2023年12月31日 普华永道 内部控制审计报告 普华永道中天特审字(2024)第 0997 号 (第一页,共二页) 中国人民保险集团股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们 审计了中国人民保险集团股份有限公司(以下简称"贵公司")2023年12月 31 日的财务报告内部控制的有效性。 中国人民保险集团股份有限公司 内部控制审计报告 普华永道 普华永道中天特审字(2024)第 0997 号 (第二页,共二页) 财务报告内部控制审计意见 四、 r 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制评 价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是贵公司董 事会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审 计意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情 况的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低, 根据内部控制审计 ...

2024 年 3 月 26 日 中国人民保险集团股份有限公司董事会 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《2023 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。 ...

中国人民保险集团股份有限公司 第四届董事会第二十四次会议决议公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记 载、误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完 整性承担法律责任。 本公司第四届董事会第二十四次会议（以下简称"会议"）的通 知和材料于 2024 年 3 月 6 日以书面方式通知全体董事，会议于 2024 年 3 月 26 日在香港港丽酒店、北京市西城区西长安街 88 号以现场会 议方式召开。会议应出席董事 14 名，现场出席 13 名，委托出席 1 名。 高永文董事委托邵善波董事出席会议并代为行使表决权。会议由王廷 科董事长主持。监事会成员及部分高级管理层成员列席了会议。会议 的召开符合《中华人民共和国公司法》等相关法律、行政法规、部门 规章和《中国人民保险集团股份有限公司章程》的规定，会议合法、 有效。 经与会董事审议并表决，形成以下会议决议： 一、审议通过了《关于2023年度财务决算相关报告的议案》， 并同意提交股东大会审议 本议案已经审计委员会事前审议通过。 1 证券代码：601319 证券简称： 中国人保 公告编号：临 2024-009 表决结果：14 票同意，0 票 ...

中国人民保险集团股份有限公司 2023 年度董事会审计委员会履职情况报告 2023 年，中国人民保险集团股份有限公司（以下简称"公 司"）董事会审计委员会勤勉尽责，认真履行相关法律法规、 监管规则和《公司章程》、《董事会审计委员会工作规则》规 定的职责，现将履职情况报告如下： 一、审计委员会的职责 公司董事会审计委员会的职责主要包括：公司内部控制 制度及其实施情况的审查，审核监督公司内部审计制度及其 实施，对外部审计机构的聘任事宜发表意见并监督其与公司 的关系，审阅公司的财务数据及监管财务报告，就财务信息 的真实性、完整性和准确性作出判断等。 二、审计委员会组成及参会情况 截至报告期末（2023 年 12 月 31 日），第四届董事会审 计委员会由五位委员组成，其中三位独立非执行董事，分别 为王鹏程、邵善波、徐丽娜；两位非执行董事，分别为王清 剑、喻强。主任委员由独立非执行董事王鹏程担任。审计委 员会委员均具有与其职责相适应的专业知识及经验。董事会 审计委员会委员出席董事会、董事会审计委员会会议情况如 下： 2023 年董事会审计委员会出席会议情况 1 单位：次数 | | | 参加董事会会议情况 | | | ...

2023 年，中国人民保险集团股份有限公司（以下简称"公 司"或"本公司"）独立董事按照《公司法》《保险法》《证 券法》、证监会《上市公司独立董事管理办法》、国家金融 监督管理总局《银行保险机构董事监事履职评价办法（试行）》 《保险机构独立董事管理办法》，以及上交所、香港联交所 等境内外法律法规、规范性文件以及《公司章程》等相关规 定，忠实、勤勉、专业、独立、合规地履行有关职责，积极 出席股东大会、董事会和所任职董事会专委会会议，关注公 司经营管理情况，发表独立意见，切实维护公司和全体股东 合法权益。现将公司 2023 年度独立董事有关履职情况报告 如下： 一、独立董事的基本情况 截至 2023 年 12 月 31 日，公司第四届董事会共有董事 14 名，与《公司章程》一致。其中，独立董事 5 名，分别是 邵善波先生、高永文先生、崔历女士、徐丽娜女士、王鹏程 先生，独立董事人数及占比符合监管要求和《公司章程》规 定。公司独立董事均具备独立董事任职条件，均不存在影响 独立性之因素；均按要求向董事会、股东大会报告年度尽职 中国人民保险集团股份有限公司 2023年度独立董事述职报告 (暨"2023年度独立董事尽职报 ...

