Financial Performance - Insurance service revenue for the six months ended June 30, 2024, reached RMB 261,629 million, an increase of 5.6% compared to RMB 246,884 million for the same period in 2023[2]. - Total operating income for the same period was RMB 292,342 million, up from RMB 280,848 million, reflecting a growth of 4.3%[2]. - Pre-tax profit increased to RMB 36,348 million, compared to RMB 31,999 million in the previous year, marking a growth of 13.8%[2]. - Net profit attributable to shareholders for the six months was RMB 31,489 million, a rise of 13.4% from RMB 27,780 million in the prior year[2]. - Basic earnings per share increased to RMB 0.53, up from RMB 0.47, representing a growth of 12.8%[2]. - The net profit for the first half of 2024 was RMB 20,588 million, compared to RMB 27,780 million in the same period of 2023, representing a decrease of approximately 26%[8]. - The total comprehensive income for the first half of 2024 was RMB 19,920 million, down from RMB 27,212 million in the first half of 2023, indicating a decline of about 27%[8]. - The company reported a retained earnings balance of RMB 170,178 million as of June 30, 2024, compared to RMB 154,289 million as of June 30, 2023, reflecting an increase of approximately 10%[8]. - The company has allocated RMB 6,899 million in dividends to shareholders for the first half of 2024, compared to RMB 6,859 million in the same period of 2023[8]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 1,649,933 million, compared to RMB 1,556,682 million at the end of 2023, indicating an increase of 6.0%[5]. - Total liabilities rose to RMB 1,301,911 million from RMB 1,223,779 million, reflecting an increase of 6.4%[6]. - Cash and cash equivalents increased to RMB 32,542 million, compared to RMB 28,835 million, showing a growth of 12.0%[5]. - The total reserves as of June 30, 2024, amounted to RMB 210,360 million, up from RMB 199,539 million as of June 30, 2023[9]. - The financial reserves increased to RMB 20,522 million as of June 30, 2024, compared to RMB 18,625 million in the previous year, indicating a growth of approximately 10%[8]. Investment and Income - The company reported a net investment income from joint ventures and associates of RMB 8,240 million, down from RMB 9,631 million, a decrease of 14.5%[2]. - The company reported a significant increase in net investment income, which rose to 9,631 million, a decrease of approximately 14.5%[19]. - The total investment income reached 29.064 billion yuan, with an annualized total investment return rate of 4.1%[43]. - The total investment return rate (annualized) was 4.1% as of June 30, 2024, down from 4.9% in the previous year[66]. - Total investment income for the first half of 2024 was CNY 29,064 million, a decrease of 7.7% year-on-year, while net investment income was CNY 26,795 million, down 5.5% year-on-year[123]. Market Presence and Strategy - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings and operational efficiency[1]. - The company plans to expand its market presence and invest in new product development to drive future growth[7]. - The company is focusing on enhancing its technological capabilities and exploring potential mergers and acquisitions to strengthen its market position[7]. - The company is actively optimizing its bond allocation structure to reduce portfolio volatility and enhance credit risk management[121]. - The company aims to enhance risk management by focusing on systematic approaches and early warning mechanisms to identify and address risks proactively[130]. User Base and Customer Engagement - The company’s user base reached 23,400 thousand by June 30, 2024, showing growth from 31,489 thousand in the previous year[7]. - The group’s digital service platform recorded an average daily usage of over 1 million calls[49]. - The "China Renbao" app saw a 93.0% year-on-year increase in new user registrations[59]. Insurance Services - The property insurance segment generated original premium income of CNY 311.996 billion, with a market share of 34.0%[55]. - The life insurance segment achieved original premium income of CNY 79.056 billion, with a new business value of CNY 3.935 billion, up 91.0% year-on-year[56]. - The insurance service revenue from personal accident and health insurance reached CNY 24.751 billion, a year-on-year increase of 7.5%[76]. - The insurance service revenue from liability insurance was CNY 18.339 billion, a year-on-year increase of 8.4%[77]. - The insurance service revenue from corporate property insurance was CNY 8.862 billion, a year-on-year increase of 6.3%[78]. Risk Management and Compliance - The company has not experienced any major risk events in the first half of 2024, indicating effective risk management[50]. - The company has complied with all corporate governance codes as per the Hong Kong Stock Exchange rules for the first half of 2024[141]. - There have been no significant changes affecting the company's performance since the publication of the 2023 annual report[143].
中国人民保险集团(01339) - 2024 - 中期业绩