China Life Insurance : consolidated revenue of 638.1 billion yuan in the first half of the year – #stocks chatter


China Life Insurance : consolidated revenue of 638.1 billion yuan in the first half of the year
On July 15, China Life Insurance Group held a work meeting for the first half of 2021 in Beijing, and laid out the work priorities for the second half of 2021. It proposed to consolidate the pattern of "stability", maintain the momentum of "progress", and make every effort to complete the targets and tasks set at the beginning of the year.

Data show that in the first half of 2021, China Life Insurance Group's consolidated operating income reached 638.1 billion yuan, consolidated premium income 518.2 billion yuan, consolidated total assets (excluding China Guangfa Bank) 5.5 trillion yuan, and third-party assets under management 1.9 trillion yuan. The consolidated solvency adequacy ratio kept above 100 %, and the solvency adequacy ratios of the three insurance subsidiaries are all significantly higher than the regulatory requirements. At the same time, China Life is carrying out response and connection work of the second generation of China Risk Oriented Solvency System and Hong Kong’s solvency regulatory system.

In the first half of the year, China Life took the initiative to blend into the national coordinated development. The credit scale in core regions such as Beijing, Tianjin and Hebei, Guangdong, Hong Kong and Macao, and the Yangtze River Delta reached 898.8 billion yuan. Guangfa Bank Xiong’an Branch in Hebei Province and its property insurance company Xiong’an Branch were approved to open. It continued to serve the real economy, with an additional investment of more than 260 billion yuan. The balance of loans to small and micro businesses increased by 13.2% compared with the beginning of the year. China Life has fully supported the national "dual-carbon" target, and invested an additional 13 billion yuan in green projects, with an outstanding balance of 38.5 billion yuan in green credits.  China Life has fully participated in the consolidation and expansion of poverty alleviation achievements, and its assistance insurance coverage reached more than 10 million people in need.

Source: Economic Information Daily

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