outflows | |||||
Insurance contracts | (6,164,768) | (5,990,882) | |||
Expected cash outflows of investment contracts | (1,207,897) | (957,814) | |||
Financial and insurance liabilities - Contractual cash outflows | |||||
Interest-bearing loans and other borrowings | (317) | (439) | |||
Lease liabilities | (20) | (29) | |||
Subtotal | (7,373,002) | (6,949,164) | |||
Net cash inflow/(outflow) | ¥ (3,948,332) | ¥ (3,781,914) | |||
[1]Investment contracts at fair value through profit or loss have quoted prices in active markets, and therefore, their fair value was classified as Level 1. |
Risk Management - Capital Manag
Risk Management - Capital Management under Insurance Institution Solvency Regulations (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | [1] |
Disclosure of computation of solvency ratio from actual capital and minimum capital [abstract] | |||
Core capital | ¥ 699,688 | ¥ 1,020,756 | |
Actual capital | 1,007,601 | 1,055,768 | |
Minimum capital | ¥ 487,290 | ¥ 402,341 | |
Core solvency ratio | 144% | 254% | |
Comprehensive solvency ratio | 207% | 262% | |
[1]Calculated in accordance with Insurance Institution Solvency Regulations (No.1 - No.17) (No. 22 [2015]), Notice on Matters Concerning the Formal Implementation of China’s Risk-Oriented Solvency System (No. 10 [2016]) issued by China Insurance Regulatory Commission. |
Risk Management - Summary of Si
Risk Management - Summary of Size, Carrying Amount of Assets Recognised in Financial Statement and Maximum Exposure Relating to its Interest In Unconsolidated Structured Entities (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Funds managed by affiliated entities [member] | |||
Disclosure of unconsolidated structured entities [line items] | |||
Unconsolidated structured entities, Size | [1] | ¥ 185,894 | ¥ 168,466 |
Unconsolidated structured entities, Carrying amount of assets | 10,096 | 9,860 | |
Unconsolidated structured entities, Maximum exposure | ¥ 10,096 | ¥ 9,860 | |
Unconsolidated structured entities, Interest held by the Group | Investment income and service fee | Investment income and service fee | |
Funds managed by third parties [member] | |||
Disclosure of unconsolidated structured entities [line items] | |||
Unconsolidated structured entities, Carrying amount of assets | ¥ 126,573 | ¥ 97,988 | |
Unconsolidated structured entities, Maximum exposure | ¥ 126,573 | ¥ 97,988 | |
Unconsolidated structured entities, Interest held by the Group | Investment income | Investment income | |
Trust schemes managed by affiliated entities [member] | |||
Disclosure of unconsolidated structured entities [line items] | |||
Unconsolidated structured entities, Size | [1] | ¥ 1,992 | ¥ 1,994 |
Unconsolidated structured entities, Carrying amount of assets | 1,295 | 1,296 | |
Unconsolidated structured entities, Maximum exposure | ¥ 1,295 | ¥ 1,296 | |
Unconsolidated structured entities, Interest held by the Group | Investment income | Investment income | |
Trust schemes managed by third parties [member] | |||
Disclosure of unconsolidated structured entities [line items] | |||
Unconsolidated structured entities, Carrying amount of assets | ¥ 47,674 | ¥ 62,702 | |
Unconsolidated structured entities, Maximum exposure | ¥ 47,674 | ¥ 62,702 | |
Unconsolidated structured entities, Interest held by the Group | Investment income | Investment income | |
Debt investment schemes managed by affiliated entities [member] | |||
Disclosure of unconsolidated structured entities [line items] | |||
Unconsolidated structured entities, Size | [1] | ¥ 60,850 | ¥ 39,817 |
Unconsolidated structured entities, Carrying amount of assets | 22,781 | 15,770 | |
Unconsolidated structured entities, Maximum exposure | ¥ 22,781 | ¥ 15,770 | |
Unconsolidated structured entities, Interest held by the Group | Investment income and service fee | Investment income and service fee | |
Debt investment schemes managed by third parties [member] | |||
Disclosure of unconsolidated structured entities [line items] | |||
Unconsolidated structured entities, Carrying amount of assets | ¥ 46,458 | ¥ 51,172 | |
Unconsolidated structured entities, Maximum exposure | ¥ 46,458 | ¥ 51,172 | |
Unconsolidated structured entities, Interest held by the Group | Investment income | Investment income | |
Others managed by affiliated entities [member] | |||
Disclosure of unconsolidated structured entities [line items] | |||
Unconsolidated structured entities, Size | [2] | ¥ 87,959 | ¥ 28,368 |
Unconsolidated structured entities, Carrying amount of assets | [2] | 13,067 | 14,150 |
Unconsolidated structured entities, Maximum exposure | [2] | ¥ 13,067 | ¥ 14,150 |
Unconsolidated structured entities, Interest held by the Group | [2] | Investment income and service fee | Investment income and service fee |
Others managed by third parties [member] | |||
Disclosure of unconsolidated structured entities [line items] | |||
Unconsolidated structured entities, Carrying amount of assets | [2] | ¥ 100,892 | ¥ 107,372 |
Unconsolidated structured entities, Maximum exposure | [2] | ¥ 100,892 | ¥ 107,372 |
Unconsolidated structured entities, Interest held by the Group | [2] | Investment income | Investment income |
[1]Funds, trust schemes, debt investment schemes and others managed by third parties were sponsored by third party financial institutions and the information related to size of these structured entities were not publicly available.[2]Others included wealth management products, special asset management schemes, and asset-backed plans, etc. |
Risk Management - Quantitative
Risk Management - Quantitative Disclosures of Fair Value Measurement Hierarchy for Assets and Liabilities Measured at Fair Value (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Available-for-sale securities | ||||
Available-for-sale securities | ¥ 1,738,108 | ¥ 1,429,287 | ||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 223,790 | 206,771 | ||
Total | 4,862,767 | 4,516,551 | ||
Liabilities measured at fair value | ||||
Financial liabilities at fair value through profit or loss | (3,344) | (3,416) | ||
Equity securities [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 858,665 | 635,743 | ||
Debt securities [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 879,443 | 793,544 | ||
Fair value [member] | ||||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | [1] | 223,790 | 206,771 | |
Total | 1,944,764 | 1,615,779 | ||
Liabilities measured at fair value | ||||
Financial liabilities at fair value through profit or loss | [1] | (3,344) | (3,416) | |
Investment contracts at fair value through profit or loss | (7) | (9) | ||
Total | (3,351) | (3,425) | ||
Fair value [member] | Quoted prices in active markets Level 1 [member] | ||||
Securities at fair value through profit or loss | ||||
Total | 782,037 | 481,807 | ||
Liabilities measured at fair value | ||||
Financial liabilities at fair value through profit or loss | (3,344) | (3,416) | ||
Investment contracts at fair value through profit or loss | (7) | (9) | ||
Total | (3,351) | (3,425) | ||
Fair value [member] | Significant observable inputs Level 2 [member] | ||||
Securities at fair value through profit or loss | ||||
Total | 766,574 | 784,845 | ||
Fair value [member] | Significant unobservable inputs Level 3 [member] | ||||
Securities at fair value through profit or loss | ||||
Total | 396,153 | 349,127 | ¥ 293,924 | |
Fair value [member] | Equity securities [member] | ||||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 32,261 | 63,714 | ||
Fair value [member] | Equity securities [member] | Common stocks [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 414,148 | 256,441 | ||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 18,552 | 45,649 | ||
Fair value [member] | Equity securities [member] | Preferred stocks [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 50,522 | 52,127 | ||
Fair value [member] | Equity securities [member] | Funds [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 131,897 | 94,895 | ||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 13,444 | 17,794 | ||
Fair value [member] | Equity securities [member] | Others [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 244,964 | 212,001 | ||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 265 | 271 | ||
Fair value [member] | Equity securities [member] | Quoted prices in active markets Level 1 [member] | Common stocks [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 396,163 | 233,347 | ||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 17,280 | 43,476 | ||
Fair value [member] | Equity securities [member] | Quoted prices in active markets Level 1 [member] | Funds [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 131,897 | 94,895 | ||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 13,086 | 17,572 | ||
Fair value [member] | Equity securities [member] | Quoted prices in active markets Level 1 [member] | Others [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 45,525 | 21,010 | ||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 92 | 5 | ||
Fair value [member] | Equity securities [member] | Significant observable inputs Level 2 [member] | Common stocks [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 17,985 | 23,094 | ||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 1,272 | 2,173 | ||
Fair value [member] | Equity securities [member] | Significant observable inputs Level 2 [member] | Funds [member] | ||||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 358 | 222 | ||
Fair value [member] | Equity securities [member] | Significant observable inputs Level 2 [member] | Others [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 29,260 | 54,535 | ||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 173 | 266 | ||
Fair value [member] | Equity securities [member] | Significant unobservable inputs Level 3 [member] | Preferred stocks [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 50,522 | 52,127 | ||
Fair value [member] | Equity securities [member] | Significant unobservable inputs Level 3 [member] | Others [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 170,179 | 136,456 | ||
Fair value [member] | Debt securities [member] | ||||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 191,529 | 143,057 | ||
Fair value [member] | Debt securities [member] | Government bonds [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 47,188 | 58,561 | ||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 1,805 | 1,393 | ||
Fair value [member] | Debt securities [member] | Government agency bonds [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 313,270 | 259,753 | ||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 9,622 | 7,989 | ||
Fair value [member] | Debt securities [member] | Corporate bonds [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 188,563 | 203,147 | ||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 152,347 | 90,425 | ||
Fair value [member] | Debt securities [member] | Subordinated bonds [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 156,024 | 111,029 | ||
Fair value [member] | Debt securities [member] | Others [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 174,398 | 161,054 | ||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | [2] | 27,755 | 43,250 | |
Fair value [member] | Debt securities [member] | Quoted prices in active markets Level 1 [member] | Government bonds [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 36,945 | 9,208 | ||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 661 | 153 | ||
Fair value [member] | Debt securities [member] | Quoted prices in active markets Level 1 [member] | Government agency bonds [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 77,982 | 31,464 | ||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 2,387 | 2,346 | ||
Fair value [member] | Debt securities [member] | Quoted prices in active markets Level 1 [member] | Corporate bonds [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 3,678 | 4,705 | ||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 3,018 | 6,646 | ||
Fair value [member] | Debt securities [member] | Quoted prices in active markets Level 1 [member] | Subordinated bonds [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 53,194 | 16,880 | ||
Fair value [member] | Debt securities [member] | Quoted prices in active markets Level 1 [member] | Others [member] | ||||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 129 | 100 | ||
Fair value [member] | Debt securities [member] | Significant observable inputs Level 2 [member] | Government bonds [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 10,243 | 49,353 | ||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 1,144 | 1,240 | ||
Fair value [member] | Debt securities [member] | Significant observable inputs Level 2 [member] | Government agency bonds [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 235,288 | 228,289 | ||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 7,235 | 5,643 | ||
Fair value [member] | Debt securities [member] | Significant observable inputs Level 2 [member] | Corporate bonds [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 184,885 | 198,442 | ||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 149,284 | 83,734 | ||
Fair value [member] | Debt securities [member] | Significant observable inputs Level 2 [member] | Subordinated bonds [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 102,830 | 94,149 | ||
Fair value [member] | Debt securities [member] | Significant observable inputs Level 2 [member] | Others [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 1,096 | 555 | ||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 25,521 | 43,150 | ||
Fair value [member] | Debt securities [member] | Significant unobservable inputs Level 3 [member] | Corporate bonds [member] | ||||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | 45 | 45 | ||
Fair value [member] | Debt securities [member] | Significant unobservable inputs Level 3 [member] | Others [member] | ||||
Available-for-sale securities | ||||
Available-for-sale securities | 173,302 | ¥ 160,499 | ||
Securities at fair value through profit or loss | ||||
Securities at fair value through profit or loss | ¥ 2,105 | |||
[1]The estimates and judgements to determine the fair value of financial assets are described in Note 3.2.[2]Other debt securities at fair value through profit or loss mainly include interbank negotiable certificates of deposit. |
Risk Management - Changes in Le
Risk Management - Changes in Level 3 Assets (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Changes in fair value measurement assets [line items] | ||
Opening balance | ¥ 4,516,551 | |
Closing balance | 4,862,767 | ¥ 4,516,551 |
Fair value [member] | ||
Changes in fair value measurement assets [line items] | ||
Opening balance | 1,615,779 | |
Closing balance | 1,944,764 | 1,615,779 |
Significant unobservable inputs Level 3 [member] | Fair value [member] | ||
Changes in fair value measurement assets [line items] | ||
Opening balance | 349,127 | 293,924 |
Purchases | 96,946 | 71,076 |
Transfer into Level 3 | 36 | |
Transferred out of Level 3 | (10) | |
Total gains/(losses) recorded in profit or loss | (1,532) | |
Total gains/(losses) recorded in other comprehensive income | (1,997) | 1,861 |
Disposals or exercises | (11,378) | (2,876) |
Maturity | (35,003) | (14,894) |
Closing balance | 396,153 | 349,127 |
Available-for-sale securities [member] | Significant unobservable inputs Level 3 [member] | Debt securities [member] | Fair value [member] | ||
Changes in fair value measurement assets [line items] | ||
Opening balance | 160,499 | 143,905 |
Purchases | 49,497 | 27,415 |
Transferred out of Level 3 | (10) | |
Total gains/(losses) recorded in other comprehensive income | (1,829) | 4,073 |
Disposals or exercises | (600) | |
Maturity | (34,255) | (14,894) |
Closing balance | 173,302 | 160,499 |
Available-for-sale securities [member] | Significant unobservable inputs Level 3 [member] | Equity securities [member] | Fair value [member] | ||
Changes in fair value measurement assets [line items] | ||
Opening balance | 188,583 | 150,010 |
Purchases | 44,778 | 43,661 |
Total gains/(losses) recorded in profit or loss | (1,714) | |
Total gains/(losses) recorded in other comprehensive income | (168) | (2,212) |
Disposals or exercises | (10,778) | (2,876) |
Closing balance | 220,701 | 188,583 |
Securities at fair value through profit or loss [member] | Significant unobservable inputs Level 3 [member] | Debt securities [member] | Fair value [member] | ||
Changes in fair value measurement assets [line items] | ||
Opening balance | 45 | 9 |
Purchases | 2,671 | |
Transfer into Level 3 | 36 | |
Total gains/(losses) recorded in profit or loss | 182 | |
Maturity | (748) | |
Closing balance | ¥ 2,150 | ¥ 45 |
Risk Management - Summary of In
Risk Management - Summary of Information About Significant Unobservable Inputs Used for Assets at Fair Value Classified as Level 3 (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Fair value of assets | ¥ 4,862,767 | ¥ 4,516,551 | |
Fair value [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Fair value of assets | 1,944,764 | 1,615,779 | |
Fair value [member] | Significant unobservable inputs Level 3 [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Fair value of assets | 396,153 | 349,127 | ¥ 293,924 |
Fair value [member] | Significant unobservable inputs Level 3 [member] | Comparable companies approach [member] | Equity securities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Fair value of assets | ¥ 29,597 | 28,245 | |
Valuation techniques used in fair value measurement assets | Comparable companies approach | ||
Inputs used in fair value measurement assets | Discounts for lack of marketability | ||
Relationships between fair value assets and unobservable inputs | The fair value is inversely related to the discounts for lack of marketability | ||
Fair value [member] | Significant unobservable inputs Level 3 [member] | Net asset value method [member] | Equity securities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Fair value of assets | ¥ 41,904 | 36,556 | |
Valuation techniques used in fair value measurement assets | Net asset value method | ||
Inputs used in fair value measurement assets | N/A | ||
Relationships between fair value assets and unobservable inputs | N/A | ||
Fair value [member] | Significant unobservable inputs Level 3 [member] | Discounted cash flow method [member] | Equity securities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Fair value of assets | ¥ 133,864 | 116,245 | |
Valuation techniques used in fair value measurement assets | Discounted cash flow method | ||
Inputs used in fair value measurement assets | Discount rate | ||
Relationships between fair value assets and unobservable inputs | The fair value is inversely related to discount rate | ||
Fair value [member] | Significant unobservable inputs Level 3 [member] | Discounted cash flow method [member] | Debt securities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Fair value of assets | ¥ 158,507 | ¥ 160,499 | |
Valuation techniques used in fair value measurement assets | Discounted cash flow method | ||
Inputs used in fair value measurement assets | Discount rate | ||
Relationships between fair value assets and unobservable inputs | The fair value is inversely related to discount rate | ||
Fair value [member] | Bottom of range [member] | Significant unobservable inputs Level 3 [member] | Comparable companies approach [member] | Equity securities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Interest rate significant unobservable inputs assets | 12% | 11% | |
Fair value [member] | Bottom of range [member] | Significant unobservable inputs Level 3 [member] | Discounted cash flow method [member] | Equity securities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Interest rate significant unobservable inputs assets | 2.61% | 2.69% | |
Fair value [member] | Bottom of range [member] | Significant unobservable inputs Level 3 [member] | Discounted cash flow method [member] | Debt securities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Interest rate significant unobservable inputs assets | 2.41% | 3.21% | |
Fair value [member] | Top of range [member] | Significant unobservable inputs Level 3 [member] | Comparable companies approach [member] | Equity securities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Interest rate significant unobservable inputs assets | 30% | 30% | |
Fair value [member] | Top of range [member] | Significant unobservable inputs Level 3 [member] | Discounted cash flow method [member] | Equity securities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Interest rate significant unobservable inputs assets | 10.02% | 9.93% | |
Fair value [member] | Top of range [member] | Significant unobservable inputs Level 3 [member] | Discounted cash flow method [member] | Debt securities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of assets [line items] | |||
Interest rate significant unobservable inputs assets | 10.55% | 9.78% |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 Segments | |
Disclosure of operating segments [abstract] | |
Number of operating segments | 4 |
Segment Information - Financial
Segment Information - Financial Information of Operating Segments (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Revenues | |||||
Gross written premiums | ¥ 615,190 | ¥ 618,327 | ¥ 612,265 | ||
Net premiums earned | 607,825 | 611,251 | 604,666 | ||
Investment income | 186,629 | 178,387 | 154,497 | ||
Net realised gains on financial assets | 12,707 | 20,344 | 14,583 | ||
Net fair value gains through profit or loss | (12,156) | 4,943 | 21,900 | ||
Other income | 9,383 | 10,008 | 9,403 | ||
Total revenues | 804,388 | 824,933 | 805,049 | ||
Benefits, claims and expenses | |||||
Life insurance death and other benefits | (119,369) | (121,354) | (113,609) | ||
Accident and health claims and claim adjustment expenses | (51,311) | (55,030) | (52,395) | ||
Increase in insurance contract liabilities | (461,298) | (442,370) | (414,797) | ||
Investment contract benefits | (13,340) | (10,628) | (9,846) | ||
Policyholder dividends resulting from participation in profits | (20,685) | (26,511) | (28,279) | ||
Underwriting and policy acquisition costs | (54,777) | (65,744) | (84,361) | ||
Finance costs | (4,863) | (5,598) | (3,747) | ||
Administrative expenses | (39,874) | (40,867) | (37,732) | ||
Statutory insurance fund contribution | (1,314) | (1,253) | (1,229) | ||
Other expenses | (13,994) | (15,566) | (12,280) | ||
Segment benefits, claims and expenses | (780,825) | (784,921) | (758,275) | ||
Net gains on investments of associates and joint ventures | 484 | 10,328 | 7,666 | ||
Including: share of profit of associates and joint ventures | 3,628 | 10,328 | 8,336 | ||
Segment results | 24,047 | 50,340 | 54,440 | ||
Income tax | 9,467 | 1,917 | (3,103) | ||
Net profit | 33,514 | 52,257 | 51,337 | ||
Attributable to | |||||
- Equity holders of the Company | 32,082 | 50,766 | 50,221 | ||
- Non-controlling interests | 1,432 | 1,491 | 1,116 | ||
Other comprehensive income attributable to equity holders of the Company | (55,152) | (4,563) | 25,699 | ||
Depreciation and amortisation | 5,291 | 5,328 | 5,164 | ||
Assets | |||||
Financial assets | 4,844,290 | 4,496,331 | 3,887,870 | ||
Others | 287,283 | 284,459 | 265,274 | ||
Segment assets | 5,131,573 | 4,780,790 | 4,153,144 | ||
Unallocated | |||||
Property, plant and equipment | 54,559 | 55,632 | 53,616 | ||
Others | 65,856 | 56,058 | 46,784 | ||
Total assets | 5,251,988 | 4,892,480 | 4,253,544 | ||
Liabilities | |||||
Insurance contracts | 3,880,160 | 3,419,899 | 2,973,225 | ||
Investment contracts | 374,749 | [1] | 313,594 | [1] | 288,212 |
Securities sold under agreements to repurchase | 148,958 | 239,446 | 122,249 | ||
Others | 113,812 | 115,664 | 114,771 | ||
Segment liabilities | 4,517,679 | 4,088,603 | 3,498,457 | ||
Unallocated | |||||
Others | 289,188 | 316,743 | 297,519 | ||
Total liabilities | 4,806,867 | 4,405,346 | 3,795,976 | ||
Operating segments [member] | Life [member] | |||||
Revenues | |||||
