本报记者 陈晶晶 北京报道 为加强保险集团并表监管，维护保险集团稳健运行，有效防范金融风险，国家金融监督管理总局（以下 简称"金融监管总局"）近期发布《保险集团并表监督管理办法》（以下简称"《办法》"）。 金融监管总局有关司局负责人答记者问时表示，此次《办法》修订重点包括要求保险集团聚焦主业，简 化股权层级，防止无序扩张。"针对保险集团组织层级多、治理复杂、业态形式丰富、风险传染性高的 特点，完善并表监管制度，全面加强监管，防范风险跨区域、跨市场、跨境传递共振。" 据《中国经营报》记者梳理，目前我国共有13家保险集团公司，即中国人保、中国人寿、中国平安、中 国太平、中国太保、中国再保险、中华联合保险集团、阳光保险集团、华泰保险集团、富德控股、泰康 保险集团、大家保险集团、安联控股。 上述金融监管总局有关司局负责人进一步表示，近年来保险集团多元化发展，经营范围不断拓展，结构 层次逐渐增多，内部交易和风险关联传染问题日益复杂。保险集团公司自身发展水平和外部环境发生了 很大变化，有必要对旧监管办法进行修订。 妥善退出偏离主业的成员公司 据悉，经过广泛深入调研，结合监管实际，《办法》从风险管理、内部交易管理、风险隔离 ...

Core Insights - The global insurance industry is undergoing significant transformation in 2024 due to natural disasters causing $320 billion in losses, geopolitical conflicts increasing special risk premiums, and fluctuating asset valuations from changing interest rate policies [1] - In China, the insurance market is experiencing growth with total premium income expected to reach approximately 5.7 trillion yuan, a year-on-year increase of 11.15%, which positively impacts the reinsurance market [1] Group 1: Financial Performance - China Reinsurance achieved insurance service revenue of 101.36 billion yuan in 2024, a year-on-year increase of 1.6% [1] - Net profit reached 11.08 billion yuan, up 91.3%, with net profit attributable to shareholders at 10.56 billion yuan, an increase of 86.8% [1] - The weighted average return on equity rose by 4.52 percentage points to 10.74%, with a dividend per share of 0.050 yuan, reflecting a 19.0% increase [1] Group 2: Underwriting and Investment Performance - The underwriting performance of China Reinsurance saw a record high in 2024, with a year-on-year growth exceeding 170% [3] - The combined ratio for domestic property reinsurance increased by 0.33 percentage points to 99.86%, while the overseas business ratio rose by 3.64 percentage points to 89.38%, maintaining a healthy level [3] - Total investment income reached 17.39 billion yuan, a year-on-year increase of 86.9%, with an investment yield of 4.83%, up 2.06 percentage points [4] Group 3: Strategic Positioning and Market Opportunities - China Reinsurance holds a dominant position in the domestic reinsurance market, with a client coverage rate of 98% and over 40% of contracts as the chief reinsurer [6] - The company is capitalizing on the historical opportunity in the reinsurance sector, as the insurance asset ratio in China is only 7%, significantly lower than the international average [5] - China Reinsurance is innovating to meet new market demands, such as launching "zero deductible" health insurance products and tailored insurance for specific groups [7][8] Group 4: Contribution to National Strategy - The company is actively involved in the national catastrophe insurance system, participating in pilot projects across 21 provinces and cities [8] - China Reinsurance has established a technology company focused on catastrophe risk management, developing proprietary models for natural disasters [8] - The firm is also contributing to the construction of the Shanghai International Reinsurance Center, enhancing its international presence and market influence [8]

Core Insights - China Reinsurance reported a total premium income of 178.48 billion yuan for 2024, a year-on-year increase of 0.9% [1] - The net profit attributable to shareholders reached 10.56 billion yuan, marking an impressive growth of 86.8% [1] - Total investment income was 17.39 billion yuan, up 86.9% from the previous year, with an investment return rate of 4.83%, an increase of 2.06 percentage points [1] Business Performance - The consolidated underwriting performance grew by over 170% year-on-year, with all insurance segments achieving underwriting profitability [2] - Property reinsurance business generated insurance service income of 46.04 billion yuan, a 6.3% increase, and net profit of 5.18 billion yuan, up 68.91% [2] - Domestic life reinsurance business saw premium income of 60.90 billion yuan, a 2.6% increase, with savings-type reinsurance significantly growing by 50.7% to 22.91 billion yuan [2] Subsidiary Performance - Dadi Insurance, the only direct property insurance company under China Reinsurance, reported a net profit of 1.48 billion yuan, a staggering increase of 292.72% [3] - The