Financial Performance - The company's original insurance premium income for 2024 reached RMB 538.06 billion, representing a 4.3% increase from RMB 515.81 billion in 2023[9]. - Insurance service revenue increased by 6.1% to RMB 485.22 billion in 2024, up from RMB 457.20 billion in 2023[9]. - Underwriting profit decreased by 43.9% to RMB 57.13 billion in 2024, compared to RMB 101.89 billion in 2023[9]. - Net profit for 2024 was RMB 32.16 billion, reflecting a 30.9% increase from RMB 24.57 billion in 2023[9]. - The comprehensive cost ratio stood at 98.8%, with underwriting profit of CNY 5.713 billion and net profit of CNY 32.161 billion, resulting in a return on equity of 13.0%[21]. - The company reported a net profit of CNY 32.16 billion, marking a historical high, with a return on equity of 13.0%, up by 2.2 percentage points year-on-year[27]. - The company's pre-tax profit for 2024 was RMB 38.02 billion, a year-on-year increase of RMB 9.98 billion (or 35.6%)[61]. - Net profit rose to RMB 32.16 billion, up RMB 7.60 billion (or 30.9%) from RMB 24.57 billion in 2023, with basic earnings per share of RMB 1.446[63]. Assets and Liabilities - The company's total assets as of December 31, 2024, were RMB 778.24 billion, a 10.6% increase from RMB 703.62 billion in 2023[11]. - Total liabilities increased by 10.3% to RMB 517.62 billion in 2024, up from RMB 469.32 billion in 2023[11]. - The company's total investment assets amounted to RMB 676.51 billion, a 12.6% increase from the previous year[51]. - The company's cash and cash equivalents (excluding accrued interest) stood at RMB 19.36 billion as of December 31, 2024[66]. - The debt-to-asset ratio decreased to 63.9%, down 1.6 percentage points from 65.5% at the beginning of the year[67]. Dividends - The company proposed a final dividend of RMB 0.332 per share, with a total dividend payout including interim dividends amounting to RMB 0.54 per share[15]. - The company distributed an interim dividend of CNY 0.208 per share and proposed a final dividend of CNY 0.332 per share[21]. - The company plans to distribute a total dividend of RMB 0.54 per share for the fiscal year 2024, pending shareholder approval[79]. - The company plans to distribute a final dividend of HKD 0.332 per share for the year ending December 31, 2024, totaling approximately HKD 73.85 billion[131]. - The interim dividend of HKD 0.208 per share for the six months ending June 30, 2024, was approved by shareholders on October 29, 2024, amounting to about HKD 46.26 billion[131]. Market Presence and Share - The company achieved a market share of 31.8% in the insurance sector[15]. - The company achieved original insurance premium income of CNY 538.06 billion, a year-on-year increase of 4.3%, maintaining a market share of 31.8% in China's property insurance market[26]. - The total premium income from the agency sales channel was RMB 325,754 million, accounting for 60.5% of total premiums, with a 1.3% increase from 2023[34]. - The top ten regions contributed a total premium income of RMB 538,055 million, reflecting a 4.3% growth compared to RMB 515,807 million in 2023[35]. Claims and Insurance Services - The company processed over 180 million claims during the year, demonstrating its commitment to disaster response and customer service[23]. - Agricultural insurance provided risk protection for 55.42 million farming households, amounting to CNY 2.1 trillion in coverage[23]. - The company expanded its market presence by launching specialized products for small and micro enterprises, providing risk protection of CNY 45 billion to 97,000 businesses[29]. - The company processed over 180 million claims, a year-on-year increase of 32.0%[31]. - The company achieved an insurance service revenue of RMB 371.12 billion in liability insurance, representing a year-on-year growth of 12.8%[43]. Investment Performance - The total investment income for 2024 was RMB 34.94 billion, with an investment return rate of 5.5%[15]. - Total investment income reached RMB 349.37 billion, an increase of RMB 141.30 billion year-on-year, with a total investment return rate of 5.5%, up 2.0 percentage points[50]. - Fixed income investments reached RMB 407.03 billion, up RMB 57.28 billion (or 16.4%) from the beginning of the year, accounting for 60.2% of total investments[56]. - Equity investments totaled RMB 170.03 billion, an increase of RMB 11.61 billion (or 7.3%), with a decrease in proportion to 25.1%[56]. Risk Management and Compliance - The company has a strong focus on compliance and risk management, with a dedicated Chief Risk Officer overseeing these areas[115]. - The company is committed to strengthening internal controls and risk management in accordance with relevant laws and regulations[200]. - The company plans to enhance risk management through early identification and proactive measures, focusing on training and cultural development[123]. - The company maintains a good compliance status with no significant systemic compliance risks reported in 2024[128]. Innovation and Product Development - The company launched several innovative insurance products, including the "PICC China Earthquake Catastrophe Model" and "Cybersecurity Insurance Risk Pricing Model"[23]. - The company is committed to developing new products and technologies to meet market demands[111]. - The company is actively expanding its insurance coverage for high-tech and specialized enterprises, addressing diverse risk protection needs[45]. Corporate Governance - The supervisory board held 7 meetings this year, reviewing 53 proposals and reports, and focusing on risk management and financial oversight[193]. - The audit committee reviewed the audited performance of the company and its subsidiaries for the year[188]. - The supervisory board aims to enhance corporate governance capabilities and promote orderly reforms in 2025[199]. - The independent directors confirmed that the related party transactions were conducted under normal business terms and in the best interest of shareholders[184]. Employee Relations - The company paid a total of RMB 40.184 billion in employee compensation in 2024, which includes fixed salaries and performance bonuses[81]. - The company has a strong commitment to employee relations, which is considered a key factor for its success[129].
中国财险(02328) - 2024 - 年度业绩