A股股票代码：601336 A股股票简称：新华保险 编号：2023-018号 H股股票代码： 01336 H股股票简称：新华保险 新华人寿保险股份有限公司关于 召开2023年第一季度业绩说明会的公告 新华人寿保险股份有限公司董事会及全体董事保证本公告内容不存 在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准 确性和完整性承担法律责任。 重要内容提示： 一、业绩说明会类型 （一）会议召开时间：2023 年 4 月 28 日（星期五）16:00-17:00 三、公司出席人员 公司高级管理人员 四、投资者参加方式 投资者可于 2023 年 4 月 28 日 16:00-17:00 登 录 上 证 路 演 中 心 1 会议召开时间：2023 年 4 月 28 日（星期五）16:00-17:00 会议召开方式：上证路演中心网络文字互动 网络互动地址：http://roadshow.sseinfo.com 新华人寿保险股份有限公司（以下简称"公司"）拟于 2023 年 4 月 28 日在 上海证券交易所网站（www.sse.com.cn）披露 2023 年第一季度报告。为了便于广 大投资者更全面深入地了解公 ...

Financial Performance - Total revenue for 2022 was CNY 209.481 billion, a decrease of 4.8% from CNY 220.027 billion in 2021[18]. - Net profit attributable to shareholders was CNY 9.822 billion, a decline of 34.3% compared to CNY 14.947 billion in 2021[18]. - Pre-tax profit decreased by 58.5% to CNY 6.507 billion from CNY 15.670 billion in 2021[18]. - Total premium income reached CNY 163.1 billion, with renewal premiums increasing by 2.5% to CNY 119.7 billion[16]. - Total premium income and policy management fee income was CNY 163.215 billion, down 0.2% from CNY 163.535 billion in 2021[18]. - The intrinsic value of the company was CNY 255.582 billion, slightly down from CNY 258.824 billion in the previous year[14]. - The comprehensive solvency adequacy ratio stood at 238.2%, down from 252.09% in the previous year[14]. - The company reported a decrease in the pre-tax profit to 6,507 million, down 58.5% from the previous year[24]. - The net profit attributable to shareholders of the parent company was 9,822 million, a significant decrease of 34.3% year-on-year[21]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.08 per share for the year 2022, totaling approximately RMB 3.369 billion, which accounts for 34.3% of the net profit attributable to shareholders[3]. - The proposed cash dividend for 2022 is CNY 1.08 per share (before tax), totaling approximately CNY 3.369 billion, which accounts for 34.3% of the net profit attributable to the parent company's shareholders[199]. - In 2022, the cash dividend per share was 1.08 CNY, totaling 3,369 million CNY in cash dividends before tax[200]. - In 2021, the cash dividend per share was 1.44 CNY, with total cash dividends amounting to 4,492 million CNY before tax[200]. - In 2020, the cash dividend per share was 1.39 CNY, with total cash dividends of 4,336 million CNY before tax[200]. Risk Management - The company faces various risks including market risk, credit risk, insurance risk, operational risk, reputational risk, strategic risk, and liquidity risk, and has implemented measures to manage these risks effectively[3]. - To address potential risks, the company will optimize its comprehensive risk management system and strengthen risk management mechanisms and execution[74]. - The company’s future performance may differ from forward-looking statements made in the report, and investors should maintain adequate risk awareness[3]. Governance and Management - The board of directors approved the 2022 annual report on March 30, 2023, with all 12 attending directors present[3]. - The company’s chairman position is pending regulatory approval for Mr. Li Quan[3]. - Mr. Li Quan was elected as the chairman of the board for the eighth session, pending regulatory approval[101]. - Mr. Zhang Hong was appointed as the president of the company, also pending regulatory approval[101]. - The company has a diverse board with members holding significant positions in various financial and insurance sectors, enhancing governance and strategic oversight[125]. - The company emphasizes the independence of its operations from its controlling shareholder, ensuring no unfair related transactions[196]. - The company has established a governance structure that promotes coordination and checks and balances among its decision-making bodies[140]. Employee and Training - As of December 31, 2022, the company had a total of 32,564 employees, with 57.6% in sales and sales management roles[130]. - The company provided training to over 22,000 employees in 2022, with an average training duration exceeding 90 hours per person[134]. - The employee gender ratio showed 35.4% male and 64.6% female, indicating a diverse workforce[133]. - The employee training system will be further optimized in 2023 to enhance professional capabilities and management skills[134]. Investment and Assets - Total assets amounted to CNY 1,255.044 billion, while total liabilities were not specified[13]. - Total investment return rate was 4.3%, with net investment return rate at 4.6%[14]. - The company invested over CNY 190 billion in strategic emerging industries, marking a 29% year-on-year increase[16]. - The scale of third-party asset management entrusted to Xinhua Asset reached CNY 479.6 billion, a year-on-year increase of 48%[52]. - The company maintained a strategic focus on long-term value investment, actively seizing structural opportunities in the market[52]. Compliance and Regulatory - The company has not faced any penalties from securities regulatory authorities in the past three years[130]. - The company has received an A-class rating for information disclosure from the Shanghai Stock Exchange for seven consecutive years as of 2022[195]. - The company has not violated any regulatory decision-making procedures in providing guarantees[3]. - The company has established an executive committee to oversee daily management decisions and significant mergers and acquisitions[192]. Business Strategy - The company aims to enhance product innovation and improve operational efficiency to adapt to market changes and customer needs[17]. - The company continues to focus on life insurance as its core business while enhancing wealth management and health care services[26]. - The company anticipates a high-quality development cycle in the insurance industry, driven by policies supporting economic recovery and addressing aging population challenges[70]. - In 2023, the company plans to stabilize business scale and promote long-term, diversified transformation, emphasizing high-quality development[72].

