NCI(SH:601336)2023-03-30 16:00Financial Performance - The company's total revenue for 2022 was 214,319 million RMB, a decrease of 3.6% compared to 222,380 million RMB in 2021[20]. - Net profit attributable to shareholders for 2022 was 9,822 million RMB, down 34.3% from 14,947 million RMB in 2021[20]. - The net cash flow from operating activities for 2022 was 89,385 million RMB, an increase of 21.0% compared to 73,853 million RMB in 2021[20]. - Total premium income reached CNY 163.1 billion, with renewal premiums increasing by 2.5% to CNY 119.7 billion[15]. - Insurance business revenue for 2022 was 163,099 million RMB, showing a slight decrease of 0.2% from 163,470 million RMB in 2021[20]. - The company's total assets reached 421.896 billion with a net profit of 5.221 billion, reflecting a strong financial position[80]. - Total assets amounted to CNY 1,255.0 billion, with investment assets at CNY 1,203.0 billion[12]. - The company's total liabilities increased by 13.0% to 1,152,139 million RMB, mainly due to the growth of insurance liability reserves[26]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 1.08 per share for the year 2022, totaling approximately RMB 3.369 billion, which accounts for 34.3% of the net profit attributable to shareholders[2]. - The company is committed to maintaining a minimum cash dividend ratio as stipulated in its articles of association[2]. Risk Management - The company has identified various risks including market risk, credit risk, insurance risk, operational risk, reputational risk, strategic risk, and liquidity risk, and has implemented measures to manage and control these risks effectively[2]. - The company will optimize its comprehensive risk management system to address potential risks and ensure effective operation[85]. - The company is facing risks from complex international environments and financial market pressures, including credit and liquidity risks[84]. Governance and Compliance - The financial report for 2022 has been audited by Deloitte and received a standard unqualified opinion[2]. - The company’s board of directors and senior management have confirmed the accuracy and completeness of the financial report, with no significant omissions or misleading statements[2]. - The company has ensured compliance with legal and regulatory requirements in its governance practices[156]. - The company has not faced any penalties from securities regulatory authorities for its current or former directors, supervisors, and senior management in the past three years[138]. Management and Board Structure - The board of directors consists of 12 members, including 2 executive directors, 5 non-executive directors, and 5 independent directors[155]. - The company has a performance salary system for senior management that includes basic salary, performance pay, and benefits[136]. - The company’s senior management remuneration is determined based on the company's operational status and performance evaluations, approved by the board of directors[136]. - The company appointed Mr. Wang Lianwen as vice president during the board meeting on December 8, 2022[113]. Employee and Training Initiatives - The company has a total workforce of 32,564 employees, with 57.6% in sales and sales management roles[140]. - In 2022, over 22,000 employees completed online training, with an average training duration of over 90 hours per person[143]. - Among the employees, 69.4% hold a bachelor's degree, while 6.0% have a postgraduate degree or higher[141]. Investment and Asset Management - The company invested over CNY 190 billion in strategic emerging industries, marking a 29% year-on-year increase[15]. - The net investment yield for the company's investment portfolio was 4.6%, with total investment income yield at 4.3%[58]. - The company’s equity investment dividend income surged by 92.3% to CNY 15,147 million from CNY 7,876 million in 2021[61]. Business Strategy and Future Outlook - The company aims to contribute to social economic recovery in 2023, focusing on steady progress and resilience[16]. - The company plans to enhance its long-term investment management capabilities and actively participate in the "third pillar" pension system development[20]. - The company plans to stabilize business scale and promote long-term, diversified business transformation in 2023[83]. Product and Market Performance - The individual insurance channel generated premium income of CNY 116,362 million, down 2.9% year-on-year[40]. - The bancassurance channel achieved premium income of CNY 43,931 million, an increase of 7.8% compared to CNY 40,737 million in 2021[40]. - The policyholder health insurance business generated premium income of CNY 7,620 million, up 48.5% year-on-year, covering 17.95 million customers, an increase of 108.2%[41]. Financial Ratios and Metrics - Core solvency adequacy ratio stood at 140.53%, while comprehensive solvency adequacy ratio was 238.20%[13]. - The debt-to-asset ratio increased to 91.8% from 90.4%, indicating a higher level of leverage[70]. - The total embedded value as of December 31, 2022, is CNY 255,582 million, slightly down from CNY 258,824 million in 2021[102].