中国人寿(02628) - 2024 - 中期业绩

Financial Performance - Total premium reached RMB 489.566 billion, achieving the best historical level for the same period[2] - New business value amounted to RMB 32.262 billion, with embedded value exceeding RMB 1.4 trillion[2] - Net profit attributable to shareholders was RMB 38.278 billion, demonstrating strong development resilience[2] - Revenue for the first half of 2024 was RMB 234.235 billion, a 25.7% increase year-on-year[5] - Pre-tax profit grew by 27.6% to RMB 47.9 billion compared to the same period last year[5] - For the first half of 2024, the company's net profit attributable to shareholders was RMB 38.278 billion, representing a year-on-year increase of 5.9%[9] - Total premium income for the period was RMB 489.566 billion, an increase of 4.1% year-on-year, marking a historical high[9] - The new business value increased by 18.6% year-on-year, reaching RMB 32.262 billion, continuing to lead the industry[9] - The first-year premium income was RMB 97.294 billion, with ten-year and above first-year premium income rising by 9.4% to RMB 42.616 billion[9] - Total investment income for the first half of 2024 was RMB 122.366 billion, significantly higher than RMB 91.372 billion in the same period of 2023[10] - The net profit attributable to shareholders for the first half of 2024 was RMB 38.278 billion, compared to RMB 36.151 billion in the same period of 2023, reflecting a growth of 5.9%[10] - The company reported a pre-tax profit of RMB 47,900 million, up from RMB 37,538 million in the same period of 2023[54] Assets and Liabilities - Total assets increased by 7.2% to RMB 622.2638 billion compared to the end of 2023[5] - Total liabilities rose by 7.6% to RMB 571.8505 billion, with insurance contract liabilities increasing by 11.5%[5] - Total assets and investment assets both exceeded RMB 6 trillion, reaching RMB 6.22 trillion and RMB 6.09 trillion respectively[9] - As of June 30, 2024, total investment assets reached RMB 608,648.5 million, an increase of 7.5% compared to the end of 2023[28] - The total liabilities as of June 30, 2024, were RMB 5,718,505 million, compared to RMB 5,315,052 million at the end of 2023, indicating a rise in liabilities[66] - The company's equity attributable to shareholders increased to RMB 493,834 million as of June 30, 2024, from RMB 477,093 million at the end of 2023[66] Dividends - The company proposed a mid-year cash dividend of RMB 2.0 per 10 shares, subject to shareholder approval[2] - The total dividend for 2023 was RMB 0.43 per share, amounting to approximately RMB 12,154 million, which was approved at the annual general meeting on June 27, 2024[64] - The company proposed an interim dividend of RMB 0.20 per share for 2024, totaling approximately RMB 5,653 million, to be presented at the upcoming shareholders' meeting[64] Investment and Income - Investment income for the first half of 2024 totaled RMB 122.366 billion[9] - The investment income increased by 140.3% year-on-year to RMB 56.736 billion, driven by market fluctuations and proactive investment operations[8] - The net investment yield for the first half of 2024 was 3.03%, a decrease of 28 basis points compared to the same period in 2023[30] - The company reported a significant increase in interest income to RMB 59,413 million, up from RMB 10,841 million in the previous year[71] - The investment income for the period was RMB 56,736 million, showing a strong performance across various segments[71] Risk Management - The company maintained an A rating in risk assessment for 24 consecutive quarters, reflecting strong risk management capabilities[4] - The comprehensive solvency adequacy ratio was 205.23%, and the core solvency adequacy ratio was 151.90%, both significantly above regulatory requirements[9] - The proportion of AAA-rated credit bonds held by the company exceeded 98% as of the report date, indicating strong asset quality[31] Customer and Market Engagement - The company provided services to a total of 1.56 billion people in the first half of the year, with over 40 million individuals benefiting from value-added services related to family, health, and lifestyle[48] - The registered user base of the China Life Insurance APP has surpassed 150 million, indicating a steady enhancement in online reach capabilities[48] - The customer protection management system has reached over 130 million consumers through educational campaigns, reflecting a year-on-year increase of 27.2%[49] - The company is focusing on enhancing its technological capabilities and digital transformation to drive high-quality development, including building a 5G network laboratory and improving data management standards[47] Operational Efficiency - The average claims processing time has improved to 0.34 days, a significant reduction of 13% year-on-year, positioning the company among the industry leaders[48] - The company has introduced innovative service models such as "proactive claims reminders" and "instant claims payments," enhancing operational efficiency[48] Future Outlook - The company plans to focus on customer-centric strategies and aims to enhance service quality, value creation, and team development in the second half of 2024[52] - The company anticipates that its funding will meet the insurance business expenditures and new investment project requirements in the second half of 2024[53] - The insurance industry is expected to experience high-quality development driven by the long-term positive economic fundamentals in China[51] - The company is committed to optimizing asset-liability management and diversifying value creation sources to address potential risks in the economic recovery phase[53]