CILJF - China Life Insurance Company Limited (CILJF) Q4 2023 Earnings Call Transcript
2024-03-28 13:08:07 ET
China Life Insurance Company Limited (CILJF)
Q4 2023 Earnings Conference Call
March 27, 2024 10:45 PM ET
Company Participants
Conference Call Participants
Presentation
Unidentified Company Representative
Good morning, ladies and gentlemen. Welcome to China Life's 2023 Annual Results Briefing. My name is [Indiscernible] Department, General Manager of the company. The Beijing and Hong Kong venues for this briefing are connected by a live video conference. We invite those who are not able to attend the briefing in person to use the dial-in facility to join or access through the live webcast.
Now, let me introduce the management attending today's briefing at Beijing and Hong Kong venues, respectively, they are, Mr. [Indiscernible], Chairman; Mr. [Indiscernible], Vice President; Mr. [Indiscernible], Vice President; Mr. [Indiscernible] Vice President and Board Secretary; Mr. [Indiscernible], Vice President; Ms. [Indiscernible], Chief Actuary, are with us in Beijing. Mr. [Indiscernible], President; Ms. [Indiscernible], person in charge of Finance appointed are with us in Hong Kong via live video conference.
Today's briefing will start with the presentation by our management team on the company's 2023 annual results, followed by a Q&A session during which our management will take questions from both Beijing and the Hong Kong venues.
Ms. Li, [Indiscernible] representative of the company will co-host the Q&A session in Hong Kong. Your questions are welcome.
Let me now hand over to our Chairman, Mr. [Indiscernible], to introduce the company's 2023 annual results.
Unidentified Company Representative
Good morning, ladies and gentlemen. Welcome to China Life 2023 annual results. Today's briefing has five parts. First, I will give a brief overview of the company's overall situation in 2023, followed by presentations by other members of the management team on the performance of the business and operations, investment, finance, and embedded value. It is important to note that the company has adopted the IFRS financial instruments and IFRS 17 insurance contracts under H share reporting and the original standards under A share reporting. Please pay attention to the referred notes in the forward-looking statements.
The year 2023 marks the beginning of the comprehensive implementation of the guiding principles of the 20th CPC National Congress, Chinese economy continued to rebound and improve, and the life insurance industry showed a clear recovery trend. China Life focused on serving the overall national development, actively leveraged insurance as an economic shock absorber and social stabilizer, keeping to the path of financial development with Chinese characteristics, and taking solid steps towards becoming a world-class enterprise.
First, we dedicated efforts to addressing the top priorities of the country. We adhered to the people-centered approach and significantly improved the coverage and accessibility of inclusive insurance services, with nearly 350 million people covered by major disease insurance, more than 30 million people covered by long-term care insurance, and a record number of customized insurance projects undertaken for cities.
We helped improve the multilevel pension insurance system, commercial pension insurance flourished. We vigorously promoted the pilot of personal pension business and the pension service system and ecosystem building continuously improved....
China Life Insurance Company Limited (CILJF) Q4 2023 Earnings Call Transcript