Financial Performance - In 2021, New China Life Insurance achieved a total premium income of RMB 163.47 billion, marking a year-on-year increase of 2.5%[19] - The company's total assets reached RMB 1,127.72 billion in 2021, up from RMB 1,004.38 billion in 2020, reflecting a growth of 12.3%[19] - The net profit attributable to shareholders for 2021 was RMB 14.95 billion, representing a 4.4% increase compared to RMB 14.29 billion in 2020[19] - Total revenue for 2021 reached CNY 222.38 billion, an increase of 7.6% compared to CNY 206.54 billion in 2020[33] - Net profit attributable to shareholders was CNY 14.95 billion, reflecting a growth of 4.6% from CNY 14.29 billion in the previous year[33] - The total assets of the company amounted to CNY 1,127.72 billion, up 12.1% from CNY 1,004.38 billion in 2020[33] - The company reported a significant increase in fair value gains of 111 million, compared to no gains in 2020[57] - The total investment income for 2021 was CNY 57,621 million, an increase of 23.5% compared to CNY 46,664 million in 2020[117] Dividends and Shareholder Returns - The company proposed a cash dividend of RMB 1.44 per share, totaling approximately RMB 4.49 billion, which accounts for 30.1% of the net profit attributable to shareholders[7] - The company reported a 109.2% increase in policyholder dividend expenditure to 1.21 billion, driven by the sustained growth of dividend business[100] Risk Management - New China Life Insurance is actively managing various risks, including market, credit, and operational risks, to ensure sustainable growth[7] - The company plans to enhance its risk management framework in response to potential risks, ensuring effective operation of the risk management system[151] - The company faces risks from the ongoing global COVID-19 pandemic and complex international environments, which may impact market, credit, and liquidity risks[151] Business Strategy and Growth - The company has established a strategic framework of "1+2+1," focusing on life insurance as the core, with wealth management and health care as wings, supported by technology[15] - The company aims to enhance its role as a provider of life and health insurance products and services, focusing on building a comprehensive insurance ecosystem[39] - The company is committed to expanding its market presence and enhancing its product offerings through technological advancements and strategic partnerships[15] - The company aims to shift from a "scale-oriented" approach to a model that balances value and scale[147] - The company plans to enhance the adaptability and flexibility of its supply structure to meet changing demands[147] - The company is focusing on integrating technology with human resources to drive growth[147] Customer Engagement and Market Presence - The company served over 30 million customers, reflecting its strong market presence[46] - The first-year premium from individual insurance channels was CNY 18.479 billion, solidifying market position[49] - The long-term insurance first-year premium increased by 26.7%, with a market share of 15%, up by 2.3 percentage points[49] - The company’s individual insurance channel generated premium income of CNY 119.83 billion, an increase of 2.1% year-on-year[81] - The bancassurance channel reported premium income of CNY 40.74 billion, up by 2.5% compared to the previous year[81] Financial Ratios and Solvency - The comprehensive solvency adequacy ratio stood at 252.09%, down from 277.84% in the previous year, indicating a decrease of 25.75 percentage points[35] - The core solvency adequacy ratio decreased to 243.35%, down 24.93 percentage points from 268.28% in 2020[35] - The company's total liabilities to total assets ratio was 90.4% as of December 31, 2021, compared to 89.9% in 2020[128] Investment Performance - The company reported an investment asset total of CNY 1,082.80 billion, which is a 12.1% increase from CNY 965.65 billion in 2020[35] - The total investment return rate improved to 5.9%, a 0.4 percentage point increase from 5.5% in 2020[58] - The net investment yield for 2021 was 4.3%, a decrease of 0.3 percentage points from 4.6% in 2020[117] Governance and Management - The company appointed Xu Zhibin as the Chairman of the Board on January 25, 2021, and his position was approved by the China Banking and Insurance Regulatory Commission on November 10, 2021[191] - The company has undergone several changes in its board of directors and supervisory board, reflecting ongoing governance adjustments[195] - The total remuneration for the CEO, Li Quan, during the reporting period was 179.38 million, with a total tax of 101.47 million[197] Future Outlook - During the "14th Five-Year Plan" period, the company aims to become the most outstanding financial service group in China, focusing on comprehensive life insurance business[148] - In 2022, the company will emphasize value while maintaining stable growth in business scale, particularly focusing on regular premium business development[150] - The company is committed to participating in the construction of a multi-level social security system to support high-quality development[147]

