| 保险 | 收盘价 | | 目标价 | 潜在涨幅 | 2025 年 4 月 30 日 | | --- | --- | --- | --- | --- | --- | | 港元 | | 27.40 | 港元 36.00 | +31.4% | | | 新华保险 (1336 HK) | | | | | | 交银国际研究 公司更新 资产、负债两端增长强劲，需关注净资产下降；维持买入 财务数据一览 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 71,547 | 132,555 | 131,771 | 136,587 | 140,751 | | 同比增长 (%) | -33.8 | 85.3 | -0.6 | 3.7 | 3.0 | | 净利润 (百万人民币) | 8,712 | 26,229 | 23,506 | 24,875 | 26,066 | | 每股盈利 (人民币) | 2.79 | 8.41 | 7.53 | 7.97 | 8.35 | | 同比增 ...

交银国际研究 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 71,547 | 132,555 | 131,771 | 136,587 | 140,751 | | 同比增长 (%) | -33.8 | 85.3 | -0.6 | 3.7 | 3.0 | | 净利润 (百万人民币) | 8,712 | 26,229 | 23,506 | 24,875 | 26,066 | | 每股盈利 (人民币) | 2.79 | 8.41 | 7.53 | 7.97 | 8.35 | | 同比增长 (%) | -59.5 | 201.1 | -10.4 | 5.8 | 4.8 | | 前EPS预测值 (人民币) | | | 7.24 | 7.64 | 7.97 | | 调整幅度 (%) | | | 4.1 | 4.3 | 4.8 | | 市盈率 (倍) | 9.2 | 3.1 | 3.4 | 3.2 | 3.1 | | 每股内含价值 (人民币) | 80.29 | 8 ...

Financial Performance - The company reported a revenue of RMB 33,402 million for Q1 2025, representing a 26.1% increase compared to RMB 26,479 million in the same period last year[8]. - Net profit attributable to shareholders reached RMB 5,882 million, up 19.0% from RMB 4,942 million year-on-year[8]. - The consolidated operating revenue for the three months ended March 31, 2025, was RMB 33,402 million, representing a 26.2% increase from RMB 26,479 million in the same period of 2024[26]. - The net profit attributable to shareholders of the parent company for the three months ended March 31, 2025, was RMB 5,882 million, up 19.2% from RMB 4,942 million in the same period of 2024[27]. - The basic and diluted earnings per share for the three months ended March 31, 2025, were both RMB 1.89, compared to RMB 1.58 for the same period in 2024[27]. - The total comprehensive income for the three months ended March 31, 2025, was RMB (16,356) million, compared to RMB (11,061) million in the same period of 2024[27]. Business Growth - The company's new business value increased by 67.9% year-on-year, driven by a significant rise in first-year premium income[15]. - The first-year premium income for long-term insurance was RMB 27,236 million, a remarkable growth of 149.6% compared to the previous year[15]. - The first-year premium for long-term insurance in the individual insurance channel grew significantly by 149.6% to RMB 27,236 million from RMB 10,910 million year-on-year[18]. - The bancassurance channel achieved a premium income of RMB 26,889 million, marking a 69.4% increase from RMB 15,875 million in the previous year[20]. - The first-year premium for long-term insurance in the bancassurance channel increased by 168.2% to RMB 15,057 million from RMB 5,615 million year-on-year[20]. - The company reported a 298.4% increase in single premium income for long-term insurance, reaching RMB 7,765 million compared to RMB 1,949 million in the previous year[18]. - The group insurance channel's premium income rose by 18.6% to RMB 1,776 million, with short-term insurance premiums increasing by 13.8% to RMB 1,530 million[19]. - The average monthly performance of the high-quality marketing team in the individual insurance channel showed a double-digit growth year-on-year[18]. - The company is focusing on enhancing its marketing capabilities and optimizing its business structure to drive future growth[19]. Assets and Liabilities - The total assets of the company at the end of the reporting period were RMB 1,753,416 million, reflecting a 3.6% increase from RMB 1,692,297 million at the end of the previous year[8]. - The total assets of the company as of March 31, 2025, amounted to RMB 1,753,416 million, an increase from RMB 1,692,297 million at the end of 2024[24]. - The total liabilities as of March 31, 2025, amounted to RMB 1,673,537 million, an increase of 4.9% compared to RMB 1,596,028 million as of December 31, 2024[25]. - The total liabilities and equity as of March 31, 2025, were RMB 1,753,416 million, an increase from RMB 1,692,297 million as of December 31, 2024[25]. - The total equity attributable to shareholders of the parent company decreased to RMB 79,849 million as of March 31, 2025, from RMB 96,240 million as of December 31, 2024[25]. Cash Flow - The net cash flow from operating