Financial Performance - China Pacific Insurance reported its interim financial results for 2024, with a focus on operational performance and strategic developments[4]. - The interim financial report for 2024 has not been audited, indicating a preliminary assessment of the company's financial health[7]. - Total revenue for the group reached RMB 194,634 million, an increase of 10.9% year-on-year[12]. - Net profit attributable to shareholders of the parent company was RMB 25,132 million, up 37.1% compared to the previous year[14]. - New business value for life insurance was RMB 9,037 million, reflecting a growth of 22.8%[14]. - The group's embedded value increased to RMB 568,766 million, representing a 7.4% rise[14]. - The comprehensive solvency adequacy ratio for the group was 251%, down 6 percentage points from the previous period[14]. - The total investment return rate for the group was 2.7%, an increase of 0.7 percentage points year-on-year[14]. - The company achieved total operating revenue of RMB 194.634 billion for the first half of 2024, representing a year-on-year growth of 10.9%[24]. - Net profit for the company reached RMB 25.132 billion, marking a 37.1% increase compared to the same period in 2023[34]. - The company's cash flow from operating activities amounted to RMB 89.925 billion, reflecting a 5.5% growth year-on-year[34]. - The total assets of the company as of June 30, 2024, were RMB 2,553.488 billion, an increase of 8.9% from the end of 2023[34]. - The company reported a basic earnings per share of RMB 2.61 for the first half of 2024, up 37.1% from RMB 1.91 in the same period last year[34]. Governance and Management - The company held its 10th Board of Directors' fifth meeting on August 29, 2024, where the interim report was approved by 11 out of 13 directors present[7]. - The report outlines the governance structure and shareholder information, ensuring transparency in operations[3]. - The company is committed to environmental and social responsibility, as indicated in its governance report[3]. - The company continues to optimize its governance structure to ensure effective risk management and sustainable growth[20]. - The company has established a diversified entrusted investment management structure, primarily utilizing internal managers from China Pacific Insurance and supplementing with external managers, including fund companies and securities asset management institutions[148]. - The company appointed Fu Fan as the chairman of the board in December 2023, with regulatory approval received in January 2024[170]. - Zhao Yonggang was appointed as the president in December 2023, with his qualifications approved in January 2024[173]. - The board consists of 13 members, including 2 executive directors and 5 independent non-executive directors[169]. - The company has a total of 11 senior management personnel, including the chairman, president, and vice presidents[172]. Customer and Market Engagement - The number of customers reached 181,310 thousand, an increase of 1,441 thousand from the previous year[12]. - The company is focusing on digital finance and big data strategies to enhance service capabilities and improve customer experience[19]. - The company is focusing on enhancing business quality management, with policy continuation rates continuously improving[51]. - The company has established 15 "Tai Bao Home" locations across 13 cities, with a continuous increase in resident numbers[26]. - The company aims to enhance its digital transformation by leveraging big data and integrating digital technologies into its operations[28]. - The company is focusing on high-quality development through innovations in technology finance, green finance, and digital finance, while strengthening risk management capabilities[68]. Investment and Asset Management - Investment assets increased to RMB 2,456,027 million as of June 30, 2024, up from RMB 2,250,073 million at the end of 2023, reflecting a growth of approximately 9.1%[33]. - The total assets under management reached RMB 3.26 trillion, an increase of 11.7% compared to the end of the previous year[23]. - The company’s alternative investment assets under management reached approximately RMB 150 billion, maintaining a leading position in the industry[99]. - The company’s annuity asset management scale exceeded RMB 730 billion, reflecting a growth of 7.1% from the end of the previous year[102]. - The company continues to enhance its investment management capabilities, focusing on sustainable value creation for clients[99]. Environmental and Social Responsibility - The company is committed to sustainable development and enhancing its ESG capabilities to support social and economic sustainability[17]. - The company provided green insurance coverage amounting to approximately CNY 56.1 trillion in the first half of 2024, including five innovative products such as the EU carbon emission cost index insurance for the shipping industry[184]. - The company launched a series of ecological carbon sink insurance products covering forest, grassland, and wetland carbon sinks, contributing to ecological civilization construction[184]. - The company has integrated ESG factors into its supplier selection and evaluation processes[185]. - The company aims to enhance its rural development initiatives and explore long-term mechanisms for rural revitalization[185]. Shareholder Information - China Pacific Insurance is listed on both the Shanghai Stock Exchange and the Hong Kong Stock Exchange, with respective stock codes 601601 and 02601[10]. - The company has a total of 9,620,341,455 shares issued as of June 30, 2024, including 6,845,041,455 A shares and 2,775,300,000 H shares[1]. - The largest shareholder, BlackRock, has multiple entities holding shares, with a total of 702,985 H shares held by BlackRock Investment Management, LLC[1]. - The company has a diverse shareholder base, with significant stakes from various investment management firms[1]. - The total number of shareholders at the end of the reporting period is 96,851, with 92,880 being A share shareholders and 3,971 being H share shareholders[164]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements related to future plans and strategies[4]. - The company maintains a comprehensive credit risk management system, ensuring effective control over credit risks across its investment portfolio[92]. - The company is committed to maintaining a prudent risk management approach to navigate the complexities of the current international environment and regulatory landscape[117]. - The company has established a unified risk management framework, with the board of directors bearing ultimate responsibility and management leading directly, covering all institutions and positions[182].
中国太保(02601) - 2024 - 中期财报