Financial Performance - Total revenue for the third quarter of 2021 was RMB 51,913 million, an increase of 1.6% year-on-year[4] - Net profit attributable to shareholders of the parent company was RMB 1,408 million, a decrease of 51.2% compared to the same period last year[4] - Basic and diluted earnings per share were both RMB 0.45, down 51.6% year-on-year[5] - The company's total revenue for the nine months ended September 30, 2021, was RMB 183,988 million, an increase of 8.6% compared to RMB 169,772 million for the same period in 2020[21] - Net profit attributable to shareholders for the same period was RMB 11,954 million, up 7.6% from RMB 11,105 million in the previous year[21] - The company reported a basic and diluted earnings per share of RMB 3.83 for the nine months ended September 30, 2021, compared to RMB 3.56 in the same period of the previous year[26] - The total comprehensive income for the nine months was RMB 7,424 million, down from RMB 13,782 million in the previous year, reflecting a decrease of 46.1%[26] Assets and Liabilities - Total assets at the end of the reporting period reached RMB 1,061,702 million, reflecting a 5.7% increase from the end of the previous year[5] - Total assets as of September 30, 2021, were RMB 1,061.70 billion, compared to RMB 1,004.38 billion at the end of 2020[19] - The total liabilities increased to RMB 956,928 million as of September 30, 2021, compared to RMB 902,696 million at the end of 2020, reflecting a growth of 6.0%[20] - The total equity attributable to shareholders increased to RMB 104,758 million as of September 30, 2021, from RMB 101,667 million at the end of 2020, marking a rise of 3.1%[20] Investment Performance - Investment assets amounted to RMB 1,018,414 million, representing a 5.5% increase year-on-year[7] - The company's investment income for the nine months was RMB 48,723 million, representing a 22.5% increase from RMB 39,777 million in the prior year[21] - Annualized total investment return rate was 6.4%, an increase of 0.8 percentage points year-on-year[16] - Cash inflow from investment activities was RMB 327,879 million for the nine months, compared to RMB 272,739 million in the same period last year, indicating a significant increase of 20.2%[27] Insurance Business - The insurance business income for the year-to-date was RMB 136,562 million, up 1.6% year-on-year[7] - Total premium income reached RMB 136.56 billion, a year-on-year increase of 1.6%[14] - First-year premium income for long-term insurance was RMB 35.12 billion, down 2.4% year-on-year[14] - Renewal premium income increased by 4.9% year-on-year to RMB 96.60 billion[14] - Individual insurance channel premium income totaled RMB 98.83 billion, up 3.2% year-on-year[15] - Group insurance premium income rose by 21.8% year-on-year to RMB 2.43 billion[15] Cash Flow - The net cash flow from operating activities for the year-to-date was RMB 57,798 million, an increase of 3.9%[5] - The net cash flow from operating activities was RMB 57,798 million for the nine months, compared to RMB 55,610 million in the same period last year, indicating a growth of 3.9%[27] - Cash inflow from financing activities totaled $44,789 million for the nine months ended September 30, 2021, compared to $10,081 million for the same period in 2020, representing a significant increase[28] - Net cash flow from financing activities was $1,684 million for the nine months ended September 30, 2021, recovering from a net outflow of $37,970 million in the same period of 2020[28] - The cash and cash equivalents balance at the end of the period was $13,467 million, up from $9,963 million a year earlier, indicating a strong liquidity position[28] - The company reported a net cash increase of $474 million for the nine months ended September 30, 2021, contrasting with a net decrease of $1,802 million in the same period of 2020[28] Actuarial Adjustments - The company adjusted actuarial assumptions, increasing life insurance reserves by RMB 2.47 billion and long-term health insurance reserves by RMB 6.38 billion[17] - The company reported a pre-tax profit reduction of RMB 8.85 billion due to changes in actuarial estimates[17] Cash Dividends and Financing Activities - Cash dividends paid amounted to $4,859 million, with $193 million distributed to minority shareholders during the nine months ended September 30, 2021[28] - The total cash outflow from financing activities was $43,105 million for the nine months ended September 30, 2021, down from $48,051 million in the same period of 2020[28] - The company paid $14,858 million in other financing-related cash outflows during the nine months ended September 30, 2021, compared to $70 million in the same period of 2020[28]

Financial Performance - Total revenue for the first half of 2021 reached RMB 130,386 million, with a net profit attributable to shareholders of RMB 10,546 million, reflecting an annualized total investment return rate of 6.5%[10]. - Total revenue for the first half of 2021 reached 130,386 million RMB, representing a 12.3% increase compared to 116,076 million RMB in the same period of 2020[13]. - Net profit attributable to shareholders of the parent company was 10,546 million RMB, reflecting a growth of 28.3% from 8,218 million RMB in the previous year[13]. - Annualized total investment return rate improved to 6.5%, an increase of 1.4 percentage points from 5.1% in the same period last year[15]. - Total premium income and policy management fee income amounted to 100,641 million RMB, up 3.9% from 96,903 million RMB year-on-year[15]. - Investment income surged by 47.2% to 30,542 