2023-08-23 16:00Financial Performance - The company's net profit attributable to shareholders was RMB 16,156 million, a decrease of 36.3% year-on-year [14]. - The operating income for the first half of 2023 was RMB 553,595 million, reflecting a growth of 4.8% compared to the same period in 2022 [14]. - The company reported a significant decline in operating profit, which was RMB 11,323 million, down 54.8% from the previous year [14]. - The total profit for the first half of 2023 was RMB 11.152 billion, representing a significant decrease of 55.3% compared to RMB 24.931 billion in the same period of 2022 [62]. - The company's total comprehensive income for the first half of 2023 was RMB 27,406 million, an increase from RMB 20,566 million in the previous year [167]. - The company's net profit attributable to shareholders for the same period was RMB 16,156 million, a decrease of 36.1% from RMB 25,356 million in the previous year [167]. - The total comprehensive income for the first half of 2023 was RMB 14,296 million, compared to RMB 27,822 million in the same period of 2022, indicating a decrease of about 48.6% [183]. Assets and Liabilities - Total assets reached RMB 5,643,860 million, an increase of 7.5% compared to the end of 2022 [14]. - The company's total liabilities amounted to RMB 5,184,881 million, up from RMB 4,806,863 million, reflecting an increase of about 7.8% [159]. - The total equity attributable to shareholders rose to RMB 449,362 million, compared to RMB 436,169 million, indicating a growth of approximately 3.5% [159]. - The company's investment assets, including available-for-sale financial assets, reached RMB 1,954,028 million, up from RMB 1,738,108 million, which is an increase of about 12.4% [157]. - The company's long-term insurance liabilities rose to RMB 3,906,661 million from RMB 3,607,236 million, representing an increase of about 8.3% [159]. Insurance Business - The company's insurance premium income for the first half of 2023 reached RMB 448,915 million, representing a growth of 7.0% from RMB 419,636 million in the same period of 2022 [22]. - The total insurance business income for the first half of 2023 reached RMB 470.115 billion, with significant contributions from economically developed provinces [55]. - The total premium income for life insurance reached RMB 388.558 billion in the first half of 2023, a year-on-year increase of 9.0% [36]. - The company's insurance business income reached RMB 470,115 million, an increase of 6.8% from RMB 439,969 million in the same period last year [165]. - The company's deferred tax liabilities increased by 373.9% to RMB 1,289 million, reflecting changes in the fair value of financial assets [21]. Investment Performance - The company's investment income for the first half of 2023 was RMB 97,173 million, a decrease of 9.8% compared to RMB 107,675 million in the same period of 2022 due to fluctuations in the equity market [22]. - The company's total investment income for the first half of 2023 was RMB 87.601 billion, down RMB 109.41 billion year-on-year, with a total investment return rate of 3.41%, a decline of 80 basis points from 2022 [59]. - The company's investment assets reached RMB 5.421819 trillion as of June 30, 2023, reflecting a 7.0% increase from the end of 2022 [58]. - The bond allocation ratio increased from 48.54% at the end of 2022 to 49.66% by June 30, 2023 [58]. 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 [5]. - The company maintained a high-quality credit asset investment portfolio, with over 98% of credit bonds rated AAA and over 99% of debt-type financial products rated AAA [60]. - The company did not experience any credit defaults in the first half of 2023, despite a challenging market environment [61]. - The company has maintained an A-class risk rating for 20 consecutive quarters, reflecting strong risk management capabilities [80]. Digital Transformation and Innovation - The company is focusing on digital transformation and integrating technology into its core operations to enhance efficiency [34]. - The company has initiated a comprehensive financial technology digital transformation project to enhance its technological capabilities and support high-quality development [78]. - The company achieved recognition for its technological innovations, including a real-time data service platform capable of handling PB-level data volumes and a machine learning-based anti-money laundering system [78]. - The company has strengthened its digital risk control system through big data analysis, enabling dynamic monitoring and precise identification of various risk behaviors [78]. Shareholder and Governance - The total number of ordinary shareholders was 93,626, with the largest shareholder, China Life Insurance (Group) Company, holding 68.37% of shares [135]. - The company held 6 board meetings and 2 supervisory meetings by June 30, 2023, ensuring effective governance and communication with investors [132]. - The company approved a profit distribution plan at the 2022 annual general meeting, distributing a cash dividend of RMB 0.49 per share, totaling approximately RMB 13.85 billion [134]. - The company continues to employ PwC and Deloitte as auditors for the 2023 fiscal year, with the financial report for the first half of 2023 reviewed by PwC [127]. Future Outlook - The company aims for steady growth in total premiums and rapid growth in new business value in the second half of 2023 [88]. - The company plans to ensure that its funding meets insurance business expenditures and new investment project needs for the second half of 2023 [98]. - The company expects a net profit growth of 12% for the full year 2023, with a projected net profit of 15 billion RMB [35].