2023-08-27 16:00Financial Performance - The company reported a mid-year financial performance with a focus on key metrics and business data summary[8]. - Total revenue for the group reached RMB 175,539 million, an increase of 6.5% year-on-year[18]. - The group's net profit attributable to shareholders was RMB 18,332 million, a decrease of 8.7% compared to the previous year[19]. - In the first half of 2023, the company's operating revenue reached CNY 175.54 billion, a year-on-year increase of 6.5%[28]. - The net profit for the first half of 2023 was RMB 18,332 million, a decrease of 8.7% from RMB 20,074 million in the adjusted figures for the same period in 2022[38]. - The company's operating revenue for the first half of 2023 was RMB 175,539 million, representing a 6.5% increase compared to RMB 164,857 million in the same period of 2022[38]. - The net profit for the first half of 2023 was RMB 4,041 million, reflecting a decrease of 3.8% from RMB 4,200 million in the same period last year[90]. Risk Management - The company faces various risks including insurance, market, credit, liquidity, operational, reputational, strategic, capital management, and group-specific risks[12]. - The company plans to strengthen its risk management system to address various risks and uncertainties in the operating process[127]. Governance and Compliance - The board of directors confirmed the accuracy and completeness of the interim report, with no significant omissions or misleading statements[12]. - The interim financial report has not been audited, indicating a preliminary assessment of the company's financial health[12]. - The company operates under the regulatory framework of the China Banking and Insurance Regulatory Commission and adheres to the new accounting standards[17]. - The implementation of new accounting standards effective from January 1, 2023, is expected to impact the company's financial reporting significantly[176]. Investment and Asset Management - The group managed assets reached RMB 2,836,924 million, an increase of 6.9% from the end of the previous year[99]. - The investment assets of the group totaled RMB 2,118,655 million, reflecting an 8.3% growth compared to the end of the previous year[99]. - The company maintained a diversified investment strategy, focusing on long-term bonds and alternative investments to enhance returns while managing credit risk[100]. - The company's bond investments accounted for 48.3% of total investment assets, up 5.3 percentage points from the beginning of the year[106]. - The comprehensive investment return rate improved to 2.1%, an increase of 0.6 percentage points year-on-year[110]. Customer and Market Growth - The number of customers reached 170,608 thousand, an increase of 81 thousand from the previous period[18]. - The average number of insurance agents decreased by 29.8% to 219 thousand[19]. - Property and casualty insurance premium income exceeded CNY 100 billion, with a continuous increase in market share and stable underwriting profitability[28]. - The total premium income from the agency channel was RMB 133,537 million, a 3.2% increase year-on-year[62]. - The bancassurance channel achieved a premium income of RMB 22,145 million, growing by 7.7% compared to the previous year[65]. New Business Development - New business value for life insurance was RMB 7,361 million, reflecting a significant growth of 31.5%[19]. - New business value for life insurance increased by 31.5% year-on-year, with the new business value margin rising by 2.7 percentage points[28]. - The new business value for the first half of 2023 was RMB 7,361 million, with a significant contribution from the agent channel, which accounted for RMB 5,940 million[148]. ESG Commitment - The company emphasizes its commitment to environmental, social, and governance (ESG) principles in its operations[17]. - The company is focusing on ESG management and has initiated a carbon emission accounting and management platform[32]. - The company continues to enhance its investment decision-making system and integrate ESG factors into its investment management framework[115]. Shareholder Information - The total number of shares issued by the company as of June 30, 2023, was 9,620,341,455, including 6,845,041,455 A shares and 2,775,300,000 H shares[181]. - The largest shareholder, Hong Kong Central Clearing (Nominee) Limited, holds 28.82% of the shares, totaling 2,772,554,627 shares[193]. - The company does not have a controlling shareholder or actual controller due to its dispersed shareholding structure[195]. Future Outlook - The company anticipates that the insurance demand will improve due to rising household income and consumer confidence[126]. - The company aims to enhance value creation and breakthrough capabilities in key areas by focusing on three strategies: "Big Health," "Big Region," and "Big Data"[126].