Financial Performance - The company's total revenue for 2022 was 214,319 million RMB, a decrease of 3.6% compared to 222,380 million RMB in 2021[20]. - Net profit attributable to shareholders for 2022 was 9,822 million RMB, down 34.3% from 14,947 million RMB in 2021[20]. - The net cash flow from operating activities for 2022 was 89,385 million RMB, an increase of 21.0% compared to 73,853 million RMB in 2021[20]. - Total premium income reached CNY 163.1 billion, with renewal premiums increasing by 2.5% to CNY 119.7 billion[15]. - Insurance business revenue for 2022 was 163,099 million RMB, showing a slight decrease of 0.2% from 163,470 million RMB in 2021[20]. - The company's total assets reached 421.896 billion with a net profit of 5.221 billion, reflecting a strong financial position[80]. - Total assets amounted to CNY 1,255.0 billion, with investment assets at CNY 1,203.0 billion[12]. - The company's total liabilities increased by 13.0% to 1,152,139 million RMB, mainly due to the growth of insurance liability reserves[26]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 1.08 per share for the year 2022, totaling approximately RMB 3.369 billion, which accounts for 34.3% of the net profit attributable to shareholders[2]. - The company is committed to maintaining a minimum cash dividend ratio as stipulated in its articles of association[2]. Risk Management - The company has identified various risks including market risk, credit risk, insurance risk, operational risk, reputational risk, strategic risk, and liquidity risk, and has implemented measures to manage and control these risks effectively[2]. - The company will optimize its comprehensive risk management system to address potential risks and ensure effective operation[85]. - The company is facing risks from complex international environments and financial market pressures, including credit and liquidity risks[84]. Governance and Compliance - The financial report for 2022 has been audited by Deloitte and received a standard unqualified opinion[2]. - The company’s board of directors and senior management have confirmed the accuracy and completeness of the financial report, with no significant omissions or misleading statements[2]. - The company has ensured compliance with legal and regulatory requirements in its governance practices[156]. - The company has not faced any penalties from securities regulatory authorities for its current or former directors, supervisors, and senior management in the past three years[138]. Management and Board Structure - The board of directors consists of 12 members, including 2 executive directors, 5 non-executive directors, and 5 independent directors[155]. - The company has a performance salary system for senior management that includes basic salary, performance pay, and benefits[136]. - The company’s senior management remuneration is determined based on the company's operational status and performance evaluations, approved by the board of directors[136]. - The company appointed Mr. Wang Lianwen as vice president during the board meeting on December 8, 2022[113]. Employee and Training Initiatives - The company has a total workforce of 32,564 employees, with 57.6% in sales and sales management roles[140]. - In 2022, over 22,000 employees completed online training, with an average training duration of over 90 hours per person[143]. - Among the employees, 69.4% hold a bachelor's degree, while 6.0% have a postgraduate degree or higher[141]. Investment and Asset Management - The company invested over CNY 190 billion in strategic emerging industries, marking a 29% year-on-year increase[15]. - The net investment yield for the company's investment portfolio was 4.6%, with total investment income yield at 4.3%[58]. - The company’s equity investment dividend income surged by 92.3% to CNY 15,147 million from CNY 7,876 million in 2021[61]. Business Strategy and Future Outlook - The company aims to contribute to social economic recovery in 2023, focusing on steady progress and resilience[16]. - The company plans to enhance its long-term investment management capabilities and actively participate in the "third pillar" pension system development[20]. - The company plans to stabilize business scale and promote long-term, diversified business transformation in 2023[83]. Product and Market Performance - The individual insurance channel generated premium income of CNY 116,362 million, down 2.9% year-on-year[40]. - The bancassurance channel achieved premium income of CNY 43,931 million, an increase of 7.8% compared to CNY 40,737 million in 2021[40]. - The policyholder health insurance business generated premium income of CNY 7,620 million, up 48.5% year-on-year, covering 17.95 million customers, an increase of 108.2%[41]. Financial Ratios and Metrics - Core solvency adequacy ratio stood at 140.53%, while comprehensive solvency adequacy ratio was 238.20%[13]. - The debt-to-asset ratio increased to 91.8% from 90.4%, indicating a higher level of leverage[70]. - The total embedded value as of December 31, 2022, is CNY 255,582 million, slightly down from CNY 258,824 million in 2021[102].

