2025-03-26 10:05Dividends and Profit Distribution - The company plans to distribute a year-end cash dividend of RMB 0.45 per share, totaling approximately RMB 127.19 billion, pending shareholder approval[6]. - The company has distributed an interim cash dividend of RMB 0.20 per share, amounting to approximately RMB 56.53 billion[6]. - The total cash dividends for the year, if the proposed year-end dividend is approved, will amount to RMB 0.65 per share, totaling approximately RMB 183.72 billion[6]. - Over the last three accounting years, the cumulative cash dividends amounted to RMB 44.376 billion, with a cash dividend ratio of 83% of the average net profit attributable to shareholders[198]. - The company emphasizes a stable profit distribution policy, prioritizing cash dividends while considering long-term interests and sustainable development[199]. - The company has a clear profit distribution policy that allows for cash, stock, or a combination of both for dividends, ensuring investor returns are prioritized[199]. - The company’s profit distribution plan requires that cash dividends be at least 30% of the average distributable profit over the last three years when conditions are met[199]. Financial Performance - Net profit attributable to shareholders of the parent company for 2024 was RMB 106,935 million, reflecting a growth of 108.9% from RMB 51,184 million in 2023[27]. - Total premium income for 2024 reached RMB 671,457 million, an increase of 30.5% compared to RMB 405,040 million in 2023[23]. - The comprehensive solvency adequacy ratio stood at 207.76%, indicating strong financial health[23]. - The company's investment assets reached RMB 6,611,071 million, up 22.1% from RMB 5,412,529 million in 2023[27]. - The weighted average return on equity increased to 21.59%, up 6.84 percentage points from 14.75% in 2023[27]. - Basic earnings per share for 2024 were RMB 3.78, a rise of 108.9% compared to RMB 1.81 in 2023[27]. - The total investment return rate improved to 5.50%, an increase of 2.93 percentage points from 2.57% in 2023[27]. - The net cash flow from operating activities for 2024 was RMB 384,366 million, showing a slight decrease of 1.4% from RMB 389,000 million in 2023[27]. - The company reported a total liability of RMB 6,248,298 million, which is a 17.5% increase from RMB 5,316,011 million in 2023[27]. - Total assets as of December 31, 2024, amounted to RMB 6,769,546 million, a 19.7% increase from RMB 5,653,727 million in 2023[27]. Risk Management - The company has implemented various measures to manage risks, including macroeconomic, insurance, market, and credit risks[9]. - The company’s risk management system has been enhanced, achieving dual-standard certification for compliance management[45]. - The company closely monitors liquidity risks associated with policyholder withdrawals and market fluctuations[103]. - The company maintains a diversified reinsurance strategy, covering all risk-bearing products through various reinsurance arrangements[115]. Digital Transformation and Customer Service - The company emphasizes a digital transformation strategy, integrating online and offline services to enhance customer experience[16]. - The company is focused on digital transformation, improving operational efficiency and customer service quality[44]. - The company’s insurance app has nearly 160 million registered users, providing services to over 3 billion people and processing nearly 25 million claims in the year[122]. - The company maintained a high customer service connection rate of 98.0% for its 95519 hotline, with a 49.4% year-on-year increase in one-stop service interactions[123]. - The company’s claims processing efficiency has improved by over 26%, with a leading position in claims timeliness across 27 provinces[122]. Awards and Recognition - The company has received multiple awards, including ranking 3rd in the "2024 Global Insurance Brand Value 100" and 116th in the "2024 Forbes Global 2000" list[20][21]. - The company’s ESG rating improved to A, highlighting its commitment to sustainable development[42]. - The company has improved its ESG rating to A grade, leading the domestic life insurance industry[182]. Business Growth and Market Position - The company is recognized as the largest institutional investor in China and one of the largest insurance asset managers[4]. - The company has a robust distribution network covering urban and rural areas across China, maintaining its leadership position in the life insurance market[14]. - New business value grew by 24.3% year-on-year, reflecting strong performance in the insurance sector[43]. - The individual insurance channel's total premium was RMB 529.03 billion, reflecting a growth of 5.5%[62]. - The total premium from the bancassurance channel reached CNY 76.201 billion, with first-year premium income of CNY 18.776 billion, and renewal premium accounting for 60.76% of total premiums[65]. Employee Engagement and Corporate Governance - The company has established a system for employee representation, with a proposal implementation rate of 99% from the third employee representative conference[190]. - A total of 44 proposals were collected during the latest employee representative conference, focusing on business expansion and employee welfare[190]. - The company has established a comprehensive talent training system, focusing on new employees and professional talents[189]. Community Engagement and Social Responsibility - The company has conducted over 600 volunteer service activities in 2024, with more than 3,000 registered youth volunteers[185]. - The company has donated 21 million yuan to the China Life Charity Foundation in 2024, supporting social welfare initiatives[185]. - The company has invested 5 million yuan in assistance funds for rural revitalization efforts, increasing the number of support points by 274 compared to the previous year[186]. - The company has developed 4 new rural revitalization insurance products, providing multi-level insurance coverage[186].