Financial Performance - Total revenue for 2022 was CNY 209.481 billion, a decrease of 4.8% from CNY 220.027 billion in 2021[18]. - Net profit attributable to shareholders was CNY 9.822 billion, a decline of 34.3% compared to CNY 14.947 billion in 2021[18]. - Pre-tax profit decreased by 58.5% to CNY 6.507 billion from CNY 15.670 billion in 2021[18]. - Total premium income reached CNY 163.1 billion, with renewal premiums increasing by 2.5% to CNY 119.7 billion[16]. - Total premium income and policy management fee income was CNY 163.215 billion, down 0.2% from CNY 163.535 billion in 2021[18]. - The intrinsic value of the company was CNY 255.582 billion, slightly down from CNY 258.824 billion in the previous year[14]. - The comprehensive solvency adequacy ratio stood at 238.2%, down from 252.09% in the previous year[14]. - The company reported a decrease in the pre-tax profit to 6,507 million, down 58.5% from the previous year[24]. - The net profit attributable to shareholders of the parent company was 9,822 million, a significant decrease of 34.3% year-on-year[21]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.08 per share for the year 2022, totaling approximately RMB 3.369 billion, which accounts for 34.3% of the net profit attributable to shareholders[3]. - The proposed cash dividend for 2022 is CNY 1.08 per share (before tax), totaling approximately CNY 3.369 billion, which accounts for 34.3% of the net profit attributable to the parent company's shareholders[199]. - In 2022, the cash dividend per share was 1.08 CNY, totaling 3,369 million CNY in cash dividends before tax[200]. - In 2021, the cash dividend per share was 1.44 CNY, with total cash dividends amounting to 4,492 million CNY before tax[200]. - In 2020, the cash dividend per share was 1.39 CNY, with total cash dividends of 4,336 million CNY before tax[200]. Risk Management - The company faces 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[3]. - To address potential risks, the company will optimize its comprehensive risk management system and strengthen risk management mechanisms and execution[74]. - The company’s future performance may differ from forward-looking statements made in the report, and investors should maintain adequate risk awareness[3]. Governance and Management - The board of directors approved the 2022 annual report on March 30, 2023, with all 12 attending directors present[3]. - The company’s chairman position is pending regulatory approval for Mr. Li Quan[3]. - Mr. Li Quan was elected as the chairman of the board for the eighth session, pending regulatory approval[101]. - Mr. Zhang Hong was appointed as the president of the company, also pending regulatory approval[101]. - The company has a diverse board with members holding significant positions in various financial and insurance sectors, enhancing governance and strategic oversight[125]. - The company emphasizes the independence of its operations from its controlling shareholder, ensuring no unfair related transactions[196]. - The company has established a governance structure that promotes coordination and checks and balances among its decision-making bodies[140]. Employee and Training - As of December 31, 2022, the company had a total of 32,564 employees, with 57.6% in sales and sales management roles[130]. - The company provided training to over 22,000 employees in 2022, with an average training duration exceeding 90 hours per person[134]. - The employee gender ratio showed 35.4% male and 64.6% female, indicating a diverse workforce[133]. - The employee training system will be further optimized in 2023 to enhance professional capabilities and management skills[134]. Investment and Assets - Total assets amounted to CNY 1,255.044 billion, while total liabilities were not specified[13]. - Total investment return rate was 4.3%, with net investment return rate at 4.6%[14]. - The company invested over CNY 190 billion in strategic emerging industries, marking a 29% year-on-year increase[16]. - The scale of third-party asset management entrusted to Xinhua Asset reached CNY 479.6 billion, a year-on-year increase of 48%[52]. - The company maintained a strategic focus on long-term value investment, actively seizing structural opportunities in the market[52]. Compliance and Regulatory - The company has not faced any penalties from securities regulatory authorities in the past three years[130]. - The company has received an A-class rating for information disclosure from the Shanghai Stock Exchange for seven consecutive years as of 2022[195]. - The company has not violated any regulatory decision-making procedures in providing guarantees[3]. - The company has established an executive committee to oversee daily management decisions and significant mergers and acquisitions[192]. Business Strategy - The company aims to enhance product innovation and improve operational efficiency to adapt to market changes and customer needs[17]. - The company continues to focus on life insurance as its core business while enhancing wealth management and health care services[26]. - The company anticipates a high-quality development cycle in the insurance industry, driven by policies supporting economic recovery and addressing aging population challenges[70]. - In 2023, the company plans to stabilize business scale and promote long-term, diversified transformation, emphasizing high-quality development[72].
新华保险(01336) - 2022 - 年度财报