New China Life Insurance Company Ltd.

I am the Vice President, Chief Factory and Board Secretary Gong Xinfeng, the host of the conference. First, I would like to introduce the management team present today.

They are President Mr. Zhang Hong, CFO and Vice President Mr. Yang Zheng, and Vice President Mr. Wang Lianwen. And also we have invited an independent Directors of the company, Mr. Myron Ting and Mr. Lai. And Mr. Lai, welcome the directors. Today's meeting has two sessions. First is the presentation and the second is Q&A session. We will provide a simultaneous interpretation. The investors, analysts, and the media friends, if you want to raise questions, please press star 1 and Q in the line. Next is the presentation. Mr. Zhang Hong will introduce the overview and life insurance of the company for the 2023 in the first half. And Mr. Yang Zheng will introduce the financials and investment. I will introduce the embedded value. First, let's welcome Mr. Zhang Hong. Ladies and gentlemen, good morning. I'm happy to gather here and thank you for your support and interest in Neutron Life and welcome to present the conference. First of all, I would like to introduce the business review of the company. For the indicators, in the first half of this year, the company focused on insurance, stayed committed to turning to the absence of insurance, strengthened supply-side reform with customers as the core probability risks, and strived to have balanced development, and we have gained AA rating. issued by the previous CBRC. And the main indicators as follows. GWP was $108 billion up by 5.1% a year. And the FYRP from long-term insurance totaled $17.5 billion up by 5%. The VNB is about $2.5 billion, up by 17.1%. The embedded value was $266 billion, increased by 4.3%. Compared with the end of last year for the development strategy of the company, the company committed to the high-quality growth and strengthened the strategy empowered by technology of and we focus on our main business and strive for high quality growth. The asset and liability of the company has been strengthened and supply-side reform deepened. We optimize market channels and We support market demand and innovation, and we build a professional and high-quality sales team with a solid and broad customer team. The second is supportive industrial collaboration. After years of efforts, the company has established a system of old aged care and health community, nursing and medical care community, leisure and tourism community, and health management center to provide a whole life circle service. And the whole product and service has been provided by the company. Lianhua Chi Community, Yanqing Community, and the Buhao Community in Hainan Province operate effectively. Your customer health service system was rolled out. and covering the treatment of the customers. And we have covered three palliatives in terms of the long-term care insurance. And the New China Life Rehabilitation Hospital will provide a special medical treatment. The company says, while expanding our investment assets, we have realized A better result compared with the benchmark and the asset has formed a sound synergy with the liabilities. The third is technology empowerment. The company strengthened the technology innovation and integrated digital intelligence into the whole business circle and the process. And Changsha NC have provided customers with various service including the information settlement and renewal premium payment. And we have built ecosystem insurance plus healthcare and old age care and the customers can enjoy online service at home. And New Era platform has provided intelligent online tools for sales team and the smart service. Judoxin and Suixintong Anbang House, Satellar Machines SRS, developed an intelligent service ecosystem and has built an online and offline sales and remote manual and intelligent traditional and innovation services for customers. and the Smart Service Cluster has 370,000 intelligent interactive scenarios which can serve customers' needs through multimedia methods. And for the Wealth Management set, The company has the asset management company as the main body, the main management platform, and adopts multidimensional and diversified development strategies and managed assets for them. The entrusted assets of the company's subsidiary, Newton Life, is about $624.45 billion, and the portfolio asset management platform is about 52.5% to $580 billion. And we have increased by over $100 billion for three consecutive years. In terms of serving national strategy, the company actively served the national development strategy, manifesting the responsibility of a large state-owned listed company to serve the national economy and people's life. First, it served the real economy. The company invested in and support the development of strategically emerging industries totaled $22.6 billion and the investment goes to the Quadrant original development totaled $155 billion and investment to support green industry totaled $18 billion and the company actively respond to Asian population and support the commercial pension insurance and the exclusive commercial pension has reached $400 million and also we have expanded the service To the individual pension funds and covered aid banks of customers' convenient experience service, we served a healthy China strategy. The company actively promoted the policy-oriented medical insurance projects and undertook 17 projects. And the Hu Minba projects totaled $35 million. Products covering altogether 19 million insured people and relevant investment amount to 3.5 billion RMB. In terms of the environmental social responsibility, the company actively supports the rural revitalization, consolidated achievements of poverty alleviation through funds and consumption of The company has allocated funds to various regions of $10.4 million, and the consumption assistance total is $3.7 million, and we provide... support to rural dynamics and treatment