On the evening of March 27, Chinese Life Insurance Co., Ltd. (hereinafter referred to as "Chinese Life", 601628. SH, 2628.HK) released its 2023 annual report (hereinafter referred to as the "Annual Report").
The scale of premiums reached a record high, ranking first in the industry. The annual report shows that in 2023, Chinese Life will achieve a total premium of 641.380 billion yuan, a year-on-year increase of 4.3%. The embedded value also ranked first in the industry, reaching 1,260.567 billion yuan, with a growth rate of 5.6% in the same caliber. The one-year new business value continued to lead the industry, reaching RMB36.860 billion, an increase of 11.9% over the results of the same period in 2022 using new economic assumptions, and the one-year new business value assessed based on the 2022 economic assumptions was RMB41.035 billion, an increase of 14.0% year-on-year. Under IFRS, the company's net profit attributable to shareholders of the parent company in 2023 was 46.181 billion yuan, and as of December 31, 2023, the company's shareholders' equity attributable to shareholders of the parent company was 477.093 billion yuan. As of December 31, 2023, the company's total assets and investment assets reached a new peak, reaching 5.89 trillion yuan and 5.67 trillion yuan, respectively. As of December 31, 2023, the company's comprehensive solvency adequacy ratio was 218.54%, an increase of 11.76 percentage points from the end of 2022, and the core solvency adequacy ratio was 158.19%, an increase of 14.60 percentage points from the end of 2022. The company has 328 million long-term policies in force.
2023 is the first year for the full implementation of the spirit of the 20th National Congress of the Communist Party of China, and the year for economic recovery and development after the three-year transition of new crown epidemic prevention and control. In the past year, the domestic economy has rebounded, market demand has continued to improve, and the life insurance industry has shown a significant recovery trend. Focusing on serving the overall situation of national development, Chinese Life actively plays the role of insurance as an economic shock absorber and social stabilizer, unswervingly follows the road of financial development with Chinese characteristics, anchors the goal of building a world-class life insurance company, and promotes high-quality development with cohesion and hard work. The company has been evaluated by the Insurance Association of China for eight consecutive years, and ranked 62nd in the Forbes Global 2000 and 12th in the Fortune China 500 in 2023.
The reform of the key areas of the "Eight Major Projects" has been promoted
Convergence and development of endogenous power
Chinese Life has steadily promoted reform and innovation. In 2023, the company will comprehensively promote a series of reforms, including the "Eight Major Projects", focus on key reform areas, and accelerate quality reform, efficiency change, and power change.
The reform of the marketing system has begun to show results. The direction of professionalization, professionalism and comprehensive reform of Chinese life sales force has been further clarified. The existing team has accelerated the upgrading of six major measures, including structural adjustment, foundation consolidation, urban area strengthening, and county-level deep cultivation. By the end of 2023, the team size was the first in the industry to stabilize, with 634,000 individual insurance sales manpower, and the team's production capacity increased steadily, with the average monthly first-year premium per capita increasing by 28.6% year-on-year. Actively promote the layout of new marketing models, pilot the promotion of the "seed plan", build a team of financial and insurance planners, and by the end of 2023, pilot projects have been launched in 8 cities.
The pace of ecological construction for the elderly has accelerated. Adhering to the concept of "reassuring children and reassuring the elderly", following the four principles of long-termism, customer-centric, market-oriented operation and rolling development, clarifying the medium- and long-term development goals and planning of Chinese life's characteristic old-age ecology, dynamically evaluating the implementation of the strategy and continuously optimizing the development strategy. Strengthen the supply of multiple modes and accelerate the layout of projects in key cities.
Operational operations and customer service continue to be upgraded. Chinese Life is the first in the industry to create a nationwide intensive and shared operation model, achieving comprehensive coverage in the production field, and the timeliness has increased by more than 27.0%. We will further improve the system of operation standards and specifications, so that "standardization and specialization" will become a solid foundation for operation services. The "fast and warm" claims service is deeply rooted in the hearts of the people, and we continue to promote innovative service models such as "claim prepayment" and medical electronic invoice reminder claims. It has built a "big consumer protection" work pattern with full participation, comprehensive coverage and full-chain management, and the supervision and evaluation of consumer rights and interests protection ranks in the forefront of the industry.
