Dividends and Profit Distribution - New China Life Insurance Company announced a total cash dividend of RMB 7.893 billion for 2024, accounting for 30.1% of the net profit attributable to shareholders[7]. - The company plans to distribute a final cash dividend of RMB 1.99 per share, totaling RMB 6.208 billion, pending shareholder approval[7]. - The interim cash dividend distributed in 2024 was RMB 0.54 per share, amounting to RMB 1.685 billion[7]. - The company plans to distribute a cash dividend of 1.99 yuan per share for the year-end, totaling 62.08 billion, which is an increase of 197.6% compared to the previous year[30]. Financial Performance - The total revenue for 2024 reached 170,511 million, an increase from 165,903 million in 2023[23]. - The net profit attributable to shareholders reached CNY 26.229 billion, a significant increase of 201.1%, marking a historical high[31]. - The total assets grew by 20.6% to 1,692,297 million from 1,403,257 million in 2023[68]. - The pre-tax profit surged to 28,141 million, reflecting a 410.3% increase from 5,515 million in 2023[66]. - Operating cash flow increased by 5.2% to 96,290 million, compared to 91,548 million in 2023[66]. Risk Management - The company faces various risks including market risk, credit risk, insurance risk, operational risk, reputational risk, strategic risk, and liquidity risk, which are being effectively managed[7]. - The company acknowledges potential risks from a complex international environment and changing demographic and customer needs, requiring ongoing risk management attention[134]. - To address risks, the company will optimize its comprehensive risk management system and strengthen risk management mechanisms and execution[135]. Investment and Asset Management - The company's investment scale reached CNY 1,629.36 billion, with a total investment return rate of 5.8% and a comprehensive investment return rate of 8.5%[32]. - The company has supported real economy investments totaling 1,088.8 billion, with approximately 483.3 billion allocated to national strategic investments[29]. - The company plans to continue focusing on long-term value and strategic investments to support the real economy[108]. - The company's total investment assets reached 1,629,361 million, a 21.1% increase from 1,345,475 million in 2023[111]. Product Development and Innovation - The company launched 58 new insurance products in 2024, covering various areas including health, retirement, and wealth management[99]. - The company is investing in R&D for new technologies, allocating $D million towards innovation initiatives aimed at enhancing product offerings[5]. - The company is focusing on a customer-centric strategy and has developed a multi-dimensional product supply system to meet diverse insurance needs[60]. Management and Governance - The company has appointed Mr. Pan Xing as the Chief Actuary, pending regulatory approval[6]. - The company has a diverse board with members holding various significant positions in other financial institutions, enhancing its governance and strategic direction[179][180][181][182]. - The total pre-tax remuneration for the company's directors, supervisors, and senior management during the reporting period amounted to CNY 16.814 million[200]. Customer Engagement and Satisfaction - Customer satisfaction metrics have improved, with a G% increase in positive feedback from users regarding recent product updates[8]. - The retention rate for individual life insurance business improved, with a 13-month retention rate of 95.7%, up 5.9 percentage points year-on-year[84]. Future Outlook - The company emphasizes that forward-looking statements regarding future plans and strategies do not constitute a commitment to investors[7]. - The insurance industry in China is expected to benefit from a long-term positive economic trend, with a focus on high-quality development and risk prevention as outlined in the "New National Ten Measures"[131]. - By 2025, the company plans to implement a "steady progress" approach, emphasizing customer-centric reforms and improving resource allocation efficiency[133].
新华保险(01336) - 2024 - 年度业绩