2024-08-29 10:47Financial Performance - The net profit attributable to shareholders of the parent company for the first half of 2024 was RMB 38,278 million, a 10.6% increase compared to RMB 34,616 million in the same period of 2023[20]. - Operating revenue for the first half of 2024 was RMB 234,216 million, a 23.3% increase from RMB 190,002 million in the same period of 2023[20]. - The total profit for the first half of 2024 reached RMB 4.790 billion, reflecting a 33.8% increase from RMB 3.5794 billion in the first half of 2023[25]. - The underwriting financial profit for the first half of 2024 was RMB 9.1735 billion, a 39.7% increase from RMB 6.5656 billion in the same period of 2023[25]. - The company's net profit attributable to shareholders for the first half of 2024 was RMB 38.28 billion, a year-on-year increase of 10.6% from RMB 34.62 billion[58]. - The new business value for the first half of 2024 was RMB 32.26 billion, representing an 18.6% increase compared to RMB 27.20 billion in the same period of 2023[58]. Assets and Equity - The company reported total assets of RMB 6,222,638 million as of June 30, 2024, representing a 10.1% increase from RMB 5,653,727 million at the end of 2023[20]. - As of June 30, 2024, the total equity attributable to shareholders increased by 50.7% to RMB 493.834 billion compared to December 31, 2023[25]. - The company's investment assets amounted to RMB 6,086,485 million, up 12.5% from RMB 5,412,529 million at the end of 2023[20]. - The embedded value as of June 30, 2024, was RMB 1.40 trillion, up from RMB 1.26 trillion at the end of 2023[58]. - The company's cash and cash equivalents balance reached RMB 887.04 billion, with term deposits totaling RMB 4,592.20 billion, providing sufficient liquidity for current cash needs[156]. Insurance Business - The total premium income for the first half of 2024 reached RMB 489,566 million, reflecting a significant growth in the company's insurance business[16]. - The company has approximately 328 million valid long-term insurance policies in force as of the report date[16]. - The first-year premium was RMB 97.29 billion, remaining stable compared to RMB 97.42 billion in the previous year, with ten-year and above first-year premiums increasing by 9.4% to RMB 42.62 billion[58]. - Total premium from other channels reached RMB 34.924 billion, representing a year-on-year growth of 16.3%[97]. - The internet insurance business generated a total premium of RMB 49.723 billion in the first half of 2024, reflecting steady growth under regulatory standards[97]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.20 per share, totaling approximately RMB 56.53 billion, pending shareholder approval[6]. - The company plans to distribute a mid-term cash dividend of RMB 2.0 per 10 shares (tax included) for the year 2024, pending approval at the shareholders' meeting[78]. Solvency and Risk Management - The solvency adequacy ratio stood at 205.23%, indicating a strong capital position[16]. - The comprehensive solvency adequacy ratio stood at 205.23%, with the core solvency adequacy ratio at 151.90%, both well above regulatory requirements[56]. - The core solvency adequacy ratio decreased to 151.90% as of June 30, 2024, down from 158.19% at the end of 2023[138]. - The overall risk management plan focuses on minimizing the potential negative impacts of financial market unpredictability on financial performance[42]. Investment Strategy - The company has maintained a prudent investment strategy, with no credit default events occurring in the first half of 2024[128]. - The average net investment yield for 2021-2023 was 4.05%, while the average total investment yield was 3.87%[107]. - The company’s investment in fixed-income financial assets was RMB 4,493.47 billion, accounting for 73.83% of total investments[125]. Digital Transformation and Innovation - The company is focusing on digital transformation, enhancing its data center capabilities and integrating new technologies into insurance applications[143]. - The number of registered users for the China Life Insurance APP has surpassed 150 million, indicating a steady improvement in online reach capabilities[192]. - The company continues to enhance its digital financial services, focusing on internet customer insurance protection and meeting diverse customer needs[102]. Social Responsibility and Community Engagement - The company has invested over RMB 4,700 billion in green projects, focusing on clean energy and environmental protection[172]. - The company deployed 946 village support staff and invested RMB 6.56 million in rural assistance programs, benefiting 1.8 billion rural residents[171]. - The company is actively participating in the construction of a multi-level social security system, focusing on the long-term development of the pension ecosystem[119].