海 外 研 证券研究报告 究 保险 ＃investSuggestion＃ ＃ ＃ 02328.HK ＃中dy国Com财pa险n y＃ 港股通（沪/深） investSug 买入 （维ges持tion）Ch 业精于勤＃t ，itle 行＃ 成于思 ange＃ ＃createTime1＃ 2024年2月 22日 公 投资要点 司 ＃市场ma数rk据etData＃ ＃summary＃  基本情况：中国财险作为综合实力强劲的大型国有保险公司，保费规模居全 深 数据日期 2024-02-21 球财险市场前列，不仅具备财险公司独特的经营特质，还拥有深厚的经营护 收盘价（港元） 10.06 度 城河。近年来，面对利率持续下行压力，相比其他以寿险业务为主的上市险 总股本（百万股） 22,243 企，中国财险负债久期短+成本低、杠杆及ROE波动较小、偿二代二期规则 研 流通股本（百万股） 6,899 下偿付能力更优、受资本约束更小等优势逐步显现。此外，公司近年来坚持 究 净资产（百万港元） 250,077 改革创新，推动保费规模稳健增长的同时全面降本增效，承保盈利能力持续 报 精进；加之较高的分红水平和较好的股息表现，公司长 ...

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 。 1 (在中華人民共和國註冊成立之股份有限公司) (股份代號:2328) 截至2023年9月30日止九個月之未經審計業績公告 本公告乃中國人民財產保險股份有限公司（「本公司」）根據證券及期貨條例（香港法 例第571章）第XIVA部之內幕消息條文（定義見上市規則）及香港聯合交易所有限公司 證券上市規則（「上市規則」）第13.09條而發出。 本公司董事會公佈本公司（不包括子公司）截至2023年9月30日止九個月之未經審計業績 公告。本公告所載財務資料根據中國企業會計準則編制1，且未經審計。 一、主要業務經營分析 2023年，本公司積極貫徹中央決策部署，全力服務中國式現代化，緊扣「八項戰略服 務」，踐行「保險+風險減 ...

Financial Performance - The original insurance premium income for the first half of 2023 reached RMB 300.93 billion, representing an 8.8% increase compared to RMB 276.67 billion in the same period of 2022[9]. - Insurance service revenue increased to RMB 224.37 billion, up 9.3% from RMB 205.19 billion year-on-year[9]. - Underwriting profit for the first half of 2023 was RMB 9.47 billion, a 7.0% increase from RMB 8.85 billion in the previous year[9]. - Net profit for the period was RMB 20.26 billion, reflecting a growth of 5.4% compared to RMB 19.22 billion in the first half of 2022[9]. - The total investment income for the first half of 2023 was RMB 15.15 billion, reflecting a 3.7% increase compared to the previous year[18]. - The pre-tax profit for the first half of 2023 was RMB 23.751 billion, representing a year-on-year increase of 5.0%[52]. - The net profit for the first half of 2023 reached RMB 20.256 billion, up 5.4% from RMB 19.220 billion in the same period of 2022[55]. - Total comprehensive income for the six months ended June 30, 2023, was RMB 19,698 million, significantly higher than RMB 13,285 million in the same period of 2022, marking a 48.8% increase[92]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 692.90 billion, a 3.0% increase from RMB 672.46 billion at the end of 2022[10]. - Total liabilities increased to RMB 462.33 billion, up 2.5% from RMB 450.86 billion at the end of 2022[10]. - The company's debt-to-asset ratio as of June 30, 2023, was 65.5%, a decrease of 0.3 percentage points from the beginning of the year[59]. - The equity attributable to shareholders of the parent company rose to RMB 227,665 million, up from RMB 218,713 million, indicating an increase of about 4.4%[94]. - The insurance contract liabilities increased to RMB 366,144 million from RMB 351,254 million, marking a growth of approximately 4.2%[94]. - The total reserves as of June 30, 2023, amounted to RMB 205,423 million, an increase from RMB 196,471 million, representing a growth of about 4.8%[94]. Investment and Cash Flow - The total investment return rate (not annualized) was 2.6%, a decrease of 0.1 percentage points compared to the previous year[42]. - The company reported a net cash outflow from investing activities of RMB 6,667 million for the first half of 2023, compared to a net inflow of RMB 1,205 million in the same period of 2022[109]. - The company’s cash and cash equivalents decreased by RMB 2,035 million during the period, compared to an increase of RMB 6,032 million in the same period of 2022[110]. - The company’s total cash and cash equivalents decreased by RMB 2,031 million, or approximately 18.7%, from December 31, 2022, to June 30, 2023[195]. Insurance Operations - The company achieved a market share of 34.3% in the Chinese property insurance market, remaining stable year-on-year[18]. - The comprehensive loss ratio was 68.9%, up by 0.1 