Gross written premiums | 485,642 | 481,311 | 480,593 | ||
Net premiums earned | 484,504 | 480,214 | 479,600 | ||
Investment income | 165,523 | 160,204 | 140,963 | ||
Net realised gains on financial assets | 11,739 | 18,768 | 13,523 | ||
Net fair value gains through profit or loss | (7,522) | 2,795 | 17,727 | ||
Other income | 1,270 | 1,228 | 1,284 | ||
Total revenues | 655,514 | 663,209 | 653,097 | ||
Benefits, claims and expenses | |||||
Life insurance death and other benefits | (112,471) | (114,657) | (108,862) | ||
Increase in insurance contract liabilities | (424,860) | (413,206) | (382,132) | ||
Investment contract benefits | (12,887) | (10,223) | (9,494) | ||
Policyholder dividends resulting from participation in profits | (20,566) | (26,367) | (28,129) | ||
Underwriting and policy acquisition costs | (37,722) | (38,290) | (60,841) | ||
Finance costs | (3,794) | (4,608) | (2,798) | ||
Administrative expenses | (24,398) | (23,339) | (23,360) | ||
Statutory insurance fund contribution | (888) | (787) | (833) | ||
Other expenses | (8,345) | (8,961) | (8,575) | ||
Including: inter-segment expenses | (3,113) | (2,929) | (2,292) | ||
Segment benefits, claims and expenses | (645,931) | (640,438) | (625,024) | ||
Segment results | 9,583 | 22,771 | 28,073 | ||
Attributable to | |||||
Other comprehensive income attributable to equity holders of the Company | (48,816) | (5,290) | 23,685 | ||
Depreciation and amortisation | 3,111 | 2,919 | 3,086 | ||
Assets | |||||
Financial assets | 4,251,305 | 4,001,202 | 3,537,020 | ||
Others | 8,871 | 9,893 | 10,076 | ||
Segment assets | 4,260,176 | 4,011,095 | 3,547,096 | ||
Liabilities | |||||
Insurance contracts | 3,605,769 | 3,180,931 | 2,767,642 | ||
Investment contracts | 355,750 | 296,104 | 271,757 | ||
Securities sold under agreements to repurchase | 131,317 | 217,288 | 109,156 | ||
Others | 91,682 | 87,371 | 84,668 | ||
Segment liabilities | 4,184,518 | 3,781,694 | 3,233,223 | ||
Operating segments [member] | Life [member] | Term life [member] | |||||
Revenues | |||||
Gross written premiums | 2,322 | 2,501 | 2,674 | ||
Operating segments [member] | Life [member] | Whole life [member] | |||||
Revenues | |||||
Gross written premiums | 78,247 | 69,923 | 73,747 | ||
Operating segments [member] | Life [member] | Endowment [member] | |||||
Revenues | |||||
Gross written premiums | 137,467 | 97,791 | 109,275 | ||
Operating segments [member] | Life [member] | Annuity [member] | |||||
Revenues | |||||
Gross written premiums | 267,606 | 311,096 | 294,897 | ||
Operating segments [member] | Health [member] | |||||
Revenues | |||||
Gross written premiums | 115,329 | 120,609 | 115,089 | ||
Net premiums earned | 108,791 | 114,549 | 109,091 | ||
Investment income | 11,426 | 10,831 | 9,202 | ||
Net realised gains on financial assets | 799 | 1,256 | 877 | ||
Net fair value gains through profit or loss | (512) | 187 | 1,148 | ||
Other income | 80 | 85 | 75 | ||
Total revenues | 120,584 | 126,908 | 120,393 | ||
Benefits, claims and expenses | |||||
Life insurance death and other benefits | (6,858) | (6,656) | (4,714) | ||
Accident and health claims and claim adjustment expenses | (46,215) | (48,076) | (44,987) | ||
Increase in insurance contract liabilities | (36,123) | (28,956) | (32,445) | ||
Investment contract benefits | (453) | (405) | (352) | ||
Policyholder dividends resulting from participation in profits | (119) | (144) | (150) | ||
Underwriting and policy acquisition costs | (11,378) | (21,021) | (15,921) | ||
Finance costs | (258) | (308) | (183) | ||
Administrative expenses | (9,151) | (11,069) | (8,677) | ||
Statutory insurance fund contribution | (330) | (367) | (302) | ||
Other expenses | (1,428) | (1,307) | (1,051) | ||
Including: inter-segment expenses | (212) | (196) | (148) | ||
Segment benefits, claims and expenses | (112,313) | (118,309) | (108,782) | ||
Segment results | 8,271 | 8,599 | 11,611 | ||
Attributable to | |||||
Other comprehensive income attributable to equity holders of the Company | (3,322) | (354) | 1,534 | ||
Depreciation and amortisation | 1,156 | 1,359 | 1,118 | ||
Assets | |||||
Financial assets | 280,667 | 259,618 | 222,559 | ||
Others | 16,427 | 16,044 | 14,939 | ||
Segment assets | 297,094 | 275,662 | 237,498 | ||
Liabilities | |||||
Insurance contracts | 265,369 | 228,899 | 195,487 | ||
Investment contracts | 18,999 | 17,490 | 16,455 | ||
Securities sold under agreements to repurchase | 8,937 | 14,536 | 7,070 | ||
Others | 5,614 | 5,276 | 6,013 | ||
Segment liabilities | 298,919 | 266,201 | 225,025 | ||
Operating segments [member] | Accident [member] | |||||
Revenues | |||||
Gross written premiums | 14,219 | 16,407 | 16,583 | ||
Net premiums earned | 14,530 | 16,488 | 15,975 | ||
Investment income | 425 | 496 | 462 | ||
Net realised gains on financial assets | 30 | 58 | 44 | ||
Net fair value gains through profit or loss | (19) | 9 | 58 | ||
Total revenues | 14,966 | 17,051 | 16,539 | ||
Benefits, claims and expenses | |||||
Life insurance death and other benefits | (40) | (41) | (33) | ||
Accident and health claims and claim adjustment expenses | (5,096) | (6,954) | (7,408) | ||
Increase in insurance contract liabilities | (315) | (208) | (220) | ||
Underwriting and policy acquisition costs | (4,165) | (4,835) | (5,315) | ||
Finance costs | (11) | (14) | (7) | ||
Administrative expenses | (2,639) | (2,948) | (2,649) | ||
Statutory insurance fund contribution | (96) | (99) | (94) | ||
Other expenses | (335) | (270) | (241) | ||
Including: inter-segment expenses | (8) | (9) | (8) | ||
Segment benefits, claims and expenses | (12,697) | (15,369) | (15,967) | ||
Segment results | 2,269 | 1,682 | 572 | ||
Attributable to | |||||
Other comprehensive income attributable to equity holders of the Company | (125) | (16) | 78 | ||
Depreciation and amortisation | 335 | 368 | 351 | ||
Assets | |||||
Financial assets | 10,274 | 11,668 | 10,964 | ||
Others | 806 | 569 | 675 | ||
Segment assets | 11,080 | 12,237 | 11,639 | ||
Liabilities | |||||
Insurance contracts | 9,022 | 10,069 | 10,096 | ||
Securities sold under agreements to repurchase | 337 | 672 | 358 | ||
Others | 398 | 379 | 370 | ||
Segment liabilities | 9,757 | 11,120 | 10,824 | ||
Operating segments [member] | Others [member] | |||||
Revenues | |||||
Investment income | 9,255 | 6,856 | 3,870 | ||
Net realised gains on financial assets | 139 | 262 | 139 | ||
Net fair value gains through profit or loss | (4,103) | 1,952 | 2,967 | ||
Other income | 11,366 | 11,829 | 10,492 | ||
Including: inter-segment revenue | 3,333 | 3,134 | 2,448 | ||
Total revenues | 16,657 | 20,899 | 17,468 | ||
Benefits, claims and expenses | |||||
Underwriting and policy acquisition costs | (1,512) | (1,598) | (2,284) | ||
Finance costs | (800) | (668) | (759) | ||
Administrative expenses | (3,686) | (3,511) | (3,046) | ||
Other expenses | (7,219) | (8,162) | (4,861) | ||
Segment benefits, claims and expenses | (13,217) | (13,939) | (10,950) | ||
Net gains on investments of associates and joint ventures | 484 | 10,328 | 7,666 | ||
Including: share of profit of associates and joint ventures | 3,628 | 10,328 | 8,336 | ||
Segment results | 3,924 | 17,288 | 14,184 | ||
Attributable to | |||||
Other comprehensive income attributable to equity holders of the Company | (2,889) | 1,097 | 402 | ||
Depreciation and amortisation | 689 | 682 | 609 | ||
Assets | |||||
Financial assets | 302,044 | 223,843 | 117,327 | ||
Others | 261,179 | 257,953 | 239,584 | ||
Segment assets | 563,223 | 481,796 | 356,911 | ||
Liabilities | |||||
Securities sold under agreements to repurchase | 8,367 | 6,950 | 5,665 | ||
Others | 16,118 | 22,638 | 23,720 | ||
Segment liabilities | 24,485 | 29,588 | 29,385 | ||
Elimination [member] | |||||
Revenues | |||||
Other income | (3,333) | (3,134) | (2,448) | ||
Including: inter-segment revenue | (3,333) | (3,134) | (2,448) | ||
Total revenues | (3,333) | (3,134) | (2,448) | ||
Benefits, claims and expenses | |||||
Other expenses | 3,333 | 3,134 | 2,448 | ||
Including: inter-segment expenses | 3,333 | 3,134 | 2,448 | ||
Segment benefits, claims and expenses | ¥ 3,333 | ¥ 3,134 | ¥ 2,448 | ||
[1]Investment contracts at fair value through profit or loss have quoted prices in active markets, and therefore, their fair value was classified as Level 1. |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | ¥ 55,632 | ¥ 53,616 |
Ending balance | 54,559 | 55,632 |
Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 78,754 | 74,873 |
Transfers upon completion | (69) | (287) |
Additions | 2,692 | 5,883 |
Transfers into investment properties | (266) | (209) |
Disposals | (773) | (1,506) |
Ending balance | 80,338 | 78,754 |
Accumulated depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (23,097) | (21,232) |
Charge for the year | (3,351) | (3,144) |
Disposals | 694 | 1,279 |
Ending balance | (25,754) | (23,097) |
Impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (25) | (25) |
Ending balance | (25) | (25) |
Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 45,158 | 37,319 |
Ending balance | 46,290 | 45,158 |
Buildings [member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 59,826 | 50,428 |
Transfers upon completion | 3,174 | 8,439 |
Additions | 64 | 1,415 |
Disposals | (110) | (456) |
Ending balance | 62,954 | 59,826 |
Buildings [member] | Accumulated depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (14,644) | (13,085) |
Charge for the year | (2,079) | (1,830) |
Disposals | 83 | 271 |
Ending balance | (16,640) | (14,644) |
Buildings [member] | Impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (24) | (24) |
Ending balance | (24) | (24) |
Office equipment, furniture and fixtures [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 2,608 | 2,681 |
Ending balance | 2,565 | 2,608 |
Office equipment, furniture and fixtures [member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 8,394 | 8,115 |
Transfers upon completion | 286 | |
Additions | 503 | 735 |
Disposals | (299) | (456) |
Ending balance | 8,884 | 8,394 |
Office equipment, furniture and fixtures [member] | Accumulated depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (5,786) | (5,434) |
Charge for the year | (819) | (786) |
Disposals | 286 | 434 |
Ending balance | (6,319) | (5,786) |
Motor vehicles [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 315 | 461 |
Ending balance | 197 | 315 |
Motor vehicles [member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,311 | 1,352 |
Additions | 1 | 5 |
Disposals | (44) | (46) |
Ending balance | 1,268 | 1,311 |
Motor vehicles [member] | Accumulated depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (996) | (891) |
Charge for the year | (118) | (149) |
Disposals | 43 | 44 |
Ending balance | (1,071) | (996) |
Assets under construction [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 6,789 | 12,178 |
Ending balance | 5,025 | 6,789 |
Assets under construction [member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 6,790 | 12,179 |
Transfers upon completion | (3,622) | (8,908) |
Additions | 2,124 | 3,728 |
Transfers into investment properties | (266) | (209) |
Ending balance | 5,026 | 6,790 |
Assets under construction [member] | Impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (1) | (1) |
Ending balance | (1) | (1) |
Leasehold improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 762 | 977 |
Ending balance | 482 | 762 |
Leasehold improvements [member] | Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 2,433 | 2,799 |
Transfers upon completion | 93 | 182 |
Disposals | (320) | (548) |
Ending balance | 2,206 | 2,433 |
Leasehold improvements [member] | Accumulated depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (1,671) | (1,822) |
Charge for the year | (335) | (379) |
Disposals | 282 | 530 |
Ending balance | ¥ (1,724) | ¥ (1,671) |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property plant and equipment | ¥ 54,559 | ¥ 55,632 | ¥ 53,616 |
Building in process to obtain title certificates [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Property plant and equipment | ¥ 6,459 | ¥ 9,605 |
Leases - Detailed Information a
Leases - Detailed Information about in Right of Use Assets (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Right-of-use assets [line items] | ||
Right-of-use assets at beginning of period | ¥ 2,518 | ¥ 3,076 |
Charge for the year | 1,139 | 1,411 |
Right-of-use assets at end of period | 1,810 | 2,518 |
Cost [member] | ||
Right-of-use assets [line items] | ||
Right-of-use assets at beginning of period | 5,372 | 5,432 |
Additions | 640 | 973 |
Deductions | (1,808) | (1,033) |
Right-of-use assets at end of period | 4,204 | 5,372 |
Accumulated depreciation [member] | ||
Right-of-use assets [line items] | ||
Right-of-use assets at beginning of period | (2,854) | (2,356) |
Charge for the year | (1,139) | (1,411) |
Deductions | 1,599 | 913 |
Right-of-use assets at end of period | (2,394) | (2,854) |
Buildings [member] | ||
Right-of-use assets [line items] | ||
Right-of-use assets at beginning of period | 2,517 | 3,075 |
Right-of-use assets at end of period | 1,809 | 2,517 |
Buildings [member] | Cost [member] | ||
Right-of-use assets [line items] | ||
Right-of-use assets at beginning of period | 5,370 | 5,430 |
Additions | 639 | 972 |
Deductions | (1,808) | (1,032) |
Right-of-use assets at end of period | 4,201 | 5,370 |
Buildings [member] | Accumulated depreciation [member] | ||
Right-of-use assets [line items] | ||
Right-of-use assets at beginning of period | (2,853) | (2,355) |
Charge for the year | (1,138) | (1,410) |
Deductions | 1,599 | 912 |
Right-of-use assets at end of period | (2,392) | (2,853) |
Other assets [member] | ||
Right-of-use assets [line items] | ||
Right-of-use assets at beginning of period | 1 | 1 |
Right-of-use assets at end of period | 1 | 1 |
Other assets [member] | Cost [member] | ||
Right-of-use assets [line items] | ||
Right-of-use assets at beginning of period | 2 | 2 |
Additions | 1 | 1 |
Deductions | (1) | |
Right-of-use assets at end of period | 3 | 2 |
Other assets [member] | Accumulated depreciation [member] | ||
Right-of-use assets [line items] | ||
Right-of-use assets at beginning of period | (1) | (1) |
Charge for the year | (1) | (1) |
Deductions | 1 | |
Right-of-use assets at end of period | ¥ (2) | ¥ (1) |
Leases - Detailed Information_2
Leases - Detailed Information about in Recognized Profit or Loss Leases (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |||
Interest on lease liabilities | ¥ 74 | ¥ 96 | ¥ 113 |
Depreciation charge of right-of-use assets | 1,139 | 1,411 | |
Expense relating to short-term leases | 324 | 333 | |
Expense relating to leases of low-value assets (except for short-term lease liabilities) | 1 | ||
Total | ¥ 1,537 | ¥ 1,841 |
Investment Properties - Summary
Investment Properties - Summary of Investment Properties (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about investment property [line items] | ||
Investment property at beginning of period | ¥ 13,374 | |
Investment property at ending of period | 13,193 | ¥ 13,374 |
Buildings [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Investment property at beginning of period | 13,374 | 14,217 |
Investment property at ending of period | 13,193 | 13,374 |
Buildings [member] | Fair value [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Investment property at beginning of period | 16,626 | 17,285 |
Investment property at ending of period | 16,854 | 16,626 |
Buildings [member] | Cost [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Investment property at beginning of period | 14,971 | 15,385 |
Additions | 266 | (414) |
Deduction in investment property | (11) | |
Investment property at ending of period | 15,226 | 14,971 |
Buildings [member] | Accumulated depreciation [member] | ||
Disclosure of detailed information about investment property [line items] | ||
Investment property at beginning of period | (1,597) | (1,168) |
Additions | (437) | (429) |
Deduction in investment property | 1 | |
Investment property at ending of period | ¥ (2,033) | ¥ (1,597) |
Investment Properties - Additio
Investment Properties - Additional Information (Detail) - CNY (¥) | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about investment property [line items] | |||
Investment properties | ¥ 13,193,000,000 | ¥ 13,374,000,000 | |
Buildings [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Investment properties | 13,193,000,000 | 13,374,000,000 | ¥ 14,217,000,000 |
Buildings [member] | Fair value [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Investment properties | 16,854,000,000 | 16,626,000,000 | ¥ 17,285,000,000 |
Building in process to obtain title certificates [member] | |||
Disclosure of detailed information about investment property [line items] | |||
Investment properties | ¥ 0 | ¥ 981,000,000 |
Investments in Associates and_3
Investments in Associates and Joint Ventures - Movement of Investments in Associates and Joint Ventures (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Investment in associates and joint ventures [abstract] | |||
Investment in associates and joint ventures, beginning balance | ¥ 257,953 | ¥ 239,584 | |
Change of the cost | 12,877 | 11,400 | |
Share of profit or loss | 3,628 | 10,328 | ¥ 8,336 |
Dividends declared | (5,373) | (4,480) | |
Other equity movements | (4,756) | 1,121 | |
Impairment | (3,150) | ||
Investment in associates and joint ventures, ending balance | ¥ 261,179 | ¥ 257,953 | ¥ 239,584 |
Investments in Associates and_4
Investments in Associates and Joint Ventures - Detailed Information about Movement of Investments in Associates and Joint Ventures (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||||
Cost | ¥ 228,952 | ||||
Investment in associates and joint ventures, beginning balance | 257,953 | ¥ 239,584 | |||
Change of cost | 12,877 | 11,400 | |||
Share of profit or loss | 3,628 | 10,328 | ¥ 8,336 | ||
Declared dividends | (5,373) | (4,480) | |||
Other equity movements | (4,756) | 1,121 | |||
Provision of impairment | (3,150) | ||||
Investment in associates and joint ventures, ending balance | 261,179 | 257,953 | ¥ 239,584 | ||
Accumulated amount of impairment | ¥ (6,367) | ||||
Joy City Commercial Property Fund L.P. ("Joy City") [member] | |||||
Disclosure of significant investments in associates and joint ventures [line items] | |||||
Accounting Method | Equity Method | ||||
Cost | ¥ 6,281 | ||||
Investment in associates and joint ventures, beginning balance | 5,546 | ||||
Share of profit or loss | (131) | ||||
Declared dividends | (138) | ||||
Other equity movements | 6 | ||||
Investment in associates and joint ventures, ending balance | ¥ 5,283 | ¥ 5,546 | |||
Percentage of equity interest | 66.67% | 66.67% | |||
Mapleleaf Century Limited ("MCL") [member] | |||||
Disclosure of significant investments in associates and joint ventures [line items] | |||||
Accounting Method | Equity Method | ||||
Cost | ¥ 7,656 | ||||
Investment in associates and joint ventures, beginning balance | 4,237 | ||||
Share of profit or loss | 54 | ||||
Other equity movements | (738) | ||||
Investment in associates and joint ventures, ending balance | ¥ 3,553 | ¥ 4,237 | |||
Percentage of equity interest | 75% | 75% | |||
Other joint ventures [member] | |||||
Disclosure of significant investments in associates and joint ventures [line items] | |||||
Accounting Method | [1] | Equity Method | |||
Cost | [1] | ¥ 49,094 | |||
Investment in associates and joint ventures, beginning balance | [1] | 45,152 | |||
Change of cost | [1] | 518 | |||
Share of profit or loss | [1] | 412 | |||
Declared dividends | [1] | (940) | |||
Other equity movements | [1] | 350 | |||
Investment in associates and joint ventures, ending balance | [1] | 45,492 | ¥ 45,152 | ||
Joint ventures [member] | |||||
Disclosure of significant investments in associates and joint ventures [line items] | |||||
Cost | 63,031 | ||||
Investment in associates and joint ventures, beginning balance | 54,935 | ||||
Change of cost | 518 | ||||
Share of profit or loss | 335 | ||||
Declared dividends | (1,078) | ||||
Other equity movements | (382) | ||||
Investment in associates and joint ventures, ending balance | ¥ 54,328 | 54,935 | |||
China Guangfa Bank Co., Ltd. ("CGB") [member] | |||||
Disclosure of significant investments in associates and joint ventures [line items] | |||||
Accounting Method | [2] | Equity Method | |||
Cost | [2] | ¥ 53,201 | |||
Investment in associates and joint ventures, beginning balance | [2] | 86,179 | |||
Change of cost | [2] | 8,025 | |||
Share of profit or loss | [2] | 5,857 | |||
Declared dividends | [2] | (774) | |||
Other equity movements | [2] | (1,202) | |||
Investment in associates and joint ventures, ending balance | [2] | ¥ 98,085 | ¥ 86,179 | ||
Percentage of equity interest | 43.686% | [2] | 43.686% | ||
Sino-Ocean Group Holding Limited ("Sino-Ocean") [member] | |||||
Disclosure of significant investments in associates and joint ventures [line items] | |||||
Accounting Method | [3] | Equity Method | |||
Cost | [3] | ¥ 11,245 | |||
Investment in associates and joint ventures, beginning balance | [3] | 11,899 | |||
Share of profit or loss | [3] | (4,831) | |||
Declared dividends | [3] | (61) | |||
Other equity movements | [3] | (2,168) | |||
Provision of impairment | [3] | (2,645) | |||
Investment in associates and joint ventures, ending balance | [3] | ¥ 2,194 | ¥ 11,899 | ||
Percentage of equity interest | 29.59% | [3] | 29.59% | ||
Accumulated amount of impairment | ¥ (5,862) | [3] | ¥ (3,217) | ||
China Life Property & Casualty Insurance Company Limited ("CLP&C") [member] | |||||
Disclosure of significant investments in associates and joint ventures [line items] | |||||
Accounting Method | Equity Method | ||||
Cost | ¥ 9,600 | ||||
Investment in associates and joint ventures, beginning balance | 10,151 | ||||
Change of cost | 3,600 | ||||
Share of profit or loss | 282 | ||||
Declared dividends | (75) | ||||
Other equity movements | (457) | ||||
Investment in associates and joint ventures, ending balance | ¥ 13,501 | ¥ 10,151 | |||
Percentage of equity interest | 40% | 40% | |||
COFCO Futures Company Limited ("COFCO Futures") [member] | |||||
Disclosure of significant investments in associates and joint ventures [line items] | |||||
Accounting Method | Equity Method | ||||
Cost | ¥ 1,339 | ||||
Investment in associates and joint ventures, beginning balance | 1,692 | ||||
Share of profit or loss | 76 | ||||
Declared dividends | (33) | ||||
Other equity movements | 2 | ||||
Investment in associates and joint ventures, ending balance | ¥ 1,737 | ¥ 1,692 | |||
Percentage of equity interest | 35% | 35% | |||
China Pipe Group Sichuan to East China Gas Pipeline Co., Ltd. ("Pipeline Company") [member] | |||||
Disclosure of significant investments in associates and joint ventures [line items] | |||||
Accounting Method | Equity Method | ||||
Cost | ¥ 20,000 | ||||
Investment in associates and joint ventures, beginning balance | 21,438 | ||||
Share of profit or loss | 1,364 | ||||
Declared dividends | (1,279) | ||||
Other equity movements | 46 | ||||
Investment in associates and joint ventures, ending balance | ¥ 21,569 | ¥ 21,438 | |||
Percentage of equity interest | 43.86% | 43.86% | |||
China United Network Communications Limited ("China Unicom") [member] | |||||
Disclosure of significant investments in associates and joint ventures [line items] | |||||
Accounting Method | [4] | Equity Method | |||
Cost | [4] | ¥ 21,801 | |||
Investment in associates and joint ventures, beginning balance | [4] | 22,644 | |||
Share of profit or loss | [4] | 706 | |||
Declared dividends | [4] | (337) | |||
Other equity movements | [4] | (411) | |||
Investment in associates and joint ventures, ending balance | [4] | ¥ 22,602 | ¥ 22,644 | ||
Percentage of equity interest | 10.03% | [4] | 10.29% | ||
Other associates [member] | |||||
Disclosure of significant investments in associates and joint ventures [line items] | |||||
Accounting Method | [1] | Equity Method | |||
Cost | [1] | ¥ 48,735 | |||
Investment in associates and joint ventures, beginning balance | [1] | 49,015 | |||
Change of cost | [1] | 734 | |||
Share of profit or loss | [1] | (161) | |||
Declared dividends | [1] | (1,736) | |||
