2024-05-30 09:09Group 1: Financial Performance - The company's quarterly net profit in 2023 showed smaller year-on-year fluctuations compared to peers, attributed to stable insurance service performance and a prudent investment strategy [3] - The company's CSM amortization ratio for 2023 was 7.4%, indicating a stable business structure [3] - The net profit attributable to shareholders for 2023 was impacted by the new accounting standards, making 2022 data not directly comparable [3] Group 2: Investment Strategy - The long-term investment return assumption was adjusted to 4.5% in 2023, with OPAT and CSM assessment rates determined based on asset allocation [3] - The company has been actively managing asset-liability matching since 2009, with equity assets being a significant part of the strategic asset allocation [5] - The company plans to enhance the management of equity assets, considering factors like yield, liquidity, and risk tolerance [5] Group 3: Regulatory and Accounting Changes - The new accounting standards have led to increased volatility in net profit due to capital market fluctuations [6] - The company has adjusted its long-term investment yield assumptions and risk discount rate, reflecting changes in market interest rates and industry conditions [7] - The CSM absorption of investment component deviations includes reinsurance deviations and VFA method interest rate differences [4] Group 4: Market Trends and Consumer Behavior - There was a strong demand for savings-type insurance in 2023, with changes in product and channel structures contributing to NBV growth [7] - The company noted that the proportion of unearned premium reserves remained stable compared to 2022, with slight decreases in auto insurance and increases in non-auto insurance [6] - The company anticipates potential adjustments to equity asset allocation strategies in response to the low interest rate environment [5]