Financial Performance - Total assets reached RMB 520,695 million, an increase of 4.2% year-on-year[6]. - Total liabilities amounted to RMB 426,022 million, reflecting a year-on-year growth of 7.1%[6]. - Total equity decreased to RMB 94,673 million, down 7.3% compared to the previous year[6]. - Total premium income was RMB 169,765 million, representing a 4.3% increase year-on-year[6]. - Net profit fell to RMB 1,525 million, a significant decline of 74.1% year-on-year[6]. - Profit attributable to equity holders of the parent company was RMB 1,871 million, down 68.6% year-on-year[6]. - Earnings per share decreased to RMB 0.04, a drop of 68.6% compared to the previous year[6]. - Weighted average return on equity was 2.09%, down 4.32 percentage points year-on-year[7]. - Net assets per share attributable to equity holders of the parent company decreased to RMB 2.02, down 7.2% year-on-year[7]. - Total investment income dropped significantly by 63.3% to RMB 5.752 billion, with an investment yield of 1.79%, down 3.20 percentage points from 4.99% in 2021[23]. - Net profit attributable to shareholders of the parent company was RMB 1.871 billion, a decline of 68.6% from RMB 5.954 billion in 2021[24]. - The solvency ratio for the group was 157% as of December 31, 2022, down from 184% a year earlier[21]. - The company’s core solvency ratio was 635% as of December 31, 2022, unchanged from the previous year[21]. Business Segments - Property reinsurance business premium income rose by 19.0% to RMB 61.819 billion, while life reinsurance business premium income decreased by 4.3% to RMB 66.385 billion[22]. - The total premium income for the property reinsurance segment reached RMB 61.819 billion, a year-on-year increase of 19.0%, accounting for 35.4% of the group's total premium income[26]. - The net profit for the property reinsurance segment was RMB 1.065 billion, a year-on-year decrease of 55.0%, with a weighted average return on net assets of 3.82%[26]. - The life reinsurance segment's premium income was RMB 66.39 billion in 2022, a decrease of 4.3%, accounting for 38.0% of the group's total premium income[58]. - The domestic guaranteed reinsurance business generated RMB 29.07 billion in 2022, an increase of 11.6% year-on-year[60]. - The domestic savings-type reinsurance business saw a significant increase of 119.9%, reaching RMB 9.93 billion in 2022[60]. - The agricultural insurance segment generated RMB 10.911 billion in premium income, a significant increase of 35.3% year-on-year[33]. - The total premium income from overseas property reinsurance and bridge business was RMB 19.621 billion in 2022, up 16.6% year-on-year[36]. Market Position and Strategy - The group maintained the largest market share in domestic property and life reinsurance, with a risk coverage amount of RMB 42.2 trillion for key national strategic areas, up 20.3% year-on-year[13]. - The company aims to build a world-class comprehensive reinsurance group by 2035, focusing on product innovation, platform-driven strategies, and technological empowerment[15]. - The company plans to enhance its global layout and risk management capabilities as part of its high-quality development strategy initiated in 2023[16]. - The company strategically exited smaller direct insurance businesses to focus on core business areas[47]. - The company aims to focus on high-quality development, emphasizing risk management and product innovation in property reinsurance, while enhancing domestic market position[115]. Governance and Leadership - He Chunlei has been appointed as the Chairman of the Board since December 7, 2022, and has served as an Executive Director since February 2017[118]. - Zhuang Qianzhi has been appointed as the President and Executive Director since March 2023, and previously served as the Chief Risk Officer since April 2021[121]. - The company has seen a leadership transition with Zhuang Qianzhi taking over the role of President from He Chunlei in March 2023[121]. - The company has a diverse board with independent directors including Mo Jinchang and Jiang Bo, enhancing corporate governance[122]. - The company has a robust governance structure with various committees led by experienced board members[118]. - The company has maintained a strong focus on corporate governance, with multiple qualified individuals overseeing compliance and legal matters[130]. Risk Management - The company emphasizes the importance of effective risk management and internal control systems, with the board of directors responsible for overseeing these processes[175]. - The company has implemented a risk preference system that includes risk tolerance and limits, closely integrated with operational plans to guide and constrain business operations[177]. - The company has conducted three evaluations of its risk management and internal control systems in 2022, focusing on design and operational effectiveness, covering all key monitoring aspects[180]. - The company has enhanced its internal control management effectiveness by regularly assessing internal controls and dynamically identifying risk points[178]. - The company has made targeted management measures to ensure solvency adequacy before undertaking significant business activities[177]. Shareholder Communication and Dividends - The company has a dividend policy that stipulates at least 30% of the net profit attributable to shareholders of the parent company will be distributed as cash dividends annually[188]. - The board proposed a final dividend of RMB 0.014 per share, totaling approximately RMB 595 million, subject to shareholder approval[197]. - The company emphasizes effective communication with shareholders to enhance understanding of its business and improve governance[189]. - The company has established an Investor Relations Management Policy to ensure fair, timely, accurate, and effective communication with shareholders[189]. Taxation and Compliance - H-share individual shareholders from Hong Kong or Macau will have a 10% withholding tax rate on dividends[198]. - H-share individual shareholders from countries with tax agreements lower than 10% will also have a 10% withholding tax rate applied temporarily[198]. - The company strictly adheres to sanctions-related commitments and has implemented risk management policies to avoid activities that could lead to sanctions risks[191]. - The company has committed to maintaining compliance with relevant laws and regulations, ensuring no significant legal or regulatory issues affect its operations[194].
中国再保险(01508) - 2022 - 年度财报