Other equity movements | [1] | (184) | |||
Provision of impairment | [1] | (505) | |||
Investment in associates and joint ventures, ending balance | [1] | 47,163 | ¥ 49,015 | ||
Accumulated amount of impairment | [1] | (505) | |||
Associates [member] | |||||
Disclosure of significant investments in associates and joint ventures [line items] | |||||
Cost | 165,921 | ||||
Investment in associates and joint ventures, beginning balance | 203,018 | ||||
Change of cost | 12,359 | ||||
Share of profit or loss | 3,293 | ||||
Declared dividends | (4,295) | ||||
Other equity movements | (4,374) | ||||
Provision of impairment | (3,150) | ||||
Investment in associates and joint ventures, ending balance | 206,851 | ¥ 203,018 | |||
Accumulated amount of impairment | ¥ (6,367) | ||||
[1]The Group invested in real estate, industrial logistics assets and other industries through these enterprises.[2]The 2021 final dividend of RMB0.0813 in cash per ordinary share was approved and declared in the Annual General Meeting of CGB on 24 June 2022. The Company’s cash dividend receivable is RMB774 million.[3]The 2021 final dividend of HKD 0.032 in cash per ordinary share was approved and declared in the Annual General Meeting of Sino-Ocean on 20 May 2022. The Company received a cash dividend equivalent to RMB61 million. On 31 December 2021, the cumulative impairment loss of RMB3,217 million for the investment in Sino-Ocean had been recognised by the Group. On 31 December 2022, the Hong Kong stock price of Sino-Ocean was HKD1.09 per share. The Group performed an impairment test for the investment and recognised an impairment provision of RMB2,645 million based on the share price of Sino-Ocean H shares. If the share price of Sino-Ocean decreases by 10% as of December 31, 2022, it will increase the Group’s provision for impairment by RMB219 million. If the Group’s share of the book value of Sino-Ocean’s audited net assets attributable to shareholders of the parent company as at December 31, 2022 is lower than the book value of long-term equity investment in Sino-Ocean held by the Group, a 5% decrease in the net assets attributable to shareholders of the parent company would result in a decrease of RMB467 million in the book value of the Group’s long-term equity investment in Sino-Ocean.[4]The 2021 final dividend of RMB0.0391 in cash per ordinary share was approved and declared in the Annual General Meeting of China Unicom on 10 May 2022. The Company received a cash dividend of RMB125 million. The 2022 interim dividend of RMB0.0663 in cash per ordinary share was approved and declared in the Annual General Meeting of China Unicom on 13 October 2022. The Company received a cash dividend equivalent to RMB212 million. On 31 December 2022, the stock price of China Unicom was RMB4.48 per share. |
Investments in Associates and_5
Investments in Associates and Joint Ventures - Detailed Information about Movement of Investments in Associates and Joint Ventures (Parenthetical) (Detail) ¥ / shares in Units, ¥ in Millions | 3 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2022 CNY (¥) ¥ / shares | Oct. 13, 2022 ¥ / shares | Jun. 24, 2022 ¥ / shares | May 20, 2022 $ / shares | May 10, 2022 ¥ / shares | Dec. 31, 2022 CNY (¥) ¥ / shares | Oct. 12, 2022 CNY (¥) | Dec. 31, 2022 CNY (¥) ¥ / shares | Dec. 31, 2022 CNY (¥) ¥ / shares | Dec. 31, 2022 CNY (¥) ¥ / shares | Dec. 31, 2021 CNY (¥) | Dec. 31, 2022 $ / shares | ||
Disclosure of significant investments in associates and joint ventures [line items] | |||||||||||||
Provision of impairment | ¥ 3,150 | ||||||||||||
China Guangfa Bank Co. Ltd ("CGB") [member] | |||||||||||||
Disclosure of significant investments in associates and joint ventures [line items] | |||||||||||||
Cash dividend declared, per share | ¥ / shares | ¥ 0.0813 | ||||||||||||
Cash dividend received | ¥ 774 | ||||||||||||
Sino-Ocean Group Holding Limited ("Sino-Ocean") [member] | |||||||||||||
Disclosure of significant investments in associates and joint ventures [line items] | |||||||||||||
Cash dividend declared, per share | $ / shares | $ 0.032 | ||||||||||||
Cash dividend received | ¥ 61 | ||||||||||||
Impairment Loss | ¥ 3,217 | ||||||||||||
Per share value | $ / shares | $ 1.09 | ||||||||||||
Provision of impairment | [1] | ¥ 2,645 | |||||||||||
Percentage of decrease share price | 10% | 10% | 10% | 10% | 10% | ||||||||
Increase in provision for impairment | ¥ 219 | ¥ 219 | ¥ 219 | ¥ 219 | ¥ 219 | ||||||||
Decrease in equity instrument held | 296 | 296 | ¥ 296 | ¥ 296 | ¥ 296 | ||||||||
Increase Decrease In Net Assets Attributable To Owners Of Parent | ¥ 1,000 | ||||||||||||
China United Network Communications Limited ("China Unicom") [member] | |||||||||||||
Disclosure of significant investments in associates and joint ventures [line items] | |||||||||||||
Cash dividend declared, per share | ¥ / shares | ¥ 0.0663 | ¥ 0.0391 | |||||||||||
Cash dividend received | ¥ 212 | ¥ 125 | |||||||||||
Per share value | ¥ / shares | ¥ 4.48 | ¥ 4.48 | ¥ 4.48 | ¥ 4.48 | ¥ 4.48 | ||||||||
[1]The 2021 final dividend of HKD 0.032 in cash per ordinary share was approved and declared in the Annual General Meeting of Sino-Ocean on 20 May 2022. The Company received a cash dividend equivalent to RMB61 million. On 31 December 2021, the cumulative impairment loss of RMB3,217 million for the investment in Sino-Ocean had been recognised by the Group. On 31 December 2022, the Hong Kong stock price of Sino-Ocean was HKD1.09 per share. The Group performed an impairment test for the investment and recognised an impairment provision of RMB2,645 million based on the share price of Sino-Ocean H shares. If the share price of Sino-Ocean decreases by 10% as of December 31, 2022, it will increase the Group’s provision for impairment by RMB219 million. If the Group’s share of the book value of Sino-Ocean’s audited net assets attributable to shareholders of the parent company as at December 31, 2022 is lower than the book value of long-term equity investment in Sino-Ocean held by the Group, a 5% decrease in the net assets attributable to shareholders of the parent company would result in a decrease of RMB467 million in the book value of the Group’s long-term equity investment in Sino-Ocean. |
Investments in Associates and_6
Investments in Associates and Joint Ventures - Major Associates and Joint Venture (Detail) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
China Guangfa Bank Co. Ltd ("CGB") [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Place of incorporation | PRC | PRC | |
Percentage of equity interest held | 43.686% | [1] | 43.686% |
Sino-Ocean Group Holding Limited ("Sino-Ocean") [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Place of incorporation | Hong Kong, PRC | Hong Kong, PRC | |
Percentage of equity interest held | 29.59% | [2] | 29.59% |
China Life Property & Casualty Insurance Company Limited ("CLP&C") [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Place of incorporation | PRC | PRC | |
Percentage of equity interest held | 40% | 40% | |
COFCO Futures Company Limited ("COFCO Futures") [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Place of incorporation | PRC | PRC | |
Percentage of equity interest held | 35% | 35% | |
China United Network Communications Limited ("China Unicom") [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Place of incorporation | PRC | PRC | |
Percentage of equity interest held | 10.03% | [3] | 10.29% |
China Pipe Group Sichuan to East China Gas Pipeline Co., Ltd. ("Pipeline Company") [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Place of incorporation | PRC | PRC | |
Percentage of equity interest held | 43.86% | 43.86% | |
Joy City Commercial Property Fund L.P. ("Joy City") [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Percentage of equity interest held | 66.67% | 66.67% | |
Place of incorporation | The British Cayman Islands | The British Cayman Islands | |
Percentage of equity interest held | 66.67% | 66.67% | |
Mapleleaf Century Limited ("MCL") [member] | |||
Disclosure of significant investments in associates and joint ventures [line items] | |||
Percentage of equity interest held | 75% | 75% | |
Place of incorporation | The British Virgin Islands | The British Virgin Islands | |
Percentage of equity interest held | 75% | 75% | |
[1]The 2021 final dividend of RMB0.0813 in cash per ordinary share was approved and declared in the Annual General Meeting of CGB on 24 June 2022. The Company’s cash dividend receivable is RMB774 million.[2]The 2021 final dividend of HKD 0.032 in cash per ordinary share was approved and declared in the Annual General Meeting of Sino-Ocean on 20 May 2022. The Company received a cash dividend equivalent to RMB61 million. On 31 December 2021, the cumulative impairment loss of RMB3,217 million for the investment in Sino-Ocean had been recognised by the Group. On 31 December 2022, the Hong Kong stock price of Sino-Ocean was HKD1.09 per share. The Group performed an impairment test for the investment and recognised an impairment provision of RMB2,645 million based on the share price of Sino-Ocean H shares. If the share price of Sino-Ocean decreases by 10% as of December 31, 2022, it will increase the Group’s provision for impairment by RMB219 million. If the Group’s share of the book value of Sino-Ocean’s audited net assets attributable to shareholders of the parent company as at December 31, 2022 is lower than the book value of long-term equity investment in Sino-Ocean held by the Group, a 5% decrease in the net assets attributable to shareholders of the parent company would result in a decrease of RMB467 million in the book value of the Group’s long-term equity investment in Sino-Ocean.[3]The 2021 final dividend of RMB0.0391 in cash per ordinary share was approved and declared in the Annual General Meeting of China Unicom on 10 May 2022. The Company received a cash dividend of RMB125 million. The 2022 interim dividend of RMB0.0663 in cash per ordinary share was approved and declared in the Annual General Meeting of China Unicom on 13 October 2022. The Company received a cash dividend equivalent to RMB212 million. On 31 December 2022, the stock price of China Unicom was RMB4.48 per share. |
Investments in Associates and_7
Investments in Associates and Joint Ventures - Financial Information of Major Associates and Joint Venture (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |||||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of significant investments in associates and joint ventures [line items] | ||||||
Total assets | ¥ 5,251,988 | ¥ 4,892,480 | ¥ 4,253,544 | |||
Total liabilities | 4,806,867 | 4,405,346 | 3,795,976 | |||
Total equity | 445,121 | 487,134 | 457,568 | ¥ 410,027 | ||
Impairment | (6,367) | |||||
Net carrying value of the investments | 261,179 | 257,953 | 239,584 | |||
Total revenues | 804,388 | 824,933 | 805,049 | |||
Net profit/(loss) | 33,514 | 52,257 | 51,337 | |||
Other comprehensive income | (55,236) | (4,549) | 25,750 | |||
Total comprehensive income | (21,722) | 47,708 | ¥ 77,087 | |||
China Guangfa Bank Co. Ltd ("CGB") [member] | ||||||
Disclosure of significant investments in associates and joint ventures [line items] | ||||||
Total assets | 3,417,906 | 3,359,985 | ||||
Total liabilities | 3,156,057 | 3,125,484 | ||||
Total equity | 261,849 | 234,501 | ||||
Total equity attributable to equity holders of the associates and joint ventures | 216,858 | 189,510 | ||||
Total adjustments | [1] | 369 | 464 | |||
Total equity attributable to equity holders of the associates and joint ventures after adjustments | ¥ 217,227 | ¥ 189,974 | ||||
Proportion of the Group's ownership | 43.686% | [2] | 43.686% | |||
Gross carrying value of the investments | ¥ 98,085 | ¥ 86,179 | ||||
Net carrying value of the investments | [2] | 98,085 | 86,179 | |||
Total revenues | 75,154 | 74,905 | ||||
Net profit/(loss) | 15,528 | 17,476 | ||||
Other comprehensive income | (2,765) | 2,416 | ||||
Total comprehensive income | 12,763 | 19,892 | ||||
Sino-Ocean Group Holding Limited ("Sino-Ocean") [member] | ||||||
Disclosure of significant investments in associates and joint ventures [line items] | ||||||
Total assets | 246,072 | 281,252 | ||||
Total liabilities | 198,186 | 204,805 | ||||
Total equity | 47,886 | 76,447 | ||||
Total equity attributable to equity holders of the associates and joint ventures | 31,747 | 55,074 | ||||
Total adjustments | [1] | (7,790) | (7,257) | |||
Total equity attributable to equity holders of the associates and joint ventures after adjustments | ¥ 23,957 | ¥ 47,817 | ||||
Proportion of the Group's ownership | 29.59% | [3] | 29.59% | |||
Gross carrying value of the investments | ¥ 8,056 | ¥ 15,116 | ||||
Impairment | (5,862) | [3] | (3,217) | |||
Net carrying value of the investments | [3] | 2,194 | 11,899 | |||
Total revenues | 42,447 | 68,645 | ||||
Net profit/(loss) | (15,650) | 5,091 | ||||
Other comprehensive income | (6,186) | (35) | ||||
Total comprehensive income | (21,836) | 5,056 | ||||
China Life Property & Casualty Insurance Company Limited ("CLP&C") [member] | ||||||
Disclosure of significant investments in associates and joint ventures [line items] | ||||||
Total assets | 135,690 | 120,178 | ||||
Total liabilities | 101,933 | 94,756 | ||||
Total equity | 33,757 | 25,422 | ||||
Total equity attributable to equity holders of the associates and joint ventures | 33,757 | 25,422 | ||||
Total equity attributable to equity holders of the associates and joint ventures after adjustments | ¥ 33,757 | ¥ 25,422 | ||||
Proportion of the Group's ownership | 40% | 40% | ||||
Gross carrying value of the investments | ¥ 13,501 | ¥ 10,151 | ||||
Net carrying value of the investments | 13,501 | 10,151 | ||||
Total revenues | 87,461 | 82,549 | ||||
Net profit/(loss) | 717 | 621 | ||||
Other comprehensive income | (1,197) | (766) | ||||
Total comprehensive income | (480) | (145) | ||||
COFCO Futures Company Limited ("COFCO Futures") [member] | ||||||
Disclosure of significant investments in associates and joint ventures [line items] | ||||||
Total assets | 29,306 | 25,153 | ||||
Total liabilities | 25,889 | 21,868 | ||||
Total equity | 3,417 | 3,285 | ||||
Total equity attributable to equity holders of the associates and joint ventures | 3,407 | 3,277 | ||||
Total equity attributable to equity holders of the associates and joint ventures after adjustments | ¥ 3,407 | ¥ 3,277 | ||||
Proportion of the Group's ownership | 35% | 35% | ||||
Gross carrying value of the investments | ¥ 1,737 | ¥ 1,692 | ||||
Net carrying value of the investments | 1,737 | 1,692 | ||||
Total revenues | 3,222 | 6,846 | ||||
Net profit/(loss) | 219 | 281 | ||||
Other comprehensive income | 6 | (8) | ||||
Total comprehensive income | 225 | 273 | ||||
China Pipe Group Sichuan to East China Gas Pipeline Co., Ltd. ("Pipeline Company") [member] | ||||||
Disclosure of significant investments in associates and joint ventures [line items] | ||||||
Total assets | 37,315 | 37,099 | ||||
Total liabilities | 1,369 | 1,476 | ||||
Total equity | 35,946 | 35,623 | ||||
Total equity attributable to equity holders of the associates and joint ventures | 35,946 | 35,623 | ||||
Total adjustments | [1] | 384 | 405 | |||
Total equity attributable to equity holders of the associates and joint ventures after adjustments | ¥ 36,330 | ¥ 36,028 | ||||
Proportion of the Group's ownership | 43.86% | 43.86% | ||||
Gross carrying value of the investments | ¥ 21,569 | ¥ 21,438 | ||||
Net carrying value of the investments | 21,569 | 21,438 | ||||
Total revenues | 6,097 | 5,583 | ||||
Net profit/(loss) | 3,128 | 3,081 | ||||
Total comprehensive income | 3,128 | 3,081 | ||||
China United Network Communications Limited ("China Unicom") [member] | ||||||
Disclosure of significant investments in associates and joint ventures [line items] | ||||||
Total assets | 644,687 | 593,284 | ||||
Total liabilities | 297,413 | 257,074 | ||||
Total equity | 347,274 | 336,210 | ||||
Total equity attributable to equity holders of the associates and joint ventures | 154,370 | 149,217 | ||||
Total adjustments | [1] | 16,038 | 16,509 | |||
Total equity attributable to equity holders of the associates and joint ventures after adjustments | ¥ 170,408 | ¥ 165,726 | ||||
Proportion of the Group's ownership | 10.03% | [4] | 10.29% | |||
Gross carrying value of the investments | ¥ 22,602 | ¥ 22,644 | ||||
Net carrying value of the investments | [4] | 22,602 | 22,644 | |||
Total revenues | 361,123 | 331,665 | ||||
Net profit/(loss) | 16,651 | 14,416 | ||||
Other comprehensive income | 190 | (27) | ||||
Total comprehensive income | 16,841 | 14,389 | ||||
Joy City Commercial Property Fund L.P. ("Joy City") [member] | ||||||
Disclosure of significant investments in associates and joint ventures [line items] | ||||||
Total assets | 9,710 | 10,258 | ||||
Total liabilities | 22 | 232 | ||||
Total equity | 9,688 | 10,026 | ||||
Total equity attributable to equity holders of the associates and joint ventures | 9,688 | 10,026 | ||||
Total adjustments | [1] | (1,764) | (1,707) | |||
Total equity attributable to equity holders of the associates and joint ventures after adjustments | ¥ 7,924 | ¥ 8,319 | ||||
Proportion of the Group's ownership | 66.67% | 66.67% | ||||
Gross carrying value of the investments | ¥ 5,283 | ¥ 5,546 | ||||
Net carrying value of the investments | 5,283 | 5,546 | ||||
Total revenues | (145) | 352 | ||||
Net profit/(loss) | (164) | 333 | ||||
Other comprehensive income | 10 | 15 | ||||
Total comprehensive income | (154) | 348 | ||||
Mapleleaf Century Limited ("MCL") [member] | ||||||
Disclosure of significant investments in associates and joint ventures [line items] | ||||||
Total assets | 23,957 | 24,195 | ||||
Total liabilities | 12,773 | 13,035 | ||||
Total equity | 11,184 | 11,160 | ||||
Total equity attributable to equity holders of the associates and joint ventures | 11,184 | 11,160 | ||||
Total adjustments | [1] | (6,447) | (5,511) | |||
Total equity attributable to equity holders of the associates and joint ventures after adjustments | ¥ 4,737 | ¥ 5,649 | ||||
Proportion of the Group's ownership | 75% | 75% | ||||
Gross carrying value of the investments | ¥ 3,553 | ¥ 4,237 | ||||
Net carrying value of the investments | 3,553 | 4,237 | ||||
Total revenues | 883 | 897 | ||||
Net profit/(loss) | 774 | 28 | ||||
Other comprehensive income | (1,750) | 447 | ||||
Total comprehensive income | ¥ (976) | ¥ 475 | ||||
[1]Including adjustments for the difference of accounting policies, fair value and others.[2]The 2021 final dividend of RMB0.0813 in cash per ordinary share was approved and declared in the Annual General Meeting of CGB on 24 June 2022. The Company’s cash dividend receivable is RMB774 million.[3]The 2021 final dividend of HKD 0.032 in cash per ordinary share was approved and declared in the Annual General Meeting of Sino-Ocean on 20 May 2022. The Company received a cash dividend equivalent to RMB61 million. On 31 December 2021, the cumulative impairment loss of RMB3,217 million for the investment in Sino-Ocean had been recognised by the Group. On 31 December 2022, the Hong Kong stock price of Sino-Ocean was HKD1.09 per share. The Group performed an impairment test for the investment and recognised an impairment provision of RMB2,645 million based on the share price of Sino-Ocean H shares. If the share price of Sino-Ocean decreases by 10% as of December 31, 2022, it will increase the Group’s provision for impairment by RMB219 million. If the Group’s share of the book value of Sino-Ocean’s audited net assets attributable to shareholders of the parent company as at December 31, 2022 is lower than the book value of long-term equity investment in Sino-Ocean held by the Group, a 5% decrease in the net assets attributable to shareholders of the parent company would result in a decrease of RMB467 million in the book value of the Group’s long-term equity investment in Sino-Ocean.[4]The 2021 final dividend of RMB0.0391 in cash per ordinary share was approved and declared in the Annual General Meeting of China Unicom on 10 May 2022. The Company received a cash dividend of RMB125 million. The 2022 interim dividend of RMB0.0663 in cash per ordinary share was approved and declared in the Annual General Meeting of China Unicom on 13 October 2022. The Company received a cash dividend equivalent to RMB212 million. On 31 December 2022, the stock price of China Unicom was RMB4.48 per share. |
Investments in Associates and_8
Investments in Associates and Joint Ventures - Financial Information of Major Associates and Joint Venture (Parenthetical) (Detail) - CNY (¥) | Dec. 31, 2022 | Dec. 31, 2021 |
Investment in associates and joint ventures [abstract] | ||
Contingent liabilities incurred in relation to interests in associates | ¥ 0 | ¥ 0 |
Contingent liabilities incurred in relation to interests in joint ventures | 0 | 0 |
Capital commitments | ¥ 15,231,000,000 | ¥ 20,730,000,000 |
Financial Assets - Summary of H
Financial Assets - Summary of Held-to-Maturity Securities (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial assets [line items] | |||
Held-to-maturity securities | [1] | ¥ 1,574,204 | ¥ 1,533,753 |
Debt securities [member] | |||
Disclosure of financial assets [line items] | |||
Held-to-maturity securities | 1,574,204 | 1,533,753 | |
Debt securities [member] | Listed in Mainland, PRC [member] | |||
Disclosure of financial assets [line items] | |||
Held-to-maturity securities | 231,704 | 246,134 | |
Debt securities [member] | Listed in Hong Kong, PRC [member] | |||
Disclosure of financial assets [line items] | |||
Held-to-maturity securities | 144 | 87 | |
Debt securities [member] | Listed overseas [member] | |||
Disclosure of financial assets [line items] | |||
Held-to-maturity securities | 62 | 44 | |
Debt securities [member] | Unlisted [member] | |||
Disclosure of financial assets [line items] | |||
Held-to-maturity securities | [2] | 1,342,294 | 1,287,488 |
Debt securities [member] | Government bonds [member] | |||
Disclosure of financial assets [line items] | |||
Held-to-maturity securities | 378,105 | 349,370 | |
Debt securities [member] | Government agency bonds [member] | |||
Disclosure of financial assets [line items] | |||
Held-to-maturity securities | 1,004,162 | 911,451 | |
Debt securities [member] | Corporate bonds [member] | |||
Disclosure of financial assets [line items] | |||
Held-to-maturity securities | 178,203 | 209,627 | |
Debt securities [member] | Subordinated bonds [member] | |||
Disclosure of financial assets [line items] | |||
Held-to-maturity securities | ¥ 13,734 | ¥ 63,305 | |
[1]The fair value of held-to-maturity securities is determined by reference with other debt securities which are measured by fair value. Please refer to Note 4.4.[2]Unlisted debt securities are those traded on the Chinese interbank market. |
Financial Assets - Additional I
Financial Assets - Additional Information (Detail) - CNY (¥) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial assets [line items] | ||
Accumulated Impairment loss on investment of held-to-maturity securities | ¥ 0 | ¥ 0 |
Mandatory reserve deposit percentage | 20% | |
Term deposits [member] | ||
Disclosure of financial assets [line items] | ||
Term deposits | ¥ 2,175,000,000 | ¥ 2,641,000,000 |
Financial Assets - Summary of F
Financial Assets - Summary of Fair Value Hierarchy of Financial Assets (Detail) - Debt securities [member] - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
Debt securities | ¥ 1,700,806 | ¥ 1,638,271 |
Government bonds [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 417,814 | 382,413 |
Government agency bonds [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 1,080,854 | 969,584 |
Corporate bonds [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 186,145 | 219,793 |
Subordinated bonds [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 15,993 | 66,481 |
Quoted prices in active markets Level 1 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 346,067 | 150,452 |
Quoted prices in active markets Level 1 [member] | Government bonds [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 240,597 | 68,300 |
