Financial Performance - Total premium income for 2022 was RMB 625.82 billion, an increase of 6.9% from RMB 585.43 billion in 2021[2] - Net premium income reached RMB 571.04 billion, up from RMB 538.37 billion, reflecting a growth of 6.1%[2] - Total revenue for 2022 was RMB 615.73 billion, compared to RMB 594.61 billion in 2021, marking a 3.6% increase[2] - Net profit for 2022 was RMB 34.43 billion, representing a 13.5% increase from RMB 30.37 billion in 2021[2] - Basic earnings per share increased to RMB 0.55 in 2022 from RMB 0.49 in 2021, a rise of 12.2%[2] - The company reported a total comprehensive income of RMB 13.78 billion for 2022, down from RMB 32.63 billion in 2021[3] - The company’s total reserves as of December 31, 2022, amounted to RMB 177,547 million[5] - The company reported a net investment income of 44,889 million from dividends, interest, and rental income in 2022, compared to 38,708 million in 2021, reflecting an increase of about 16.5%[19] - The total expenses for insurance operations and other costs amounted to 429,535 million in 2022, compared to 410,351 million in 2021, indicating an increase of approximately 4.7%[17] Assets and Liabilities - Total assets as of December 31, 2022, were RMB 1,509.14 billion, up from RMB 1,376.86 billion in 2021, indicating a growth of 9.6%[4] - Total liabilities increased to RMB 1,208.19 billion in 2022 from RMB 1,079.96 billion in 2021, reflecting a rise of 11.9%[4] - The total assets of the group primarily consist of operating assets directly attributable to various business segments, with no single external customer contributing over 10% of total direct premium income[15] - The total assets of the group surpassed 1.5 trillion RMB, with net assets exceeding 300 billion RMB[46] Cash Flow and Investment - The company’s cash and cash equivalents increased to RMB 40.60 billion in 2022 from RMB 33.28 billion in 2021, a growth of 22.0%[4] - The net cash inflow from operating activities for 2022 was RMB 71,651 million, slightly down from RMB 72,731 million in 2021[8] - The net cash flow used in investing activities decreased to RMB (73,285) million in 2022 from RMB (81,555) million in 2021, indicating improved cash management[9] - The net cash generated from financing activities increased to RMB 8,557 million in 2022 compared to a net cash outflow of RMB (35,861) million in 2021, reflecting stronger financing performance[9] - The company actively expanded its investment strategies, focusing on long-term, value, and prudent investments to mitigate extreme market risks[112] Insurance Operations - Property insurance premium income was RMB 487.53 billion, a year-on-year increase of 8.5%, maintaining a market share of 32.7%[35] - Life insurance premium income reached RMB 102.86 billion, showing positive growth amid industry adjustments[35] - Health insurance premium income surpassed RMB 40 billion for the first time, leading the market among specialized health insurance companies[35] - The company’s comprehensive cost ratio improved to 97.6%, a decrease of 2.0 percentage points year-on-year[34] - The company is focusing on enhancing risk management and compliance systems to support sustainable growth and financial stability[60] Market and Growth Strategy - The company plans to continue expanding its market presence and investing in new technologies to enhance its service offerings[1] - The insurance sector is expected to benefit from China's economic recovery and new policy opportunities in 2023, focusing on technology innovation and risk management[123] - The company is focusing on high-value business and channel innovation, particularly in internet insurance and bank insurance collaborations[101] Dividends and Shareholder Returns - The company distributed a cash dividend of RMB 1.66 per 10 shares for the fiscal year 2022, representing a 1.2% increase, with a dividend payout ratio of 30.0% based on net profit attributable to shareholders[36] - A proposed final dividend of 0.166 RMB per share, totaling approximately 7.341 billion RMB, is pending shareholder approval[122] Risk Management and Compliance - The company has strengthened credit risk management, with 99.5% of external credit ratings rated AAA[115] - The company has complied with corporate governance regulations set by the Shanghai Stock Exchange and the Hong Kong Stock Exchange[138] Technology and Innovation - The company has established a unified technical architecture system to enhance its digital transformation and support strategic implementation[42] - The technology segment will focus on infrastructure development and insurance technology innovation to support the group's digital transformation[125]
中国人民保险集团(01339) - 2022 - 年度业绩