中国平安(02318) - 2023 - 中期业绩

Company Performance - The company ranked 33rd in the Fortune Global 500 and 1st among global insurance companies, maintaining its position as the 5th largest financial enterprise globally[1]. - As of June 30, 2023, the insurance service revenue was RMB 48,115 million, with a pre-tax operating profit of RMB 65,615 million and a net profit of RMB 46,335 million[43]. - The company achieved a net profit of CNY 25.39 billion in the first half of 2023, representing a year-on-year increase of 14.9%[156]. - The net profit for the first half of 2023 was RMB 9,285 million, an increase of 7.4% from RMB 8,642 million in 2022[82]. - The total operating income for the first half of 2023 was RMB 88,610 million, a decrease of 3.7% from RMB 92,022 million in 2022[185]. Customer Base and Retention - The company has over 2.29 billion personal customers, with more than 64% utilizing services from the healthcare ecosystem, resulting in an average of 3.43 contracts and an average AUM of approximately 55,800 yuan per customer[3]. - As of June 30, 2023, the group had over 229 million individual customers, an increase of 1.2% from the beginning of the year, with 14.29 million new customers added in the first half of 2023, representing a year-on-year growth of 2.3%[15]. - The group has approximately 153 million customers with over 5 years of tenure, accounting for 66.7% of the total customer base, indicating high customer retention[20]. - The 13-month policy continuation rate improved to 93.8%, up 2.1 percentage points year-on-year, while the 25-month policy continuation rate rose to 87.6%, an increase of 7.0 percentage points[41]. Business Growth and Strategy - In the first half of 2023, the new business value of the life insurance segment increased by 45.0% year-on-year, with agent channel productivity rising by 94.3%[4]. - The company plans to continue focusing on core business areas, cost reduction, and structural optimization in the second half of 2023[7]. - The company is committed to a strategy of "integrated finance + healthcare," aiming to meet the high-quality living needs of residents[3]. - The company aims to enhance its "insurance + service" product offerings to improve sales and business quality, leveraging its healthcare ecosystem[40]. Financial Performance and Investments - The total premium income from property insurance business was RMB 154.136 billion, an increase from RMB 146.792 billion in the previous year[136]. - The total investment income for the first half of 2023 reached RMB 79.64 billion, reflecting a significant increase of 41.6% from RMB 56.23 billion in 2022[120]. - The comprehensive investment return rate for the insurance fund investment portfolio was 4.1%, up by 0.7 percentage points year-on-year[115]. - The company's total investment assets amounted to RMB 4,615.76 billion, an increase from RMB 4,332.92 billion in December 2022, representing a growth of 6.5%[119]. Risk Management and Solvency - The company’s solvency ratios for life insurance, pension insurance, and health insurance are significantly above regulatory requirements as of June 30, 2023[44]. - The company has strengthened risk control measures, with a provision coverage ratio of 291.51%, an increase of 1.23 percentage points from the beginning of the year[130]. - The core solvency adequacy ratio was 176.6% as of June 30, 2023, slightly down from 177.6% at the end of 2022[135]. Technological Advancements and Digital Transformation - The company continues to enhance its technological capabilities and expand its ecosystem through ongoing research and development investments[181]. - The company is focusing on transforming its customer management model from "disease-centered" to "health-centered," aiming to develop products that meet diverse customer needs[85]. - The registered user count for the "Ping An Pocket Bank" APP reached 159.93 million, an increase of 4.6% since the beginning of the year[189]. Healthcare and Elderly Care Services - The company has initiated high-end elderly care projects in four cities, with over 60,000 customers qualifying for home elderly care services[4]. - The healthcare ecosystem has served 1.18 million users in chronic disease prevention, achieving a service satisfaction rate of 99%[51]. - The company has initiated high-quality elderly care services in cities including Shenzhen, Guangzhou, Shanghai, and Foshan, with a new project launched in Shanghai in February 2023[68].