Quoted prices in active markets Level 1 [member] | Government agency bonds [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 104,751 | 74,241 |
Quoted prices in active markets Level 1 [member] | Corporate bonds [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 719 | 7,911 |
Significant observable inputs Level 2 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 1,354,739 | 1,487,819 |
Significant observable inputs Level 2 [member] | Government bonds [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 177,217 | 314,113 |
Significant observable inputs Level 2 [member] | Government agency bonds [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 976,103 | 895,343 |
Significant observable inputs Level 2 [member] | Corporate bonds [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 185,426 | 211,882 |
Significant observable inputs Level 2 [member] | Subordinated bonds [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | ¥ 15,993 | ¥ 66,481 |
Financial Assets - Contractual
Financial Assets - Contractual Maturity Schedule of Held-to-Maturity Securities (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial assets [line items] | |||
Held-to-maturity securities | [1] | ¥ 1,574,204 | ¥ 1,533,753 |
Within one year [member] | |||
Disclosure of financial assets [line items] | |||
Held-to-maturity securities | 33,961 | 55,370 | |
After one year but within five years [member] | |||
Disclosure of financial assets [line items] | |||
Held-to-maturity securities | 160,527 | 147,786 | |
After five years but within ten years [member] | |||
Disclosure of financial assets [line items] | |||
Held-to-maturity securities | 83,894 | 163,479 | |
After ten years [member] | |||
Disclosure of financial assets [line items] | |||
Held-to-maturity securities | ¥ 1,295,822 | ¥ 1,167,118 | |
[1]The fair value of held-to-maturity securities is determined by reference with other debt securities which are measured by fair value. Please refer to Note 4.4. |
Financial Assets - Summary of L
Financial Assets - Summary of Loans (Detail) - CNY (¥) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of financial assets [line items] | ||||
Loans | ¥ 598,833,000,000 | ¥ 669,906,000,000 | ||
Impairment | 0 | 1,376,000,000 | ¥ 0 | |
Net value | [1] | 596,490,000,000 | 666,087,000,000 | |
Impairment [member] | ||||
Disclosure of financial assets [line items] | ||||
Impairment | (2,343,000,000) | (3,819,000,000) | ||
Policy loans [member] | ||||
Disclosure of financial assets [line items] | ||||
Loans | [2] | 254,407,000,000 | 236,209,000,000 | |
Other loans [member] | ||||
Disclosure of financial assets [line items] | ||||
Loans | ¥ 344,426,000,000 | ¥ 433,697,000,000 | ||
[1]Investment contracts at fair value through profit or loss have quoted prices in active markets, and therefore, their fair value was classified as Level 1.[2]As at 31 December 2022, maturities of policy loans are within 6 months (as at 31 December 2021: same), and their fair values approximated to their carrying amounts. |
Financial Assets - Summary of_2
Financial Assets - Summary of Loans Maturity (Detail) - CNY (¥) | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of financial assets [line items] | ||||
Loans | ¥ 598,833,000,000 | ¥ 669,906,000,000 | ||
Impairment | 0 | 1,376,000,000 | ¥ 0 | |
Net value | [1] | 596,490,000,000 | 666,087,000,000 | |
Impairment [member] | ||||
Disclosure of financial assets [line items] | ||||
Impairment | (2,343,000,000) | (3,819,000,000) | ||
Within one year [member] | ||||
Disclosure of financial assets [line items] | ||||
Loans | 307,396,000,000 | 348,940,000,000 | ||
After one year but within five years [member] | ||||
Disclosure of financial assets [line items] | ||||
Loans | 180,686,000,000 | 182,493,000,000 | ||
After five years but within ten years [member] | ||||
Disclosure of financial assets [line items] | ||||
Loans | 97,081,000,000 | 106,319,000,000 | ||
After ten years [member] | ||||
Disclosure of financial assets [line items] | ||||
Loans | ¥ 13,670,000,000 | ¥ 32,154,000,000 | ||
[1]Investment contracts at fair value through profit or loss have quoted prices in active markets, and therefore, their fair value was classified as Level 1. |
Financial Assets - Summary of T
Financial Assets - Summary of Term Deposits Maturity (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
Term deposits | ¥ 485,567 | ¥ 529,488 |
Within one year [member] | ||
Disclosure of financial assets [line items] | ||
Term deposits | 183,832 | 135,301 |
After one year but within five years [member] | ||
Disclosure of financial assets [line items] | ||
Term deposits | ¥ 301,735 | ¥ 394,187 |
Financial Assets - Summary of R
Financial Assets - Summary of Restricted Statutory Deposits Maturity (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
Statutory deposits - restricted | ¥ 6,333 | ¥ 6,333 |
Within one year [member] | ||
Disclosure of financial assets [line items] | ||
Statutory deposits - restricted | 3,933 | 1,720 |
After one year but within five years [member] | ||
Disclosure of financial assets [line items] | ||
Statutory deposits - restricted | ¥ 2,400 | ¥ 4,613 |
Financial Assets - Summary of A
Financial Assets - Summary of Available-for-sale Securities (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial assets [line items] | |||
Available-for-sale securities | ¥ 1,738,108 | ¥ 1,429,287 | |
Debt securities [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | 879,443 | 793,544 | |
Debt securities [member] | Listed in Mainland, PRC [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | 85,450 | 86,145 | |
Debt securities [member] | Listed in Hong Kong, PRC [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | 38 | ||
Debt securities [member] | Listed overseas [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | 94 | ||
Debt securities [member] | Unlisted [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | 793,861 | 707,399 | |
Equity securities [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | 858,665 | 635,743 | |
Equity securities [member] | Listed in Mainland, PRC [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | 420,287 | 238,155 | |
Equity securities [member] | Listed in Hong Kong, PRC [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | 59,495 | 75,694 | |
Equity securities [member] | Listed overseas [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | 59 | 28 | |
Equity securities [member] | Unlisted [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | 378,824 | 321,866 | |
Financial assets at fair value, class [member] | Debt securities [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | 879,443 | 793,544 | |
Financial assets at fair value, class [member] | Debt securities [member] | Government bonds [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | 47,188 | 58,561 | |
Financial assets at fair value, class [member] | Debt securities [member] | Government agency bonds [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | 313,270 | 259,753 | |
Financial assets at fair value, class [member] | Debt securities [member] | Corporate bonds [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | 188,563 | 203,147 | |
Financial assets at fair value, class [member] | Debt securities [member] | Subordinated bonds [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | 156,024 | 111,029 | |
Financial assets at fair value, class [member] | Debt securities [member] | Others [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | [1] | 174,398 | 161,054 |
Financial assets at fair value, class [member] | Equity securities [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | 841,531 | 615,464 | |
Financial assets at fair value, class [member] | Equity securities [member] | Common stocks [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | 414,148 | 256,441 | |
Financial assets at fair value, class [member] | Equity securities [member] | Preferred stocks [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | 50,522 | 52,127 | |
Financial assets at fair value, class [member] | Equity securities [member] | Funds [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | 131,897 | 94,895 | |
Financial assets at fair value, class [member] | Equity securities [member] | Others [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | [1] | 244,964 | 212,001 |
Financial assets at amortised cost, class [member] | Equity securities [member] | Others [member] | |||
Disclosure of financial assets [line items] | |||
Available-for-sale securities | [1] | ¥ 17,134 | ¥ 20,279 |
[1]Other available-for-sale securities mainly include unlisted equity investments, private equity funds, trust schemes and perpetual bonds. |
Financial Assets - Contractua_2
Financial Assets - Contractual Maturity Schedule of Available-for-Sale Securities (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
Available-for-sale securities | ¥ 1,738,108 | ¥ 1,429,287 |
Debt securities [member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | 879,443 | 793,544 |
Debt securities [member] | Within one year [member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | 118,373 | 36,597 |
Debt securities [member] | After one year but within five years [member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | 206,086 | 179,476 |
Debt securities [member] | After five years but within ten years [member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | 239,004 | 318,992 |
Debt securities [member] | After ten years [member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | ¥ 315,980 | ¥ 258,479 |
Financial Assets - Summary of S
Financial Assets - Summary of Securities at Fair Value through Profit or Loss (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial assets [line items] | |||
Securities at fair value through profit or loss | ¥ 223,790 | ¥ 206,771 | |
Fair value [member] | |||
Disclosure of financial assets [line items] | |||
Securities at fair value through profit or loss | [1] | 223,790 | 206,771 |
Fair value [member] | Debt securities [member] | |||
Disclosure of financial assets [line items] | |||
Securities at fair value through profit or loss | 191,529 | 143,057 | |
Fair value [member] | Debt securities [member] | Listed in Mainland, PRC [member] | |||
Disclosure of financial assets [line items] | |||
Securities at fair value through profit or loss | 36,455 | 29,934 | |
Fair value [member] | Debt securities [member] | Listed in Hong Kong, PRC [member] | |||
Disclosure of financial assets [line items] | |||
Securities at fair value through profit or loss | 21 | 23 | |
Fair value [member] | Debt securities [member] | Listed overseas [member] | |||
Disclosure of financial assets [line items] | |||
Securities at fair value through profit or loss | 293 | 273 | |
Fair value [member] | Debt securities [member] | Unlisted [member] | |||
Disclosure of financial assets [line items] | |||
Securities at fair value through profit or loss | 154,760 | 112,827 | |
Fair value [member] | Debt securities [member] | Government bonds [member] | |||
Disclosure of financial assets [line items] | |||
Securities at fair value through profit or loss | 1,805 | 1,393 | |
Fair value [member] | Debt securities [member] | Government agency bonds [member] | |||
Disclosure of financial assets [line items] | |||
Securities at fair value through profit or loss | 9,622 | 7,989 | |
Fair value [member] | Debt securities [member] | Corporate bonds [member] | |||
Disclosure of financial assets [line items] | |||
Securities at fair value through profit or loss | 152,347 | 90,425 | |
Fair value [member] | Debt securities [member] | Others [member] | |||
Disclosure of financial assets [line items] | |||
Securities at fair value through profit or loss | [2] | 27,755 | 43,250 |
Fair value [member] | Equity securities [member] | |||
Disclosure of financial assets [line items] | |||
Securities at fair value through profit or loss | 32,261 | 63,714 | |
Fair value [member] | Equity securities [member] | Listed in Mainland, PRC [member] | |||
Disclosure of financial assets [line items] | |||
Securities at fair value through profit or loss | 16,901 | 45,817 | |
Fair value [member] | Equity securities [member] | Listed in Hong Kong, PRC [member] | |||
Disclosure of financial assets [line items] | |||
Securities at fair value through profit or loss | 637 | 736 | |
Fair value [member] | Equity securities [member] | Listed overseas [member] | |||
Disclosure of financial assets [line items] | |||
Securities at fair value through profit or loss | 4,233 | 4,849 | |
Fair value [member] | Equity securities [member] | Unlisted [member] | |||
Disclosure of financial assets [line items] | |||
Securities at fair value through profit or loss | 10,490 | 12,312 | |
Fair value [member] | Equity securities [member] | Funds [member] | |||
Disclosure of financial assets [line items] | |||
Securities at fair value through profit or loss | 13,444 | 17,794 | |
Fair value [member] | Equity securities [member] | Others [member] | |||
Disclosure of financial assets [line items] | |||
Securities at fair value through profit or loss | 265 | 271 | |
Fair value [member] | Equity securities [member] | Common stocks [member] | |||
Disclosure of financial assets [line items] | |||
Securities at fair value through profit or loss | ¥ 18,552 | ¥ 45,649 | |
[1]The estimates and judgements to determine the fair value of financial assets are described in Note 3.2.[2]Other debt securities at fair value through profit or loss mainly include interbank negotiable certificates of deposit. |
Financial Assets - Contractua_3
Financial Assets - Contractual Maturity Schedule of Securities Purchased under Agreements to Resell (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
Securities purchased under agreements to resell | ¥ 38,533 | ¥ 12,915 |
Within 30 days [member] | ||
Disclosure of financial assets [line items] | ||
Securities purchased under agreements to resell | 38,215 | 11,896 |
Above 30 days [member] | ||
Disclosure of financial assets [line items] | ||
Securities purchased under agreements to resell | ¥ 318 | ¥ 1,019 |
Financial Assets - Summary of_3
Financial Assets - Summary of Accrued Investment Income (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of financial assets [line items] | ||
Current | ¥ 49,356 | ¥ 49,031 |
Non-current | 3,095 | 2,066 |
Accrued investment income | 52,451 | 51,097 |
Bank deposits [member] | ||
Disclosure of financial assets [line items] | ||
Accrued investment income | 13,238 | 12,735 |
Debt securities [member] | ||
Disclosure of financial assets [line items] | ||
Accrued investment income | 32,580 | 31,900 |
Others [member] | ||
Disclosure of financial assets [line items] | ||
Accrued investment income | ¥ 6,633 | ¥ 6,462 |
Fair Value of Financial Asset_3
Fair Value of Financial Assets and Liabilities - Carrying Value and Estimated Fair Value of Major Financial Assets and Liabilities, and Investment Contracts (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of fair value measurement of assets and liabilities [line items] | |||||||
Held-to-maturity securities | [1] | ¥ 1,574,204 | ¥ 1,533,753 | ||||
Loans | [2] | 596,490 | 666,087 | ||||
Term deposits | 485,567 | 529,488 | |||||
Statutory deposits - restricted | 6,333 | 6,333 | |||||
Available-for-sale securities, at fair value | 1,720,974 | 1,409,008 | |||||
Securities at fair value through profit or loss | 223,790 | 206,771 | |||||
Securities purchased under agreements to resell | 38,533 | 12,915 | |||||
Cash and cash equivalents | 127,594 | 60,459 | ¥ 56,704 | ¥ 53,396 | |||
Investment contracts | (374,749) | [2] | (313,594) | [2] | (288,212) | ||
Financial liabilities at fair value through profit or loss | (3,344) | (3,416) | |||||
Securities sold under agreements to repurchase | (148,958) | (239,446) | ¥ (122,249) | ||||
Bonds payable | (34,997) | (34,994) | |||||
Interest-bearing loans and borrowings | (12,774) | (19,222) | |||||
Fair value [member] | |||||||
Disclosure of fair value measurement of assets and liabilities [line items] | |||||||
Held-to-maturity securities | [1],[3] | 1,700,806 | 1,638,271 | ||||
Loans | [2],[3] | 605,692 | 686,005 | ||||
Term deposits | [3] | 485,567 | 529,488 | ||||
Statutory deposits - restricted | [3] | 6,333 | 6,333 | ||||
Available-for-sale securities, at fair value | [3] | 1,720,974 | 1,409,008 | ||||
Securities at fair value through profit or loss | [3] | 223,790 | 206,771 | ||||
Securities purchased under agreements to resell | [3] | 38,533 | 12,915 | ||||
Cash and cash equivalents | [3] | 127,594 | 60,459 | ||||
Investment contracts | [2],[3] | (357,760) | (299,727) | ||||
Financial liabilities at fair value through profit or loss | [3] | (3,344) | (3,416) | ||||
Securities sold under agreements to repurchase | [3] | (148,958) | (239,446) | ||||
Bonds payable | [3] | (35,387) | (35,898) | ||||
Interest-bearing loans and borrowings | [3] | ¥ (12,774) | ¥ (19,222) | ||||
[1]The fair value of held-to-maturity securities is determined by reference with other debt securities which are measured by fair value. Please refer to Note 4.4.[2]Investment contracts at fair value through profit or loss have quoted prices in active markets, and therefore, their fair value was classified as Level 1.[3]The estimates and judgements to determine the fair value of financial assets are described in Note 3.2. |
Premiums Receivable - Additiona
Premiums Receivable - Additional Information (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of Premiums Receivable [line items] | ||
Premiums receivable | ¥ 19,697 | ¥ 20,361 |
Within one year [member] | Cost [member] | ||
Disclosure of Premiums Receivable [line items] | ||
Premiums receivable | ¥ 19,079 | ¥ 19,935 |
Reinsurance Assets - Summary of
Reinsurance Assets - Summary of Reinsurance Assets (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of reinsurance assests [abstract] | ||
Long-term insurance contracts ceded | ¥ 4,897 | ¥ 4,910 |
Due from reinsurance companies | 1,433 | 485 |
Ceded unearned premiums | 774 | 823 |
Claims recoverable from reinsurers | 736 | 412 |
Total | 7,840 | 6,630 |
Current | 2,943 | 1,720 |
Non-current | 4,897 | 4,910 |
Total | ¥ 7,840 | ¥ 6,630 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of other assets [abstract] | |||
Land use rights | [1] | ¥ 8,092 | ¥ 8,107 |
Disbursements | 6,255 | 5,330 | |
Automated policy loans | 3,855 | 3,673 | |
Investments receivable and prepaid | 1,029 | 9,493 | |
Due from related parties | 963 | 717 | |
Tax prepaid | 171 | 3,353 | |
Prepayments to constructors | 77 | 101 | |
Others | 7,891 | 8,927 | |
Total | 28,333 | 39,701 | |
Current | 18,439 | 30,756 | |
Non-current | 9,894 | 8,945 | |
Total | ¥ 28,333 | ¥ 39,701 | |
[1]The Group’s right-of-use assets include the above land use rights and right-of-use assets disclosed in Note 7. |
Insurance Contracts - Summary o
Insurance Contracts - Summary of Assumed Discount Rates with Risk Margin (Detail) | Dec. 31, 2022 | Dec. 31, 2021 |
Investment returns of asset portfolio backing [member] | ||
Discount rates with risk margin [line items] | ||
Assumed discount rates with risk margin | 4.85% | 4.85% |
Bottom of range [member] | Yield curve of reserve computation benchmark for insurance contracts [member] | ||
Discount rates with risk margin [line items] | ||
Assumed discount rates with risk margin | 2.68% | 2.88% |
Top of range [member] | Yield curve of reserve computation benchmark for insurance contracts [member] | ||
Discount rates with risk margin [line items] | ||
Assumed discount rates with risk margin | 4.80% | 4.80% |
Insurance Contracts - Summary_2
Insurance Contracts - Summary of Components of Expense Assumptions (Detail) - CNY (¥) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Individual life [member] | ||
Disclosure of components of expense assumptions [line items] | ||
Cost per policy | ¥ 45 | ¥ 45 |
Individual life [member] | Bottom of range [member] | ||
Disclosure of components of expense assumptions [line items] | ||
Percentage of premium | 0.85% | 0.85% |
Individual life [member] | Top of range [member] | ||
Disclosure of components of expense assumptions [line items] | ||
Percentage of premium | 0.90% | 0.90% |
Group life [member] | ||
Disclosure of components of expense assumptions [line items] | ||
Cost per policy | ¥ 25 | ¥ 25 |
Percentage of premium | 0.90% | 0.90% |
Insurance Contracts - Summary_3
Insurance Contracts - Summary of Net Liabilities of Insurance Contracts (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Liabilities under insurance contracts and reinsurance contracts issued [line items] | |||
Long-term insurance contracts | ¥ 3,873,753 | ¥ 3,413,754 | |
Long-term insurance contracts [member] | |||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | |||
Long-term insurance contracts | 3,836,002 | 3,374,693 | |
Short-term insurance contracts [member] | |||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | |||
- Claims and claim adjustment expenses | 25,417 | 25,822 | |
- Unearned premiums | 12,334 | 13,239 | ¥ 14,178 |
Gross [member] | |||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | |||
Long-term insurance contracts | 3,880,160 | 3,419,899 | |
Gross [member] | Long-term insurance contracts [member] | |||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | |||
Long-term insurance contracts | 3,840,899 | 3,379,603 | 2,936,533 |
Gross [member] | Short-term insurance contracts [member] | |||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | |||
- Claims and claim adjustment expenses | 26,153 | 26,234 | 21,991 |
- Unearned premiums | 13,108 | 14,062 | 14,701 |
Ceded [member] | |||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | |||
Long-term insurance contracts | (6,407) | (6,145) | |
Ceded [member] | Long-term insurance contracts [member] | |||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | |||
Long-term insurance contracts | (4,897) | (4,910) | |
Ceded [member] | Short-term insurance contracts [member] | |||
Liabilities under insurance contracts and reinsurance contracts issued [line items] | |||
- Claims and claim adjustment expenses | (736) | (412) | |
- Unearned premiums | ¥ (774) | ¥ (823) | ¥ (523) |
Insurance Contracts - Summary_4
Insurance Contracts - Summary of Movements in Liabilities of Short-Term Insurance Contracts (Detail) - Short-term insurance contracts [member] - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of types of insurance contracts [line items] | ||
Beginning balance, Gross | ¥ 25,822 | |
Ending balance, Gross | 25,417 | ¥ 25,822 |
Gross [member] | ||
Disclosure of types of insurance contracts [line items] | ||
Beginning balance, Notified claims | 4,197 | 4,319 |
Beginning balance, Incurred but not reported | 22,037 | 17,672 |
Beginning balance, Gross | 26,234 | 21,991 |
Cash paid for claims settled - Cash paid for current year claims | (33,526) | (34,301) |
Cash paid for claims settled - Cash paid for prior year claims | (20,193) | (17,783) |
Claims incurred - Claims arising in current year | 54,497 | 56,938 |
Claims incurred - Claims arising in prior years | (859) | (611) |
Ending balance, Notified claims | 3,272 | 4,197 |
Ending balance, Incurred but not reported | 22,881 | 22,037 |
Ending balance, Gross | ¥ 26,153 | ¥ 26,234 |
Insurance Contracts - Summary_5
Insurance Contracts - Summary of Unearned Premium Reserves (Detail) - Short-term insurance contracts [member] - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Unearned premium reserves [line items] | ||
As at 1 January | ¥ 13,239 | ¥ 14,178 |
Increase | 12,334 | 13,239 |
Release | (13,239) | (14,178) |
As at 31 December | 12,334 | 13,239 |
Gross [member] | ||
Unearned premium reserves [line items] | ||
As at 1 January | 14,062 | 14,701 |
Increase | 13,108 | 14,062 |
Release | (14,062) | (14,701) |
As at 31 December | 13,108 | 14,062 |
Ceded [member] | ||
Unearned premium reserves [line items] | ||
As at 1 January | (823) | (523) |
Increase | (774) | (823) |
Release | 823 | 523 |
As at 31 December | ¥ (774) | ¥ (823) |
Insurance Contracts - Summary_6
Insurance Contracts - Summary of Movements in Liabilities of Long-Term Insurance Contracts (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of types of insurance contracts [line items] | ||||
As at 1 January | ¥ 3,413,754 | |||
