2022-09-15 08:35Financial Performance - Total premium income for the first half of 2022 was RMB 439,969 million, a decrease of 3.8% compared to RMB 537,153 million in the same period of 2021[31]. - Net profit attributable to shareholders for the first half of 2022 was RMB 25,416 million, down 38.0% from RMB 40,968 million in the first half of 2021[31]. - Cash flow from operating activities for the first half of 2022 was RMB 242,684 million, an increase of 22.4% compared to RMB 198,320 million in the same period of 2021[31]. - The total comprehensive income for the six months ended June 30, 2022, was RMB 20,626 million, down from RMB 39,778 million in the same period of 2021[180]. - The net profit attributable to shareholders for the six months ended June 30, 2022, was RMB 25,416 million, down 37.9% from RMB 40,968 million in the same period of 2021[179]. - The company reported a basic and diluted earnings per share of RMB 0.90 for the first half of 2022, compared to RMB 1.45 in the same period of 2021[179]. - The company declared dividends amounting to RMB 18,372 million for the six months ended June 30, 2022, compared to RMB 18,089 million in the same period of 2021, indicating a slight increase of about 1.6%[181]. Asset Management - The total assets as of June 30, 2022, reached RMB 5,173,524 million, reflecting a 5.8% increase from RMB 4,891,085 million at the end of 2021[30]. - The investment assets totaled RMB 4,977,082 million, up 5.5% from RMB 4,716,401 million at the end of 2021[30]. - The company's total assets exceeded RMB 5 trillion, reaching RMB 5,173.52 billion, an increase of 5.8% compared to the end of 2021[45]. - The total liabilities increased to RMB 4,685,367 million as of June 30, 2022, from RMB 4,404,427 million as of December 31, 2021, representing a growth of approximately 6.4%[177]. - The total equity attributable to shareholders was RMB 479,850 million as of June 30, 2022, slightly up from RMB 478,585 million as of December 31, 2021[177]. Investment Performance - The investment income for the first half of 2022 increased by 11.2% to RMB 91,196 million, driven by higher interest income from debt investments[33]. - Total investment income was RMB 98.542 billion, a year-on-year decrease of 16.2%, with an investment return rate of 4.21%, down 148 basis points from the same period in 2021[45]. - The company achieved a total investment return rate of 4.21% amid significant adjustments in the equity market[36]. - The net investment yield for the first half of 2022 was 4.15%, down 18 basis points from 4.33% in the same period of 2021[66]. - The company maintained a high-quality credit asset portfolio, with over 97% of credit bonds rated AAA and over 99% of debt-type financial products rated AAA[67]. Insurance Operations - The insurance contract liabilities increased by 10.0% to RMB 3,763,217 million, reflecting new and renewed insurance business[32]. - The company has approximately 317 million valid long-term individual and group life insurance policies, annuity contracts, and long-term health insurance policies as of June 30, 2022[28]. - The company launched 42 new or upgraded insurance products in the first half of 2022, including 2 life insurance products and 10 health insurance products[59]. - The company’s health insurance payouts increased by 3.1% year-on-year, reaching RMB 44.32 billion in the first half of 2022[61]. - The company actively participated in the construction of a multi-level social security system, covering over 180 million people through various health insurance projects[55]. Strategic Initiatives - The company emphasized digital transformation and enhancing service efficiency and quality as part of its strategic focus[40]. - The company aims to leverage opportunities in the aging population and health insurance sectors as part of its long-term growth strategy[38]. - The company is focusing on enhancing customer engagement through digital platforms, aiming for a 30% increase in user interaction by the end of 2022[60]. - The company plans to expand its market presence by increasing its investment in technology and digital services, aiming for a 20% increase in digital insurance products by the end of 2023[60]. - The company is actively pursuing mergers and acquisitions to diversify its product offerings, with a budget of RMB 10 billion allocated for potential acquisitions in 2023[172]. Regulatory and Governance - The company submitted Form 25 to the SEC to delist its American Depositary Shares from the New York Stock Exchange effective September 1, 2022[3]. - The company’s chairman resigned due to an inability to perform duties during the investigation period, and a non-executive director was appointed as acting chairman[137]. - The company confirmed the continued appointment of PwC as its auditor for the 2022 annual financial reports[135]. - The board of directors held a total of 8 meetings and the supervisory board held 3 meetings by June 30, 2022, ensuring effective governance and communication with investors[141]. - The company’s independent directors actively participated in board meetings and provided professional opinions on major decisions during the reporting period[158]. Risk Management - The company has implemented a multi-dimensional risk limit management mechanism to effectively control credit risk[68]. - The company has established a diversified entrusted investment management structure, primarily using internal managers supplemented by external managers[128]. - The company has not reported any dissent from independent directors regarding board resolutions during the reporting period[158]. - The company continues to apply IAS 39 until the effective date of IFRS 17, allowing for a temporary exemption under the revised IFRS 4[184]. - The company has implemented various risk management measures to mitigate macroeconomic and operational risks, ensuring stability in its financial performance[172].