2023-08-23 08:58Financial Performance - Total premium for the first half of 2023 reached a historical high, with new business value increasing by 19.9%[3] - Net profit attributable to shareholders for the first half of 2023 was RMB 36,151 million, down 8.0% from RMB 39,305 million in the same period of 2022[7] - Total revenue for the first half of 2023 was RMB 186,324 million, a decrease of 1.3% compared to RMB 188,744 million in the first half of 2022[7] - The company's equity attributable to shareholders increased by 30.6% to RMB 477,935 million from RMB 366,021 million year-over-year[7] - The total comprehensive income for the six months ended June 30, 2023, was RMB 26,031 million, compared to RMB 33,091 million in the same period of 2022[54] - The company reported a net profit of RMB 36,151 million for the six months ended June 30, 2023, compared to RMB 39,305 million in the same period of 2022, reflecting a decrease of about 5.5%[70] - The total profit reached RMB 11,152 million, a decline from RMB 24,931 million year-over-year, indicating a significant drop of approximately 55.3%[76] - The company reported a net profit margin of approximately 2% for the first half of 2023, down from 4.7% in the same period last year[76] Investment and Assets - Investment in the real economy exceeded RMB 3.8 trillion, with green investments surpassing RMB 440 billion[2] - Total assets as of June 30, 2023, reached RMB 5,507,193 million, an increase of 9.9% compared to RMB 5,010,068 million at the end of 2022[7] - Investment assets amounted to RMB 5,386,667 million, reflecting an 11.9% increase from RMB 4,811,893 million[7] - The company's total assets amounted to RMB 5.51 trillion, with investment assets at RMB 5.39 trillion, maintaining the industry-leading position[15] - The company's total investment assets reached RMB 538,666.7 million, with bonds accounting for 53.86% of the portfolio[29] - The company achieved a net investment income of RMB 90,585 million in the first half of 2023, with a net investment yield of 3.31%[32] - The total investment income for the same period was RMB 91,372 million, resulting in a total investment yield of 3.33%[32] - The proportion of AAA-rated credit bonds held by the company exceeds 98%, indicating strong asset quality in credit investments[33] Risk Management - The company maintained an A-class rating in comprehensive risk assessment for 20 consecutive quarters, indicating strong risk management capabilities[4] - The company's solvency ratio remains at a high level, providing solid capital support for insurance and investment operations[3] - The solvency adequacy ratio and core solvency adequacy ratio were 204.23% and 140.43%, respectively, indicating a strong financial position[15] - The company has implemented a comprehensive risk management system to address challenges from low long-term interest rates and insufficient supply of quality fixed-income assets[52] - The company actively manages credit risk through a rigorous internal rating system and multi-dimensional risk limit management[33] Business Development and Strategy - The company is focusing on digital transformation and ecological chain management to enhance operational efficiency and customer service[3] - The company is actively pursuing new market opportunities and expanding into new sectors amid a changing external environment[5] - The new business model emphasizes a combination of products and services, supported by technological advancements[3] - The company is advancing the "Eight Major Projects" to foster innovation and optimize business structure, focusing on marketing reform and resource integration[17] - The company plans to expand its market presence and invest in new technology developments to enhance operational efficiency and customer service[75] - Strategic initiatives include potential mergers and acquisitions to bolster market position and operational efficiency[88] Customer Engagement and Service - The company aims to enhance consumer protection and deepen the practice of "insurance for the people"[2] - The company achieved a policy retention rate of 89.20% for 14 months and 79.30% for 26 months, showing improvement from the previous year[16] - The health management service system covered over 100 service items, with registered users increasing by over 10% compared to the end of 2022[26] - The company launched and upgraded 78 new products in the first half of 2023, focusing on health and retirement insurance[27] - The company has improved its claims prepayment service, with over RMB 74 million in prepayments to alleviate customer financial pressure during medical treatment[46] Operational Efficiency - The company is enhancing its digital transformation through financial technology initiatives, including 5G upgrades and AI applications across its value chain[17] - The average claim processing time improved to 0.39 days, a 17% increase year-on-year, with the number of claims paid increasing by 21.5% and the payout rate reaching 99.7%[46] - The monthly active users of the China Life Insurance APP grew by 14.3% year-on-year, while the volume of air customer service increased by 167.4%[46] Future Outlook - The company plans to focus on stable growth, value emphasis, structural optimization, and risk prevention in its operational strategy for the second half of 2023[51] - Future outlook indicates a strong commitment to expanding market presence and enhancing product offerings[88] - The company aims to improve financial performance metrics, targeting a specific percentage increase in revenue for the upcoming fiscal year[88]