China Life
Sphere china
Pocket
Insurance
The most state-directed insurer on the board — majority state-owned life general account.
The metrics
- Posture high
- consolidating 1 src →
- Capital · available high
- No free dry powder — the pile is a liability-matched, state-directed life general account. Deployable headroom is C-ROSS solvency surplus only; allocation is steered by Beijing. Cash figure … 1 src →
- Capital · operating high
- ~$139.6B/yr total revenue (2023, gross premiums the bulk); net result was a small LOSS (~-$841M) in 2023 — a weak investment-return year. Figures Wikipedia-reported in USD. 1 src →
- Capital · deployed high
- ~$954-958B total assets — a nearly pure life general account, so the investment portfolio is ~90%+ of that (~$850-900B est.). No banking/tech dilution. Underlying CNY, Wikipedia gives USD. 3 src →
- Capital · in med
- Gross life & annuity premium inflows ~$140B/yr (the bulk of the $139.6B revenue); domestic-only, no cross-border premium base. 1 src →
- Capital · out med
- Policy benefits/claims; state-steered investment allocation (domestic equities via vehicles like Honghu, govt bonds, strategic SOE support); dividends to the state parent. 1 src →
- Optionality high
- locked — majority state-owned (>70%), most state-directed insurer on the board; capital allocation follows national policy, not return-maximization. Liability-matched life general account on … 1 src →
- Gravity high
- ~$140B/yr GROSS premium routed — thin vs the ~$958B asset stock; no operating conglomerate or platform layer, so gravity << capital. Its weight is as a state-directed domestic capital … 1 src →
Projects & threads
No live threads tagged to this actor this week.
Vocabulary