Financial Performance - China Pacific Insurance reported operating revenue of CNY 175.54 billion for the first half of 2023, a year-on-year increase of 6.5%[2]. - The group's net profit attributable to shareholders reached CNY 21.54 billion, reflecting a year-on-year growth of 2.5%[2]. - The embedded value of the group as of June 30, 2023, was CNY 537.11 billion, up 3.4% from the end of the previous year[2]. - New business value for China Pacific Life Insurance grew by 31.5% year-on-year, with the new business value margin increasing by 2.7 percentage points[2]. - The total assets under management reached CNY 2.84 trillion, representing a 6.9% increase from the end of the previous year[2]. - The group achieved total operating revenue of RMB 175.54 billion in the first half of 2023, with insurance service revenue of RMB 134.06 billion, representing a year-on-year growth of 7.4%[16]. - The group's net profit was RMB 18.33 billion, a year-on-year decrease of 8.7%, while operating profit increased by 2.5% to RMB 21.54 billion[16]. - The group's net assets rose to RMB 242.99 billion, reflecting a significant increase of 23.7%[22]. - The company reported a significant growth in non-motor vehicle insurance premium income, reaching RMB 52.938 billion, a year-on-year increase of 24.5%[44]. - The company reported a total of RMB 9,998 million in cash received from bond issuance during the period[110]. Investment and Asset Management - The company is advancing its ESG management system, integrating ESG factors into its operations and promoting green finance initiatives[3]. - The company is focusing on value investment and enhancing its investment management capabilities, while exploring ESG investment opportunities[57]. - The group’s investment asset comprehensive return rate was 2.1%, up 0.6 percentage points compared to the previous year[17]. - The company reported a total investment income of RMB 16.323 billion, a decrease of 4.5% year-on-year[48]. - The company’s total investment assets amounted to RMB 2,118,655 million, an increase from RMB 2,021,933 million at the beginning of the year[58]. - The company’s credit risk management for bond investments is comprehensive, covering pre-investment, during investment, and post-investment processes[61]. - The company emphasizes strict control over risk exposure in the real estate sector while selecting investment targets under manageable risk conditions[61]. - The company reported a net investment yield of 2.0%, down by 0.1 percentage points year-on-year[66]. - The company continues to focus on enhancing investment capabilities and risk management in its third-party asset management business[68]. Business Strategy and Development - The company launched a "352" health strategy blueprint, focusing on comprehensive health services across various life stages[2]. - The company is focusing on a "health, retirement, and wealth" product service system to drive growth and enhance service integration[10]. - The company is implementing a "big health" strategy, which includes the development of managed medical products and key population insurance products[12]. - The company aims to enhance customer engagement through innovative products and technology, including the launch of the online claims brand "Tuntun Huipai"[39]. - The company is focusing on green development, rural revitalization, and technology insurance as part of its strategic initiatives for sustainable growth[40]. - The company aims to maintain a resilient approach to navigate uncertainties in the external environment while focusing on high-quality development[4]. - The company is focusing on multi-channel development and enhancing customer insights to improve service offerings[24]. - The company has established a national layout for its "Taibao Home" elderly care community, enhancing its service offerings for the elderly[2]. - The company has established 13 retirement service centers in 11 cities, planning over 14,000 retirement service beds[30]. Insurance Operations - In the first half of 2023, the national insurance industry achieved original insurance premium income of RMB 3.21 trillion, a year-on-year increase of 12.5%[5]. - The life insurance segment generated original premium income of RMB 2.33 trillion, up 13.8% year-on-year, while the property insurance segment reported RMB 0.88 trillion, a 9.3% increase[5]. - The comprehensive cost ratio for underwriting in the property insurance business was 97.9%, an increase of 0.6 percentage points year-on-year[19]. - The renewal rate for individual life insurance policies was 95.4% for 13 months, an increase of 7.6 percentage points year-on-year[32][33]. - The insurance service revenue reached RMB 134,064 million, up from RMB 124,834 million, reflecting a growth of 7.8% year-over-year[103]. - The insurance service costs amounted to RMB 85.58 billion, reflecting a 15.7% year-on-year growth, driven by increased claims and expenses due to business scale expansion[51]. - The company reported a total cash inflow from recovering investments of RMB 14,432 million, compared to RMB 5,808 million in the previous year[115]. - The company received RMB 245,011 million in cash from insurance premiums, an increase from RMB 222,125 million in the previous year[108]. Financial Position and Liabilities - As of June 30, 2023, the company's total liabilities reached RMB 1,953,897 million, up from RMB 1,869,664 million, indicating an increase of about 4.5%[102]. - The company's total liabilities to assets ratio was 89.0%, down from 90.5% at the end of the previous year[81]. - The company's unearned insurance liabilities amounted to RMB 1,701.81 billion, representing an increase of 8.5% compared to the end of the previous year[75]. - The company's incurred claims liabilities reached RMB 100.46 billion, reflecting a growth of 4.9% from the end of the previous year[75]. - The total insurance contract liabilities amounted to RMB 1,802.27 billion, with unearned liabilities constituting RMB 1,701.81 billion[76]. - The company has established reinsurance agreements with leading global reinsurers to mitigate concentration risk[77]. - The core solvency adequacy ratio for Taiping Group was 159%, down from 177% at the end of 2022[72]. - The comprehensive solvency adequacy ratio was 368%, a minor decrease from 369% at the end of the previous year[74]. Regulatory and Compliance - The company has fully complied with the Corporate Governance Code during the reporting period[92]. - The company's financial statements for the six months ending June 30, 2023, have been reviewed by the audit committee[93]. - The company implemented a cash dividend distribution of RMB 1.02 per share for the year 2022, completed in June 2023[91]. - No profit distribution or capital reserve conversion to share capital was conducted for the first half of 2023[92]. - The mid-term financial report for the six months ending June 30, 2023, will be published on the company's website and the Hong Kong Stock Exchange[94]. Changes in Accounting Standards - The group has adopted new financial instrument accounting standards effective January 1, 2023, impacting the recognition, classification, and measurement of financial assets and liabilities[178]. - The implementation of the new insurance contract standards resulted in significant changes to the recognition of insurance service income and expenses, as well as the measurement of insurance contract liabilities[179]. - The company adopted retrospective adjustment methods for contracts where the new standards were inconsistent with previous accounting treatments[179]. - The total assets as of January 1, 2023, were adjusted to RMB 2,105,746 million, reflecting a decrease of RMB 70,553 million due to the new accounting policy[181]. - The total liabilities after the accounting policy change amounted to RMB 1,869,707 million, a reduction of RMB 72,464 million[183].
中国太保(02601) - 2023 - 中期业绩