The digital construction of financial technology has been comprehensively promoted. The company's scientific and technological capabilities continue to be iteratively upgraded, the container cloud has begun to take shape, the trillion-level data processing platform has been fully completed, the first batch of new insurance accounting standards have been implemented in China, the intelligent digital risk control system has effectively promoted the risk prevention and control threshold to move forward, and the deep integration of technology and business has empowered the company's operation and management in various fields, and the data-driven effect has been remarkable.
The individual insurance team took the lead in stabilizing
The quality has been improved, and the production capacity has been greatly increased
Chinese Life continued to maintain its dual leadership in value and scale, and continued to optimize its business structure while the insurance business grew strongly. According to the annual report, the company's total premium of life insurance business in 2023 will be 512.622 billion yuan, a year-on-year increase of 5.6%, the total premium of health insurance business will be 114.023 billion yuan, and the total premium of accident insurance business will be 14.735 billion yuan, a year-on-year increase of 3.6%.
The insurance business achieved another good result, and its leading position in the market continued to be consolidated. Chinese Life has always adhered to high-quality development, implemented the reform of the marketing system in 2023, promoted the upgrading of the existing team and the layout of new marketing models, and continuously built a solid foundation for development. Continued to consolidate basic management, the scale of the sales team took the lead in stabilizing, the team structure and quality were continuously optimized, and the production capacity of the team was greatly improved. As of December 31, 2023, the total sales workforce was approximately 694,000.
The individual insurance sector achieved rapid growth in all new business indicators. Adhering to the strategy of "effective team driving business development", we focused on value creation, further promoted channel transformation, and significantly optimized the business structure. In 2023, the total premium of the Chinese life insurance sector will be 501.580 billion yuan, a year-on-year increase of 1.9%, of which the renewal premium will be 391.218 billion yuan. The first-year premium was 91.807 billion yuan, a year-on-year increase of 12.6%, the first-year premium for 10 years and above was 49.503 billion yuan, a year-on-year increase of 18.4%, and the proportion of first-year premium for 10 years and above was 53.92%, an increase of 2.64 percentage points year-on-year. The value of new business in the individual insurance segment in 2023 will be RMB34.646 billion, up 10.4% year-on-year.
The quality of the individual insurance team continued to improve, and the number and proportion of high-performing people achieved double improvement. In 2023, the Chinese Life personal insurance sector will accelerate the establishment of a customer-centered personal insurance management system around the concept of "customer asset building team", continue to implement the "6+1" key work of individual insurance, and effectively promote the company's high-quality development. Continuously promote the professional upgrading of the existing team, continue to strengthen the excellent increase and excellent education, and strive to build an integrated newcomer breeding system with the linkage of increase and education, and continue to stabilize the basic plate of the team such as the "Normal Operation System of Individual Insurance Team Construction", "Zhongxin Plan" and "Strong Foundation Project", etc., and explore the new marketing model from the R&D stage to the pilot stage, and the "Seed Plan" to lay out new marketing to create "professionalism, value and integration" The team of financial and insurance planners has cultivated new momentum for the future, the team empowerment has been deepened, the application of scenario-based technology has enabled the development of the team, and the construction of the digital business department has improved sales efficiency. As of December 31, 2023, the sales force of individual insurance was 634,000, of which 410,000 were in the marketing team and 224,000 in the exhibition team, and the production capacity of the sales force was significantly increased, with the average monthly first-year premium per capita increasing by 28.6% year-on-year.
Diversified sectors promote professional operation
Both scale and value have been improved
The diversified sector will further promote the professional operation of channels, adhere to the equal emphasis on scale and value, and strengthen high-quality development. In 2023, the channel management of diversified sectors will be more refined, new achievements will be made in professional operation, transformation and upgrading, and the value contribution will continue to increase, with the annual new business value of diversified sectors reaching RMB2.214 billion, an increase of 42.0% year-on-year.
The bancassurance channel strengthened bank cooperation, accelerated business development, and achieved rapid growth in both the scale and value of premiums. In 2023, the total premiums of the bancassurance channel reached RMB78.748 billion, a year-on-year increase of 24.2%, the first-year premiums reached RMB20.735 billion, a year-on-year increase of 39.4%, and the first-year premiums of 5 years and above reached RMB9.877 billion. The renewal premium reached RMB38.112 billion, representing a year-on-year increase of 5.3%, accounting for 48.40% of the total channel premium. The bancassurance channel continued to strengthen the professionalism and technological capacity building of the customer manager team, and the quality of the team was steadily improved. As of December 31, 2023, there were 23,000 bancassurance channel account managers, with an average quarterly increase of 8.5% year-on-year, and a significant year-on-year increase in per capita delivery capacity.