million RMB, driven by increased gains from asset trading[18]. - Total insurance business expenses for the six months ended June 30, 2021, amounted to RMB 118,178 million, an increase of 11.1% from RMB 106,304 million in the same period of 2020[124]. - The total comprehensive income for the six months ended June 30, 2021, was RMB 9,124 million, down from RMB 11,121 million in the same period of 2020[126]. Assets and Liabilities - The company's total assets amounted to RMB 1,022,175 million, and the embedded value was reported at RMB 250,766 million[10]. - The company managed assets exceeding 1 trillion RMB, with a total asset value of 1,022,175 million RMB, up 1.8% from 1,004,376 million RMB at the end of 2020[13]. - The total liabilities reached RMB 915,703 million, up from RMB 902,696 million, indicating an increase of about 1.2%[123]. - The long-term insurance contract liabilities rose to RMB 814,373 million from RMB 750,258 million, marking an increase of approximately 8.6%[123]. - The total insurance contract reserves as of June 30, 2021, were 818,729 million, reflecting an 8.5% increase from 754,409 million at the end of 2020[34]. Solvency and Capital - The comprehensive solvency adequacy ratio stood at 250.766%, demonstrating strong financial stability[10]. - The comprehensive solvency adequacy ratio decreased to 269.67% as of June 30, 2021, from 277.84% as of December 31, 2020[46]. - The core capital of Xinhua Life Insurance Co., Ltd. was CNY 285,025 million, an increase from CNY 280,817 million as of December 31, 2020[46]. - The actual capital as of June 30, 2021, was RMB 295,025 million, up from RMB 290,817 million at the end of 2020, indicating a growth of 1.42%[200]. - The minimum capital requirement increased to RMB 109,401 million as of June 30, 2021, compared to RMB 104,672 million at the end of 2020, representing a rise of 4.00%[200]. Business Operations - The company is committed to providing comprehensive life insurance products and services through a nationwide network and diversified sales channels[10]. - The company provided services to over 30 million individual clients and nearly 90,000 institutional clients, enhancing customer service efficiency[12]. - The company launched new community products in the health and elderly care sector, marking a significant expansion in its service offerings[12]. - The company plans to enhance team quality and optimize product supply to meet customer needs, focusing on health and retirement products[53]. - The company aims to strengthen risk management and compliance operations, emphasizing a preventive risk control philosophy[53]. Market and Economic Environment - The domestic economy is gradually recovering post-pandemic, showing a stable and long-term positive trend, but global economic recovery remains weak with low demand and commodity inflation[54]. - The company emphasizes macroeconomic and industry research to prudently forecast domestic and international market trends[55]. - The company has faced increased market, credit, and liquidity risks due to the complexity of the internal and external environment since the outbreak of COVID-19[54]. Employee and Governance - The company has a total of 35,438 employees under labor contracts as of June 30, 2021[94]. - The company held three shareholder meetings and six board meetings during the reporting period, ensuring compliance with governance standards[80]. - The board of directors confirmed the accuracy and completeness of the financial report, with all 12 attending directors present at the meeting[3]. - The company has appointed Zhang Hong as Vice President, with his appointment approved by the China Banking and Insurance Regulatory Commission on June 21, 2021[91]. Risk Management - The company faces significant insurance risks due to the randomness of insurance events and the uncertainty of claims exceeding the insurance liabilities[180]. - Financial risks include market risk, credit risk, and liquidity risk, with a focus on minimizing negative impacts on financial conditions[184]. - The group has a liquidity risk management strategy that matches investment assets with liabilities to mitigate liquidity risk[193]. - The company has established a diversified investment portfolio to mitigate financial risks associated with specific industries or issuers[184]. Regulatory and Compliance - The company has adopted new accounting standards effective from January 1, 2021, which may impact future financial reporting but had no significant effect on the current interim financial statements[134]. - The group has temporarily exempted the application of IFRS 9, continuing to use IAS 39 for financial assets and liabilities as of January 1, 2018[138]. - The company has established a reputation risk management system covering all lines and institutions to enhance consumer rights protection and risk prevention[55]. Community Engagement - The company allocated RMB 8 million to support the construction of Shibing County No. 1 Middle School in Guizhou[97]. - The company donated RMB 10 million to support flood relief and post-disaster reconstruction in Henan Province[98]. - As of July 31, 2021, the company’s insurance project for sanitation workers covered 142 cities, providing nearly 840,000 workers with accident insurance worth RMB 100,000 each, totaling over RMB 264.3 billion in donated coverage since 2017[98].

