Recently, CCB Life disclosed its solvency report for the fourth quarter of 2023.
According to the solvency report, in the fourth quarter of 2023, CCB Life's insurance business revenue was 395.5 billion yuan, a decrease of 092%；Net profit loss of 232.2 billion yuan.
In 2023, CCB Life's cumulative insurance business income will be 3971.3 billion yuan, down 206%；Net profit loss of 429.9 billion yuan, a further increase from the loss in 2022.
In terms of solvency adequacy ratio, at the end of the fourth quarter of 2023, CCB Life's total assets were 2,9040.5 billion yuan, the core solvency adequacy ratio was 95%, and the comprehensive solvency adequacy ratio was 174%, both lower than the average of the insurance industry.
In 2023, the net profit loss will be 4.3 billion yuan, and the premium income will drop by more than 10 billion.
CCB Life is a life insurance company controlled by China Construction Bank, headquartered in Shanghai, and is one of the first batch of bank-controlled insurance companies approved by the first batch of banks. The company was founded in 1998 and became a member of China Construction Bank Group through equity conversion in 2011.
In September 2023, CCB Life announced that with the approval of the Regulatory Bureau, Lin Shunhui will serve as the chairman of the company from September 19, 2023. According to public information, since Lin Shunhui joined China Construction Bank in 1989, he has served as a member of the Party Committee and vice president of the Xiamen Branch, and a member of the Party Committee and vice president of the Shanghai Branch.
According to the solvency report, in the fourth quarter of 2023, CCB Life's insurance business revenue was 395.5 billion yuan, a decrease of 092%；Net profit loss of 232.2 billion yuan.
In 2023, CCB Life Insurance will have a revenue of 3971.3 billion yuan, a decrease of more than 10 billion yuan from 2022, a year-on-year decrease of 206%。
It should be noted that while CCB Life's premium income decreased, its net profit loss continued to expand. In 2023, CCB Life's net profit will be a loss of 429.9 billion yuan.
The core solvency adequacy ratio is lower than the average of the insurance industry.
In terms of solvency adequacy ratio, at the end of the fourth quarter of 2023, CCB Life's total assets were 2,9040.5 billion yuan, the core solvency adequacy ratio was 95%, and the comprehensive solvency adequacy ratio was 174%, both of which were higher than the previous quarter, but still lower than the average of the insurance industry.
In September 2023, the State Administration of Financial Supervision and Administration issued the Notice on Optimizing the Regulatory Standards for the Solvency of Insurance Companies. According to the Notice, "for life insurance companies, the minimum capital of companies with total assets of more than 50 billion yuan and less than 500 billion yuan shall be calculated according to 95% of the solvency adequacy ratio".
According to data released by the national financial regulator on February 21, 2024, at the end of the fourth quarter of 2023, the comprehensive solvency adequacy ratio of the insurance industry was 1971% and the core solvency adequacy ratio was 1282%。Among them, the comprehensive solvency adequacy ratio of life insurance companies was 1867% and the core solvency adequacy ratio were 1105%。CCB Life's comprehensive solvency adequacy ratio and core solvency adequacy ratio are both lower than the average of the insurance industry.
In terms of investment yield, in the fourth quarter of 2023, CCB Life's investment yield was 022%, a decrease of 1 from the same period last year08 percentage points; Annual cumulative investment rate of return 261%, a decrease of 191 percentage points.
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