Financial Performance - Total revenue for the third quarter was RMB 46,383 million, a decrease of 10.7% year-on-year[4] - Net profit attributable to shareholders of the parent company was RMB 3 million, down 99.8% compared to the same period last year[10] - The net profit excluding non-recurring gains and losses was RMB 18 million, a decrease of 98.8% year-on-year[4] - The basic and diluted earnings per share were both RMB 1.66, down 56.7% year-on-year[10] - The weighted average return on equity was 4.94%, a decrease of 6.56 percentage points compared to the previous year[5] - Net profit for the nine months ended September 30, 2022, was RMB 5,192 million, a decline of 56.5% from RMB 11,957 million in the same period of 2021[25] - The company’s total profit for the nine months ended September 30, 2022, was RMB 3,403 million, a decrease of 73.9% from RMB 13,061 million in the previous year[25] Assets and Liabilities - Total assets at the end of the reporting period reached RMB 1,195,213 million, an increase of 6.0% from the end of the previous year[5] - The total liabilities reached RMB 1,095,140 million, up from RMB 1,019,207 million at the end of 2021, indicating an increase of about 7.4%[23] - The total equity attributable to shareholders of the parent company was RMB 100,054 million, down from RMB 108,497 million at the end of 2021, reflecting a decrease of about 7.3%[23] - The insurance liabilities, including life insurance and health insurance reserves, totaled RMB 947,477 million, an increase from RMB 859,926 million at the end of 2021, representing a growth of approximately 10.2%[23] Investment Performance - Investment assets amounted to RMB 1,145,133 million, reflecting a growth of 5.8% year-on-year[7] - Annualized total investment return rate was 3.7%, down by 2.7 percentage points year-on-year[19] - Investment income decreased to RMB 35,762 million, down 26.6% from RMB 48,723 million in the previous year[25] Premium Income - The insurance business income for the first nine months was RMB 137,792 million, a slight increase of 0.9% year-on-year[7] - Total premium income reached RMB 137.79 billion, a year-on-year increase of 0.9%[15] - First-year premium for long-term insurance was RMB 15.72 billion, a decrease of 14.6% year-on-year[16] - Renewal premium amounted to RMB 98.99 billion, showing a growth of 2.5% compared to the previous year[16] - The individual insurance channel reported total premium income of RMB 96.88 billion, a decrease of 2.0% year-on-year[18] - The bancassurance channel achieved total premium income of RMB 38.58 billion, an increase of 9.3% year-on-year[18] - The group insurance channel's total premium income was RMB 2.34 billion, a decrease of 3.6% year-on-year[18] - The first-year premium for long-term insurance in the bancassurance channel was RMB 25.23 billion, an increase of 15.6% year-on-year[18] Cash Flow - Cash flow from operating activities increased to RMB 74,309 million, up 28.5% from RMB 57,798 million in the previous year[27] - Cash inflow from investment activities totaled RMB 342,709 million, an increase from RMB 327,879 million in the same period of 2021[27] - The company reported a net decrease in cash and cash equivalents of 3,988,000, compared to an increase of 474,000 in the same period last year[33] - The cash and cash equivalents at the end of the period were 11,471,000, down from 13,467,000 at the end of the previous period[33] Reserves and Provisions - The company increased life insurance reserves by RMB 2.28 billion and long-term health insurance reserves by RMB 2.67 billion due to changes in actuarial assumptions[20] - The company reported a significant increase in policyholder savings and investment funds, which reached RMB 66,955 million, up from RMB 57,691 million at the end of 2021, indicating a growth of approximately 16.5%[23] - The deferred income tax liabilities decreased to RMB 58 million from RMB 1,118 million at the end of 2021, a reduction of about 94.8%[23] Other Comprehensive Income - The company’s other comprehensive income after tax was RMB (9,240) million, compared to RMB (4,533) million in the same period of 2021[26]

Financial Performance - Total revenue for Q3 2022 was RMB 46,383 million, a decrease of 10.7% year-on-year[4] - Net profit attributable to shareholders of the parent company was RMB 3 million, down 99.8% compared to the same period last year[4] - Basic earnings per share attributable to shareholders of the parent company was RMB 1.66, a decrease of 56.7% year-on-year[12] - Total revenue for the nine months ended September 30, 2022, was RMB 171,178 million, a decrease of 6.4% from RMB 183,988 million in the same period of 2021[27] - Net profit attributable to shareholders for the nine months ended September 30, 2022, was RMB 5,192 million, down 56.5% from RMB 11,957 million in the same period of 2021[28] - The company reported a total comprehensive income of RMB (4,048) million for the nine months ended September 30, 2022, compared to RMB 7,424 million in the same period of 2021[30] - The basic and diluted earnings per share for the nine months ended September 30, 2022, were RMB 1.66, down from RMB 3.83 in the same period of 2021[30] Assets and Liabilities - Total assets as of the end of the reporting period were RMB 1,195,213 million, an increase of 6.0% compared to the end of the previous year[4] - The total liabilities reached RMB 1,095,140 million, up from RMB 1,019,207 million, reflecting an increase of approximately 7.4%[24] - The company's equity attributable to shareholders