The group insurance channel has coordinated the scale and efficiency, and various businesses have developed steadily. In 2023, the total premiums of group insurance channels will be RMB28.154 billion, up 3.0% year-on-year, of which short-term insurance premiums will be RMB24.974 billion, up 3.8% year-on-year. As of December 31, 2023, the sales force of the group insurance channel was about 37,000 people, and the proportion of high-performing manpower increased by 4.7 percentage points compared with the end of 2022, and the per capita production capacity increased steadily.
Critical illness insurance covers nearly 350 million people
Long-term care insurance covers more than 38 million people
Chinese Life actively supports the construction of a multi-level medical security system and vigorously develops various policy-based health insurance businesses. In 2023, the company's total premiums from other channels will reach 32.898 billion yuan, a year-on-year increase of 2.8%. As of December 31, 2023, it has more than 200 critical illness insurance projects, covering nearly 350 million people, more than 70 policy-based long-term care insurance projects, covering more than 38 million people, and more than 120 urban customized commercial medical insurance projects. The company actively participates in social governance related to medical security, and continues to undertake more than 600 entrusted management projects of health security.
Chinese Life's Internet insurance business has achieved rapid development. The Company has improved the operation system of Internet insurance business with centralized operation and unified management, and provided customers with high-quality service experience. In 2023, the total premium of Internet insurance business under the regulatory caliber will reach 76.020 billion yuan, a year-on-year increase of 20.9%. We will continue to build a solid foundation for the development of the Internet insurance business, and enhance the core operating capabilities and channel value of the Internet business.
Meet the diversified needs of customers
Build a "life insurance +" integrated financial ecosystem
Chinese Life is committed to providing customers with one-stop, all-round high-quality financial and insurance services. In 2023, the company's coordinated sales of Chinese Life property insurance company business achieved premiums of 23.600 billion yuan, with a year-on-year increase of 6.5% in the number of policies; the business scale of coordinated sales of Chinese Life Pension Insurance Company was 8.655 billion yuan; Guangfa Bank acted as an agent for the company's bancassurance first-year premium income of 1.799 billion yuan, a year-on-year increase of 16.6%; actively explored the synergy between insurance and investment business, and cooperated with Chinese Life Asset Management Company, China Life Investment Company and others continue to deepen cooperation and innovate and explore new models of insurance investment interaction.
In addition, starting from meeting the diversified needs of customers, the company actively carries out various customer business activities together with Chinese Life Property Insurance Company and China Guangfa Bank.
Always keep an eye on investor returns
In the 20 years since its listing, the cumulative dividend has exceeded 190 billion
Chinese Life has become the world's largest life insurance company. 2023 marks the 20th anniversary of the listing of Chinese Life Shares. Looking back on the changes of time in the past 20 years, the rapid development of China's economy has created good external conditions and major development opportunities for the development of China's insurance industry. Chinese Life has always taken "protecting the people's better life and building a world-class life insurance company" as its mission and vision, established a sound and effective corporate governance structure and internal governance mechanism, shared the same fate with the country, followed the laws of life insurance operation, promoted reform and innovation according to the situation, and achieved several times or even dozens of times of growth in total assets, investment assets, embedded value and premium income, and always maintained a leading position in the market. While promoting its own high-quality development and creating long-term value, the company has always paid attention to investor returns, and has paid more than 190 billion yuan in dividends since its listing.
The scale of investment in serving the real economy exceeds 4 trillion yuan
The stock of green investment exceeded 460 billion yuan
Chinese Life actively plays the role of the main force serving the real economy and maintaining the ballast stone of financial stability. The company continued to optimize the investment of funds, serving the real economy with an investment scale of more than 4 trillion yuan and a green investment stock of more than 460 billion yuan. Effectively contributing to the comprehensive revitalization of rural areas, "Rural Revitalization Insurance" has become the only insurance industry project selected as the "Fourth Global Best Poverty Alleviation Case", boosting the new pattern of urban-rural integration development. Continued to deepen the construction of ESG system, and won the "2023 Forbes China ESG Innovation Enterprise" award.
