New China Life Insurance (01336.HK) disclosed the announcement of pre-reduction of performance in the first three quarters of 2022. According to the company's preliminary estimates, the company's net profit attributable to shareholders of the parent company in the first three quarters of 2022 is expected to be 4.782 billion to 5.977 billion yuan (RMB, the same below), which is expected to decrease by 5.977 billion yuan to 7.172 billion yuan compared with the same period in 2021, and is expected to decrease by 50% to 60% compared with the same period in 2021. In the first three quarters of 2022, the company's net profit after deducting non-recurring gains and losses attributed to shareholders of the parent company is expected to be 4.791 billion yuan to 5.989 billion yuan, a decrease of 5.989 billion yuan to 7.187 billion yuan compared with the same period in 2021, and a decrease of 50% to 60% compared with the same period in 2021.

The main reason for the expected decline in the company's performance in the first three quarters of 2022 is that in the case of a high base of net profit in the same period last year, the investment income decreased due to the downturn in the capital market, resulting in a large change in net profit in the current period compared with the same period last year.

The company operates normally, realizing the original insurance premium income of 137.792 billion yuan in the first three quarters of 2022, an increase of 0.9% over the same period last year.