Financial Performance - The company reported original insurance premium income of RMB 515.807 billion for 2023, an increase of 6.3% from RMB 485.434 billion in 2022[8]. - The net profit for 2023 was RMB 24.566 billion, down 15.6% from RMB 29.108 billion in 2022[8]. - The underwriting profit for 2023 was RMB 10.189 billion, a decrease of 29.1% compared to RMB 14.364 billion in 2021[8]. - The total investment income for 2023 was RMB 20.807 billion, with an investment yield of 3.5%[12]. - The comprehensive cost ratio stood at 97.8%, resulting in an underwriting profit of CNY 10.189 billion and total investment income of CNY 20.807 billion, with a net profit of CNY 24.566 billion and a return on equity of 10.8%[21]. - The pre-tax profit for 2023 was RMB 28.04 billion, a decrease of 17.6% from RMB 34.02 billion in 2022[58]. - The company reported total assets of RMB 703.623 billion and net assets of RMB 234.304 billion as of December 31, 2023, with a solvency adequacy ratio of 232.4%, up 3.1 percentage points from the beginning of the year[26]. - The company achieved insurance service revenue of CNY 457.203 billion, a year-on-year increase of 7.7%, with auto insurance revenue of CNY 282.117 billion and non-auto insurance revenue of CNY 175.086 billion[25]. Market Position and Share - The company achieved a market share of 32.5% in the property insurance sector[11]. - In 2023, the company achieved original insurance premium income of CNY 515.807 billion, a year-on-year increase of 6.3%, maintaining a market share of 32.5% in the property insurance sector[25]. - The company processed 130 million claims, a year-on-year increase of over 40%, showcasing its commitment to efficient claims handling[21]. - The company is expanding its market presence, targeting an increase in market share by 5% in the next year[84]. Investment and Assets - Total investment income for the company was RMB 20.807 billion, with a total investment return rate of 3.5%[48]. - The total investment assets increased to RMB 600.711 billion, representing a 4.3% growth from the previous year[48]. - Fixed income investments totaled RMB 349.75 billion, an increase of 2.0% from the beginning of the year, but the proportion decreased by 1.3 percentage points[54]. - Equity investments increased by 12.4% to RMB 158.42 billion, with a rise in proportion by 2.0 percentage points compared to the beginning of the year[54]. Customer and Service Development - The company has a diversified customer base, reducing significant credit concentration risk in insurance receivables[68]. - The company aims to enhance its service offerings by focusing on personal, corporate, and government client needs, particularly in auto insurance and agricultural insurance products[77]. - The company is committed to digital transformation, enhancing its technological infrastructure to support business operations and improve customer engagement[77]. - The company is focusing on optimizing product offerings and enhancing service quality to capture growth opportunities in the post-pandemic environment[36][39]. Risk Management and Compliance - The company emphasizes compliance and risk management, focusing on early identification and resolution of potential risks[77]. - The company has maintained a good overall compliance status in its management activities, with no significant systemic compliance risks reported in 2023[100]. - The company has established a risk management framework, reviewing the solvency risk management system and conducting stress tests[174]. - The company is committed to enhancing its risk management capabilities, focusing on comprehensive risk management system improvements and digital upgrades[97]. Corporate Governance - The company maintained a strong governance structure, with all board members rated as "competent" in their duties for the year 2022[155]. - The board of directors consists of 5 independent directors, with Ms. Qu Xiaohui serving as the chair of the audit committee, bringing extensive experience in accounting and financial management[161]. - The company has established 5 specialized committees under the board, including the audit committee and risk management committee, to improve governance[161]. - The company plans to continue its commitment to regulatory compliance and effective governance in 2024, focusing on sustainable development[156]. Future Outlook and Strategy - The company aims to continue high-quality development in 2024, focusing on optimizing its strategic implementation and enhancing service to the real economy[23]. - The company provided guidance for the next fiscal year, projecting a revenue growth of 10% to 12%[82]. - New product launches are expected to contribute an additional 5 billion RMB in revenue, with a focus on innovative insurance products[83]. - The company plans to pursue strategic acquisitions to enhance its service offerings, with a budget of RMB 10 billion allocated for potential deals[89]. Social Responsibility and Community Engagement - The company made charitable donations totaling CNY 41 million during the year, with CNY 24 million allocated for public welfare donations[108]. - The company is actively pursuing green finance opportunities and developing green insurance products to support sustainable development[99].
中国财险(02328) - 2023 - 年度业绩