年報 H股股份代號: 1339 二零二四年 二零二四年年報 年年報 2024 本公司為新中國第一家全國性保險公司，成立於1949年10月，目前已成長為國內領先的 大型綜合性保險金融集團，於2012年12月在香港聯交所上市（H股股票代碼：1339），2018年 11月在上交所上市（A股股票代碼：601319）。本公司在2024年《財富》雜誌刊發的世界500強中 排名第158位 。 本公司通過人保財險（於香港聯交所上市 ，股票代碼：2328，本公司持有約68.98%的股 權）在中國境內經營財產險業務 ，通過人保香港（本公司持有約89.36%的股權）在中國香港和中 國澳門經營財產險業務；分別通過人保壽險（本公司直接及間接持有80.00%的股權）和人保健 康（本公司直接及間接持有約95.45%的股權）經營壽險和健康險業務；通過人保資產（本公司持 有100%的股權）對大部分保險資金進行集中化和專業化運用管理 ，通過人保養老（本公司持有 100%的股權）開展企業年金 、職業年金等業務 ，以人保投控（本公司持有100%的股權）作為專 業化的不動產和養老產業管理平台 ，以人保資本（本公司持有100%的股權）作為聚焦債權 、股 ...

Financial Performance - The total insurance service revenue for the year ended December 31, 2024, was RMB 537,709 million, an increase of 6.7% from RMB 503,900 million in 2023[4]. - Net profit for the year ended December 31, 2024, reached RMB 56,781 million, representing a significant increase of 84.5% compared to RMB 30,811 million in 2023[4]. - Basic earnings per share for the year ended December 31, 2024, were RMB 0.95, up from RMB 0.50 in 2023, reflecting an increase of 90%[4]. - Total operating income for the year ended December 31, 2024, was RMB 622,220 million, compared to RMB 553,467 million in 2023, marking a growth of 12.4%[4]. - The total comprehensive income for the year ended December 31, 2024, was RMB 35,291 million, compared to RMB 19,382 million in the previous year, indicating an increase of about 82%[10]. - The company declared dividends to shareholders amounting to RMB 9,685 million for the year ended December 31, 2024, compared to RMB 7,341 million in the previous year, representing an increase of approximately 32%[10]. Assets and Liabilities - The total assets as of December 31, 2024, amounted to RMB 1,766,321 million, an increase from RMB 1,556,682 million in 2023, indicating a growth of 13.4%[7]. - The total liabilities as of December 31, 2024, were RMB 1,398,900 million, up from RMB 1,223,779 million in 2023, reflecting an increase of 14.3%[8]. - The total reserves as of December 31, 2024, were RMB 224,642 million, up from RMB 198,982 million as of December 31, 2023, marking an increase of about 12.9%[11]. - The equity attributable to non-controlling interests was RMB 98,555 million as of December 31, 2024, compared to RMB 82,682 million in the previous year, representing an increase of approximately 19.1%[10]. Investment Performance - The company reported a net investment income of RMB 35,878 million for the year ended December 31, 2024, a substantial increase from RMB 1,407 million in 2023[4]. - The total investment income for 2024 reached 82.163 billion yuan, representing an 86.2% year-on-year increase, while net investment income was 57.318 billion yuan, a decrease of 1.9%[162]. - The total investment return rate for 2024 was 5.6%, up by 2.3 percentage points compared to the previous year, while the net investment return rate was 3.9%, down by 0.6 percentage points[162]. Business Segments - The property insurance segment generated revenue of CNY 486,792 million in 2024, up from CNY 458,806 million in 2023, reflecting a growth of about 6.1%[25][26]. - The life insurance segment reported revenue of CNY 22,384 million in 2024, compared to CNY 18,204 million in 2023, marking an increase of approximately 23.9%[25][26]. - The health insurance segment's revenue rose to CNY 27,217 million in 2024 from CNY 25,619 million in 2023, indicating a growth of about 6.2%[25][26]. Cash Flow - The net cash inflow from operating activities for 2024 was RMB 87,990 million, compared to RMB 70,549 million in 2023, marking an increase of 24.7%[12]. - The net cash used in investing activities for 2024 was RMB 77,599 million, compared to RMB 70,927 million in 2023, indicating an increase of 9.4%[12]. - The company reported a net increase in cash and cash equivalents of RMB 15,251 million for 2024, compared to a decrease of RMB 11,861 million in 2023[13]. Risk Management and Governance - The company has established a consumer rights protection department to enhance consumer protection strategies, with over 1.7 million dedicated services provided to elderly customers through its customer service hotline[58]. - The company emphasizes transparency by announcing the publication of its annual report[192]. - The governance structure includes a mix of executive and independent directors, which may enhance decision-making processes[192]. Future Outlook and Strategy - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings in the upcoming fiscal year[3]. - The company aims to enhance its investment management capabilities and explore sustainable development models to achieve stable investment returns and asset growth[174]. - The company is committed to digital transformation and will support the construction of five regional centers to enhance customer service and experience[175].

