CILJFOTCLife InsuranceFiscal year ends December 31Also trades as CILFY
CHINA LIFE INSURANCE CO LTD
Financials through fiscal 2022, year ended Dec 31, 2022
$2.96−0.07 (-2.31%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2014 to 2022
Net margin
4.0%−1.0 pts over 5 years
Growth rates
Compound annual growth to fiscal 2022
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -2.5% | +3.3% | +4.6% | – | |
| Net income | -36.8% | -18.0% | -0.1% | – | |
| Free cash flow | +24.2% | +8.3% | +12.8% | – |
Returns and balance sheet
9 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2014 | FY2017 | FY2022 | Trend |
|---|---|---|---|---|
| Return on equity | – | 10.3% | 7.0% | |
| Return on assets | – | 1.2% | 0.6% | |
| Capex to revenue | – | 1.5% | 0.4% | |
| Diluted shares | – | 28.26B | 28.26B |
Where the cash went
Fiscal 2018 to 2022, five years combined
China Life Insurance generated CN¥1.38T from operations and spent CN¥47.28B on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
CN¥1.38T
Used
CN¥47.28B
Capital expenditureCN¥47.28B100%DividendsCN¥00%Share buybacksCN¥00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin4.0%
×Asset turnover0.16×
×Equity multiplier11.08×
=Return on equity, FY20227.0%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2022 | 4.0% | 0.16× | 11.08× | 7.0% |
| FY2021 | 6.2% | 0.18× | 9.84× | 10.9% |
| FY2020 | 6.2% | 0.20× | 9.35× | 11.8% |
| FY2019 | 8.0% | 0.21× | 9.67× | 16.1% |
| FY2018 | 1.8% | 0.20× | 9.62× | 3.6% |
| FY2017 | 5.0% | 0.23× | 8.96× | 10.3% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2022 against fiscal 2021
4of 6 tests passed in fiscal 2022. Some tests lack the figures they need.
- ProfitableNet income above zeroCN¥32.08B
- Cash generatingOperating cash flow above zeroCN¥351.97B
- Return on assets improvedROA up on the prior year1.2% → 0.7%
- Earnings backed by cashOperating cash flow above net incomeCN¥351.97B vs CN¥32.08B
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise28.26B → 28.26B
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose0.19 → 0.16