Looking back at 2022, the insurance industry was not only impacted by the pandemic, but also regulatory changes, which led to a change in the Company’s product mix. China Life maintained steady organization development despite challenges in the market, and grew in terms of number of sales personnel, digital insurance sales, and bancassurance sales performance.
Channel Development Strategy
We insist on a balanced development strategy for the Company’s six major channels, and offer different products based on the unique characteristics of each channel. We are also engaging in digital transformation and meet policyholders' needs regarding protection, healthcare, investment, and asset allocation through different channels.
Financial Performance Indicators
In 2022, China Life's first year premium reached NT$70.1 billion and total premium was NT$179.3 billion, after-tax net profit was NT$13.159 billion, EPS was NT$2.67, and total assets surpassed NT$2.35 trillion at the end of 2022. China Life has delivered remarkable operational performance over the last eight years, after-tax net profit grew 40% and total assets grew more than 90%. Despite the turmoil in the global financial market and the impact of sustainability risks and opportunities brought by climate change, as well as the pandemic, China Life delivered an impressive performance in business expansion, profitability and asset quality.
Based on the principle of stable operation, China Life has developed a variety of products to meet the needs of different groups. As a result, our overall business has continued to grow, we have maintained a steady financial position, and also give consideration to the rights and interests of policyholders and shareholders. We have gained recognition from the competent authority for appropriate management of assets and liabilities and moderate capital adequacy ratio.