Premiums | 615,190 | ¥ 618,327 | ¥ 612,265 | |
As at 31 December | 3,873,753 | 3,413,754 | ||
Long-term insurance contracts [member] | ||||
Disclosure of types of insurance contracts [line items] | ||||
As at 1 January | 3,374,693 | |||
As at 31 December | 3,836,002 | 3,374,693 | ||
Gross [member] | ||||
Disclosure of types of insurance contracts [line items] | ||||
As at 1 January | 3,419,899 | |||
As at 31 December | 3,880,160 | 3,419,899 | ||
Gross [member] | Long-term insurance contracts [member] | ||||
Disclosure of types of insurance contracts [line items] | ||||
As at 1 January | 3,379,603 | 2,936,533 | ||
Premiums | 540,926 | 542,974 | ||
Release of liabilities | [1] | (282,665) | (287,705) | |
Accretion of interest | 166,174 | 148,504 | ||
Change in assumptions- Change in discount rates | 31,918 | 30,701 | ||
Change in assumptions- Change in other assumptions | [2] | 2,549 | 7,574 | |
Other movements | 2,394 | 1,022 | ||
As at 31 December | ¥ 3,840,899 | ¥ 3,379,603 | ¥ 2,936,533 | |
[1]The release of liabilities mainly consists of release due to death or other termination and related expenses, release of residual margin and change of reserves for claims and claim adjustment expenses.[2]For the year ended 31 December 2022, the change in other assumptions was mainly caused by the change in morbidity rate assumptions of certain products, which increased insurance contract liabilities by RMB2,415 million. This change reflected the Group’s most recent experience and future expectations about the morbidity rates as at the reporting date. Changes in assumptions other than morbidity rates increased insurance contract liabilities by RMB134 million. For the year ended 31 December 2021, the change in other assumptions was mainly caused by the change in morbidity rate assumptions of certain products, which increased insurance contract liabilities by RMB5,897 million. This change reflected the Group’s most recent experience and future expectations about the morbidity rates as at the reporting date. Changes in assumptions other than morbidity rates increased insurance contract liabilities by RMB1,677 million. |
Insurance Contracts - Summary_7
Insurance Contracts - Summary of Movements in Liabilities of Long-Term Insurance Contracts (Parenthetical) (Detail) - Gross [member] - Long-term insurance contracts [member] - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of types of insurance contracts [line items] | |||
Insurance contract liabilities | [1] | ¥ 2,549 | ¥ 7,574 |
Morbidity Rates [member] | |||
Disclosure of types of insurance contracts [line items] | |||
Insurance contract liabilities | 2,415 | 5,897 | |
Other than morbidity rates [member] | |||
Disclosure of types of insurance contracts [line items] | |||
Insurance contract liabilities | ¥ 134 | ¥ 1,677 | |
[1]For the year ended 31 December 2022, the change in other assumptions was mainly caused by the change in morbidity rate assumptions of certain products, which increased insurance contract liabilities by RMB2,415 million. This change reflected the Group’s most recent experience and future expectations about the morbidity rates as at the reporting date. Changes in assumptions other than morbidity rates increased insurance contract liabilities by RMB134 million. For the year ended 31 December 2021, the change in other assumptions was mainly caused by the change in morbidity rate assumptions of certain products, which increased insurance contract liabilities by RMB5,897 million. This change reflected the Group’s most recent experience and future expectations about the morbidity rates as at the reporting date. Changes in assumptions other than morbidity rates increased insurance contract liabilities by RMB1,677 million. |
Investment Contracts - Summary
Investment Contracts - Summary of Investment Contracts (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Investment contracts without DPF | |||||
Total | ¥ 374,749 | [1] | ¥ 313,594 | [1] | ¥ 288,212 |
Financial liabilities at amortised cost, category [member] | |||||
Disclosure of amounts arising from investment contracts [line items] | |||||
Investment contracts with discretionary participating features ("DPF") at amortised cost | 71,970 | 68,544 | ¥ 64,950 | ||
Investment contracts without DPF | |||||
Investment contracts without DPF | 302,772 | 245,041 | |||
Financial liabilities at fair value through profit or loss, category [member] | |||||
Investment contracts without DPF | |||||
Investment contracts without DPF | ¥ 7 | ¥ 9 | |||
[1]Investment contracts at fair value through profit or loss have quoted prices in active markets, and therefore, their fair value was classified as Level 1. |
Investment Contracts - Movement
Investment Contracts - Movements of Investment Contracts with DPF (Detail) - Financial liabilities at amortised cost, category [member] - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of amounts arising from investment contracts [line items] | ||
As at 1 January | ¥ 68,544 | ¥ 64,950 |
Deposits received | 4,498 | 4,910 |
Deposits withdrawn, payments on death and other benefits | (2,533) | (2,711) |
Policy fees deducted from account balances | (42) | (41) |
Interest credited | 1,503 | 1,436 |
As at 31 December | ¥ 71,970 | ¥ 68,544 |
Interest-Bearing Loans and Bo_3
Interest-Bearing Loans and Borrowings - Summary of Interest Bearing Loans and Borrowings (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Disclosure of detailed information about borrowings [line items] | |||
Credit loans or Guaranteed loans or Mortgages loans | ¥ 12,774 | ¥ 19,222 | |
Credit loan one [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | Jan. 05, 2022 | ||
Interest rate | 1.80% | ||
Credit loans or Guaranteed loans or Mortgages loans | 563 | ||
Guaranteed loan one [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | Jan. 13, 2022 | ||
Interest rate | 1.50% | ||
Credit loans or Guaranteed loans or Mortgages loans | 913 | ||
Guaranteed loan two [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | Mar. 09, 2022 | ||
Credit loans or Guaranteed loans or Mortgages loans | 794 | ||
Interest rate, description | [1] | EURLIBOR+3.00 | |
Guaranteed loan two [member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 3% | ||
Guaranteed loan three [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | Sep. 08, 2023 | ||
Credit loans or Guaranteed loans or Mortgages loans | ¥ 742 | ||
Guaranteed loan three [member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 2.50% | ||
Interest rate, description | [2] | EURIBOR+2.50 | |
Guaranteed loan three [member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 2.70% | ||
Interest rate, description | [2] | EURIBOR+2.70 | |
Guaranteed loan four [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | Sep. 08, 2023 | ||
Interest rate | 3.10% | ||
Credit loans or Guaranteed loans or Mortgages loans | ¥ 2,450 | 2,383 | |
Credit loan two [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | Jun. 25, 2024 | ||
Interest rate | 3.08% | ||
Credit loans or Guaranteed loans or Mortgages loans | ¥ 2,307 | 2,366 | |
Credit loan three [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | Sep. 16, 2024 | ||
Interest rate | 3.30% | ||
Credit loans or Guaranteed loans or Mortgages loans | 5,483 | ||
Credit loan four [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | Sep. 27, 2024 | ||
Credit loans or Guaranteed loans or Mortgages loans | ¥ 6,756 | 6,184 | |
Interest rate, description | [3] | USD LIBOR+1.00 | |
Credit loan four [member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 1% | ||
Mortgages loans one [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | Jun. 15, 2034 | ||
Credit loans or Guaranteed loans or Mortgages loans | ¥ 436 | 450 | |
Interest rate, description | [4] | LPR | |
Mortgages loans two [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | Jun. 15, 2034 | ||
Credit loans or Guaranteed loans or Mortgages loans | ¥ 51 | 53 | |
Interest rate, description | [4] | LPR+0.53 | |
Mortgages loans three [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity date | Jun. 15, 2034 | ||
Credit loans or Guaranteed loans or Mortgages loans | ¥ 32 | ¥ 33 | |
Interest rate, description | [4] | LPR+0.63 | |
[1]3.00% when EURIBOR is negative.[2]2.50% for 12 months and 2.70% for more than 12 months when EURIBOR is negative.[3]1.00% when USD LIBOR is negative.[4]The adjustment date is 1 January of each year. |
Bonds Payable - Additional Info
Bonds Payable - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Mar. 20, 2019 | ||
Disclosure of detailed information about financial instruments [line items] | ||||
Bonds Payable | ¥ 34,997 | ¥ 34,994 | ||
Bonds payable at par value | 35,000 | 35,000 | ||
At fair value [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Bonds Payable | [1] | 35,387 | 35,898 | |
Bonds payable [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Bonds Payable | 34,997 | 34,994 | ||
Bonds payable at par value | ¥ 35,000 | 35,000 | ¥ 35,000 | |
Subordinated bonds maturity term | 10 years | |||
Fixed coupon rate | 4.28% | |||
Bonds payable [member] | At fair value [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Bonds Payable | ¥ 35,387 | ¥ 35,898 | ||
Bonds payable [member] | Fixed interest rate [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Fixed coupon rate | 4.28% | |||
Coupon rate per annum for remaining 5 years | 5.28% | |||
[1]The estimates and judgements to determine the fair value of financial assets are described in Note 3.2. |
Bonds Payable - Summary of Bond
Bonds Payable - Summary of Bonds Payable at Par Value (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Mar. 20, 2019 | |
Disclosure of detailed information about financial instruments [line items] | |||
Bonds, par value | ¥ 35,000 | ¥ 35,000 | |
Bonds payable [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Issue date | Mar. 22, 2019 | ||
Maturity date | Mar. 22, 2029 | ||
Interest rate p.a. | 4.28% | ||
Bonds, par value | ¥ 35,000 | ¥ 35,000 | ¥ 35,000 |
Securities Sold under Agreeme_3
Securities Sold under Agreements to Repurchase - Summary of Securities Sold under Agreements to Repurchase (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of securities sold under agreements to repurchase [line items] | |||
Securities sold under agreements to repurchase | ¥ 148,958 | ¥ 239,446 | ¥ 122,249 |
Within 30 days [member] | |||
Disclosure of securities sold under agreements to repurchase [line items] | |||
Securities sold under agreements to repurchase | 148,958 | 237,371 | |
More than 30 days within 90 days [member] | |||
Disclosure of securities sold under agreements to repurchase [line items] | |||
Securities sold under agreements to repurchase | 2,075 | ||
Interbank market [member] | |||
Disclosure of securities sold under agreements to repurchase [line items] | |||
Securities sold under agreements to repurchase | 101,641 | 181,121 | |
Stock exchange market [member] | |||
Disclosure of securities sold under agreements to repurchase [line items] | |||
Securities sold under agreements to repurchase | ¥ 47,317 | ¥ 58,325 |
Securities Sold under Agreeme_4
Securities Sold under Agreements to Repurchase - Additional Information (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Interbank market [member] | ||
Disclosure of securities sold under agreements to repurchase [line items] | ||
Bonds pledged as collateral | ¥ 110,104 | ¥ 199,211 |
Stock exchange market [member] | ||
Disclosure of securities sold under agreements to repurchase [line items] | ||
Securities deposited in the collateral pool | ¥ 269,925 | ¥ 298,043 |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Other Liabilities [abstract] | ||
Payable to the third-party holders of consolidated structured entities | ¥ 73,845 | ¥ 67,862 |
Interest payable to policyholders | 19,959 | 17,866 |
Salary and welfare payable | 11,735 | 12,884 |
Brokerage and commission payable | 4,664 | 5,352 |
Payable to constructors | 2,606 | 2,497 |
Agency deposits | 1,298 | 1,467 |
Interest payable of debt instruments | 1,241 | 1,528 |
Tax payable | 704 | 720 |
Stock appreciation rights (Note 31) | 340 | 291 |
Others | 24,730 | 23,592 |
Total | 141,122 | 134,059 |
Current | 141,122 | 134,059 |
Non-current | 0 | 0 |
Total | ¥ 141,122 | ¥ 134,059 |
Statutory Insurance Fund - Addi
Statutory Insurance Fund - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Statutory insurance fund [line items] | |
Additional contribution to statutory insurance fund criteria | When the accumulated statutory insurance fund contributions reach 1% of total assets, no additional contribution to the statutory insurance fund is required. |
Life policies with guaranteed benefits [member] | |
Statutory insurance fund [line items] | |
Percentage of statutory insurance fund contribution on premiums and accumulated policyholder deposits | 0.15% |
Life policies without guaranteed benefits [member] | |
Statutory insurance fund [line items] | |
Percentage of statutory insurance fund contribution on premiums and accumulated policyholder deposits | 0.05% |
Short-term health policies [member] | |
Statutory insurance fund [line items] | |
Percentage of statutory insurance fund contribution on premium | 0.80% |
Long-term health policies [member] | |
Statutory insurance fund [line items] | |
Percentage of statutory insurance fund contribution on premium | 0.15% |
Accident insurance contracts [member] | |
Statutory insurance fund [line items] | |
Percentage of statutory insurance fund contribution on premium | 0.80% |
Accident investment contracts with guaranteed benefits [member] | |
Statutory insurance fund [line items] | |
Percentage of statutory insurance fund contribution on accumulated policyholder deposits | 0.08% |
Accident investment contracts without guaranteed benefits [member] | |
Statutory insurance fund [line items] | |
Percentage of statutory insurance fund contribution on accumulated policyholder deposits | 0.05% |
Investment Income - Summary of
Investment Income - Summary of Investment Income (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of investment income [line items] | |||
Bank deposits | ¥ 25,161 | ¥ 25,949 | ¥ 25,860 |
Loans | 30,915 | 32,970 | 31,948 |
Securities purchased under agreements to resell | 713 | 350 | 772 |
Total | 186,629 | 178,387 | 154,497 |
Debt securities [member] | |||
Disclosure of investment income [line items] | |||
Debt securities - held-to-maturity securities | 62,883 | 56,830 | 44,757 |
Securities - available-for-sale securities | 32,079 | 29,491 | 22,695 |
Securities - at fair value through profit or loss | 5,174 | 4,079 | 3,482 |
Equity securities [member] | |||
Disclosure of investment income [line items] | |||
Securities - available-for-sale securities | 28,934 | 27,806 | 24,185 |
Securities - at fair value through profit or loss | ¥ 770 | ¥ 912 | ¥ 798 |
Investment Income - Additional
Investment Income - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of Investment Income [abstract] | |||
Interest income | ¥ 156,925 | ¥ 149,669 | ¥ 129,514 |
Net Realised Gains on Financi_3
Net Realised Gains on Financial Assets - Summary of Net Realised Gains on Financial Assets (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of financial assets [line items] | ||||
Realised gains | ¥ (83,730) | ¥ 17,065 | ¥ 52,547 | |
Subtotal | 12,707 | 20,344 | 14,583 | |
Debt securities [member] | ||||
Disclosure of financial assets [line items] | ||||
Realised gains | [1] | 7,344 | 198 | 1,287 |
Impairment | [2] | 1,621 | (1,359) | 288 |
Subtotal | 8,965 | (1,161) | 1,575 | |
Equity securities [member] | ||||
Disclosure of financial assets [line items] | ||||
Realised gains | [1] | 23,573 | 42,867 | 24,925 |
Impairment | [2] | (19,831) | (21,362) | (11,917) |
Subtotal | ¥ 3,742 | ¥ 21,505 | ¥ 13,008 | |
[1]Realised gains were generated mainly from available-for-sale securities.[2]During the year ended 31 December 2022, the Group recognised an impairment charge of RMB2,644 million on available-for-sale funds (2021: RMB8 million, 2020: RMB111 million); an impairment charge of RMB15,486 million on available-for-sale stock securities (2021: RMB21,354 million, 2020: RMB11,732 million); an impairment charge of RMB1,701 million on available-for-sale other equity securities (2021: nil, 2020: RMB74 million); an impairment reversal of RMB145 million on available-for-sale debt securities (2021: an impairment reversal of RMB17 million, 2020: an impairment reversal of RMB16 million,); No impairment charge of loans (2021: an impairment charge of RMB1,376 million, 2020:nil), an impairment reversal of RMB1,476 million on loans(2021:nil, 2020: an impairment reversal of RMB275 million) and no impairment charge of held-to-maturity securities (2021: nil, 2020: RMB3 million). |
Net Realised Gains on Financi_4
Net Realised Gains on Financial Assets - Additional Information (Detail) - CNY (¥) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Gains (losses) on financial instruments [abstract] | |||
Impairment charge of available-for-sale funds | ¥ 2,644,000,000 | ¥ 8,000,000 | ¥ 111,000,000 |
Impairment charge of available-for-sale stock securities | 15,486,000,000 | 21,354,000,000 | 11,732,000,000 |
Impairment charge of available-for-sale other equity securities | 1,701,000,000 | 0 | 74,000,000 |
Impairment reverse of available-for-sale debt securities | 145,000,000 | 17,000,000 | 16,000,000 |
Impairment charge | 0 | 1,376,000,000 | 0 |
Impairment reverse of loans | 1,476,000,000 | 0 | 275,000,000 |
Impairment charge of held-to-maturity securities | ¥ 0 | ¥ 0 | ¥ 3,000,000 |
Net Fair Value Gains through _3
Net Fair Value Gains through Profit or Loss - Summary of Net Fair Value Gains/(Losses) through Profit or Loss (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||
Stock appreciation rights | ¥ (49) | ¥ 202 | ¥ 255 |
Financial liabilities at fair value through profit or loss | 462 | 202 | (648) |
Derivative financial instruments | (121) | ||
Total | (12,156) | 4,943 | 21,900 |
Debt securities [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Debt (Equity) securities | (1,613) | 1,069 | (583) |
Equity securities [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Debt (Equity) securities | ¥ (10,956) | ¥ 3,470 | ¥ 22,997 |
Insurance Benefits and Claims_3
Insurance Benefits and Claims Expenses - Summary of Insurance Benefits and Claims Expenses (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | |||
Life insurance death and other benefits | ¥ 119,369 | ¥ 121,354 | ¥ 113,609 |
Accident and health claims and claim adjustment expenses | 51,311 | 55,030 | 52,395 |
Increase in insurance contract liabilities | 461,298 | 442,370 | 414,797 |
Total | 631,978 | 618,754 | 580,801 |
Gross [member] | |||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | |||
Life insurance death and other benefits | 124,086 | 125,998 | 117,129 |
Accident and health claims and claim adjustment expenses | 53,638 | 56,327 | 53,073 |
Increase in insurance contract liabilities | 461,285 | 443,053 | 415,186 |
Total | 639,009 | 625,378 | 585,388 |
Ceded [member] | |||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | |||
Life insurance death and other benefits | (4,717) | (4,644) | (3,520) |
Accident and health claims and claim adjustment expenses | (2,327) | (1,297) | (678) |
Increase in insurance contract liabilities | 13 | (683) | (389) |
Total | ¥ (7,031) | ¥ (6,624) | ¥ (4,587) |
Finance Costs - Summary of Fina
Finance Costs - Summary of Finance Costs (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Finance Costs [abstract] | |||
Interest expenses for securities sold under agreements to repurchase | ¥ 2,689 | ¥ 3,523 | ¥ 1,565 |
Interest expenses for bonds payable | 1,500 | 1,500 | 1,503 |
Interest expenses for interest-bearing loans and borrowings | 600 | 479 | 566 |
Interest on lease liabilities | 74 | 96 | 113 |
Total | ¥ 4,863 | ¥ 5,598 | ¥ 3,747 |
Profit before Income Tax - Deta
Profit before Income Tax - Details of Profit before Income Tax (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Profit loss before income tax [abstract] | |||
Employee salaries and welfare costs | ¥ 20,232 | ¥ 20,936 | ¥ 19,553 |
Housing benefits | 1,481 | 1,413 | 1,319 |
Contribution to the defined contribution pension plan | 3,444 | 3,274 | 2,455 |
Depreciation and amortisation | 5,291 | 5,328 | 5,164 |
Foreign exchange gains/(losses) | 69 | (645) | (119) |
Remuneration in respect of audit services provided by auditors | ¥ 53 | ¥ 53 | ¥ 63 |
Taxation - Summary of Taxation
Taxation - Summary of Taxation Charge (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |||
Current taxation - Enterprise income tax | ¥ 2,190 | ¥ 4,824 | ¥ 6,588 |
Deferred taxation | (11,657) | (6,741) | (3,485) |
Income tax at the effective tax rate | ¥ (9,467) | ¥ (1,917) | ¥ 3,103 |
Taxation - Additional Informati
Taxation - Additional Information (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Major components of tax expense (income) [Line Items] | |||
Statutory tax rate | 25% | 25% | 25% |
Unrecognised deductible tax losses | ¥ 3,183 | ¥ 3,173 |
Taxation - Summary of Reconcili
Taxation - Summary of Reconciliation Between Group's Effective Tax Rate and Statutory Tax Rate (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||||
Profit before income tax | ¥ 24,047 | ¥ 50,340 | ¥ 54,440 | |
Tax computed at the statutory tax rate | 6,012 | 12,585 | 13,610 | |
Adjustment on current income tax of previous period | (246) | (412) | (464) | |
Non-taxable income | [1] | (15,844) | (14,386) | (10,787) |
Expenses not deductible for tax purposes | [1] | 311 | 276 | 202 |
Unused tax losses | 33 | 27 | 507 | |
Others | 267 | (7) | 35 | |
Income tax at the effective tax rate | ¥ (9,467) | ¥ (1,917) | ¥ 3,103 | |
[1]Non-taxable income mainly includes interest income from government bonds, dividend income from applicable equity securities, etc. Expenses not deductible for tax purposes mainly include donations and other expenses that do not meet the criteria for deduction according to the relevant tax regulations. |
Taxation - Summary of Deferred
Taxation - Summary of Deferred Tax Assets And Liabilities (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||
Deferred tax assets | ¥ 24,884 | ¥ 22,354 |
Deferred tax liabilities | (2,849) | (29,714) |
Net deferred tax assets | 22,307 | 121 |
Net deferred tax liabilities | ¥ (272) | ¥ (7,481) |
Taxation - Summary of Movements
Taxation - Summary of Movements in Deferred Tax Assets and Liabilities (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Movement in deferred tax assets and liabilities [line items] | |||
Net deferred tax assets/(liabilities) at beginning of period | ¥ (7,360) | ¥ (15,199) | |
(Charged)/Credited to net profit | 11,657 | 6,741 | |
(Charged)/Credited to other comprehensive income | |||
- Available-for-sale securities | 23,776 | 677 | |
- Portion of fair value changes on available-for-sale securities attributable to participating policyholders | (6,530) | 448 | |
- Others | 492 | (27) | |
Net deferred tax assets/(liabilities) at end of period | 22,035 | (7,360) | |
Insurance [member] | |||
Movement in deferred tax assets and liabilities [line items] | |||
Net deferred tax assets/(liabilities) at beginning of period | [1] | 7,644 | 4,334 |
(Charged)/Credited to net profit | [1] | 1,612 | 2,862 |
(Charged)/Credited to other comprehensive income | |||
- Portion of fair value changes on available-for-sale securities attributable to participating policyholders | [1] | (6,530) | 448 |
Net deferred tax assets/(liabilities) at end of period | [1] | 2,726 | 7,644 |
Investments [member] | |||
Movement in deferred tax assets and liabilities [line items] | |||
Net deferred tax assets/(liabilities) at beginning of period | [2] | (18,202) | (22,386) |
(Charged)/Credited to net profit | [2] | 3,025 | 3,534 |
(Charged)/Credited to other comprehensive income | |||
- Available-for-sale securities | [2] | 23,776 | 677 |
- Others | [2] | 492 | (27) |
Net deferred tax assets/(liabilities) at end of period | [2] | 9,091 | (18,202) |
Others [member] | |||
Movement in deferred tax assets and liabilities [line items] | |||
Net deferred tax assets/(liabilities) at beginning of period | [3] | 3,198 | 2,853 |
