On the evening of March 24th, China Life Insurance Co., Ltd. (hereinafter referred to as "China Life Insurance Company") released its annual performance report for 221. The report shows that in 221, the company realized a total premium of 618.327 billion yuan, a year-on-year increase of 1.%; Embedded value reached 1,23.8 billion yuan, an increase of 12.2% over the end of 22; The annual new business value is 44.78 billion yuan. All three indicators rank first in the industry, and the company has made steady progress.
In 221, the global COVID-19 epidemic continues to evolve, the international environment is complex and severe, and the domestic economy faces triple pressures of shrinking demand, supply shocks and weakening expectations. Affected by the slow release of consumer demand and the decline in the scale of sales manpower, the growth rate of premium income in the life insurance industry has further slowed down, and the development of the industry is facing unprecedented pressure. In terms of industry supervision, we will continue to promote the insurance industry to return to its original source, further improve the system and strengthen management and control around insurance product management, channel development, market behavior, operational services and corporate governance, and comprehensively promote the high-quality development of the industry.
adhering to the strategic core of "three major transformations, double-mindedness and capital-negative linkage", China Life Insurance Company has implemented the business policy of "emphasizing value, strengthening the team, stabilizing growth, promoting science and technology, providing excellent services and preventing risks", and has made concerted efforts to overcome difficulties with perseverance, and unswervingly promoted high-quality development while doing a good job in the prevention and control of normalized epidemic situations. The overall operation of the company has remained stable, and its market dominant position has become more stable.
According to the data in the annual report, China Life Insurance Company insisted on value leading, deepened transformation and upgrading, and maintained the "double leading" in scale value under the pressure of industry development and the continuous slowdown in premium growth. In 221, the company realized premium income of 618.327 billion yuan, a year-on-year increase of 1.%; The renewal premium was 442.463 billion yuan, a year-on-year increase of 5.8%. By December 31st, 221, embedded value reached 1,23.8 billion yuan, an increase of 12.2% compared with the end of 22. Affected by the epidemic situation and the slow release of insurance demand, the company realized a new single premium of 175.864 billion yuan. The first-year premium is 98.41 billion yuan, of which the first-year premium for ten years and above is 41.682 billion yuan. In 221, the company's annual new business value was 44.78 billion yuan. The number of effective long-term insurance policies reached 323 million, an increase of 1.9% compared with the end of 22.
In the face of the complicated and changeable market environment, China Life Insurance Company has always maintained its strategic strength, strengthened asset-liability management as the guide, firmly implemented the medium-and long-term strategic asset allocation plan, and continuously optimized its allocation management around the investment value chain. In 221, the company flexibly carried out tactical configuration operations according to market changes, taking into account short-term income stability, key risk prevention and long-term track layout. The total investment income reached 214.57 billion yuan, a year-on-year increase of 7.8%; The total return on investment reached 4.98%.
In 221, the company's overall operation was stable and its investment performance was good. According to the market information on the balance sheet date, the traditional assumption of discount rate of insurance reserves was updated. Based on the above factors, China Life Insurance Company realized a net profit attributable to shareholders of the parent company of 5.921 billion yuan, up by 1.3% year-on-year.
Adhere to high-quality development, and constantly consolidate the achievements of Dingxin reform
In 221, China Life Insurance Company realized the total premium of life insurance business of 481.311 billion yuan, up by .1% year-on-year; The total premium of health insurance business was 12.69 billion yuan, a year-on-year increase of 4.8%; The total premium of accident insurance business is 16.47 billion yuan. In 221, faced with the persistent impact of the COVID-19 epidemic and the severe and complicated market environment, the development of the industry is facing unprecedented transformation pressure. The company continued to deepen the "integrated and diversified" sales layout with customers as the center, strengthened the precise allocation of resources on the basis of strengthening standardized management, and focused on transformation breakthroughs. The individual insurance sector continued to focus on value creation and further promoted channel differentiation management; The diversified business segment focuses on professional operation, quality improvement and efficiency improvement, transformation and innovation, and the overall business is progressing steadily and improving steadily, effectively coordinating with the individual insurance segment. By December 31st, 221, China Life Insurance Company had a total sales force of about 89, people.
the individual insurance sector adhered to high-quality development, the channel transformation continued to deepen, and the overall business development was stable. In 221, the individual insurance sector of China Life Insurance Company realized a total premium of 59.489 billion yuan, of which the renewal premium was 47.973 billion yuan, a year-on-year increase of 4.3%; The first-year premium paid was 82.254 billion yuan, of which the first-year premium paid for ten years or more was 41.58 billion yuan. In 221, the annual new business value of the individual insurance sector was 42.945 billion yuan, and the value rate of new business in the first year was 42.2%.
adhering to the team development strategy of improving quality and stabilizing quantity, China Life Insurance Company made great efforts to improve the quality of the team. By December 31st, 221, the sales manpower of individual insurance was 82,, including 519, marketing team and 31, exhibition collection team. The excellent people in the individual insurance sector are stable, and the team foundation is generally stable. The company insists on driving business development with effective teams and actively promotes channel transformation. The 4. system of normal operation of individual insurance teams has been fully promoted and implemented, which has promoted the transformation of sales teams to specialization and professionalism.
