2023-03-29 16:00Financial Performance - The company's total revenue for 2022 was RMB 826,055 million, a decrease of 3.8% compared to 2021[24]. - The net profit attributable to shareholders of the parent company was RMB 32,082 million, down 36.8% from the previous year[24]. - The operating profit for 2022 was RMB 24,383 million, reflecting a significant decline of 52.0% year-over-year[24]. - The total assets increased by 7.3% to RMB 5,251,984 million compared to the previous year[24]. - The net cash flow from operating activities reached RMB 351,968 million, an increase of 22.9% from 2021[24]. - The company's total liabilities to total assets ratio rose to 91.52%, an increase of 1.48 percentage points from the previous year[24]. - The basic earnings per share decreased to RMB 1.14, down 36.8% compared to 2021[24]. - The total investment return rate for 2022 was 3.94%, a decline of 1.04 percentage points from the previous year[24]. - The company reported a non-recurring loss of RMB 93 million for the year, compared to a loss of RMB 265 million in 2021[27]. - The company's net profit attributable to shareholders was RMB 32,082 million, representing a 36.8% decrease from RMB 50,766 million in the previous year[30]. - The total profit for the year ended December 31, 2022, was RMB 24.05 billion, a decline of 52.2% compared to RMB 50.34 billion in 2021[94]. Dividends and Shareholder Returns - The board of directors proposed a cash dividend of RMB 0.49 per share, totaling approximately RMB 13.85 billion, based on 10% of the net profit for the year 2022[3]. - The company plans to distribute an annual cash dividend of RMB 4.90 per 10 shares, subject to approval at the 2022 annual general meeting[32]. - The company distributed RMB 18,372 million in shareholder dividends during 2022, impacting the overall embedded value[118]. - The company emphasizes a stable and continuous profit distribution policy, prioritizing cash dividends, with a requirement that cash distributions in the last three years should not be less than 30% of the average distributable profit[165]. Risk Management - The company has taken various measures to manage and control risks, including macroeconomic, insurance, market, credit, operational, strategic, reputational, liquidity, information security, and ESG risks[3]. - The solvency adequacy ratio was 206.78%, and the core solvency adequacy ratio was 143.59%, indicating strong risk resistance capability[40]. - The core solvency adequacy ratio as of December 31, 2022, was 143.59%, down from 169.05% as of June 30, 2022, reflecting a decrease due to market fluctuations and business growth[100]. - The comprehensive solvency adequacy ratio was 206.78% as of December 31, 2022, compared to 235.56% as of June 30, 2022, indicating a maintained high level of capital adequacy[100]. Digital Transformation and Innovation - The company has established a digital operation service system centered on customer experience, supported by a leading mixed cloud infrastructure[10]. - The company aims to accelerate its comprehensive digital transformation to provide efficient and precise financial insurance services[10]. - The company is focusing on digital transformation and innovation in product offerings, including the launch of personal pension products[46]. - The company achieved a 326% year-on-year increase in the number of intelligent robot applications, enhancing various business scenarios including sales and risk control[106]. - The company provided nearly 15,000 standardized service components and collaborated on over 400,000 services and activities, expanding its digital service offerings[106]. Market Position and Recognition - The company is recognized as the 71st in the "2022 Forbes Global 2000" list and 9th in the "2022 Fortune China 500" ranking[14]. - The company is one of the largest institutional investors in China, with total assets ranking first in the domestic life insurance industry[7]. - The company has a strong distribution and service network covering urban and rural areas across the country, maintaining its leadership position in the Chinese life insurance market[7]. - The company has received multiple awards, including "2022 Best Life Insurance Company" and "2022 ESG Green Company Star"[15]. Insurance Products and Premiums - The company achieved a premium income of RMB 615.19 billion in 2022, maintaining the industry-leading position[41]. - New single premium increased by 5.1% year-on-year to RMB 184.77 billion, while first-year regular premium decreased by 2.0% to RMB 96.43 billion[41]. - The total premium income for life insurance reached RMB 485.642 billion in 2022, a year-on-year increase of 0.9%[48]. - Health insurance premiums totaled RMB 115.329 billion, representing a decline of 4.4% compared to the previous year[48]. - Accident insurance premiums amounted to RMB 14.219 billion, down 13.3% year-on-year[48]. - The individual insurance segment reported total premiums of RMB 492.439 billion, a decrease of 3.3% from 2021[52]. - The bancassurance channel achieved total premiums of RMB 63.415 billion, a significant increase of 28.6% year-on-year[53]. - The group insurance channel's total premiums were RMB 273.33 billion, reflecting a decline of 6.3% compared to the previous year[73]. - Internet insurance business saw rapid growth with total premiums reaching RMB 62.896 billion, an increase of 88.3% year-on-year[76]. Investment Performance - The total investment income for 2022 was RMB 187.75 billion, a decrease of 12.3% compared to RMB 214.06 billion in 2021[91]. - The net investment income for 2022 was RMB 190.34 billion, reflecting a year-on-year increase of 0.8%[91]. - The net investment yield for 2022 was 4.00%, down 38 basis points from 4.38% in 2021[91]. - The total assets held to maturity increased by 2.6% to RMB 1,574,204 million, compared to RMB 1,533,753 million in 2021[29]. - The company's cash and cash equivalents rose significantly by 111.8% to RMB 128,953 million, up from RMB 60,894 million, driven by liquidity management needs[29]. Corporate Governance and Compliance - The company has a governance structure that includes a board of directors with recent changes in leadership due to resignations[155]. - The company’s internal control over financial reporting was deemed effective as of December 31, 2022[177]. - The company strictly adhered to information disclosure requirements, with no instances of false records or misleading statements reported[187]. - The supervisory board held a total of 7 meetings in 2022 to review financial reports, internal controls, and risk management[185]. - The company has a compliance culture that ensures adherence to various laws and regulations, enhancing its governance framework to prevent systemic risks[162]. Social Responsibility and Community Engagement - The company made charitable donations totaling approximately RMB 35.38 million during the reporting period[168]. - The company has cumulatively provided insurance services and value-added services to over 500 million customers[163]. - In 2022, the company conducted over 15,000 educational and promotional activities, reaching 175 million consumers[163]. - The company invested 29.6 million yuan in various assistance funds to support rural revitalization efforts, deploying 973 village assistance cadres to manage 1,048 assistance points[161]. - The company has established over 300 youth volunteer service teams, with more than 7,000 registered youth volunteers, organizing over 1,500 volunteer service activities[160]. Leadership Changes - The company’s former chairman, Wang Bin, was investigated for serious violations of discipline and law, leading to his resignation on February 23, 2022[152]. - The company has undergone several management changes, including the appointment of Bai Tao as chairman and executive director since May 31, 2022[196]. - The company’s president, Zhao Peng, has been in office since October 28, 2022, and previously served as the executive director and vice president[196]. - The company has seen a change in its executive team, with several key resignations due to personal reasons and work adjustments[197]. - The current chairman, Bai Tao, has been in position since May 2022, bringing extensive experience from previous roles in major financial institutions[199].