On April 29, Sino-British Life Insurance Co., Ltd. released its 2023 annual report. In 2023, Sino British Life Insurance achieved a premium income of RMB16.171 billion from the original insurance and RMB6.006 billion from the annual premium income of the new single policy, with a record high in premium scale and strong long-term growth resilience.
In 2023, driven by policies to expand domestic demand and promote consumption, the domestic economy will upgrade steadily and steadily improve, and the life insurance industry will gradually move towards high-quality development. Focusing on serving the overall development of the country, Sino-British Life Insurance actively plays the role of economic "shock absorber" and social "stabilizer" of insurance, practices long-termism to maintain stable operation, and promotes the formation of a Sino-British development path with three-dimensional channels and rich product supply with market demand as the traction, technological innovation as the driving force and enabling investment as the guarantee.
Adhere to the high-quality development strategy, and the endogenous growth hoof is steady
Accelerate the three-dimensional channel layout, and the business growth is steady. In 2023, Sino British Life will continue to build a three-dimensional marketing model around the whole life cycle of customers, with the individual insurance channel as the engine and the agency bancassurance channel as the two wings, building a three-dimensional channel service matrix, which has effectively promoted the steady growth of business scale. In the individual insurance channel, we will firmly adhere to the main tone of "building excellent performance, recruiting excellent performance, and cultivating excellent performance", cultivate a group of young, high-quality, and high-value new generation of professional agent team, focus on central cities, make every effort to build potential institutions, form a sound business system, support endogenous organizations, and establish a good channel brand. At the same time, we will actively build a new ecology of cooperation between economic generation and banking and insurance, seize market opportunities, further promote the professional operation of channels, implement refined management, continuously improve value contribution and brand reputation, and create a "Sino-British model" with strong production capacity.
We have built a solid bottom line for investment security, and "enabling investment" has achieved remarkable results. Relying on the strong strength of both shareholders and a stable shareholding structure, Sino British Life has formed its own stable long-term strategy and operating situation, and has maintained the bottom-line thinking and value capability of foreign insurance companies. In 2023, we will continue to adhere to the bottom-line thinking, innovate the "investment traffic light risk indicator management system", cover all major types of investment risk monitoring indicators and early warning thresholds, and embark on a steady and progressive development curve. Adhering to the concept of long-term investment and value investment, Sino British Life has continuously improved its investment and research capabilities, optimized the asset term structure, and improved the resilience and quality of its total portfolio. In the face of a complex market environment, Sino British Life seized the market highs and allocated long-term interest rate bonds within a reasonable range to reduce interest rate risks and make important income contributions. At the same time, it optimizes the equity portfolio of high-volatility and achieves higher investment returns throughout the year. The comprehensive investment return of Sino-British Life Insurance in 2023 is 6.42%, and the average comprehensive investment return in the past three years is 5.93%.
Improve the demand-driven production and service system and improve the availability of insurance services. In the context of the high-quality transformation of the life insurance industry, Sino British Life Insurance deeply rooted value growth in the corporate genes, insisted on starting from the needs of customer protection, relying on the resource endowment of shareholders of both China and the UK, focusing on the core areas and mid-to-high-end customer groups, and focusing on the four core needs of "health, pension, wealth and inheritance", and constantly creating comprehensive solutions for characteristic and branded products and services. Sino British Life is committed to building a health care system with high-quality life care as the core, a big health ecology with nutrition and health as the core, and providing families with a full range of full-cycle life insurance services and comprehensive financial protection.
Steady operation is gradually improving, and risk prevention and control is strong and orderly
No accumulation of steps, no thousands of miles. In 2023, Sino British Life continued to improve its comprehensive risk management system, improve its risk management mechanism, and enhance its risk management capabilities, with no major risk events occurring throughout the year, ranking first in the industry in terms of risk management capabilities. As of the end of the fourth quarter of 2023, Sino-British Life's comprehensive risk rating (IRR) has maintained a "Class A" rating for 30 consecutive quarters, including six AAA results under the new C-ROSS II regulations, and a regulatory score of 83.08 points in the Solvency Risk Management Capability Assessment (SARMRA) of Sino-British Life, which fully reflects Sino-British Life's sound management capabilities and good risk management level.
In the past year, Sino British Life has continued to promote the company's high-quality transformation and paid more attention to compliance in its overall operation. As of the end of the fourth quarter of 2023, the comprehensive solvency adequacy ratio and core solvency adequacy ratio of Sino-British Life reached 273.13% and the core solvency adequacy ratio reached 166.87%, which continued to maintain a high level and the solvency was sufficient and stable. The company's embedded value reached 17.003 billion yuan, laying a solid foundation for the steady and long-term development of Sino-British Life.
