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China Life Insurance

DB:CLF
Snowflake Description

Adequate balance sheet with limited growth.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CLF
DB
HK$866B
Market Cap
  1. Home
  2. DE
  3. Insurance
Company description

China Life Insurance Company Limited, together with its subsidiaries, operates as a life insurance company in the People’s Republic of China. The last earnings update was 85 days ago. More info.


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CLF Share Price and Events
7 Day Returns
2.4%
DB:CLF
-0.3%
DE Insurance
-1.1%
DE Market
1 Year Returns
8%
DB:CLF
19%
DE Insurance
-8.5%
DE Market
CLF Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
China Life Insurance (CLF) 2.4% 10.1% -7.3% 8% 14% 13.8%
DE Insurance -0.3% 1.8% 1.6% 19% 62.2% 59.5%
DE Market -1.1% -0.4% -4% -8.5% 8.1% 9.4%
1 Year Return vs Industry and Market
  • CLF underperformed the Insurance industry which returned 19% over the past year.
  • CLF outperformed the Market in Germany which returned -8.5% over the past year.
Price Volatility
CLF
Industry
5yr Volatility vs Market

CLF Value

 Is China Life Insurance undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of China Life Insurance to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for China Life Insurance.

DB:CLF Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 15 analysts.
= Stable Book Value * Return on Equity
= CN¥13.76 * 11.1%
CN¥1.53
Book Value of Equity per Share Weighted future Book Value estimates from 14 analysts. CN¥13.76
Discount Rate (Cost of Equity) See below 5.2%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:CLF
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.69
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.685 (1 + (1- 25%) (12.93%))
0.834
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.83
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.834 * 5.96%)
5.2%

Discounted Cash Flow Calculation for DB:CLF using Excess Returns Model Model

The calculations below outline how an intrinsic value for China Life Insurance is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:CLF Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (11.1% – 5.2%) * CN¥13.76)
CN¥0.81
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CN¥0.81 / (5.2% - 0.23%)
CN¥16.38
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CN¥13.76 + CN¥16.38
CN¥30.14
DB:CLF Discount to Share Price
Calculation Result
Exchange Rate CNY/HKD
(Reporting currency to currency of SEHK:2628)
1.135
Value per Share
(HKD)
= Value per Share in CNY x Exchange Rate (CNY/HKD)
= CN¥30.14 x 1.135
HK$34.2
Non-primary Listing Adjustment Factor 1 share in DB:CLF represents 0.56752x of SEHK:2628
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.56752x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (HKD) x Listing Adjustment Factor
= HK$ 34.20 x 0.56752
€19.41
Value per share (EUR) From above. €19.41
Current discount Discount to share price of €11.78
= -1 x (€11.78 - €19.41) / €19.41
39.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price China Life Insurance is available for.
Intrinsic value
39%
Share price is €11.78 vs Future cash flow value of €19.41
Current Discount Checks
For China Life Insurance to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • China Life Insurance's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • China Life Insurance's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for China Life Insurance's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are China Life Insurance's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:CLF PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CNY CN¥0.83
SEHK:2628 Share Price ** SEHK (2019-07-19) in HKD HK$20.75
SEHK:2628 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.881 CN¥18.29
Germany Insurance Industry PE Ratio Median Figure of 6 Publicly-Listed Insurance Companies 13.31x
Germany Market PE Ratio Median Figure of 422 Publicly-Listed Companies 19.67x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of China Life Insurance.

DB:CLF PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SEHK:2628 Share Price ÷ EPS (both in CNY)

= 18.29 ÷ 0.83

22x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Life Insurance is overvalued based on earnings compared to the DE Insurance industry average.
  • China Life Insurance is overvalued based on earnings compared to the Germany market.
Price based on expected Growth
Does China Life Insurance's expected growth come at a high price?
Raw Data
DB:CLF PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 22x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts
9%per year
Germany Insurance Industry PEG Ratio Median Figure of 5 Publicly-Listed Insurance Companies 3.08x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.44x

*Line of best fit is calculated by linear regression .

