2023 Annual Results Highlights:

-- GWPs increased by 9.3% YoY to RMB118.91 billion;

-- Insurance revenue increased by 7.5% to RMB59.90 billion;

-- Net profit attributable to equity owners of the parent reached RMB3.74 billion;

-- Embedded value was RMB104.06 billion, up 6.4% from the end of last year on a comparable basis;

-- Comprehensive investment yield was 4.8%;

-- As of December 31, 2023, the number of active customers was approximately 31.54 million.

In 2023, with the overall recovery in China's economy and steady progress in high-quality development, the Group actively seized the development opportunities arising from the economic recovery, the rising awareness of insurance protection among residents, the increasing diversity of insurance needs and the growing demand for pension insurance brought about by the ageing population. With in-depth research, development and innovation, the Group effectively formulated and fully activated the "New Sunshine Strategy" with "Sunshine of Technology" created by data intelligence, "Sunshine of Value" created by model innovation, and "Sunshine of Caring" created by a culture of goodness with love and responsibility as its three core elements, and achieved steady development in core business of insurance industry with a high level of strategic determination and solid execution, resulting in continuous improvement in value creation and effective implement of customer idea.

During the Reporting Period, the gross written premiums (GWPs) of the Group were RMB118.91 billion, representing a year-on-year increase of 9.3%, and the insurance revenue reached RMB59.9 billion, representing a year-on-year increase of 7.5%. The net profit attributable to equity owners of the parent was RMB3.74 billion. The embedded value was RMB104.06 billion, up 6.4% from the end of last year on a comparable basis. The total investment yield was 3.3% and the consolidated investment yield was 4.8%. As the end of 2023, the Group had approximately 31.54 million active customers.

Positive Development in Core Business with Remarkable Results in Value Creation Project

In 2023, based on its core business of insurance, Sunshine Insurance has laid a solid foundation for its high-value growth by continuing to promote the innovation and value development of life insurance business, strengthening core competency and doing a good job in asset management and risk management with a clear strategic consistency.

In terms of life insurance, the path of differentiation and value realization for Sunshine Life Insurance is becoming increasingly clear with its "one body" and "two wings" project. The business value ratio and persistency ratio have been steadily improved, and the pursuit of the "five highs" of "high-morality, high-productivity, high-value, high-income, and high-quality" has initially been achieved, highlighting the industry's comparative advantages. During the Reporting Period, the Group's total life insurance premium income reached RMB74.60 billion, a year-on-year increase of 9.2%. The first-year regular premiums ("FYRPs") reached RMB18.10 billion, a year-on-year increase of 22.7%.

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