Chinese Life has always maintained strategic focus, adhered to asset-liability matching, and flexibly carried out investment operations. In 2023, interest rates will run at a low level, high-quality assets will remain scarce, and the stock market will fluctuate and decline, with obvious structural differentiation. In the face of a complex market environment, in terms of fixed income, we actively allocated long-term interest rate bonds and high-grade credit bonds, and stabilized the allocation of the bottom position. In terms of equity investment, we will promote balanced allocation and structural optimization, and carry out medium and long-term layout. In terms of alternative investment, we will focus on high-quality entities and advantageous tracks, innovate investment models, and increase the scale of allocation.
As of December 31, 2023, the investment assets of Chinese Life reached 5,673.371 billion yuan, an increase of 12.0% from the end of 2022. Among the major products, the allocation ratio of bonds increased from 48.54% at the end of 2022 to 51.59%, the allocation ratio of time deposits changed from 9.59% at the end of 2022 to 7.12%, the allocation ratio of debt financial products changed from 8.98% at the end of 2022 to 8.46%, and the allocation ratio of stocks and funds (excluding money market funds) changed from 11.34% at the end of 2022 to 11.20%.
In 2023, Chinese Life will achieve a net investment income of 198.207 billion yuan, with a net investment return of 3.77%, and a total investment income of 141.968 billion yuan, with a total investment return of 2.68%. After taking into account the net change in fair value of available-for-sale financial assets included in other comprehensive income for the current period, the comprehensive investment return was 3.23%, an increase of 131 basis points from 2022.
Promote the construction of a big health and big pension service system
"Insurance+" benefits more groups
Chinese Life has made every effort to promote the construction of a big health and elderly care service system. The company adheres to customer-centricity and clarifies the medium- and long-term development goals and plans of the pension ecosystem.
Solidly promote "insurance + health". In 2023, Chinese Life will fully integrate internal and external high-quality resources, continuously improve health management service capabilities, and create a high-quality, efficient, online and offline health management service system. As of December 31, 2023, the number of service items on the China Life Health Platform exceeded 100, covering seven categories of health management services, including health examination, health consultation, health promotion, disease prevention, chronic disease management, medical services, and rehabilitation nursing, with the cumulative number of registered users increasing by 20.0% compared with the end of 2022, ranking among the top in the industry.
Steadily promote "insurance + pension". The pace of ecological construction of Chinese life pension has accelerated, gradually expanded the layout of pension projects in key cities, and continuously improved the supply capacity of diversified services, providing customers with full-life cycle elderly care services that "reassure children and the elderly". In 2023, 7 new institutional elderly care projects will be deployed and 5 urban home-based elderly care model pilots will be added. We will build a new team of exclusive planners for the elderly of China Life, 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 continuously introduces new products and services. As of December 31, 2023, the scale of Chinese Life's personal pension business ranks among the top in the industry.
Improve access to financial services
Diversified product supply to meet the multi-level security needs of the market
Chinese Life has always adhered to the position of the people, actively participated in the construction of a multi-level social security system, and continued to protect the people's livelihood. Adhering to the "people-centered" approach, we actively serve the national strategy and protect people's livelihood, continuously strengthen the supply of diversified products and services, deepen the linkage of asset and liability management, continue to strengthen basic research on product supply, and improve the high-quality supply capacity of insurance products. In 2023, the company will develop and upgrade 196 new products.
The coverage and availability of inclusive insurance services have been significantly improved. Chinese life serious illness insurance covers nearly 350 million people, long-term care insurance projects cover more than 38 million people, the number of urban customized insurance projects has reached a new high, and the supply of protection products for new citizens and new business practitioners has been increasing. Help improve the multi-level pension insurance system, pay attention to improving the risk protection level of the elderly group, and continuously improve the pension service system and ecological construction.
Do a solid job in the supply of pension financial services. Chinese Life strengthens the research and development of commercial pension insurance products, enriches the personal pension insurance product system, optimizes and upgrades exclusive commercial pension insurance products, promotes the pilot implementation of life insurance and long-term care insurance liability conversion business, and continues to launch insurance products that provide protection for the elderly in terms of pension funds, medical expenses, accidental injuries and other aspects. We will continue to increase support for inclusive finance, increase the guarantee and supply of women, children, new business forms, new citizens and other groups, and enrich the product system for specific groups. Actively promote the protection of science and technology finance and insurance, improve the science and technology insurance product system, and provide protection services for customers such as employees of science and technology enterprises.
