Financial Performance - Insurance service revenue for the year ended December 31, 2023, was RMB 503.9 billion, an increase of 7.1% from RMB 468.8 billion in 2022[2] - Total operating income reached RMB 553.5 billion, up 4.7% from RMB 528.5 billion in the previous year[2] - Net profit for 2023 was RMB 30.8 billion, a decrease of 13.3% compared to RMB 35.4 billion in 2022[3] - The diluted earnings per share for the year was RMB 0.48, down from RMB 0.56 in 2022[2] - The company reported a total comprehensive income of RMB 27.4 billion, an increase from RMB 22.0 billion in the previous year[3] - The company’s total comprehensive income for the year was RMB 20,439 million, showcasing growth in profitability[5] - The company’s net profit attributable to shareholders was RMB 25,382 million for the year ended December 31, 2022[7] - The company achieved a net profit of RMB 30.81 billion in 2023, with a net profit attributable to shareholders of RMB 22.32 billion, reflecting a five-year average total investment return rate of 5.1%[36] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 1,556.7 billion, an increase of 9.9% from RMB 1,416.3 billion in 2022[4] - Total liabilities increased to RMB 1,223.8 billion, up from RMB 1,111.4 billion in the previous year[4] - The company's equity attributable to shareholders rose to RMB 243.2 billion, compared to RMB 224.2 billion in 2022[4] - The total liabilities as of December 31, 2023, were RMB 332,903 million, indicating a stable financial position[5] - The actual capital of the group as of December 31, 2023, was CNY 416.669 billion, an increase of 6.3% from the previous year[61] Investment and Income - Total investment income reached 44.115 billion yuan with an investment return rate of 3.3% in 2023[54] - The company reported a net investment income of RMB (1,407) million for 2023, compared to RMB (29,379) million in 2022[9] - Total investment income for 2023 was CNY 44.115 billion, a decrease of 19.6% year-on-year; net investment income was CNY 58.425 billion, down 2.7% year-on-year[117] - The company emphasized risk control and asset-liability matching management, enhancing its strategic asset allocation while maintaining tactical flexibility[112] Dividends and Shareholder Returns - The company allocated RMB 7,341 million in dividends to shareholders during the reporting period[5] - The company plans to distribute a cash dividend of RMB 6.899 billion for the fiscal year ending December 31, 2023, maintaining a dividend payout ratio above 30% for four consecutive years[36] - The board proposed a final dividend of RMB 1.56 per 10 shares for the year ending December 31, 2023, totaling approximately RMB 6.899 billion[140] Market Presence and Strategy - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings[1] - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming fiscal year[17] - The company is focusing on optimizing business structure and enhancing resource integration to maintain steady growth in various insurance segments[68] - The company is committed to advancing technology services to improve operational efficiency and customer responsiveness[124] Insurance Segment Performance - The property insurance business achieved a service revenue of RMB 457.20 billion, up 7.7% year-on-year, while original premium income increased by 6.3% to RMB 515.81 billion[37] - The life insurance segment reported original premium income of CNY 100.63 billion, reflecting an 8.6% year-on-year growth, with first-year premium income increasing by 37.0%[53] - The health insurance segment achieved original premium income of CNY 45.21 billion, up 10.2% year-on-year, with first-year premium income rising by 34.1%[53] - The company’s market share in the property insurance sector remains the highest in the industry, with a 1.4 percentage point increase in the proportion of non-auto insurance service revenue[39] Risk Management and Compliance - The company maintained a strong reinsurance policy, collaborating with leading international reinsurers to enhance risk management capabilities[80] - The company has established a robust investment management and risk control mechanism to mitigate potential credit risks[114] Operational Efficiency - The company actively engaged in digital transformation, optimizing its information infrastructure and enhancing cybersecurity measures[45] - The company launched 10 technological innovations, including "Renbao Big Model," which was recognized as one of the top 10 financial informatization events of 2023[46] Future Outlook - The company plans to continue implementing the "Excellence Strategy" to promote high-quality development in the coming years[48] - The company is focusing on enhancing green insurance policies and expanding services for small and micro enterprises[50]
中国人民保险集团(01339) - 2023 - 年度业绩