2024-03-28 16:00Risk Management and Insurance Solutions - China Pacific Insurance provided a comprehensive risk solution for the Hangzhou Asian Games with a total insurance coverage exceeding RMB 400 billion, covering various risks across multiple scenarios[4] - The company established a professional risk management team, implementing over 8,700 emergency plans and providing 24-hour helicopter rescue services for high-risk areas during the Asian Games[4] - The company has developed innovative insurance products tailored for the Asian Games, including 17 exclusive insurance types for specific events[4] - The company provided disaster risk coverage exceeding CNY 895 billion, and environmental pollution liability insurance for approximately 5,000 enterprises totaling over CNY 12.5 billion[164] Financial Performance - Total revenue for the group was RMB 323,945 million, a decrease of 2.5% year-on-year[43] - Operating profit attributable to shareholders was RMB 35,518 million, down 0.4%[43] - Net profit for the group was RMB 27,257 million, a decline of 27.1%[43] - The comprehensive solvency adequacy ratio for the group was 257%, up 1 percentage point[43] - The total assets under management of the group grew to CNY 2922.308 billion, reflecting a 10.1% increase year-on-year[50] - The group's net profit was RMB 27.257 billion, a decrease of 27.1% year-on-year, while operating profit was RMB 35.518 billion, down 0.4%[83] Investment Strategies and ESG Initiatives - The company emphasizes long-term, stable, and responsible investment strategies, aiming for absolute returns while managing client risk preferences[9] - By the end of 2023, the company's green investment scale exceeded 200 billion yuan, reflecting its commitment to supporting green projects[16] - The company is developing sustainable insurance products and enhancing its ESG investment management system as part of its three-year ESG plan[16] - The company aims to reduce the carbon intensity of its asset portfolio gradually and has established differentiated underwriting requirements based on ESG risk assessments[16] - The company emphasizes ESG investment practices and is developing a carbon accounting system for its investment assets[133] Customer Engagement and Service - The insurance service team dedicated 34,000 service hours and handled over 70,000 service interactions, showcasing the company's commitment to supporting the event[5] - The company plans to continue expanding its services in alignment with urban medical insurance policies, emphasizing a people-centered approach[18] - The company achieved a 100% coverage rate for online claims service scenarios, improving the one-time resolution rate by 10 percentage points[154] - The company has launched three new registered green alternative investment products with a scale of approximately CNY 13 billion in 2023[149] Health and Elderly Care Services - The company has expanded its elderly care services, enhancing its offerings in pension finance to meet growing societal needs[3] - The Shanghai Youth Health Promotion Center aims to address youth health issues such as scoliosis, obesity, and ADHD through tailored health promotion programs and integrated medical resources[13] - The long-term medical insurance "Blue Insurance" has accumulated over 1.4 million clients, while the health management brand "Taiyi Manager" serves over 6 million users[174] - The company has established 14 elderly care homes across 12 cities, with a total investment reserve of 15,800 beds[176] Claims and Customer Support - "沪惠保" has accumulated over 14.5 billion RMB in claims payments, benefiting hundreds of thousands of families[17] - The average claim settlement duration is 2.3 working days, with some cases resolved in as little as 10 minutes, showcasing industry-leading efficiency[17] - The claims process has achieved a 75% application rate for electronic medical data, with 93% of claims completed with a single submission[17] - The program's innovative design focuses on self-paid responsibilities and effectively utilizes big data for pricing and coverage[17] Market Position and Growth - The company maintained its position as the third-largest life insurance company and third-largest property insurance company in China based on original premium income[78] - The number of customers reached 180 million, an increase of 9.34 million compared to the previous year[83] - The company is focusing on new product development and online business expansion, targeting younger demographics with innovative insurance solutions[111] - The company is expanding its retirement and health insurance products, with over 51,000 clients covered under its upgraded "Long-term Care" series[100] Climate Change and Sustainability - The company released its first climate change report in 2023, marking a significant step in its commitment to sustainable development and climate risk management[14] - The company is focusing on enhancing its climate strategy priority and integrating climate change response into various operational responsibilities[16] - The company has signed multiple international sustainable development agreements, aligning with the UN's Sustainable Development Goals (SDGs)[163] Governance and Compliance - The board of directors consists of 86% external directors and 29% female directors, promoting diverse and balanced governance[181] - The company has been recognized for its governance practices, receiving the highest evaluation from the Shanghai Stock Exchange for ten consecutive years[58] - The company continues to focus on high-quality development and has strengthened its risk management and compliance capabilities[49]