DB:CLF PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 22x ÷ 9%

2.45x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Life Insurance is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on China Life Insurance's assets?
Raw Data
DB:CLF PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CNY CN¥12.89
SEHK:2628 Share Price * SEHK (2019-07-19) in HKD HK$20.75
SEHK:2628 Share Price converted to CNY reporting currency Exchange rate (HKD/ CNY) 0.881 CN¥18.29
Germany Insurance Industry PB Ratio Median Figure of 6 Publicly-Listed Insurance Companies 1.08x
Germany Market PB Ratio Median Figure of 570 Publicly-Listed Companies 1.73x
DB:CLF PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SEHK:2628 Share Price ÷ Book Value per Share (both in CNY)

= 18.29 ÷ 12.89

1.42x

* Primary Listing of China Life Insurance.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • China Life Insurance is overvalued based on assets compared to the DE Insurance industry average.
X
Value checks
We assess China Life Insurance's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. China Life Insurance has a total score of 1/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

CLF Future Performance

 How is China Life Insurance expected to perform in the next 1 to 3 years based on estimates from 15 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is China Life Insurance expected to grow at an attractive rate?
  • China Life Insurance's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • China Life Insurance's earnings growth is positive but not above the Germany market average.
  • China Life Insurance's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:CLF Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:CLF Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 15 Analysts 9%
DB:CLF Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 15 Analysts 11.9%
Germany Insurance Industry Earnings Growth Rate Market Cap Weighted Average 4.7%
Germany Insurance Industry Revenue Growth Rate Market Cap Weighted Average 5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.8%
Germany Market Revenue Growth Rate Market Cap Weighted Average 5.2%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:CLF Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:CLF Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 976,972 42,974 1
2021-12-31 786,817 286,052 46,945 12
2020-12-31 692,181 219,330 40,127 12
2019-12-31 604,605 168,082 40,314 12
DB:CLF Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-03-31 682,226 236,535 23,527
2018-12-31 634,981 147,552 11,011
2018-09-30 644,043 97,634 24,917
2018-06-30 655,936 102,270 36,054
2018-03-31 643,460 117,791 39,242
2017-12-31 650,356 200,990 31,873
2017-09-30 638,337 257,159 32,038
2017-06-30 607,748 245,170 20,588
2017-03-31 598,292 194,725 19,639
2016-12-31 546,533 89,098 18,741
2016-09-30 541,537 -44,594 14,205
2016-06-30 516,028 -56,939 13,420

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • China Life Insurance's earnings are expected to grow by 9% yearly, however this is not considered high growth (20% yearly).
  • China Life Insurance's revenue is expected to grow by 11.9% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:CLF Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below

All data from China Life Insurance Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CLF Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 1.52 1.52 1.52 1.00
2021-12-31 1.66 2.18 1.43 11.00
2020-12-31 1.42 1.87 0.99 15.00
2019-12-31 1.45 1.86 1.14 13.00
DB:CLF Past Financials Data
Date (Data in CNY Millions) EPS *
2019-03-31 0.83
2018-12-31 0.39
2018-09-30 0.88
2018-06-30 1.27
2018-03-31 1.40
2017-12-31 1.13
2017-09-30 1.14
2017-06-30 0.73
2017-03-31 0.69
2016-12-31 0.66
2016-09-30 0.49
2016-06-30 0.48

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • China Life Insurance is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess China Life Insurance's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
China Life Insurance has a total score of 2/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