activities decreased by 10.8% to RMB 33,588 million from RMB 37,658 million in the previous year[8]. - Total cash inflow from operating activities for the three months ended March 31, 2025, was RMB 72,710 million, an increase from RMB 61,713 million in the same period of 2024, representing a growth of 17.8%[28]. - Cash outflow from operating activities totaled RMB 39,122 million, compared to RMB 24,055 million in the prior year, indicating a significant increase of 62.8%[28]. - Net cash flow from operating activities was RMB 33,588 million, down from RMB 37,658 million year-over-year, reflecting a decrease of 10.4%[28]. - Cash inflow from investment activities reached RMB 203,951 million, up from RMB 145,063 million in the previous year, marking an increase of 40.5%[29]. - Cash outflow from investment activities was RMB 229,217 million, compared to RMB 136,801 million in the same period of 2024, representing an increase of 67.4%[29]. - Net cash flow from investment activities was negative at RMB 25,266 million, a decline from a positive RMB 8,262 million in the prior year[29]. - Cash inflow from financing activities totaled RMB 9,947 million, significantly higher than RMB 805 million in the same period of 2024[29]. - Cash outflow from financing activities was RMB 15,032 million, down from RMB 43,244 million year-over-year, indicating a decrease of 65.3%[29]. - The net increase in cash and cash equivalents for the period was RMB 3,212 million, compared to RMB 3,567 million in the previous year[29]. - The ending balance of cash and cash equivalents was RMB 41,644 million, up from RMB 25,355 million as of March 31, 2024, reflecting a growth of 64.3%[29]. Investment Performance - The annualized total investment return rate for the first quarter of 2025 was 5.7%, while the annualized comprehensive investment return rate was 2.8%[21]. - The investment income for the three months ended March 31, 2025, was RMB 9,772 million, a significant recovery from a loss of RMB 1,719 million in the same period of 2024[26].

Financial Performance - The company achieved a total insurance premium income of CNY 170.51 billion in 2024, representing a year-on-year increase of 2.8%[28]. - The net profit attributable to shareholders reached CNY 26.23 billion, marking a 201.1% increase year-on-year, achieving a historical high[28]. - Total revenue for 2024 reached CNY 132,044 million, an increase of 82.7% compared to CNY 72,254 million in 2023[63]. - Pre-tax profit surged to CNY 28,141 million, reflecting a 410.3% increase from CNY 5,515 million in the previous year[63]. - The net cash flow from operating activities was CNY 96,290 million, a 5.2% increase from CNY 91,548 million in 2023[63]. - Total assets at the end of 2024 amounted to CNY 1,692,297 million, a 20.6% increase from CNY 1,403,257 million in 2023[65]. - The equity attributable to shareholders decreased by 8.4% to CNY 96,240 million from CNY 105,067 million in 2023[65]. - The company achieved a net profit attributable to shareholders of 26,229 million yuan in 2024, a 201.1% increase compared to 8,712 million yuan in 2023[71]. - The average earnings per share reached 8.41 yuan in 2024, reflecting a 201.4% increase from 2.79 yuan in 2023[66]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.54 per share for the mid-year, totaling RMB 1.685 billion, and a proposed year-end cash dividend of RMB 1.99 per share, totaling RMB 6.208 billion, amounting to a total cash dividend of RMB 7.893 billion for 2024, which represents approximately 30.1% of the net profit attributable to shareholders[4]. - The company plans to distribute a total dividend of CNY 78.93 million for the year, representing 30.1% of net profit attributable to shareholders[55]. Investment and Asset Management - The total investment scale as of December 31, 2024, was CNY 1,629.36 billion, with an overall investment return rate of 5.8%[29]. - The company established a fund with a total scale of CNY 50 billion, focusing on investments in high-quality listed companies in the secondary market[29]. - The company increased its investment management capabilities, establishing a CNY 50 billion private equity securities investment fund to inject stable long-term capital into the market[54]. - The total investment