Company Overview - The People's Insurance Company (Group) of China Limited ranked 120th in the 2023 Fortune Global 500 list[2]. - The company holds approximately 68.98% of the shares in PICC Property and Casualty, which is listed on the Hong Kong Stock Exchange[2]. - The company operates through various subsidiaries, including PICC Life and PICC Health, which are positioned for significant growth potential[2]. - The company has a diversified network across urban and rural areas, enhancing its customer base and policy integration[3]. - The company has a robust management team supported by experienced shareholders, ensuring strategic insights and operational excellence[3]. Financial Performance - The net profit for 2023 was CNY 30.81 billion, a decrease of 13.1% compared to CNY 35.45 billion in 2022[9]. - As of December 31, 2023, total assets reached CNY 1,556.68 billion, an increase of 9.9% from CNY 1,416.29 billion in 2022[9]. - The group’s net assets reached CNY 332.90 billion, a growth of 9.2% from the previous year[12]. - The insurance service revenue for 2023 was CNY 503.90 billion, reflecting a year-on-year growth of 7.5%[12]. - The original insurance premium income was CNY 4,661.74 billion, an increase of 6.9% compared to the previous year[12]. Investment and Asset Management - The company has a strong asset management platform with a solid investment performance, focusing on alternative investment fields[3]. - The company’s total investment return rate was 3.3%, with managed assets growing by 36.3% to CNY 1.07 trillion[22]. - The company emphasized risk control, with 99.8% of external credit ratings being AAA for non-standard financial products[99]. - The company actively optimized its asset allocation, focusing on high-dividend listed companies to stabilize investment returns under new accounting standards[100]. - The company increased its fixed income investments, achieving interest income of 38.884 billion yuan, up from 34.149 billion yuan in 2022[101]. Digital Transformation and Innovation - The company is committed to digital transformation, leveraging advanced information technology for data mining and intelligent operations[3]. - The company established a digital development committee to enhance digital infrastructure and data governance[19]. - The company launched 10 technological innovations, including the "Renbao Big Model," recognized as one of the top 10 financial informatization events of 2023[19]. - The company completed the construction of an intelligent risk control platform, enabling unified risk data integration and proactive risk warnings[20]. - The group plans to leverage new technologies such as artificial intelligence, big data, and the Internet of Things to transform insurance management and enhance operational efficiency[123]. Risk Management - The company has established a comprehensive layered risk management system, continuously optimizing its risk management capabilities in 2023[113]. - The company conducted annual risk assessments and submitted reports to the board, confirming that the risk management system is effective and no significant risks affecting normal operations were identified during the reporting period[115]. - The company has implemented a special system to prevent risk contagion, enhancing internal transaction risk control and management requirements[117]. - The group emphasizes risk management across various domains, including concentration risk, non-insurance risk, and operational risk, to enhance overall risk control levels[118]. - The company is focused on improving the management mechanisms in specialized areas such as credit guarantee insurance and investment review[113]. Market Presence and Growth Strategy - The company aims to continue expanding its market presence and enhancing its service capabilities in the insurance sector[3]. - The company is committed to expanding its services in agricultural insurance, health insurance, and green insurance to meet emerging market demands[27]. - The company plans to optimize its strategic implementation in 2024, aiming for stable growth and improved quality and efficiency[26]. - The company is focusing on the "insurance + service + technology" business model to enhance risk management and service capabilities[24]. - The company is committed to expanding its market presence in Hong Kong and Macau[125]. Corporate Governance - The board of directors consists of 14 members, including 4 executive directors, 5 non-executive directors, and 5 independent non-executive directors[184]. - The company has established effective communication channels with shareholders to ensure their rights to information and participation[179]. - The board is responsible for risk management, compliance, and internal control policies, including annual risk assessment reports[190]. - The company held its 2022 annual general meeting on June 19, 2023, where Mr. Wang Pengcheng was elected as an independent non-executive director[188]. - The company emphasizes the importance of compliance with domestic and international regulatory requirements in its governance practices[199].
中国人民保险集团(01339) - 2023 - 年度财报