CLF Past Performance

  How has China Life Insurance performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare China Life Insurance's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • China Life Insurance's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • China Life Insurance's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • China Life Insurance's 1-year earnings growth is negative, it can't be compared to the DE Insurance industry average.
Earnings and Revenue History
China Life Insurance's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from China Life Insurance Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:CLF Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 682,226.00 23,527.00 39,143.00
2018-12-31 634,981.00 11,011.00 38,305.00
2018-09-30 644,043.00 24,917.00 38,690.00
2018-06-30 655,936.00 36,054.00 38,300.00
2018-03-31 643,460.00 39,242.00 37,409.00
2017-12-31 650,356.00 31,873.00 36,738.00
2017-09-30 638,337.00 32,038.00 33,941.00
2017-06-30 607,748.00 20,588.00 33,270.00
2017-03-31 598,292.00 19,639.00 33,019.00
2016-12-31 546,533.00 18,741.00 32,628.00
2016-09-30 541,537.00 14,205.00 30,055.00
2016-06-30 516,028.00 13,420.00 29,282.00
2016-03-31 536,687.00 27,494.00 28,471.00
2015-12-31 509,224.00 34,514.00 27,956.00
2015-09-30 520,300.00 38,495.00 27,170.00
2015-06-30 534,146.00 45,293.00 26,871.00
2015-03-31 482,719.00 37,254.00 26,246.00
2014-12-31 444,356.00 32,211.00 25,901.00
2014-09-30 417,971.00 28,629.00 25,246.00
2014-06-30 411,114.00 26,974.00 25,099.00
2014-03-31 436,064.00 21,916.00 25,239.00
2013-12-31 420,247.00 24,765.00 25,200.00
2013-09-30 403,811.00 27,322.00 25,164.00
2013-06-30 401,970.00 17,624.00 24,930.00
2013-03-31 380,723.00 15,513.00 24,296.00
2012-12-31 374,385.00 11,061.00 23,784.00
2012-09-30 378,196.00 9,042.00 24,509.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • China Life Insurance has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • China Life Insurance used its assets more efficiently than the DE Insurance industry average last year based on Return on Assets.
  • China Life Insurance's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess China Life Insurance's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
China Life Insurance has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CLF Health

 How is China Life Insurance's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up China Life Insurance's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • China Life Insurance is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • China Life Insurance's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of China Life Insurance's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 3.8x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from China Life Insurance Company Filings, last reported 3 months ago.

DB:CLF Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 369,439.00 96,329.00 244,933.00
2018-12-31 323,290.00 212,291.00 179,402.00
2018-09-30 335,178.00 139,993.00 233,050.00
2018-06-30 327,520.00 121,619.00 200,940.00
2018-03-31 339,841.00 110,118.00 230,159.00
2017-12-31 325,310.00 106,103.00 200,548.00
2017-09-30 327,062.00 101,377.00 226,126.00
2017-06-30 312,724.00 174,728.00 190,967.00
2017-03-31 313,236.00 146,244.00 254,785.00
2016-12-31 307,648.00 135,249.00 289,407.00
2016-09-30 312,953.00 146,096.00 349,220.00
2016-06-30 306,757.00 112,637.00 355,467.00
2016-03-31 318,354.00 121,966.00 344,660.00
2015-12-31 326,214.00 101,991.00 191,092.00
2015-09-30 302,342.00 70,938.00 137,308.00
2015-06-30 314,305.00 115,060.00 93,458.00
2015-03-31 305,392.00 99,558.00 116,977.00
2014-12-31 287,331.00 116,701.00 97,545.00
2014-09-30 260,323.00 122,837.00 100,636.00
2014-06-30 242,921.00 139,430.00 76,266.00
2014-03-31 226,608.00 90,256.00 88,037.00
2013-12-31 222,585.00 88,411.00 59,682.00
2013-09-30 238,215.00 79,244.00 82,639.00
2013-06-30 232,728.00 125,409.00 181,818.00
2013-03-31 233,960.00 112,982.00 116,307.00
2012-12-31 223,101.00 136,480.00 91,571.00
2012-09-30 214,079.00 75,586.00 94,902.00
  • China Life Insurance's level of debt (26.1%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (40% vs 26.1% today).
  • Debt is well covered by operating cash flow (245.5%, greater than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 3x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess China Life Insurance's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. China Life Insurance has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