Financial Performance - Insurance service revenue for the year ended December 31, 2023, was RMB 503.9 billion, an increase of 7.1% from RMB 468.8 billion in 2022[2] - Total operating income reached RMB 553.5 billion, up 4.7% from RMB 528.5 billion in the previous year[2] - Net profit for 2023 was RMB 30.8 billion, a decrease of 13.3% compared to RMB 35.4 billion in 2022[3] - The diluted earnings per share for the year was RMB 0.48, down from RMB 0.56 in 2022[2] - The company reported a total comprehensive income of RMB 27.4 billion, an increase from RMB 22.0 billion in the previous year[3] - The company’s total comprehensive income for the year was RMB 20,439 million, showcasing growth in profitability[5] - The company’s net profit attributable to shareholders was RMB 25,382 million for the year ended December 31, 2022[7] - The company achieved a net profit of RMB 30.81 billion in 2023, with a net profit attributable to shareholders of RMB 22.32 billion, reflecting a five-year average total investment return rate of 5.1%[36] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 1,556.7 billion, an increase of 9.9% from RMB 1,416.3 billion in 2022[4] - Total liabilities increased to RMB 1,223.8 billion, up from RMB 1,111.4 billion in the previous year[4] - The company's equity attributable to shareholders rose to RMB 243.2 billion, compared to RMB 224.2 billion in 2022[4] - The total liabilities as of December 31, 2023, were RMB 332,903 million, indicating a stable financial position[5] - The actual capital of the group as of December 31, 2023, was CNY 416.669 billion, an increase of 6.3% from the previous year[61] Investment and Income - Total investment income reached 44.115 billion yuan with an investment return rate of 3.3% in 2023[54] - The company reported a net investment income of RMB (1,407) million for 2023, compared to RMB (29,379) million in 2022[9] - Total investment income for 2023 was CNY 44.115 billion, a decrease of 19.6% year-on-year; net investment income was CNY 58.425 billion, down 2.7% year-on-year[117] - The company emphasized risk control and asset-liability matching management, enhancing its strategic asset allocation while maintaining tactical flexibility[112] Dividends and Shareholder Returns - The company allocated RMB 7,341 million in dividends to shareholders during the reporting period[5] - The company plans to distribute a cash dividend of RMB 6.899 billion for the fiscal year ending December 31, 2023, maintaining a dividend payout ratio above 30% for four consecutive years[36] - The board proposed a final dividend of RMB 1.56 per 10 shares for the year ending December 31, 2023, totaling approximately RMB 6.899 billion[140] Market Presence and Strategy - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings[1] - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming fiscal year[17] - The company is focusing on optimizing business structure and enhancing resource integration to maintain steady growth in various insurance segments[68] - The company is committed to advancing technology services to improve operational efficiency and customer responsiveness[124] Insurance Segment Performance - The property insurance business achieved a service revenue of RMB 457.20 billion, up 7.7% year-on-year, while original premium income increased by 6.3% to RMB 515.81 billion[37] - The life insurance segment reported original premium income of CNY 100.63 billion, reflecting an 8.6% year-on-year growth, with first-year premium income increasing by 37.0%[53] - The health insurance segment achieved original premium income of CNY 45.21 billion, up 10.2% year-on-year, with first-year premium income rising by 34.1%[53] - The company’s market share in the property insurance sector remains the highest in the industry, with a 1.4 percentage point increase in the proportion of non-auto insurance service revenue[39] Risk Management and Compliance - The company maintained a strong reinsurance policy, collaborating with leading international reinsurers to enhance risk management capabilities[80] - The company has established a robust investment management and risk control mechanism to mitigate potential credit risks[114] Operational Efficiency - The company actively engaged in digital transformation, optimizing its information infrastructure and enhancing cybersecurity measures[45] - The company launched 10 technological innovations, including "Renbao Big Model," which was recognized as one of the top 10 financial informatization events of 2023[46] Future Outlook - The company plans to continue implementing the "Excellence Strategy" to promote high-quality development in the coming years[48] - The company is focusing on enhancing green insurance policies and expanding services for small and micro enterprises[50]