income reported was CNY 79.69 billion, a significant increase of 251.6% compared to CNY 22.66 billion in 2023[109]. - The investment portfolio's comprehensive investment return rate was 8.5%, while the total investment return rate was 5.8%, and the net investment return rate was 3.2%[106][110]. Solvency and Risk Management - The comprehensive solvency adequacy ratio was reported at 217.55%, down from 278.43% in the previous year[20]. - The core solvency adequacy ratio was reported at 124.07%, down from 157.01% in the previous year[20]. - The company will strengthen its risk management framework in response to complex international and domestic environments, ensuring effective operation of risk management systems[131][132]. Product Development and Innovation - By the end of 2024, the company had developed 176 insurance products, enhancing its diversified product offerings[37]. - The company launched 58 new products in 2024, enhancing its offerings in health, retirement, accident, medical, and wealth management insurance[96]. - The company is committed to innovation across product, service, system, and organizational aspects to enhance its core insurance business[129]. Customer Engagement and Service - The individual life insurance business's 13-month persistency rate improved to 95.7%, an increase of 5.9 percentage points year-on-year[36]. - The company established a service ecosystem covering the entire customer lifecycle, introducing competitive products and enhancing sales team development[53]. - The company focused on a customer-centric strategy, optimizing product structure and improving service quality to enhance customer loyalty[36]. Leadership and Governance - The company has appointed Mr. Pan Xing as the Chief Actuary, pending regulatory approval[3]. - The company has appointed Gong Xingfeng as the executive director and president, effective from December 2024[169]. - The company continues to focus on enhancing its governance structure and ensuring compliance with relevant laws and regulations[173]. Future Outlook and Strategic Goals - The company aims to enhance its market competitiveness and deepen reform and transformation efforts in 2025[57]. - The focus will be on developing a comprehensive financial service ecosystem to meet diverse customer needs in wealth management and healthcare[58]. - The company aims to deepen supply-side reforms, focusing on health, retirement, and wealth management opportunities, and to build a customer-centric development system[129].

Dividends and Profit Distribution - New China Life Insurance Company announced a total cash dividend of RMB 7.893 billion for 2024, accounting for 30.1% of the net profit attributable to shareholders[7]. - The company plans to distribute a final cash dividend of RMB 1.99 per share, totaling RMB 6.208 billion, pending shareholder approval[7]. - The interim cash dividend distributed in 2024 was RMB 0.54 per share, amounting to RMB 1.685 billion[7]. - The company plans to distribute a cash dividend of 1.99 yuan per share for the year-end, totaling 62.08 billion, which is an increase of 197.6% compared to the previous year[30]. Financial Performance - The total revenue for 2024 reached 170,511 million, an increase from 165,903 million in 2023[23]. - The net profit attributable to shareholders reached CNY 26.229 billion, a significant increase of 201.1%, marking a historical high[31]. - The total assets grew by 20.6% to 1,692,297 million from 1,403,257 million in 2023[68]. - The pre-tax profit surged to 28,141 million, reflecting a 410.3% increase from 5,515 million in 2023[66]. - Operating cash flow increased by 5.2% to 96,290 million, compared to 91,548 million in 2023[66]. Risk Management - The company faces various risks including market risk, credit risk, insurance risk, operational risk, reputational risk, strategic risk, and liquidity risk, which are being effectively managed[7]. - The company acknowledges potential risks from a complex international environment and changing demographic and customer needs, requiring ongoing risk management attention[134]. - To address risks, the company will optimize its comprehensive risk management system and strengthen risk management mechanisms and execution[135]. Investment