Investment Rating - The report maintains a "Buy" rating for China People's Insurance Group [2][6][4] Core Views - The company reported strong performance in the first three quarters of 2024, with insurance service revenue of CNY 403.765 billion, a year-on-year increase of 6.1%, and a net profit attributable to shareholders of CNY 36.331 billion, up 77.2% year-on-year [2][6] - The combined ratio (COR) for property insurance was 98.2%, reflecting a slight year-on-year increase of 0.3 percentage points, indicating a competitive advantage in property insurance [6][2] - The net profit growth was significantly driven by improved investment income, with fair value changes contributing CNY 22.746 billion, an increase of CNY 31.372 billion year-on-year [6][2] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved insurance service revenue of CNY 403.765 billion, a 6.1% increase year-on-year, and a net profit of CNY 36.331 billion, a 77.2% increase year-on-year [6][2] - The property insurance COR was 98.2%, with motor insurance and non-motor insurance COR at 96.8% and 100.5%, respectively [6][2] Business Segments - The new business value (NBV) for life insurance grew by 113.9% year-on-year, with net profit reaching CNY 15.582 billion, a 763.7% increase, driven by market recovery and improved investment returns [6][2] - Health insurance net profit was CNY 5.57 billion, up 40.6% year-on-year, indicating continued improvement in profitability [6][2] Investment Outlook - The report forecasts net profits for 2024-2026 to be CNY 39.2 billion, CNY 39.6 billion, and CNY 45 billion, with growth rates of 76%, 1%, and 14% respectively, supported by a recovering equity market [6][2]

Company Overview - PICC ranked 158th in the 2024 Fortune Global 500 list[2]. - The company holds approximately 68.98% of PICC Property and Casualty, which operates property insurance in mainland China[2]. - The group ranked 158th in the 2024 Fortune Global 500, marking 15 consecutive years on the list[15]. Financial Performance - Total assets as of June 30, 2024, reached 1,649,933 million, a 6.0% increase from December 31, 2023[7]. - Net profit for the first half of 2024 was 31,489 million, representing a 13.4% year-over-year growth[8]. - Insurance service revenue for the first half of 2024 was 261,629 million, up 6.0% compared to the same period in 2023[8]. - The company reported total operating income of CNY 292.342 billion for the first half of 2024, a 4.1% increase compared to the same period in 2023[31]. - The group reported net profit attributable to shareholders of CNY 23.4 billion, reflecting a year-on-year growth of 13.7%[23]. - The total original insurance premium income for the first half of 2024 was CNY 311.996 billion, a 3.7% increase compared to the same period in 2023[47]. - The company reported a net profit of RMB 20,439 million for the first half of 2024, compared to RMB 18,558 million for the same period in 2023, reflecting a growth of approximately 10.1%[187]. Investment and Asset Management - The asset management platform is industry-leading with a stable investment style and excellent performance[3]. - Investment assets exceeded 15 trillion, growing 6.9% since the beginning of 2024[10]. - Total investment income for the first half of 2024 was 290.64 million, with an annualized return of 4.1%[11]. - The total assets under management for the company reached 1.8 trillion yuan, reflecting a 7.0% increase since the beginning of the year[83]. - The company emphasizes dynamic optimization of asset allocation to improve the stability and sustainability of investment returns[88]. Digital Transformation and Innovation - The company is focused on digital transformation, leveraging advanced information technology for data mining and intelligent operations[3]. - The technology segment has implemented 42 key technology projects, enhancing digital capabilities and improving customer service, with the "China Insurance" app seeing a 93.0% increase in new user registrations[28]. - The company is committed to innovation and technology development, providing better infrastructure and application