original premium income for Dadi Insurance was 50.77 billion yuan, up 2.9%, with motor vehicle insurance premiums reaching 25.85 billion yuan, a 4.1% increase [3] International Expansion - By the end of 2024, international business accounted for nearly 20% of China Reinsurance's operations, with overseas assets making up about 25% [4] - The company has established overseas institutions in 11 countries and regions, covering over 200 countries and regions globally [4] Future Strategy - The company aims to build a world-class reinsurance group, enhancing international operational management and service capabilities for Chinese overseas interests [5] - Key strategies include optimizing overseas institutional networks, improving risk monitoring, and enhancing international talent development [5] - The company plans to enter a "development breakthrough period" from 2025 to 2027, focusing on deepening reforms and promoting high-quality development [5]

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 118,132,916 thousand, an increase of 8.0% from RMB 109,394,871 thousand in 2023[3] - Net profit for the year ended December 31, 2024, reached RMB 11,080,440 thousand, representing a significant increase of 91.5% compared to RMB 5,790,593 thousand in 2023[4] - Basic earnings per share for 2024 was RMB 0.25, up from RMB 0.13 in 2023, reflecting a growth of 92.3%[3] - The total comprehensive income for the year ended December 31, 2024, was RMB 12,472,343 thousand, compared to RMB 5,408,554 thousand in 2023, marking an increase of 130.4%[4] - The net profit for the year ended December 31, 2024, was RMB 10,556,993 thousand, compared to RMB 5,652,446 thousand in 2023, representing an increase of approximately 86.5%[8] - The total comprehensive income for the year was RMB 11,786,287 thousand, compared to RMB 5,351,422 thousand in 2023, indicating a significant increase[9] Investment Performance - Investment income for 2024 was RMB 6,831,989 thousand, a recovery from a loss of RMB 1,280,368 thousand in 2023[3] - Interest income totaled RMB 9,234,723,000, with significant contributions from various business units[24] - Investment income amounted to RMB 6,831,989,000, indicating robust investment performance despite market fluctuations[24] - Investment income increased significantly to RMB 17,389 million in 2024, up 86.9% from RMB 9,304 million in 2023[36] - Investment income for 2024 is projected at $6,831,989, showing a recovery from previous losses[28] Asset and Liability Management - Total assets as of December 31, 2024, amounted to RMB 508,347,105 thousand, an increase of 10.5% from RMB 459,727,587 thousand in 2023[5] - Total liabilities as of December 31, 2024, were RMB 395,682,308 thousand, up from RMB 357,548,670 thousand in 2023, indicating a growth of 10.7%[6] - The total equity attributable to shareholders as of December 31, 2024, was RMB 103,255,661 thousand, an increase from RMB 93,253,047 thousand at the end of 2023[8] - The company's total assets increased to RMB 25,285,234 as of December 31, 2024, up from RMB 23,523,867 in 2023[31] - The group's total assets increased by 10.6% to RMB 508.35 billion as of December 31, 2024[45] Cash Flow and Dividends - Cash generated from operating activities for 2024 was RMB 11,930,645 thousand, down from RMB 18,203,912 thousand in 2023, a decrease of about 34.5%[10] - The company distributed dividends to shareholders amounting to RMB 1,784,152 thousand in 2024, up from RMB 594,717 thousand in 2023, reflecting a substantial increase in shareholder returns[11] - The company declared a dividend of RMB 0.042 per share for the fiscal year 2023, totaling RMB 1,784,152, compared to RMB 0.014 per share in 2022[30] Market Position and Strategy - The group derives over 75% of its revenue from domestic customers, highlighting its strong foothold in the Chinese market[21] - The company plans to expand its market presence and enhance product offerings in the upcoming fiscal year[24] - The company aims to optimize its business structure and reduce the scale of internet platform and auto insurance businesses while enhancing overall development quality[150] - The company plans to focus on structural reforms in product