中国人寿(02628) - 2024 - 中期财报

Financial Performance - Total premium income reached RMB 489,566 million, reflecting a significant growth in the insurance sector[5]. - Net profit attributable to shareholders was RMB 38,278 million, a 5.9% increase year-on-year[6]. - Total investment income for the period was RMB 122,366 million, showcasing robust investment strategies[5]. - Cash flow from operating activities reached RMB 280,552 million, a 12.5% increase from the previous year[6]. - Total revenue for the period was RMB 234,235 million, reflecting a year-on-year increase of 25.7% from RMB 186,324 million[132]. - The company reported a net profit of RMB 175.3 million for the fiscal year 2023, with a dividend distribution of RMB 0.43 per share, amounting to approximately RMB 121.54 billion[101]. - The total comprehensive income after tax amounted to RMB 29,713 million, up from RMB 26,031 million year-on-year[133]. Assets and Liabilities - Total assets increased by 7.2% to RMB 6,222,638 million compared to the end of 2023[6]. - The company’s total liabilities increased by 7.6% to RMB 5,718,505 million, primarily due to an increase in insurance contract liabilities[6]. - The total insurance contract liabilities as of June 30, 2024, were RMB 5,417,061 million, an increase of 11.5% from RMB 4,859,175 million at the end of 2023[42]. - The total equity attributable to shareholders increased to RMB 493,834 million from RMB 477,093 million, reflecting a growth of approximately 3.5%[130]. Investment Performance - Investment income surged by 140.3% to RMB 56,736 million, driven by market fluctuations and proactive investment operations[9]. - The company’s total investment assets reached RMB 608,648.5 million, an increase of 7.5% compared to the end of 2023[34]. - The proportion of bond investments increased from 55.83% at the end of 2023 to 57.36% by mid-2024[34]. - The net investment yield for the first half of 2024 was 3.03%, a decrease of 28 basis points compared to the same period in 2023[36]. Business Growth - New business value for the first half of 2024 was RMB 32,262 million, indicating strong market performance[5]. - The number of effective long-term insurance policies stood at approximately 328 million[5]. - The individual insurance channel achieved total premiums of RMB 390.13 billion, a year-on-year increase of 7.7%[21]. - The company launched 41 new insurance products in the first half of 2024, enhancing product diversity and meeting various customer needs[30]. Risk Management - The solvency adequacy ratio was reported at 205.23%, indicating strong financial health[5]. - The company maintained an A rating in comprehensive risk assessment for 24 consecutive quarters, reflecting strong risk management[11]. - The company has implemented various measures to effectively manage and control risks, including macroeconomic, insurance, and market risks[124]. Customer Engagement and Services - The company provided risk protection of RMB 50.41 trillion for rural populations, enhancing rural insurance services[10]. - The health management service capabilities were enhanced, with over 100 service items covering various health management areas[29]. - The number of registered users on the China Life Insurance APP exceeded 150 million, steadily enhancing online reach capabilities[52]. Corporate Governance - The board of directors held 8 meetings and the supervisory board held 3 meetings during the reporting period, ensuring compliance with governance standards[98]. - The company has adhered to all principles outlined in the Corporate Governance Code during the reporting period[99]. - The independent directors have actively participated in decision-making and oversight, with no objections raised during the reporting period[114]. Future Outlook - Future outlook indicates a focus on expanding market presence and enhancing product offerings, although specific numerical guidance was not provided in the report[124]. - The company plans to focus on customer-centric strategies and improve service quality while ensuring compliance with risk management standards in the second half of 2024[60]. ESG Commitment - The company is actively promoting ESG practices and deepening low-carbon services and operations[11]. - The company has invested over RMB 470 billion in green projects, enhancing its commitment to sustainable development[57]. - The company is committed to enhancing its ESG governance framework and actively participating in the "dual carbon" strategy to promote sustainable development[54].