research[3]. Health Insurance Services - The company is actively expanding its health insurance services, being the first national professional health insurance company in China[3]. - The company’s health insurance premium income grew by 7.4% to CNY 36.231 billion, with first-year premium income increasing by 17.0%[25]. - The company is focusing on the integration of health insurance and health management to enhance service offerings[75]. Risk Management - The group established a risk management system to enhance proactive and effective risk control, with no major risk events reported in the first half of 2024[18]. - The company emphasizes the importance of enhancing risk management capabilities, focusing on early warning mechanisms and systematic risk identification[101]. - The company is addressing macroeconomic risks, including rising interest rates and geopolitical tensions, by optimizing its risk management framework[102]. Social Responsibility and ESG - The company emphasizes social responsibility and aims to serve national strategies and the real economy[3]. - The group has developed a comprehensive green insurance risk guarantee amounting to 111.9 trillion yuan for the first half of 2024, enhancing support for green development projects[161]. - A total of 244,000 yuan was allocated from the group’s charity fund to support 122 employees facing health challenges, demonstrating a commitment to social responsibility[162]. Shareholder Information - The board proposed an interim dividend of RMB 0.063 per share, totaling approximately RMB 2.786 billion, subject to shareholder approval[98]. - The top five insurance products generated significant premium income, with the "Rui Yi Bao" product contributing CNY 11.622 billion and "Xin An Bao" contributing CNY 11.466 billion[65]. - The total number of ordinary shareholders was 171,507 for A shares and 5,209 for H shares[146]. Market Position and Growth - The market share of PICC Property and Casualty in the property insurance market was 34.0% as of June 30, 2024[23]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[188]. - The company plans to expand its market presence in health insurance, aiming for a revenue increase of 15% in the next fiscal year[200].

Investment Rating - The report maintains a "Buy" rating for China People's Insurance Group with a target price of HKD 3.94 per share, corresponding to a P/B ratio of 0.66 for 2024 [5]. Core Views - The company's net profit attributable to shareholders for the first half of 2024 increased by 14.1% year-on-year to RMB 22.687 billion, primarily driven by improved underwriting profits, while the decline in investment profits narrowed significantly [4][5]. - The report highlights a robust growth in property insurance premiums, with a year-on-year increase of 3.7% to RMB 311.996 billion in H1 2024, and a notable improvement in underwriting profitability in Q2 compared to Q1 [5]. - The life insurance new business value (NBV) exceeded expectations, showing a year-on-year growth of 91.0% in H1 2024, driven by significant improvements in new business value rates [5]. Summary by Sections Financial Performance - The total investment income for H1 2024 was RMB 29.064 billion, reflecting a year-on-year decline of 7.7% [5]. - The company declared an interim dividend of RMB 0.063 per share, indicating an increase in dividend frequency [5]. Property Insurance - The combined ratio (COR) for H1 2024 was 96.2%, a slight increase of 0.4 percentage points year-on-year, but showed significant improvement in Q2 with a COR of 94.7% [5]. - The loss ratio increased by 1.2 percentage points to 70.1%, while the expense ratio improved by 0.8 percentage points to 26.1% [5]. Life Insurance - The NBV for life insurance in H1 2024 was significantly boosted by a 5.5 percentage point improvement in new business value rates, reaching 11.3% [5]. - The contribution from individual insurance and bancassurance NBV grew by 45.5% and 44.7% respectively [5]. Market Outlook - Catalysts for future performance include better-than-expected natural disaster outcomes in the second half and a recovery in capital markets [5].