and service offerings, emphasizing innovation in health insurance and long-term care products[164] Risk Management and Compliance - The company implemented new insurance and financial instrument standards starting January 1, 2023, which may impact future financial reporting[2] - The company emphasized enhancing risk management systems and monitoring investment risks effectively throughout the reporting period[142] - The group maintained an "A" rating from both Beich and S&P Global, indicating stable financial conditions[40] Segment Performance - The property reinsurance segment generated RMB 46,042,242,000 in insurance service income, while the life reinsurance segment contributed RMB 9,845,927,000[24] - The total insurance service revenue for the life reinsurance segment decreased by 17.4% from RMB 11.914 billion in 2023 to RMB 9.846 billion in 2024, primarily due to a decline in protection-type business[89] - The net profit for the property reinsurance segment was RMB 5.18 billion, reflecting a year-on-year growth of 68.9%[47] - The net profit for the life reinsurance segment increased by 225.3% from RMB 1.294 billion in 2023 to RMB 4.209 billion in 2024, driven by proactive market opportunities and optimized asset allocation[89] Future Outlook - The company anticipates significant growth opportunities in green insurance, agricultural insurance, and health and elderly care insurance sectors[160] - The property reinsurance market is expected to see a rigid growth in demand due to increasing disaster risks and emerging risks, with improved pricing conditions[161] - The life insurance market is driven by strong demand for retirement savings products, with health insurance expected to innovate due to healthcare reforms and AI advancements[161]

热点聚焦 1.李强主持召开国务院常务会议，研究推动平台经济健康发展有关工作。会议指出，发展平台经济事关 扩内需、稳就业、惠民生，事关赋能实体经济、发展新质生产力。要进一步加强对平台经济健康发展的 统筹指导，加大政策支持力度，壮大工业互联网平台体系，支持消费互联网平台企业挖掘市场潜力，强 化平台经济领域数据要素供给，促进数据依法有序跨境流动，增强平台经济领域政策与宏观政策取向一 致性。要规范市场竞争秩序，健全常态化监管制度，推动平台企业规范经营、有序竞争、提升质量，促 进各方主体互利共赢。要切实保障消费者和劳动者合法权益，健全线上消费投诉公示、消费后评价等制 度，指导平台企业依法规范用工，更好发挥平台经济对促进就业的重要作用。 2.香港证监会黄天主席和梁凤仪行政总裁与中国证监会吴清主席11月19日在香港进行了高层会晤。双方 就两地资本市场发展近况交换了看法，并回顾了近期内地与香港各项互联互通机制合作成果。双方同意 进一步深化监管和执法合作，共同推动两地资本市场协同发展。 3.美国亿万富翁、知名加密货币投资者迈克尔·诺沃格拉茨表示，比特币必然会突破10万美元关口，但之 后可能会回落多达20%。他认为，加密货币社区 ...

Financial Performance - Net profit surged by 186.5% to RMB 5,922 million for the six months ended June 30, 2024, up from RMB 2,067 million in the same period last year[6]. - The net profit attributable to shareholders increased by 184.6% to RMB 5,727 million from RMB 2,012 million year-on-year[6]. - Total operating income increased by 11.3% to RMB 60.686 billion compared to RMB 54.501 billion in 2023[13]. - The total comprehensive income for the six months ended June 30, 2024, was RMB 7,098,241 thousand, significantly higher than RMB 3,483,626 thousand in the same period of 2023, marking an increase of approximately 103.5%[133]. - The basic and diluted earnings per share for the first half of 2024 were RMB 0.13, compared to RMB 0.05 in the same period of 2023, representing a growth of 160%[132]. Revenue Growth - Insurance service revenue rose by 6.8% to RMB 51,784 million, with property reinsurance business increasing by 17.5% to RMB 23,474 million[8]. - Total insurance service revenue for the first half of 2024 reached RMB 51,783,901 thousand, an increase from RMB 48,465,956 in the same period of 2023, representing a growth of approximately 4.5%[154]. - The property reinsurance segment generated insurance service income of RMB 23,474,176 thousand, while the life reinsurance segment contributed RMB 5,861,356 thousand[149]. Investment Performance - Total investment income reached RMB 9,647 million, a significant increase of 72.6% from RMB 5,590 million[8]. - Annualized total investment return rate improved by 1.11 percentage points to 4.66%[8]. - Investment income for the life reinsurance segment increased significantly from a loss of RMB 0.641 billion in H1 2023 to a profit of RMB 1.782 billion in H1 2024, reflecting a positive turnaround[50]. Asset Management - Total assets increased by 3.2% to RMB 474,465 million as of June 30, 2024, compared to RMB 459,728 million at the end of 2023[5]. - As of