percentage points compared to the previous year[22]. - The company provided risk protection of RMB 20.4 trillion to various industries, covering 121,000 enterprise clients in industrial parks[20]. - The number of insured new energy vehicles increased by 54.4% year-on-year, reflecting a strong market expansion[20]. - The company helped 24,000 small and micro enterprises obtain loans or financing amounting to RMB 9.73 billion[20]. - The company has insured 218 Belt and Road Initiative projects, providing risk protection of RMB 1.1 trillion[20]. Segment Performance - Insurance service revenue for motor vehicle insurance reached RMB 137.91 billion, a year-on-year increase of 5.2%[27]. - Agricultural insurance service revenue increased to RMB 25.04 billion, representing a 22.2% year-on-year growth[29]. - Accident and health insurance service revenue grew to RMB 23.02 billion, a significant increase of 34.1% year-on-year[32]. - Liability insurance service revenue reached RMB 16.92 billion, reflecting a 6.1% year-on-year growth[34]. - The underwriting profit for agricultural insurance was RMB 2.25 billion, a year-on-year increase of 4.5%[29]. - The underwriting profit for motor vehicle insurance decreased to RMB 4.59 billion, down 15.8% year-on-year[28]. Governance and Compliance - The company continues to focus on governance and compliance with financial regulatory standards[78]. - The board of directors elected Wang Tingke as the chairman and Yu Ze as the vice chairman on August 8, 2023[75]. - The company has established guidelines for securities trading applicable to directors, supervisors, and all employees, ensuring compliance with the standards throughout the first half of 2023[80]. - The company did not recommend any interim dividend for the six months ended June 30, 2023[83]. - The company has complied with all provisions of the Corporate Governance Code, except for the failure to timely complete the director election process due to candidate selection progress[84]. Accounting Standards and Financial Reporting - The adoption of Hong Kong Financial Reporting Standard No. 9 resulted in adjustments to the carrying values of financial assets and liabilities as of January 1, 2023, impacting reserves[119]. - The company has implemented the new standards effective from January 1, 2023, aligning with the latest regulatory requirements[116]. - The group adopted a modified retrospective approach for certain insurance contracts due to impracticality of full retrospective application, estimating future cash flows based on initial recognition[153]. - The company recognizes expected credit losses based on the weighted average of credit loss risks, with different measurement stages for financial instruments depending on the increase in credit risk[159]. Future Outlook and Strategic Initiatives - The company continues to enhance its product development and service levels, contributing to steady business growth and improved operational efficiency[19]. - The company aims to enhance its insurance services by promoting comprehensive insurance solutions, including property, liability, and guarantee insurance, to support industrial transformation and upgrade[71]. - The company is expanding its technology insurance product offerings, particularly in key areas such as integrated circuits and high-end medical equipment, to support the "technology-industry-finance" cycle[71]. - The company is committed to improving the multi-level medical security system and actively participating in the development of long-term care insurance and medical assistance insurance[71]. - The company is promoting green development by innovating insurance products related to carbon neutrality and new energy vehicles, aligning with the "dual carbon" strategy[71].