CLF Dividends

 What is China Life Insurance's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.87%
Current annual income from China Life Insurance dividends. Estimated to be 3.05% next year.
If you bought €2,000 of China Life Insurance shares you are expected to receive €17 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • China Life Insurance's pays a lower dividend yield than the bottom 25% of dividend payers in Germany (1.49%).
  • China Life Insurance's dividend is below the markets top 25% of dividend payers in Germany (3.92%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:CLF Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 15 Analyst Estimates (S&P Global) See Below
Germany Insurance Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4.1%
Germany Market Average Dividend Yield Market Cap Weighted Average of 325 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.5%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:CLF Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.60 1.00
2021-12-31 0.61 12.00
2020-12-31 0.53 19.00
2019-12-31 0.56 16.00
DB:CLF Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-05-30 0.160 0.951
2018-04-11 0.400 2.432
2017-04-11 0.240 1.163
2016-05-30 0.420 2.391
2015-06-08 0.400 2.080
2014-04-09 0.300 1.471
2013-06-05 0.140 0.851
2012-03-26 0.230 1.314
2011-08-23 0.400 2.411
2011-06-03 0.400 1.913
2010-04-08 0.700 2.553
2009-06-08 0.230 0.752

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of China Life Insurance's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (5.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (2.6x coverage).
X
Income/ dividend checks
We assess China Life Insurance's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can China Life Insurance afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. China Life Insurance has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

CLF Management

 What is the CEO of China Life Insurance's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Hengxuan Su
COMPENSATION CN¥0
AGE 56
CEO Bio

Mr. Hengxuan Su serves as Vice President at China Life Insurance (Group) Company. Mr. Su has been Executive Director of China Life Insurance Co. Ltd. since December 20, 2018 and also serves as its President and Principal Executive Officer. He served as Non Executive Director of China Life Insurance Co. Ltd. from July 11, 2018 to December 19, 2018. He serves as the Chairman of Insurance Marketing Association of Insurance Association of China. He had served as Vice President of China Life Insurance Co. Ltd. from August 2008 to May 8, 2015 and served as its Assistant to President from January 2006 to July 2008. Prior to this, Mr. Su served as General Manager of China Life Insurance Co. Ltd. from 2003 to 2006. From 1998 to 2003, Mr. Su served as Division Chief of both of China Life Insurance Co. Ltd. agency management office and manager of sales department and vice General Manager of its Henan branch. From 1996 to 1998, he served as Division Chief of Life Insurance Division and Division Chief of Sales Division of PICC Life, Henan branch. From 1983 to 1996, he served as Section Chief and Deputy Division Chief of Life Division of PICC Henan branch. Mr. Su has over 26 years experience in the life insurance industry and assurance management. Mr. Su acted as Director of China Life Property and Casualty Insurance Company Limited from November 2006 and became the Director of Insurance Professional College from December 2006 and Director of China Life Security Insurance Agency Company Limited from December 2007. He served as an Executive Director of China Life Insurance Co. Ltd. from July 1, 2014 to May 8, 2015. Mr. Su studied in Banking School of Henan Province in 1983 and graduated in Wuhan University in 1998 with a Bachelor’s Degree in Insurance and Finance, majoring in Insurance.

CEO Compensation
  • Hengxuan's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Hengxuan's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the China Life Insurance management team in years:

2.6
Average Tenure
51.5
Average Age
  • The tenure for the China Life Insurance management team is about average.
Management Team

Bin Wang

TITLE
Chairman of the Board
AGE
61

Hengxuan Su

TITLE
President
AGE
56

Peng Zhao

TITLE
VP & In Charge of Finance
COMPENSATION
CN¥2M
AGE
47

Holly Yang

TITLE
GM of the Operation Service Center & Director of Operations
COMPENSATION
CN¥1M
AGE
52
TENURE
1.3 yrs

Ruan Qi

TITLE
Vice President
COMPENSATION
CN¥2M
AGE
53
TENURE
2.8 yrs

Chongmiao Xu

TITLE
GM of the Legal & Compliance Department and Compliance & Legal Officer
COMPENSATION
CN¥717K
AGE
50
TENURE
4.8 yrs