June 30, 2024, the total assets under management of the group amounted to RMB 724.736 billion, with total investment assets of RMB 361.105 billion, representing a 4.5% increase from the end of the previous year[79]. - The total amount of fixed deposits as of June 30, 2024, was RMB 29,478,353 thousand, compared to RMB 27,758,604 thousand at the end of 2023, reflecting a growth of 6.2%[180]. Solvency and Risk Management - Core solvency ratio for the group stood at 161% as of June 30, 2024, compared to 155% at the end of 2023[10]. - The company maintained a stable solvency margin and international ratings, with a "A" rating from both A.M. Best and S&P Global[12]. - The company has established a comprehensive risk management system that integrates strategy, governance, preferences, assessment, and reporting to effectively manage risks[44]. Business Segments - The life reinsurance segment reported insurance service revenue of RMB 5,861 million, a decrease of 16.4% year-on-year, accounting for 11.2% of the group's total insurance service revenue[46]. - The property insurance direct business generated insurance service income of RMB 23.157 billion, an increase of 2.6% year-on-year, accounting for 44.1% of the group's total insurance service income[62]. - The company achieved a premium income of RMB 6.075 billion from motor vehicle insurance in H1 2024, a slight increase of 0.1% year-on-year[31]. Operational Efficiency - The total insurance service expenses for the first half of 2024 were RMB 54,349,716 thousand, compared to RMB 53,339,987 thousand in the same period of 2023, showing a slight increase of about 1.9%[132]. - Employee costs for the six months ended June 30, 2024, were RMB 2,793,364 thousand, a decrease from RMB 2,971,661 thousand in the same period of 2023, indicating a reduction of approximately 6%[165]. Corporate Governance - The group has adopted the Corporate Governance Code and complied with all applicable provisions during the reporting period[103]. - The company has undergone changes in its board of directors, with several members stepping down and new appointments made in 2024[112]. Future Outlook - The company is focusing on expanding its domestic and international reinsurance business while enhancing risk management and technological applications[16]. - The group aims to optimize its business and profit structure while promoting reasonable quantitative growth and effective qualitative improvement[102]. - The company plans to continue exploring innovative business models and diversifying its operations in the overseas market[58].

Financial Performance - The total operating revenue for the six months ended June 30, 2024, was RMB 60,686,354 thousand, an increase of 11.9% compared to RMB 54,501,489 thousand in the same period of 2023[5]. - Net profit for the same period was RMB 5,921,563 thousand, representing a significant increase of 186.5% from RMB 2,067,047 thousand in 2023[5]. - Earnings per share (basic and diluted) rose to RMB 0.13, up from RMB 0.05 in the previous year, reflecting a 160% increase[5]. - The total comprehensive income for the period was RMB 7,098,241 thousand, compared to RMB 3,483,626 thousand in the same period last year, indicating a growth of 103.5%[7]. - For the six months ended June 30, 2024, the net profit was RMB 5,726,787 thousand, compared to RMB 2,011,676 thousand for the same period in 2023, representing an increase of approximately 184%[11]. - The total comprehensive income for the period was RMB 6,819,528 thousand, significantly higher than RMB 3,391,654 thousand in the previous year, indicating a growth of about 101%[11]. Investment Income - Investment income turned positive at RMB 3,820,875 thousand, compared to a loss of RMB 455,053 thousand in the same period last year[5]. - Total investment income significantly increased to RMB 9.647 billion, up 72.6% compared to RMB 5.590 billion in 2023[54]. - The annualized total investment return rate improved to 4.66%, an increase of 1.11 percentage points from 3.55% in the previous year[54]. - Investment income for the life reinsurance segment improved significantly from a loss of RMB 641 million in the first half of 2023 to a profit of RMB 1.782 billion