environment to promote the rural revitalization. Second is we fulfill our responsibilities. And in the first half of the year, the foundation continued to carry out the public welfare activity for sanitation workers nationwide. As of 30 June 2023, the project covered about 170 cities around China and donated About $428 billion, somewhat short. And the total payment totaled $32 million. And the volunteer union of the company announced various volunteer activities. And also we have issued 20 articles to practice economy and take multi-measures to save energy and reduce emissions to fulfill our social responsibilities. And in terms of the customer service, we... Adopted a customer-centered operation philosophy and integrates digital intelligence throughout entire business development. Through national distribution networks and diversified marketing channels, the company offered whole life circle risk protection and wealth management. The company is committed to the principle of quick settlement. The company is committed to the principle of quick settlement. And the service is supported by technology. In the first half of the year, the company handled 2 million claims and was the total payment of $8 billion. And the average time from application to settlement for each claim was $6 billion. 1.64 days and 96.69% of the claims were submitted online. In terms of our brand, the company strives to forge and committed to our The vision of Build a China's Best Financial Service Group was comprehensive life insurance business as core. While serving the national economy, we serve the real economy, people's livelihood, and leverage our functions of insurance and fulfill our mission in 2020. This year, the company has been a member of Fortune 500 for three consecutive years and ranked the world's top 500 public companies by Forbes for 10 consecutive years and ranked 84 in China's most 500 valuable brands and ranked A in by the fish ratings. And looking into the future, the Chinese economy's recovery by the foundation for social recovery is not solid. The regulators have guided the industry to accelerate supply-side reform around the quality of sales team products and services to meet the needs of economic and social development. In the second half of the year, the company will stick to high-quality development goals and deepen transformation. We continue to improve our product and service capabilities to strictly prevent risks. First, we strictly abide by compliance operation. We will continue to optimize the comprehensive risk management system and implement a 1 plus N risk management system. Risk preference transformation requirement will strengthen internal control and compliance management mechanism and improve the internal control in core business and key links. NCI will implement the negative list mechanism and strengthen risk monitoring and early warning. Our actions will be taken to consolidate the responsibility of preventing risks and prevent risks. Second is build high-performing sales team. Focusing on attracting and cultivating high-performance sales team, promote the build of the team, strengthen the training, and will in product supply and manage, strengthen basic management, and to improve the quality and quantity of the team. Third is optimize customer management. The company will take efforts in customer development, service, and management to enhance customer management capabilities. Efforts will be made to strengthen technological support, enhance information-based services, operation and intensity management, improve support and service efficiency, enrich value-added service, and optimize customer experience. First is promote integration development. NCI will... Strengthen the asset liability synergy and optimize the development of aged care and health care. Strengthen the service and upgrade our products so as to build ecosystem of protection, wealth management of aged care and health care service that covers whole life circle of customers. Next, I would like to introduce the insurance service of the company in the first half of the year. As the macroeconomic policies introduced and took efforts to stabilize the economy, product and marketing demands steadily recovered and resident demand for protection and wealth planning continued to be released. The industry actively improved the product and service supply, deepened value creation, pushed forward ecological construction and integrated development. and the insurance business grew fast. As such, background, the company adhered to the general principle of seeing progress while ensuring stability, switching from defensible to proactive, accelerate transformation and development, enhance construction of professional division channel. The premium increased steadily, among which the FYP from long-term insurance totaled $33 billion, increased by 14.8% a year-on-year, and renewal premiums amounted to $72 billion, grew by about 2% a year-on-year, accounting for 66%. Renewal premiums remain solid. Premium from short-term insurance was $2.4 billion. And for distribution channels, the individual insurance realized a premium of $69 billion. About the flat company I was in last year, accounting for 46% of the TWP bank insurance channel, a realized premium of $36.8 billion, up by 18.1% year-on-year, accounting for 34.1% of the TWP group insurance, realized premium of $1.8 billion. And next, for individual insurance premiums, in the first half of the year, The individual insurance channel focused on values and accelerated business transformation, improved basic management, new business rebounded. The first-year regular premium from long-term insurance business totaled $8 billion, up by 26%, accounting for about... 