Financial Performance - The company reported a total revenue of 132,075 million RMB for the first half of 2021[11]. - The net profit attributable to shareholders of the parent company was 10,546 million RMB, with an annualized total investment return rate of 6.5%[12]. - Total assets reached 1,022,175 million RMB, while the equity attributable to shareholders was 106,457 million RMB[12]. - The new business value for the first half of the year was 4,090 million RMB, reflecting a growth rate of 269.67%[12]. - Operating revenue for the first half of 2021 was CNY 132.08 billion, reflecting an 11.3% growth compared to CNY 118.66 billion in 2020[14]. - Net profit attributable to shareholders increased by 28.3% to CNY 10.55 billion, up from CNY 8.22 billion in the same period last year[14]. - The annualized total investment return rate improved to 6.5%, up from 5.1% in the previous year, marking a 1.4 percentage point increase[17]. - The weighted average return on equity for shareholders was 9.93%, up from 9.13% in the previous year, indicating improved profitability[15]. - The total comprehensive income for the six months ended June 30, 2021, was RMB 9,124 million, down from RMB 11,121 million in the previous year[145]. - The company reported a total profit of RMB 12,086 million, representing a 30.5% increase from RMB 9,254 million in the same period last year[145]. Investment and Asset Management - The company managed assets exceeding CNY 1 trillion, with total assets reported at CNY 1,022.18 billion as of June 30, 2021, a 1.8% increase from the end of 2020[14]. - As of June 30, 2021, total investment assets amounted to CNY 979,339 million, reflecting a 1.4% increase from CNY 965,653 million at the end of 2020[40]. - The net investment income for the first half of 2021 was CNY 21,380 million, an 11.8% increase compared to CNY 19,131 million in the same period of 2020[42]. - Total investment income reached CNY 31,117 million, representing a 48.1% increase from CNY 21,004 million year-on-year[42]. - The company maintained a focus on safety, liquidity, and profitability in its asset management business amidst a challenging market environment[39]. - The company has implemented various credit enhancement measures for non-standard assets, ensuring a high-quality asset portfolio with low risk[44]. Insurance Operations - Total premium income reached CNY 100.61 billion, a year-on-year increase of 3.9% as of June 30, 2021[13]. - First-year premium for long-term insurance was CNY 30.00 billion, up 0.5% year-on-year[23]. - Renewal premium accounted for 66.6% of total premium income, with a year-on-year growth of 6.9%[23]. - The individual insurance channel generated CNY 69.88 billion in premium income, a 5.5% increase year-on-year[25]. - Health insurance premium income increased by 4.0% to CNY 33.31 billion[28]. - Traditional insurance first-year premium income surged by 31.0% to CNY 10.39 billion[29]. - The 13-month persistency rate for individual life insurance was 88.8%, a decrease of 2.2 percentage points from the previous year[31]. Risk Management and Compliance - The company is committed to strengthening risk management and compliance practices to mitigate potential financial risks[63]. - The company faces challenges from market volatility, credit, and liquidity risks due to the ongoing global economic uncertainties[63]. - The company has not violated decision-making procedures for external guarantees[3]. - The financial report for the first half of 2021 has not been audited[3]. Corporate Governance - The company held three shareholder meetings and six board meetings during the reporting period, ensuring compliance with governance standards[91]. - The board of directors consists of 12 members, including Li Quan, Zhang Hong, and Yang Yi[96]. - The supervisory board consists of 5 members, including Liu Debin and Shi Hongyu, with Liu Debin elected as chairman in April 2021[100]. Social Responsibility and Community Engagement - The company allocated 8 million RMB to support the construction of a school in Guizhou Province as part of its rural revitalization efforts[109]. - In response to the severe flooding in Henan, the company donated 10 million RMB for disaster relief and reconstruction efforts[110]. - The company’s volunteer program engaged 45,925 volunteers, conducting 1,497 service activities totaling 31,384.5 hours in the first half of 2021[110]. - The company has committed to low-carbon operations and implemented energy-saving measures in its office management[108]. Future Outlook and Strategic Initiatives - The company plans to enhance product supply and optimize service offerings, focusing on health and elderly care sectors[62]. - The company aims to improve operational efficiency by implementing new digital solutions, targeting a 10% reduction in operational costs by 2022[137]. - A strategic acquisition is in progress, which is anticipated to enhance the company's service capabilities and increase customer base by 30%[137]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by 2023[137].

