Financial Performance - In Q3 2022, the company's operating revenue reached CNY 144,610 million, representing a 4.0% increase year-on-year[3]. - The net profit attributable to shareholders of the parent company for Q3 2022 was CNY 5,645 million, a significant increase of 45.1% compared to the same period last year[3]. - The basic earnings per share for Q3 2022 was CNY 0.13, reflecting a 45.1% growth year-on-year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2022 was CNY 5,499 million, up 43.7% year-on-year[3]. - Net profit attributable to shareholders of the parent company for the same period was 23.495 billion CNY, up 13.1% year-on-year[11]. - Net profit for the period from January 1 to September 30, 2022, reached RMB 33,077 million, an increase of 15.8% compared to RMB 28,735 million in the same period of 2021[21]. Assets and Liabilities - The total assets as of September 30, 2022, amounted to CNY 1,500,461 million, marking a 9.0% increase from the previous year[4]. - The total liabilities increased by 11.2% year-on-year, reaching 1,200.653 billion CNY[11]. - The company's total assets as of September 30, 2022, amounted to 1,500.461 billion CNY, reflecting a 9.0% increase from the end of 2021[11]. - The total liabilities increased to 1,200.653 billion RMB as of September 30, 2022, compared to 1,079.697 billion RMB at the end of 2021[19]. - The company's total equity as of September 30, 2022, was 299.808 billion CNY, a 1.0% increase from the beginning of the year[11]. Cash Flow - The net cash flow from operating activities for the first nine months of 2022 was CNY 52,471 million, up 11.8% year-on-year[3]. - Cash flow from operating activities generated a net amount of RMB 52,471 million, an increase of 11.0% compared to RMB 46,936 million in the same period last year[23]. - Cash flow used in investment activities resulted in a net outflow of RMB 47,364 million, slightly improved from RMB 50,472 million in the previous year[23]. Insurance Business - Insurance business revenue for the first three quarters of 2022 reached 504.37 billion CNY, a year-on-year increase of 10.1%[11]. - The original insurance premium income for property insurance reached 381.024 billion CNY, a 10.2% increase year-on-year[12]. - The net profit for property insurance was 25.948 billion CNY, representing a 29.8% increase year-on-year[12]. - The comprehensive cost ratio for property insurance improved to 96.5%, a decrease of 2.4 percentage points year-on-year[12]. - The first-year premium for long-term insurance was 38.761 billion RMB, a 19.0% increase from 32.577 billion RMB in the same period of 2021[13]. - The company reported a total of 82.465 billion RMB in premium income for the first three quarters of 2022, representing a 5.8% increase from 77.936 billion RMB in 2021[14]. Investment and Strategy - The company plans to enhance its asset management strategies to stabilize investment returns amid challenging market conditions[16]. - The company is focusing on dynamic asset allocation to mitigate investment risks and optimize portfolio structure[16]. - The total investment income for the first nine months of 2022 was 46.028 billion RMB, compared to 50.919 billion RMB in the same period of 2021[20]. Solvency and Financial Health - The core solvency adequacy ratio for the group was 197% as of September 30, 2022, indicating strong capital adequacy[7]. - The company reported a comprehensive solvency adequacy ratio of 259% as of September 30, 2022, demonstrating robust financial health[7]. - The weighted average return on equity increased to 10.6%, up 0.7 percentage points compared to the previous year[11]. Earnings Per Share - The diluted earnings per share for Q3 2022 was CNY 0.12, which is a 33.3% increase compared to the same quarter last year[4]. - Basic earnings per share for the first three quarters of 2022 were 0.53 CNY, up 13.1% from 0.47 CNY in the same period of 2021[11]. - Basic earnings per share for the period were RMB 0.53, compared to RMB 0.47 in the same period of the previous year[22].