95% of their VIPs, a high proportion. The company also strengthens the renewal business with renewal premiums totaled $60 billion, representing 87% of the and serving as the anchor of the channel premium. And for the sales team of Individual Insurance Channel, in 2023, the company focuses on improving the quality of the team. The company adheres to increasing protection, optimized structure, and stabilizing growth to improve the team. By end of 2020, In the first half of the year, agent headcounts totaled 171,000 and proportion of qualified agents per month grew by 1.1 PT. Monthly average comprehensive productivity totaled 8,103 by 111% a year. And for the bank assurance channel, in the first half of the year, bank assurance The bank's insurance channel strengthened market opportunity and the focus on regular business key indicators improved. The FYP from long-term insurance totaled $25 billion, up by 17.7% year-on-year. First-year regular premiums up by about 100% to $9.5 billion, and renewal premiums totaled $11 billion, up by about 90% year-on-year. By the End of the June 30, Benchmark's channel realized premium of $36.8 billion by 18.1% year-on-year. Proportion of regular premium grew by 15.4%. Value contribution grew by 17.3%. And the customer scattered by customer demand. The Benchmark's channel promoted long-term regular business. First, diversify the product system. The channel continues to adopt the strategy of promoting regular business with single premium business, driving the diversified product sales, such as whole life insurance and annuity, to meet various demands. Second, we have realized the double the growth of FYP while we reduce the single premium. The second, we improve the channel operation, expand and deepen the cooperation with to promote growth of regular business. And the third is we increased the productivity, the team and outlet productivity of the company has improved. The first is we optimized the efficiency of the company, strengthened budget management and financial analysis and tracked the indicators of efficiencies and refined the management and efficiencies. and for the premium of major product. In terms of the GWP, the traditional insurance totaled $61.3 billion. Health insurance was $30 billion. Participant insurance was $16 billion for FYP, influenced by the product. Single premium product, Shenzhen Bank Insurance Channel, the premium from participant insurance decreased. And in 2022, the company has... Single premium product of Wonderful. And this year, we have shifted the single premium to Winnie Ball. Winnie Ball is not a participating insurance product, so the premium from participating insurance has decreased. And the premium of critical illness insurance decreased down here is mainly because for three reasons. First is government-led. product Huiminbao and other medical insurance continue to be popular in the market and squeeze the commercial insurance market. Second is the sales agent team has decreased in its numbers and has influenced the sales of the critical insurance product. Third is There's greater competition in the products in the market, and there's a differentiated gap between the supply and the customer demand. So, the attractiveness to customers has declined. In the next stage, the company will continue to promote the construction of diversified product system and product transformation. On the one hand, we will further explore customer needs, enrich our product pipeline, and to to enhance our product effectiveness and expand coverage. The second, we will increase the product innovation, develop the product covering new fields and new group of customers and increase the production of protection-left products and long-term health care insurance and medical insurance to explore new growth points. And as for business quality, the company for intensified business quality management plans and the 30 months positive ratio of the company was 18.9%. Up by 4.9%, 25% ratio was 79%, decreased by 3.7 PT. Decrease of the 25-month percentage ratio was managed due to the decline of the 30-month percentage ratio during the same period of last year, benefiting from quality management measures of the company. The 20-month percentage ratio of the company has narrowed. by 1.8% compared with the 30-month percentage ratio last year. Surrender rate was 1.1%. Flat compared with last year. This is the insurance business. Let's welcome Mr. Yang Song to introduce the financials and investments. Thank you, Mr. Zhang. And next, I would like to introduce the financials and the investments of the company. And before we go through the numbers, I want to elaborate that since this year to next year or the year after, we will have a lot of discussions focusing on the financial indicators and numbers. And the major difference is the new accounting standard. In this year, the companies, as required by the regulators, adopted a new accounting standard and we have the IFRS 9 governing the investment business and IFRS 17 governing the insurance business and also other related accounting standards and the new application A kind of standard is a historical changes in the industry because the foundations, the principles, the presentation has material difference and adjustment compared with the previous kind of standard with two or three years study of these new principles we may have certain understanding of the new indicators of the financial support of the company. This is our first half-year report, and some indicators might be different from the previous ones, so you might know that it's a new standard indicator, but for some indicators, the name is the same, but the The essence and the meaning of the indicators has changed under a new accounting standard. So for the investment part, now the indicators of the investment has different foundations of the accounting standard and the base are different, which is also in line with the regulations. And for the indicators, In 2022, we have the number under the previous investment accounting principles, and the numbers in 2023 is under a new investment accounting standard. So under this background, I would like to share and discuss the number of the new numbers of our company. And under the new accounting