and Asset Management - The company's investment scale reached CNY 1,629.36 billion, with a total investment return rate of 5.8% and a comprehensive investment return rate of 8.5%[32]. - The company has supported real economy investments totaling 1,088.8 billion, with approximately 483.3 billion allocated to national strategic investments[29]. - The company plans to continue focusing on long-term value and strategic investments to support the real economy[108]. - The company's total investment assets reached 1,629,361 million, a 21.1% increase from 1,345,475 million in 2023[111]. Product Development and Innovation - The company launched 58 new insurance products in 2024, covering various areas including health, retirement, and wealth management[99]. - The company is investing in R&D for new technologies, allocating $D million towards innovation initiatives aimed at enhancing product offerings[5]. - The company is focusing on a customer-centric strategy and has developed a multi-dimensional product supply system to meet diverse insurance needs[60]. Management and Governance - The company has appointed Mr. Pan Xing as the Chief Actuary, pending regulatory approval[6]. - The company has a diverse board with members holding various significant positions in other financial institutions, enhancing its governance and strategic direction[179][180][181][182]. - The total pre-tax remuneration for the company's directors, supervisors, and senior management during the reporting period amounted to CNY 16.814 million[200]. Customer Engagement and Satisfaction - Customer satisfaction metrics have improved, with a G% increase in positive feedback from users regarding recent product updates[8]. - The retention rate for individual life insurance business improved, with a 13-month retention rate of 95.7%, up 5.9 percentage points year-on-year[84]. Future Outlook - The company emphasizes that forward-looking statements regarding future plans and strategies do not constitute a commitment to investors[7]. - The insurance industry in China is expected to benefit from a long-term positive economic trend, with a focus on high-quality development and risk prevention as outlined in the "New National Ten Measures"[131]. - By 2025, the company plans to implement a "steady progress" approach, emphasizing customer-centric reforms and improving resource allocation efficiency[133].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised from HKD 20.5 to HKD 30.5, indicating a potential upside of 18.2% from the current closing price of HKD 25.80 [1][2][3]. Core Insights - The company has demonstrated significant earnings resilience, with a net profit growth of 116.7% year-on-year for the first three quarters, slightly exceeding the previously forecasted range of 95-115% [1][2]. - The new business value growth rate of 79.2% year-on-year is leading among peers, reflecting strong performance in the insurance sector [2]. - Investment income has seen a notable increase, with a total investment return rate of 6.8%, up 4.5 percentage points year-on-year, outperforming industry peers [2]. - The company is optimizing its premium structure, although it still relies heavily on bank insurance channels, with a 1.9% year-on-year increase in premium income [1][2]. Financial Performance Summary - For 2024, the company is projected to achieve a net profit of RMB 26,044 million, representing a 198.9% increase compared to 2023 [5][10]. - The total revenue for 2024 is estimated at RMB 140,014 million, reflecting a significant recovery from a 33.8% decline in 2023 [5][10]. - The company’s investment assets are expected to grow by 20.2% in 2024, contributing to overall financial stability [11]. - The report highlights a projected return on average equity (ROAE) of 25.2% for 2024, indicating strong profitability [11]. Business Metrics - The company’s new business value is expected to reach RMB 5,680 million in 2024, with a year-on-year growth rate of 87.8% [7][11]. - The insurance service revenue is projected to decline slightly by 3.0% in 2024, but investment income is expected to rebound significantly [6][10]. - The company’s market capitalization is approximately HKD 135.4 billion, with a daily trading volume of 16.92 million shares [4].