The diversified business sector adheres to professional management, improves quality and efficiency, and actively expands the banking, group insurance and health insurance businesses.
the bancassurance channel adheres to channel positioning, which pays equal attention to both scale and value, and continuously promotes the healthy development of the channel. In 221, the bancassurance channel realized a total premium of 49.326 billion yuan, a year-on-year increase of 19.6%. The first-year premium paid reached 16.11 billion yuan, up 2.3% year-on-year, of which the first-year premium paid for five years and above reached 6.743 billion yuan, up 35.3% year-on-year. The renewal premium reached 32.792 billion yuan, up 3.6% year-on-year, accounting for 66.48% of the total channel premium, up 5.59 percentage points year-on-year. The bancassurance channel continued to strengthen the team's professional service support ability, and the team's quality improved steadily. By December 31st, 221, there were 25, account managers in bancassurance channel, and the average manual labor force remained stable and the per capita production capacity continued to grow.
the group insurance channel insists on overall planning scale and benefit, and all businesses develop steadily. In 221, the group insurance channel realized a total premium of 29.162 billion yuan, a year-on-year increase of 1.%; Short-term insurance premium was 25.694 billion yuan, up 2.9% year-on-year. As of December 31, 221, there were 45, group insurance salespeople, among which the high-performance manpower increased by 13.% compared with the end of 22.
in addition, the company vigorously develops the internet insurance business, and provides customers with a quality service experience through online and offline integration and online direct sales. The company has fully implemented the regulatory requirements of Internet insurance business in China Banking and Insurance Regulatory Commission, China, improved the centralized operation and unified management of the Internet organization and management system, and enriched the scene and customized product supply. In 221, the Internet insurance business developed by the company through individual insurance, bancassurance, group insurance and other channels grew rapidly. The total premium under the supervision of China Banking and Insurance Regulatory Commission reached 34.969 billion yuan, and the premium scale reached a record high. In the future, China Life Insurance Company will further strengthen the online and offline integration business, actively explore the exclusive business of Internet life insurance, and provide customers with more convenient Internet insurance services.
Insisting on customer-centeredness, the comprehensive financial section of China Life Insurance Company gives full play to the resource advantages of all members of China Life Insurance (Group) Company, actively builds a "life insurance+"comprehensive financial ecosystem, and creates a good situation for the comprehensive financial empowerment company to develop with high quality. In 221, under the pressure of the comprehensive reform of auto insurance and the development of speed limit, the company realized the premium of 21.17 billion yuan on behalf of China Life Property Insurance Company, and the number of insurance policies increased by 18.% year-on-year; The company's agency enterprise annuity business increased its first-year account size and pension security business scale to 28.197 billion yuan; Guangfa Bank represents China Life Insurance Company to realize the steady development of the first-year premium income of bancassurance; China Life Guangfa jointly issued 1.224 million debit cards and credit cards. At the same time, in order to meet the diversified needs of customers, the company cooperated with Guangfa Bank and property insurance companies to carry out various customer business activities and provide customers with a package of high-quality financial and insurance services.
by integrating online and offline and internal and external medical and health resources, China Life Insurance Company has improved its health management service capabilities and actively participated in the construction of a healthy China. The service items of China Life Health Platform have been continuously enriched, and the system functions have been continuously upgraded. By December 31, 221, the number of service projects of China Life Health Platform exceeded 1, and the cumulative number of registered users increased by more than 35% compared with the end of 22, ranking among the top in the industry. The company continues to build the China Life Pension System, and through the China Life Pension Fund, it arranges high-quality resources in the upstream and downstream of the pension industry chain such as rehabilitation, medical care, hospitals, health care big data, and health industrial parks. In 221, China Life Pension Fund accelerated the storage of a number of old-age health care projects in strategic areas such as Beijing-Tianjin-Hebei, Yangtze River Economic Belt and Guangdong-Hong Kong-Macao Greater Bay Area, which can meet the diversified and multi-level needs of customers.