Investment Rating - The report maintains a "Buy" rating for China People's Insurance Group with a target price of HKD 3.99, based on the current price of HKD 2.46 [4]. Core Insights - The company achieved insurance service revenue of CNY 503.9 billion in 2023, a year-on-year increase of 7.5%, while the net profit attributable to shareholders was CNY 22.322 billion, down 12.1% year-on-year, primarily due to fluctuations in the capital market [2]. - The combined ratio (COR) for property and casualty insurance was 97.8%, exceeding expectations and demonstrating strong underwriting profitability [2]. - The new business value (NBV) for life insurance increased significantly by 69.6% to CNY 3.664 billion, reflecting improved business structure [3]. Financial Performance Summary - The company reported total/net investment income of CNY 441.15 billion and CNY 584.25 billion, respectively, with year-on-year declines of 19.6% and 2.7% [3]. - The projected net profit for 2024-2026 is expected to be CNY 28.4 billion, CNY 32 billion, and CNY 34.9 billion, with growth rates of 27%, 13%, and 9% respectively [3][4]. - The company plans to distribute a dividend of CNY 0.156 per share, a decrease of 6% year-on-year, with a payout ratio of 31% [2]. Business Segment Performance - The property and casualty insurance segment contributed the most to profits, with net profit of CNY 24.566 billion, down 16% year-on-year [2]. - The health insurance segment saw a remarkable increase in NBV by 182.9% to CNY 2.826 billion, indicating strong growth potential [3]. - The company’s COR for auto insurance was 96.9%, improving from the previous year, while the non-auto insurance COR was 99.1%, showing a year-on-year improvement [2].

证券代码：601319 证券简称：中国人保 公告编号：临 2024-008 中国人民保险集团股份有限公司 关于召开 2023 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承 担法律责任。 重要内容提示： 网络直播地址：上证路演中心（https://roadshow.sseinfo.com/） 投资者可于 3 月 26 日(星期二)16:00 前将相关问题通过电子邮件的 形式发送至中国人民保险集团股份有限公司（以下简称"本公司"） 投资者关系邮箱：ir_group@picc.com.cn。本公司将在 2023 年度业 绩说明会（以下简称"业绩说明会"）上对投资者普遍关注的问题进 行回答。 本公司拟于 2024 年 3 月 26 日在上海证券交易所网站 （www.sse.com.cn）披露本公司 2023 年度报告。为了便于广大投资 者更全面深入地了解本公司 2023 年度业绩和经营情况，本公司拟于 3 月 27 日 15:00-17:00 召开业绩说明会，就投资者普遍关注的问题 进行交流。 会议召开时间：2024 年 ...

Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The report highlights that China Life Insurance maintains a high dividend payout ratio, aligning well with high dividend strategies, making it an attractive investment in the current market environment [2][4] - The company benefits from a unique operating model characterized by "negative funding costs + investment," which is expected to enhance its market position and performance growth compared to the industry [4][11] - The report emphasizes the strong competitive advantage of China Life Insurance in the property insurance sector, driven by scale effects and a robust underwriting profit [19][25] Summary by Sections Property Insurance - The property insurance industry exhibits significant scale effects, with China Life Insurance leading the market with a 37.9% market share in 2023, significantly ahead of its competitors [19][31] - The company maintains a high solvency ratio, providing it with greater operational flexibility and ensuring its ability to continue paying dividends [50][44] - The integration of risk reduction services and technology enhances underwriting profitability, with proactive risk management strategies being implemented [44][19] Life Insurance - The life insurance segment is undergoing a transformation, with expectations for premium and value growth to improve due to changes in agent scale and productivity [56][59] - The company is focusing on health insurance in response to national strategies, anticipating growth in health insurance premiums [66][73] - The report notes that the proportion of regular premium payments is expected to rise, improving the overall premium structure [60][70] Investment Outlook - The report anticipates a dual benefit from both liabilities and assets, with stable premium growth in property insurance and improved underwriting profits [73] - The company is expected to maintain steady growth in auto insurance while increasing its market share in non-auto insurance segments [73][40] - The life insurance sector is projected to benefit from a recovering industry cycle, with improved premium and value growth expected [73][66]

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之內容概不負責，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分內容 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。 中國人民保險集團股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於二零二四年 三月二十六日（星期二）舉行董事會會議，以審議及批准本公司及其附屬公司截至二零二 三年十二月三十一日止年度的全年業績及其刊發，考慮派付末期股息（如有），並處理任 何其他事項。 1339 董事會會議通知 於本公告日，本公司執行董事為王廷科先生、趙鵬先生、李祝用先生及肖建友先生，非 執行董事為王清劍先生、苗福生先生、王少群先生、喻強先生及宋洪軍先生，獨立非執 行董事為邵善波先生、高永文先生、崔歷女士、徐麗娜女士及王鵬程先生。 承董事會命 中國人民保險集團股份有限公司 王廷科 董事長 中國北京，二零二四年三月十四日 ...