On the evening of April 26, China Life Insurance Co., Ltd. (hereinafter referred to as "China Life") announced its performance report for the first quarter of 2024. According to the report, the company's first quarter total premium, first year regular payment, first year regular payment for ten years and above, total investment income and other indicators all achieved positive growth. The new business value achieved the highest growth rate in recent years, increasing by 26.3% compared with the new business value after resetting in the first quarter of 2023. In 2024, China Life closely focuses on the theme of high-quality development, making steady progress in business development, continuously improving the quality and efficiency of operations, stabilizing the market leading edge, and continuously enhancing its comprehensive strength. The insurance business has maintained rapid development Total premium growth leads A-share listed insurance companies Since this year, China Life Insurance has adhered to the principle of seeking progress while maintaining stability, promoting stability through progress, and establishing first before breaking down. In accordance with the "15 word" work requirements of the group company, and the company's business ideas of "three insistences" (strengthening party building, promoting reform, and preventing risks), "three improvements" (stabilizing development, increasing value, and valuing the team), and "three breakthroughs" (improving service, promoting integration, and reducing costs), it has accelerated its efforts to promote the company to become better and stronger, Lay a solid foundation for building a world-class life insurance company. China Life has maintained steady development and continued to lead the industry. In the first quarter of 2024, China's life insurance business continued to achieve rapid development on the basis of a high base in the same period of 2023. The company's total premium was 337.638 billion yuan, up 3.2% year on year, making it the A-share listed insurance company with the highest growth rate. The renewal premium was 225.194 billion yuan, up 7.5% year on year. The new premium is 112.444 billion yuan; The first year's regular premium was 74.825 billion yuan, up 4.7% year on year, of which the first year's regular premium for ten years and above was 25.191 billion yuan, up 25.4% year on year. The short-term insurance premium was 34.804 billion yuan. The surrender rate was 0.26%, down 0.14 percentage points year on year. Continuous improvement of development quality and efficiency New business value achieves the highest growth rate in recent years The business structure of China Life Insurance continued to be optimized, and the quality and efficiency of development were further improved. The company continued to strengthen asset liability management and actively promoted the construction of product system with diversified forms, terms and costs. The proportion of the first year regular premium of ten years and above in the first year regular premium is 33.67%, 5.57 percentage points higher than that of the same period in 2023. Driven by the rapid growth of medium - and long-term scheduled delivery business and cost reduction and efficiency increase, the new business value in the first quarter of 2024 achieved the highest growth rate in recent years, 26.3% higher than the new business value after resetting in the first quarter of 2023. The quantity and quality of the sales team increased steadily The monthly average of personal insurance in the first year increased by 17.7% year on year China Life always adheres to high-quality development. Since 2023, the reform of the marketing system has been implemented, promoting the upgrading of existing teams and the layout of new marketing models, and constantly building the foundation for development. The company continued to consolidate the basic management, and further clarified the direction of professional, professional and comprehensive reform of the sales team. The existing team has accelerated professional upgrading around six major measures, including structural adjustment, foundation consolidation, urban strengthening, and deep farming at the county level. The size of the sales team has taken the lead in stabilizing, the team structure and quality have been continuously optimized, and the team capacity has been significantly improved. As of March 31, 2024, the total sales force of China Life Insurance is 679000. Personal insurance channels continue to strengthen the optimization of growth and education, and strive to create an integrated system of new talent cultivation. "Normal Operation 4.0 System for Personal Insurance Team Construction", "Zhongxin Plan", "Foundation Strengthening Project" and other basic plans for a stable team; The exploration of new marketing mode has been transferred from the research and development stage to the pilot stage. The "seed plan" has laid out new marketing, created a team of financial and insurance planners who are "professional, valuable and integrated", and cultivated new momentum for the future; The team empowerment continues to deepen, the scenario technology application empowerment team develops, and the construction of digital business department improves sales efficiency. The scale of China Life's team has