2024年度 中国人民保险集团股份有限公司 控股股东及其他关联方 非经营性资金占用及其他关联资金往来情况的专项说明 中国人民保险集团股份有限公司董事会： 我们接受委托，审计了中国人民保险集团股份有限公司（以下简称"贵公司"）的 2024年度财务报表，包括2024年12月31日的合并及公司资产负债表、2024年度的合并 及公司利润表、股东权益变动表和现金流量表以及相关财务报表附注（以下合称"财务 报表"），并于2025年3月27日出具了编号为安永华明（2025）审字第70011685_A01 号的无保留意见审计报告。 按照《上市公司监管指引第8号——上市公司资金往来、对外担保的监管要求》的 要求及参照《上海证券交易所上市公司自律监管指南第2号——业务办理》和后续相关 规定，贵公司编制了后附的2024年度贵公司控股股东及其他关联方非经营性资金占用及 其他关联资金往来情况汇总表（以下简称"汇总表"）。 关于中国人民保险集团股份有限公司 2024 年度控股股东及其他关联方非经营性资金占用及 其他关联资金往来情况的专项说明 安永华明（2025）专字第70011685_A05号 中国人民保险集团股份有限公司 如实编制和对 ...

2024 可持续发展报告 Sustainability Report 报告编制说明 中国人民保险集团股份有限公司（简称"中国人保"，本报告中"人民保险""人保集团""集 团""公司""我们"均指"中国人保"）每年发布可持续发展报告，定期披露集团及其子 公司（与集团年报口径保持一致）在报告期内的可持续发展事宜，并通过交易所和公司官网 对外发布。 本年度报告依据上海证券交易所《上海证券交易所上市公司自律监管指引第 14 号—可 持续发展报告（试行）》《上海证券交易所上市公司自律监管指引第 1 号——规范运》， 以及香港联交所《环境、社会及管治报告守则》（HKEX ESG），参照全球可持续发展标准委 员会《可持续发展报告标准》（GRI Standards），上海证券交易所《上海证券交易所上市公 司自律监管指南第 4 号—可持续发展报告告编》的披露露要告编。 本报告将对人保集团及子公司于 2024 年 1 月 1 日至 12 月 31 日期间的经济、环境和社 会绩效予以陈述。报告中的财务数据援引《中国人民保险集团股份有限公司 2024 年年度报告》 中按中国企业会计准则告编的财务报告（该报告已经安永华明会计师事务所（ ...

