2021-04-15 08:30Financial Performance - Total premium income reached RMB 612.265 billion in 2020, marking a significant growth milestone[26]. - Net profit attributable to shareholders was RMB 50.268 billion, reflecting strong financial performance[26]. - Total revenue for 2020 reached RMB 804,961 million, an increase of 10.3% compared to RMB 729,474 million in 2019[27]. - Net profit attributable to shareholders decreased by 13.8% to RMB 50,268 million from RMB 58,287 million in 2019[27]. - The weighted average return on equity decreased to 11.84% from 16.47% in 2019[27]. - Cash flow from operating activities increased by 6.3% to RMB 304,024 million from RMB 286,032 million in 2019[27]. - The net profit attributable to shareholders was RMB 50.27 billion, a decrease of 13.8% compared to the previous year[30]. - Total premium income reached RMB 612.27 billion, a year-on-year increase of 8.0%[38]. - The company maintained a persistently low surrender rate of 1.09%, down 0.80 percentage points year-on-year[37]. - The company’s total investment stock for supporting the real economy exceeded RMB 2.3 trillion, with new investments exceeding RMB 600 billion for the year[31]. Assets and Liabilities - Total assets amounted to RMB 4,252.410 billion, positioning the company as a leader in the domestic life insurance industry[26]. - Total assets increased by 14.1% to RMB 4,252,410 million, up from RMB 3,726,734 million in 2019[27]. - The total liabilities rose by 14.4% to RMB 3,795,479 million, compared to RMB 3,317,392 million in 2019[27]. - The total insurance contract reserves stood at RMB 2,973.23 billion, an increase of 16.5% from RMB 2,552.74 billion at the end of 2019[53]. - The company's equity attributable to shareholders rose by 11.5% to RMB 450,051 million from RMB 403,764 million in 2019[28]. Investment Performance - Total investment income reached RMB 198.596 billion, with an overall investment return rate of 5.30%[26]. - Total investment income for 2020 was RMB 198,596 million, an increase from RMB 169,043 million in 2019[36]. - The total investment return rate improved to 5.30% from 5.24% in 2019[27]. - The net income from realized financial assets increased by 696.5% to RMB 14.58 billion, attributed to increased trading gains from equity assets[29]. - The company achieved net investment income of RMB 162.783 billion in 2020, an increase of RMB 13.674 billion or 9.2% compared to 2019[59]. Business Growth and Strategy - New business value for the year was RMB 58.373 billion, showcasing growth in new policy sales[26]. - New business value for the year was RMB 58.37 billion, remaining stable year-on-year[32]. - The company is committed to high-quality development and has initiated the "Revitalizing Guoshou" strategic deployment[35]. - The company aims to enhance risk management capabilities and improve customer service through digital transformation and technological innovation[35]. - The company is focusing on digital transformation and technological innovation to enhance service quality and operational efficiency[72]. Market Position and Brand Value - The company ranked 127th in the World Brand Lab's "World's 500 Most Valuable Brands" list for 2020[20]. - The company operates a distribution network of about 20,000 branches and a sales force of 1.458 million, ensuring extensive market coverage[22]. - The company is a leading life insurance provider in China, with a broad distribution network and significant institutional investment capabilities[126]. Customer and Policyholder Engagement - The company held approximately 317 million valid long-term individual and group life insurance policies as of December 31, 2020[22]. - The number of effective long-term insurance policies reached 317 million, an increase of 4.6% from the end of 2019[37]. - The company established a direct payment network covering over 20,000 medical institutions, providing direct compensation services to over 5 million customers throughout the year[75]. - The company has provided insurance services and value-added services to over 500 million customers[131]. Compliance and Governance - The company has complied with all provisions of the corporate governance code during the reporting period[147]. - The internal control system related to financial reporting was evaluated as effective as of December 31, 2020[145]. - The auditor confirmed that there were no issues regarding the approval of disclosed related transactions by the board of directors[111]. - The company has a strong compliance culture, adhering to various laws and regulations to ensure sustainable development[130]. Social Responsibility and ESG Initiatives - The company is committed to fulfilling its social responsibilities, including poverty alleviation efforts, as detailed in its ESG report[122]. - The company launched a clean energy fund with a total scale of RMB 8 billion for national-level large clean energy projects[128]. - The company emphasizes ESG investment principles and has integrated them into its investment management guidelines[128]. - The company made charitable donations totaling approximately RMB 337.31 million during the reporting period[135]. Employee and Management Structure - The total number of employees in the company and its major subsidiaries is 104,160, with 102,503 being directly employed by the company[192]. - The company has established a comprehensive employee training system to enhance employee growth and development[132]. - The company has a total of 19,061 management and administrative personnel, and 47,301 sales and sales management personnel[193]. - The company has a strong leadership team with diverse backgrounds in finance, insurance, and corporate governance, enhancing its strategic decision-making capabilities[171]. Future Outlook - The company plans to implement the "Revitalize China Life" strategy in 2021, focusing on high-quality development and risk prevention[79]. - The company anticipates that the insurance industry will benefit from favorable external conditions due to the "14th Five-Year Plan" and the "dual circulation" development pattern[78]. - The company is actively addressing risks related to international economic conditions and domestic market fluctuations, focusing on product innovation and optimizing product structure[80].