中国人寿(02628) - 2023 - 中期财报

Financial Performance - The net profit attributable to shareholders for the first half of 2023 was RMB 36,151 million, down 8.0% from RMB 39,305 million in the same period of 2022[7]. - The company's earnings per share (basic and diluted) decreased to RMB 1.28, a decline of 8.0% compared to RMB 1.39 in the first half of 2022[7]. - The company's total revenue for the first half of 2023 was RMB 186,324 million, a slight decrease of 1.3% from RMB 188,744 million in the first half of 2022[7]. - The total comprehensive income attributable to shareholders for the six months ended June 30, 2023, was RMB 25,263 million, down from RMB 32,403 million in the same period of 2022, reflecting a decrease of about 22%[138]. - The net profit for the six months ended June 30, 2023, was RMB 36,151 million, compared to RMB 39,305 million in the same period of 2022, representing a decrease of about 5.5%[139]. Assets and Liabilities - Total assets reached RMB 5,507,193 million, an increase of 9.9% compared to RMB 5,010,068 million at the end of 2022[7]. - The total liabilities for insurance contracts increased by 10.1% to RMB 4,696.086 billion, up from RMB 4,266.947 billion[12]. - The asset-liability ratio improved to 91.15%, a decrease of 1.37 percentage points from 92.52% at the end of 2022[7]. - The total liabilities as of June 30, 2023, were RMB 5,019,629 million, compared to RMB 4,635,095 million as of December 31, 2022, marking an increase of about 8.3%[135]. Investment Performance - Investment assets amounted to RMB 5,386,667 million, reflecting an 11.9% increase from RMB 4,811,893 million at the end of 2022[7]. - The company's investment income for the first half of 2023 was RMB 23.606 billion, significantly impacted by accounting standard changes, making year-on-year comparison not applicable[13]. - The total investment income for the first half of 2023 was RMB 91.37 billion, with net profit attributable to shareholders at RMB 36.15 billion[19]. - The net investment income for the first half of 2023 was RMB 90,585 million, resulting in a net investment yield of 3.31%[40]. Insurance Operations - As of June 30, 2023, the company has approximately 326 million valid long-term individual and group life insurance policies, annuity contracts, and long-term health insurance policies[2]. - The total insurance service revenue for the first half of 2023 was RMB 91.941 billion, showing a slight increase of 0.2% from RMB 91.725 billion in the same period of 2022[13]. - The first-year premium for long-term insurance reached RMB 97.42 billion, up from RMB 79.84 billion in the previous year, reflecting a growth of 22.1%[19]. - The policy retention rate for 14 months improved to 89.20% from 85.10% in the previous year, indicating better customer retention[19]. Solvency and Capital Management - The solvency adequacy ratio was reported at 204.23%, while the core solvency adequacy ratio was 140.43%, indicating a strong capital position[18]. - The core solvency adequacy ratio as of June 30, 2023, was 140.43%, slightly down from 143.59% at the end of 2022[48]. - The actual capital rose to RMB 1,031,818 million from RMB 1,007,601 million at the end of 2022[48]. Digital Transformation and Innovation - The company is focusing on digital transformation and marketing system reform to enhance operational efficiency and customer service[16]. - The company is advancing a digital transformation strategy, focusing on integrating new technologies like AI and 5G into its operations[21]. - The company launched 78 new or upgraded insurance products in the first half of 2023, focusing on health and retirement insurance[35]. - The company achieved a 94.9% intelligent underwriting approval rate, with the efficiency of new policy underwriting approval increasing by 36.6%[53]. Corporate Governance and Compliance - The company held six board meetings and two supervisory meetings in the first half of 2023, ensuring compliance with governance regulations[101]. - The company continues to adhere to the corporate governance code, with the chairman unable to attend the annual general meeting due to other commitments, but effective communication with shareholders was maintained[102]. - The company has engaged PwC and Deloitte as auditors for the 2023 fiscal year, with the interim financial report reviewed by PwC[98]. Shareholder Information - The company distributed RMB 13,850 million in shareholder dividends during the first half of 2023, impacting the internal value[70]. - China Life Insurance (Group) Company remains the largest shareholder, holding 68.37% of the shares, equivalent to 19,323,530,000 shares[104]. - The company did not distribute interim ordinary share dividends for the reporting period[103]. Market Outlook and Strategy - The long-term outlook for the life insurance industry in China indicates significant market potential due to increasing demand for high-quality health, medical, and wealth management services as GDP per capita approaches that of moderately developed countries[60]. - In the second half of 2023, the company aims for stable growth in total premiums and rapid growth in new business value, focusing on customer management and product diversification strategies[61]. - The company plans to enhance its asset-liability management and optimize asset allocation to address the dual pressures of declining yields and increased volatility in investment returns[62].