(Charged)/Credited to net profit | [3] | 7,020 | 345 |
(Charged)/Credited to other comprehensive income | |||
Net deferred tax assets/(liabilities) at end of period | [3] | ¥ 10,218 | ¥ 3,198 |
[1]The deferred tax liabilities arising from the insurance category are mainly related to the change of long-term insurance contract liabilities at 31 December 2008 as a result of the first time adoption of IFRSs in 2009 and the temporary differences of short-term insurance contract liabilities and policyholder dividends payable.[2]The deferred tax arising from the investments category is mainly related to the temporary differences of unrealised gains/(losses) on available-for-sale securities, securities at fair value through profit or loss, and others.[3]The deferred tax arising from the others category is mainly related to deductible losses available for use in future years, and the temporary differences of employee salaries and welfare costs payable. |
Taxation - Summary of Deferre_2
Taxation - Summary of Deferred Tax Assets and Deferred Tax Liabilities (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Deferred tax assets: | |||
Deferred tax assets to be recovered | ¥ 24,884 | ¥ 22,354 | |
Deferred tax liabilities: | |||
Deferred tax liabilities to be settled | (2,849) | (29,714) | |
Net deferred tax assets/(liabilities) | 22,035 | (7,360) | ¥ (15,199) |
1 year later [member] | |||
Deferred tax assets: | |||
Deferred tax assets to be recovered | 15,954 | 14,695 | |
Deferred tax liabilities: | |||
Deferred tax liabilities to be settled | (1,396) | (26,850) | |
Not later than one year [member] | |||
Deferred tax assets: | |||
Deferred tax assets to be recovered | 8,930 | 7,659 | |
Deferred tax liabilities: | |||
Deferred tax liabilities to be settled | ¥ (1,453) | ¥ (2,864) |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | ||
Weighted average of ordinary shares outstanding | 28,264,705,000 | 28,264,705,000 |
Stock Appreciation Rights - Add
Stock Appreciation Rights - Additional Information (Detail) | 12 Months Ended | |||
Aug. 21, 2006 $ / shares shares | Jan. 05, 2006 $ / shares shares | Dec. 31, 2022 CNY (¥) shares | Dec. 31, 2021 CNY (¥) shares | |
Disclosure of defined benefit plans [line items] | ||||
Number of stock appreciation rights awarded | shares | 53,220,000 | 4,050,000 | ||
Exercise price of awards | $ / shares | $ 6.83 | $ 5.33 | ||
Number of common stock appreciation rights plan | shares | 0 | |||
Stock appreciation rights, exercise period | 5 years | |||
Stock appreciation rights, shares outstanding | shares | 55,010,000 | 55,010,000 | ||
Stock appreciation rights, shares exercisable | shares | 55,010,000 | 55,010,000 | ||
Stock appreciation rights, intrinsic value | ¥ 327,000,000 | ¥ 278,000,000 | ||
Gain (loss) on net fair value through profit or loss | (49,000,000) | 202,000,000 | ||
Salary and staff welfare payable included under other liabilities for the units not exercised | 327,000,000 | 278,000,000 | ||
Salary and staff welfare payable included under other liabilities for the units exercised but not paid | 13,000,000 | 13,000,000 | ||
Unrecognised compensation cost for stock appreciation rights | ¥ 0 | ¥ 0 | ||
Bottom of range [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Stock appreciation rights, expected volatility | 18% | |||
Stock appreciation rights, risk free interest rate | 1.05% | |||
Top of range [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Stock appreciation rights, expected volatility | 51% | |||
Stock appreciation rights, expected dividend yield | 7.14% | |||
Stock appreciation rights, risk free interest rate | 4.07% |
Dividends - Additional Informat
Dividends - Additional Information (Detail) - CNY (¥) ¥ / shares in Units, ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of dividends [line items] | |||
Dividend per share | ¥ 0.65 | ¥ 0.49 | ¥ 0.73 |
Dividend paid | ¥ 18,372 | ¥ 13,850 | ¥ 20,633 |
Proposed dividend per share | ¥ 0.49 | ||
Proposed dividend | ¥ 13,850 | ||
Core tier 2 capital securities [member] | |||
Disclosure of dividends [line items] | |||
Distribution approved | ¥ 201 |
Disclosures About the Tempora_3
Disclosures About the Temporary Exemption From IFRS 9 - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Bottom of range [member] | |
Disclosure about temporary exemption from IFRS 9 [line items] | |
Percentage of carrying amount of liabilities | 90% |
Disclosures About the Tempora_4
Disclosures About the Temporary Exemption From IFRS 9 - Summary of Fair Value of Financial Assets Under IFRS 9 and Fair Value Changes (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of financial assets at date of initial application of IFRS 9 [line items] | ||
Fair value of the financial assets | ¥ 4,013,989 | ¥ 3,724,125 |
Changes in fair value of financial assets | (57,781) | 111,719 |
Held for trading financial assets [member] | ||
Disclosure of financial assets at date of initial application of IFRS 9 [line items] | ||
Fair value of the financial assets | 223,790 | 206,771 |
Changes in fair value of financial assets | (12,569) | 4,541 |
Other financial assets - Financial assets with contractual terms that give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding ("SPPI") [member] | ||
Disclosure of financial assets at date of initial application of IFRS 9 [line items] | ||
Fair value of the financial assets | 2,553,284 | 2,559,014 |
Changes in fair value of financial assets | 16,929 | 92,219 |
Other financial assets - Financial assets with contractual terms that do not give rise to SPPI [member] | ||
Disclosure of financial assets at date of initial application of IFRS 9 [line items] | ||
Fair value of the financial assets | 1,236,915 | 958,340 |
Changes in fair value of financial assets | ¥ (62,141) | ¥ 14,959 |
Disclosures about The Tempora_5
Disclosures about The Temporary Exemption From IFRS 9 - Summary of Credit Risk Exposure for Financial Assets with Contractual Terms that Give Rise on SPPI (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial assets described in paragraph 39E(a) of IFRS 4 [line items] | |||
Carrying amount | [1] | ¥ 2,420,284 | ¥ 2,439,186 |
Domestic [member] | |||
Disclosure of detailed information about financial assets described in paragraph 39E(a) of IFRS 4 [line items] | |||
Carrying amount | [1] | 2,413,367 | 2,434,340 |
Overseas [member] | |||
Disclosure of detailed information about financial assets described in paragraph 39E(a) of IFRS 4 [line items] | |||
Carrying amount | [1] | 6,917 | 4,846 |
Rating not required [member] | Domestic [member] | |||
Disclosure of detailed information about financial assets described in paragraph 39E(a) of IFRS 4 [line items] | |||
Carrying amount | [1],[2] | 855,149 | 832,127 |
AAA credit rating [member] | Domestic [member] | |||
Disclosure of detailed information about financial assets described in paragraph 39E(a) of IFRS 4 [line items] | |||
Carrying amount | [1] | 1,549,830 | 1,592,582 |
AA plus credit rating [member] | Domestic [member] | |||
Disclosure of detailed information about financial assets described in paragraph 39E(a) of IFRS 4 [line items] | |||
Carrying amount | [1] | 5,383 | 6,551 |
AA credit rating [member] | Domestic [member] | |||
Disclosure of detailed information about financial assets described in paragraph 39E(a) of IFRS 4 [line items] | |||
Carrying amount | [1] | 5 | 80 |
AA minus credit rating [member] | Domestic [member] | |||
Disclosure of detailed information about financial assets described in paragraph 39E(a) of IFRS 4 [line items] | |||
Carrying amount | [1] | 3,000 | 3,000 |
A Plus Credit Rating [Member] | Overseas [member] | |||
Disclosure of detailed information about financial assets described in paragraph 39E(a) of IFRS 4 [line items] | |||
Carrying amount | [1] | 105 | 427 |
A credit rating [member] | Overseas [member] | |||
Disclosure of detailed information about financial assets described in paragraph 39E(a) of IFRS 4 [line items] | |||
Carrying amount | [1] | 6,417 | 4,331 |
A minus credit rating [member] | Overseas [member] | |||
Disclosure of detailed information about financial assets described in paragraph 39E(a) of IFRS 4 [line items] | |||
Carrying amount | [1] | 89 | 13 |
BBB plus credit rating [member] | Overseas [member] | |||
Disclosure of detailed information about financial assets described in paragraph 39E(a) of IFRS 4 [line items] | |||
Carrying amount | [1] | 99 | ¥ 75 |
BBB [Member] | Overseas [member] | |||
Disclosure of detailed information about financial assets described in paragraph 39E(a) of IFRS 4 [line items] | |||
Carrying amount | [1] | 1 | |
BBB minus credit rating [member] | Overseas [member] | |||
Disclosure of detailed information about financial assets described in paragraph 39E(a) of IFRS 4 [line items] | |||
Carrying amount | [1] | 45 | |
BB [Member] | Overseas [member] | |||
Disclosure of detailed information about financial assets described in paragraph 39E(a) of IFRS 4 [line items] | |||
Carrying amount | [1] | ¥ 161 | |
[1]For financial assets measured at amortised cost, the carrying amount before adjusting impairment allowance is disclosed here.[2]Mainly including government bonds and policy financial bonds. |
Disclosures about The Tempora_6
Disclosures about The Temporary Exemption From IFRS 9 - Summary of Financial Assets Not Considered to have Low Credit Risk on Reporting Date (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about financial assets described in paragraph 39E(a) of IFRS 4 [line items] | |||
Carrying amount | [1] | ¥ 8,549 | ¥ 9,631 |
Fair value | 7,284 | 7,274 | |
Domestic [member] | |||
Disclosure of detailed information about financial assets described in paragraph 39E(a) of IFRS 4 [line items] | |||
Carrying amount | [1] | 8,388 | 9,631 |
Fair value | 7,123 | ¥ 7,274 | |
Overseas [member] | |||
Disclosure of detailed information about financial assets described in paragraph 39E(a) of IFRS 4 [line items] | |||
Carrying amount | [1] | 161 | |
Fair value | ¥ 161 | ||
[1]For financial assets measured at amortised cost, the carrying amount before adjusting impairment allowance is disclosed here. |
Significant Related Party Tra_3
Significant Related Party Transactions - Summary of Information of Parent Company (Detail) - China Life Insurance (Group) Company ("CLIC") [member] | 12 Months Ended |
Dec. 31, 2022 | |
Disclosure of transactions between related parties [line items] | |
Name | CLIC |
Location of registration | Beijing, China |
Principal business | Insurance services including receipt of premiums and payment of benefits in respect of the in-force life, health, accident and other types of personal insurance business, and the reinsurance business; holding or investing in domestic and overseas insurance companies or other financial insurance institutions; fund management business permitted by national laws and regulations or approved by the State Council of the People’s Republic of China; and other businesses approved by insurance regulatory agencies. |
Relationship with the Company | Immediate and ultimate holding company |
Nature of ownership | State-owned |
Legal representative | Bai Tao |
Significant Related Party Tra_4
Significant Related Party Transactions - Summary of Names of Significant Related Parties and Nature of Relationship with Company (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
China Life Real Estate Co., Limited ("CLRE") [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Under common control of CLIC |
China Life Insurance (Overseas) Company Limited ("CL Overseas") [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Under common control of CLIC |
China Life Investment Management Company Limited (Formerly known as "China Life Investment Holding Company Limited")("CLI") [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Under common control of CLIC |
China Life Ecommerce Company Limited ("CL Ecommerce") [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Under common control of CLIC |
China Life Healthcare Investment company limited ("CLHI") [Member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | Under common control of CLIC |
China Life Enterprise Annuity Fund ("EAP") [member] | |
Disclosure of transactions between related parties [line items] | |
Relationship with the Company | A pension fund jointly set up by the Company and others |
Significant Related Party Tra_5
Significant Related Party Transactions - Summary of Registered Capital of Related Parties with Control Relationship and Changes (Detail) - 12 months ended Dec. 31, 2022 ¥ in Millions, $ in Millions | CNY (¥) | USD ($) |
China Life Insurance (Group) Company ("CLIC") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Registered capital of related parties with control, beginning balance | ¥ 4,600 | |
Registered capital of related parties with control, ending balance | 4,600 | |
China Life Asset Management Company Limited ("AMC") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Registered capital of related parties with control, beginning balance | 4,000 | |
Registered capital of related parties with control, ending balance | 4,000 | |
China Life Pension Company Limited ("Pension Company") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Registered capital of related parties with control, beginning balance | 3,400 | |
Registered capital of related parties with control, ending balance | 3,400 | |
China Life (Suzhou) Pension and Retirement Investment Company Limited ("Suzhou Pension Company") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Registered capital of related parties with control, beginning balance | 2,181 | |
Registered capital of related parties with control, ending balance | 2,181 | |
China Life AMP Asset Management Company ("CL AMP") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Registered capital of related parties with control, beginning balance | 1,288 | |
Registered capital of related parties with control, ending balance | 1,288 | |
China Life Wealth Management Co., Limited ("CL Wealth") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Registered capital of related parties with control, beginning balance | 200 | |
Registered capital of related parties with control, ending balance | 200 | |
Shanghai Rui Chong Investment Co., Limited ("Rui Chong Company") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Registered capital of related parties with control, beginning balance | 6,100 | |
Registered capital of related parties with control, ending balance | 6,100 | |
China Life (Beijing) Health Management Co., Limited ("CL Health") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Registered capital of related parties with control, beginning balance | 1,530 | |
Registered capital of related parties with control, ending balance | 1,530 | |
China Life Franklin (Shenzhen) Equity Investment Fund Management Co., Limited ("Franklin Shenzhen Company") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Registered capital of related parties with control, beginning balance | $ | $ 2 | |
Increase in registered capital of related parties with control | 87 | |
Registered capital of related parties with control, ending balance | 100 | |
Xi'an Shengyi Jingsheng Real Estate Co., Ltd. ("Shengyi Jingsheng") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Registered capital of related parties with control, beginning balance | 1,131 | |
Decrease in registered capital of related parties with control | 300 | |
Registered capital of related parties with control, ending balance | 831 | |
Dalian Hope Building Company Ltd. ("Hope Building") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Registered capital of related parties with control, beginning balance | 484 | |
Registered capital of related parties with control, ending balance | 484 | |
China Life Insurance Sales Company Limited ("CL Sales") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Registered capital of related parties with control, beginning balance | 544 | |
Registered capital of related parties with control, ending balance | 544 | |
China Life (Hangzhou) Company Limited ("CL Hangzhou") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Registered capital of related parties with control, beginning balance | 65 | |
Registered capital of related parties with control, ending balance | 65 | |
China Life Jiayuan (Xiamen) Health Management Company Limited ("CL Jiayuan") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Registered capital of related parties with control, beginning balance | 1,500 | |
Registered capital of related parties with control, ending balance | 1,500 | |
China Life (Tianjin) Pension Health Investment Company Limited ("CL Tianjin Health") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Registered capital of related parties with control, beginning balance | 700 | |
Registered capital of related parties with control, ending balance | ¥ 700 |
Significant Related Party Tra_6
Significant Related Party Transactions - Summary of Percentages of Holding of Related Parties with Control Relationship and Changes (Detail) ¥ in Millions, $ in Millions, $ in Millions | 12 Months Ended | ||||||||
Dec. 08, 2022 | Dec. 31, 2022 CNY (¥) | Dec. 31, 2021 CNY (¥) | Dec. 31, 2022 HKD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 HKD ($) | Dec. 31, 2021 USD ($) | |||
China Life Insurance (Group) Company ("CLIC") [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest | ¥ 19,324 | ¥ 19,324 | |||||||
Percentage of holding | 68.37% | 68.37% | 68.37% | 68.37% | 68.37% | 68.37% | |||
China Life Asset Management Company Limited ("AMC") [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 1,680 | ¥ 1,680 | |||||||
Percentage of holding | 60% | 60% | |||||||
China Life Pension Company Limited ("Pension Company") [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 2,746 | ¥ 2,746 | |||||||
Percentage of holding | 74.27% | 74.27% | |||||||
China Life Franklin Asset Management Company Limited [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | $ | $ 130 | $ 130 | |||||||
Percentage of holding | 50% | 50% | |||||||
China Life (Suzhou) Pension and Retirement Investment Company Limited ("Suzhou Pension Company") [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 2,181 | ¥ 2,181 | |||||||
Percentage of holding | 100% | 100% | |||||||
China Life AMP Asset Management Company ("CL AMP") [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 1,095 | ¥ 1,095 | |||||||
Percentage of holding | 85.03% | 85.03% | |||||||
China Life Wealth Management Co., Limited ("CL Wealth") [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 200 | ¥ 200 | |||||||
Percentage of holding | 100% | 100% | |||||||
Golden Phoenix Tree Limited [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Percentage of holding | 100% | 100% | |||||||
King Phoenix Tree Limited [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Percentage of holding | 100% | 100% | |||||||
Shanghai Rui Chong Investment Co., Limited ("Rui Chong Company") [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 6,100 | ¥ 6,100 | |||||||
Percentage of holding | 100% | 100% | |||||||
New Aldgate Limited [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 1,167 | ¥ 1,167 | |||||||
Percentage of holding | 100% | 100% | |||||||
Glorious Fortune Forever Limited [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Percentage of holding | 100% | 100% | |||||||
CL Hotel Investor, L.P. [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 285 | ¥ 285 | |||||||
Percentage of holding | 100% | 100% | |||||||
Golden Bamboo Limited [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 3,101 | ¥ 1,993 | |||||||
Percentage of holding | 100% | 100% | |||||||
Increase In Ownership Interest In Shareholder | ¥ 1,108 | ||||||||
Sunny Bamboo Limited [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 2,359 | ¥ 1,876 | |||||||
Percentage of holding | 100% | 100% | |||||||
Increase In Ownership Interest In Shareholder | ¥ 483 | ||||||||
Fortune Bamboo Limited [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 2,435 | ¥ 2,435 | |||||||
Percentage of holding | 100% | 100% | |||||||
China Century Core Fund Limited ("Century Core Fund") [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | $ | $ 1,125 | $ 1,125 | |||||||
Percentage of holding | 100% | 100% | |||||||
China Life (Beijing) Health Management Co., Limited ("CL Health") [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 1,530 | ¥ 1,530 | |||||||
Percentage of holding | 100% | 100% | |||||||
China Life Franklin (Shenzhen) Equity Investment Fund Management Co., Limited ("Franklin Shenzhen Company") [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 100 | 2 | |||||||
Percentage of holding | 100% | 100% | |||||||
Increase In Ownership Interest In Shareholder | ¥ 87 | ||||||||
Guo Yang Guo Sheng [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 2,835 | ¥ 2,835 | |||||||
Percentage of holding | 89.997% | 89.997% | |||||||
New Capital Wisdom Limited [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Percentage of holding | 100% | 100% | |||||||
New Fortune Wisdom Limited [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Percentage of holding | 100% | 100% | |||||||
Wisdom Forever Limited Partnership [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | $ | $ 452 | $ 452 | |||||||
Percentage of holding | 100% | 100% | |||||||
Shanghai Yuan Shu Yuan Jiu Investment Management Partnership (Limited Partnership) ("Yuan Shu Yuan Jiu") [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 540 | ¥ 571 | |||||||
Percentage of holding | 99.98% | 99.98% | |||||||
Decrease In Ownership Interest In Shareholder | ¥ 31 | ||||||||
Shanghai Yuan Shu Yuan Pin Investment Management Partnership (Limited Partnership) ("Yuan Shu Yuan Pin") [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 540 | ¥ 571 | |||||||
Percentage of holding | 99.98% | 99.98% | |||||||
Decrease In Ownership Interest In Shareholder | ¥ 31 | ||||||||
Shanghai Wansheng Industry Partnership (Limited Partnership) ("Shanghai Wansheng") [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 4,036 | ¥ 4,024 | |||||||
Percentage of holding | 99.98% | 99.98% | |||||||
Increase In Ownership Interest In Shareholder | ¥ 12 | ||||||||
Ningbo Meishan Bonded Port Area Bai Ning Investment Partnership (Limited Partnership) ("Bai Ning") [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 1,680 | ¥ 1,680 | |||||||
Percentage of holding | 99.98% | 99.98% | |||||||
Hope Building [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 484 | ¥ 484 | |||||||
Percentage of holding | 100% | 100% | |||||||
Wuhu Yuanxiang Tianfu Investment Management Partnership (Limited Partnership) ("Yuanxiang Tianfu") [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 502 | ¥ 548 | |||||||
Percentage of holding | 99.98% | 99.98% | |||||||
Decrease In Ownership Interest In Shareholder | ¥ 46 | ||||||||
Wuhu Yuanxiang Tianyi Investment Management Partnership (Limited Partnership) ("Yuanxiang Tianyi") [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 502 | ¥ 548 | |||||||
Percentage of holding | 99.98% | 99.98% | |||||||
Decrease In Ownership Interest In Shareholder | ¥ 46 | ||||||||
Shengyi Jingsheng [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 1,093 | ¥ 1,093 | |||||||
Percentage of holding | 100% | 100% | |||||||
CBRE Global Investors U.S. Investments I, LLC ("CG Investments") [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 4,111 | ¥ 4,111 | |||||||
Percentage of holding | 99.99% | 99.99% | |||||||
China Life Guangde(Tianjin) Equity Investment Fund Partnership (Limited Partnership) ("CL Guang De") [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 1,316 | ¥ 616 | |||||||
Percentage of holding | 99.95% | 99.95% | |||||||
Increase In Ownership Interest In Shareholder | ¥ 700 | ||||||||
Beijing China Life Pension Industry Investment Fund (Limited Partnership) ("CL Pension Industry") [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 2,392 | ¥ 504 | |||||||
Percentage of holding | 99.90% | 99.90% | |||||||
Increase In Ownership Interest In Shareholder | ¥ 1,888 | ||||||||
China Life Qihang Phase I (Tianjin) Equity Investment Fund Partnership (Limited Partnership) ("CL Qihang Fund l") [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 6,915 | ¥ 6,065 | |||||||
