交银国际研究 公司更新 保险 收盘价 目标价 潜在涨幅 2024年4月30日 港元15.12 港元20.50↓ +35.6% 新华保险 (1336 HK) 新业务价值增速超预期，盈利增速后续有望回升，上调至买入 个股评级  盈利降幅超同业。2024年1季度新华盈利同比下降28.6%，盈利降幅高于 同业，主要因为去年同期基数较高，受利率下行、股票市场波动影响投资 买入↑ 收益，以及利息支出同比增长（2023年4季度发行资本补充债）。 1年股价表现  保费结构显著优化，十年期以上期交占比大幅提升；业务品质优化。保费 收入同比下降11.7%，降幅主要来自银保渠道趸交保费；新单期交保费同 1336 HK 恒生指数 20% 比下降4.2%，十年期以上保费在去年同期低位上大幅上升83.9%，占新单 10% 0% 期交保费的比重为11%，较2023年下降1.2个百分点，但同比大幅提升 -10% 5.3个百分点。13/25个月继续率同比提升超5个百分点。 -20% -30%  1季度新业务价值同比增长51%，增速领先同业。其中银保渠道同比增速 -40% -50% 超20%，个险渠道增速超50%。1季度新单期交保费同比下 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 NEW CHINA LIFE INSURANCE COMPANY LTD. 01336 2024年第一季度報告 本公告由新華人壽保險股份有限公司（「本公司」或「公司」）根據《證券及期貨條例》（香港 法例第571章）第XIVA部項下的內幕消息條文及《香港聯合交易所有限公司證券上市規 則》第13.09條及13.10B條作出。 本公司2024年第一季度報告所載財務資料根據中國企業會計準則編製，且未經審計。 重要內容提示： • 本公司董事會（「董事會」）、監事會及董事、監事、高級管理人員保證本季度報告內 容的真實、準確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別 和連帶的法律責任。 • 本公司董事長楊玉成先生，總裁張泓先生，總精算師、臨時財務負責人龔興峰先生 以及會計機構負責人張韜先生保證本季度報告中財務信息的真實、準確、完整。 ...

重要提示 1 本公司董事會、監事會及董事、監事、高級管理人員保證本報告內容的真實、準確、完整， 不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責任。 2 本公司第八屆董事會第十八次會議於2024年3月27日審議通過了本公司《2023年年度報告》。 會議應出席董事11人，親自出席董事11人。 3 本公司2023年度根據國際會計準則理事會頒佈的《國際財務報告準則第17號－保險合同》《國 際財務報告準則第9號－金融工具》等國際財務報告準則編製的合併財務報表，已經德勤 • 關 黃陳方會計師行根據國際審計準則審計，並出具標準無保留意見的審計報告。 㤜ϧสԊ䯗㗎Ъᰶ䭽ڙथ 㗎ЪА㮌 : 01336 (͚㤜ϧℾڞহస㽨ڷ⮱⿸㗎Ъᰶ䭽ڙथ) NEW CHINA LIFE INSURANCE CO., LTD. 2023 ᎡᏓ൞ॷ 4 本公司擬向全體股東派發2023年度現金股利每股0.85元（含稅），總計約26.52億元，約佔公 司2023年度財務報告中歸屬於母公司股東淨利潤的30.4%，上述利潤分配方案尚待股東大會 批准。 5 本公司董事長楊玉成先生，總裁、主管會計工作負責人（代行）張泓先生，總精算師龔興峰先 ...

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

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 NEW CHINA LIFE INSURANCE COMPANY LTD. 01336 2023年第三季度報告 | --- | |------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | 本公告由新華人壽保險股份有限公司（「 本公司 」或「 公司 」）根據《證券及期貨條例》（香港 法例第 571 章）第 XIVA 部項下的內幕消息條文及《香港聯合交易所有限公司證券上市規 則》第 13.09 條及 13.10B 條作出。 | | 本公司 2023 ...