decreased to RMB 100,054 million from RMB 108,497 million, a decline of about 7.5%[26] - The company's long-term health insurance liabilities increased to RMB 180,367 million from RMB 152,581 million, representing a growth of about 18.2%[24] - As of September 30, 2022, total assets amounted to RMB 1,200,000 million, reflecting a growth of 5% year-over-year[29] Investment Performance - Investment assets reached RMB 1,145,133 million, reflecting a growth of 5.8% year-on-year[8] - The annualized total investment return rate was 3.7%, down 2.7 percentage points year-on-year[20] - Investment income for the nine months ended September 30, 2022, was RMB 35,762 million, a decline of 26.6% compared to RMB 48,723 million in the same period of 2021[27] - The company reported a decrease in net profit due to a decline in investment income influenced by a sluggish capital market[12] Insurance Business - Insurance business income for the first nine months of 2022 was RMB 137,792 million, a slight increase of 0.9% compared to the same period in 2021[8] - Total premium income reached RMB 137,792 million, representing a year-on-year increase of 0.9%[17] - The first-year premium for long-term insurance was RMB 34,952 million, a slight decrease of 0.5% compared to RMB 35,122 million in the previous year[17] - The first-year premium for individual insurance channels decreased by 26.0% to RMB 9,664 million[19] - The total premium income from the bancassurance channel increased by 9.3% to RMB 38,576 million[19] - The total insurance premium earned for the nine months ended September 30, 2022, was RMB 135,533 million, slightly up from RMB 134,882 million in the same period of 2021[27] Cash Flow - The net cash flow from operating activities for the nine months ended September 30, 2022, was RMB 74,309 million, an increase of 28.5% from RMB 57,798 million in the same period of 2021[31] - The cash inflow from investment activities totaled RMB 342,709 million, an increase from RMB 327,879 million in the same period of 2021, reflecting a growth of approximately 4%[32] - The net cash outflow from investment activities was RMB (60,493) million for the nine months ended September 30, 2022, compared to RMB (58,993) million in the same period of 2021, indicating a slight increase in outflow of about 2.5%[32] - The cash inflow from financing activities was RMB 26,107 million, down from RMB 44,789 million in the same period of 2021, representing a decrease of approximately 42%[34] - The net cash outflow from financing activities was RMB (18,316) million for the nine months ended September 30, 2022, compared to a net inflow of RMB 1,684 million in the same period of 2021, showing a significant shift in cash flow[34] - The total cash and cash equivalents at the end of the period was RMB 11,471 million, a decrease from RMB 13,467 million at the end of the same period in 2021, reflecting a decline of approximately 15%[34] Future Outlook - The company plans to enhance its market expansion strategies and invest in new technology developments to improve operational efficiency and customer service in the upcoming quarters[29]

Financial Performance - Total revenue for the first half of 2022 was 124,085 million, a decrease of 4.8% compared to 130,386 million in 2021[15]. - Total premium income and policy management fee income increased by 2.0% to 102,643 million from 100,641 million year-on-year[15]. - Pre-tax profit dropped significantly by 62.4% to 4,543 million from 12,086 million in the same period last year[15]. - Net profit attributable to shareholders decreased by 50.8% to 5,187 million from 10,546 million year-on-year[15]. - Basic earnings per share for the first half of 2022 were RMB 1.66, a decrease from RMB 3.38 in the same period of 2021, representing a decline of 50.8%[145]. - The total comprehensive income for the six months ended June 30, 2022, was RMB 104,500 million, compared to RMB 101,667 million for the same period in 2021, indicating an increase of about 2.9%[147]. Assets and Liabilities - Total assets increased by 5.4% to 1,188,526 million compared to 1,127,721 million at the end of 2021[16]. - Total liabilities rose by 6.4% to 1,084,007 million from 1,019,207 million at the end of 2021[16]. - The company's total equity attributable to shareholders as of June 30, 2022, was RMB 104,500 million, down from RMB 108,497 million at the end of 2021, a decrease of about 3.7%[142]. Investment Performance - Annualized total investment return rate fell to 4.2%, down 2.3 percentage points from 6.5% in the previous year[19]. - Net investment income for the six months ended June 30, 2022, was CNY 24,892 million, a 16.4% increase from CNY 21,380 million in the same period of 2021[52]. - Total investment income decreased by 27.3% to CNY 22,630 million compared to CNY 31,117 million in the previous year[52]. - The fair value of trading financial assets increased to RMB 76,459 million as of June 30, 2022, compared to RMB 70,226 million as of December 31, 2021, reflecting a growth of approximately 17.5%[162]. Risk Management - The company faces various risks including market risk, credit risk, insurance risk, operational risk, reputational risk, strategic risk, and liquidity risk[6]. - The company has implemented various measures to effectively manage and control these risks[6]. - The company continues to actively manage risks associated with credit products and is selectively allocating new projects under controlled risk conditions[49]. - The company closely monitors liquidity risks associated with