Financial Performance - Total premium income for the year reached RMB 128.38 billion, representing a year-on-year growth of 8.0%[5] - Net profit attributable to shareholders was RMB 5.45 billion, an increase of 45.8% compared to the previous year[5] - New single premium income for Sunshine Life was RMB 20.37 billion, up 12.6% year-on-year[5] - The group’s embedded value increased to RMB 115.76 billion, reflecting an 11.2% growth from the previous year[5] - Insurance service revenue increased to RMB 64,004 million in 2024, up from RMB 59,900 million in 2023, representing a growth of 3.7%[15] - Investment income surged to RMB 13,134 million in 2024, compared to RMB 5,348 million in 2023, marking an increase of 145.5%[15] - Net profit rose to RMB 5,540 million in 2024, a significant increase of 43.3% from RMB 3,866 million in 2023[15] - Total assets reached RMB 581,790 million as of December 31, 2024, up from RMB 513,686 million in 2023, reflecting a growth of 13.3%[17] - Total liabilities as of December 31, 2024, were RMB 518,377 million, up from RMB 451,897 million in 2023, indicating a growth of approximately 14.7%[104] - The company reported a total investment income of RMB 13,134 million for the year ended December 31, 2024, compared to RMB 5,348 million in 2023, marking a significant increase of approximately 145.5%[103] - The total comprehensive income for the year was RMB 3,819 million, compared to a loss of RMB 1,903 million in the previous year, marking a turnaround in performance[20] Customer Base and Product Development - The number of effective customers reached approximately 30.19 million by the end of 2024[6] - The company launched nearly 100 new products, including critical illness insurance for children and medical insurance for mothers and infants[6] - The company aims to enhance core competitiveness by focusing on "new sunshine strategy" and optimizing product structure[11] - The company plans to enhance its focus on inclusive finance services, particularly for small and micro enterprises, to support economic development[12] - The company aims to leverage opportunities in the personal pension system to expand its elderly insurance business[12] - The company is focusing on product innovation, particularly in floating income products and health insurance, to meet diverse customer needs[155] Investment and Asset Management - The total investment return rate was 4.3%, while the comprehensive investment return rate stood at 6.5%[5] - The company plans to strengthen asset-liability matching and actively seek quality assets for mergers and acquisitions in 2025[11] - The company is committed to increasing investments in strategic emerging industries and advanced manufacturing sectors[12] - The company’s total assets increased significantly, with recoveries from investments amounting to RMB 246,865 million in 2024, compared to RMB 228,186 million in 2023, showing a growth of about 8.2%[21] Risk Management and Financial Stability - The company provided risk protection of RMB 157.9 trillion throughout the year, including RMB 71 trillion for the real economy[8] - The company’s liquidity management led to a 59.6% decrease in repurchase agreements, from RMB 13,129 million in 2023 to RMB 5,300 million in 2024[138] - The expected credit loss for the year ended December 31, 2024, was (364) million in 2023, indicating a significant increase in credit risk provisions[105] - The group assesses expected credit losses based on a forward-looking evaluation, employing a "three-stage" impairment model for financial assets[38] Underwriting and Insurance Operations - The comprehensive cost ratio for underwriting was 99.7%, achieving an underwriting profit of RMB 120 million[125] - The underwriting combined ratio for property insurance increased to 99.7% in 2024, up 1.0 percentage point from 98.7% in 2023[133] - The underwriting profit for the year ended December 31, 2024, was RMB 123 million, a decrease of 78.5% compared to RMB 572 million in 2023[177] - The combined expense ratio improved to 31.3% in 2024 from 33.7% in 2023, a decrease of 2.4 percentage points[177] - The combined loss ratio increased to 68.4% in 2024 from 65.0% in 2023, an increase of 3.4 percentage points[177] Digital Transformation and Technology - The company plans to enhance its digital transformation and smart technology applications to improve customer experience and risk control capabilities[162] - AI customer service supported 14.57 million customer interactions, with an increase in service automation rate by 25.8 percentage points[126] - The "Tianyan System" for risk control will be further developed, adding 53 new indicators and optimizing 127 existing ones[164] - The "Understanding Your Insurance" intelligent product will launch a customer family protection needs suggestion system to empower the sales team[163] Dividends and Shareholder Returns - The company paid dividends of RMB 2,070 million to shareholders during the year, consistent with the previous year's distribution[20] - The company announced a final cash dividend of RMB 0.19 per share for 2024, totaling RMB 2,185 million, pending shareholder approval[115]
阳光保险(06963) - 2024 - 年度业绩