China Life Insurance (Group) Co. more than doubled its 2024 profit due to rapid asset growth and a reversal in investment income from a previous loss.
Net profit attributable to ordinary shareholders rose to 106.94 bn yuan ($14.74 bn) from 46.18 bn yuan. Total revenue increased to 528.63 bn yuan from 344.75 bn yuan.
Gross written premiums climbed to 671.46 bn yuan from 641.38 bn yuan. Investment income reached 176.46 bn yuan, recovering from a loss of 9.38 bn yuan in the prior year.
The life insurer reported that in 2024, the individual agent channel advanced customer-focused operations and management.
The sales force became more specialized and professional. By year-end, the number of agents remained stable at 615,000, including 394,000 from the general sales team and 221,000 from the “upsales” team.
Sales force productivity improved, with monthly average first-year regular premiums per agent rising by 15%.
The bancassurance channel optimized commission and expense management, reducing costs and boosting efficiency. This led to an increase in both the new business margin and the value of one year’s sales.
China Life expanded its distribution network by adding more cooperative banks and enhancing the professional development of its sales force. The bancassurance channel had 19,000 account managers by year-end.
The group insurance channel prioritized profitability and adopted a diverse development strategy to strengthen key segments.