Financial Performance - The company's operating revenue for Q3 2022 was RMB 144,610 million, representing a 4.0% increase compared to the same period last year[3]. - Net profit attributable to shareholders for Q3 2022 was RMB 5,645 million, a significant increase of 45.1% year-on-year[3]. - The basic earnings per share for Q3 2022 was RMB 0.13, reflecting a 45.1% increase compared to the previous year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2022 was RMB 5,499 million, up 43.7% year-on-year[3]. - The diluted earnings per share after deducting non-recurring gains and losses for Q3 2022 was RMB 0.12, a 33.3% increase compared to the same period last year[3]. - Operating revenue for the period from January 1 to September 30, 2022, was RMB 481,475 million, an increase of 6.3% compared to RMB 452,710 million in the same period of 2021[26]. - Net profit for the same period in 2022 reached RMB 33,077 million, up 15.9% from RMB 28,735 million in 2021[27]. - The total profit for the first nine months of 2022 was RMB 39,819 million, representing a 18.5% increase from RMB 33,625 million in 2021[27]. Assets and Liabilities - Total assets as of September 30, 2022, reached RMB 1,500,461 million, marking a 9.0% increase from December 31, 2021[4]. - Total assets as of September 30, 2022, amounted to CNY 1,500.461 billion, a 9.0% increase from December 31, 2021[14]. - Total liabilities increased by 11.2% to CNY 1,200.653 billion as of September 30, 2022[14]. - The company’s liabilities totaled RMB 1,200.653 billion as of September 30, 2022, an increase from RMB 1,079.697 billion at the end of 2021[25]. - The total equity attributable to shareholders as of September 30, 2022, was RMB 221,051 million, a slight increase of 0.9% from December 31, 2021[4]. - The total equity of the group as of September 30, 2022, was CNY 299.808 billion, a 1.0% increase from the beginning of the year[15]. Cash Flow - The company's cash flow from operating activities for the first nine months of 2022 was RMB 52,471 million, reflecting an 11.8% increase year-on-year[3]. - The net cash flow from operating activities was CNY 52.471 billion, representing an 11.8% increase year-on-year[14]. - The company reported a net cash flow from operating activities of RMB 52,471 million for the first nine months of 2022, compared to RMB 46,936 million in 2021, reflecting a growth of 11.0%[29]. - The company reported a decrease in cash and cash equivalents to RMB 19.684 billion from RMB 22.398 billion at the end of 2021[24]. - The company’s cash and cash equivalents at the end of September 2022 were RMB 26,833 million, down from RMB 33,977 million at the end of September 2021[31]. Investment and Insurance Business - Insurance business revenue for the first three quarters of 2022 reached CNY 504.372 billion, a year-on-year increase of 10.1%[13]. - Pre-tax profit for the same period was CNY 39.819 billion, reflecting an 18.4% increase compared to the previous year[13]. - The company achieved original insurance premium income of RMB 82.465 billion, a year-on-year increase of 5.8%[19]. - The company reported a significant increase in first-year long-term insurance premiums, reaching RMB 38.761 billion, up 19.0% from the previous year[19]. - The health insurance segment saw original premium income of RMB 36.214 billion, reflecting an 18.2% year-on-year growth, with net profit increasing by 90.0% to RMB 0.897 billion[20]. Strategic Focus and Management - The company has strengthened its asset management strategies to adapt to market changes and stabilize investment returns amid a challenging economic environment[22]. - The company is focusing on enhancing channel construction and optimizing resource allocation to drive high-quality development[18]. - The company plans to continue leveraging its investment strategies to mitigate risks and capitalize on market opportunities[22]. - The company plans to continue focusing on investment activities and market expansion strategies in the upcoming quarters[39]. Governance and Oversight - The group’s major associates, Industrial Bank and Huaxia Bank, adopted new financial instrument accounting standards starting January 1, 2019[41]. - The group chose not to make uniform accounting policy adjustments when applying the equity method for these associates[41]. - The announcement was made by the Chairman, Luo Xi, on October 27, 2022[41]. - The executive directors include Luo Xi, Wang Tingke, and Li Zhuyong[41]. - The non-executive directors consist of Wang Qingjian, Miao Fusheng, Wang Shaoqun, Yu Qiang, and Wang Zhibin[41]. - The independent non-executive directors are Shao Shanbo, Gao Yongwen, Chen Wuzhao, Cui Li, and Xu Lina[41]. - The group is committed to ensuring the accuracy of financial information[41]. - The board of directors is responsible for overseeing the financial reporting process[41]. - The group continues to evaluate market trends for strategic decision-making[41]. - The company emphasizes collaboration within the team to share insights[41].

