2022-04-13 08:31Financial Performance - Total premium income reached RMB 618.327 billion, with total assets amounting to RMB 4,891.085 billion and net profit attributable to shareholders at RMB 50.921 billion[14]. - Total revenue for 2021 reached RMB 824.93 billion, an increase of 2.5% compared to RMB 805.05 billion in 2020[18]. - Net premium income amounted to RMB 611.25 billion, reflecting a growth of 1.1% from RMB 604.67 billion in the previous year[18]. - Pre-tax profit decreased by 7.3% to RMB 50.50 billion from RMB 54.48 billion in 2020[18]. - Net profit attributable to shareholders was RMB 50.92 billion, a slight increase of 1.3% from RMB 50.26 billion in 2020[18]. - The weighted average return on equity decreased to 10.97% from 11.83% in 2020[18]. - Cash flow from operating activities decreased by 5.8% to RMB 286.45 billion from RMB 304.02 billion in 2020[18]. - Total investment income was RMB 214.057 billion, with a net investment yield of 4.38% and a comprehensive solvency adequacy ratio of 262.41%[16]. Embedded Value and New Business - The embedded value stood at RMB 1,203.008 billion, while the value of new business for the year was RMB 44.780 billion[15]. - The new business value for 2021 was RMB 44.78 billion, down 25.5% from RMB 58.373 billion in 2020[40][46]. - The embedded value reached RMB 1,203.01 billion, an increase of 12.2% from the end of 2020[37]. - The effective business value before deducting required capital costs was RMB 593,137 million in 2021, compared to RMB 565,797 million in 2020, indicating an increase of about 4.8%[97]. - The new business value after deducting required capital costs was RMB 44,780 million in 2021, compared to RMB 58,373 million in 2020, representing a decrease of approximately 23.3%[97]. Investment Performance - Total investment income reached RMB 214.057 billion, an increase of 7.8% year-on-year, with an investment return rate of 4.98%[38]. - Net investment income grew by 16.0% to RMB 188,770 million, driven by increased long-term bond allocations and higher contributions from joint ventures[69]. - The company's total investment return rate was 4.98%, a decrease of 32 basis points compared to the previous year[69]. - The proportion of bonds in the investment portfolio increased from 41.97% in 2020 to 48.20% in 2021[68]. - The company maintained a high-quality asset profile, with over 97% of credit bonds rated AAA and over 99% of debt-type financial products rated AAA[70]. Solvency and Financial Stability - The company maintained a solvency ratio of 253.70% for core solvency and 262.41% for comprehensive solvency, indicating strong financial stability[24]. - The core solvency ratio as of December 31, 2021, was 253.70%, down from 260.10% at the end of 2020[77]. - The comprehensive solvency ratio decreased to 262.41% from 268.92% in the previous year, a decline of 6.51 percentage points[79]. Insurance Business Segments - Health insurance business grew by 5.0% to RMB 114.55 billion, reflecting increased focus on health insurance development[21]. - The individual insurance segment reported total premiums of RMB 509.489 billion, a slight decrease of 0.3% year-on-year[46]. - The health insurance segment's total premiums reached RMB 120.609 billion, up 4.8% year-on-year[43]. - The bancassurance channel's total premiums increased by 19.6% to RMB 49.326 billion, with first-year premiums growing by 2.3% to RMB 16.110 billion[51][52]. Customer Engagement and Technology - The company achieved a 21% year-on-year increase in registered users of its life insurance app, reaching 112 million users[85]. - Monthly active users of the app increased by 18.1% year-on-year[85]. - The electronic notification volume exceeded 780 million, with a 9-fold increase in air customer service volume year-on-year[85]. - The company enhanced its technology capabilities, achieving a 10-fold improvement in data processing capacity and reducing resource expansion time to minutes[83]. Corporate Governance and Compliance - The company has established a compliance culture that emphasizes risk management and adherence to laws and regulations, ensuring a solid foundation for sustainable development[152]. - The company’s board of directors appointed Mr. Yuan Changqing as acting chairman due to the previous chairman's inability to perform duties during an investigation[139]. - The company has adhered to all principles of the corporate governance code as outlined in the listing rules during the reporting period[179]. - The company’s financial reports were audited by PwC and received a standard unqualified opinion, reflecting the true financial status and operational results[191]. Profit Distribution and Shareholder Engagement - The profit distribution plan for 2021 proposes a cash dividend of RMB 0.65 per share, totaling approximately RMB 183.72 billion, which accounts for 36% of the net profit attributable to shareholders[155]. - The company emphasizes a cash dividend policy, distributing at least 30% of the average distributable profit over the last three years in cash dividends[153]. - The company can propose stock dividends if the operating conditions are good and the board believes it benefits all shareholders, while still meeting cash dividend conditions[153]. Environmental and Social Responsibility - The company achieved a new green investment scale exceeding RMB 50 billion in 2021, with a cumulative green investment scale surpassing RMB 300 billion[149]. - The company is committed to achieving "carbon neutrality" and has integrated ESG assessments into alternative investment decision-making processes[149]. - The company has established a climate change response system to identify opportunities and challenges related to climate change from product, operation, and investment perspectives[150].