Company Overview - The company ranked 158th in the 2024 Fortune Global 500 list[3]. - The company has a total share capital of 44,223,990,583 shares[8]. - The company holds approximately 68.98% of PICC Property and Casualty and about 89.36% of PICC Hong Kong[4]. - The company has 100% ownership of PICC Asset Management, PICC Pension, PICC Re, and PICC Technology, focusing on asset management and digital transformation[4]. Financial Performance - The company achieved a net profit of 57.82 billion yuan in 2024, representing a year-on-year growth of 83.8%[15]. - Total revenue for 2024 reached 621,972 million, a 12.5% increase from 553,097 million in 2023[30]. - Net profit for 2024 was 57,820 million, reflecting an 83.8% increase compared to 31,466 million in 2023[30]. - The total assets of the group amounted to 1.766384 trillion yuan, reflecting a growth of 13.4% year-on-year[16]. - The comprehensive solvency adequacy ratio stood at 281%, indicating strong capital strength[16]. - The company reported a total investment income of 82.163 billion yuan, a significant increase of 86.2% year-on-year[17]. - The total investment return rate improved to 5.6% in 2024, up from 3.3% in 2023[35]. - The net profit attributable to shareholders reached CNY 42.869 billion, reflecting a significant year-on-year growth of 88.2%[51]. Dividends and Profit Distribution - The proposed final dividend is CNY 1.17 per 10 shares, totaling CNY 5.174 billion, in addition to the interim distribution of CNY 2.786 billion, making a total distribution of CNY 7.960 billion[8]. - The proposed cash dividend for 2024 is 1.80 yuan per 10 shares, subject to shareholder approval[15]. - The company plans to extract 10% of the net profit for statutory surplus reserves according to the 2024 profit distribution plan[8]. Risk Management - The company emphasizes risk management, addressing macroeconomic, investment, insurance, and compliance risks in its annual report[8]. - The company has established a comprehensive risk management framework to enhance risk management capabilities and prevent systemic risks[142]. - The company has implemented a smart risk control platform that enhances risk monitoring and early warning capabilities, contributing to improved proactive risk management[150]. - The company has strengthened liquidity management and monitoring, ensuring a reasonable and adequate liquidity level while addressing identified risk points[157]. Insurance Operations - The company operates in various segments, including property insurance, life insurance, health insurance, and asset management[4]. - Insurance service revenue reached 537.71 billion yuan, an increase of 6.7% compared to the previous year[16]. - The company maintained a market share in property insurance, leading the industry[17]. - The insurance service revenue for corporate property insurance reached 18.042 billion yuan, representing a year-on-year growth of 4.7%, with a comprehensive claims ratio of 85.8%, up 9.6 percentage points[69]. - The health insurance segment achieved original insurance premium income of CNY 48.695 billion, with a year-on-year growth of 7.7%[53]. Digital Transformation and Innovation - The company is committed to enhancing its digital capabilities through PICC Technology, which provides infrastructure and data empowerment services[4]. - The company has launched over 170 AI capabilities and increased its patent applications by 64.8% year-on-year[27]. - The company has completed over 300 application system migrations to its own data centers and cloud platforms, enhancing its data governance with a data resource management ratio of 86.7%[27]. - The company’s digital platform "Renbao e通" served nearly 110 million customers, generating original insurance premium income of CNY 145 billion[55]. Investment Strategy - The company’s investment strategy focused on long-term and value investments to stabilize returns amid market challenges[107]. - The investment portfolio as of December 31, 2024, totaled 1.641 trillion yuan, with fixed income investments accounting for 67.9% of the total[114]. - The equity investments amounted to 299.5 billion yuan, representing 18.2% of the total investment assets[114]. - The company successfully issued its first asset-backed securities product, marking a significant innovation in investment strategies[109]. Customer Satisfaction and Service - The company has established a consumer rights protection department and improved customer satisfaction across its insurance segments[25]. - The company’s customer service satisfaction rate reached 99.99%, with a call connection rate of 99.41% for the 95518 hotline[55]. - The company achieved an operating revenue of 622 billion CNY in 2024, representing a year-on-year growth of 12.5%[40]. Market Position and Growth - The company aims to enhance its service capabilities in green insurance and support the transition to a green economy[44]. - The company plans to focus on building a world-class insurance financial group, emphasizing high-quality development and risk prevention[43][45]. - The insurance industry achieved a total premium income of 5.69 trillion CNY in 2024, with a year-on-year growth of 5.7%[48]. Future Outlook - The company will closely monitor macroeconomic conditions and enhance its risk management mechanisms to address potential global economic uncertainties[164]. - The company aims to achieve reasonable growth in business scale and steady improvement in operational efficiency by enhancing product supply and team building[161]. - The company is committed to high-quality development in various insurance sectors, including new energy vehicle insurance and green insurance[161].

中国人民保险集团股份有限公司董事会 2025 年 3 月 27 日 中国人民保险集团股份有限公司 董事会关于独立董事独立性情况的 专项意见 中国人民保险集团股份有限公司（以下简称"公司"） 董事会根据《上市公司独立董事管理办法》、《上海证券交易 所上市公司自律监管指引第 1 号——规范运作》等要求，并 结合公司独立董事出具的《2024 年度独立董事关于独立性自 查情况的报告》，认为，公司独立董事不存在任何妨碍其进 行独立客观判断的关系，不存在影响独立董事独立性的情况， 符合《上市公司独立董事管理办法》、《上海证券交易所上市 公司自律监管指引第 1 号——规范运作》等法律法规及《公 司章程》中关于独立董事的任职资格及独立性的要求。 ...

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].

