Following the change of management at the beginning of this year, the re-election of the board of directors of CPIC continued to advance.
At the first extraordinary general meeting of shareholders of CPIC in 2024 held on February 29, the proposal to elect the directors of the 10th board of directors of CPIC was passed. Compared with the ninth board of directors, the biggest change this time is that Zhao Yonggang was elected as an executive director of CPIC.
At the first meeting of the 10th session of the board of directors held later on the same day, Fu Fan and Huang Dinan were re-elected as the new chairman and vice chairman of CPIC respectively, and Zhao Yonggang was re-appointed as president. At this point, the new board of directors of CPIC has been officially decided.
On the same day, Fu Fan, chairman of the company, and Zhao Yonggang, president of the company, made their official appearance for the first time in their new identities, and responded and replied to the company's development plan, cash dividend strategy and other hot issues that investors are concerned about.
Fu Zhaopei" officially debuted at the shareholders' meeting.
At 13:30 on February 29, CPIC held the first extraordinary general meeting of shareholders in 2024 to deliberate on six proposals, including the election of directors of the 10th board of directors, shareholder representative supervisors of the 10th board of supervisors, and amendments to the articles of association.
In December last year, Kong Qingwei, the former party secretary and chairman of China Taibao, ceased to serve as the company's party secretary due to his age; Fu Fan, President of CPIC, took over as Secretary of the CPIC Party Committee, and Zhao Yonggang, Deputy Secretary of the Haitong Party Committee, was transferred to the post of Deputy Secretary of the CPIC Party Committee.
In December last year, CPIC held a board meeting to elect Fu Fan as the chairman of the company's ninth board of directors and Zhao Yonggang as the company's president. On January 26 this year, the State Administration of Financial Supervision officially approved Fu Fan's qualifications to serve as chairman of CPIC and Zhao Yonggang to serve as president of CPIC.
The shareholder voting statistics ended at around 2 p.m. on February 29, and Fu Fan and Zhao Yonggang were both successfully elected as executive directors of the new board of directors. Among the members of the 10th board of directors elected at the general meeting of shareholders, there are also 6 non-executive directors including Wang Tazhu, Chen Ran, Zhou Donghui, Huang Dinan, Lu Qiaoling, John Robert Dacey, and 5 independent non-executive directors, namely Liu Xiaodan, Lin Tingyi, Luo Wanwen, Jin Hongyi and Jiang Xuping.
At the shareholders' meeting, Chairman Fu Fan and President Zhao Yonggang made their official debut as the new identity of CPIC for the first time. In fact, the two new management personnel are no strangers to CPIC.
Fu Fan, aged 59, is currently the Chairman and Executive Director of CPIC and a Director of CPIC Asset Management. Since March 2020, he has been approved as the president of CPIC, and has been the formulator of the company's strategy and executive promoter. Fu Fan is also an important participant in the orderly promotion of CPIC's "big health", "big region" and "big data" strategies, as well as the steady development and transformation breakthroughs of major business segments.
Fu Fan has rich experience in the management of large enterprises, especially familiar with the investment field, and has served as the deputy general manager of China Investment Industrial Investment Company, the deputy general manager of China Investment Morgan Management, the general manager and vice chairman of Shanghai International Trust, the chairman of Shanghai State-owned Assets Management, and the director and general manager of Shanghai International Group.
Zhao Yonggang is also a young "veteran" who grew up in CPIC and is currently the president of CPIC. According to the data, Zhao Yonggang was born in November 1972, and before May 2021, Zhao Yonggang worked in the CPIC system for a long time, and served as the head of the Party and Mass Work Department of CPIC, the director of the CPIC Life Strategic Transformation Office, the general manager of Heilongjiang Branch, the general manager of Henan Branch, the chairman and human resources director of CPIC Life Insurance Union, the chairman and vice president of CPIC Trade Union, etc., and then transferred to Haitong ** as vice chairman of the board of supervisors and director.
Respond to the three major market focuses.
At the shareholders' meeting, Fu Fan, Zhao Yonggang and other management responded and replied to the company's development plan, cash dividend strategy and other hot issues of concern to investors.
Focus 1: How do you view the development prospects of the industry? How does the company plan for the future?
At present, the insurance industry is facing many challenges, how does CPIC's management view the development prospects of the insurance industry? After the change of the board of directors, what kind of development strategy will CPIC determine?
In this regard, Fu Fan said that at present, the evolution of the century-old changes is accelerating, the overall domestic strategic situation is being promoted as a whole, and the environment for the development of the insurance industry is undergoing profound changes. The international situation is complex and severe, regional conflicts are intensifying, the game between major powers is escalating, and the momentum of global economic growth is insufficient, but a new round of scientific and technological revolution and industrial upgrading process is accelerating, bringing new opportunities and prospects for economic development. The domestic economic recovery is a tortuous process, and difficulties such as insufficient effective demand, weak social expectations, and many risks and hidden dangers still exist.
At the same time, Fu Fan said that on the whole, China's market is large and resilient, the long-term trend of economic improvement has not changed, the people's yearning for a better life is still strong, containing huge development needs, and the insurance industry is facing historical and strategic opportunities.
