2019-03-24 16:00Financial Performance - In 2018, China Pacific Insurance's total premium income exceeded 300 billion RMB for the first time, indicating strong financial performance[3]. - The group achieved an operating income of RMB 354.36 billion in 2018, with insurance business income of RMB 321.90 billion, representing a year-on-year growth of 14.3%[64]. - The net profit attributable to shareholders reached RMB 18.02 billion, a year-on-year increase of 22.9%[64]. - The group's total operating revenue amounted to RMB 354,363 million, reflecting a growth of 10.8%[61]. - The comprehensive solvency adequacy ratio of the group improved to 301%, up by 17 percentage points[61]. - The net profit for the group was CNY 18.02 billion, representing a year-on-year growth of 22.9%[99]. - The total assets at the end of 2018 amounted to RMB 1,335,959 million, representing a 14.1% increase from RMB 1,171,224 million at the end of 2017[84]. - The company's core solvency ratio improved to 292% in 2018 from 280% in 2017[172]. Strategic Initiatives - The company initiated 13 projects focused on core business, new field expansion, and organizational health as part of its strategic transformation 2.0[3]. - The new board of directors emphasized the importance of talent, digitalization, collaboration, control, and layout in driving the company's transformation[4]. - The company aims to become a leader in the industry by promoting healthy and stable development through its strategic initiatives[3]. - The company has established a "Coordinated Development Committee" and a "Coordinated Development Center" to enhance synergy and resource sharing across its insurance licenses[28]. - The company plans to continue expanding its market presence and enhancing its product offerings in the insurance sector[93]. Technology and Innovation - The company launched the "Alpha Insurance" smart insurance advisor, utilizing big data and AI technology to provide personalized insurance recommendations[8]. - The company has accelerated the development of unified platforms for customer data, data analysis, and real-time customer experience monitoring to enhance marketing and service precision[7]. - Alpha Insurance upgraded to version 3.0 in 2018, enhancing user interaction and understanding capabilities through advanced deep learning algorithms and multi-model integration[12]. - The launch of the "Tai Rui Bao" platform marks the first self-built insurance vehicle networking platform in the industry, enabling real-time monitoring and risk intervention[15]. - The company plans to leverage big data and artificial intelligence to scale up insurance technology applications[77]. Customer Engagement and Services - The marketing team has developed a strategy linking insurance products with elderly community services, enhancing customer engagement and service offerings[25]. - The company has seen a significant increase in cross-selling, with a notable rise in life insurance policies sold alongside auto insurance, achieving over 200 clients served by individual agents[32]. - The company emphasizes a culture of collaboration, aiming for a seamless integration of its various business segments to enhance overall performance[28]. - The marketing team is actively promoting the new insurance products, resulting in positive customer feedback and increased sales[32]. - The company aims to enhance its service capabilities through the "Taiping Service" brand, focusing on improving service quality and customer experience[77]. Elderly Care Initiatives - China Pacific Insurance's five-year plan for the elderly care industry aims to establish high-quality "Tai Bao Home" communities in key cities, with the first project in Chengdu officially starting in December 2018[18]. - The company plans to launch six suburban and resort-style high-end elderly care community projects in the next 3-5 years, with significant progress already made in the Dali project[20]. - A joint venture with the globally renowned Euro-Palatin Group was established to enhance the quality of elderly care services, creating a platform for international standard care in China[21]. - The "New Era of Beautiful Elderly Life Comprehensive Solution" was launched on November 24, 2018, with over 100,000 customers participating via video link, achieving a total online viewership of over 750,000[25]. - Since the launch of the solution on November 1, 2018, 4,670 qualification letters for community residency have been issued, corresponding to a first-year premium income of 1.402 billion CNY and a total premium of 7.27 billion CNY[25]. Risk Management and Compliance - The company emphasizes a strong risk awareness and control framework, ensuring a closed-loop system from problem identification to resolution[39]. - The company plans to hold a conference at the end of this year or early next year to strengthen integrated risk management, focusing on compliance and internal controls[39]. - The company successfully transformed its information disclosure management from compliance to value management, enhancing the timeliness and accuracy of data shared with investors and regulators[40]. - The company has established a complete and distinctive information disclosure control model under integrated management, improving coordination among subsidiaries[40]. Financial Metrics and Growth - The group's embedded value increased to RMB 336,141 million, a rise of 17.5%[61]. - The total number of customers reached 126,419 thousand, an increase of 10,891 thousand[61]. - The total investment return rate for the group's investment assets was 4.6%, a decrease of 0.8 percentage points[61]. - The remaining margin balance for life insurance increased by 25.0% to RMB 285.41 billion, indicating a strong profitability[65]. - The comprehensive cost ratio for property insurance improved to 98.4%, a decrease of 0.3 percentage points year-on-year, with non-auto insurance revenue growing by 29.9%[66].