China Life Group discloses annual average salary per employee, reaching a four-year high.

```

China Life Insurance (Group) Company (hereinafter referred to as "China Life Group") recently disclosed important human resources and compensation data.

As a central financial enterprise spanning the fields of insurance, investment, and banking, China Life Group has published its recent employee numbers and average salary information on its official website.

According to Zishitang’s summary: In 2024, the group’s average annual employee salary reached 177,500 yuan, setting a new high for the past four years.

It is important to note that China Life Group and the A+H 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 and is a comprehensive financial holding group covering multiple business sectors. The data in this article are all based on China Life Group’s consolidated caliber, reflecting its overall human resource investment and operating stance.

China Life Group Salary Data over the Past Four Years

According to information published on the official website, from 2021 to 2024, China Life Group’s overall compensation structure has shown considerable stability.

Data shows that over these four years, China Life Group paid out more than 21.6 billion yuan in total annual wages each year. In particular, total wages for 2021 and 2022 were basically the same, at about 25.3 billion yuan and 25.0 billion yuan respectively; in 2023 there was an adjustment downwards to about 21.6 billion yuan; but in 2024, the total swiftly rebounded to 25.93 billion yuan, setting a new high for the past four years.

Meanwhile, the group’s workforce has shown a slight downward trend—falling from 153,000 in 2021 to 146,000 in 2024.

This change did not impact employees’ average income levels, but in fact led to a steady increase in per capita compensation.

The average annual salary per employee dropped slightly from 165,500 yuan in 2021 to 165,300 yuan in 2022, then fell to 145,000 yuan in 2023, but strongly rebounded in 2024 to 177,500 yuan, the highest level in four years.

Employee Number Trends

Zishitang’s review of China Life Group’s official website reveals that the number of on-post employees at this insurance group has shown a slight decline for six consecutive years while total compensation remains high.

In 2019, the average number of on-post employees at China Life Group was 154,900, with total actual wages accrued that year at 24.149 billion yuan.

Since then, employee numbers have gradually dropped: 153,000 in 2021, down to 151,400 in 2022, further to 149,100 in 2023, and stabilizing at 146,100 in 2024.

Overall, over six years, employee numbers have decreased by about 8,800, a decline of approximately 5.7%.

This trend is not the result of a sudden contraction, but rather of a steady adjustment year by year.

Notably, despite the decrease in total employees, the company has not reduced its investment in talent. On the contrary, its wage bill for 2024 rebounded to 25.93 billion yuan, and per capita compensation also hit a four-year high.

Group Business Covers Insurance, Investment, and Banking

China Life Group has 8 first-tier subsidiaries, 1 nationwide joint-stock commercial bank, and 1 insurance college under its umbrella. Its business scope covers the three major sectors of insurance, investment, and banking.

Data shows: In 2024, China Life Group’s consolidated operating revenue exceeded 1.1 trillion yuan, consolidated premium income surpassed 820 billion yuan, and consolidated net profit increased significantly year-on-year. Total consolidated assets approached 7.5 trillion yuan (excluding 3.64 trillion yuan at GF Bank), with third-party assets under management exceeding 3 trillion yuan.

The life insurance company under China Life Group is the world’s largest single life insurer, known as the “leading goose” of China’s life insurance industry.

In addition, China Life Group owns GF Bank, one of the first nationwide joint-stock commercial banks in China, which became one of the first domestic systemically important banks in 2021. The group also includes a life insurance asset management company, among the first insurance asset management institutions set up in the country, with the largest asset management scale domestically. In early 2024, it also set up Guofeng Xinghua Private Fund together with New China Insurance Asset Management, and manages the Honghu Series Funds (specializing in investing in China’s stock market) with a scale now exceeding 100 billion yuan.

Besides these, China Life Group also has property insurance, pension insurance, alternative investment, and overseas companies under its umbrella.

Risk warning and disclaimerThe market has risks and investment should be done cautiously. This article does not constitute personal investment advice and does not take into account the special investment targets, financial situation, or needs of individual users. Users should consider whether any opinions, viewpoints, or conclusions in this article are suitable to their specific circumstances. Any investment based on this article is at your own risk.

```