standard, the Total insurance revenue of the company is about $26 billion, and the previous indicator is the insurance income, and now it's the insurance revenue. So this number has increased. Decreased by 6.5% year-on-year. The main reason has been elaborated by Mr. Zhang Hong. The health insurance has declined in the first half of the year and also because of the shift of accounting standard. And the insurance business expenses and other expenses about $37 billion, which is different from our previous indicator. And for the investment income, even though the foundations of accounting standards are different, but we can compare with that. And we can see that we have elaborated the financial expenses from issuing insurance contract. And as required by the Ministry of Finance of the company and the new P&L, report the structure of the income statement has different with the international one because the Chinese standard and the international standard has the same logic and we have a new presentation of the indicators and we can present the the accounting policies as required by the Ministry of Finance. So there's a slight difference between that. And this is the key financial indicators and for the investment performance. Since 2019, the company has established the development philosophy of a dual engine of asset liability to travel The life insurance and by the end of reporting period, the total investment of the company is about $1.3 billion by 8%. Compared with the end of last year, as for the investment set, the shifting of accounting standard have a limited impact of the number. The total asset is about $1.3 billion. and the total assets is about $1.6 trillion. And for the investment income is about $21.6 trillion. and this is under the new accounting standard. In the first half, annualized investment yield present here, the total investment yield is about 3.7% and net investment yield is about 3.4%, even though the standard is different for the principal's For this year and the last year, but we can see the trend because of the volatile decrease in the capital market. We can see that the number has declined because of the interest rate has decreased on the fluctuation of volatility in the stock market, as well as the dividend paid to the shareholders. Therefore, the investment yield of the company has decreased in the first half this year. Next, let's go to the investment portfolios. We have over 1 trillion investment assets, and in a short period, we have balanced and a stable investment allocation, and the company has... We balance the accounts based on the market environment. In the first half of the year, the company has, based on our allocable assets and products and market conditions, we have invested more in long-term treasury bonds, local government bonds, and short-term deposits and the rest. As for the net standard asset and other assets with higher risks, we have decreased the allocation to those products. So the total investment mix is stable. And for the net standard asset, you may have the impression that the net standard asset of the company has a higher proportion compared with our peers. But as we have discussed to the market, the net standard asset of the company has decreased as expected by the end of the reporting period. The net standard asset accounting for less than... 15% of the company. You might know that 70 years ago, the proportion is about 30%. So there's a huge decrease of the proportion. There are reasons for the decrease. For example, the capital market is increasingly material. There is less supply of national assets in the market. And at the same time, the company... has more choice of standard asset and available for us. And on the other hand, the quality and the risk of prevention environment has increased. has a higher risk, so it's not suitable for the life insurance allocation. So under internal and external circumstances, we have We discussed with the market and the nested asset is decreasing in its proportion and now the proportion is less than 15%. And let's see the mix of the nested asset, the proportion within... Different products of National Interest is stable. So the number, the amount is decreased, but the proportion is stable. And also, at the same time, the company focuses on the quality of National Interest. And National Interest has allocated that a company has a high quality with high ranking and quality. And in the past several years, we can see that There may be some market risk event happen, but our risk is low, and there's a large safe margin for NSA, and we believe the national assets of the companies is safe. NSA also provided sound information. to the total investment yield of the company. It's about 146.9% up by 6.38 PT and the comprehensive service margin ratio is about 239% flat compared with the last year. And those two ratios is much higher than the regulatory line, bottom line requirement and also lead a solid foundation for long-term investment growth of the company and with more capital strength and can have a long-term solid and stable development. And that's the end of my introduction. Next, let's invite Mr. Gong Xinfeng to introduce the embedded value. Thank you, Mr. Yang. Next, I would like to introduce the embedded value of the company by the June 30, 2023, the embedded value of the company totaled $266.5 billion, up by 4.3% compared with the end of last year, among which the value of the first business increased by 1%, from $89.9 billion to $90.8 billion. Adjusted net worth increased by 6.1%, from $166 billion to about $176 billion. And next, I would like to introduce the Change for the embedded value and from this chart we can see that the major driver for EV is coming from operating related changes. It has totaled and contributing 5% of the EV course, and the major consumption of EV is the dividend paid to shareholders, which was about $3.6 billion, resulting in a 3% decrease of the EV. And the EV has changed from $255 billion to $266 billion. Next, I'd like to introduce the value of new business. In the first half of the year, the company has focused on business. And the first year used to calculate the value of the first year has increased. And the VNB has increased to $2.5 billion by 17.1%. It's because the company has ceased. The market opportunities have resulted in the increase of the value of new business. This is my introduction about the values. And this is the end of the presentation period. And thank you for Mr. Yang Zheng and Mr. Zhang Hong for their introduction. Next is the Q&A session. And due to time limits, please propose no more than two questions. and tell us your name and institutions represent. And next, let's first welcome the on-site questions. Thank you for the opportunity and congratulations on the performance of the company. We can see there's a double-digit growth of the new MBV. I am Tang Shengbo from Nomura, and I have two questions. First is about the business. We can see that in the bank insurance channel, we can see there's a huge growth, and life insurance has a similar trend, but... I want to ask that the continuity of the growth in the insurance channel. Now there's a new regulation about the commission fees in the channel and I want to know the company's growth outlook in the channel or even the outlook in the next two or three years. The second question is about the individual insurance channel. And the channel is... have a smaller proportion of EV of the new business value and when can we expect the value of the channel stabilized and see growth? Thank you. Thank you for your question. First, I'd like to ask Mr. Wang Liangwen to answer your question. In the first half of the year, the backtrance channel has realized a sound growth, and this is because the Market recovery, the demand of the banks, and also we have a sound distribution channel and network. So in the first half, the completion rate and growth of the company is sound. And in the second half of the year, we will follow the regulation. and we will continue to grow the bank insurance channel. We believe the growth of the channel can be continued because in the channel we have sound experience and good cooperation relations with the banks. We believe now in the short term maybe some new policies can have impact on the business but in the long run we believe it is beneficial to the And for the individual insurance channel, just now Mr. Tang has introduced, has said that the FYP has a negative growth, and I want to correct that the MBV of the individual insurance channel has positive growth, but we want to say that they had a count of the, The channel has decreased and the productivity of the company has doubled compared with the end of last year. So we strive to improve their productivity, adjusting the structure and the strength, the growth, and we have sound results. And in the future, we will strengthen investment in the individual channel and Invest more resources in recruiting more elite and suitable agents. And in the first half of the year, we can see that the structure of agent team is stabilizing. And we're focusing on the recruiting the sound agents and nurturing the high-performing agents. We believe the individual insurance channel will have a higher proportion contribution to the team. And the individual insurance is the core channel of the company. Next, let's welcome the online questions. Dear investors, if you want to raise questions, please press star 1 and Q in the line. Please tell us your name and institutions before you raise your questions. I'm a reporter from Shanghai Security News Report, and just now you've mentioned that what's your product and the channel strategy in the second half of the year, and in the bank's channel, the company has seen a sound growth, but there's maybe new... Regulations in the channel and I want to know your growth expectation. Let's invite Mr. Gong to answer your question. In the first half of the year, the whole market has better environment and sales conditions compared with the early of the year. That's because we have seen the release of customer demand in the first half. The economy is recovering from the pandemic, and the life insurance customers have increased. Deeper understanding of the insurance product and which has provided opportunities for the growth of the channel. And the core is that we should focus on our own financial planning, especially focus on the protection and the long-term protection financial investment in the first half we can see that the major contributor for the business is whole life insurance and both individual insurance channel and bank insurance channel has sound investment growth and for the life insurance just now Mr. Wang Liang has discussed we have seen positive growth for the bank insurance channel we also have grown this challenge and it has greater importance and contribution to the company. And whether this trend can sustain and are there any product changes in it? We have several comments. First is we believe there is huge market demand and the market potential in the market. We can see that the demand of the citizens and the changes in the economy For example, the real estate market has brought great long-term changes to the market. They assume the interest rate and the regulation requirement. is trying to regulate the industry development and will not influence the customer's demand. The second is we believe there is a huge market potential in the life insurance industry. In the previous several years, the critical units insurance has seen fast growth, but the premiums per policy is still low. And this year, the Whole Life Insurance has seen a sound growth, but if we're looking into these policies, we should have a look of whether the protection part is enough. Now the Huiminbao and other affordable benefiting products has introduced and provide customers with protection. But now we can also see that there's a great demand for high-end medical