PICC(SH:601319)2022-03-25 16:00Company Performance - The company ranked 90th in the Fortune Global 500 in 2021, an increase of 22 places from the previous year[6]. - In 2021, the company achieved a total profit of CNY 35.893 billion, a year-on-year increase of 13.4%, and a net profit of CNY 30.602 billion, up 8.2%[19]. - The company reported total assets of CNY 1,376.402 billion as of December 31, 2021, a year-on-year increase of 9.6%[28]. - The company achieved insurance business revenue of 585.423 billion yuan in 2021, a year-on-year increase of 3.9%[40]. - The company’s cash flow from operating activities reached 72.731 billion yuan, a significant increase of 128.2% compared to 2020[1]. - The company’s total liabilities increased by 9.9% to 1,079.697 billion yuan[1]. - The company reported a comprehensive solvency adequacy ratio of 301% and a core solvency adequacy ratio of 264% as of December 31, 2021[19]. Dividends and Shareholder Returns - The proposed cash dividend is RMB 1.47 per 10 shares, totaling approximately RMB 6.501 billion, pending shareholder approval[9]. - The company distributed a cash dividend of CNY 1.64 per 10 shares for the 2021 fiscal year, representing a year-on-year increase of 5.1% and a dividend payout ratio of 33.5% based on net profit attributable to shareholders[20]. Insurance Segments Performance - The property insurance segment reported a premium income of CNY 193.109 billion, a year-on-year growth of 16.1%, with a market share increase of 1.4 percentage points in the family car insurance sector[21]. - The life insurance segment's embedded value reached CNY 127.607 billion, an increase of 8.8% year-on-year, with premium income of CNY 132.663 billion, up 3.3%[22]. - The health insurance segment achieved a net profit growth of 622.2%, with premium income from the "Good Insurance" series reaching CNY 12.527 billion, benefiting over 50.73 million customers[22]. - The property insurance segment generated 449.533 billion yuan in insurance business revenue, up 3.8% from 2020, with a net profit of 22.586 billion yuan, an increase of 8.4%[40]. - The life insurance segment reported original insurance premium income of 96.847 billion yuan, with a net profit of 4.145 billion yuan[41]. - The health insurance segment saw an 11.0% increase in original insurance premium income, totaling 35.816 billion yuan, and a net profit of 260 million yuan[41]. Technological Advancements - The company has established a digital platform through PICC Technology to enhance its information technology capabilities[7]. - The company is accelerating its digital transformation and technology innovation, establishing a unified data center and enhancing its technology ecosystem to support strategic implementation[27]. - The company plans to enhance its technology capabilities by establishing a technology platform and expanding data centers[42]. - The integration of insurance technology, including big data and AI, is expected to transform various aspects of insurance management, becoming a key competitive focus[200]. Risk Management - The company emphasizes risk management and has outlined potential risks in its management discussion and analysis section[12]. - The company has no non-operational fund occupation by controlling shareholders and their related parties[10]. - The company has no violations of decision-making procedures for external guarantees[11]. - The company is committed to risk prevention and control, implementing a comprehensive risk management action plan[50]. Strategic Focus and Initiatives - The company has a strategic focus on rural revitalization, smart transportation, health and elderly care, green environmental protection, technological innovation, and social governance[15]. - The company established a strategic budget management system and high-quality development indicator system to support strategic project implementation[45]. - The company aims to enhance its investment management capabilities and promote a virtuous cycle of "insurance, investment, and industry"[50]. - The company will focus on product and technology innovation, utilizing a new insurance logic of "underwriting + loss adjustment + empowerment + claims"[47]. Market Position and Recognition - The company has been recognized as the 90th in the "Fortune Global 500" list and the 28th in the "China Enterprise 500" list in 2021[54]. - The company received the "Best Company for ESG Governance Practices" award in January 2022[54]. - The company was awarded multiple accolades in 2021, including the "2021 Gold Medal Insurance Service Ark Award" and "2021 Best Property Insurance Company" at various industry forums[60][58]. Investment Performance - The company achieved a total investment return rate of 5.8%[41]. - The investment segment generated total investment income of CNY 63.07 billion, reflecting an 11.2% increase, with a total investment return rate of 5.8%[67]. - The group's investment portfolio as of December 31, 2021, totaled CNY 1,196.92 billion, with fixed income investments accounting for 62.9% of the total[172]. - The proportion of bond investments was 40.7%, with 99.8% of the credit bonds rated AA/A-1 or above[174]. Customer Engagement and Market Trends - The online customer engagement rate for family car insurance exceeded 93.5%, significantly enhancing customer experience through digital transformation[68]. - The company anticipates that the auto insurance market will see increased competition due to the rise of new energy vehicles and advancements in autonomous driving technology[200]. - The government’s reforms and increased awareness of property insurance among residents are expected to provide significant growth opportunities for non-auto insurance[200]. - The health insurance sector is projected to benefit from the "Healthy China" strategy and the aging population, with a growing demand for enhanced health insurance products[200].