Financial Reporting Standards - The company reported a mid-term financial summary based on IFRS 17 and IFRS 9, indicating adherence to international financial reporting standards [3]. - The financial statements were prepared in accordance with International Accounting Standard 34, ensuring compliance with relevant regulations [140]. - The review of the financial statements did not reveal any issues that would indicate non-compliance with International Accounting Standards [142]. - The group adopted IFRS 9 for financial instruments starting January 1, 2023, which introduced new classification and measurement requirements for financial assets and liabilities [158]. - The group adopted IFRS 17 for insurance contracts starting from January 1, 2023, leading to significant changes in accounting policies [181]. Board and Governance - The board of directors confirmed the accuracy and completeness of the mid-term report, with all 11 directors present at the meeting [3]. - The company’s board consists of 11 members, including executive and independent non-executive directors [103]. - The company held two shareholder meetings, six board meetings, and five supervisory board meetings during the reporting period, complying with regulatory requirements for announcements [99]. - The company confirmed that all directors, supervisors, and senior management adhered to the standards set forth in the "Standard Code" during the reporting period [101]. - The company has maintained compliance with the Corporate Governance Code and has adopted most of the recommended best practices [126]. Financial Performance - Total assets reached CNY 1,309.18 billion, with net profit attributable to shareholders at CNY 9.98 billion [12]. - The net profit attributable to shareholders was CNY 9.978 billion, reflecting an increase of 8.6% year-on-year [23]. - The company reported a net cash flow from operating activities of CNY 65.508 billion, which is a 15.3% increase compared to the same period last year [23]. - The total comprehensive income for the six months ended June 30, 2023, was RMB 1,338 million, a decrease from RMB 4,392 million in the prior year, reflecting a decline of approximately 69.6% [148]. - Basic earnings per share for the six months ended June 30, 2023, were RMB 3.20, up from RMB 2.95 in the same period of 2022, marking an increase of 8.5% [148]. Insurance Operations - The company reported a 5.1% year-on-year increase in original insurance premium income, totaling CNY 107.85 billion [14]. - The company processed a total of 2.07 million claims, with total payouts amounting to CNY 7.96 billion [20]. - The first-year premium for long-term insurance reached CNY 33.86 billion, up 14.8% year-on-year, while the first-year regular premium increased by 42.9% to CNY 17.48 billion [32]. - The company’s insurance service income was CNY 26.593 billion, down 6.5% from the previous year [26]. - The total insurance contract liabilities increased by 9.0% to CNY 1,103.982 billion compared to the end of 2022 [51]. Investment Activities - Investment scale reached CNY 1,259.16 billion, an increase of 8.8% from the end of the previous year [15]. - The annualized total investment return rate was 3.7%, with a net investment return rate of 3.4% [15]. - The total investment assets of the company amounted to CNY 1,259.159 billion as of June 30, 2023, representing an 8.8% increase from the end of the previous year [52]. - The company reported a significant loss in investment asset trading of (5,517) million, compared to a loss of (1,528) million in the previous year, marking a 261.1% increase in losses [56]. - The company has implemented various credit enhancement measures for non-standard assets, ensuring overall asset quality remains high and risks are low [58]. Risk Management - The company faces various risks including market risk, credit risk, insurance risk, operational risk, reputational risk, strategic risk, and liquidity risk, with measures in place to manage these risks effectively [3]. - The company emphasizes compliance and risk management to address potential risks in the current economic environment [74]. - The company has not engaged in non-operational fund occupation by controlling shareholders or related parties [3]. - The company has not violated decision-making procedures in providing guarantees [3]. - The company has not reported any significant litigation or arbitration issues as of June 30, 2023 [118]. Corporate Social Responsibility - The company allocated 9.4 million RMB in aid to Guizhou Province and 1 million RMB to Inner Mongolia for rural revitalization projects [113]. - The company has provided accident insurance coverage worth 10 million RMB to over 920,000 sanitation workers across nearly 170 cities [114]. - The company has a volunteer team of 44,094 members, conducting 1,649 volunteer activities with a total service time of 45,956.55 hours [114]. - The company has invested a total of 226.47 billion RMB in strategic emerging industries as of June 30, 2023 [112]. - The company achieved premium income of approximately 4 billion RMB from exclusive commercial pension insurance sales [112]. Shareholder Information - The total number of shares outstanding is 3,119,546,600, with 66.85% being A-shares and 33.15% being H-shares [128]. - The largest shareholder, Central Huijin Investment Ltd., holds 977,530,534 shares, representing 31.34% of the total shares [131]. - The company has no significant litigation or arbitration matters during the reporting period [124]. - There were no changes in the company's share capital structure during the reporting period [128]. - The company continues to fulfill its commitment to avoid competition with its controlling shareholder, Huijin Company [123].