Percentage of holding | 99.99% | 99.99% | |||||||
Increase In Ownership Interest In Shareholder | ¥ 850 | ||||||||
China Life Xing Wan (Tianjin) Enterprise Management Partnership (Limited Partnership) ("CL Xing wan") [Member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 3,765 | ¥ 3,865 | |||||||
Percentage of holding | 99.98% | 99.98% | |||||||
Decrease In Ownership Interest In Shareholder | ¥ 100 | ||||||||
CL Sales [Member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Percentage of holding | 90.81% | 90.81% | |||||||
CL Hangzhou [Member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 65 | ¥ 65 | |||||||
Percentage of holding | 99.99% | 99.99% | |||||||
CL Jiayuan [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | ¥ 300 | ¥ 300 | |||||||
Percentage of holding | 99.99% | 99.99% | |||||||
CL Tianjin Health [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Ownership interest in subsidiary | [1] | ¥ 1,216 | |||||||
Percentage of holding | 99.99% | 99.99% | [1] | ||||||
Increase In Ownership Interest In Shareholder | [1] | ¥ 1,216 | |||||||
[1]On 8 December 2022, CL Pension Industry injected capital of RMB728 million to CL Tianjin Health, a wholly owned subsidiary of CLIC, and acquired 99.99% of the shareholders’ equity. Both parties are under common control by CLIC which is not transitory before and after the combination. Therefore, this is a business combination under common control. The financial statements of the Group were restated based on the financial statements as at 31 December 2021 obtained from the merged party on the combination date. In December 2022 CL Pension Industry increased its investment in CL Tianjin Health by RMB851 million. As at 31 December 2022, the change of registration with the department in charge of industrial and commercial administration was still in progress. |
Significant Related Party Tra_7
Significant Related Party Transactions - Summary of Percentages of Holding of Related Parties with Control Relationship and Changes (Parenthetical) (Detail) - CL Tianjin Health [member] - CNY (¥) ¥ in Millions | 1 Months Ended | 12 Months Ended | ||
Dec. 08, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | [1] | |
Disclosure of transactions between related parties [line items] | ||||
Consideration transferred | ¥ 728 | |||
Percentage of holding | 99.99% | 99.99% | ||
Increase in ownership interest in subsidiaries | ¥ 851 | |||
[1]On 8 December 2022, CL Pension Industry injected capital of RMB728 million to CL Tianjin Health, a wholly owned subsidiary of CLIC, and acquired 99.99% of the shareholders’ equity. Both parties are under common control by CLIC which is not transitory before and after the combination. Therefore, this is a business combination under common control. The financial statements of the Group were restated based on the financial statements as at 31 December 2021 obtained from the merged party on the combination date. In December 2022 CL Pension Industry increased its investment in CL Tianjin Health by RMB851 million. As at 31 December 2022, the change of registration with the department in charge of industrial and commercial administration was still in progress. |
Significant Related Party Tra_8
Significant Related Party Transactions - Summary of Significant Transactions Carried Out by Group with Significant Related Parties (Detail) - CNY (¥) ¥ in Millions | 6 Months Ended | 7 Months Ended | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of transactions between related parties [line items] | ||||||
Distribution of dividends from the Company and AMC to CLIC | ¥ 18,372 | ¥ 13,850 | ¥ 20,633 | |||
Capital increase (Note 9) | 12,877 | 11,400 | ||||
Interest received from CGB | 25,161 | 25,949 | 25,860 | |||
Commission expenses charged by CGB | 54,777 | 65,744 | ¥ 84,361 | |||
Transactions Between Other Subsidiaries And The Company [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Agency fee received | [1] | 57 | 70 | |||
Dividends from significant related parties | 475 | 738 | ||||
Sino-Ocean Group Holding Limited ("Sino-Ocean") [member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Dividends from significant related parties | ¥ 61 | |||||
Sino-Ocean Group Holding Limited ("Sino-Ocean") [member] | Transactions With Associates And Joint Ventures [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Dividends from significant related parties | 61 | 271 | ||||
Interest of corporate bonds received from Sino-Ocean | 7 | 17 | ||||
China Life Property & Casualty Insurance Company Limited ("CLP&C") [member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Asset management fee received | [2] | 43 | 52 | |||
Capital increase (Note 9) | 3,600 | |||||
Agency fee received | [3],[4] | 1,516 | 1,634 | |||
Rental and a service fee received from CLP&C | 99 | 78 | ||||
Dividends from significant related parties | 75 | 214 | ||||
China Guangfa Bank Co. Ltd ("CGB") [member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Capital increase (Note 9) | [5] | 8,025 | ||||
Dividends from significant related parties | ¥ 774 | |||||
China Guangfa Bank Co. Ltd ("CGB") [member] | Transactions With Associates And Joint Ventures [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Capital increase (Note 9) | 8,025 | |||||
Dividends from significant related parties | 774 | 662 | ||||
Interest received from CGB | 2,747 | 3,268 | ||||
Commission expenses charged by CGB | [6] | 218 | 190 | |||
Insurance premium received from CGB | 180 | 88 | ||||
Rental fee received from CGB | 173 | 145 | ||||
Transactions between Pension Company and the Company [member] | Transactions Between Other Subsidiaries And The Company [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Payment of an asset management fee to significant related parties | 94 | 7 | ||||
Transactions between the consolidated structured entities/other subsidiaries and the Company [member] | Consolidated structured entities [member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Distribution of profits from the consolidated structured entities to the Company | 15,686 | 15,947 | ||||
China Life Insurance (Group) Company ("CLIC") [member] | Transactions with CLIC and its subsidiaries [member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Distribution of dividends from the Company and AMC to CLIC | 12,941 | 12,663 | ||||
Policy management fee received from CLIC | [4],[7] | 463 | 554 | |||
Asset management fee received | [8] | 150 | 156 | |||
China Life Investment Holding Company Limited ("CLI") [member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Payment of an asset management fee to significant related parties | [4],[9] | 637 | 588 | |||
China Life Healthcare Investment company limited ("CLHI") [member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Payment of operation management service fee to CLHI | [10] | 96 | 112 | |||
China Life Insurance (Overseas) Company Limited ("CL Overseas") [member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Asset management fee received | [11] | 108 | 79 | |||
Other associates and joint ventures [member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Dividends from significant related parties | 4,463 | 3,333 | ||||
China Life Enterprise Annuity Fund ("EAP") [member] | Transactions between EAP and the Group [member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Contribution to EAP | 1,355 | 1,357 | ||||
China Life Asset Management Company Limited ("AMC") [member] | Transactions Between Other Subsidiaries And The Company [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Dividends from significant related parties | 549 | 432 | ||||
Payment of an asset management fee to significant related parties | [4],[12] | 2,872 | 2,742 | |||
China Life Pension Company Limited ("Pension Company") [member] | Transactions Between Other Subsidiaries And The Company [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Dividends from significant related parties | 241 | 127 | ||||
Rental received from Pension Company | 76 | 70 | ||||
Capital contribution to significant related parties | 1,888 | 495 | ||||
Golden Bamboo Limited [member] | Transactions Between Other Subsidiaries And The Company [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Capital contribution to significant related parties | 1,108 | |||||
China Life Qihang Phase I (Tianjin) Equity Investment Fund Partnership (Limited Partnership) ("CL Qihang Fund l") [member] | Transactions Between Other Subsidiaries And The Company [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Capital contribution to significant related parties | 850 | 6,064 | ||||
Sunny Bamboo Limited [member] | Transactions Between Other Subsidiaries And The Company [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Capital contribution to significant related parties | 483 | |||||
Wuhu Yuanxiang Tianfu Investment Management Partnership (Limited Partnership) ("Yuanxiang Tianfu") [member] | Transactions Between Other Subsidiaries And The Company [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Capital contribution to significant related parties | 46 | |||||
Wuhu Yuanxiang Tianyi Investment Management Partnership (Limited Partnership) ("Yuanxiang Tianyi") [member] | Transactions Between Other Subsidiaries And The Company [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Capital contribution to significant related parties | 46 | |||||
Yuanshu Yuanpin [member] | Transactions Between Other Subsidiaries And The Company [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Capital contribution to significant related parties | 31 | |||||
Yuanshu Yuanjiu [member] | Transactions Between Other Subsidiaries And The Company [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Capital contribution to significant related parties | 31 | |||||
Shanghai Wansheng Industry Partnership (Limited Partnership) ("Shanghai Wansheng") [member] | Transactions Between Other Subsidiaries And The Company [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Capital contribution to significant related parties | 12 | 12 | ||||
China Life Franklin Asset Management Company Limited [member] | Transactions Between Other Subsidiaries And The Company [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Payment of an asset management fee to significant related parties | [13] | 18 | 15 | |||
China Life Guangde(Tianjin) Equity Investment Fund Partnership (Limited Partnership) ("CL Guang De") [member] | Transactions Between Other Subsidiaries And The Company [Member] | ||||||
Disclosure of transactions between related parties [line items] | ||||||
Capital contribution to significant related parties | ¥ 700 | ¥ 321 | ||||
[1]On 29 December 2021, the Company and Pension Company renewed an entrusted sales service agreement for pension business acted by life business. The agreement is effective from 1 January 2022 to 31 December 2024. The business means that Pension Company entrusted the Company to cooperate in selling enterprise annuity funds, pension security business, occupational pension business and the third-pillar pension financial business. According to the agreement, the commissions for the cooperative service of enterprise annuity fund management, which is the core business of Pension Company, are calculated at 50% to 70% of the annual entrusting management fee revenues, depending on the duration of the agreement. The commissions for cooperative account management service are calculated at 60% of the first year’s account management fee and were only charged for the first year, regardless of the duration of the agreement. The commissions for cooperative investment management services, in accordance with the duration of the agreement, are calculated at 35% to 60% of the annual investment management fee (excluding risk reserves for investment). For pension security business, the commissions of the group pension plan are, in accordance with the duration of the contracts, calculated at 50% to 3% of the annual investment management fee, decreasing annually; the commissions of the personal pension plan are calculated at 30% to 50% of the annual investment management fee according to the various rates of the daily management fee applied to the various individual pension management products in all of the management years; the cooperative commissions of occupation annuity and third-pillar pension financial business should be determined by both parties on a separate occasion. The commissions charged to Pension Company by the Company are eliminated in the consolidated statement of comprehensive income of the Group.[2]On 10 February 2021, CLP&C renewed an agreement for the management of insurance funds with AMC, entrusting AMC to manage and make investments for its insurance funds, effective from 1 January 2021 to 31 December 2023. In accordance with the agreement, CLP&C paid AMC a fixed service fee and a variable service fee. The fixed service fee was calculated on a monthly basis and payable on an annual basis, by multiplying the average net asset value of assets of each category under management at the beginning and the end of any given month by the responding annual investment management fee rate, divided by 12. The variable service fee was payable on an annual basis, and linked to investment performance.[3]On 31 January 2018, CLP&C and the Company signed an insurance agency framework agreement, whereby CLP&C entrusted the Company to act as an agent to sell designated P&C insurance products in certain authorised jurisdictions. The agency fee was determined based on cost (tax included) plus a margin. The agreement is effective for three years, from 8 March 2018 to 7 March 2021. On 20 February 2021, CLP&C and the Company renewed the agreement, effective for two years, from 8 March 2021 to 7 March 2023. CLP&C and CL Sales signed the Strategic Cooperation Agreement on 22 July 2019. According to the agreement, CL Sales, as an agent of insurance products, provides intermediary services for CLP&C. The two parties determine the specific commissions and the standard of sales management fee through fair negotiation, based on the local market price and the paid- in premium which exclude value-added tax and deducte the premium from batch reduction. This agreement is valid for three years, from 22 July 2019 to 21 July 2022.[4]These transactions constitute continuing connected transactions which are subject to reporting and announcement requirements but are exempt from independent shareholders’ approval requirements under Chapter 14A of the Listing Rules. The Company has complied with the disclosure requirements in accordance with Chapter 14A of the Listing Rules.[5]The 2021 final dividend of RMB0.0813 in cash per ordinary share was approved and declared in the Annual General Meeting of CGB on 24 June 2022. The Company’s cash dividend receivable is RMB774 million.[6]On 19 October 2018, the Company and CGB renewed an insurance agency agreement to distribute insurance products. All individual insurance products suitable for distribution through bancassurance channels are included in the agreement. CGB provides agency services, including the sale of insurance products, collecting premiums and paying benefits. The Company paid the agency commission by multiplying the net amount of total premiums received from the sale of each category individual insurance products after deducting the surrender premiums in the hesitation period, by the responding fixed commission rate. The commission rates for various insurance products sold by CGB are agreed based on arm’s length transactions. The commissions are payable on a monthly basis. The agreement was effective from the signing date to 16 August 2020. On 22 August 2020, the Company and CGB renewed an insurance agency agreement to distribute insurance products, effective from the signing date to 22 August 2022. On 19 August 2022, the Company and CGB signed an insurance part-time agency business cooperation agreement, effective from the signing date to 31 December 2022. On 27 December 2021, the Company and CGB renewed another insurance agency agreement to distribute corporate group insurance products. The corporate group insurance products suitable for distribution through bancassurance channels are included in the agreement. The Company paid the agency commission by multiplying the net amount of total premiums received from the sale of each category group insurance product after deducting the surrender premiums, by the responding fixed commission rate. The commission rates for various insurance products sold by CGB are agreed by reference to comparable market prices of independent third-parties. The commissions are paid on a monthly basis. The agreement is effective for one years from 1 January 2022, with an automatic one-year renewal, no more than twice, if no objections were raised by either party upon expiry.[7]On 31 December 2021, the Company and CLIC renewed an insurance agency agreement, effective from 1 January 2022 to 31 December 2024. The Company performs its duties as insurance agent in accordance with the agreement, but does not acquire any rights and profits or assume any obligations, losses and risks as an insurer of the non-transferable policies. The policy management fee was payable annually, and is equal to the sum of (1) the number of policies in force as at the last day of the period, multiplied by RMB14 per policy and (2) 2.5% of the actual premiums and deposits received during the period, in respect of such policies. The policy management fee income is included in other income in the consolidated statement of comprehensive income.[8]In December 2018, CLIC renewed an asset management agreement with AMC, entrusting AMC to manage and make investments for its insurance funds. The agreement is effective from 1 January 2019 to 31 December 2021. In July 2020, CLIC revised the asset management agreement with AMC, effective from 1 July 2020 to 31 December 2022. In accordance with the agreement and the revision, CLIC paid AMC a basic service fee at the rate of 0.08% per annum for the management of insurance funds. The service fee was calculated on a monthly basis and payable on a quarterly basis, by multiplying the average book value of the assets under management (after deducting the funds and interests of positive repurchase transactions and deducting the principal and interests of debt and equity investment schemes, project asset-backed schemes and customised non-standard products) at the beginning and the end of any given month by the rate of 0.08%, divided by 12. According to specific projects, debt investment schemes, equity investment plans, project asset-backed plans, and customised non-standard products are based on the contractual agreed rate, without paying for an extra management fee. At the end of each year, CLIC assessed the investment performance of the assets managed by AMC, compared the actual results against benchmark returns and made adjustment to the basic service fee.[9]On 27 December 2021, the Company and CLI renewed an operation and management agreement of alternative investment of insurance funds, effective from 1 January 2022 to 31 December 2023. The agreement shall be automatically renewed for one year unless either party gives written notice to the other party not to renew it 90 business days prior to the expiration of this agreement. In accordance with the agreement, the Company entrusted CLI to engage in investment, operation and management of non-standard financial products and securitised financial products under the instructions of the annual guidelines. The Company paid CLI an asset management fee, product management fee and a performance related bonus based on the agreement. For existing projects, the management fee rate depended on the rate determined previously; for newly signed projects, the management fee rate was determined by both sides based on market and management pattern, and the maximum rate shall not exceed 0.6%. The performance-related bonus is based on the internal return rate by the Company upon expiry of the project. In addition, the Company adjusts the investment management fees for fixed-income projects and non-fixed-income projects based on the annual evaluation results on CLI’s performance. The adjustment (variable management fee) ranges from negative 2% to positive 2% of the investment management fee in the current period.[10]On 31 December 2021, the Company and CLHI renewed an aged-care projects management service agreement, effective from 1 January 2022 to 31 December 2022. In accordance with the agreement, the Company entrusted CLHI to operate and manage existed aged-care projects and paid CLHI a management service fee. The management service fee was calculated and payable on a quarterly basis, by multiplying the total amount of the investments under management (based on the daily weighted average investment amount) by the annual rate of 2.2%.[11]In 2018, CL Overseas renewed an investment management agreement with AMC HK, effective from 1 January 2018 to 31 December 2022. In accordance with the agreement, CL Overseas entrusted AMC HK to manage and make investments for its insurance funds and paid AMC HK a basic investment management fee and an investment performance fee. The basic investment management fee was accrued by multiplying the weighted average total funds by the basic fee rate. The investment performance fee was calculated based on the difference between the total actual annual yields and predetermined net realised yield. The basic investment management fee was calculated and payable on a semi-annual basis. The investment performance fee was payable according to the total actual annual yield at the end of each year.[12]On 28 December 2018, the Company and AMC renewed the agreement for the management of insurance funds, effective from 1 January 2019 to 31 December 2021. On 1 July 2020, the Company and AMC revised the agreement for the management of insurance funds, effective from 1 July 2020 to 31 December 2022. In accordance with the agreement and the revision, the Company entrusted AMC to manage and make investments for its insurance funds and paid AMC a fixed investment management service fee and a variable investment management service fee. The daily accrued fixed service fee was calculated and payable on a quarterly basis, by multiplying the net value of the total investment assets on the day by the variety-based annual investment management fee rate divided by 360; the variable investment management service fee was payable annually, based on the results of performance evaluation, at 20% of the fixed service fee per annum. Asset management fees charged to the Company by AMC are eliminated in the consolidated statement of comprehensive income.[13]On 29 December 2021, the Company and AMC HK renewed the management agreement of insurance funds investment, which is effective from 1 January 2022 to 31 December 2024. In accordance with the agreement, the Company entrusted AMC HK to manage and make investments for its insurance funds and paid AMC HK an asset management fee on a semi-annual basis. The management fee is determined by market-oriented pricing, and the maximum investment management fee paid annually is RMB30 million. Asset management fees charged to the Company by AMC HK are eliminated in the consolidated statement of comprehensive income. |
Significant Related Party Tra_9
Significant Related Party Transactions - Summary of Significant Transactions Carried Out by Group with Significant Related Parties (Parenthetical) (Detail) ¥ in Millions | 12 Months Ended | |||||||||||
Dec. 31, 2021 | Dec. 29, 2021 CNY (¥) | Dec. 27, 2021 | Feb. 20, 2021 | Feb. 10, 2021 | Aug. 22, 2020 | Jul. 01, 2020 | Dec. 31, 2018 | Dec. 28, 2018 | Jan. 31, 2018 | Dec. 31, 2022 | Dec. 31, 2018 | |
Transaction between pension company and the company [member] | Distribution and customer service of enterprise annuity funds and pension management business and occupational pension management business agreement [member] | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Effective date of agreement | effective from 1 January 2022 to 31 December 2024. | |||||||||||