stabilized and consolidated. As of March 31, 2024, the company has 622000 personal insurance sales personnel. The quality of the team has improved significantly. The number and proportion of excellent people have continued to increase. The monthly per capita premium for the first year in the personal insurance sector has increased by 17.7% year on year. The team capacity has continued to grow on the basis of a high base. The pilot project of new marketing model of personal insurance has been promoted rapidly, and the pilot project of "seed plan" has been launched in Jiangsu, Guangdong, Shenzhen and other provincial institutions. Maintain long-term asset allocation Total investment income increased by 7.2% on the same caliber year on year China Life adheres to the concept of long-term investment, value investment and prudent investment, and takes multiple measures to stabilize investment income. In the first quarter of 2024, the interest rate hub will continue to decline, The A-share market fluctuated at a low level, and structural differentiation continued. China Life realized a total investment income of 64.657 billion yuan, a year-on-year increase of 7.2% on the same caliber, and a simple annualized total investment return of 3.23%; The net investment income was 42.681 billion yuan, and the simple annualized net investment return rate was 2.82%. The overall strength continued to rise, and the total assets of China Life exceeded 6 trillion yuan for the first time. As of March 31, 2024, the total assets of China Life reached 6070.843 billion yuan, and the investment assets reached 5931.895 billion yuan, up 4.6% and 4.8% respectively from the beginning of 2024. The company's solvency continues to maintain a high level, with the core solvency adequacy ratio reaching 154.97% and the comprehensive solvency adequacy ratio reaching 209.17%. The company actively strengthened the construction of underwriting capacity and tried to stabilize the level of investment income. In the first quarter of 2024, the net profit attributable to the shareholders of the parent company was 20.644 billion yuan, showing strong development resilience. As of March 31, 2024, the Company has realized shareholders' equity attributable to shareholders of the parent company of 480.406 billion yuan, an increase of 46.6% over the end of the previous year. Accelerate the construction of large health and elderly care service system The scale of personal pension business ranks top in the industry China Life Insurance fully integrates internal and external high-quality resources, constantly improves its health management service capabilities, and creates a high-quality and efficient online and offline health management service system. As of December 31, 2023, the number of Guoshou Health Platform service projects has exceeded 100, covering seven categories of health management service projects, including health examination, health consultation, health promotion, disease prevention, chronic disease management, medical services, rehabilitation care, etc. The cumulative number of registered users has increased by 20.0% over the end of last year, ranking the forefront of the industry. Adhere to the customer-centric approach, clarify the medium and long-term development goals and plans of China Life's characteristic pension ecology, dynamically evaluate the implementation of strategies and constantly optimize development strategies. China Life follows the four principles of long-term principle, customer-centric, market-oriented operation and rolling development, accelerates the pace of elderly care ecological construction, gradually expands the layout of elderly care projects in key cities, continuously improves the supply capacity of diversified services, and provides customers with full life cycle elderly care services that "reassure children and the elderly". In 2023, 7 new institutional pension projects and 5 urban home-based pension model pilots will be added. Build a new team of exclusive planners for the elderly of National Life Insurance, enrich the product docking system, and better meet the needs of pension planning and security with professional services. The company actively participates in the construction of the third pillar of the national pension insurance system, and constantly introduces new products and services. As of December 31, 2023, the scale of personal pension business of China Life Insurance ranked first in the industry. 2024 is the 75th anniversary of the founding of the People's Republic of China, a key year to achieve the goals and tasks of the 14th Five Year Plan, and an important year for the reform of China Life Insurance. China Life Insurance will adhere to the customer-centric approach, adhere to the principle of seeking progress while maintaining stability, promote stability through progress, establish before breaking, practice the business philosophy of "three insistences", "three improvements" and "three breakthroughs", strengthen the linkage between capital and liabilities, accelerate transformation and upgrading, optimize customer services, deepen resource integration, strengthen cost control, hold the bottom line of risks, and effectively promote the high-quality development of the company to a new level. (Contributed by China Life Insurance Co., Ltd. Putian Branch) |
