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].