Financial Performance - Operating income for Q1 2021 was RMB 81,365 million, representing a 19.4% increase from RMB 68,148 million in Q1 2020[4] - Net profit attributable to shareholders for Q1 2021 was RMB 6,305 million, up 36.0% from RMB 4,635 million in Q1 2020[4] - The total revenue for the three months ended March 31, 2021, was RMB 81,365 million, an increase from RMB 68,148 million for the same period in 2020, representing a growth of approximately 19.5%[23] - The net profit for the three months ended March 31, 2021, was RMB 6,306 million, compared to RMB 4,636 million for the same period in 2020, reflecting an increase of about 35.9%[23] - The basic earnings per share for Q1 2021 was RMB 2.02, an increase of 35.6% from RMB 1.49 in Q1 2020[4] - The total comprehensive income attributable to shareholders for the three months ended March 31, 2021, was RMB 2,087 million, compared to RMB 3,109 million for the same period in 2020, indicating a decrease of 32.8%[24] Assets and Liabilities - Total assets as of March 31, 2021, were RMB 998,897 million, a decrease of 0.5% from RMB 1,004,376 million as of December 31, 2020[4] - The total liabilities as of March 31, 2021, amounted to RMB 895,120 million, a slight decrease from RMB 902,696 million as of December 31, 2020[22] - The total equity attributable to shareholders of the parent company as of March 31, 2021, was RMB 103,763 million, an increase from RMB 101,667 million as of December 31, 2020[22] - Investment assets as of March 31, 2021, totaled RMB 957.43 billion, a decrease of 0.9% from the end of the previous year[16] Cash Flow - The net cash flow from operating activities for Q1 2021 was RMB 26,043 million, a decrease of 9.2% from RMB 28,697 million in Q1 2020[4] - The total cash inflow from investment activities for the three months ended March 31, 2021, was RMB 94,223 million, compared to RMB 101,692 million for the same period in 2020, a decrease of 7.3%[26] - The net cash flow from financing activities for the three months ended March 31, 2021, was RMB (27,503) million, compared to RMB 21,049 million for the same period in 2020, indicating a significant change in financing strategy[28] - The cash inflow from insurance premiums received was RMB 54,443 million for the three months ended March 31, 2021, compared to RMB 51,406 million for the same period in 2020, reflecting a growth of 5.9%[26] Insurance Business - The insurance business income for Q1 2021 was RMB 63,392 million, with earned premium growth rate at 9.1%, down 26.4 percentage points from 35.5% in Q1 2020[7] - The insurance business income for the three months ended March 31, 2021, was RMB 63,392 million, up from RMB 58,245 million in the same period of 2020, indicating a growth of approximately 8.8%[23] - First-year premium income for long-term insurance was RMB 21.72 billion, up 10.5% year-on-year[14] - Renewal premium income amounted to RMB 39.24 billion, reflecting an 8.4% increase compared to the previous year[14] - Individual insurance channel generated total premium income of RMB 45.21 billion, a growth of 17.6% year-on-year[15] - The bancassurance channel reported total premium income of RMB 16.90 billion, a decline of 10.1% year-on-year[15] Investment Performance - The company's investment income rose by 57.8% to RMB 19.56 billion, driven by increased trading gains[19] - The investment income for the three months ended March 31, 2021, was RMB 19,558 million, compared to RMB 12,392 million for the same period in 2020, showing an increase of about 58.2%[23] - Annualized total investment return rate was 7.9%, an increase of 2.8 percentage points year-on-year[16] Solvency and Financial Health - The weighted average return on equity increased to 6.14% in Q1 2021, up 0.75 percentage points from 5.39% in Q1 2020[5] - Core solvency ratio as of March 31, 2021, was 264.94%, slightly down from 268.28% as of December 31, 2020[9] - The unearned premium reserve as of March 31, 2021, was RMB 296 million, significantly lower than RMB 6,458 million as of December 31, 2020[22] - The company reported a decrease in the fair value change of financial liabilities measured at fair value through profit or loss, which was RMB 10,588 million as of March 31, 2021, down from RMB 14,837 million as of December 31, 2020[22] Shareholder Information - Total number of shareholders was 98,550 as of the report date[11]

Financial Performance - Total revenue for 2020 reached 206.54 billion RMB, representing an 18.3% increase compared to 174.57 billion RMB in 2019[18]. - The net profit attributable to shareholders was 101.67 billion RMB, with a total investment return rate of 5.5%[22]. - The new business value for the year was 9.18 billion RMB, showing a decrease of 6.1% from 9.78 billion RMB in 2019[22]. - The total assets of the company exceeded 1 trillion RMB, reaching 1,004.38 billion RMB by the end of 2020, a 14.3% increase from 878.97 billion RMB in 2019[15]. - The first-year premium income for long-term insurance was 39.02 billion RMB, reflecting a significant growth of 53.7% from 25.40 billion RMB in 2019[22]. - The company maintained a comprehensive solvency adequacy ratio of 277.84%, slightly down from 