According to the Zhitong Finance App, China Life Group (08296) announced that the Group expects an annual loss of no more than RMB 11 million for the year ended December 31, 2023, while the annual profit for the year ended December 31, 2022 is approximately RMB 626,000.

According to the announcement, annual losses are mainly due (among others) to (1) an increase in fair value losses of no more than RMB 5.2 million for financial assets measured at fair value; and (2) an increase in administrative expenses of no more than RMB 9.5 million due to increases in administrative department staff costs, travel expenses, and legal and professional expenses.