Investment Rating - The investment rating for China People's Insurance Group is "Buy" (maintained) [5] Core Views - The company reported a 6.0% year-on-year increase in insurance service revenue to CNY 261.63 billion for H1 2024, with a net profit attributable to shareholders of CNY 23.40 billion, up 13.7% year-on-year [2][7] - The combined ratio (COR) for property insurance was 96.2%, an increase of 0.4 percentage points year-on-year, indicating a stable underwriting profitability [7] - The new business value (NBV) for life insurance reached CNY 3.94 billion, a significant increase of 91.0% year-on-year, while health insurance NBV surged by 159.0% to CNY 3.03 billion [7] Financial Performance - For H1 2024, the property insurance segment achieved original insurance premium income of CNY 311.996 billion, a 3.7% increase year-on-year, slightly below the industry average of 4.5% [7] - The COR for property insurance improved, with a claims ratio of 70.1% and an expense ratio of 26.1%, reflecting a year-on-year increase of 1.2 percentage points and a decrease of 0.8 percentage points, respectively [7] - The life insurance segment's net profit was CNY 9.93 billion, up 191.1% year-on-year, driven by improved investment returns and reduced liability costs [7] Profit Forecast - The company is expected to achieve net profits of CNY 28.4 billion, CNY 31.3 billion, and CNY 36.4 billion for the years 2024, 2025, and 2026, respectively, with growth rates of 27%, 10%, and 16% [7][8]

Financial Performance - Insurance service revenue for the six months ended June 30, 2024, reached RMB 261,629 million, an increase of 5.6% compared to RMB 246,884 million for the same period in 2023[2]. - Total operating income for the same period was RMB 292,342 million, up from RMB 280,848 million, reflecting a growth of 4.3%[2]. - Pre-tax profit increased to RMB 36,348 million, compared to RMB 31,999 million in the previous year, marking a growth of 13.8%[2]. - Net profit attributable to shareholders for the six months was RMB 31,489 million, a rise of 13.4% from RMB 27,780 million in the prior year[2]. - Basic earnings per share increased to RMB 0.53, up from RMB 0.47, representing a growth of 12.8%[2]. - The net profit for the first half of 2024 was RMB 20,588 million, compared to RMB 27,780 million in the same period of 2023, representing a decrease of approximately 26%[8]. - The total comprehensive income for the first half of 2024 was RMB 19,920 million, down from RMB 27,212 million in the first half of 2023, indicating a decline of about 27%[8]. - The company reported a retained earnings balance of RMB 170,178 million as of June 30, 2024, compared to RMB 154,289 million as of June 30, 2023, reflecting an increase of approximately 10%[8]. - The company has allocated RMB 6,899 million in dividends to shareholders for the first half of 2024, compared to RMB 6,859 million in the same period of 2023[8]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 1,649,933 million, compared to RMB 1,556,682 million at the end of 2023, indicating an increase of 6.0%[5]. - Total liabilities rose to RMB 1,301,911 million from RMB 1,223,779 million, reflecting an increase of 6.4%[6]. - Cash and cash equivalents increased to RMB 32,542 million, compared to RMB 28,835 million, showing a growth of 12.0%[5]. - The total reserves as of June 30, 2024, amounted to RMB 210,360 million, up from RMB 199,539 million as of June 30, 2023[9]. - The financial reserves increased to RMB 20,522 million as of June 30, 2024, compared to RMB 18,625 million in the previous year, indicating a growth of approximately 10%[8]. Investment and Income - The company reported a net investment income from joint ventures and associates of RMB 8,240 million, down from RMB 9,631 million, a decrease of 14.5%[2]. - The company reported a significant increase in net investment income, which rose to $8,240 million from $9,631 million, a decrease of approximately 14.5%[19]. - The total investment income reached 29.064 billion yuan, with an annualized total investment return