Today, China Taibao (601601.SH 2601.HK CPIC.LSE) announced its 2023 results.
In 2023, in the face of various uncertainties in the internal and external environment, China Taibao always firmly grasped the concept of high-quality development and unswervingly deepened the transformation. The Group's overall business performance remained steady, its market position was rising steadily, value creation and breakthrough capabilities in key areas progressed steadily, and the foundation for sustainable development continued to be consolidated.
In 2023, China Taibao Group achieved annual revenue of 323.945 billion yuan, of which insurance service revenue was 266.167 billion yuan, an increase of 6.6% over the previous year; operating profit to the mother was 35.518 billion yuan, which remained stable. By the end of 2023, the Group had a value of $529.493 billion, up 1.9% from the end of the previous year; the Group's assets under management were 2,92.308 billion yuan, up 10.1% from the end of the previous year; and the number of Group customers was 179.869 million, an increase of 9.342 million over the end of the previous year.
Value-oriented, core indicators are steady, moderate and positive in high-quality development
China Taibao Life Insurance has advanced the “long-term aviation” transformation in depth, helping the new business value achieve good growth through multiple channels, achieving a new business value of 10.962 billion yuan throughout the year, an increase of 19.1% over the previous year; continuous optimization of agent team quality, steady increase in core human capacity and revenue; promote the transformation of enabling headquarters and operating institutions; and accelerate the construction of customer-centered, value-creating organizations with strong endogenous motivation. China Taibao Industrial Insurance is unwavering in its commitment to high-quality development, accelerating the sustainable development strategy and achieving an overall improvement in management capabilities. Annual insurance service revenue increased 11.8% year-on-year; the comprehensive underwriting cost ratio was 97.7%. Auto insurance, non-auto insurance, and agricultural insurance all maintained a good underwriting profit level, and the trend of effective, sustainable and high-quality development was further consolidated. Asset management further improved the asset liability management system across cycles, strengthened investment and research capabilities and compliance risk control capabilities, and showed strong resilience in investment performance. Under pressure such as capital market shocks and weakening, the Group's comprehensive investment return on investment assets was 2.7%, an increase of 0.4 percentage points over the previous year.
Treat both symptoms and root causes, and governance capacity is steadily improving in a complex environment
In 2023, China Taihe continued to improve its professional risk management capabilities, actively respond to new risk issues brought about by the application of new technology, exploration of new models, and expansion of new fields, and strengthen forward-looking prediction, identification and control of risk management. Risk control capabilities have steadily improved, and SARMRA assessments rank among the best. ESG capacity building was accelerated, and the Group's first “Report on Combating Climate Change” was released to help green development. Continuously optimize the integrated corporate governance model, enrich the practice of investor relations activities, strictly implement and continuously improve the transparency of information disclosure, and received the highest evaluation of the Shanghai Stock Exchange's annual information disclosure work for ten consecutive years, and was awarded the “Best Practice Case” of the board of directors of listed companies of the China Shanghai Association in 2023. The corporate governance supervision rating is at the top of the industry; in industry association business evaluations, China Taibao Industrial Insurance and China Taibao Life Insurance have received the highest ratings in the industry for many years.
Integrate innovation, and seek stability and innovation through scientific and technological collaboration in co-construction and sharing
China's Taibao has the vision of building industry-leading digital intelligence capabilities to accelerate digital technology to empower innovation. Digital employees based on the big model technology released and launched officially landed in the audit center and became an equivalent labor force for the daily work of auditing.
China Taibao Insurance deepens the application of RPA technology. The “black light factory” replaces more than 400 manpower per month, improving the efficiency of intensive operations. China Taibao Life Insurance launched the lightweight remote video interaction technology “Core Dual Record” to enable “cloud meetings” between sales service personnel and customers and enhance the customer application experience. China Taibao released the “China Taibao Individual Customer Report” for the first time, highlighting the intelligent driving force of big data for customer operations; creating a “Pujiang Club Living Room” strategic customer interaction platform to create an open and win-win collaborative development ecosystem. Keeping up with the Asian Games and deepening the “insurance+sports+health+service” marketing model, the “Taibaolan Team” interactive experience promotion was rated as the best marketing case by the Asian Organizing Committee.
At the end of 2023, China's Taibao began a smooth transition between the board of directors and management. 2024 is also an important year in China's Taibao development history, “inheriting from the past, starting from the past, and continuing from the past”. Looking ahead to 2024, global economic opportunities and risks coexist, and domestic economic recovery momentum and pressure are the same.
The new board of directors of China Taibao will have firm confidence, face challenges, adhere to the customer-centered business philosophy, advance with greater vitality and resilience, deepen transformation and reform, seize new development opportunities, aim to build a leading domestic insurance financial services group with world influence, continue to open up a new situation of high-quality development of the insurance industry in the new era, and make new and greater contributions in the great journey of building a financial power.