Financial Performance - The original insurance premium income for the first half of 2023 was RMB 300.93 billion, representing an 8.8% increase compared to RMB 276.67 billion in the same period of 2022[7]. - Insurance service revenue reached RMB 224.37 billion, up 9.3% from RMB 205.19 billion year-on-year[7]. - Underwriting profit for the period was RMB 9.47 billion, a 7.0% increase from RMB 8.85 billion in the previous year[7]. - Net profit for the first half of 2023 was RMB 20.26 billion, reflecting a 5.4% growth compared to RMB 19.22 billion in the same period of 2022[7]. - The comprehensive loss ratio was 68.9%, up by 0.1 percentage points compared to the previous year[20]. - The insurance service performance reached RMB 13.84 billion, a year-on-year growth of 6.9%[20]. - The insurance service revenue for motor vehicle insurance reached RMB 137.91 billion, a year-on-year increase of 5.2%[25]. - The underwriting profit for motor vehicle insurance decreased to RMB 4.59 billion, down 15.8% year-on-year[25]. - The insurance service revenue for agricultural insurance was RMB 25.04 billion, reflecting a significant year-on-year growth of 22.2%[27]. - The underwriting profit for agricultural insurance increased to RMB 2.25 billion, up 4.5% year-on-year[27]. - The insurance service revenue for accident and health insurance reached RMB 23.02 billion, a substantial increase of 34.1% year-on-year[30]. - The underwriting profit for accident and health insurance was RMB 350 million, compared to a loss of RMB 264 million in the previous year[30]. - The insurance service revenue for liability insurance was RMB 16.92 billion, marking a year-on-year growth of 6.1%[32]. - The insurance service revenue for corporate property insurance reached RMB 8.337 billion, a year-on-year increase of 3.2%[35]. - Underwriting profit for corporate property insurance was RMB 666 million, representing a significant year-on-year growth of 165.3%[36]. - Other insurance segments generated insurance service revenue of RMB 13.140 billion, reflecting a year-on-year growth of 6.0%[38]. - Underwriting profit for other insurance segments was RMB 2.095 billion, an increase of 3.7% compared to the previous year[39]. - The total comprehensive income for the six months ended June 30, 2023, was RMB 19,698 million, compared to RMB 13,285 million in the same period of 2022, representing a significant increase of 48.8%[90]. - The pre-tax profit for the first half of 2023 was RMB 23.751 billion, representing a year-on-year increase of 5.0%[50]. Assets and Liabilities - Total assets as of June 30, 2023, amounted to RMB 692.90 billion, an increase of 3.0% from RMB 672.46 billion at the end of 2022[8]. - Total liabilities were RMB 462.33 billion, up 2.5% from RMB 450.86 billion at the end of 2022[8]. - The equity attributable to shareholders of the parent company rose to RMB 227,665 million from RMB 218,713 million, marking an increase of about 4.5%[92]. - The insurance contract liabilities increased to RMB 366,144 million from RMB 351,254 million, an increase of approximately 4.2%[92]. - The total reserves as of June 30, 2023, were RMB 205,423 million, up from RMB 196,471 million, indicating an increase of about 4.8%[92]. - The company's debt-to-asset ratio as of June 30, 2023, was 65.5%, a decrease of 0.3 percentage points from the beginning of the year[57]. - The total liabilities for insurance contracts increased to RMB 366,144 million as of June 30, 2023, compared to RMB 351,254 million on December 31, 2022[200]. Investment Performance - The company’s investment income totaled RMB 15.15 billion, a 3.7% increase compared to the previous year[16]. - Total investment income amounted to RMB 15.146 billion, a year-on-year increase of 3.7%[40]. - The total investment return rate (not annualized) was 2.6%, a slight decrease of 0.1 percentage points from the previous year[40]. - The company increased its allocation to equity funds during the market downturn, resulting in a 19.4% increase in fund investments to RMB 48.458 billion[46]. - The net investment income from financial assets for the six months ended June 30, 2023, was RMB 5,893 million, compared to no applicable data in the same period of 2022[87]. - The net investment income for the six months ended June 30, 2023, totaled RMB 11,471 million, compared to RMB 11,471 million for the same period in 2022[182]. - The company received interest income of RMB 8,711 million, an increase from RMB 7,393 million in the previous year, reflecting a growth of approximately 17.8%[107]. - The total income from investment properties was RMB 181 million, with additional income from financial assets measured at fair value totaling RMB 1,158 million[184]. Governance and Management - The company has undergone changes in its board of directors, with new appointments and resignations effective in 2023, ensuring governance continuity[72]. - The company held its 2023 second extraordinary general meeting on August 8, 2023, electing Mr. Wang Tingke as a non-executive director and Mr. Yu Ze as vice chairman[73]. - The board of directors now includes Mr. Wang Tingke (chairman), Mr. Yu Ze (vice chairman), and four executive directors, with Mr. Li Tao as a non-executive director and five independent directors[75]. - The company has made significant changes to its governance structure, ensuring compliance with regulatory requirements and maintaining a full supervisory