rate of 4.1%[43]. - The total investment return rate (annualized) was 4.1% as of June 30, 2024, down from 4.9% in the previous year[66]. - Total investment income for the first half of 2024 was CNY 29,064 million, a decrease of 7.7% year-on-year, while net investment income was CNY 26,795 million, down 5.5% year-on-year[123]. Market Presence and Strategy - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings and operational efficiency[1]. - The company plans to expand its market presence and invest in new product development to drive future growth[7]. - The company is focusing on enhancing its technological capabilities and exploring potential mergers and acquisitions to strengthen its market position[7]. - The company is actively optimizing its bond allocation structure to reduce portfolio volatility and enhance credit risk management[121]. - The company aims to enhance risk management by focusing on systematic approaches and early warning mechanisms to identify and address risks proactively[130]. User Base and Customer Engagement - The company’s user base reached 23,400 thousand by June 30, 2024, showing growth from 31,489 thousand in the previous year[7]. - The group’s digital service platform recorded an average daily usage of over 1 million calls[49]. - The "China Renbao" app saw a 93.0% year-on-year increase in new user registrations[59]. Insurance Services - The property insurance segment generated original premium income of CNY 311.996 billion, with a market share of 34.0%[55]. - The life insurance segment achieved original premium income of CNY 79.056 billion, with a new business value of CNY 3.935 billion, up 91.0% year-on-year[56]. - The insurance service revenue from personal accident and health insurance reached CNY 24.751 billion, a year-on-year increase of 7.5%[76]. - The insurance service revenue from liability insurance was CNY 18.339 billion, a year-on-year increase of 8.4%[77]. - The insurance service revenue from corporate property insurance was CNY 8.862 billion, a year-on-year increase of 6.3%[78]. Risk Management and Compliance - The company has not experienced any major risk events in the first half of 2024, indicating effective risk management[50]. - The company has complied with all corporate governance codes as per the Hong Kong Stock Exchange rules for the first half of 2024[141]. - There have been no significant changes affecting the company's performance since the publication of the 2023 annual report[143].

Investment Rating - The report maintains a "Buy" rating for China People's Insurance Group with a target price of HKD 3.99, based on the company's competitive advantages in property insurance and significant improvements in life and health insurance value rates [6][5]. Core Insights - The company reported an insurance service revenue of CNY 126.17 billion for Q1 2024, a year-on-year increase of 7.7%, while the net profit attributable to shareholders was CNY 8.96 billion, down 23.5% year-on-year [2][5]. - The property insurance segment showed a slight increase in premium income, with a year-on-year growth of 3.8% to CNY 173.98 billion, although the growth rate was slightly below the industry average [3]. - The life insurance segment experienced a significant increase in new business value (NBV), up 81.6% year-on-year, driven by a low base and improved value rate [4]. - The health insurance segment also performed well, with a net profit of CNY 1.52 billion, reflecting a year-on-year increase of 48.7% [4]. Financial Performance Summary - The total investment income for Q1 2024 was estimated at CNY 11.9 billion, a decrease of 39.1% year-on-year, primarily due to increased market volatility affecting investment returns [5]. - The report forecasts net profits for 2024, 2025, and 2026 to be CNY 28.41 billion, CNY 32.00 billion, and CNY 34.89 billion respectively, with growth rates of 27%, 13%, and 9% [5][6]. - The company's total assets are projected to grow from CNY 1.70 trillion in 2024 to CNY 1.83 trillion by 2026, indicating a steady growth trajectory [10].

