NCI(SH:601336)2022-03-29 16:00Financial Performance - In 2021, New China Life Insurance achieved a total premium income of RMB 163.47 billion, marking a year-on-year increase of 2.5%[19] - The company's total assets reached RMB 1,127.72 billion in 2021, up from RMB 1,004.38 billion in 2020, reflecting a growth of 12.3%[19] - The net profit attributable to shareholders for 2021 was RMB 14.95 billion, representing a 4.4% increase compared to RMB 14.29 billion in 2020[19] - Total revenue for 2021 reached CNY 222.38 billion, an increase of 7.6% compared to CNY 206.54 billion in 2020[33] - Net profit attributable to shareholders was CNY 14.95 billion, reflecting a growth of 4.6% from CNY 14.29 billion in the previous year[33] - The total assets of the company amounted to CNY 1,127.72 billion, up 12.1% from CNY 1,004.38 billion in 2020[33] - The company reported a significant increase in fair value gains of 111 million, compared to no gains in 2020[57] - The total investment income for 2021 was CNY 57,621 million, an increase of 23.5% compared to CNY 46,664 million in 2020[117] Dividends and Shareholder Returns - The company proposed a cash dividend of RMB 1.44 per share, totaling approximately RMB 4.49 billion, which accounts for 30.1% of the net profit attributable to shareholders[7] - The company reported a 109.2% increase in policyholder dividend expenditure to 1.21 billion, driven by the sustained growth of dividend business[100] Risk Management - New China Life Insurance is actively managing various risks, including market, credit, and operational risks, to ensure sustainable growth[7] - The company plans to enhance its risk management framework in response to potential risks, ensuring effective operation of the risk management system[151] - The company faces risks from the ongoing global COVID-19 pandemic and complex international environments, which may impact market, credit, and liquidity risks[151] Business Strategy and Growth - The company has established a strategic framework of "1+2+1," focusing on life insurance as the core, with wealth management and health care as wings, supported by technology[15] - The company aims to enhance its role as a provider of life and health insurance products and services, focusing on building a comprehensive insurance ecosystem[39] - The company is committed to expanding its market presence and enhancing its product offerings through technological advancements and strategic partnerships[15] - The company aims to shift from a "scale-oriented" approach to a model that balances value and scale[147] - The company plans to enhance the adaptability and flexibility of its supply structure to meet changing demands[147] - The company is focusing on integrating technology with human resources to drive growth[147] Customer Engagement and Market Presence - The company served over 30 million customers, reflecting its strong market presence[46] - The first-year premium from individual insurance channels was CNY 18.479 billion, solidifying market position[49] - The long-term insurance first-year premium increased by 26.7%, with a market share of 15%, up by 2.3 percentage points[49] - The company’s individual insurance channel generated premium income of CNY 119.83 billion, an increase of 2.1% year-on-year[81] - The bancassurance channel reported premium income of CNY 40.74 billion, up by 2.5% compared to the previous year[81] Financial Ratios and Solvency - The comprehensive solvency adequacy ratio stood at 252.09%, down from 277.84% in the previous year, indicating a decrease of 25.75 percentage points[35] - The core solvency adequacy ratio decreased to 243.35%, down 24.93 percentage points from 268.28% in 2020[35] - The company's total liabilities to total assets ratio was 90.4% as of December 31, 2021, compared to 89.9% in 2020[128] Investment Performance - The company reported an investment asset total of CNY 1,082.80 billion, which is a 12.1% increase from CNY 965.65 billion in 2020[35] - The total investment return rate improved to 5.9%, a 0.4 percentage point increase from 5.5% in 2020[58] - The net investment yield for 2021 was 4.3%, a decrease of 0.3 percentage points from 4.6% in 2020[117] Governance and Management - The company appointed Xu Zhibin as the Chairman of the Board on January 25, 2021, and his position was approved by the China Banking and Insurance Regulatory Commission on November 10, 2021[191] - The company has undergone several changes in its board of directors and supervisory board, reflecting ongoing governance adjustments[195] - The total remuneration for the CEO, Li Quan, during the reporting period was 179.38 million, with a total tax of 101.47 million[197] Future Outlook - During the "14th Five-Year Plan" period, the company aims to become the most outstanding financial service group in China, focusing on comprehensive life insurance business[148] - In 2022, the company will emphasize value while maintaining stable growth in business scale, particularly focusing on regular premium business development[150] - The company is committed to participating in the construction of a multi-level social security system to support high-quality development[147]