283.64% in 2019[22]. - The number of individual insurance agents increased to 606, a rise of 19.5% from 507 in 2019[22]. - The internal value of the company reached 240.60 billion RMB, marking a 17.3% increase from 205.04 billion RMB in 2019[22]. - The company achieved a 15.1% positive growth in periodic premium income in the first half of 2020, with new single premium income doubling[26]. - The total premium income of the company reached CNY 159.511 billion, a year-on-year increase of 15.5%, marking the highest growth rate since the company was listed[26]. Risk Management - The company has taken various measures to effectively manage and control risks, including market risk, credit risk, insurance risk, operational risk, reputational risk, strategic risk, and liquidity risk[1]. - The company does not have any non-operational fund occupation by controlling shareholders and their affiliates[1]. - The company has not provided guarantees in violation of regulatory decision-making procedures[1]. - The company’s future performance may differ from forward-looking statements made in the report, and investors should maintain adequate risk awareness[1]. - The company emphasizes the importance of risk prevention and compliance, focusing on the implementation of the second-generation solvency regulatory requirements[82]. Corporate Governance - The board of directors and senior management have guaranteed the authenticity, accuracy, and completeness of the financial report[1]. - The annual report has been approved by the board of directors and is available for shareholders[1]. - The company has maintained its commitment to avoid competition with its controlling shareholder, Huijin Company, which has been continuously fulfilled during the reporting period[113]. - The company has not changed its auditor in the past three years, with Ernst & Young serving for seven consecutive years[111]. - The governance structure includes a board of directors, supervisory board, and senior management, ensuring checks and balances among decision-making and execution[175]. - The company actively communicates with shareholders to ensure their rights and participation in decision-making[179]. - The independent directors maintained a 100% attendance rate at board meetings, ensuring effective governance[181]. Shareholder Information - As of December 31, 2020, the total number of shares was 3,119,546,600, with 66.85% being RMB ordinary shares and 33.15% being H shares[120]. - The company has 84,524 shareholders as of the reporting period, with 84,242 holding A shares and 282 holding H shares[122]. - HKSCC Nominees Limited holds 1,033,360,231 shares, representing 33.13% of total shares, with a decrease of 461,005 shares during the reporting period[123]. - Central Huijin Investment Ltd. owns 977,530,534 shares, accounting for 31.34% of total shares, with no change reported[123]. - The company has no other shareholders holding more than 10% of shares, excluding HKSCC Nominees Limited[127]. Employee and Management Information - The total after-tax remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 18.613 million, with personal income tax paid totaling CNY 10.0181 million[167]. - The company employed a total of 36,309 staff, with 59.58% in sales and sales management roles[171]. - The company provided training to 22,459 employees through online job enhancement training, with a total of 53,987 training sessions held, impacting 3,409,172 participants[173]. - The company has a diverse leadership team with extensive experience in finance, management, and insurance, contributing to its strategic direction and operational efficiency[164]. Strategic Initiatives - The company aims to enhance its market position through a strategy of "one body, two wings + technology empowerment" focusing on life insurance and wealth management[15]. - The company plans to leverage technology and data to meet personalized insurance needs and enhance "insurance + service" offerings[27]. - The company plans to continue its poverty alleviation efforts in 2021, focusing on consolidating achievements and promoting rural revitalization[119]. - The company plans to adjust its subsidiary to focus on elderly care management services[189]. Financial Reporting and Audit - The financial report for 2020 has been audited by Ernst & Young Hua Ming and received a standard unqualified opinion[1]. - The total audit fees for 2020 amounted to RMB 18.585 million, an increase of 1.7% from RMB 18.275 million in 2019[112]. - The company reported an asset impairment loss of 2.703 billion for the year 2020 related to entrusted investment assets[110]. Investment Performance - The company’s total investment income was CNY 51.27 billion, reflecting an increase of 43.5% due to higher gains from investment asset sales[37]. - The investment portfolio achieved a total investment return of 46.66 billion, representing a 28.4% increase from 36.34 billion in 2019[61]. - The net investment yield for 2020 was 4.6%, slightly down from 4.8% in 2019[61]. - The company actively adjusted its tactical asset allocation to balance investment returns and risk management amid the complex global environment in 2020[58].