policyholder withdrawals and market fluctuations, ensuring sufficient cash flow to meet current demands[64]. Business Operations - The company is focusing on transforming its business model to enhance customer-centric services and improve product differentiation in a competitive market[24]. - The company aims to enhance product diversification by centering on customer needs and strengthening product innovation, improving the product system, and increasing risk protection levels throughout the customer lifecycle[69]. - The company plans to improve team quality by implementing support policies for high-performing teams and promoting a marketing team transformation towards "youthfulness, professionalism, and urbanization"[69]. Governance and Compliance - The board meeting on August 30, 2022, had 15 directors present, all of whom attended in person[6]. - The company held one shareholders' meeting and five board meetings during the reporting period, ensuring compliance with governance standards[97]. - The company confirmed adherence to the standards set forth in the "Standard Code" regarding securities trading by its directors and senior management during the reporting period[100]. - Two independent non-executive directors resigned due to the completion of their six-year term, which may affect the board's compliance with regulatory requirements[104]. Embedded Value and New Business Value - The embedded value as of June 30, 2022, was CNY 258.873 billion, reflecting a slight increase of 0.02% from the end of the previous year[30]. - The new business value for the first half of 2022 was CNY 2.112 billion, down 48.4% year-on-year[30]. - The effective business value before deducting required capital costs was CNY 122,305 million, up from CNY 120,279 million year-over-year[87]. - The company prepared the embedded value results as of June 30, 2022, to provide investors with insights into its economic value and business performance[75]. Social Responsibility - The company provided 9.4 million CNY in aid to Shibing County, Guizhou Province, and 1 million CNY to Ulanqab City, Inner Mongolia, supporting 11 targeted assistance projects in the first half of 2022[114]. - The company’s volunteer team reached 46,308 members, conducting 2,036 volunteer activities with a total service time of 81,205 hours in the first half of 2022[114]. Legal and Regulatory Matters - The company has not experienced any administrative penalties due to environmental issues during the reporting period[113]. - The company has no significant litigation, arbitration, or claims pending as of June 30, 2022[119]. - The company incurred a total of RMB 2,910 million in settlement payments related to unauthorized repurchase transactions conducted by the former chairman[195]. - The company is currently engaged in legal proceedings to recover the outstanding amounts related to the violations of the former chairman[198].

Financial Performance - Total revenue for the first half of 2022 was 124,795 million, a decrease of 5.5% compared to 132,075 million in 2021[16]. - Net profit attributable to shareholders was 5,187 million, down 50.8% from 10,546 million in the same period last year[16]. - Basic and diluted earnings per share were both 1.66, a decrease of 50.9% from 3.38 in the previous year[17]. - The total comprehensive income for the six months ended June 30, 2022, was RMB 396 million, significantly lower than RMB 9,124 million in the same period of 2021, indicating a decline of 95.7%[160]. - The company reported a net profit of 1,127 million, representing a 45% increase compared to the previous period[73]. - The company reported a decrease in net profit of 44 million in one of its subsidiaries, highlighting the need for strategic adjustments[73]. Assets and Liabilities - Total assets of New China Life Insurance Co., Ltd. reached RMB 1,188,526 million[14]. - Total liabilities of the company reached RMB 1,084,007 million, compared to RMB 1,019,207 million at the end of 2021, marking an increase of about 6.4%[156]. - The company's equity attributable to shareholders decreased to RMB 104,500 million from RMB 108,497 million, a decline of approximately 3.7%[158]. - The total liabilities and equity combined amounted to RMB 1,188,526 million, up from RMB 1,127,721 million, reflecting a growth of 5.4%[158]. - The company's long-term health insurance liability increased to RMB 171,268 million from RMB 152,581 million, representing a growth of 12.2%[156]. Investment Performance - Annualized total investment return rate decreased to 4.2%, down from 6.5% in 2021, a decline of 2.3 percentage points[20]. - The net investment income for the first half of 2022 was CNY 24,892 million, a 16.4% increase compared to CNY 21,380 million in the same period of 2021[54]. - Total investment income decreased by 27.3% to CNY 22,630 million in the first half of 2022, down from CNY 31,117 million in the previous year[54]. - The company reported a significant decline in investment asset trading gains, with a loss of CNY 1,528 million compared to a gain of CNY 10,945 million in the same period of 2021, marking a 114.0% decrease[54]. - The company’s equity investment dividends and income rose by 68.4% to CNY 7,463 million, compared to CNY 4,431 million in the previous year[54]. Premium Income and Claims - As of June 30, 2022, the total premium income reached CNY 102.586 billion, representing a year-on-year growth of 2.0%[30]. - The first-year premium for long-term insurance was CNY 29.486 billion, a decrease of 1.7% compared to the previous