Financial Data and Key Metrics Changes - The total operating revenue for PICC Group reached CNY 709.4 billion, representing a year-on-year increase of 6.4% [5] - Net profit increased to CNY 42.9 billion, a significant year-on-year growth of 88.2% [6] - Return on equity (ROE) improved to 16.7%, up 7.1 percentage points from the previous year [6] - Total assets grew to CNY 1.77 trillion, reflecting a 13.4% increase [23] - Net assets amounted to CNY 367.2 billion, up 10.7% [23] - The solvency ratio rose, with the core solvency ratio reaching CNY 225 billion, up 31% [31] Business Line Data and Key Metrics Changes - Property and Casualty (P&C) insurance revenue reached CNY 185.2 billion, up 6.1% [33] - Life insurance revenue increased to CNY 22.4 billion, a growth of 23% [38] - Health insurance revenue was CNY 27.22 billion, up 6.2% [41] - The combined ratio for P&C insurance improved to 95.5%, up 2.4% [34] Market Data and Key Metrics Changes - The company served 302 million individual customers and 7.72 million institutional investors [24] - The company handled nearly 500,000 claims daily, with total payouts of CNY 1.23 billion [6] - The investment yield reached CNY 70 billion, up 86% [30] Company Strategy and Development Direction - The company aims to become a world-class insurance financial group, focusing on five key areas: excellent functions, efficient operations, distinct businesses, modern governance, and international competitiveness [9][11] - The strategic plan includes deepening six reforms and executing four priorities to enhance innovation, management efficiency, and risk control [14][19] - The company plans to expand its overseas markets and enhance its international presence, particularly in countries along the Belt and Road initiative [14] Management Comments on Operating Environment and Future Outlook - Management acknowledged challenges such as interest rate declines and capital market fluctuations but emphasized high-quality growth through effective insurance performance [5] - The management expressed confidence in achieving high-quality development and outlined specific targets for product supply, service upgrades, and portfolio restructuring [48][50] - The company sees significant growth opportunities in the insurance sector, particularly in health and elderly care insurance, as well as in the context of China's modernization [81][82] Other Important Information - The company launched innovative products, including comprehensive long-term catastrophe insurance and digital finance solutions [7][25] - The company has made strides in ESG management, receiving recognition for its sustainability efforts [32] Q&A Session Summary Question: What are the upcoming priorities for enhancing high-quality development? - Management highlighted four specific areas: high-quality product supply, service upgrades, portfolio restructuring, and generating high-quality operating results [48][49] Question: What are the medium to long-term ROE targets for subsidiaries? - Management stated that the long-term ROE should outperform the industry average, focusing on six priorities including stable business growth and continuous improvement of effectiveness [60][62] Question: Guidance for major indicators in property insurance for 2025? - Management indicated that the combined ratio target for auto insurance is less than 96%, with expectations for overall insurance types to remain under 94% [74][75] Question: How does the company view future development opportunities in light of government reports? - Management sees significant opportunities arising from government initiatives, particularly in expanding insurance coverage and enhancing social governance [81][82]

Core Viewpoint - China People's Insurance Group and its subsidiaries have been recognized for their innovative financial consumer protection mechanisms, with a total of 10 cases awarded in various categories, highlighting their leadership in the insurance industry [1] Group 1: Financial Consumer Protection Mechanism Innovation - China People's Insurance Group emphasizes the importance of protecting financial consumers' rights as part of its brand integrity and high-quality development [4] - The company has established a multi-level consumer protection management structure, ensuring comprehensive participation and accountability across its subsidiaries [4][5] - Significant resources are allocated to enhance consumer protection functions, including financial education and dispute resolution [5] Group 2: Consumer Information Protection - China People's Insurance Group has implemented a "four-line defense" system for personal information protection, ensuring comprehensive risk management [10] - The company has conducted over 1,200 impact assessments and 1,700 on-site inspections to strengthen internal controls [10][11] - It has achieved ISO 27001 certification for information security management, reinforcing its commitment to consumer data protection [11] Group 3: Financial Consumer Education - The company has developed an efficient financial education system that engages consumers at various levels, promoting financial knowledge and consumer protection concepts [14] - Monthly themed consumer protection days are planned for 2024 to enhance public awareness and engagement [15] Group 4: Dispute Resolution - The company integrates the "Fengqiao Experience" into its claims and complaint management, utilizing digital tools to enhance service efficiency [18] - A comprehensive dispute resolution system has been established, showcasing the company's commitment to resolving conflicts at the source [19] Group 5: Elderly Services - The company focuses on enhancing financial services for the elderly, offering tailored insurance products and services [22] - Various initiatives have been launched to improve service accessibility for older clients, including specialized customer service features [23] Group 6: Online Financial Service Innovation - The launch of the "Palm Service Station" has expanded online service capabilities, integrating various consumer needs into a single platform [29][30] - The service has received positive feedback for its efficiency and user-friendly features [30] Group 7: Impactful Claims Cases - The company effectively managed claims during the Typhoon "Mojia," demonstrating its commitment to rapid response and consumer support [33] - A significant amount of claims, totaling 2.09 billion yuan, was processed quickly, showcasing the company's operational efficiency [33]

