China Life Insurance (Group) Company (hereinafter referred to as "China Life Insurance Group") recently disclosed significant human resources and compensation data.
As a central financial enterprise with businesses spanning insurance, investment, and banking, China Life Insurance Group has made public its recent employee count and average salary information on its official website.
Analysis reveals that in 2024, the Group's average annual salary for employees reached 177,500 yuan, setting a new high for the past four years.
It is important to clarify that China Life Insurance Group and the A+H share listed "China Life" (i.e., China Life Insurance Company Limited) are not the same entity—the former is the controlling shareholder and parent company of the latter, constituting a comprehensive financial holding group encompassing multiple business formats. The data discussed in this article is based on the consolidated financial statements of China Life Insurance Group, reflecting its overall human resource investment and operational posture.
According to information disclosed on the official website, the overall compensation system of China Life Insurance Group demonstrated strong stability from 2021 to 2024.
Data shows that during these four years, the total annual wages paid by China Life Insurance Group consistently exceeded 21.6 billion yuan. Specifically, the total wages for 2021 and 2022 were roughly comparable, at approximately 25.3 billion yuan and 25.0 billion yuan respectively; an adjustment occurred in 2023, decreasing to about 21.6 billion yuan; however, by 2024, the total rapidly rebounded to 25.93 billion yuan, hitting a new four-year peak.
Concurrently, the Group's employee headcount showed a slight downward trend—gradually decreasing from 153,000 employees in 2021 to 146,000 employees in 2024.
This change did not negatively impact the average income level of employees; on the contrary, it contributed to a steady increase in per capita compensation.
The average annual employee salary slightly decreased from 165,500 yuan in 2021 to 165,300 yuan in 2022, then fell back to 145,000 yuan in 2023, but staged a strong rebound in 2024, reaching 177,500 yuan, the highest value in four years.
Analysis of information from China Life Insurance Group's official website reveals that while the total compensation has remained at a high level, the number of active employees at this insurance group has shown a slight decline for six consecutive years.
In 2019, the average number of active employees at China Life Insurance Group was 154,900, with a total actual accrued wage bill of 24.149 billion yuan for that year.
Subsequently, the employee count gradually decreased: to 153,000 in 2021, down to 151,400 in 2022, further reducing to 149,100 in 2023, and stabilizing at 146,100 in 2024.
Overall, the employee headcount has cumulatively decreased by approximately 8,800 people over the six-year period, representing a reduction of about 5.7%.
This trend is not a sudden contraction but rather the result of steady annual adjustments.
It is noteworthy that despite the decline in total employee numbers, the company has not reduced its investment in talent. On the contrary, the total wage bill rebounded to 25.93 billion yuan in 2024, and the per capita salary also reached a four-year high.
China Life Insurance Group operates eight first-tier subsidiaries, one nationwide joint-stock commercial bank, and one insurance institute, with its business scope covering three major sectors: insurance, investment, and banking.
Data indicates that in 2024, the Group's consolidated operating income exceeded 1.1 trillion yuan, its consolidated premium income surpassed 820 billion yuan, and its consolidated net profit increased significantly year-on-year; its consolidated total assets approached 7.5 trillion yuan (excluding China Guangfa Bank's 3.64 trillion yuan), and the scale of assets under management for third parties broke through the 3 trillion yuan mark.
The life insurance company under China Life Insurance Group is the world's largest single life insurer and is referred to as China's "leading goose" in the life insurance sector.
Furthermore, China Life Insurance Group also owns China Guangfa Bank, one of the first nationwide joint-stock commercial banks established in China, which became one of the first Domestic Systemically Important Banks in 2021; the Group also owns China Life Asset Management Company, one of the first batch of established insurance asset management institutions in China, which ranks first domestically in terms of assets under management. In early 2024, it jointly established Guofeng Xinghua Private Equity with New China Life Insurance's asset management arm, which operates the Honghu series of funds (specifically investing in the Chinese stock market), with scale already exceeding 100 billion yuan.
Additionally, China Life Insurance Group also has a property insurance company, a pension insurance company, an alternative investment company, and overseas companies.
Comments