2021-03-23 16:00Financial Performance - Total profit reached RMB 31.644 billion, an increase of 6.3% year-on-year, with net profit attributable to shareholders of RMB 20.069 billion, and a 3.6% increase after excluding non-recurring gains and losses [9]. - The total insurance business income for 2020 was RMB 563.606 billion, up 1.5% from RMB 555.271 billion in 2019 [16]. - The total assets of the company reached RMB 1,255.461 billion, reflecting a growth of 10.8% compared to RMB 1,132.771 billion in 2019 [17]. - The total investment return rate improved to 5.8%, an increase of 0.4 percentage points from the previous year [25]. - The net profit for 2020 was CNY 20.83 billion, a decrease of 16.4% compared to 2019 [69]. - The investment income for 2020 was CNY 25.88 billion, an increase of 16.2% year-on-year [67]. - The total claims expenditure of CNY 254.23 billion in 2020, which is a 5.3% increase from 2019 [64]. - The company achieved a net profit of CNY 41.48 billion from underwriting, representing a year-on-year growth of 2.4% [49]. Dividend and Shareholder Returns - The company proposed a cash dividend of RMB 1.56 per 10 shares, a 34.5% increase, resulting in a dividend payout ratio of 34.4%, the highest in history [9]. - The annual dividend payout ratio increased to 34.4%, up 11.5 percentage points from 22.9% in 2019 [16]. - The board has approved a dividend payout of 0.5 RMB per share, reflecting a commitment to returning value to shareholders [64]. - The company plans to increase its dividend payout ratio to 40% of net income, reflecting strong financial performance and commitment to shareholder returns [188]. Business Segments Performance - The property insurance segment achieved a net profit of RMB 20.834 billion, a year-on-year increase of 0.6% after adjusting for the previous year's policy changes [10]. - The life insurance segment reported a new business value of RMB 6.132 billion, representing a year-on-year growth of 9.7% [11]. - The health insurance segment generated insurance revenue of RMB 32.257 billion, a significant increase of 43.9% year-on-year, leading the market [11]. - The property insurance segment generated CNY 433.19 billion in revenue, with a net profit of CNY 20.83 billion, a slight increase of 0.6% [25]. - The life insurance segment realized a new business value of CNY 6.132 billion, representing a year-on-year growth of 9.7% [41]. - The health insurance segment's internet insurance business achieved a premium scale of CNY 12.678 billion, with a year-on-year increase of 77.1% [41]. Technological Advancements - The company has advanced information technology capabilities, enhancing its fintech layout and data mining abilities [9]. - The company plans to enhance its technological capabilities during the 14th Five-Year Plan period, focusing on building a world-class data center and a unified technology platform [15]. - The company is prioritizing technological innovation to enhance operational systems and customer service tools, aiming to improve productivity [30]. - The company has introduced advanced technologies such as AI and big data to enhance operational efficiency and customer service [43]. Risk Management and Compliance - The company is enhancing its risk management framework, focusing on compliance and internal control to mitigate potential risks [30]. - The company is focused on enhancing risk management capabilities and accelerating digital transformation to support high-quality development [38]. - The company has established a consumer rights protection committee at the board level to enhance consumer protection mechanisms [155]. - The company has implemented a consumer protection management system, integrating it into the internal assessment framework [155]. Corporate Governance and Structure - The company has a significant ownership structure, with the Ministry of Finance and the National Social Security Fund being the only shareholders holding over 10% [167]. - The company has seen changes in its board of directors, with several resignations due to work changes and retirement [172]. - The company’s board includes a mix of executive and non-executive directors, with a total of 15 members listed [171]. - The shareholders' meeting is the highest authority of the company, responsible for major investment plans and operational policies [200]. Social Responsibility and Innovation - The company emphasizes social responsibility and innovation in business models to seize policy opportunities [9]. - The company contributed CNY 3.5 billion in pandemic relief funds and paid out CNY 5.85 million in claims to frontline medical staff [26]. - The company has committed to reducing greenhouse gas emissions and promoting resource recycling through various environmental management measures [154]. - Agricultural insurance provided risk coverage of CNY 2.4 trillion for 86.07 million farming households in 2020 [152]. Market Position and Expansion - The company ranked 112th in the Fortune Global 500 in 2020, improving by 9 positions from the previous year [3]. - The company is focusing on agricultural insurance transitioning from cost protection to income protection, expanding its reach in rural economic sectors [28]. - The company is expanding its market presence in Southeast Asia, targeting a 15% market share by 2025 [189]. - The company is actively participating in the development of the third pillar of pension insurance, which is expected to create unprecedented growth opportunities [28].