year[30]. - Renewal premiums accounted for 68.4% of total premiums, with a year-on-year increase of 4.8% to CNY 70.212 billion[30]. - The company reported a net claims expenditure of 20,635 million, down 18.3% from 25,257 million in the previous year[20]. - Claims paid in the first half of 2022 decreased by 16.0% year-on-year to 21.933 billion yuan, with claims payments down 23.3%[45][46]. Risk Management - The company faces various risks including market, credit, insurance, operational, reputational, strategic, and liquidity risks, which are effectively managed[6]. - The company aims to strengthen its risk management capabilities through a comprehensive risk management system[75]. - The company maintains a close watch on liquidity risks associated with policyholder withdrawals and market fluctuations[66]. Corporate Governance - The board of directors confirmed the accuracy and completeness of the semi-annual report, with no false records or significant omissions[6]. - The company held one shareholders' meeting and five board meetings during the reporting period, ensuring compliance with regulatory requirements[105]. - The company has not engaged in any significant equity or non-equity investments during the reporting period[128]. Strategic Initiatives - The company aims to enhance its product offerings and customer service experience while optimizing insurance fund utilization[26]. - The company plans to enhance product diversification and improve customer service efficiency to drive high-quality development[74]. - The company is exploring potential acquisitions in the health insurance sector to diversify its product offerings[148]. - The company announced a strategic partnership with a leading tech firm to enhance its digital insurance offerings[147]. Employee and Community Engagement - The company organized 15,059 training sessions in the first half of 2022, with a total of 1,285,894 participants, averaging 38.6 hours of training per employee[120]. - The company provided 9.4 million RMB in aid to Guizhou Province and 1 million RMB to Inner Mongolia for poverty alleviation projects in the first half of 2022[123]. - The company’s volunteer team reached 46,308 members, conducting 2,036 volunteer activities with a total service time of 81,205 hours in the first half of 2022[123]. Regulatory Compliance - The financial statements are prepared in accordance with the accounting standards issued by the Ministry of Finance of the People's Republic of China[172]. - The company has implemented new accounting standards related to financial instruments across its major subsidiaries[73]. - The company has maintained a diversified entrusted investment management system, primarily using internal investment managers supplemented by external managers[130].

Financial Performance - The company's operating revenue for Q1 2022 was RMB 74,963 million, a decrease of 7.9% compared to the same period last year[4] - Net profit attributable to shareholders of the parent company was RMB 1,344 million, down 78.7% year-on-year[4] - Total operating income for the three months ended March 31, 2022, was RMB 74,963 million, down 7.3% from RMB 81,365 million in the same period of 2021[22] - The company's net profit for the three months ended March 31, 2022, was RMB 1,345 million, a decrease of 78.7% compared to RMB 6,306 million for the same period in 2021[21] - The fair value changes of available-for-sale financial assets resulted in a loss of RMB (19,498) million for the three months ended March 31, 2022, compared to a loss of RMB (2,338) million in the same period of 2021[23] - The company reported a basic and diluted earnings per share of RMB 0.43 for the three months ended March 31, 2022, down from RMB 2.02 in the same period of 2021[23] Cash Flow and Investments - The net cash flow from operating activities increased by 38.8% to RMB 36,149 million[4] - The total cash inflow from investment activities for the three months ended March 31, 2022, was RMB 134,019 million, up from RMB 101,692 million in the same period of 2021, representing a growth of 31.5%[24] - The net cash flow from financing activities for the three months ended March 31, 2022, was RMB (15,705) million, an improvement from RMB (27,503) million in the same period of 2021[30] - The company received RMB 58,118 million in cash from original insurance contract premiums for the three months ended March 31, 2022, compared to RMB 54,443 million in the same period of 2021, reflecting a growth of 6.1%[24] - The net increase in policyholder deposits and investment funds for the three months ended March 31, 2022, was RMB 4,055 million, significantly higher than RMB 1,883 million in the same period of 2021[24] - The company reported a total cash outflow from investment activities of RMB 152,429 million for the three months ended March 31, 2022, compared to RMB 95,287 million in the same period of 2021, indicating increased investment activity[29] Insurance Business Performance - The insurance business income reached RMB 64,890 million, reflecting a growth of 2.4% compared to the previous year[7] - Total premium income for Q1 2022 reached RMB 64.89 billion, a year-on-year increase of 2.4%[14] - First-year premium income for long-term insurance decreased by 18.3% to RMB 8.57 billion, while renewal premiums increased by 8.0% to RMB 42.36 billion[15] - Individual insurance channel premium income fell by 5.3% to RMB 42.79 billion, with first-year premiums down 20.9%[16] - The bank insurance channel saw a 25.7% increase in total premium income