board[76]. - The company continues to focus on enhancing its governance framework through strategic appointments and committee formations[75]. - The company has complied with all provisions of the Corporate Governance Code, except for the failure to timely complete the re-election of directors due to the selection process[82]. Risk Management and Economic Environment - The company primarily manages credit risk by analyzing the credit status of investment targets and maintaining a diversified customer base for premium collection[61]. - The company continues to enhance its risk reduction services and product innovation to support economic development and the Belt and Road Initiative[39]. - In the first half of 2023, the overall economic operation in China showed a recovery, providing a favorable external environment for the company's development[69]. - The company has initiated emergency response plans following severe flooding in North and Northeast China, assessing the impact on financial conditions and operational results[66]. Future Strategies - The company aims to expand insurance services by promoting comprehensive insurance solutions, including property, liability, and guarantee insurance, to support industrial transformation and upgrade[69]. - The company plans to enhance agricultural insurance by developing products that support the "Five Revitalizations" in rural areas, focusing on facility agriculture insurance and rural governance insurance[70]. - The company will continue to expand its technology insurance product offerings, particularly in key areas such as integrated circuits and high-end medical equipment, to support the "technology-industry-finance" cycle[71]. - The company is committed to improving the multi-level medical security system and actively participating in long-term care insurance and medical assistance insurance[71]. - The company will promote carbon insurance and photovoltaic insurance to support the "dual carbon" strategy and the development of new energy vehicle insurance[71]. - The company aims to support the "Belt and Road" initiative by providing high-quality insurance support for related projects and promoting overseas insurance products[71]. Accounting Standards and Financial Reporting - The adoption of Hong Kong Financial Reporting Standard No. 9 resulted in adjustments to the carrying values of financial assets and liabilities as of January 1, 2023, impacting reserves[117]. - The group did not restate comparative figures for prior periods upon adopting HKFRS 9, focusing only on current period disclosures[115]. - The company applies consistent assumptions for measuring the present value of future cash flows for both held reinsurance contracts and corresponding insurance contracts[141]. - The company recognizes gains or losses from reinsurance contracts in the profit and loss statement when the corresponding losses from insurance contracts are confirmed[142]. - The group adopted a modified retrospective approach for certain insurance contracts due to impracticality of full retrospective application, estimating future cash flows based on initial recognition[151].

Financial Performance - In Q1 2023, the company achieved insurance service revenue of RMB 107.52 billion, with a net profit of RMB 9.51 billion, reflecting a year-on-year increase of 13.5%[2] - The original insurance premium income for Q1 2023 was RMB 167.64 billion, representing a year-on-year growth of 10.2%[2] - Operating income for Q1 2023 was RMB 115.26 billion, an increase from RMB 105.36 billion in Q1 2022[4] - The total profit for Q1 2023 was RMB 11.61 billion, compared to RMB 9.34 billion in Q1 2022[4] Asset and Liability Management - Total assets as of March 31, 2023, amounted to RMB 661.90 billion, down from RMB 670.35 billion at the beginning of the year[3] - The company's total liabilities were RMB 434.78 billion, compared to RMB 453.09 billion at the start of the year[3] - The company’s equity attributable to shareholders increased to RMB 227.12 billion from RMB 217.26 billion at the beginning of the year[3] Investment and Cash Flow - The company reported investment income of RMB 3.35 billion, down from RMB 6.61 billion in the same period last year[4] - Net cash flow from operating activities increased to RMB 6,331,586 thousand, compared to a loss of RMB 100,380 thousand in the previous year[5] - Total cash inflow from investment activities rose to RMB 48,657,741 thousand, up from RMB 44,521,214 thousand year-over-year[5] - Cash inflow from insurance premiums received was RMB 124,846,693 thousand, an increase from RMB 107,552,397 thousand year-over-year[5] - Cash outflow for claims paid was RMB 76,819,296 thousand, up from RMB 69,186,350 thousand in the previous year[5] Capital and Solvency - The company's actual capital as of March 31, 2023, was RMB 226,932 million, reflecting a 5.3% increase from RMB 215,415 million in the previous year[6] - Core capital increased to RMB 201,596 million, a 6.3% rise from RMB 189,730 million year-over-year[6] - The comprehensive solvency adequacy ratio decreased by 3.0 percentage points to 226.3% as of December 31, 2022[6] - The core solvency adequacy ratio decreased by 0.9 percentage points to 201.0% as of December 31, 2022[6] Risk Management and Strategic Alignment - The comprehensive underwriting cost ratio improved to 295.7%, a decrease of 0.9 percentage points compared to the previous year[2] - The company continues to enhance risk management capabilities and customer experience, aligning with national strategic guidelines[2] Cash Management - Cash and cash equivalents decreased by RMB 4,176,854 thousand, compared to a decrease of RMB 1,542,140 thousand in the previous year[5] - The net cash flow from financing activities showed a significant outflow of RMB 19,711,152 thousand, compared to an outflow of RMB 9,694,262 thousand in the previous year[5]