Zhong Zhan

TITLE
Marketing Director
COMPENSATION
CN¥1M
AGE
51
TENURE
1.9 yrs

Mingguang Li

TITLE
Chief Actuary
COMPENSATION
CN¥2M
AGE
50
TENURE
7.3 yrs

Song Ping

TITLE
GM of the Administration Office & Supervisor
AGE
55
TENURE
2.5 yrs

Victor Heng

TITLE
Company Secretary
AGE
42
Board of Directors Tenure

Average tenure and age of the China Life Insurance board of directors in years:

1.7
Average Tenure
56.5
Average Age
  • The average tenure for the China Life Insurance board of directors is less than 3 years, this suggests a new board.
Board of Directors

Hengxuan Su

TITLE
President
AGE
56
TENURE
1 yrs

Mingguang Li

TITLE
Chief Actuary
COMPENSATION
CN¥2M
AGE
50
TENURE
0.2 yrs

Song Ping

TITLE
GM of the Administration Office & Supervisor
AGE
55
TENURE
1.3 yrs

Yuzeng Jia

TITLE
Chairman of the Board of Supervisors
COMPENSATION
CN¥354K
AGE
57
TENURE
1 yrs

Bin Wang

TITLE
Chairman of the Board
AGE
61
TENURE
0.6 yrs

Stephen Chang

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥320K
AGE
71
TENURE
4.8 yrs

Bajak Pike

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥320K
AGE
68
TENURE
4 yrs

Xin Tang

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥320K
AGE
48
TENURE
3.3 yrs

Elsie Leung

TITLE
Independent Non-Executive Director
COMPENSATION
CN¥300K
AGE
80
TENURE
3 yrs

Huimin Liu

TITLE
Non-Executive Director
AGE
54
TENURE
2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
X
Management checks
We assess China Life Insurance's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. China Life Insurance has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

CLF News

Simply Wall St News

CLF Company Info

Description

China Life Insurance Company Limited, together with its subsidiaries, operates as a life insurance company in the People’s Republic of China. It operates in four segments: Life Insurance Business, Health Insurance Business, Accident Insurance Business, and Other Businesses. The company offers individual and group life, annuity, accident, and health insurance products, as well as pension products. It is also involved in the asset management, annuity, retirement properties investment, fund management, financial service, health management, investment, investment management, and reinsurance businesses. China Life Insurance Company Limited sells its products through agents, direct sales representatives, and dedicated and non-dedicated agencies. The company was founded in 1949 and is headquartered in Beijing, the People’s Republic of China. China Life Insurance Company Limited is a subsidiary of China Life Insurance (Group) Company Limited.

Details
Name: China Life Insurance Company Limited
CLF
Exchange: DB
Founded: 1949
HK$98,908,742,743
28,264,705,000
Website: http://www.e-chinalife.com
Address: China Life Insurance Company Limited
China Life Plaza,
12th Floor,
Beijing,
100033,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SEHK 2628 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 18. Dec 2003
OTCPK CILJ.F Foreign Shares-Foreign Listed Pink Sheets LLC US USD 18. Dec 2003
DB CHL Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 18. Dec 2003
SHSC 2628 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 18. Dec 2003
SZSC 2628 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 18. Dec 2003
NYSE LFC ADR EACH REP 15 ORD 'H'CNY1 New York Stock Exchange US USD 17. Dec 2003
SHSE 601628 Domestic Shares Shanghai Stock Exchange CN CNY 09. Jan 2007
DB CLF ADR EACH REP 15 ORD 'H'CNY1 Deutsche Boerse AG DE EUR 17. Dec 2003
XSSC 601628 Domestic Shares Shanghai Stock Exchange - Shanghai - Hong Kong Stock Connect CN CNY 09. Jan 2007
BMV LFC N ADR EACH REP 15 ORD 'H'CNY1 Bolsa Mexicana de Valores MX MXN 17. Dec 2003
Number of employees
Current staff
Staff numbers
102,817
China Life Insurance employees.
Industry
Life and Health Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/19 20:33
End of day share price update: 2019/07/19 00:00
Last estimates confirmation: 2019/07/19
Last earnings filing: 2019/04/25
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.