Financial Performance - Net profit attributable to shareholders decreased by 14.6% to RMB 11,105 million for the nine months ended September 30, 2020, down from RMB 13,003 million in the same period of 2019[3]. - Operating income rose by 27.8% to RMB 169,772 million for the nine months ended September 30, 2020, compared to RMB 132,842 million in the previous year[3]. - The total profit for the nine months ended September 30, 2020, was RMB 12,040 million, compared to RMB 12,321 million for the same period in 2019, reflecting a decline of about 2.3%[25]. - The total comprehensive income attributable to shareholders of the parent company for the nine months ended September 30, 2020, was RMB 13,780 million, compared to RMB 16,669 million for the same period in 2019, a decrease of approximately 17.0%[24]. - The total comprehensive income for the nine months ended September 30, 2020, was RMB 13,782 million, compared to RMB 16,670 million for the same period in 2019, reflecting a decline of about 17.0%[25]. - Basic and diluted earnings per share for the nine months ended September 30, 2020, were RMB 3.56, down from RMB 4.17 in the same period of 2019, a decline of about 14.6%[24]. - Total comprehensive income attributable to the parent company's shareholders was RMB 2,660 million, compared to RMB 3,239 million in the previous year, representing a decrease of approximately 17.9%[28]. Assets and Liabilities - Total assets increased by 6.9% to RMB 939,265 million as of September 30, 2020, compared to RMB 878,970 million at the end of 2019[3]. - The total liabilities as of September 30, 2020, were RMB 845,423 million, up from RMB 794,509 million at the end of 2019, indicating an increase of about 6.4%[22]. - The company's total equity as of September 30, 2020, was RMB 93,842 million, up from RMB 84,461 million at the end of 2019, marking an increase of about 11.5%[22]. - The insurance liabilities, including life insurance and long-term health insurance reserves, rose to RMB 735,165 million, compared to RMB 654,478 million in the previous year, reflecting an increase of approximately 12.3%[22]. - The company's cash and cash equivalents increased to RMB 31,754 million from RMB 24,409 million year-over-year, representing a growth of approximately 29.5%[21]. Cash Flow - The net cash flow from operating activities increased significantly by 98.0% to RMB 55,610 million for the nine months ended September 30, 2020, compared to RMB 28,088 million in 2019[3]. - Total cash inflow from investment activities was RMB 272,739 million, while cash outflow was RMB 292,119 million, resulting in a net cash flow of RMB -19,380 million for the investment activities[30]. - The company reported a total cash inflow from financing activities of RMB 10,081 million, while cash outflow was RMB 48,051 million, leading to a net cash flow of RMB -37,970 million from financing activities[32]. - The net increase in cash and cash equivalents was RMB -1,802 million, with a beginning balance of RMB 11,765 million, resulting in an ending balance of RMB 9,963 million[32]. Investment Performance - The company reported an investment income of RMB 39.78 billion, a significant increase of 50.8% compared to the previous year[16]. - The annualized total investment return rate for the first nine months of 2020 was 5.6%, an increase of 0.9 percentage points year-on-year[15]. - The company’s investment assets amounted to RMB 899.14 billion, growing by 7.1% compared to the end of the previous year[15]. - The company reported a decrease in claims expenditure by 11.2% to RMB 42,468 million for the nine months ended September 30, 2020, compared to RMB 47,819 million in the same period of 2019[6]. Insurance Business - Insurance business income grew by 24.5% to RMB 134,355 million for the nine months ended September 30, 2020, compared to RMB 107,912 million in the same period of 2019[6]. - The earned premium growth rate increased by 17.1 percentage points to 24.9% for the nine months ended September 30, 2020, compared to 7.8% in the previous year[6]. - The first-year premium income for long-term insurance reached RMB 35.99 billion, up 124.7% year-on-year[12]. - The first-year premium income from the bancassurance channel surged to RMB 22.32 billion, reflecting a remarkable growth of 529.8%[14]. - The total premium income from the individual insurance channel was RMB 95.76 billion, representing a year-on-year increase of 9.1%[14]. Other Financial Metrics - The weighted average return on equity decreased by 5.05 percentage points to 12.36% as of September 30, 2020, down from 17.41% at the end of 2019[3]. - The company adjusted actuarial assumptions, resulting in an increase of RMB 2.10 billion in life insurance reserves as of September 30, 2020[19]. - The company experienced a foreign exchange impact on cash and cash equivalents amounting to RMB -62 million[32]. - The company reported a decrease in other comprehensive income after tax, with a net amount of RMB (227) million, compared to RMB 781 million in the previous year[29].