Financial Performance - Total premium income reached RMB 487.533 billion, an increase of 8.5% year-on-year[9] - Underwriting profit exceeded RMB 10.329 billion, marking an increase of RMB 8.808 billion compared to the previous year[10] - Net profit amounted to RMB 26.653 billion, reflecting a year-on-year growth of 19.2%[9] - Total assets stood at RMB 751.887 billion, a 10.1% increase from the previous year[9] - Total liabilities were RMB 539.139 billion, up 13.0% year-on-year[9] - Return on equity reached 12.7%, an increase of 1.4 percentage points year-on-year[13] - Net cash flow from operating activities was RMB 42.710 billion, an increase of RMB 26.374 billion year-on-year[13] - The company achieved a pre-tax profit of RMB 30.919 billion, an 18.8% increase from the previous year[9] - The comprehensive cost ratio improved to 97.6%, down 2.0 percentage points from the previous year[30] - The company reported a net profit margin of 15% for 2022, maintaining a stable profitability level despite market challenges[94] Market Position and Share - The company maintained its leading market share in the industry despite macroeconomic pressures[17] - Total premium income reached CNY 487.53 billion, an increase of 8.5% year-on-year, capturing 32.7% of the Chinese property insurance market[23] - Motor vehicle insurance generated total premium income of CNY 271.16 billion, up 6.2% year-on-year, with the share of family-use vehicle insurance increasing by 1.7 percentage points[23] - Non-motor insurance premium income amounted to CNY 216.37 billion, reflecting a year-on-year growth of 11.4%, accounting for 44.4% of total premium income[23] Risk Management and Compliance - The company aims to enhance its operational efficiency through digital transformation and risk management improvements[19] - The company is committed to improving risk management effectiveness continuously[170] - The management team emphasizes the importance of risk management and compliance in their operational strategies[90] - The company has established a mechanism for protecting consumer rights and has conducted audits related to this area[154] - The company has maintained effective internal control systems to ensure compliance and operational efficiency[184] Digital Transformation and Innovation - The company aims to enhance product service innovation and accelerate digital transformation in 2023, focusing on rural revitalization and agricultural development[85] - The company will deepen the digital transformation of insurance services and improve customer service levels while ensuring risk management[85] - The company enhanced risk identification and management capabilities through technology, leading to improved underwriting quality across all insurance segments[38] Corporate Governance - The board of directors includes four independent directors, ensuring compliance with listing rules regarding independence and expertise in financial management[162] - The company has established a board diversity policy to ensure a balanced and effective governance structure[191] - The supervisory board has focused on the establishment and operation of internal control and risk management mechanisms[155] - The company has implemented ongoing professional development for all directors, focusing on corporate governance, financial knowledge, and compliance with relevant laws and regulations[176] Social Responsibility and Community Engagement - The company made charitable donations totaling RMB 620 million, with RMB 230 million allocated for public welfare donations[114] - The company is committed to green finance and sustainable development, actively promoting green insurance and responsible investment[105] - The company has implemented measures to reduce resource consumption, including promoting online operations and electronic business transformations[105] Future Outlook and Strategic Goals - The company has set ambitious performance targets for the upcoming fiscal year, aiming for significant growth in premium income[88] - The company expects to pay a maximum of 969.1 million CNY for leasing services to China People's Insurance Group in 2022[127] - The company plans to strengthen the management of auto insurance and develop new business models targeting "smart connected" vehicle risks[85] - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its service offerings[88] Employee and Management Structure - As of December 31, 2022, the company had 166,358 employees and paid a total of 35.886 billion RMB in salaries, including fixed wages and performance bonuses[84] - The company has a strong management team with extensive experience in the insurance industry, including executives with backgrounds in military and economic management[98] - The compensation mechanism is based on a performance-linked system, ensuring fairness and market competitiveness in salary distribution[194] Investment and Financial Assets - The total investment assets reached RMB 570.736 billion as of December 31, 2022, an increase of 6.9% from RMB 534.072 billion at the beginning of the year[62] - The company reported a net loss from realized and unrealized investments of RMB 3.706 billion in 2022, compared to a net gain of RMB 3.634 billion in 2021[58] - The company’s total investment in associates and joint ventures was RMB 58.143 billion as of December 31, 2022, an increase of 2.1% from RMB 56.945 billion in 2021[61]