Serving the overall situation of the country, investing in the real economy totaled over 2.7 trillion yuan
Adhering to the mission of serving the overall situation of the country, China Life Insurance Company played a major role, actively served the construction of a healthy China, actively responded to the national strategy of population aging, and actively participated in the construction of a multi-level social security system. The company actively carries out various kinds of policy health insurance business. By December 31, 221, the company was running more than 2 serious illness insurance projects, covering more than 35 million people. Continue to undertake more than 4 health care entrusted management projects, covering more than 1 million people; Undertake 61 long-term care insurance projects in 17 provinces and cities, covering 23 million people; Undertaking 17 supplementary medical insurance projects in 22 provinces and cities, covering 91 million people. The company actively integrated into the construction of multi-level social security system, and accumulated 54 customized commercial medical insurance projects in 15 provinces and cities, with more than 1 million insurers. The pilot work of exclusive commercial endowment insurance was promoted in an orderly manner. Adhere to the purpose of financial services to the real economy, focus on major national strategies, and continuously improve the quality and efficiency of services. The total investment in the real economy exceeded 2.7 trillion yuan, and the scale of new investment in 221 was nearly 77 billion yuan. The accumulated investment in serving the national regional development strategy exceeds 1.4 trillion yuan.
anchor the ESG strategic goal of "building a world-class and responsible life insurance company", implant the goal of "peak carbon dioxide emissions is carbon neutral" into the company's development concept, build a climate change response system, formulate the overall environmental goal and specific implementation plan of "ensuring a healthy and friendly environment and helping to achieve carbon neutrality", and identify the starting point from green investment, green sales, green operation, green office and other aspects. The accumulated green investment exceeds 3 billion yuan. The construction of green investment standard system started, and the asset management subsidiary launched the first ESG bond index and equity index in the domestic insurance asset management industry. We will spare no effort to promote rural revitalization, optimize the supply of rural revitalization insurance products, and continue to help the country to help regional development.
Create a diversified product system, and newly develop and upgrade 16 products
Practice the product development concept of "customer-centered". China Life Insurance Company adheres to the insurance origin, earnestly implements national major strategies such as healthy China, actively responds to the aging population and rural revitalization, accelerates the pace of product innovation, promotes the reform of insurance product supply side, and creates a diversified product system.
China Life Insurance Company has closely integrated the construction of comprehensive service and healthy China with its own business development, continuously carried out the optimization and upgrading of health insurance products, intensified the innovative research and development of products such as sickness insurance and medical insurance in terms of underwriting population, coverage scope and coverage functions, and provided diversified health protection. Actively serve the national strategy to cope with the aging population, give full play to the advantages of long-term risk protection and long-term capital utilization, conduct key research on the scope and interests of protection, and launch exclusive commercial endowment insurance and special annuity insurance products for elderly customers. Help the rural revitalization strategy, develop exclusive insurance products for rural revitalization, and actively play the role of insurance in safeguarding people's livelihood.
In 221, China Life Insurance Company newly developed and upgraded 16 products, including 12 life insurance products, 138 health insurance products, 2 accident insurance products and 8 annuity insurance products. There are 144 guaranteed products and 16 long-term savings products.
Strengthen the management of assets and liabilities, with the total investment income exceeding 214 billion yuan
In 221, the domestic bond yield fluctuated within a narrow range, and the interest rate center declined in the whole year; The A-share market is in a volatile pattern, and the industry differentiation is remarkable. China Life Insurance Company has always maintained its strategic strength, guided by asset-liability management in capital utilization, firmly implemented medium-and long-term strategic asset allocation planning, and flexibly carried out tactical allocation operations according to market changes. First, grasp the window period of relatively high interest rate in the first half of the year, increase the allocation of long-term assets with interest rate bonds as the mainstay, and further narrow the duration gap; Second, carefully control the risk exposure of equity in the open market, reduce portfolio fluctuation and lock in income; The third is to increase the innovation of alternative investment models, promote the forward-looking industry layout and build a diversified investment portfolio.
as of December 31st, 221, the total assets of China Life Insurance Company reached 4,891,85 million yuan, an increase of 15.% compared with the end of 22. The company's investment assets reached 4,716.829 billion yuan, an increase of 15.1% compared with the end of 22.
in 221, the company realized a net investment income of 188.77 billion yuan, an increase of 25.987 billion yuan compared with 22, with a year-on-year increase of 16.%. Thanks to the company's continuous efforts to allocate long-term bonds in recent years and the contribution of investment income of joint ventures and joint ventures, the net investment return rate in 221 reached 4.38%, up by 4 basis points from 22. The total investment income for the whole year was 214.57 billion yuan, an increase of 15.461 billion yuan compared with 22, with a year-on-year increase of 7.8%. The total return on investment is 4.98%. Affected by the fluctuation of the equity market, after considering the net change of fair value of available-for-sale financial assets included in other comprehensive income in the current period, the comprehensive investment yield is 4.87%.
the digital transformation has reached a new level, and the data processing capacity has been improved by 1 times.
In 221, China Life Insurance Company accelerated scientific and technological innovation, strengthened digital drive, deepened the value creation of scientific and technological empowerment, accelerated the integration of science and technology and business, and continuously strengthened the leading and supporting role of scientific and technological innovation.
technological innovation and comprehensive upgrading of the scientific and technological framework. Relying on the powerful computing power of China Life Hybrid Cloud and an open and compatible digital platform, all core systems are realized from computing, storage and data.