Financial Performance - The net profit attributable to shareholders for 2021 was RMB 14.947 billion, an increase from RMB 14.294 billion in 2020[15]. - The company plans to distribute a cash dividend of RMB 1.44 per share for the year 2021, totaling approximately RMB 4.492 billion, which accounts for 30.1% of the net profit attributable to shareholders[5]. - In 2021, the total revenue reached CNY 220.03 billion, an increase of 7.9% compared to CNY 203.86 billion in 2020[42]. - The pre-tax profit was CNY 15.67 billion, a slight increase of 1.2% from CNY 15.49 billion in 2020[42]. - Net profit amounted to CNY 14.947 billion, reflecting a year-on-year growth of 4.6%[39]. - The total premium income reached CNY 163.47 billion, a year-on-year increase of 2.5%[39]. - The total liabilities at the end of 2021 were CNY 1,019.21 billion, an increase of 12.9% from CNY 902.70 billion in 2020[43]. - The total investment income for 2021 was CNY 57.62 billion, representing a 23.5% increase from CNY 46.66 billion in 2020[77]. Asset Management - The total assets of the company reached RMB 1,127.721 billion in 2021, showing significant growth compared to RMB 1,004.376 billion in 2020[14]. - Total investment assets grew to CNY 1,082.80 billion, marking a 12.1% increase from CNY 965.65 billion in the previous year[33]. - The investment amount in debt-type financial assets was CNY 577.21 billion, accounting for 53.3% of total investment assets, a decrease of 5.5 percentage points from the previous year[75]. - The investment amount in equity-type financial assets was CNY 257.44 billion, accounting for 23.8% of total investment assets, an increase of 2.4 percentage points from the previous year[75]. - The total intrinsic value increased to 258,824 million from 240,604 million, reflecting a growth of approximately 7.6%[117]. Business Strategy - The company has adopted a strategic focus on life insurance, wealth management, and health care, supported by technology to create a synergistic development model[10]. - The company aims to enhance its market expansion strategies and invest in new product development[33]. - The company aims to enhance its strategic focus on high-quality development and digital transformation in the upcoming year[37]. - The company plans to enhance its digital transformation and adapt to the evolving market demands, focusing on a dual approach of sales and service[91]. - The company aims to strengthen its market position through strategic appointments and a focus on performance-driven compensation for its leadership team[127]. Risk Management - The company has effectively managed various risks, including market, credit, insurance, operational, reputational, strategic, and liquidity risks[5]. - The company faces risks from the ongoing COVID-19 pandemic and complex international environments, which may impact market, credit, and liquidity[94]. - To address these risks, the company will optimize its comprehensive risk management system and strengthen risk management mechanisms[95]. - The company is committed to strengthening risk management and enhancing product innovation to ensure sustainable long-term development[93]. Customer Engagement - New China Life Insurance provided services to 33.25 million individual customers and 89,000 institutional clients[25]. - The total customer base exceeded 30 million[39]. - The company is focusing on long-term health insurance products to replace short-term health insurance, leading to a decrease in short-term insurance business scale[47]. Corporate Governance - The company has a diverse board of directors with expertise in various financial sectors, which supports its governance and strategic direction[128][131]. - The company is committed to enhancing its corporate governance practices, as evidenced by the detailed reporting on executive compensation and board appointments[126][132]. - The board consists of 15 members, including 2 executive directors, 8 non-executive directors, and 5 independent non-executive directors, complying with legal and regulatory requirements[177]. Employee Management - The company has established a performance-based compensation system for senior management, linking annual performance wages to company performance and individual assessment results[161]. - The company has a competitive compensation policy for employees, including various welfare plans to meet diverse employee needs[166]. - As of December 31, 2021, the company had a total of 34,434 employees, with 59.6% (20,523) in sales and sales management roles[163][164]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 12% to 15% based on current market trends and user acquisition strategies[60]. - The company plans to maintain stable growth in business scale while emphasizing value management and improving operational efficiency in 2022[93]. - The company aims to reduce operational costs by 10% through process optimization and automation initiatives in the upcoming fiscal year[60].
新华保险(01336) - 2021 - 年度财报