Dividend and Shareholder Information - The company plans to distribute a mid-term cash dividend of RMB 0.54 per share, totaling approximately RMB 1.685 billion, pending shareholder approval[5] - The total number of shares remains unchanged at 3,119,546,600, with 66.85% being RMB ordinary shares and 33.15% being H shares[153] - The company declared dividends amounting to RMB 2,652 million during the period[184] Financial Performance - Total revenue for the first half of 2024 was CNY 55.31 billion, representing a 13.0% increase compared to CNY 48.95 billion in the same period of 2023[30] - The net profit attributable to shareholders for the first half of 2024 was CNY 11.08 billion, an increase of 11.1% from CNY 9.98 billion in the previous year[30] - The total comprehensive income for the first half of 2024 was a loss of CNY 12.384 billion, compared to a gain of CNY 1.338 billion in the same period last year[38] - The company's total assets as of June 30, 2024, were CNY 1,494.68 billion, reflecting a 6.5% increase from CNY 1,403.26 billion at the end of 2023[31] - The company's retained earnings increased to RMB 99,757 million from RMB 92,124 million, showing a growth of approximately 8.7%[175] Risk Management - The company has identified various risks including market risk, credit risk, insurance risk, operational risk, reputational risk, strategic risk, and liquidity risk, and has implemented measures to manage these risks effectively[5] - The company plans to strengthen its risk management framework in response to complex international environments and low domestic interest rates, ensuring effective risk monitoring in key areas[88][89] - Financial risks include market risk, credit risk, and liquidity risk, with a focus on minimizing potential negative impacts on financial conditions through collaboration among various departments[197] Investment Performance - As of June 30, 2024, the company's investment scale reached CNY 1,438.991 billion, an increase of 7.0% from the end of the previous year, with an annualized total investment return rate of 4.8%[19] - The net investment income rose to CNY 21.49 billion, reflecting a 6.3% increase from CNY 20.21 billion year-on-year[67] - Total investment income for the first half of 2024 reached CNY 31.61 billion, a 43.3% increase compared to CNY 22.06 billion in the same period of 2023[67] Insurance Operations - In the first half of 2024, the company achieved original insurance premium income of CNY 98.832 billion, with a new business value of CNY 3.902 billion, representing a year-on-year growth of 57.7%[17] - The insurance service revenue for the first half of 2024 was CNY 23.42 billion, a decrease of 11.9% compared to CNY 26.59 billion in the same period of 2023[34] - The company has undertaken 11 policy-based medical insurance projects, covering nearly 12 million insured individuals in the first half of 2024[25] Corporate Governance - The board of directors confirmed the authenticity and completeness of the financial report for the 2024 mid-term report, which was prepared in accordance with IFRS 17 and IFRS 9[5] - The mid-term report was approved by the board of directors during the 24th meeting of the 8th session on August 29, 2024[5] - The company held two shareholder meetings and eight board meetings during the reporting period, ensuring compliance with governance standards[120] Employee and Training Initiatives - As of June 30, 2024, the company has signed labor contracts with a total of 30,221 employees across its main subsidiaries[130] - In the first half of 2024, the company conducted nearly 10,000 training sessions for individual insurance channels, training over 600,000 participants, with an average learning duration of 46 hours, a 37% increase year-on-year[130] Social Responsibility - The company has supported rural revitalization with CNY 10.4 million in aid funds directed towards 21 assistance projects[25] - The company has provided CNY 940 million in aid to Guizhou Province and CNY 1 million to Inner Mongolia for targeted poverty alleviation projects in the first half of 2024[134] - The company has been recognized with the "2024 Golden Bee Corporate Social Responsibility - China List - ESG Competitiveness - Rural Revitalization" award[134] Strategic Partnerships and Investments - The company has established partnerships with major reinsurers, including Swiss Re and Munich Re, to ensure the safety and quality of its reinsurance business[84] - The company and China Life Insurance Co., Ltd. jointly established a private securities investment fund with a total investment of 25 billion RMB each, aimed at optimizing asset-liability matching and improving capital efficiency[138] Market and Economic Environment - The insurance industry is entering a new long-cycle development phase in 2024, driven by reforms in key areas such as digital economy and green development[87] - The company anticipates ongoing adjustments and transformations in the industry due to significant changes in the economic environment and customer demands[88]
新华保险(01336) - 2024 - 中期财报