Financial Performance - Net profit attributable to shareholders was 8,218 million RMB, a decrease of 22.1% compared to the previous year[15]. - Total revenue reached 118,660 million RMB, representing a 31.5% increase year-on-year[15]. - Insurance business income was 96,879 million RMB, up 30.9% from the previous year[15]. - The weighted average return on equity for shareholders was 9.13%, down 5.46 percentage points from the previous year[16]. - The investment income for the first half of 2020 was 25.296 billion CNY, representing a 46.0% increase from 17.329 billion CNY in the previous year[22]. - The company reported a net profit of 21 million for the pension insurance segment, reflecting a 21% increase[61]. - The company reported a net profit of (8) million for the pension service segment, indicating a loss[61]. - The company reported a total comprehensive income of RMB 11,121 million for the six months ended June 30, 2020, compared to RMB 13,431 million for the same period in 2019, a decrease of 17.2%[149]. - The company reported total assets of 390.367 billion and net assets of 92.082 billion as of June 30, 2020[61]. Assets and Liabilities - Total assets increased by 6.9% to 939,351 million RMB as of June 30, 2020[15]. - The total liabilities of the company reached RMB 848,175 million, up from RMB 794,509 million, indicating an increase of about 6.75%[143]. - The company's equity attributable to shareholders rose to RMB 91,165 million from RMB 84,451 million, reflecting an increase of approximately 7.9%[145]. - The total cash and cash equivalents at the end of the reporting period amounted to 117.75 billion, with term deposits at 955.40 billion[55]. - The total amount of available-for-sale financial assets increased to 399,463 million, with a fair value change of 12,167 million during the period[56]. Investment Activities - The company actively pursued long-term equity investments and domestic real estate investments to diversify its asset allocation[40]. - The company did not engage in any significant equity or non-equity investments during the reporting period, maintaining a conservative investment strategy[101]. - The company has issued a total of RMB 100 billion in capital replenishment bonds during the reporting period, with the issuance completed by May 2020[107]. - The company reported a net cash outflow from investment activities of 31,803 million, a decrease of 25.1% compared to the previous year[54]. Premium Income and Insurance Business - The number of earned premiums was 94,782 million RMB, reflecting a growth rate of 31.6%[18]. - The first-year premium income from long-term insurance reached 29.862 billion CNY, a significant increase of 155.0% compared to 11.712 billion CNY in the same period of 2019[25]. - The total premium income for the first half of 2020 was RMB 4,794 million, significantly higher than RMB 2,233 million in the same period of 2019, representing a growth of approximately 114%[142]. - The total claims and policyholder benefits amounted to CNY 89,983 million, a 41.8% increase from CNY 63,444 million in 2019[35]. Regulatory Compliance and Governance - The board of directors confirmed the accuracy and completeness of the financial report for the first half of 2020, which remains unaudited[4]. - The company adheres to the minimum capital requirements set by the China Banking and Insurance Regulatory Commission, ensuring regulatory compliance[84]. - The company has not experienced any major lawsuits or arbitration matters during the reporting period[106]. - The company has maintained a diversified entrusted investment management system, primarily utilizing internal investment managers[103]. Shareholder Information - The total number of shares issued by the company remains unchanged at 3,119,546,600 shares as of June 30, 2020, with 66.85% being A-shares and 33.15% being H-shares[118]. - The company has 76,138 shareholders, with 75,851 holding A-shares and 287 holding H-shares as of the end of the reporting period[120]. - The top shareholder, HKSCC Nominees Limited, holds 1,033,430,431 shares, representing 33.13% of the total shares, with a decrease of 390,805 shares during the reporting period[121]. Employee and Operational Insights - The company employed a total of 36,058 employees as of June 30, 2020[132]. - Online training was actively conducted to enhance employee skills during the pandemic, covering 2,565 party leaders[132]. - The company provided competitive compensation and various welfare plans, including enterprise annuities, to meet diverse employee needs[132]. Social Responsibility and Community Engagement - The company has invested over RMB 500,000 in poverty alleviation projects from 2017 to July 2020, benefiting 34 deep poverty areas across 11 provinces[110]. - The company has donated a total of over RMB 643.5 million to various charitable organizations in response to the pandemic by July 2020[117]. - The company has organized 1,252 volunteer activities with a total service time of 53,656.8 hours in the first half of 2020[114]. Risk Management and Financial Estimates - The company has recognized a total of RMB 2,910 million in settlement payments related to unauthorized bond repurchase transactions conducted by the former chairman[192]. - The company estimates deferred tax assets based on the likelihood of future taxable income, requiring significant judgment from management[189]. - The company’s financial reporting includes significant accounting judgments and estimates that may affect the recognition of financial assets and liabilities[185].