Make every effort to serve the construction of a healthy China. The Company actively coordinates and promotes the research and development of critical illness insurance, long-term care insurance, medical insurance and other products, optimizes insurance liability, improves protection functions, and deeply cultivates product protection in the health insurance market segment, explores and promotes the integrated development of health security and health services, and better meets the diversified health security needs of customers.
Actively contribute to rural revitalization. We will continue to enrich agriculture-related insurance products, improve the level of insurance protection for the agriculture-related population, and form a relatively complete exclusive insurance product system for rural revitalization. The company also innovates and develops regional products, and launches regional insurance products such as the Hainan Free Trade Port and the Guangdong-Hong Kong-Macao Greater Bay Area, actively promoting regional coordinated development.
Data-driven value unlocking
Comprehensively start the construction of financial technology digital projects
Chinese Life adheres to the supply of high-quality scientific and technological capabilities to effectively promote the company's high-quality development. In 2023, in line with the development trend of science and technology, closely following the requirements of high-quality development, we will comprehensively launch the construction of financial technology digital projects, optimize scientific and technological capabilities, strengthen scientific and technological empowerment, and deepen scientific and technological innovation.
Iterative upgrading of scientific and technological capabilities. Grasp the development trend of technology and build a digital foundation with the characteristics of China Life. Build a distributed cloud-based multi-active data center to effectively ensure the company's business continuity. China Life has built a multi-cloud ecosystem to achieve minute-level delivery of computing and storage resources. Use the cloud-native concept to innovate the application architecture and realize the cloud-native transformation of key products.
Data-driven value enhancement. Focus on data accuracy, real-time, consistency, and security, and empower the entire insurance value chain driven by data elements. Relying on trillion-level data processing capabilities, the whole process is systematically and automatically generated with high quality, and the accounting and actuarial measurement system of the new standards is constructed with more accurate algorithms, more refined models and more efficient processes, which fully guarantees the systematic, complete and accurate implementation of the new standards.
Technological innovation has achieved outstanding results. Based on the new self-controlled distributed architecture, with full-stack information technology application innovation as a breakthrough, a petabyte-scale real-time data service platform has been built, and China Life Distributed Hybrid Cloud won the special prize of Capital Financial Innovation Achievement.
Digital risk control continues to be strengthened. Build a digital risk control system based on big data analysis, quickly identify and accurately capture key business risks, and realize the forward and dynamic monitoring of risk control gates. The first innovative application of "machine learning + knowledge graph" in the field of anti-money laundering in the life insurance industry, the anti-money laundering intelligent identification and verification system, won the second prize of the People's Bank of China Fintech Development Award.
We are committed to optimizing the customer experience with "China Life Good Service".
The average time limit for claims settlement has been accelerated to 0.38 days
Chinese Life builds its core competitiveness with the good service of "simplicity, quality and warmth". Practicing the "people-centered" development philosophy, in 2023, we will focus on value enhancement and service diversity, deepen the intensive, digital and diversified construction of operation services, accelerate the construction of a national integrated operation service system, strengthen the protection of consumer rights and interests, and strive to promote the high-quality development of the company with professional operation capabilities.
Professional ability to consolidate the quality of operations. We will continue to improve the system of operational standards and specifications, including national unified practices, service standards, and job guidelines, so that "standardization and specialization" will become a solid foundation for operational services. Actively participate in the formulation of industry and national standards, as the only insurance company in the drafting unit of national standards for intelligent customer service, and contribute wisdom to the development of standards. 95519 has been awarded "Best Customer Contact Center in China" by the CCCS Customer Contact Center Standards Committee for 20 consecutive years. Deeply cultivating model innovation in the professional field, the "digital underwriter" has achieved a manual operation replacement rate of nearly 24.9% in six major operation scenarios, and the industry's first intensive and shared operation model has been fully promoted in the fields of underwriting, preservation and claims, with an increase in timeliness of more than 27.0%.
Claims service builds a warm guarantee. We continued to create "fast and warm" claims services, with an average timeliness of 0.38 days and a 99.7% odds. The coverage of convenient claims has been further expanded, and the number of "one-day claims for critical illness" has increased by 31.9% year-on-year. The pilot project has achieved no manual claim settlement in the whole process, and the average operation timeliness has been increased by more than 90%. We continued to innovate the claims service model, reminding 567,000 claims for the whole year with medical electronic invoices, and "prepayment" to provide warm-hearted protection for medical customers in advance, benefiting 27,800 customers.