Description of agreement fee | According to the agreement, the commissions for the cooperative service of enterprise annuity fund management, which is the core business of Pension Company, are calculated at 50% to 70% of the annual entrusting management fee revenues, depending on the duration of the agreement. The commissions for cooperative account management service are calculated at 60% of the first year’s account management fee and were only charged for the first year, regardless of the duration of the agreement. The commissions for cooperative investment management services, in accordance with the duration of the agreement, are calculated at 35% to 60% of the annual investment management fee (excluding risk reserves for investment). For pension security business, the commissions of the group pension plan are, in accordance with the duration of the contracts, calculated at 50% to 3% of the annual investment management fee, decreasing annually; the commissions of the personal pension plan are calculated at 30% to 50% of the annual investment management fee according to the various rates of the daily management fee applied to the various individual pension management products in all of the management years; the cooperative commissions of occupation annuity and third-pillar pension financial business should be determined by both parties on a separate occasion. | |||||||||||
Transactions between AMC HK and the company [member] | Insurance funds management agreement [member] | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Effective date of agreement | effective from 1 January 2022 to 31 December 2024 | |||||||||||
Amount of management fee paid | ¥ 30 | |||||||||||
Transactions between the company and CLI [member] | Alternative investment of insurance funds management agreement one [member] | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Effective date of agreement | effective from 1 January 2022 to 31 December 2023 | |||||||||||
Agreement renewal period | 1 year | |||||||||||
Management fee for existing projects description | For existing projects, the management fee rate depended on the rate determined previously | |||||||||||
Management fee rate for newly signed projects description | for newly signed projects, the management fee rate was determined by both sides based on market and management pattern, and the maximum rate shall not exceed 0.6%. | |||||||||||
Management fee rate for newly signed projects | 0.60% | |||||||||||
Transactions between the company and CLI [member] | Alternative investment of insurance funds management agreement two [member] | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Description of variable management fee | The adjustment (variable management fee) ranges from negative 2% to positive 2% of the investment management fee in the current period. | |||||||||||
Transactions between CLIC and AMC [member] | Asset management agreement [member] | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Effective date of agreement | effective from 1 July 2020 to 31 December 2022. | effective from 1 January 2019 to 31 December 2021. | ||||||||||
Description of agreement fee | In accordance with the agreement and the revision, CLIC paid AMC a basic service fee at the rate of 0.08% per annum for the management of insurance funds. The service fee was calculated on a monthly basis and payable on a quarterly basis, by multiplying the average book value of the assets under management (after deducting the funds and interests of positive repurchase transactions and deducting the principal and interests of debt and equity investment schemes, project asset-backed schemes and customised non-standard products) at the beginning and the end of any given month by the rate of 0.08%, divided by 12. | |||||||||||
Transactions Between CL Overseas And AMC HK [member] | Investment management agreement [member] | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Effective date of agreement | effective from 1 January 2018 to 31 December 2022. | |||||||||||
Description of agreement fee | The basic investment management fee was accrued by multiplying the weighted average total funds by the basic fee rate. The investment performance fee was calculated based on the difference between the total actual annual yields and predetermined net realised yield. The basic investment management fee was calculated and payable on a semi-annual basis. The investment performance fee was payable according to the total actual annual yield at the end of each year. | |||||||||||
Transactions between CLP&C and AMC [member] | Insurance funds management agreement [member] | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Effective date of agreement | effective from 1 January 2021 to 31 December 2023. | |||||||||||
Description of agreement fee | In accordance with the agreement, CLP&C paid AMC a fixed service fee and a variable service fee. The fixed service fee was calculated on a monthly basis and payable on an annual basis, by multiplying the average net asset value of assets of each category under management at the beginning and the end of any given month by the responding annual investment management fee rate, divided by 12. The variable service fee was payable on an annual basis, and linked to investment performance. | |||||||||||
Transactions between the company and CLPC [member] | Framework insurance agency agreement [member] | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Effective date of agreement | 8 March 2021 to 7 March 2023 | 8 March 2018 to 7 March 2021 | ||||||||||
Period of agreement | 2 years | 3 years | ||||||||||
Transactions between the company and CGB [member] | Insurance agency agreement one [member] | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Effective date of agreement | effective from the signing date to 22 August 2022. | |||||||||||
Transactions between the company and CGB [member] | Insurance agency agreement two [member] | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Effective date of agreement | effective for one years from 1 January 2022 | |||||||||||
Agreement renewal period | 1 year | |||||||||||
Period of agreement | 1 year | |||||||||||
Transactions between AMC and the company [member] | Insurance funds management agreement [member] | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Effective date of agreement | effective from 1 July 2020 to 31 December 2022. | effective from 1 January 2019 to 31 December 2021. | ||||||||||
Description of agreement fee | The daily accrued fixed service fee was calculated and payable on a quarterly basis, by multiplying the net value of the total investment assets on the day by the variety-based annual investment management fee rate divided by 360; the variable investment management service fee was payable annually, based on the results of performance evaluation, at 20% of the fixed service fee per annum. | |||||||||||
Variable annual service fee percentage | 20% | |||||||||||
Transactions between the company and CLIC [member] | Insurance agency agreement [member] | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Effective date of agreement | effective from 1 January 2022 to 31 December 2024 | |||||||||||
Description of agreement fee | The policy management fee was payable annually, and is equal to the sum of (1) the number of policies in force as at the last day of the period, multiplied by RMB14 per policy and (2) 2.5% of the actual premiums and deposits received during the period, in respect of such policies. | |||||||||||
Management fee component rate per policy | 14 | |||||||||||
Percentage of premiums and deposits received | 2.50% | |||||||||||
Transactions between the Company and CLHI [member] | Aged-care projects management service agreement [member] | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Effective date of agreement | effective from 1 January 2022 to 31 December 2022 | |||||||||||
Service fee annual rate | 2.20% | |||||||||||
Bottom of range [member] | Transaction between pension company and the company [member] | Distribution and customer service of enterprise annuity funds and pension management business and occupational pension management business agreement [member] | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Percentage of management fee revenues used to calculate commissions for annuity fund management | 30% | |||||||||||
Bottom of range [member] | Transactions between the company and CLI [member] | Alternative investment of insurance funds management agreement two [member] | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Percentage of variable management fee | (2.00%) | |||||||||||
Top of range [member] | Transaction between pension company and the company [member] | Distribution and customer service of enterprise annuity funds and pension management business and occupational pension management business agreement [member] | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Percentage of management fee revenues used to calculate commissions for annuity fund management | 50% | |||||||||||
Top of range [member] | Transactions between the company and CLI [member] | Alternative investment of insurance funds management agreement two [member] | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
Percentage of variable management fee | 2% | |||||||||||
Top of range [member] | Transactions between CLIC and AMC [member] | Asset management agreement [member] | ||||||||||||
Disclosure of transactions between related parties [line items] | ||||||||||||
The annual rate of the basic service fee | 0.08% |
Significant Related Party Tr_10
Significant Related Party Transactions - Summary of Balances Due From and to Significant Related Parties (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of transactions between related parties [line items] | ||
Amount due from related parties | ¥ 963 | ¥ 717 |
China Life Insurance (Group) Company ("CLIC") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amount due from related parties | 539 | 342 |
China Life Insurance (Overseas) Company Limited ("CL Overseas") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amount due from related parties | 118 | 59 |
China Life Investment Holding Company Limited ("CLI") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amount due from related parties | 5 | 51 |
Amount due to related parties | (528) | (445) |
China Life Real Estate Co., Limited ("CLRE") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amount due from related parties | 4 | 2 |
China Life Healthcare Investment company limited [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Amount due to related parties | (61) | (40) |
China Life Ecommerce Company Limited ("CL Ecommerce") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amount due from related parties | 4 | 3 |
Amount due to related parties | (29) | (15) |
China Life Ecommerce Company Limited (CL Hotel Investors ,L.P.) [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Amount due from related parties | 6,137 | |
China Life Asset Management Company Limited ("AMC") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amount due to related parties | (782) | (717) |
China Life Franklin Asset Management Company Limited [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amount due to related parties | (7) | (8) |
China Life Pension Company Limited ("Pension Company") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amount due from related parties | 43 | 46 |
Amount due to related parties | (123) | (114) |
Shanghai Rui Chong Investment Co., Limited ("Rui Chong Company") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amount due from related parties | 274 | 604 |
China Life Property & Casualty Insurance Company Limited ("CLP&C") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amount due from related parties | 293 | 258 |
Amount due to related parties | (53) | (17) |
Sino-Ocean Group Holding Limited ("Sino-Ocean") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amount due from related parties | 4 | 7 |
Debt securities from relate parties | 648 | 356 |
China Guangfa Bank Co. Ltd ("CGB") [member] | ||
Disclosure of transactions between related parties [line items] | ||
Amount due from related parties | 761 | 9,138 |
Amount due to related parties | (66) | (80) |
Amount deposited with related parties | 57,904 | 69,148 |
Wealth management products and other financial instruments of related parties | ¥ 8,027 | ¥ 8,384 |
Significant Related Party Tr_11
Significant Related Party Transactions - Key Management Personnel Compensation (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of key management personnel compensation [abstract] | ||
Salaries and other benefits | ¥ 21 | ¥ 33 |
Share Capital - Summary of Shar
Share Capital - Summary of Share Capital Registered, Authorised, Issued and Fully Paid (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of classes of share capital [line items] | ||
No. of shares | 28,264,705,000 | |
Share capital | ¥ 28,265 | ¥ 28,265 |
Ordinary shares [member] | ||
Disclosure of classes of share capital [line items] | ||
No. of shares | 28,264,705,000 | 28,264,705,000 |
Share capital | ¥ 28,265 | ¥ 28,265 |
Share Capital - Summary of Sh_2
Share Capital - Summary of Share Capital (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of classes of share capital [line items] | |||
No. of shares | 28,264,705,000 | ||
Share capital | ¥ 28,265 | ¥ 28,265 | |
China Life Insurance (Group) Company ("CLIC") [member] | |||
Disclosure of classes of share capital [line items] | |||
No. of shares | [1] | 19,323,530,000 | |
Share capital | [1] | ¥ 19,324 | |
Other equity holders [member] | |||
Disclosure of classes of share capital [line items] | |||
No. of shares | 8,941,175,000 | ||
Share capital | ¥ 8,941 | ||
Other equity holders [member] | Domestic listed [member] | |||
Disclosure of classes of share capital [line items] | |||
No. of shares | 1,500,000,000 | ||
Share capital | ¥ 1,500 | ||
Other equity holders [member] | Overseas listed [member] | |||
Disclosure of classes of share capital [line items] | |||
No. of shares | [2] | 7,441,175,000 | |
Share capital | [2] | ¥ 7,441 | |
[1]All shares owned by CLIC are domestic listed shares.[2]Overseas listed shares are traded on the Stock Exchange of Hong Kong Limited and the New York Stock Exchange. |
Reserves - Summary of Reserves
Reserves - Summary of Reserves (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of reserves within equity [line items] | ||||
Beginning balance | ¥ 249,755 | |||
Other comprehensive income for the year | (55,236) | ¥ (4,549) | ¥ 25,750 | |
Ending balance | 206,216 | 249,755 | ||
Other reserves [member] | ||||
Disclosure of reserves within equity [line items] | ||||
Beginning balance | 249,755 | 238,635 | 197,966 | |
Other comprehensive income for the year | (55,152) | (4,608) | 25,699 | |
Appropriation to reserves | 13,137 | 15,378 | 16,025 | |
Other comprehensive income to retained earnings | (74) | 45 | ||
Others | (1,450) | 305 | (1,055) | |
Ending balance | 206,216 | 249,755 | 238,635 | |
Share premium [member] | Other reserves [member] | ||||
Disclosure of reserves within equity [line items] | ||||
Beginning balance | 53,905 | 53,905 | 53,905 | |
Ending balance | 53,905 | 53,905 | 53,905 | |
Other reserves [member] | Other reserves [member] | ||||
Disclosure of reserves within equity [line items] | ||||
Beginning balance | 1,098 | 793 | 1,848 | |
Others | (1,450) | 305 | (1,055) | |
Ending balance | (352) | 1,098 | 793 | |
Unrealised gains/(losses) from available-for-sale securities [member] | Other reserves [member] | ||||
Disclosure of reserves within equity [line items] | ||||
Beginning balance | 48,919 | 54,268 | 28,594 | |
Other comprehensive income for the year | (51,627) | (5,349) | 25,674 | |
Ending balance | (2,708) | 48,919 | 54,268 | |
Other comprehensive income reclassifiable to profit or loss under the equity method [member] | Other reserves [member] | ||||
Disclosure of reserves within equity [line items] | ||||
Beginning balance | 2,635 | 1,402 | 756 | |
Other comprehensive income for the year | (3,002) | 1,233 | 646 | |
Ending balance | (367) | 2,635 | 1,402 | |
Statutory reserve fund [member] | Other reserves [member] | ||||
Disclosure of reserves within equity [line items] | ||||
Beginning balance | [1] | 50,621 | 45,525 | 40,516 |
Appropriation to reserves | [1] | 3,932 | 5,096 | 5,009 |
Ending balance | [1] | 54,553 | 50,621 | 45,525 |
Discretionary reserve fund [member] | Other reserves [member] | ||||
Disclosure of reserves within equity [line items] | ||||
Beginning balance | [2] | 45,511 | 40,502 | 34,645 |
Appropriation to reserves | [2] | 5,096 | 5,009 | 5,857 |
Ending balance | [2] | 50,607 | 45,511 | 40,502 |
General reserve [member] | Other reserves [member] | ||||
Disclosure of reserves within equity [line items] | ||||
Beginning balance | [3] | 48,320 | 43,047 | 37,888 |
Appropriation to reserves | [3] | 4,109 | 5,273 | 5,159 |
Ending balance | [3] | 52,429 | 48,320 | 43,047 |
Exchange differences on translating foreign operations [member] | Other reserves [member] | ||||
Disclosure of reserves within equity [line items] | ||||
Beginning balance | (1,377) | (989) | (24) | |
Other comprehensive income for the year | 1,102 | (388) | (965) | |
Ending balance | (275) | (1,377) | (989) | |
Other comprehensive income non-reclassifiable to profit or loss under the equity method [member] | Other reserves [member] | ||||
Disclosure of reserves within equity [line items] | ||||
Beginning balance | 123 | 182 | (162) | |
Other comprehensive income for the year | (1,625) | (104) | 344 | |
Other comprehensive income to retained earnings | (74) | 45 | ||
Ending balance | ¥ (1,576) | ¥ 123 | ¥ 182 | |
[1]Pursuant to the relevant PRC laws, the Company appropriated 10% of its net profit under Chinese Accounting Standards (“CAS”) to statutory reserve which amounted to RMB3,932 million for the year ended 31 December 2022 (2021: RMB5,096 million, 2020: RMB5,009 million).[2]Approved at the Annual General Meeting in 29 June 2022, the Company appropriated RMB5,096million to the discretionary reserve fund for the year ended 31 December 2021 based on net profit under CAS (2021: RMB5,009 million, 2020: RMB5,857 million).[3]Pursuant to “Financial Standards of Financial Enterprises—Implementation Guide” issued by the Ministry of Finance of the PRC on 30 March 2007, for the year ended 31 December 2022, the Company appropriated 10% of net profit under CAS which amounted to RMB3,932 million to the general reserve for future uncertain catastrophes, which cannot be used for dividend distribution or conversion to share capital increment (2021: RMB5,096 million, 2020: RMB5,009 million). In addition, pursuant to the CAS, the Group appropriated RMB177 million to the general reserve of its subsidiaries attributable to the Company in the consolidated financial statements (2021: RMB177 million, 2020: RMB150 million). |
Reserves - Summary of Reserve_2
Reserves - Summary of Reserves (Parenthetical) (Detail) - Chinese accounting standards [member] - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statutory reserve fund [member] | |||
Disclosure of reserves within equity [line items] | |||
Percentage of net profit on statutory reserve | 10% | ||
Statutory reserve | ¥ 3,932 | ¥ 5,096 | ¥ 5,009 |
Discretionary reserve fund [member] | |||
Disclosure of reserves within equity [line items] | |||
Discretionary reserve fund | ¥ 5,096 | 5,009 | 5,857 |
General reserve [member] | |||
Disclosure of reserves within equity [line items] | |||
Percentage of net profit on general reserve | 10% | ||
General reserve for catastrophe | ¥ 3,932 | 5,096 | 5,009 |
Transfer of General reserve to subsidiaries | ¥ 177 | ¥ 177 | ¥ 150 |
Notes to the Consolidated Sta_3
Notes to the Consolidated Statement of Cash Flows - Summary of Changes in Liabilities Arising From Financing Activities (Detail) - CNY (¥) ¥ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | ¥ 364,065 | ¥ 223,866 | ¥ 199,159 |
Changes from financing cash flows | (98,695) | 134,546 | 21,440 |
Foreign exchange movement | 1,139 | (870) | (807) |
Changes arising from losing control of consolidated structured entities | (368) | (751) | |
New leases | 817 | 1,086 | 1,156 |
Interest expense | 4,863 | 5,598 | 3,747 |
Others | 26 | 207 | (78) |
Liabilities arising from financing activities,ending balance | 272,215 | 364,065 | 223,866 |
Interest-bearing loans and borrowings [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | 19,222 | 19,987 | 20,263 |
Changes from financing cash flows | (7,587) | 105 | 531 |
Foreign exchange movement | 1,139 | (870) | (807) |
Liabilities arising from financing activities,ending balance | 12,774 | 19,222 | 19,987 |
Bonds payable [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | 34,994 | 34,992 | 34,990 |
Interest expense | 3 | 2 | 2 |
Liabilities arising from financing activities,ending balance | 34,997 | 34,994 | 34,992 |
Lease liabilities [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | 2,182 | 2,664 | 3,091 |
Changes from financing cash flows | (1,307) | (1,517) | (1,618) |
New leases | 817 | 1,086 | 1,156 |
Interest expense | 74 | 96 | 113 |
Others | (197) | (147) | (78) |
Liabilities arising from financing activities,ending balance | 1,569 | 2,182 | 2,664 |
Securities sold under agreements to repurchase [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | 239,446 | 122,249 | 118,088 |
Changes from financing cash flows | (90,711) | 117,211 | 4,912 |
Changes arising from losing control of consolidated structured entities | (368) | (751) | |
Others | 223 | 354 | |
Liabilities arising from financing activities,ending balance | 148,958 | 239,446 | 122,249 |
Other liability-payable to the third-party holders of consolidated structured entities [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | 67,862 | 42,654 | 21,400 |
Changes from financing cash flows | 5,983 | 25,208 | 21,254 |
Liabilities arising from financing activities,ending balance | 73,845 | 67,862 | 42,654 |
Other liability-interest payable related to financing activities [member] | |||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||
Liabilities arising from financing activities, beginning balance | 359 | 1,320 | 1,327 |
Changes from financing cash flows | (5,073) | (6,461) | (3,639) |
Interest expense | 4,786 | 5,500 | 3,632 |
Liabilities arising from financing activities,ending balance | ¥ 72 | ¥ 359 | ¥ 1,320 |
Provisions and Contingencies -
Provisions and Contingencies - Summary of Significant Contingent Liabilities (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Legal proceedings contingent liability [member] | ||
Disclosure of contingent liabilities [line items] | ||
Pending lawsuits | ¥ 531 | ¥ 506 |
Commitments - Capital Commitmen
Commitments - Capital Commitments Relating to Property Development Projects and Investments (Detail) - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of commitments and contingencies [line items] | ||
Capital commitments | ¥ 93,135 | ¥ 96,298 |
Investments [member] | ||
Disclosure of commitments and contingencies [line items] | ||
Capital commitments | 91,727 | 94,770 |
Property, plant and equipment [member] | ||
Disclosure of commitments and contingencies [line items] | ||
Capital commitments | ¥ 1,408 | ¥ 1,528 |
Commitments - Future Minimum Le
Commitments - Future Minimum Lease Payments under Non-cancellable Operating Leases (Detail) - Lessor [member] - CNY (¥) ¥ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of future minimum lease payments [line items] | ||
Future minimum rental receivable | ¥ 2,531 | ¥ 2,219 |
Not later than one year [member] | ||
Disclosure of future minimum lease payments [line items] | ||
Future minimum rental receivable | 893 | 781 |
Later than one year but not later than five years [member] | ||
Disclosure of future minimum lease payments [line items] | ||
Future minimum rental receivable | 1,478 | 1,296 |
Later than five years [member] | ||
Disclosure of future minimum lease payments [line items] | ||
Future minimum rental receivable | ¥ 160 | ¥ 142 |