First, China has the largest middle-income population in the world, and there is still a significant gap between the depth and density of insurance compared with developed countries, and the follow-up potential is huge; Second, the economic and social transformation and upgrading are accelerating, and scientific and technological innovation, digital economy, green development, healthy China, and silver economy have brought opportunities for the insurance industry to flourishThird, the trend of customer diversification is prominent, and changes in demand bring new growth opportunitiesFourth, digital technology can help improve insurance innovation and service capabilities, and insurance technology will provide more support for the upgrading of industry development models and the exploration of new needs.
Based on this, Fu Fan said that CPIC will firmly follow the path of high-quality development and promote the strategy of "big health", "large region" and "big data" in an orderly manner. First of all, we will adhere to the people-centered, always focus on serving the real economy and the people's yearning for a better life in the new era, continue to promote the optimization and upgrading of the insurance supply system and supply capacity, and continuously improve the people's sense of gain, happiness and security. Secondly, we will adhere to the priority of efficiency and quality, strive for the effective improvement of quality and reasonable growth of quantity, and strive to strengthen refined management and enhance differentiated management capabilities. The third is to stabilize the market position, coordinate the relationship between stabilizing the business foundation and deepening the transformation and reform, make steady progress, establish first and then break down, achieve stability, value and expectations, and create a foundation for the deepening of transformation. On the one hand, it is necessary to strengthen forward-looking prediction and improve the ability to identify, analyze, warn and control risks, and on the other hand, adhere to integrity and innovation, and grasp the relationship between innovation and breakthrough and compliance risk control. Fifth, we should adhere to sustainable development, maintain strategic focus and resilience, actively respond to changes in the external environment, stimulate new development vitality and cultivate new growth momentum through transformation and change.
Focus 2: What is the company's main goal for this year?What are the key initiatives?
Zhao Yonggang said that looking forward to 2024, opportunities and challenges coexist, and motivation and pressure coexist. The company adheres to the value-oriented line, strengthens the main business, does fine and professional, and unswervingly takes the road of high-quality development with CPIC characteristics. The goals mainly include four points: first, to improve the level of economic and social services and fulfill the mission of building a financial power;The second is to enhance the core competitiveness, give full play to the group's comprehensive operating advantages around the three major strategies of production and life assets, and promote the maximization of valueThe third is to stabilize the market position, coordinate the effective improvement of quality and reasonable growth of quantity, and the market position of the core business is stable and risingFourth, we should prevent major risks, further strengthen corporate governance and capital constraints, and improve the risk control and compliance system.
Zhao Yonggang said that in terms of specific work arrangements, the first is to adhere to the origin of insurance, grasp the main responsibility and main business, and achieve new breakthroughs in improving the quality and efficiency of development, among them, the life insurance business should improve the effectiveness of the "long voyage" transformation and accelerate the construction of a "product + service" system that meets the diversified needs of customers. The property and casualty insurance business adheres to the principle of giving priority to quality and improving the sustainability of high-quality development. In addition, it is necessary to improve the ability to identify and manage risks in emerging fields, accelerate the quality and expansion of risk reduction management, and enhance the ability to manage catastrophe risks. Asset management should follow the laws of the market, grasp the linkage between capital and liability, and achieve new progress in promoting value growth. Adhere to prudent investment, value investment, long-term investment, and responsible investment, and continue to polish the cross-cycle asset allocation framework system and professional investment capabilities that meet the characteristics of insurance liabilities. Adhere to the refined dumbbell asset allocation strategy, optimize the unified credit rating system and credit risk control system, and improve the long-term mechanism for dealing with risks.
The second is to grasp strategic opportunities, grasp innovation-driven, and achieve new progress in transformation and breakthroughs. In terms of big health, it is necessary to enhance the driving force for the development of the main business, improve the level of insurance payment, improve the effectiveness of health services, and continuously enhance the synergy effect of investment in the big health industry. The large region focuses on integrating the group's resources and enhancing the radiation of regional development. Big data should improve efficiency, accelerate the application of new technologies in front-line business scenarios, realize technology-enabled insurance ecology, and improve service efficiency and quality.
The third is to do a good job in the layout of the five major articles, promote the realization of high-quality development, continuously improve the company's ability to serve the national strategy, serve the real economy, and serve a better life, and further give full play to the professional advantages of the insurance industry in the fields of risk protection and capital utilization, and take a steady, deep, and high-quality development path.
Focus 3: Will the company's dividend policy be adjusted?
Fu Fan said that since its listing, the company has always adhered to the concept of giving shareholders long-term and stable returns, and strives to create sustainable value for investors. Since 2007, the company's average dividend rate has maintained a high level and is competitive in the industry. Facing the future, the company will adhere to the investor-oriented approach and continuously improve the pertinence and effectiveness of market value management. On the one hand, we will continue to strengthen operation and management, continue to enhance our core competitiveness, enhance our ability to create value, and continuously optimize our business fundamentals. On the other hand, we should actively enhance communication and interaction with the capital market, timely and accurately convey information and investment value, and safeguard the interests of investors.
From 2023, the company will implement the new accounting standards, and the net profit will be affected by the fluctuation of the capital market, and there will be great uncertainty in the annual net profit. Compared with other financial indicators, the operating profit indicator can more truly reflect the company's operating results. The company refers to the operating profit, comprehensively considers the company's profitability, strategic layout, business development needs, solvency level and other factors, and reasonably determines the cash dividend level in 2023.
Editor-in-charge: Gui Yanmin.
Proofreading: Wang Chaoquan.
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