Financial Performance - Total premium income for the first half of 2022 reached CNY 382.62 billion, a year-on-year increase of 11.2%[10]. - Net profit for the first half of 2022 was CNY 24.81 billion, reflecting a growth of 6.8% compared to the same period in 2021[10]. - Profit attributable to shareholders of the parent company was CNY 17.85 billion, up 5.9% year-on-year[10]. - The net profit for the first half of 2022 was CNY 19.041 billion, representing a year-on-year increase of 15.4%[51]. - The total income for the first half of 2022 was CNY 221.351 billion, a 6.1% increase compared to the same period in 2021[51]. - The net profit surged by 186.5% from 259 million to 742 million in the first half of 2022[89]. - The net profit for the period was RMB 24,811 million, an increase from RMB 23,242 million in the same period of 2021, representing a growth of 6.75%[199]. Assets and Liabilities - As of June 30, 2022, total assets reached CNY 1,497,860 million, an increase of 8.8% from CNY 1,376,857 million on December 31, 2021[9]. - Total liabilities increased by 10.9% to CNY 1,197,946 million as of June 30, 2022, compared to CNY 1,079,964 million at the end of 2021[9]. - Total equity as of June 30, 2022, was CNY 299,914 million, reflecting a slight increase of 1.0% from CNY 296,893 million at the end of 2021[9]. - The company's equity attributable to shareholders as of June 30, 2022, was RMB 221,664 million, compared to RMB 219,256 million as of December 31, 2021, reflecting a growth of 1.10%[200]. - The insurance contract liabilities increased to RMB 889,658 million as of June 30, 2022, from RMB 773,098 million as of December 31, 2021, marking a rise of 15.06%[200]. Insurance Segments Performance - The property insurance segment achieved total premium income of CNY 277.41 billion, a 9.8% increase year-on-year, with non-auto insurance accounting for 53.6% of total premiums[12]. - The life insurance segment reported original insurance premium income of CNY 102.43 billion, a 14.2% increase year-on-year, with a 3.8 percentage point improvement in 13-month premium persistence[13]. - The health insurance segment achieved a net profit of CNY 0.74 billion, a significant increase of 186.5% year-on-year, with original insurance premium income of CNY 30.38 billion, up 18.8%[13]. - The comprehensive cost ratio for property insurance was 96.0%, a decrease of 1.2 percentage points year-on-year[12]. - The life insurance segment reported original insurance premium income of CNY 72.04 billion, up 12.3% year-on-year, leading the industry[24]. - The health insurance segment achieved a net profit of CNY 0.742 billion, a significant increase of 186.5% year-on-year[24]. Investment Performance - Total investment income reached CNY 32.43 billion, with an annualized total investment return rate of 5.5%[25]. - The investment segment focuses on finding quality assets and optimizing asset allocation to stabilize investment returns[18]. - The total investment income decreased by 8.3% from 35.362 billion yuan in the first half of 2021 to 32.428 billion yuan in the same period of 2022[101]. - Net investment income increased by 11.4% from 25.711 billion yuan in the first half of 2021 to 28.645 billion yuan in the same period of 2022[101]. - The annualized total investment return decreased from 6.7% in the first half of 2021 to 5.5% in the same period of 2022[101]. Market Position and Strategy - The company ranked 110th in the Fortune Global 500 list in 2022, highlighting its significant market position[1]. - The company maintained a market share of 34.4% in the property insurance sector as of June 30, 2022, with premium income of CNY 276.67 billion[22]. - Life insurance and health insurance segments held a market share of 5.0%, with premium income of CNY 76.89 billion and CNY 30.56 billion respectively[22]. - The company is actively expanding its market presence and has strategic layouts in non-insurance financial sectors such as banking and trust[2]. - The company is committed to supporting national strategies and enhancing its role in the insurance industry, with a focus on innovation and service quality[22]. Technological and Operational Enhancements - The company emphasizes technological empowerment and has advanced capabilities in data mining and customer migration[3]. - The company has accelerated its digital transformation and technology construction, enhancing the insurance value chain and supporting strategic implementation[17]. - The company is enhancing its risk control capabilities and data governance to support its digital financial services[21]. - The company actively utilized AI and smart credit rating models to enhance credit risk management and decision support[98]. Social Responsibility and Community Engagement - The company is committed to social responsibility and seizing policy opportunities to innovate its business model[3]. - The company provided risk protection of CNY 1.85 trillion for 19.19 million farming households through innovative agricultural insurance solutions[14]. - The company has established a comprehensive plan to support rural revitalization, with a focus on six strategic services, ensuring effective implementation of poverty alleviation efforts[126]. - The company has developed insurance products covering over 280 types of agricultural products, enhancing support for local specialty industries and ensuring food security[128]. Shareholder and Governance Information - The total number of ordinary shareholders at the end of the reporting period was 227,405 for A-shares and 5,456 for H-shares[145]. - The largest shareholder, the Ministry of Finance, held 26,906,570,608 shares, representing 60.84% of the total shares[145]. - The company has not distributed an interim dividend for the first half of 2022[124]. - The company has established guidelines for securities trading applicable to directors, supervisors, and all employees, which comply with the listing rules[142].

