2022-03-24 16:00Financial Performance - The company reported a net profit of approximately RMB 509.6 million, which is 10% of the annual profit allocated to surplus reserves[4]. - A cash dividend of RMB 0.65 per share (including tax) is proposed, totaling around RMB 18.372 billion for all shareholders[4]. - Total premium income reached CNY 618,327 million, with total assets at CNY 4,891,085 million and net profit attributable to shareholders at CNY 50,921 million[13]. - Operating revenue for 2021 was CNY 858,505 million, a 4.1% increase from 2020, while earned premiums were CNY 611,251 million, up 1.1%[16]. - Operating profit decreased by 7.1% to CNY 50,981 million, and total profit fell by 7.3% to CNY 50,495 million[16]. - Net profit attributable to shareholders increased by 1.3% to CNY 50,921 million, with basic and diluted earnings per share at CNY 1.80, a 1.7% rise[16]. - Cash flow from operating activities was CNY 286,448 million, down 5.8% from the previous year[16]. - Total liabilities rose by 16.0% to CNY 4,404,427 million, while total equity attributable to shareholders increased by 6.3% to CNY 478,585 million[16]. - The total profit for the year was RMB 50.50 billion, a decrease of 7.3% from RMB 54.48 billion in 2020[76]. - The profit from life insurance business decreased by 18.9% year-on-year, primarily due to changes in investment yield and reserve costs[76]. Investment and Asset Management - The company has invested over RMB 2.7 trillion in the real economy, with nearly RMB 770 billion in new investments during the reporting period[28]. - The company achieved a net investment income of RMB 188.77 billion in 2021, an increase of RMB 25.99 billion or 16.0% year-on-year[72]. - The total investment income for 2021 was RMB 214.06 billion, up RMB 15.46 billion or 7.8% from 2020[72]. - The net investment yield for 2021 was 4.38%, a slight increase of 4 basis points compared to 2020[72]. - The company maintained a high quality of credit assets, with over 97% of credit bonds rated AAA and over 99% of debt-type financial products rated AAA[73]. - The company has established a diversified entrusted investment management structure, primarily utilizing internal managers from China Life Insurance and supplemented by external managers[140]. Digital Transformation and Innovation - The company aims to enhance customer experience by providing "simple, quality, and warm" services, focusing on a customer-centric digital operation service system[10]. - The company has established a leading mixed cloud-based digital platform to accelerate its comprehensive digital transformation[10]. - The company emphasizes technological innovation as a key driver for its development strategy, aiming to create a rich and diverse digital insurance ecosystem[10]. - The company is committed to digital transformation and enhancing service experience, aiming to build a digital insurance ecosystem[32]. - The company’s data processing capability improved by 10 times due to a comprehensive upgrade of its technology architecture[89]. - The company’s intelligent service model achieved a 93.4% approval rate for underwriting, indicating enhanced operational effectiveness[91]. Risk Management - The company faces various risks, including macroeconomic, insurance, market, credit, operational, strategic, reputational, liquidity, information security, and ESG risks, and has implemented measures to manage these risks[4]. - The company has established a risk management mechanism to monitor investment business risks and improve high-quality business development[186]. Corporate Governance and Compliance - The company is committed to improving its corporate governance structure and practices[151]. - The board of directors has confirmed that there were no external guarantees provided during the reporting period, and the internal control system regarding external guarantees complies with relevant laws and regulations[173]. - The company has complied with the regulations of the Company Law and its Articles of Association, ensuring that all operational and decision-making processes are lawful[187]. - The company has not engaged in any insider trading or actions that harm shareholder interests during the asset acquisition and disposal transactions in the reporting period[188]. Social Responsibility and ESG Initiatives - The company made charitable donations totaling approximately RMB 2.1888 billion during the reporting period[163]. - The company is committed to a carbon-neutral goal and actively promotes green low-carbon development[156]. - The company has established an ESG investment management system in collaboration with international organizations like UNPRI[157]. - The company conducted over 40,000 consumer rights protection education activities, reaching a total of 150 million people[160]. Market Position and Growth Strategy - The company is recognized as the largest institutional investor in China and one of the largest insurance asset managers through its subsidiary, China Life Asset Management Company[2]. - The company aims to increase its market share by 5% in the next year through targeted marketing strategies[199]. - The company is considering strategic acquisitions to enhance its market position, with a budget of $200 million earmarked for potential deals[199]. Shareholder Information - The largest shareholder, China Life Insurance (Group) Company, holds 68.37% of the shares, amounting to 19,323,530,000 shares[192]. - The total number of ordinary shareholders as of the end of the reporting period was 151,802, while H-share shareholders totaled 25,415[191]. - The company has maintained a public float of no less than 25% of its issued share capital, ensuring sufficient public shareholding[177].