Financial Performance - Net profit surged by 186.5% to RMB 5,922 million for the six months ended June 30, 2024, up from RMB 2,067 million in the same period last year[6]. - The net profit attributable to shareholders increased by 184.6% to RMB 5,727 million from RMB 2,012 million year-on-year[6]. - Total operating income increased by 11.3% to RMB 60.686 billion compared to RMB 54.501 billion in 2023[13]. - The total comprehensive income for the six months ended June 30, 2024, was RMB 7,098,241 thousand, significantly higher than RMB 3,483,626 thousand in the same period of 2023, marking an increase of approximately 103.5%[133]. - The basic and diluted earnings per share for the first half of 2024 were RMB 0.13, compared to RMB 0.05 in the same period of 2023, representing a growth of 160%[132]. Revenue Growth - Insurance service revenue rose by 6.8% to RMB 51,784 million, with property reinsurance business increasing by 17.5% to RMB 23,474 million[8]. - Total insurance service revenue for the first half of 2024 reached RMB 51,783,901 thousand, an increase from RMB 48,465,956 in the same period of 2023, representing a growth of approximately 4.5%[154]. - The property reinsurance segment generated insurance service income of RMB 23,474,176 thousand, while the life reinsurance segment contributed RMB 5,861,356 thousand[149]. Investment Performance - Total investment income reached RMB 9,647 million, a significant increase of 72.6% from RMB 5,590 million[8]. - Annualized total investment return rate improved by 1.11 percentage points to 4.66%[8]. - Investment income for the life reinsurance segment increased significantly from a loss of RMB 0.641 billion in H1 2023 to a profit of RMB 1.782 billion in H1 2024, reflecting a positive turnaround[50]. Asset Management - Total assets increased by 3.2% to RMB 474,465 million as of June 30, 2024, compared to RMB 459,728 million at the end of 2023[5]. - As of June 30, 2024, the total assets under management of the group amounted to RMB 724.736 billion, with total investment assets of RMB 361.105 billion, representing a 4.5% increase from the end of the previous year[79]. - The total amount of fixed deposits as of June 30, 2024, was RMB 29,478,353 thousand, compared to RMB 27,758,604 thousand at the end of 2023, reflecting a growth of 6.2%[180]. Solvency and Risk Management - Core solvency ratio for the group stood at 161% as of June 30, 2024, compared to 155% at the end of 2023[10]. - The company maintained a stable solvency margin and international ratings, with a "A" rating from both A.M. Best and S&P Global[12]. - The company has established a comprehensive risk management system that integrates strategy, governance, preferences, assessment, and reporting to effectively manage risks[44]. Business Segments - The life reinsurance segment reported insurance service revenue of RMB 5,861 million, a decrease of 16.4% year-on-year, accounting for 11.2% of the group's total insurance service revenue[46]. - The property insurance direct business generated insurance service income of RMB 23.157 billion, an increase of 2.6% year-on-year, accounting for 44.1% of the group's total insurance service income[62]. - The company achieved a premium income of RMB 6.075 billion from motor vehicle insurance in H1 2024, a slight increase of 0.1% year-on-year[31]. Operational Efficiency - The total insurance service expenses for the first half of 2024 were RMB 54,349,716 thousand, compared to RMB 53,339,987 thousand in the same period of 2023, showing a slight increase of about 1.9%[132]. - Employee costs for the six months ended June 30, 2024, were RMB 2,793,364 thousand, a decrease from RMB 2,971,661 thousand in the same period of 2023, indicating a reduction of approximately 6%[165]. Corporate Governance - The group has adopted the Corporate Governance Code and complied with all applicable provisions during the reporting period[103]. - The company has undergone changes in its board of directors, with several members stepping down and new appointments made in 2024[112]. Future Outlook - The company is focusing on expanding its domestic and international reinsurance business while enhancing risk management and technological applications[16]. - The group aims to optimize its business and profit structure while promoting reasonable quantitative growth and effective qualitative improvement[102]. - The company plans to continue exploring innovative business models and diversifying its operations in the overseas market[58].
中国再保险(01508) - 2024 - 中期财报