treatment and care products. So this is where the life insurance business can focus and grow in the future. And we believe this can promote our business in the future. And the third is we want to talk about the continuity and sustainability of the growth of the company. focus on sustainable growth of the team, of the company. And for the team building, we strengthened and grow the individual insurance channel and grow the insurance channel in the whole and afford the products. In the first half of the year, we provide multiple products and also provide the health insurance, the whole life insurance, the medical insurance to roll out in the market. And we believe and also hope that those product pipelines can meet the demand of the customers and meet and make up for the gap of long-term insurance of the life insurance industry. And this is my answer for the first question for the bankers. And... The second question, we believe the existing business and new business is important and fitting our position of different channels and we are quite stand and clear about our position of channels. Both individual and the ventures channel are trying to meet demand of different customers and different demands. And the customers have different demand and preference. Some customers may like to go to banks, and some might like to communicate with agents, and others might want to buy products through online channels. So the demands for customers are different. In the first half, we can see the bank channel has seen good growth and is growing. in the market and we have a good result and growth in the first half year and can we maintain the growth in the second half of the year or in the next two or three years as mentioned earlier before we think for life insurance industry we have positive understanding of the company and we will maintain our position in the video insurance channel which is supporting the volume growth of the company and improve our capability in serving customers and markets with the cost efficient and within control, we hope to provide more secure and appropriate products to the market. And the demand for the bank's risk channel, We have seen that there are a lot of changes and the demand has shifted from a single deposit to whole life protection. And there's also a shift from a single premium business to regular premium business. So there is an active demand in the bank insurance channel. Banks has a much more managed assets and more market base than life insurance industry. So this product is just a proportion of the bank's business, and we believe it can provide a large potential for business growth. And second, we would like to deepen our cooperation with banks for the bank insurance channel is of concern and attract attention in the market. We would like to improve our competitiveness in the channel, strengthen the cooperation field, and deepen the cooperation, strengthen innovation. Last, we would like to grasp the basic management in the bank insurance channel. The customers are there, but it's not naturally the customer of Neutron Life or life insurance industry. We hope to explore and grasp opportunities and strengthen our team building and internal management and strive to provide A foundation for the long-term growth of the channel. And we hope to drive the growth of the bank insurance channel. And this is my answer for this question. Thank you. Next, let's welcome on-site questions. Thank you, management team, for this opportunity. I'm Zhu Lifeng from Guolian Securities. First, I would like to congratulate you on the sound business of the company in the first half, and I have two questions. First, I want to ask about the strategy of the company. We have noticed that Mr. Yang Yicheng will become the party secretary of the company, and as

He will be the chairman of the board of the company and the investors are focused on and are much more interested in the growth opportunity and the strategy of the company. I want to know the plan for the strategy. In the future, the second is we want to know the business planning of the company. We can see that in the first half, the NBV is higher than the whole year result in 2022. And we can see there is a positive growth of the year. And I want to know your planning and the pace of the business in the second half and your planning for the jumpstart period in the next year. Thank you for your question. And Mr. Zhang Hong will answer the first question and will invite Mr. Wang Lingman to answer the second question. And as known that Mr. Li Quan has resigned from the chairman of the board of the company due to the age and we have released related matters and Mr. Li Quan resigned and this resignation will not impact the business of the company. Mr. Yang has assumed the party secretary of the company and we also have a proposal that nominating his executive director of the company's board and the related This governance procedure is undergoing and I know the investors are interested in the strategy of the company after the assuming of the new chairman. And you may have noticed that last week we have business launching meeting for the business in the September and October. Mr. Yang has proposed a series of requirements for the company. And generally speaking, the company, after the change of management team will stick to our previous 14th five-year plan we have proposed and the following plus two plus one strategy and we will stick to our strategy mechanism culture and technology empowerment and we will invest more resources in those regards and deepen our reform and development And in this regard, we will optimize our planning. And with details as follows. First, we will strengthen the high-quality growth of the distribution channels. Just now, Mr. Gong Xinfeng and Mr. Wang Lianman have elaborated that the company has always... focus on and attach importance to the growth and build of the distribution channels. The individual insurance channel will focus on the values