Summary by Futu AI
China Life Insurance Co., Ltd. (China Life) released its first quarter report for 2024, with unaudited financial data showing that the company's total assets reached 6,070,843 million yuan, up 7.4% year-on-year; shareholders' equity belonging to the parent company increased sharply by 46.6% to 480,406 million meta. Operating income was $120,970 million, up 14.4% year-on-year, but net profit attributable to parent shareholders declined 9.3% to $20,644 million. Earnings per share decreased to $0.73 from $0.81 in the same period last year. THE COMPANY EMPHASIZED THAT THE INSURANCE BUSINESS CONTINUED TO GROW FASTER DURING THE REPORTING PERIOD, WITH TOTAL PREMIUMS GROWING BY 3.2% YEAR-ON-YEAR, AND NEW BUSINESS VALUE ACCELERATED AT 26.3% IN RECENT YEARS. In addition, the company implemented new accounting criteria from January 1, 2024, with a restatement of...Show More