Financial Performance - Total premium income reached RMB 487.53 billion, an increase of 8.5% year-on-year, maintaining the company's leading market share in the industry[15]. - Underwriting profit exceeded RMB 10.33 billion for the first time, marking significant growth in profitability[15]. - Net profit amounted to RMB 26.65 billion, representing a year-on-year increase of 19.2%[15]. - Total assets increased to RMB 751.89 billion, reflecting a growth of 10.1% compared to the previous year[8]. - Total liabilities rose to RMB 539.14 billion, showing a year-on-year increase of 13.0%[8]. - Return on equity reached 12.7%, up by 1.4 percentage points year-on-year, indicating improved efficiency in capital utilization[11]. - Net cash flow from operating activities increased significantly to RMB 42.71 billion, a rise of RMB 26.37 billion year-on-year[11]. - Investment income decreased to RMB 20.61 billion, reflecting market challenges[10]. Market Position and Recognition - The company was recognized as the "Best Property Insurance Company in Asia" for the 14th consecutive year, highlighting its strong market position[12]. - Total premium income for 2022 reached CNY 487.53 billion, an increase of 8.5% year-on-year, capturing 32.7% of the Chinese property insurance market[21]. - Motor vehicle insurance generated total premium income of CNY 271.16 billion, with a year-on-year growth of 6.2%[21]. - Non-motor insurance premium income amounted to CNY 216.37 billion, reflecting a year-on-year increase of 11.4% and accounting for 44.4% of total premium income[21]. Risk Management and Innovation - The company established a new risk research and development center to enhance risk management services[17]. - The company aims to deepen structural reforms in the insurance supply side to improve service quality for the real economy[20]. - The company launched new green insurance products, including "carbon offset," "carbon quota," and "carbon capture" initiatives[16]. - The company enhanced risk identification and control capabilities across all insurance segments, leading to improved operational efficiency[37]. Customer Engagement and Digital Transformation - The online penetration rate for personal vehicle customers reached 95.7%, up by 2.2 percentage points year-on-year, while the total number of online users exceeded 114 million, a growth of 29.4%[26]. - The company aims to enhance product service innovation and accelerate digital transformation in 2023 to support high-quality development[87]. - The company is committed to improving customer service levels and protecting consumer rights through digital transformation[87]. Corporate Governance and Compliance - The company has established a robust governance structure with experienced supervisors and independent directors to ensure compliance and risk management[97]. - The company is committed to maintaining high standards of corporate governance and transparency in its operations[94]. - The supervisory committee emphasized compliance with laws and regulations, enhancing corporate governance and protecting stakeholder interests[156]. - The company maintained effective communication with external auditors to ensure transparency in the audit process[159]. Strategic Growth and Future Outlook - The company plans to continue expanding its market presence and enhancing product offerings to drive future growth[15]. - The company has provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 15% based on market expansion strategies[90]. - The company is considering strategic acquisitions to enhance its market position, with a budget of CNY 1 billion allocated for potential mergers and acquisitions[90]. Employee and Workforce Management - As of December 31, 2022, the company had 166,358 employees and paid a total of 35.886 billion yuan in salaries, including fixed wages and performance bonuses[86]. - The company plans to enhance its customer service capabilities by increasing the workforce by 10% in the next fiscal year[90]. - The company's compensation mechanism is based on "labor distribution according to work, performance-linked, total control, and market-oriented" principles[199]. Environmental and Social Responsibility - The company is committed to green finance and sustainable development, actively promoting green insurance and responsible investment[107]. - The company made charitable donations totaling RMB 620 million, with RMB 230 million allocated for public welfare donations[116]. - The management team emphasized the importance of sustainable practices, committing to reduce carbon emissions by 20% over the next five years[90].