Financial Performance - Total revenue for Q3 2024 reached RMB 51,365 million, representing a 297.8% increase compared to the same period last year[4] - Net profit attributable to shareholders for Q3 2024 was RMB 9,597 million, with a significant increase of 116.7% year-on-year[4] - Basic and diluted earnings per share for Q3 2024 were both RMB 3.08, reflecting a 116.7% increase compared to the previous year[4] - Net profit attributable to shareholders after deducting non-recurring gains and losses for the year-to-date period was RMB 20,713 million, a 116.6% increase compared to the same period last year[11] - Net profit attributable to shareholders of the parent company for the nine months ended September 30, 2024, was RMB 20,680 million, up from RMB 9,542 million in the same period of 2023, indicating a growth of 117%[27] - The company reported a total profit of RMB 23,281 million before income tax for the nine months ended September 30, 2024, compared to RMB 8,685 million in the same period of 2023[28] Assets and Liabilities - Total assets as of September 30, 2024, amounted to RMB 1,667,028 million, an 18.8% increase from the end of the previous year[5] - The total liabilities increased to RMB 1,575,961 million as of September 30, 2024, from RMB 1,298,165 million at the end of 2023[22] - The company's cash and cash equivalents increased to RMB 23,467 million from RMB 21,808 million at the end of 2023[21] - The company's retained earnings rose to RMB 109,354 million as of September 30, 2024, compared to RMB 92,124 million at the end of 2023[23] - The total assets of the company as of September 30, 2024, amounted to RMB 1,667,028 million, compared to RMB 1,403,257 million at the end of 2023[21] Solvency Ratios - Core solvency ratio improved to 130.53% as of September 30, 2024, up from 122.57% at the end of Q2 2024[9] - Comprehensive solvency ratio slightly decreased to 223.20% from 225.20% in the previous quarter[9] Cash Flow - Net cash flow from operating activities for the year-to-date period was RMB 88,788 million, showing an 11.5% increase year-on-year[4] - For the nine months ended September 30, 2024, the total cash inflow from operating activities was RMB 158,928 million, a decrease of 2.1% compared to RMB 162,082 million for the same period in 2023[33] - The net cash flow from operating activities increased to RMB 88,788 million, up 11.5% from RMB 79,611 million in the previous year[33] - Cash inflow from investment activities totaled RMB 429,873 million, down 3.4% from RMB 444,967 million in the same period last year[34] - The net cash flow from investment activities was negative at RMB 167,357 million, compared to a negative RMB 123,824 million in the previous year, indicating a significant increase in cash outflow[34] - Cash inflow from financing activities reached RMB 100,977 million, a substantial increase of 49.4% from RMB 67,553 million in the same period of 2023[35] - The net cash flow from financing activities was RMB 80,177 million, up 84.3% from RMB 43,553 million in the previous year[35] - The total cash and cash equivalents at the end of the period stood at RMB 23,447 million, an increase from RMB 16,983 million at the end of September 2023[36] Insurance Premiums and Income - The company achieved original insurance premium income of RMB 145.644 billion, a year-on-year increase of 1.9%[14] - The first-year premium income for long-term insurance reached RMB 34.147 billion, a decrease of 12.7% compared to the previous year[14] - The company reported a renewal premium income of RMB 108.226 billion, reflecting a year-on-year growth of 7.8%[14] - The individual insurance channel generated premium income of RMB 97.791 billion, up 1.3% year-on-year, with first-year premium income for long-term insurance growing by 18.8%[16] - The bancassurance channel reported premium income of RMB 45.309 billion, a year-on-year increase of 2.9%, with first-year premium income for long-term insurance rising by 6.3%[16] - The group insurance channel achieved premium income of RMB 2.544 billion, an increase of 8.7% year-on-year, with short-term insurance premiums growing by 4.2%[17] - The company maintained a low surrender rate of 1.3%, down 0.2 percentage points from the previous year[14] - The total premium income from individual insurance channels reached RMB 97,791 million, a 