to RMB 21.24 billion, with renewal premiums rising significantly by 112.3%[17] - The earned premium growth rate was 2.9%, down 6.2 percentage points from the previous year[7] Assets and Liabilities - The total assets of the company as of March 31, 2022, were RMB 1,144,393 million, an increase of 1.5% from the end of the previous year[5] - The company's total assets as of March 31, 2022, were RMB 1,144.39 billion, compared to RMB 1,127.72 billion at the end of 2021[19] - The company's total liabilities as of March 31, 2022, were RMB 1,096.07 billion, indicating a stable financial position[19] - The total liabilities as of March 31, 2022, amounted to RMB 1,042,451 million, an increase of 2.3% from RMB 1,019,207 million as of December 31, 2021[20] - The total equity attributable to shareholders of the parent company as of March 31, 2022, was RMB 101,924 million, a decrease of 6.5% from RMB 108,497 million as of December 31, 2021[20] Solvency and Ratios - The core solvency ratio was 144.19%, down from 243.35% at the end of 2021[9] - The return on average equity for shareholders of the parent company was 1.28%, a decrease of 4.86 percentage points year-on-year[5] - The net claims expenditure was RMB 12,762 million, a decrease of 19.3% compared to the previous year[8] Shareholder Information - The number of shareholders was 115,282, with the largest shareholder holding 33.12% of the A-shares[12] - The company's cash and cash equivalents increased to RMB 17.49 billion from RMB 15.48 billion year-on-year[19] - The cash and cash equivalents at the end of the period were RMB 17,467 million, slightly down from RMB 17,996 million at the end of the same period in 2021[30]

Financial Performance - Total revenue for Q1 2022 was RMB 74,963 million, a decrease of 7.9% compared to the same period last year[4] - Net profit attributable to shareholders of the parent company was RMB 1,344 million, down 78.7% year-on-year[4] - Basic and diluted earnings per share were both RMB 0.43, reflecting a decrease of 78.7% compared to RMB 2.02 in Q1 2021[13] - The net profit attributable to shareholders of the parent company for the three months ended March 31, 2022, was RMB 1,344 million, a decrease of 78.7% compared to RMB 6,305 million for the same period in 2021[25] - The company reported a basic and diluted earnings per share of RMB 0.43 for the three months ended March 31, 2022, down from RMB 2.02 for the same period in 2021[27] - The total comprehensive income attributable to the parent company's shareholders for the three months ended March 31, 2022, was RMB (6,568) million, compared to RMB 2,087 million for the same period in 2021[27] Cash Flow - Net cash flow from operating activities increased by 38.8% to RMB 36,149 million[4] - The net cash flow from operating activities for the three months ended March 31, 2022, was RMB 36,149 million, an increase from RMB 26,043 million for the same period in 2021, showing a growth of approximately 38.9%[28] - Cash inflow from financing activities was RMB 12,585 million, down 33.2% from RMB 18,840 million in the same period last year[30] - Cash outflow from financing activities totaled RMB 28,290 million, a decrease of 39% compared to RMB 46,343 million in the previous year[30] - Net cash flow from financing activities was negative RMB 15,705 million, improving from negative RMB 27,503 million year-over-year[30] - The net increase in cash and cash equivalents was RMB 2,008 million, compared to RMB 5,003 million in the same period last year[30] - The ending balance of cash and cash equivalents was RMB 17,467 million, slightly down from RMB 17,996 million year-over-year[30] Assets and Liabilities - Total assets at the end of Q1 2022 were RMB 1,144,393 million, an increase of 1.5% from the end of the previous year[6] - The total liabilities as of March 31, 2022, were RMB 1,042,451 million, compared to RMB 1,019,207 million as of December 31, 2021, showing an increase of approximately 2.3%[24] - The company's total equity attributable to shareholders decreased to RMB 101,924 million from RMB 108,497 million, a decline of about 6.0%[24] Insurance Premiums - The net premium earned was RMB 63,894 million, representing a growth rate of 2.9%[8] - Total premium income for Q1 2022 reached RMB 64.89 billion, a year-on-year increase of 2.4%[16] - First-year premium for long-term insurance was RMB 21.10 billion, down 2.9% year-on-year, while first-year regular premium decreased by 18.3% to RMB 8.57 billion[17] - Renewal premium increased by 8.0% year-on-year to RMB 42.36 billion[17] - Short-term insurance premium fell by 41.4% to RMB 1.43 billion[17] - Premium income from the individual insurance channel decreased by 5.3% to RMB 42.79 billion[19] - Premium income from the bank insurance channel increased by 25.7% to RMB 21.24 billion[19] - Group insurance premium income fell by 33.2% to RMB 0.86 billion[19] - The company reported a significant decline in first-year premiums for long-term insurance in the group channel, down 67.3% to RMB 0.05 billion[19] Investment Performance - Investment assets as of March 31, 2022, amounted to RMB 1,096.07 billion, a 1.2% increase from the previous year[20] - Annualized total investment return rate for Q1 2022 was 4.0%, a decrease of 3.9 percentage points year-on-year[20] - Investment income for the three months ended March 31, 2022, was RMB 11,876 million, down from RMB 19,558 million in the same period of 2021, reflecting a decrease of about 39.4%[26] - The company experienced a significant decrease in fair value changes, reporting a loss of RMB (1,093) million for the three months ended March 31, 2022, compared to a loss of RMB (618) million in the same period of 2021[26] - The company's cash outflow from investment activities for the three months ended March 31, 2022, was RMB 152,429 million, compared to RMB 95,287 million in the same period of 2021, indicating an increase of approximately 60%[28] Solvency Ratios - The core solvency ratio was 144.19%, down from 243.35% at the end of 2021[11] - The comprehensive solvency ratio was 239.67%, compared to 252.09% at the end of the previous year[11]

