中国人寿(02628) - 2024 - 年度财报

Financial Performance - Net profit attributable to shareholders was RMB 106,935 million, with a comprehensive solvency adequacy ratio of 207.76%[19] - Total revenue for 2024 reached 528,627 million, a 53.3% increase from 344,746 million in 2023[22] - Pre-tax profit surged to 115,213 million, reflecting a 158.5% increase compared to 44,576 million in 2023[22] - Net profit attributable to shareholders was 106,935 million, up 131.6% from 46,181 million in 2023[22] - Total assets increased by 16.7% to 6,769,546 million from 5,802,086 million in 2023[22] - Total liabilities rose by 17.6% to 6,248,298 million compared to 5,315,052 million in 2023[22] - Earnings per share (basic and diluted) increased to 3.78, a 131.6% rise from 1.63 in 2023[22] - Return on equity improved to 21.59%, an increase of 11.94 percentage points from 9.65% in 2023[22] - The net profit attributable to shareholders for 2024 was driven by a strong investment strategy and market opportunities, reflecting a 131.6% increase[27] - The total premium income amounted to RMB 1,401,146 million, while the total investment income was RMB 509,675 million[19] Assets and Liabilities - Total assets reached RMB 6,769,546 million, with investment assets at RMB 6,611,071 million[19] - Cash and cash equivalents decreased by 42.7% to 85,505 million from 149,305 million in 2023, indicating liquidity management needs[27] - The company maintained a cash and cash equivalents balance of RMB 85.505 billion, with total fixed-term deposits amounting to RMB 438.455 billion, providing liquidity resources to meet cash expenditure needs[90] - As of December 31, 2024, the total insurance contract liabilities amounted to RMB 582.503 billion, a 19.9% increase from the end of 2023, driven by new and renewal insurance business[88] Investment and Income - Investment income reached 176,461 million, a significant recovery from a loss of 9,375 million in 2023[27] - Total investment income achieved RMB 308.251 billion, with an investment return rate of 5.50%[35] - The company’s credit asset investments primarily include credit bonds and debt-type financial products, with over 98% of credit bonds rated AAA and over 99% of debt-type financial products rated AAA, indicating good asset quality and controllable risk[79] - The company reported a market value adjustment of RMB 106,457 million during the reporting period, reflecting changes in market conditions[122] Business Operations - The company holds approximately 326 million valid long-term insurance policies, alongside a significant number of short-term policies[4] - The company has a robust distribution network covering urban and rural areas across China, maintaining its leadership in the life insurance market[12] - The company has established a digital insurance ecosystem, enhancing its operational efficiency and customer service[13] - The company aims to accelerate its digital transformation, focusing on integrating online and offline services[13] - The company served over 3 billion people through its digital operations, with nearly 2.5 million claims processed, achieving an underwriting and policy maintenance intelligent review rate of 95.2% and 99% respectively[103] New Business Development - New business value increased by 24.3% year-on-year, indicating strong performance in new business development[35] - The individual insurance channel achieved total premiums of RMB 529.03 billion, a year-on-year increase of 5.5%, with first-year premiums at RMB 100.25 billion, up 9.2%[54] - The company plans to develop and upgrade over 100 new insurance products in 2024 to meet the growing demand for insurance and wealth management[68] - The individual insurance channel's new business value for the year ended December 31, 2024, is RMB 31,313 million, down from RMB 34,646 million in the previous year, indicating a decline of 9.6%[120] Risk Management and ESG - The company’s ESG rating improved to A, reflecting strong performance in environmental, social, and governance practices[34] - The company is actively enhancing its green finance capabilities, providing diverse insurance solutions for green industries and integrating ESG considerations into its investment processes[165] - The company has established a comprehensive risk control strategy in place for its investment management activities[152] - The company has initiated climate risk scenario analysis and stress testing to assess potential climate risks across investment, operations, and products[166] Dividends and Shareholder Returns - The company distributed a mid-year cash dividend of RMB 0.20 per share, totaling approximately RMB 56.53 billion, based on 28,264,705,000 shares issued[176] - The proposed year-end cash dividend for 2024 is RMB 0.45 per share, amounting to approximately RMB 127.19 billion, pending shareholder approval[176] - The total cash dividends for 2024, if approved, will be RMB 0.65 per share, totaling approximately RMB 183.72 billion, representing 17% of the net profit attributable to shareholders[176] - The cumulative cash dividends over the last three accounting years amounted to RMB 44.376 billion, with a cash dividend payout ratio of 83%[180] Social Responsibility and Community Engagement - The company has donated 21 million RMB to the China Life Charity Foundation in 2024 and organized over 600 volunteer service activities[167] - The company has conducted consumer education and awareness activities, increasing the number of events by 55.4% and reaching 52.5% more consumers in 2024[170] - The company has stationed 1,027 village assistance cadres and increased the number of assistance points by 274, investing 5 million RMB in assistance funds[168] Corporate Governance - The board of directors has adhered to the established regulations regarding securities trading during the reporting period[197] - The company has made appropriate insurance arrangements for its directors against legal claims arising from corporate activities[198] - There are currently no share options or share incentive schemes in place according to the company's articles and relevant Chinese laws[199]