On March 26, Ge Longhui | China Financial Insurance (02328.HK) announced that in 2023, the company will adhere to the hard principles of high-quality development, establish a correct view of management, performance and risk, and continue to promote method transformation, structure improvement, quality improvement and efficiency in the direction of improvement and strengthening. Under the complex and severe development situation, it achieved original insurance premium income of 515.807 billion yuan, an increase of 6.3% over the previous year, ranking first in the industry; the comprehensive cost ratio was 97.8%, achieving underwriting profit of 10.189 billion yuan, total investment income of 20.807 billion yuan, net profit of 24.566 billion yuan, and return on net assets of 10.8%. On March 26, 2024, the board of directors of the company proposed paying a final dividend of 0.489 yuan per common share for 2023 and withdrawing 7 billion yuan from any surplus reserve fund.
As at December 31, 2023, the company and its subsidiaries had total assets of $703.623 billion and net assets of $234.304 billion; the comprehensive solvency ratio was 232.4%, up 3.1 percentage points from the beginning of the year; and the core solvency adequacy ratio was 208.7%, up 6.8 percentage points from the beginning of the year.
In 2023, the company and its subsidiaries confirmed a total investment income of 20.807 billion yuan in accordance with the new financial instrument accounting standards, with a total return on investment of 3.5%.