Financial Performance - Insurance business revenue for the nine months ended September 30, 2022, was RMB 381.89 billion, representing a year-on-year increase of 10.2%[2] - Underwriting profit reached RMB 11.096 billion, a significant increase of 246.3% compared to RMB 3.204 billion in the same period last year[2] - Total investment income decreased to RMB 19.219 billion, down 11.3% from RMB 21.661 billion in the previous year[2] - The total profit for the period was RMB 30.917 billion, reflecting a 30.7% increase from RMB 23.654 billion year-on-year[2] - Net profit for the nine months was RMB 25.948 billion, up 29.8% from RMB 19.992 billion in the same period last year[2] - Operating revenue for the nine months ended September 30, 2022, reached RMB 337,186,896 thousand, up from RMB 315,573,543 thousand in the same period of 2021, reflecting an increase of about 6.67%[10] - Net profit for the nine months ended September 30, 2022, was RMB 25,948,315 thousand, compared to RMB 19,991,705 thousand in 2021, indicating a growth of approximately 30.53%[11] - The total premium income for the nine months ended September 30, 2022, was RMB 315,777,431 thousand, compared to RMB 292,507,276 thousand in 2021, marking an increase of about 7.95%[10] Claims and Loss Ratios - The combined loss ratio improved to 96.5%, a decrease of 2.4 percentage points compared to 98.9% in the previous year[3] - The company achieved a 72.2% claims ratio, down 1.6 percentage points from 73.8% in the previous year[3] Assets and Liabilities - As of September 30, 2022, total assets amounted to RMB 756,571,554 thousand, an increase from RMB 679,741,781 thousand as of December 31, 2021, representing a growth of approximately 11.35%[8] - The company reported a total liabilities of RMB 547,844,724 thousand as of September 30, 2022, an increase from RMB 476,481,264 thousand as of December 31, 2021, representing a rise of about 14.93%[9] - The company’s total equity increased to RMB 208,726,830 thousand as of September 30, 2022, from RMB 203,260,517 thousand as of December 31, 2021, reflecting a growth of approximately 2.41%[9] Cash Flow - Cash flow from operating activities generated RMB 34,331,199 thousand for the nine months ended September 30, 2022, significantly higher than RMB 5,242,595 thousand in the same period of 2021[12] - The company’s cash flow from investing activities showed a net outflow of RMB 17,574,225 thousand for the nine months ended September 30, 2022, compared to a net outflow of RMB 6,604,309 thousand in 2021[13] - The company’s cash and cash equivalents decreased by RMB 2,528,317 thousand for the nine months ended September 30, 2022, compared to a decrease of RMB 4,092,842 thousand in the same period of 2021[13] Capital and Solvency - The actual capital as of September 30, 2022, was RMB 215.804 billion, showing a slight increase of 0.8% from RMB 214.105 billion[7] - The solvency adequacy ratio rose to 237.9%, an increase of 1.6 percentage points from 236.3% as of June 30, 2022[7] Board of Directors - The chairman of the board is Luo Xi, a non-executive director[14] - The executive directors include Yu Ze, Jiang Caishi, and Zhang Daoming[14] - Li Tao serves as a non-executive director[14] - Independent directors are Lin Hanchuan, Lu Zhongxing, and Qu Xiaohui[14]

Financial Performance - Total premium income reached RMB 277.41 billion, a year-on-year increase of 9.8%[3] - Underwriting profit significantly increased to RMB 8.25 billion, up 52.5% year-on-year[19] - Pre-tax profit rose to RMB 22.52 billion, reflecting a 14.2% growth compared to the previous year[3] - Net profit for the period was RMB 19.04 billion, representing a 15.4% increase year-on-year[3] - Total assets amounted to RMB 766.46 billion, a 12.3% increase from the beginning of the year[4] - Total equity reached RMB 209.74 billion, showing a 2.0% growth since the start of the year[4] - The comprehensive cost ratio improved to 96.0%, a decrease of 1.2 percentage points year-on-year[19] - Cash inflow from operating activities increased significantly by 252.5% to RMB 28.23 billion[19] Insurance Segment Performance - Total premium income for the first half of 2022 reached RMB 277.408 billion, an increase of RMB 24.782 billion (or 9.8%) year-on-year[23] - Underwriting profit for the first half of 2022 was RMB 8.246 billion, representing a year-on-year growth of 52.5%[23] - Total premium income from motor vehicle insurance was RMB 128.808 billion, an increase of RMB 8.053 billion (or 6.7%) year-on-year[26] - The underwriting profit from motor vehicle insurance reached RMB 5.686 billion, a year-on-year increase of 44.9%[26] - Total premium income for accident and health insurance reached RMB 68.82 billion, an increase of 14.7% year-on-year[28] - The net earned premium for accident and health insurance was RMB 39.81 billion, up 13.6% compared to the previous year[28] - Total premium income for agricultural insurance was RMB 36.72 billion, reflecting a growth of 23.8% year-on-year[30] - The underwriting profit for agricultural insurance surged to RMB 1.58 billion, a significant increase of 342.6% year-on-year[31] Risk Management and Solvency - Core solvency adequacy ratio stood at 208.3%, while comprehensive solvency adequacy ratio was 236.3%[19] - The claims ratio improved to 71.5%, a decrease of 0.2 percentage points compared to the previous year[23] - The expense ratio decreased to 24.5%, down by 1.0 percentage point year-on-year[23] - The company maintains a diversified customer base for premium receivables, minimizing significant credit concentration risk[63] - The company primarily invests in bonds rated AA or above to control credit risk associated with debt investments[64] - The company manages interest rate risk through a combination of fixed and floating