CHINA LIFE (02628) fell more than 6% following its earnings release. As of the time of writing, the stock was down 6.14% to HKD 25.68, with a turnover of HKD 836 million. The company announced its annual results, reporting total premium income of CNY 729.887 billion, a year-on-year increase of 8.7%, marking the first time it exceeded CNY 700 billion. Operating revenue reached CNY 615.678 billion, up 16.5% year-on-year. Net profit attributable to parent company shareholders was CNY 154.078 billion, an increase of 44.1% compared to the previous year. The embedded value stood at CNY 1.47 trillion, maintaining its leading position in the industry. Huatai Securities noted that while CHINA LIFE's full-year net profit attributable to parent company shareholders was CNY 154.1 billion, it fell short of the previously expected CNY 171.8 billion, primarily due to investment volatility, though overall performance showed strong growth. Net profit for the first three quarters was CNY 167.8 billion, implying a minor loss in the fourth quarter, likely resulting from increased investment volatility and other asset impairments during the period. Calculations indicate a single-quarter loss of CNY 13.7 billion for Q4.