1.3% increase compared to RMB 96,556 million in the previous year[18] - The first-year premium for long-term insurance in the individual channel increased by 16.6% to RMB 12,415 million from RMB 10,644 million[18] - The first-year premium for long-term insurance in the bancassurance channel decreased by 24.1% to RMB 21,553 million from RMB 28,385 million[18] - The total premium income from group insurance increased by 8.7% to RMB 2,544 million compared to RMB 2,341 million in the previous year[18] Investment Performance - The annualized total investment return rate for the company's investment assets was 6.8%, while the annualized comprehensive investment return rate was 8.1%, up from 3.0% in the same period last year[19] - The total investment assets of the company were RMB 16,067.06 billion as of September 30, 2024[19] - Investment income surged to RMB 5,134 million, compared to RMB 211 million in the previous year, reflecting a substantial growth in investment performance[25] - The company achieved a total investment income of RMB 5,134 million, a notable increase from RMB 483 million in the same period of 2023[25] Operating Expenses - The company incurred a total operating expense of RMB (83,640) million, an increase from RMB (53,144) million in the same period of 2023[25] - Other comprehensive income after tax for the nine months ended September 30, 2024, was RMB (32,041) million, compared to RMB (12,162) million in the same period of 2023[29] - The company recognized credit impairment losses of RMB (1,766) million, significantly higher than RMB (262) million in the previous year, impacting net profit[25] - The company’s total comprehensive income for the nine months ended September 30, 2024, was RMB (11,358) million, compared to RMB (2,618) million in the same period of 2023[31]

新華人壽保險股份有限公司 NEW CHINA LIFE INSURANCE COMPANY LTD. (於中華人民共和國註冊成立的股份有限公司) 股份代號 : 01336 中 期 報 告 4 4 0 E anillilli l 新华保险 关 爱 人 生 每 一 天 重要 提示 1. 本公司董事會、監事會及董事、監事、高級管理人員保證本報告內容的真實、準確、完整，不存在虛假記載、 誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 2. 本公司第八屆董事會第二十四次會議於2024年8月29日審議通過了《2024年中期報告》。會議應出席董事11人，親 自出席董事11人。 3. 本公司2024年中期簡明合併財務報告根據國際會計準則理事會頒佈的《國際財務報告準則第17號－保險合同》和 《國際財務報告準則第9號－金融工具》等國際財務報告準則編製，且未經審計。 4. 本公司擬向全體股東派發2024年中期現金股利，每股0.54元（含稅），總計約16.85億元，該利潤分配方案尚待股 東大會批准。 5. 本公司董事長楊玉成先生，總裁張泓先生，臨時財務負責人(1)、總精算師龔興峰先生以及會計機構負責人張韜先 生保證《2024年中 ...

Investment Rating - The report maintains a "Buy" rating for Xinhua Insurance (1336 HK) with a target price of HKD 20.50, indicating a potential upside of 21.2% from the current price of HKD 16.92 [1][9]. Core Insights - The company's net profit for the first half of the year increased by 11.1% year-on-year, with a significant recovery in Q2, where profits rose by 101% compared to the same period last year [1]. - New business value grew by 57.7% year-on-year, leading the industry, with contributions from individual insurance and bancassurance channels [1]. - Investment income saw a substantial increase of 43.3% year-on-year, with total investment assets growing by 7% since the beginning of the year [1]. Financial Performance Summary - **Revenue**: The company's revenue for 2023 is projected at RMB 71,547 million, a decrease of 33.8% from 2022, with a recovery expected in 2024 with a growth of 29% [2][10]. - **Net Profit**: The net profit for 2023 is estimated at RMB 8,712 million, down 59.5% from 2022, but expected to rebound to RMB 15,015 million in 2024, reflecting a growth of 72.4% [2][10]. - **Earnings Per Share (EPS)**: EPS is projected to be RMB 2.79 in 2023, with a significant increase to RMB 4.81 in 2024 [2][10]. - **Investment Returns**: The annualized net investment return is 3.2% for the first half of the year, with total investment return at 4.8%, showing a year-on-year improvement [1][11]. Business Metrics - **New Business Value**: The new business value for 2023 is projected at RMB 3,024 million, with a significant increase to RMB 5,094 million in 2024, marking a growth of 68.5% [6][7]. - **Insurance Premiums**: The insurance service revenue for 2023 is expected to be RMB 48,045 million, with a decline from 2022, but a recovery is anticipated in subsequent years [10][11]. - **Total Assets**: Total assets are projected to grow from RMB 1,403,257 million in 2023 to RMB 1,539,327 million in 2024, reflecting a growth rate of 9.7% [10][11].

