2021-08-25 16:00Financial Performance - The company reported a premium income of RMB 442,299 million for the first half of 2021, representing a 3.6% increase compared to the same period in 2020[7]. - The net profit attributable to shareholders of the parent company reached RMB 40,975 million, a 34.2% increase year-on-year[8]. - Total assets amounted to RMB 4,652,793 million, reflecting a 9.4% increase from the end of 2020[8]. - The total investment income was RMB 117,638 million, with an investment return rate of 5.69%[7]. - The company's operating profit for the first half of 2021 was RMB 46,304 million, marking a 29.9% increase from the previous year[8]. - The weighted average return on net assets increased to 8.72%, up by 1.36 percentage points compared to the same period last year[8]. - The net cash flow from operating activities was RMB 198,327 million, an increase of 8.5% year-on-year[8]. - The total profit for the first half of 2021 was RMB 46.103 billion, representing a year-on-year increase of 29.6%[52]. - The life insurance business profit increased by 21.8% to RMB 26.605 billion, while health insurance profit decreased by 18.0% to RMB 6.057 billion[52]. - The company reported a net profit of RMB 1,452 million from China Life Asset Management, with total assets of RMB 15,004 million and a net asset value of RMB 12,793 million, holding a 60% stake[61]. Insurance Business - The number of effective long-term insurance policies reached approximately 322 million as of June 30, 2021[7]. - The company expanded its health insurance business, with health insurance premiums growing by 6.2% to RMB 58.085 billion[12]. - The company actively participated in the construction of a multi-level social security system, covering nearly 360 million people with critical illness insurance projects[15]. - The total premium income for life insurance reached RMB 356.897 billion in the first half of 2021, a year-on-year increase of 3.1%[28]. - Health insurance premium income amounted to RMB 76.372 billion, reflecting a growth of 5.7% compared to the same period last year[28]. - The total premium income for accident insurance was RMB 9.030 billion, showing a slight increase of 0.7% year-on-year[28]. - The individual insurance segment generated RMB 363.822 billion in premium income, up 2.2% year-on-year, while first-year premium income decreased by 16.5% to RMB 68.755 billion[31]. - The multi-business segment achieved total premium income of RMB 784.77 billion, representing a growth of 10.1%[32]. - The bancassurance channel's total premium income reached RMB 34.441 billion, a significant increase of 20.7% year-on-year[32]. - The group insurance channel reported a total premium income of RMB 166.90 billion, with a 1.2% increase year-on-year[36]. Risk Management - The company has taken various measures to effectively manage and control risks, including macroeconomic, insurance, market, credit, operational, strategic, reputational, liquidity, and information security risks[4]. - The core solvency ratio and comprehensive solvency ratio were 259.03% and 267.69%, respectively[15]. - The company maintained a solvency rating of A for 12 consecutive quarters, reflecting strong risk management capabilities[17]. - The company reported no credit default events in the first half of 2021, indicating effective credit risk management[49]. Digital Transformation - The company is advancing its digital transformation and enhancing its service capabilities, with over 100 million registered users on its life insurance app[24]. - The number of registered users for the life insurance app increased by 27% year-on-year, with monthly active users growing by 24%[65]. - The company achieved a 39% improvement in underwriting efficiency, with daily service guidance from intelligent systems increasing by 311% year-on-year[65]. - Claims processing exceeded 940,000 cases, representing a year-on-year growth of approximately 40%, with 90% of claims handled online[65]. - The company expanded its digital ecosystem, increasing the number of open standard services to 3,029, a 78% increase from the end of 2020[64]. Investment Activities - The company is exploring alternative investment strategies in response to market changes, focusing on long-term asset allocation[45]. - The company’s investment portfolio quality remains strong, with over 97% of credit bonds rated AAA[49]. - The company’s fair value changes resulted in a loss of RMB 2.009 billion, compared to a gain of RMB 3.755 billion in the previous year[12]. - The company plans to enhance asset-liability management and optimize asset allocation to maintain stable investment returns[75]. Corporate Governance - The company has complied with all corporate governance codes as per the Hong Kong Stock Exchange listing rules during the reporting period[123]. - The board of directors held a total of 8 meetings and the supervisory board held 4 meetings by August 25, 2021[122]. - The company’s board of directors includes 3 executive directors and 4 independent directors, ensuring compliance with regulatory requirements[127]. - The independent directors actively participated in board meetings and provided professional opinions on major decisions during the reporting period[131]. Social Responsibility - The company has provided insurance coverage for over 12 million impoverished children, with total donations reaching nearly 20 million yuan as of June 30, 2021[70]. - The company has dispatched 843 village assistance personnel to support 1,188 key assistance points in rural revitalization efforts[72]. - The company invested 14.48 million yuan in various assistance funds, covering over 10 million people in need[72]. - The company is committed to supporting the national strategy of responding to population aging and building a multi-level social security system[73]. Future Outlook - The company plans to deepen reform and innovation, optimize operational services, and strengthen risk prevention measures as part of its strategic deployment[74]. - The company aims to achieve stable business development and enhance consumer rights protection while focusing on high-quality growth in the second half of 2021[74]. - The company plans to expand its market presence by increasing investment in digital insurance solutions, aiming for a 20% growth in digital policy sales by the end of 2022[145]. - The company has set a performance guidance for the full year 2021, projecting a premium income growth of 10-15%[145].