Financial Performance - Total revenue for Q1 2023 reached RMB 29,005 million, representing a 17.4% increase year-on-year[4] - Net profit attributable to shareholders of the parent company was RMB 6,917 million, a significant increase of 114.8% compared to the same period last year[4] - Basic and diluted earnings per share for shareholders of the parent company were both RMB 2.22, reflecting a 115.5% increase year-on-year[4] - The consolidated net profit for the three months ended March 31, 2023, was RMB 6,918 million, compared to RMB 3,221 million for the same period in 2022, indicating a significant increase of approximately 114.0%[23] - The total revenue for the three months ended March 31, 2023, was RMB 29,005 million, up from RMB 24,698 million in the same period of 2022, reflecting a growth of about 17.0%[23] - Basic earnings per share for the three months ended March 31, 2023, is RMB 2.22, compared to RMB 1.03 for the same period in 2022, reflecting a significant increase[25] - The company’s diluted earnings per share for the three months ended March 31, 2023, is RMB 2.22, compared to RMB 1.03 for the same period in 2022[25] Assets and Liabilities - Total assets as of March 31, 2023, amounted to RMB 1,283,416 million, up 5.6% from the end of the previous year[4] - Total liabilities as of March 31, 2023, were RMB 1,161,792 million, up from RMB 1,116,940 million as of December 31, 2022, which is an increase of about 4.0%[22] - The total assets increased from RMB 1,214,936 million on December 31, 2022, to RMB 1,231,281 million on January 1, 2023, reflecting an adjustment of RMB 16,345 million[30] - The total liabilities decreased slightly from RMB 1,116,940 million to RMB 1,116,934 million, with a net adjustment of RMB (6) million[32] - The company’s total liabilities and shareholders' equity amounted to RMB 1,231,281 million as of January 1, 2023[32] Equity and Solvency - Total equity attributable to shareholders of the parent company rose to RMB 121,602 million, a 24.1% increase from the previous year[4] - Core solvency ratio improved to 146.62% as of March 31, 2023, compared to 140.53% at the end of 2022[9] - The company's total equity as of March 31, 2023, was RMB 121,624 million, an increase from RMB 97,996 million as of December 31, 2022, representing a growth of approximately 24.0%[22] - Shareholders' equity attributable to the parent company rose from RMB 97,975 million to RMB 114,326 million, an increase of RMB 16,351 million[32] Cash Flow - Net cash flow from operating activities was RMB 38,233 million, reflecting an 8.0% increase year-on-year[4] - Net cash flow from operating activities for the three months ended March 31, 2023, is RMB 38,233 million, up from RMB 35,414 million in the same period last year[27] - The company reported a net increase in cash and cash equivalents of RMB 3,380 million for the three months ended March 31, 2023, compared to an increase of RMB 17,586 million in the same period of 2022[29] - The company's cash and cash equivalents increased to RMB 20,982 million as of March 31, 2023, compared to RMB 17,603 million as of December 31, 2022, marking an increase of approximately 19.0%[20] Investment Performance - Investment assets increased to RMB 1,234,624 million, a growth of 6.7% from December 31, 2022[7] - The company's investment income for the three months ended March 31, 2023, was RMB 7,784 million, compared to RMB 7,464 million for the same period in 2022, showing an increase of approximately 4.3%[23] - The company achieved a total premium income of RMB 224.92 billion through the bancassurance channel, marking a growth of 5.9% year-on-year[15] - The company’s total cash outflow from investment activities for the three months ended March 31, 2023, is RMB 204,379 million, compared to RMB 151,694 million in the previous year[29] Insurance Operations - Insurance service income for Q1 2023 was RMB 13,558 million, a decrease of 4.4% from the same period last year[7] - Total premium income for Q1 2023 was RMB 64.772 billion, a slight decrease of 0.2% compared to RMB 64.890 billion in Q1 2022[13] - First-year premium income for long-term insurance was RMB 9.351 billion, representing a year-on-year growth of 9.2%[14] - Renewal premium income increased by 2.5% to RMB 43.422 billion compared to RMB 42.364 billion in the same period last year[14] - The company reported a 39.7% increase in group insurance premium income, totaling RMB 1.196 billion in Q1 2023[16] - The first-year premium income for long-term insurance through the individual insurance channel decreased by 25.9% to RMB 4.298 billion[16] - The total amount of bonds payable increased from 10,000 to 10,211, an increase of 211[35] - The company's total insurance contract liabilities remained stable at 1,013,154[35]

新華人壽保險股份有限公司 NEW CHINA LIFE INSURANCE CO., LTD. (於中華人民共和國註冊成立的股份有限公司) 股份代號: 0 1336 ...

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].