Risk Management and Insurance Solutions - China Pacific Insurance provided a comprehensive risk solution for the Hangzhou Asian Games with a total insurance coverage exceeding 400 billion RMB, covering various risks including property, financial, liability, and personal risks[3]. - The company established a risk management team with a structure of "1+1+2" to assist in creating a risk management system for the Asian Games, resulting in over 400 rectification suggestions and more than 8,700 emergency plans[3]. - The company has developed 17 exclusive insurance products for the Asian Games, extending its services to the sports industry chain and the Asian Games ecosystem[3]. - The company has established an insurance service command center for the Asian Games, implementing a smart service system to enhance operational efficiency and service visibility[4]. - The company provided disaster risk protection exceeding 895 billion yuan and environmental pollution liability insurance protection exceeding 12.5 billion yuan for approximately 5,000 enterprises[169]. Financial Performance - Total operating profit for 2023 was RMB 35,518 million, a decrease of 0.4% year-on-year[42]. - Net profit attributable to shareholders was RMB 27,257 million, down 27.1% compared to the previous year[42]. - The company achieved an operating revenue of CNY 323.945 billion in 2023, with insurance service revenue of CNY 266.167 billion, representing a year-on-year growth of 6.6%[50]. - The group's net profit attributable to shareholders was RMB 27.257 billion, a decrease of 27.1% year-on-year[90]. - The company reported a significant decrease in investment income, which fell to RMB 7,053 million in 2023 from RMB 77,510 million in 2022, a decline of 90.9%[82]. Investment Strategy and Performance - The group’s investment asset net investment yield was 4.0%, a decrease of 0.3 percentage points[42]. - The company's total managed assets reached CNY 2,922.308 billion, reflecting a growth of 10.1% year-on-year[50]. - The company's investment assets increased to RMB 2,250,073 million in 2023, up from RMB 1,956,458 million in 2022, representing a growth of 15%[76]. - The company's net investment yield was 4.0%, down 0.3 percentage points year-on-year, while the total investment yield was 2.6%, down 1.5 percentage points[148]. - The company aims to enhance its investment management capabilities and explore innovative investment asset tools and strategies, focusing on ESG factors integration[137]. Customer Service and Engagement - The insurance service team dedicated over 34,000 service hours and handled more than 70,000 service interactions during the Asian Games, demonstrating a strong commitment to service quality[6]. - The company aims to enhance customer-centric operations and explore new collaborative development models in insurance and wealth management[61]. - The company launched a lightweight remote video interaction technology, enhancing customer insurance experience[58]. - The company has launched a comprehensive "insurance + service" solution covering the entire life cycle of customers[102]. - The company has established 8 elder care homes across 12 cities, with over 15,800 planned service beds[102]. Social Responsibility and Sustainability - China Pacific Insurance is actively expanding its elderly care financial services, aiming to strengthen its position in the elderly finance sector[2]. - The company is committed to participating in the construction of a green financial system, emphasizing sustainable development across its operations[2]. - The company released its first climate change report, highlighting its commitment to sustainable insurance and enhancing its ESG investment management system[13]. - The company aims to strengthen its role as an economic stabilizer and social stabilizer in response to climate change challenges and opportunities[13]. - The company has developed a carbon footprint management platform and completed a comprehensive carbon audit across its operations, laying a solid foundation for its carbon neutrality goals[15]. Product Development and Innovation - The company is focusing on digital finance and green finance initiatives, integrating technology into its service offerings to enhance customer experience[2]. - The company launched the Shanghai Youth Health Promotion Center in collaboration with Shanghai University of Sport, focusing on youth health issues[9]. - The company has launched innovative insurance products focused on environmental governance and clean energy, including carbon asset loss insurance[15]. - The company is focusing on the "new products, new channels, new technologies" strategy to enhance sustainable development capabilities in health insurance[92]. - The company has launched the "Taibao Learning" online platform, offering over 14,000 online courses and achieving over 100,000 daily active users[180]. Market Position and Recognition - The company ranked fifth in the "2023 Global Top 100 Most Valuable Insurance Brands" by BrandFinance[46]. - The company was awarded the "Best Practice Case" in the "2023 Best Practice Creation Activity for Listed Company Boards" by the China Listed Companies Association[46]. - The company has maintained an industry-leading risk comprehensive rating for its insurance subsidiaries, ensuring solvency above regulatory standards[182]. - The company has cumulatively provided overseas business risk protection exceeding 20 trillion yuan over the past ten years, covering nearly 1,000 projects in about 120 countries and regions[174]. - The company has established 14 elderly care facilities in 12 cities, with a total investment reserve of 15,800 beds, addressing diverse elderly care needs[177].
中国太保(02601) - 2023 - 年度财报