Financial Performance - The company achieved an annual operating revenue of CNY 323.945 billion, with insurance service revenue of CNY 266.167 billion, representing a year-on-year growth of 6.6%[2] - The net operating profit attributable to the parent company was CNY 35.518 billion, remaining stable compared to the previous year[2] - The company's net profit increased by 31.2% to RMB 121,448 million, attributed to the impact of accounting standards[9] - The group's net profit was RMB 27.257 billion, a decrease of 27.1% year-on-year, while operating profit was RMB 35.518 billion, down 0.4%[18] - The net profit for 2023 was RMB 19.53 billion, reflecting a decrease of 33.7% year-on-year, attributed to investment performance and changes in financial regulations[39] - The net profit for 2023 was RMB 27.257 billion, compared to a net profit of RMB 37.381 billion in 2022, indicating a decrease of about 27.1%[160] Asset Management - The total assets under management grew to CNY 2,922.308 billion, marking a 10.1% increase year-on-year[2] - The company's total assets measured at fair value through profit or loss were RMB 581,602 million, with a notable increase in trading financial assets[9] - The total assets of China Pacific Life Insurance reached RMB 2,014,824 million, with a net profit of RMB 19,532 million[116] - The total assets of China Pacific Insurance (Group) Co., Ltd. reached RMB 2,343,962 million, an increase of 13.1% from RMB 2,071,336 million in 2022[152] Customer Growth - The customer base expanded to 179.869 million, an increase of 9.342 million from the previous year[2] - The number of customers reached 180 million, an increase of 9.34 million from the previous year[18] - The number of individual customers reached 178 million, an increase of 5.6% year-on-year[74] - The number of individual customers holding two or more policies reached 39.55 million, an increase of 6.8% year-on-year[75] Investment Performance - The comprehensive investment return rate for the group's investment assets was 2.7%, an increase of 0.4 percentage points year-on-year[3] - The total investment return rate was 2.6%, down 1.5 percentage points year-on-year[22] - Total investment income fell to RMB 36.71 billion, a decline of 40.6% compared to the previous year, primarily due to market fluctuations[38][39] - The company's net investment income for 2023 reached 77.739 billion RMB, a year-on-year increase of 2.3% driven by growth in dividend and interest income[67] Strategic Initiatives - The company plans to continue focusing on high-quality development and customer-centric strategies in 2024, despite external uncertainties[4] - The company aims to strengthen technology finance and deepen the full-cycle service of technological innovation to support China's technological self-reliance[5] - The company is committed to green finance, supporting China's economic green transformation and upgrading[5] - The company is focusing on digital transformation and enhancing the professional capabilities of its workforce[26] Insurance Operations - The comprehensive cost ratio for underwriting was 97.7%, maintaining good profitability across various insurance segments[3] - The comprehensive cost ratio for property insurance was 97.7%, an increase of 0.7 percentage points year-on-year, while the original insurance premium income reached RMB 190.614 billion, growing by 11.4%[20] - The health insurance segment generated original premium income of CNY 17.361 billion, reflecting an 18.6% year-on-year growth, with a comprehensive cost ratio of 99.2%, down 3.3 percentage points year-on-year[46] - The motor vehicle insurance segment reported original premium income of CNY 103.514 billion, a 5.6% increase year-on-year, with a comprehensive cost ratio of 97.6%[45] Regulatory Compliance and Governance - The company has received an unqualified audit opinion, indicating that the financial statements fairly reflect its financial position as of December 31, 2023[141] - The company is committed to complying with the Chinese accounting standards in preparing its financial statements[142] - The audit report emphasizes the importance of internal controls and the assessment of significant audit risks, indicating a focus on governance and compliance[151] Future Outlook - The company plans to enhance inclusive finance and focus on pension finance, emphasizing pension fund management and product service innovation[5] - The company aims to enhance customer experience, optimize business quality, and strengthen risk control capabilities, targeting high-quality development as a key vision[120] - The company faces risks from international political complexities and domestic economic challenges, emphasizing the need for proactive risk management strategies[121]
中国太保(02601) - 2023 - 年度业绩