Continue to practice social responsibility and show the responsibility of insurance companies
Adhering to the corporate vision of "Caring for Ten Thousand Families", Sino British Life Insurance actively responds to the Rural Revitalization Strategy, the Healthy China Strategy, the Dual Carbon Strategy and the ESG goals of both shareholders, and practices corporate social responsibility on a regular basis. In 2023, Sino British Life will demonstrate its responsibility as an insurance company in terms of community development, environment and sustainable business.
The "Lights on the Stars, Caring for Children Public Welfare Program" has been carried out for 14 years and has now become a shining public welfare business card of the insurance industry. In 2023, Sino British Life Insurance, together with the Professional Charity Foundation and COFCO Brand, will continue to deepen the platform-based and systematic construction, and help children in need in multiple dimensions by building a love alliance platform. 405 employee volunteers participated in it, donated 700,000 yuan to help 69 seriously ill children, help children grow up healthily, and let a little starlight converge into a bright galaxy. In 2023, it won the award of "Outstanding Social Responsibility Project of the Year in Juno China Finance". In addition to the main line of "Lights on the Stars", in October 2023, Sino British Life launched the "Ideal Life Without Limits" 2023 She's New Women's Empowerment Program, which is a beneficial practice to dig deep into the value of women's groups and fully stimulate women's greater potential.
In response to the national dual-carbon strategy and the ESG goals of the two shareholders, Sino British Life Insurance strives to explore and practice the development of green finance. In terms of green insurance, we will continue to explore green investment methods with insurance background, continue to increase green investment, and the scale of green investment will reach 1.602 billion yuan in 2023; In terms of green operation, the company advocated low-carbon and green travel, encouraged online meetings, reduced business trips, and continuously promoted energy conservation and emission reduction in the workplace, and various measures were continuously implemented, with the company's electricity consumption reducing by 6.5% and paper consumption by 5% in 2023 compared with the previous year. Sino British Life will continue to improve the quality and efficiency of green financial services and risk management, practice the concept of green finance development, promote carbon peak and carbon neutrality in an orderly manner, and interpret the demeanor of a responsible and responsible insurance company with practical actions.
In-depth efforts in multiple fields have won a number of industry honors
In 2023, Sino British Life will strengthen its investment in major strategies, product matrix, customer service, channel construction and digital transformation, continuously deepen the "moat" of long-term development, and provide high-quality financial services to customers and society.
With the continuous exploration of high-quality transformation, Sino-British Life has steadily improved its operating capabilities and continuously extended its product richness, forming a "Sino-British model" with high market recognition and strong differentiation. In 2023, the company has won the "Transformation Pilot Insurance Company of the Year" and "Outstanding Life Insurance Company of the Year Award", which has been highly recognized by the industry; at the product level, the company fully integrates internal and external resources, optimizes product supply, and better meets the diversified health protection needs of customers, and wins a number of product awards such as "Popular Insurance Product Supplier of the Year", "Life Insurance Protection Product of the Year" and "Commercial Health Insurance Recommended Product of the Year (Medical)", and "Customer-centric" In 2023, Sino British Life Insurance continued to increase its service value and diversity, and its customer experience was continuously optimized, and it was awarded the "Model Case of Customer Service in the Insurance Industry", while Sino British Life Insurance attaches great importance to digital empowerment business, and continues to broaden the service boundaries of the insurance industry through the collision and integration of technology and insurance, and won the "China Insurance Industry Innovation Ark Award" in 2023.
Set off and write a new chapter
Looking ahead to 2024, the life insurance industry is expected to maintain a long-term positive trend, and there will still be structural development opportunities in the market. With the in-depth implementation of the mainland's national strategy to cope with the aging of the population and the Healthy China Initiative, the fields of pension insurance, health insurance and even wealth management will have broad space for development. The transformation of the industry from extensive expansion to refined management will better serve the development of new productive forces and the construction of a modern industrial system, and sustain high-quality development.
It is foreseeable that in 2024, Sino British Life is expected to comprehensively consolidate the development structure of products, channel construction and big health ecology, improve the business model with product channels as the core driving force, and internalize the financial value of the empowering investment strategy, so as to achieve a higher level of performance of the company.
In the future, Sino British Life will continue to be innovation-driven, expand the service boundary, enhance the convenience and competitiveness of financial services, and steadily move into a new stage of high-quality development.
Contributed by He Chen
Editor: Yuan Biao
Review: Wang Wei Gu Jun
Proofreading: Rui Tianshu