Financial Performance - The net profit attributable to shareholders for 2021 was RMB 14.947 billion, an increase from RMB 14.294 billion in 2020[15]. - The company plans to distribute a cash dividend of RMB 1.44 per share for the year 2021, totaling approximately RMB 4.492 billion, which accounts for 30.1% of the net profit attributable to shareholders[5]. - In 2021, the total revenue reached CNY 220.03 billion, an increase of 7.9% compared to CNY 203.86 billion in 2020[42]. - The pre-tax profit was CNY 15.67 billion, a slight increase of 1.2% from CNY 15.49 billion in 2020[42]. - Net profit amounted to CNY 14.947 billion, reflecting a year-on-year growth of 4.6%[39]. - The total premium income reached CNY 163.47 billion, a year-on-year increase of 2.5%[39]. - The total liabilities at the end of 2021 were CNY 1,019.21 billion, an increase of 12.9% from CNY 902.70 billion in 2020[43]. - The total investment income for 2021 was CNY 57.62 billion, representing a 23.5% increase from CNY 46.66 billion in 2020[77]. Asset Management - The total assets of the company reached RMB 1,127.721 billion in 2021, showing significant growth compared to RMB 1,004.376 billion in 2020[14]. - Total investment assets grew to CNY 1,082.80 billion, marking a 12.1% increase from CNY 965.65 billion in the previous year[33]. - The investment amount in debt-type financial assets was CNY 577.21 billion, accounting for 53.3% of total investment assets, a decrease of 5.5 percentage points from the previous year[75]. - The investment amount in equity-type financial assets was CNY 257.44 billion, accounting for 23.8% of total investment assets, an increase of 2.4 percentage points from the previous year[75]. - The total intrinsic value increased to 258,824 million from 240,604 million, reflecting a growth of approximately 7.6%[117]. Business Strategy - The company has adopted a strategic focus on life insurance, wealth management, and health care, supported by technology to create a synergistic development model[10]. - The company aims to enhance its market expansion strategies and invest in new product development[33]. - The company aims to enhance its strategic focus on high-quality development and digital transformation in the upcoming year[37]. - The company plans to enhance its digital transformation and adapt to the evolving market demands, focusing on a dual approach of sales and service[91]. - The company aims to strengthen its market position through strategic appointments and a focus on performance-driven compensation for its leadership team[127]. Risk Management - The company has effectively managed various risks, including market, credit, insurance, operational, reputational, strategic, and liquidity risks[5]. - The company faces risks from the ongoing COVID-19 pandemic and complex international environments, which may impact market, credit, and liquidity[94]. - To address these risks, the company will optimize its comprehensive risk management system and strengthen risk management mechanisms[95]. - The company is committed to strengthening risk management and enhancing product innovation to ensure sustainable long-term development[93]. Customer Engagement - New China Life Insurance provided services to 33.25 million individual customers and 89,000 institutional clients[25]. - The total customer base exceeded 30 million[39]. - The company is focusing on long-term health insurance products to replace short-term health insurance, leading to a decrease in short-term insurance business scale[47]. Corporate Governance - The company has a diverse board of directors with expertise in various financial sectors, which supports its governance and strategic direction[128][131]. - The company is committed to enhancing its corporate governance practices, as evidenced by the detailed reporting on executive compensation and board appointments[126][132]. - The board consists of 15 members, including 2 executive directors, 8 non-executive directors, and 5 independent non-executive directors, complying with legal and regulatory requirements[177]. Employee Management - The company has established a performance-based compensation system for senior management, linking annual performance wages to company performance and individual assessment results[161]. - The company has a competitive compensation policy for employees, including various welfare plans to meet diverse employee needs[166]. - As of December 31, 2021, the company had a total of 34,434 employees, with 59.6% (20,523) in sales and sales management roles[163][164]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15% based on current market trends and user acquisition strategies[60]. - The company plans to maintain stable growth in business scale while emphasizing value management and improving operational efficiency in 2022[93]. - The company aims to reduce operational costs by 10% through process optimization and automation initiatives in the upcoming fiscal year[60].