A variety of services drive experience improvement. Inclusive value-added services were expanded to health, sports, women, parent-child aesthetic education, life feedback and other fields, with the number of people covered increasing by 12.1% year-on-year. The VIP service system was renovated and upgraded, and the number of VIP customers and service trips increased by 11.9% and 26.0% year-on-year respectively. Strengthening multi-touch service capabilities, the number of monthly active users and in-flight customer service of Chinese Life Insurance APP increased by 15.8% and 126.5% year-on-year. It built a "green channel" for multi-channel services for the elderly, and provided 25,683,100 person-times of services for the elderly throughout the year.
The protection of consumer rights and interests highlights the status of the head goose. Build a "big consumer protection" work pattern with full participation, comprehensive coverage and full-chain management. Build a digital and intelligent consumer protection platform to improve the efficiency of consumer protection management. Consumer protection training covers all employees in the system. Innovate the "Consumer Protection +" education and publicity model, and the number of people reached by centralized activities throughout the year increased by 64.6% year-on-year. The regulatory evaluation of consumer rights protection ranks in the forefront of the industry, and the quality index of life insurance service quality and customer praise remain high.
Risk prevention and control is promising
The overall risk rating continues to be A
Chinese Life firmly guards the bottom line of no systemic risk. Insurance is an industry that operates and manages risks, and the company adheres to the prevention and control of risks as the eternal theme of its work, maintains a prudent and prudent business philosophy, and always balances the relationship between steady growth and risk prevention. The company continued to deepen its compliance operations in accordance with the law, fully implemented the regulatory requirements of the second phase of the "C-ROSS II", and strictly implemented the series of new regulations of "integration of reporting and banking", so as to ensure safety and promote development in development, and effective risk prevention and control. We continued to improve the construction of the compliance management system, and successfully passed the domestic and international double standard certification of the compliance management system. In the comprehensive risk rating of insurance companies, the company continues to maintain a class A rating, and its score in the SARMRA assessment of the second generation of the company is firmly in the forefront of life insurance companies.
The life insurance industry is in a period of important strategic opportunities
The market space and potential are huge
The main tone of the life insurance industry in a period of important strategic opportunities will remain unchanged. The report pointed out that high-quality development is the theme of finance and insurance in the new era, China's economy has formed a good and stable foundation in the long-term development, the super large market scale, sufficient macro policy space, and comprehensive deepening reform have brought strong development momentum to the mainland economy, and the people's growing demand for multi-level, high-quality health, medical care, pension and other needs has also provided and created huge market space and potential for the development of the life insurance industry. At the same time, with the implementation of various industry regulatory systems, the fundamentals of the long-term healthy development of the market will be further consolidated, and the industry will show a development trend of stable quantity and quality. Market players have accelerated the development of new fields and new tracks, shaped new advantages and new momentum for development, continuously strengthened innovation in specialization, digitalization, and ecology, continuously improved risk prevention and control capabilities, and jointly promoted the high-quality development of the industry as a whole.
Do a good job of "five big articles"
Contribute to the construction of a modern financial system with Chinese characteristics
2024 marks the 75th anniversary of the founding of the People's Republic of China and a crucial year for the implementation of the 14th Five-Year Plan. At present, the life insurance industry is in a critical period of transformation and development, and Chinese Life will focus on doing a good job in the five major articles of science and technology finance, green finance, inclusive finance, pension finance and digital finance, comprehensively grasp the relationship between stability and progress, establishment and breakage, scale and efficiency, assets and liabilities, development and security, balance short-term profit goals and long-term value goals, and strive to improve operating efficiency.
In the future, Chinese Life will adhere to the customer-centric, adhere to the stability of seeking progress, to promote stability, first establish and then break, to achieve "three persistence" (strong party building, promote reform, risk prevention), to achieve "three improvements" (stable development, value increase, heavy team), strengthen "three breakthroughs" (excellent service, promote integration, cost reduction), to ensure that party building leadership, reform and innovation, risk prevention and control continue to strengthen, business scale, value efficiency, team quality effectively improved, optimize services, integrated development, Achieve qualitative breakthroughs in key areas such as cost reduction and efficiency improvement, promote the company's scale, value, efficiency, and high-performance manpower to achieve steady growth in a long cycle, continuously consolidate its dominant position in the market, and contribute to the construction of a modern financial system with Chinese characteristics.