Financial Performance - The company achieved a total insurance premium income of CNY 170.51 billion in 2024, representing a year-on-year increase of 2.8%[28]. - The net profit attributable to shareholders reached CNY 26.23 billion, marking a 201.1% increase year-on-year, achieving a historical high[28]. - Total revenue for 2024 reached CNY 132,044 million, an increase of 82.7% compared to CNY 72,254 million in 2023[63]. - Pre-tax profit surged to CNY 28,141 million, reflecting a 410.3% increase from CNY 5,515 million in the previous year[63]. - The net cash flow from operating activities was CNY 96,290 million, a 5.2% increase from CNY 91,548 million in 2023[63]. - Total assets at the end of 2024 amounted to CNY 1,692,297 million, a 20.6% increase from CNY 1,403,257 million in 2023[65]. - The equity attributable to shareholders decreased by 8.4% to CNY 96,240 million from CNY 105,067 million in 2023[65]. - The company achieved a net profit attributable to shareholders of 26,229 million yuan in 2024, a 201.1% increase compared to 8,712 million yuan in 2023[71]. - The average earnings per share reached 8.41 yuan in 2024, reflecting a 201.4% increase from 2.79 yuan in 2023[66]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.54 per share for the mid-year, totaling RMB 1.685 billion, and a proposed year-end cash dividend of RMB 1.99 per share, totaling RMB 6.208 billion, amounting to a total cash dividend of RMB 7.893 billion for 2024, which represents approximately 30.1% of the net profit attributable to shareholders[4]. - The company plans to distribute a total dividend of CNY 78.93 million for the year, representing 30.1% of net profit attributable to shareholders[55]. Investment and Asset Management - The total investment scale as of December 31, 2024, was CNY 1,629.36 billion, with an overall investment return rate of 5.8%[29]. - The company established a fund with a total scale of CNY 50 billion, focusing on investments in high-quality listed companies in the secondary market[29]. - The company increased its investment management capabilities, establishing a CNY 50 billion private equity securities investment fund to inject stable long-term capital into the market[54]. - The total investment income reported was CNY 79.69 billion, a significant increase of 251.6% compared to CNY 22.66 billion in 2023[109]. - The investment portfolio's comprehensive investment return rate was 8.5%, while the total investment return rate was 5.8%, and the net investment return rate was 3.2%[106][110]. Solvency and Risk Management - The comprehensive solvency adequacy ratio was reported at 217.55%, down from 278.43% in the previous year[20]. - The core solvency adequacy ratio was reported at 124.07%, down from 157.01% in the previous year[20]. - The company will strengthen its risk management framework in response to complex international and domestic environments, ensuring effective operation of risk management systems[131][132]. Product Development and Innovation - By the end of 2024, the company had developed 176 insurance products, enhancing its diversified product offerings[37]. - The company launched 58 new products in 2024, enhancing its offerings in health, retirement, accident, medical, and wealth management insurance[96]. - The company is committed to innovation across product, service, system, and organizational aspects to enhance its core insurance business[129]. Customer Engagement and Service - The individual life insurance business's 13-month persistency rate improved to 95.7%, an increase of 5.9 percentage points year-on-year[36]. - The company established a service ecosystem covering the entire customer lifecycle, introducing competitive products and enhancing sales team development[53]. - The company focused on a customer-centric strategy, optimizing product structure and improving service quality to enhance customer loyalty[36]. Leadership and Governance - The company has appointed Mr. Pan Xing as the Chief Actuary, pending regulatory approval[3]. - The company has appointed Gong Xingfeng as the executive director and president, effective from December 2024[169]. - The company continues to focus on enhancing its governance structure and ensuring compliance with relevant laws and regulations[173]. Future Outlook and Strategic Goals - The company aims to enhance its market competitiveness and deepen reform and transformation efforts in 2025[57]. - The focus will be on developing a comprehensive financial service ecosystem to meet diverse customer needs in wealth management and healthcare[58]. - The company aims to deepen supply-side reforms, focusing on health, retirement, and wealth management opportunities, and to build a customer-centric development system[129].
新华保险(01336) - 2024 - 年度财报