in the first half of 2024[124]. Assets and Liabilities - The total assets as of June 30, 2024, amounted to RMB 474,465,230 thousand, an increase from RMB 459,727,587 thousand at the end of 2023[8]. - The total liabilities increased to RMB 366,972,328 thousand from RMB 357,548,670 thousand, indicating a growth of 2.5%[10]. - The total equity attributable to shareholders of the parent company as of June 30, 2024, was RMB 98,288,700 thousand, compared to RMB 91,314,739 thousand at the end of June 30, 2023, reflecting an increase of approximately 7.6%[13]. - The total amount of debt securities listed increased to RMB 55,766,577 as of June 30, 2024, compared to RMB 49,939,164 as of December 31, 2023, representing an increase of approximately 11.5%[39]. - The total amount of non-listed debt securities increased to RMB 61,460,245 as of June 30, 2024, compared to RMB 54,443,554 as of December 31, 2023, indicating a growth of about 12.5%[40]. Cash Flow - Cash generated from operating activities was a negative RMB 1,402,678 thousand, a decline from a positive RMB 15,156,597 thousand in the same period last year[15]. - The net cash generated from investing activities was RMB 1,585,031 thousand, contrasting with a cash outflow of RMB 9,742,612 thousand in the previous year[15]. - The company reported a decrease in cash used in financing activities, which was RMB 827,547 thousand compared to RMB 5,146,084 thousand in the previous year[18]. - The cash and cash equivalents at the end of the period were RMB 17,209,350 thousand, an increase from RMB 15,748,263 thousand at the end of June 30, 2023[18]. Insurance Revenue - The insurance service income for the first half of 2024 was RMB 51,783,901 thousand, up from RMB 48,465,956 thousand in 2023, reflecting a growth of 4.8%[5]. - Total insurance service revenue for the six months ended June 30, 2024, was $51,783,901, an increase from $48,465,956 in the same period of 2023, representing a growth of approximately 4.5%[31]. - The property reinsurance segment generated insurance service income of CNY 23.47 billion, while the life reinsurance segment contributed CNY 5.86 billion[30]. - In the first half of 2024, the property reinsurance segment reported insurance service revenue of RMB 23.474 billion, a year-on-year increase of 17.5%[67]. Market Outlook and Strategy - The company anticipates continued growth in the domestic market, with over 75% of revenue derived from customers in China[28]. - The company plans to continue expanding its market presence and investing in new technologies to enhance its service offerings and operational efficiency[31]. - The company is focused on expanding its asset management services through its subsidiary, China Re Asset Management[26]. - The company continues to monitor performance across its business segments to optimize resource allocation and enhance profitability[27]. Risk Management and Compliance - The company has implemented a comprehensive risk management system to enhance investment risk monitoring and control[172]. - The company emphasizes the enhancement of the "three lines of defense" in risk management to support high-quality development[199]. - The company is committed to improving risk management by establishing a comprehensive risk management system that covers both domestic and international operations[199]. Employee and Corporate Governance - As of June 30, 2024, the group employed 48,770 staff, with a compensation structure designed to attract and retain talent[193]. - The group aims to enhance its business structure and profitability while focusing on the development of property and life reinsurance sectors, emphasizing risk management and innovation[197].

L 证券研究投告 中国再保胜 (1508 HK) 4 01 5 56 12 (%) 19 8 (4) (16) (27) Aug-23 Dec-23 Apr-24 Jul-24 立朴永温：S&P 1H24 集团宾泰冷冷润网比装升 150%~200% 主大成都 海外财产系保险业务永保成事 成价大学园 未坐弄侏虚有里失轰增长 财产业业务编材平稳 K B 264+ (3.5 ip)0.85 $. PhD SAC No. S0570521010 (852) 3658 6112SFC No. AWF297 -生兒近 SAC No. S0570124070107 inghui@htsc.com +(86) 21 2897 2228 부휴坏充 2024 年８月 03 日 | 中国香港 0.85目标价 (本名) 救金阶 (0.52 22,090李佳 (意多百万) 6 个月牛均日点文辑 (港牛百万)4.95 0.39-0.6352 鸡谷塔西（毫令) BVPS (人民名)2.20 经常预测检与存住 ★**L202220232024E2025E2026E 札条专载入 (人民专百万)153,76899,755111,376124,8 ...