Core Insights - China Pacific Insurance Group has made significant progress in supporting rural revitalization efforts, focusing on enhancing agricultural insurance and improving rural governance [1][2][3] Group 1: Agricultural Insurance - The company aims to strengthen agricultural insurance to ensure food security, providing risk protection for 55.42 million farming households with a total coverage of 2.1 trillion yuan [2] - In 2024, the company paid out 49.1 billion yuan in agricultural insurance claims to 17.57 million farming households, with comprehensive cost insurance and income insurance covering 29.95 million households with 312.3 billion yuan in risk protection [2] - The number of specialty agricultural product insurance policies exceeded 3,000, offering risk protection of 498 billion yuan, and the company pioneered agricultural germplasm resource protection insurance [2] Group 2: Rural Governance and Social Services - The company has enhanced its rural governance capabilities, providing comprehensive governance insurance to 46.73 million farming households with over 6 trillion yuan in risk protection [3] - Housing insurance has been extended to 88.96 million farming households, offering more than 5 trillion yuan in risk protection [3] - In 2024, the company launched a dedicated insurance product for rural health and elderly care, adding over 800 billion yuan in insurance coverage for agricultural groups [3]

中国人保总裁赵鹏最新发声 3月23日，在中国发展高层论坛2025年年会"人口结构变化的挑战与机遇"专题研讨会上，中国人民 保险集团党委副书记、总裁赵鹏表示，养老金融作为支持和服务我国健康养老事业和银发经济发展的重 要金融工具，在产业体系、金融体系中的价值将进一步凸显。保险业是具有社会"稳定器"功能的金融细 分行业，在养老金融大文章中将大有可为，可以发挥三重作用。 "当前，我国已进入深度老龄化社会，微观个体和家庭消费偏好的变化，将导致社会总需求结构的 变化，进而对我国产业结构、资源配置、资产价格产生影响，引发经济社会系统性、长周期、深层次的 转变。"赵鹏谈道。 其次，保险在养老健康及银发经济领域，可以发挥重要的产业链整合和服务生态构建作用，向上联 结医疗、长期护理、养老等保险产品，向下联结慢病管理、医疗照护等健康养老产业，促进银发经济优 化升级，为广大人民群众提供"保障+资金+服务"的一揽子养老服务。 最后，保险行业可以发挥"耐心资本"优势，在居民长期养老资金储备与我国资本市场资金供给之间 搭建起桥梁纽带，既可以促进资本市场健康稳定发展，又有利于改变我国长期以来以间接融资为主的融 资结构，助力金融深化和结构优化 ...

Key Points - The article emphasizes the Chinese government's commitment to implementing proactive macro policies to support economic stability and growth, including potential new policies if necessary [2] - The article highlights the importance of enhancing the business environment for various enterprises through economic reforms and addressing bottlenecks in economic circulation [2] - The article discusses the upcoming significant events in the global market, including earnings reports from major companies and important economic data releases [4] Macro - Premier Li Qiang met with U.S. senators, stating that trade wars yield no winners and emphasizing the need for cooperation to address trade imbalances [6] - Vice Premier He Lifeng welcomed multinational companies to invest in China, highlighting the resilience and potential of the Chinese economy [6] - The government plans to deepen supply-side structural reforms and regulate competition to promote high-quality development [6] Domestic Stock Market - CITIC Securities identified two critical time points for the market: the first in early April when external risks are expected to materialize, and the second mid-year when U.S. economic and policy cycles may align with China's [9] - The "Leading Enterprise" action plan in Guangzhou aims to enhance the integration of industry and capital, promoting more competitive companies to go public [9] - The report notes a significant increase in new account openings at several securities firms, indicating growing market participation [10] Financial - A surge in the number of funds focusing on free cash flow indicates a market trend towards financial health metrics, driven by demand and policy direction [14] - The head of the Industrial and Commercial Bank of China emphasized the shift from a capital-centric to a technology-centric financial service model [14] Real Estate - Suggestions were made to stabilize asset prices and improve income levels to boost consumer spending, particularly in real estate and equity markets [17] Industry - XPeng Motors' chairman discussed the future of high-level autonomous driving technology, predicting significant advancements in the coming years [19] - The Henan province announced plans for extensive 5G infrastructure development, aiming for over 270,000 5G base stations in the next three years [19] Overseas - The WTO Director-General highlighted the U.S. as a major beneficiary of global trade, countering claims of trade disadvantages [21] - The UK government plans to invest £600 million to address skill shortages in the construction sector, crucial for housing development [22] International Stock Market - SpaceX aims to achieve a weekly launch frequency for its Starship within a year, enhancing its operational capabilities [23] Commodity - The China Iron and Steel Association noted that supply-demand imbalances are a key issue in the industry, advocating for the closure of new production capacity [26] - Methanol port inventories have decreased, indicating a market shift towards destocking [26] - BHP's CEO projected a significant copper supply gap in the next decade, emphasizing the need for substantial investment in mining [26] Bonds - The government plans to issue long-term special bonds to support various initiatives, with a focus on local government debt management [28] - The AI and robotics sectors are identified as key drivers of market growth, with expectations for increased investment opportunities [28]