PICC(SH:601319)2021-08-20 16:00Financial Performance - In the first half of 2021, the company achieved a net profit of 23.281 billion RMB, representing a year-on-year growth of 31.6%[16] - The net profit attributable to shareholders of the parent company was 16.884 billion RMB, an increase of 34.0% compared to the previous year[16] - The total profit for the first half of 2021 reached 27.727 billion yuan, reflecting a 29.6% increase year-on-year[24] - The net profit for the first half of 2021 was 2.33 billion RMB, a 31.6% increase compared to the same period last year[39] - The net profit for PICC Health surged to RMB 2.59 billion, marking a significant year-on-year increase of 139.8%[34] - The net profit for PICC Life Insurance in the first half of 2021 was 4.485 billion yuan, reflecting a year-on-year growth of 17.1%[92] - The net profit of the asset management division was 579 million yuan, showing a year-on-year increase of 35.9%[127] Solvency and Capital Strength - The comprehensive solvency adequacy ratio was 318%, which improved by 13 percentage points from the end of 2020, indicating stronger capital strength[16] - The solvency adequacy ratio for PICC Group improved to 318%, up 13 percentage points from the previous period[38] - The core solvency adequacy ratio for PICC Group increased to 269%, reflecting a 12 percentage point rise[38] - The comprehensive solvency adequacy ratio for PICC Life Insurance was 266% as of June 30, 2021, indicating a stable solvency level[95] Business Segments Performance - The property insurance segment achieved a net profit of 16.512 billion yuan, a year-on-year increase of 25.8%[17] - The life insurance segment reported a net profit of 4.485 billion yuan, up 17.1% year-on-year, with a continuous accumulation of periodic renewal premiums increasing by 6.0%[18] - The health insurance segment achieved a net profit of 259 million yuan, a significant increase of 139.8% year-on-year[18] - The total insurance business income for the first half of 2021 was 344.129 billion yuan, a 2.2% increase compared to the same period in 2020[23] Investment Performance - The total investment income for the group was RMB 353.62 billion, with a year-on-year increase of 34.9% and an annualized total investment return rate of 6.7%, up by 1.2 percentage points[34] - The net investment income for the same period was 257.11 billion yuan, reflecting a year-on-year growth of 8.5%[133] - The asset management division's investment income for the first half of 2021 was 160 million yuan, representing a year-on-year increase of 40.4%[125] Insurance Premiums and Claims - The original insurance premium income for PICC P&C was 251.83 billion RMB, up 2.5% year-on-year, with a claims ratio of 71.8%, an increase of 6.4 percentage points[41] - The original insurance premium income for life insurance reached CNY 53.155 billion, a year-on-year decrease of 2.5%[75] - The total original insurance premium income for the first half of 2021 was CNY 251.825 billion, a 2.5% increase compared to the same period in 2020[54] - The net claims expenditure of PICC Property and Casualty reached 12.4717 billion yuan, a year-on-year increase of 15.3%, with the claims ratio rising by 6.4 percentage points[59] Technology and Innovation - The company is committed to leveraging advanced information technology and financial technology to enhance data mining and customer value creation capabilities[14] - The company is actively expanding its technology infrastructure to support strategic implementation, including the establishment of a unified data center[22] - The online customer engagement rate for family car insurance exceeded 91.4%, showcasing significant advancements in digital transformation[35] Corporate Governance and Compliance - The company has maintained compliance with corporate governance regulations, ensuring a balanced board composition following recent director resignations[160] - The company held 2 shareholder meetings, 4 board meetings, and 6 supervisory board meetings during the reporting period[161] - The company approved the "14th Five-Year" development strategy and capital planning for 2021-2023[167] Social Responsibility and Community Engagement - The company emphasizes its commitment to social responsibility and seizing policy opportunities to innovate business models[14] - The company has actively participated in poverty alleviation and rural revitalization efforts, training over 2,000 grassroots cadres and technical personnel[182] Market Position and Recognition - The company ranked 90th in the Fortune Global 500 in 2021, an increase of 22 places from the previous year[2] - The company’s brand value improved, ranking 90th in the Fortune Global 500 list in 2021[21] Future Outlook and Strategy - The company aims to implement the "Excellent Insurance Strategy" to enhance service quality and achieve its annual targets, focusing on innovation and supply improvement[154] - The company plans to enhance its product innovation and expand its market presence in line with national rural revitalization strategies[44]