Financial Performance - Insurance service revenue reached RMB 99,755 million, an increase of 11.8% year-on-year[13] - Net profit amounted to RMB 5,791 million, a significant increase from a loss of RMB 875 million in the previous year[17] - Profit attributable to shareholders of the parent company was RMB 5,652 million, up from a loss of RMB 325 million year-on-year[17] - Earnings per share (EPS) was RMB 0.13, compared to a loss of RMB 0.01 in the previous year[17] - Total assets increased to RMB 459,728 million, reflecting an 8.2% growth year-on-year[17] - Total liabilities rose to RMB 357,549 million, marking a 9.3% increase compared to the previous year[17] - Total equity reached RMB 102,179 million, up 4.8% year-on-year[17] - The weighted average return on equity improved to 6.22%, an increase of 6.58 percentage points from the previous year[17] - Total investment income surged to RMB 9.304 billion, a remarkable increase of 519.0% from RMB 1.503 billion in the previous year[48] - The net profit after tax reached RMB 5.791 billion, an increase of RMB 6.666 billion year-on-year, with the net profit attributable to shareholders amounting to RMB 5.652 billion, up by RMB 5.977 billion[28] Business Growth and Development - The company received multiple awards, including the "Best High-Quality Development Insurance Group" and "Most Influential Listed Company" in 2023[20] - The company served 210 million people in health-related services, marking a significant increase of 78.5% year-on-year[29] - The company supported 3.72 million small and micro enterprises, which is a year-on-year increase of 150.8%[29] - The company has initiated 12 major project groups and established a "4+N" ecosystem for digital transformation over the next five years[31] - The company is focusing on enhancing its service capabilities to support national strategies and the development of the real economy[28] - The company aims to strengthen its global risk governance role and expand its services related to the Belt and Road Initiative[36] - The company is committed to accelerating its digital transformation and enhancing its competitive edge through innovative business models[36] Insurance Segment Performance - Property reinsurance business revenue increased by 18.7% to RMB 43.309 billion, while life reinsurance revenue decreased by 8.0% to RMB 11.914 billion[48] - The total premium income for the group was RMB 176.849 billion, reflecting a year-on-year growth of 4.2%[49] - The company maintained a customer coverage rate of 97.8%, with over 40% of contracts where it acted as the lead reinsurer[89] - The total premium income from overseas property reinsurance and bridge business was RMB 23.29 billion, reflecting an 18.7% increase compared to the previous year[90] - The company reported a decrease in engineering insurance premium income by 20.0% to RMB 2.05 billion, attributed to proactive business structure optimization[84][88] - The company’s liability insurance premium income rose to RMB 6.35 billion, marking an 11.1% increase year-on-year[84][88] Investment and Asset Management - The total assets under management reached RMB 724.53 billion, with total investment assets increasing by 5.9% to RMB 345.40 billion[187] - The third-party assets managed by the company surged by 270.7% to RMB 379.13 billion compared to the previous year[187] - Fixed income investments constituted 86.8% of total investment assets, with bonds making up 59.5% of the portfolio[189] - The company maintained a high-quality credit structure, with 98.44% of domestic credit bond investments rated AAA[192] - The total investment income for 2023 was RMB 9,304 million, significantly up from RMB 1,503 million in 2022, resulting in an investment income rate of 2.77% compared to 0.47% the previous year[200] Risk Management and Compliance - The company has actively managed investment risk limits, particularly in high-risk sectors such as real estate and local government financing, to mitigate potential losses[195] - The company has implemented enhanced risk control measures in overseas markets, focusing on geopolitical risk assessments and monitoring individual securities[195] - The company aims to enhance compliance and risk management levels in financial reinsurance business[135] Product Innovation and Strategic Focus - The company is committed to product innovation, investing in digital solutions to improve underwriting efficiency and risk analysis[117] - The company is focusing on strategic development in guaranteed reinsurance and actively participating in industry infrastructure construction[123] - The company continues to innovate in agricultural insurance products and strengthen partnerships in policy-based agricultural insurance[88]