Dividend and Shareholder Information - The company plans to distribute a mid-term cash dividend of RMB 0.54 per share, totaling approximately RMB 1.685 billion, pending shareholder approval[4] - The company declared dividends amounting to RMB 2,652 million during the period[183] - The total number of shares outstanding is 3,119,546,600, with 66.85% being RMB ordinary shares and 33.15% being H shares[152] - The company has a total of 80,454 shareholders, with 80,168 being A-share shareholders and 286 being H-share shareholders[154] - The top shareholder, Central Huijin Investment Ltd., holds 977,530,534 shares, representing 31.34% of the total shares[155] Financial Performance - Total revenue for the first half of 2024 was CNY 55.31 billion, representing a 13.0% increase compared to CNY 48.95 billion in the same period of 2023[29] - The net profit attributable to shareholders for the first half of 2024 was CNY 11.08 billion, an increase of 11.1% from CNY 9.98 billion in the previous year[29] - The company's total assets as of June 30, 2024, were CNY 1,494.68 billion, reflecting a 6.5% increase from CNY 1,403.26 billion at the end of 2023[30] - The return on equity for the first half of 2024 was 11.21%, up from 8.68% in the same period of 2023, an increase of 2.53 percentage points[32] - The company's total comprehensive income for the first half of 2024 was a loss of CNY 12.384 billion, compared to a gain of CNY 1.338 billion in the same period last year[37] Risk Management - The company has adopted various measures to effectively manage and control risks, including market risk, credit risk, insurance risk, operational risk, reputational risk, strategic risk, and liquidity risk[4] - The company will strengthen its risk management framework in response to ongoing complexities in the international environment and domestic low-interest rate conditions[87][88] - The company recognizes the need for continuous monitoring of key risk areas due to significant changes in the economic environment and customer demands[87] - The group emphasizes the importance of risk management in its financial operations to safeguard against unforeseen market changes[196] Investment and Asset Management - As of June 30, 2024, the company's investment scale was CNY 1,438.991 billion, growing by 7.0% year-on-year, with an annualized total investment return rate of 4.8%[18] - The company reported a significant increase of 214.8% in investments in joint ventures and associates, rising to CNY 16.29 billion from CNY 5.17 billion in the previous year[62] - The company dynamically adjusted its asset allocation in response to changes in equity and interest rate markets, successfully capturing trading opportunities[61] - The company has a total investment balance of CNY 198.51 billion aimed at supporting traditional industries in energy conservation and carbon reduction[132] Business Operations and Strategy - The company operates under the supervision of the China Banking and Insurance Regulatory Commission, ensuring compliance with regulations[6] - The company aims to enhance core competitiveness by focusing on customer-centric professional and market-oriented reforms, improving product competitiveness, and expanding brand influence[86] - The company has established partnerships with major reinsurers, including Swiss Re and Munich Re, to ensure the safety and quality of its reinsurance business[83] - The company is actively integrating digital technologies such as cloud computing and big data into its operations to enhance management capabilities[22] Customer Engagement and Services - The online customer service platform "Zhangshang Xinhua" APP added 1.6 million new users in the first half of 2024, bringing the total user count to over 6 million[22] - The company has established a comprehensive elderly care service system, with new projects being accelerated in Shanghai and Hangzhou[19] - The company has covered over 16 million customers through 25 public welfare insurance projects in the first half of 2024[49] Compliance and Governance - The board of directors confirmed the accuracy and completeness of the financial report, with no significant omissions or misleading statements[4] - The company held two shareholder meetings and eight board meetings during the reporting period, ensuring compliance with governance standards[119] - The independent actuary confirmed that the company's methods and assumptions for calculating embedded value are consistent with industry standards and market information[90][92] Employee Development - In the first half of 2024, the company conducted nearly 10,000 training sessions for its individual insurance channel, training over 600,000 participants, with an average learning duration of 46 hours per person, a 37% increase year-on-year[129] - As of June 30, 2024, the company has signed labor contracts with a total of 30,221 employees across its main subsidiaries[129] Social Responsibility - The company provided CNY 10.4 million in charitable support for rural revitalization, effectively implementing 21 assistance projects[24] - The company has engaged in 2,113 volunteer activities with a total of 34,709 volunteers, contributing 46,288.5 hours of service in the first half of 2024[134] - The company has been recognized with the "2024 Golden Bee Corporate Social Responsibility - China List - ESG Competitiveness - Rural Revitalization" award[133]