Company Development and Strategy - In 2021, China Pacific Insurance celebrated its 30th anniversary, focusing on high-quality development amidst increasing external uncertainties [2]. - The company is committed to creating a globally competitive financial insurance service group, focusing on sustainable and high-quality growth [2]. - In 2021, the company focused on three strategic areas: "Big Health," "Big Data," and "Big Region," driving business layout breakthroughs and accelerating development momentum [8]. - The company has initiated a three-year action plan for the Greater Bay Area, targeting high-quality development and new growth opportunities [9]. - The company is actively investing in diversified healthcare sectors through its health industry fund, establishing a multi-faceted investment layout [8]. - The company aims to enhance its digital capabilities, investing RMB 1 billion in technology upgrades over the next year [37]. - The company plans to enhance its technology governance structure to improve responsiveness to customer needs and accelerate innovation [54]. - The company aims to strengthen underwriting profitability and explore new opportunities in green finance, new energy, and rural revitalization [52]. Health and Elderly Care Services - The launch of the "Taibao Home" retirement community model in Chengdu and Dali on October 29, 2021, integrates insurance products with elderly care services [3]. - The "Taibao Home" community offers nearly 4,000 specially designed nutritious dishes, enhancing the dining experience for residents [4]. - The "Taiji Guanjia" health management service, launched on September 30, 2021, has registered over 1 million users and serves more than 130,000 members [6]. - The health service model includes a comprehensive approach combining online and offline medical services, ensuring accessible healthcare for the elderly [5]. - The company emphasizes smart community features, integrating advanced technology for enhanced safety and convenience in elderly care [5]. - The establishment of a resident council in the "Taibao Home" community promotes effective communication and interaction among residents [4]. - The company has expanded its health management services, covering nearly 18 million customers across 10 elderly care community projects in nine cities [84]. - The company has launched a series of public welfare actions focusing on cognitive impairment, with a three-year plan to address care services for the elderly [22]. Financial Performance - China Pacific Insurance reported a net profit of RMB 20.5 billion for the fiscal year, representing a year-on-year increase of 12% [37]. - The company achieved a total premium income of RMB 200 billion, up 15% compared to the previous year [37]. - The number of individual insurance policies sold increased by 18%, reaching 5 million policies [37]. - Investment income rose to RMB 30 billion, reflecting a 10% increase year-on-year [37]. - The company reported a solvency ratio of 200%, indicating strong financial stability [37]. - The group's total revenue for 2021 was RMB 436,331 million, representing a 4.1% increase compared to the previous year [41]. - The operating profit attributable to the parent company's shareholders was RMB 35,346 million, up 13.5% year-on-year [41]. - The embedded value of the group reached RMB 498,309 million, reflecting an 8.5% growth from the previous year [41]. Technology and Digital Transformation - The company plans to enhance its digital transformation efforts through the establishment of Pacific Insurance Technology Co., Ltd., focusing on innovation and technology application [12]. - China Pacific Insurance has established a technology subsidiary, focusing on digital transformation and enhancing core technology capabilities, with a workforce of 600 technology professionals [13]. - The Wuhan R&D center, part of the company's strategic layout, commenced operations in January 2021 and has developed 26 systems to support digital transformation and health strategies [13]. - The app developed by the company has significantly improved the efficiency of claims processing, achieving same-day payouts [20]. Environmental, Social, and Governance (ESG) Initiatives - China Pacific Insurance has committed to sustainable development, integrating ESG principles into its operations and exploring innovative products and services in low-carbon transformation and climate change response [18]. - The company emphasizes the importance of ESG principles, signing the UN Principles for Sustainable Insurance and the Principles for Responsible Investment [50]. - The company is actively responding to national strategies, contributing to social welfare and sustainable development through ESG initiatives [45]. - The company aims to create a harmonious coexistence between humans and wildlife, particularly in areas affected by wild elephant incidents [20]. Customer Engagement and Market Expansion - The company aims to become the best customer experience life insurance company in Hong Kong, focusing on health protection, wealth management, and retirement products [11]. - The company has successfully built a team with both local experience and international vision for its Hong Kong operations, facilitating its market entry [9]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% growth in that region over the next three years [37]. - The total customer base increased by nearly 20 million within a year, with individual customers holding policies from different subsidiaries exceeding 10 million, more than four times the number five years ago [48]. Awards and Recognition - The company has received recognition for its governance, winning the "2021 Outstanding Board Award" and "2021 Outstanding Executive Director Award" from the Hong Kong Institute of Directors [15]. - The company has been recognized for its innovative insurance products, winning multiple awards for service quality and social responsibility [46].
中国太保(02601) - 2021 - 年度财报