Financial Performance - The total revenue for China Reinsurance (Group) Corporation for the year ended December 31, 2023, was RMB 109,394,871 thousand, an increase of 13.5% compared to RMB 96,424,734 thousand in 2022[3]. - The net profit for the year was RMB 5,790,593 thousand, a significant recovery from a net loss of RMB 875,348 thousand in 2022[4]. - Basic earnings per share for 2023 was RMB 0.13, compared to a loss of RMB 0.01 per share in 2022[2]. - The total assets of the company as of December 31, 2023, amounted to RMB 459,727,587 thousand, up from RMB 424,732,150 thousand in 2022, reflecting a growth of 8.2%[5]. - The total liabilities increased to RMB 357,548,670 thousand as of December 31, 2023, compared to RMB 327,236,258 thousand in 2022, marking an increase of 9.3%[7]. - The total equity attributable to shareholders as of December 31, 2023, was RMB 93.25 billion, up from RMB 88.62 billion at the end of 2022, indicating a growth of approximately 5.87%[9]. - The company reported a total asset value of RMB 459.73 billion, an increase from RMB 414.85 billion in the previous year, marking a growth of about 10.79%[9]. - The company declared dividends of RMB 594.72 million to shareholders, consistent with the previous year's distribution[10]. Investment Performance - Investment income for the year was reported as a loss of RMB 1,280,368 thousand, an improvement from a loss of RMB 4,129,448 thousand in 2022[3]. - The company reported a significant increase in cash received from the sale of investment assets, which rose to RMB 232,450,494 thousand in 2023 from RMB 161,888,760 thousand in 2022, a growth of 43.5%[11]. - The total investment income for 2023 reached RMB 93.04 billion, a year-on-year increase of 519.03%[109]. - Net investment income for 2023 was RMB 14.37 billion, up 22.38% compared to 2022[109]. - The annualized total investment return rate was 2.77%, an increase of 2.30 percentage points year-on-year[109]. - The annualized net investment return rate was 4.28%, up 0.62 percentage points from the previous year[109]. Operational Efficiency - Operating cash flow for 2023 was RMB 18,203,912 thousand, compared to RMB 13,201,221 thousand in 2022, representing a year-over-year increase of 37.9%[11]. - Net cash generated from operating activities increased to RMB 16,293,405 thousand in 2023 from RMB 11,709,557 thousand in 2022, reflecting a growth of 38.9%[11]. - Cash used in investing activities amounted to RMB 14,827,839 thousand in 2023, compared to RMB 6,802,323 thousand in 2022, indicating a significant increase in investment outflows[12]. - The total cash and cash equivalents at the end of 2023 were RMB 17,803,419 thousand, up from RMB 15,416,186 thousand at the end of 2022, marking an increase of 15.5%[12]. Market Strategy and Growth - The company plans to expand its market presence through strategic acquisitions and new product launches in the upcoming fiscal year[9]. - The company aims to achieve a revenue growth target of 5% for the next fiscal year, driven by new market strategies and product offerings[9]. - User data indicates a steady increase in active users, contributing to the overall revenue growth and market share expansion[9]. - The company is focusing on strategic development in health reinsurance, leveraging data and product innovation to support structural reforms in the industry[72]. Segment Performance - The property reinsurance segment's insurance service revenue grew by 18.7% to RMB 43.309 billion in 2023[45]. - The net profit for the property reinsurance segment was RMB 3.065 billion, a significant increase from a loss of RMB 0.013 billion in 2022[44]. - The life reinsurance segment's insurance service revenue decreased by 8.0% from RMB 12,950 million in 2022 to RMB 11,914 million in 2023, primarily due to the decline in the release of margins from existing financial reinsurance contracts[75]. - The net profit of the life reinsurance segment increased by 272.9% to RMB 1,294 million in 2023, driven by a significant increase in investment income[74]. Risk Management and Compliance - The company has established a comprehensive risk management system that integrates strategy, governance, preferences, assessment, and reporting[72]. - The company is actively enhancing its risk management framework to address market volatility and external risks[106]. - The company has complied with the Corporate Governance Code and has adopted the Securities Trading Standard Code for its directors and supervisors[139]. - The company’s independent non-executive director count did not meet the Hong Kong Listing Rules requirements until December 20, 2023, when it was rectified[138]. Future Outlook - The outlook for 2024 indicates strong resilience and potential in the Chinese economy, with significant growth opportunities in the insurance sector driven by new business models and risk management services[120]. - The company aims to build a world-class comprehensive reinsurance group, focusing on six key tasks including enhancing global development capabilities and improving risk control[122].