rate instruments, utilizing interest rate swaps for hedging[66][67] Investment Performance - Investment income from interest, dividends, and rental reached RMB 10,497 million, an increase of 7.7% year-on-year[45] - Realized investment income was RMB 1,970 million, a decrease of 52.9% compared to the previous year[46] - Total investment assets amounted to RMB 544,775 million, reflecting a 2.0% increase year-on-year[44] - The company's share of profits from joint ventures and associates for the first half of 2022 was RMB 1,937 million, an increase of 3.2% compared to RMB 1,877 million in the same period of 2021[47] Corporate Governance and Compliance - The company complied with all provisions of the Corporate Governance Code during the first half of 2022[85] - The interim financial data was reviewed by PricewaterhouseCoopers and found to be prepared in accordance with Hong Kong Accounting Standards[88] - The company continues to enhance its internal control and compliance system, focusing on risk inspection and response measures to prevent systemic risks[74] Strategic Initiatives and Future Outlook - The company aims to enhance product innovation and service delivery to stabilize economic growth, focusing on customer needs and risk management[72] - The company plans to strengthen its product offerings in areas such as major disaster insurance, income insurance, and agricultural insurance to support national strategies[73] - The company is exploring potential mergers and acquisitions to enhance its service offerings and market reach, with a budget of RMB 5 billion allocated for this purpose[188] - Research and development investments have increased by 30% in 2022, focusing on digital insurance solutions and AI technology[189] Shareholder Information - The major shareholder, China People's Insurance Group, holds 100% of the domestic shares, representing 68.98% of the total issued shares[82] - The company did not declare any interim dividends for the six months ending June 30, 2022[85] - The board has approved a dividend payout of RMB 1.5 billion, reflecting a commitment to returning value to shareholders[189]

Financial Performance - Insurance business revenue for Q1 2022 reached RMB 152.47 billion, a year-on-year increase of 12.2%[3] - Underwriting profit for Q1 2022 was RMB 4.316 billion, reflecting a growth of 10.8% compared to the same period last year[3] - Net profit for Q1 2022 was RMB 8.654 billion, down 3.2% from RMB 8.942 billion in Q1 2021[3] - Operating revenue for the three months ended March 31, 2022, was RMB 104,957,311 thousand, up from RMB 99,319,975 thousand in the same period of 2021, representing an increase of about 5%[13] - The net profit for the three months ended March 31, 2022, was RMB 8,653,715 thousand, a decrease from RMB 8,941,807 thousand in the same period of 2021, indicating a decline of approximately 3%[14] Investment Income - Total investment income for Q1 2022 was RMB 6.54 billion, a decrease of 11.6% from RMB 7.397 billion in Q1 2021[9] - The company achieved a total investment yield of 1.2% in Q1 2022, down 0.2 percentage points from 1.4% in Q1 2021[9] - The company’s investment income for the three months ended March 31, 2022, was RMB 6,606,577 thousand, down from RMB 7,318,567 thousand in the same period of 2021, representing a decrease of about 10%[13] Claims and Expenses - The company reported a claims ratio of 70.5% for Q1 2022, an increase of 0.2 percentage points compared to the previous year[5] - The combined expense ratio for Q1 2022 improved to 95.6%, a decrease of 0.1 percentage points year-on-year[5] Assets and Liabilities - Total assets as of March 31, 2022, were RMB 727.03 billion, an increase of 7.0% from RMB 679.742 billion at the end of 2021[3] - The total liabilities increased to RMB 521,115,450 thousand as of March 31, 2022, from RMB 476,481,264 thousand as of December 31, 2021, reflecting an increase of approximately 9%[12] - The company’s total equity increased to RMB 205,914,910 thousand as of March 31, 2022, from RMB 203,260,517 thousand as of December 31, 2021, reflecting a growth of approximately 1%[12] Cash Flow - The company reported cash inflows from operating activities of RMB 125,462,981 thousand for the three months ended March 31, 2022, compared to RMB 112,115,596 thousand in the same period of 2021, marking an increase of about 12%[15] - The company’s cash flow from investing activities generated a net inflow of RMB 8,255,137 thousand for the three months ended March 31, 2022, compared to a net outflow of RMB 659,964 thousand in the same period of 2021[15] - The company’s cash and cash equivalents decreased to RMB 11,723,157 thousand as of March 31, 2022, from RMB 13,265,298 thousand as of December 31, 2021, representing a decline of approximately 12%[11] - Net cash inflow from financing activities amounted to 11,993,413[16] - Net cash outflow from financing activities totaled 9,694,262[16] - Net cash flow from financing activities resulted in a net cash flow of (9,694,262)[16] - The impact of exchange rate changes on cash and cash equivalents was (10,317)[16] - The net decrease in cash and cash equivalents was (1,542,141)[16] Solvency - The solvency adequacy ratio as of March 31, 2022, was 235%, down 49 percentage points from 284% at the end of 2021[10] - Core capital decreased by 5.8% to RMB 183.06 billion as of March 31, 2022, compared to RMB 194.361 billion at the end of 2021[10]