Financial Performance - The company reported a total revenue of CNY 72.254 billion for the year[19]. - The net profit attributable to shareholders of the parent company was CNY 8.712 billion, reflecting a strong performance[19]. - Total assets reached CNY 1.4 trillion, with a comprehensive solvency adequacy ratio of 278.43% and a core solvency adequacy ratio of 157.01%, indicating strong financial health[42]. - Total liabilities rose by 12.7% to CNY 1,298,165 million from 1,152,139 million in 2022[54]. - Net profit attributable to shareholders decreased by 11.3% to CNY 8,712 million in 2023 from CNY 9,822 million in 2022[66]. - Total revenue for 2023 was 72,254 million, a decrease of 65.5% compared to 209,481 million in 2022[54]. - Pre-tax profit decreased by 15.2% to 5,515 million from 6,507 million in 2022[54]. Risk Management - The company reported a significant focus on risk management, addressing market risk, credit risk, insurance risk, operational risk, reputational risk, strategic risk, and liquidity risk[6]. - The company has taken various measures to effectively manage and control various risks, as detailed in the "Risk Management" section of the report[6]. - The company will continue to monitor and control liquidity risks associated with policyholder withdrawals and market fluctuations[136]. - The company recognizes the ongoing complexities in the international environment and the need for continuous risk management in key areas[144]. - The company will strengthen its comprehensive risk management system to ensure effective operation in response to regulatory requirements[144]. Governance and Leadership Changes - Yang Yucheng was elected as the executive director and chairman of the board starting from December 2023[188]. - Zhang Hong has been the president since April 2023, with his appointment approved by the China Banking and Insurance Regulatory Commission[188]. - The company is focused on enhancing its governance structure with new appointments and adjustments in its executive team[188]. - The company has seen changes in its board, with several executives resigning due to age or work adjustments, including Li Quan and Geng Jianxin[191]. - The company is preparing for future growth with strategic leadership changes aimed at improving operational efficiency[188]. Investment and Asset Management - Total investment assets reached CNY 1.336 trillion, up from CNY 1.158 trillion in 2022[20]. - The company’s investment scale serving the real economy was CNY 920 billion, with a year-on-year growth of 7.5%[34]. - The company’s investment balance supporting national strategies exceeded CNY 240 billion, with a year-on-year growth of 19.7%[34]. - The company’s liquidity ratio, as measured by the asset-liability ratio, was 92.5% in 2023, slightly up from 91.9% in 2022[134]. - The investment portfolio's total investment return rate was 1.8%, with a net investment return rate of 3.4%[113]. Product Development and Market Strategy - The company is focusing on building a multi-layered ecosystem integrating insurance, health care, and wealth management[21]. - The company launched a new marketing strategy aimed at professionalizing and optimizing customer service, enhancing user experience through digital technology and intelligent customer service[44]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product offerings[195]. - The development of new insurance products is underway, with an expected launch in Q3 2024 aimed at enhancing customer engagement[195]. - A new marketing strategy focusing on digital channels is expected to increase customer acquisition by 25% over the next year[195]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.85 per share for the fiscal year 2023, totaling approximately RMB 2.652 billion, which accounts for 30.4% of the net profit attributable to shareholders[5]. - The board of directors has approved a dividend payout of 1.5 billion yuan, reflecting the company's strong financial performance[195]. Customer Engagement and Service - The online customer service platform "Zhangshang Xinhua" had 4.4 million users, while the "Xinhua Insurance" WeChat account had 7 million users, with a total visit volume of 53 million[27]. - The company established over 630 "Silver Hair Service Stations" to provide specialized services for elderly and vulnerable groups, benefiting over 100,000 customers in 2023[31]. - The company reported a significant increase in user data, with a year-over-year growth of 15% in active policyholders[195]. Financial Reporting and Compliance - The company has adopted International Financial Reporting Standards (IFRS) for its consolidated financial statements, audited by Deloitte, which issued a standard unqualified audit opinion[5]. - The company emphasizes the importance of maintaining accurate and complete financial reporting, with all board members present at the meeting approving the annual report[5]. - The company has not violated any regulatory decision-making procedures in providing guarantees[6]. - The company’s chairman and senior management have guaranteed the authenticity, accuracy, and completeness of the financial report[5].
新华保险(01336) - 2023 - 年度业绩