Financial Performance - Total operating revenue for Q1 2024 was RMB 138,778 million, a slight increase of 0.7% compared to RMB 137,769 million in Q1 2023[2] - Net profit attributable to shareholders of the parent company decreased by 23.5% to RMB 8,963 million from RMB 11,721 million in the same period last year[2] - Basic earnings per share decreased by 23.5% to RMB 0.20 from RMB 0.27 in Q1 2023[2] - Pre-tax profit for Q1 2024 was 13.85 billion CNY, down 25.4% compared to 18.56 billion CNY in Q1 2023[12] - Net profit for Q1 2024 was 12.06 billion CNY, a decrease of 24.8% from 16.05 billion CNY in the same period last year[12] - Total comprehensive income for Q1 2024 was RMB 5,314 million, significantly lower than RMB 18,030 million in Q1 2023[26] - Operating profit for Q1 2024 was RMB 13,845 million, down 25.4% from RMB 18,514 million in Q1 2023[25] Cash Flow - Net cash flow from operating activities fell by 19.6% to RMB 33,154 million, down from RMB 41,213 million in Q1 2023[2] - Cash flow from operating activities generated RMB 33,154 million in Q1 2024, compared to RMB 41,213 million in Q1 2023, reflecting a decrease of 19.5%[27] - The company experienced a net cash outflow from financing activities of RMB 39,576 million in Q1 2024, compared to RMB 46,338 million in Q1 2023[29] - Cash flow from investing activities showed a net inflow of RMB 5,306 million in Q1 2024, a recovery from a net outflow of RMB 4,672 million in Q1 2023[28] Assets and Liabilities - Total assets as of March 31, 2024, increased by 1.1% to RMB 1,574,558 million from RMB 1,557,159 million at the end of 2023[2] - Total liabilities increased to 1,237.58 billion CNY, up 1.0% from 1,225.49 billion CNY at the end of 2023[12] - The company's cash and cash equivalents decreased to RMB 20.24 billion from RMB 21.87 billion at the end of 2023[22] - Total liabilities decreased to RMB 16,569 million as of March 31, 2024, compared to RMB 17,018 million as of December 31, 2023[30] Shareholder Information - The number of ordinary shareholders as of the reporting period was 171,202 for A-shares and 5,238 for H-shares[6][7] - The largest shareholder, the Ministry of Finance of the People's Republic of China, holds 60.84% of the shares[7] Insurance Business Performance - Insurance service revenue for Q1 2024 reached 126.17 billion CNY, a year-on-year increase of 7.7%[12] - The comprehensive cost ratio for the insurance business was 97.9% during Q1 2024[14] - The insurance business achieved a service revenue of 113.84 billion CNY in Q1 2024, reflecting a 5.9% year-on-year growth[14] - In Q1 2024, the total insurance service revenue for China People's Insurance Company reached RMB 173.98 billion, a year-on-year increase of 3.8%[15] - China People's Life Insurance reported a net profit of RMB 3.82 billion in Q1 2024, with insurance service revenue growing by 23.4% year-on-year to RMB 4.79 billion[16] - The new business value for China People's Life Insurance increased by 81.6% year-on-year during the same period[16] - China People's Health Insurance achieved insurance service revenue of RMB 6.84 billion in Q1 2024, reflecting a 40.6% year-on-year growth[18] - The total insurance premium income for China People's Health Insurance was RMB 2.45 billion, with a year-on-year increase of 8.2%[19] Investment Performance - The company reported a significant drop in investment income, which fell to RMB 2,494 million in Q1 2024 from RMB 8,073 million in Q1 2023[24] - The company reported a significant increase in long-term equity investments, reaching RMB 159.26 billion as of March 31, 2024[22] - The company is focusing on enhancing asset allocation strategies and optimizing investment structures to improve overall investment returns[20]

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