Financial Performance - In the first half of 2022, the company achieved original insurance premium income of CNY 379.18 billion, a year-on-year increase of 11.0%[7] - The total profit for the period was CNY 29.95 billion, reflecting a year-on-year growth of 8.0%[7] - The net profit reached CNY 24.81 billion, with a year-on-year increase of 6.6%, and the net profit attributable to shareholders of the parent company was CNY 17.85 billion, up by 5.7%[7] - Operating revenue for the first half of 2022 reached CNY 336,865 million, a 7.4% increase compared to CNY 313,725 million in the same period of 2021[16] - The total investment income for the group was CNY 32.43 billion, with an annualized total investment return rate of 5.5%, a decrease of 1.2 percentage points from the previous year[28][34] - The company reported a net cash flow from operating activities of CNY 49,705 million, a 2.8% increase from CNY 48,355 million in the first half of 2021[16] - The company’s net profit rose by 15.3% year-over-year to CNY 19.032 billion[41] - The company’s total comprehensive income decreased by 39.0% to CNY 12.661 billion due to various market impacts[40] Insurance Business Segments - The property insurance business achieved original premium income of CNY 276.67 billion in the first half of 2022, a year-on-year increase of 9.9%[8] - The life insurance business reported original premium income of CNY 102.42 billion, a year-on-year growth of 14.2%[9] - The health insurance segment achieved a net profit of CNY 742 million, a significant increase of 186.5%, with original premium income of CNY 30.38 billion, up 18.8%[9] - The insurance business income for property insurance was CNY 277,408 million, up 9.8% from CNY 252,626 million in the first half of 2021[19] - The growth rate of earned premiums for life insurance was 12.8%, compared to a decline of 4.3% in the same period of the previous year[19] - The health insurance segment achieved original insurance premium income of CNY 30.383 billion, a year-on-year increase of 18.8%[97] Market Position and Share - The company ranks 110th in the Fortune Global 500 list published in 2022[1] - As of June 30, 2022, the market share of PICC Property and Casualty in the property insurance market was 34.4%, while PICC Life and PICC Health held 5.0% in the life insurance market[25] - The company has signed strategic cooperation agreements for intellectual property insurance with 14 provinces, enhancing its support for technology innovation[14] Asset Management and Investment - The total assets of the company reached CNY 1,496.75 billion, reflecting an 8.7% increase year-on-year[15] - The total investment assets amounted to 1,230,807 million, an increase from 1,196,920 million at the end of 2021[128] - Fixed income investments accounted for 64.1% of total investments, with a total of 789,256 million, up from 62.9% in the previous year[128] - The company maintained a diversified credit bond portfolio, with 99.5% rated AA/A-1 or above, ensuring overall credit risk is manageable[130] Strategic Focus and Innovation - The company has established a comprehensive insurance financial group with a focus on customer-centric services and cross-sector business collaboration[7] - The company is committed to social responsibility and innovation in business models, leveraging policy opportunities[7] - The company has a strategic focus on digital technology and financial technology, enhancing its capabilities in data mining and customer value creation[7] - The company plans to enhance its product technology innovation and accelerate information technology construction as part of its strategic initiatives[22] Risk Management - The company emphasizes risk management in insurance operations, particularly in response to frequent catastrophic events and the challenges posed by the pandemic[159] - The company is actively improving its investment credit risk management framework to address the ongoing credit risks in the domestic economy[158] Corporate Governance - The company held one shareholders' meeting and five board meetings in the reporting period, ensuring compliance with governance regulations[162] - The company did not engage in any related party transactions requiring disclosure or independent shareholder approval under the relevant stock exchange rules[173] Social Responsibility and Community Engagement - The company is committed to environmental protection and energy conservation, promoting a green and low-carbon operational philosophy[168] - The company has established a comprehensive plan to support rural revitalization, with a focus on 68 specific tasks across five key areas[169] - The company allocated funds for targeted assistance, ensuring no reduction in support, and implemented guidelines for effective fund usage[170] Legal and Compliance - There were no significant legal disputes or arbitration matters during the reporting period[172] - The company complied with all relevant laws and regulations that significantly impact its business and operations during the reporting period[186]

Financial Performance - The company's operating revenue for Q1 2022 was RMB 189,568 million, representing a 9.1% increase compared to RMB 173,762 million in Q1 2021[2] - Net profit attributable to shareholders of the parent company decreased by 12.9% to RMB 8,744 million from RMB 10,034 million year-on-year[2] - The net profit for Q1 2022 was RMB 12.32 billion CNY, down 11.0% year-on-year[11] - Total profit for Q1 2022 was 15.56 billion CNY, a decrease of 3.8% compared to the same period in 2021[11] - The company's total equity as of March 31, 2022, was RMB 290,643 million, down from RMB 296,705 million at the end of 2021, showing a decrease of approximately 2.1%[17] - The company's net profit for Q1 2022 was RMB (98) million, a decline from RMB 202 million in Q1 2021, indicating a negative growth of 148.5%[22] Earnings and Ratios - The weighted average return on equity was 4.0%, down 0.9 percentage points from 4.9% in the previous year[4] - The basic earnings per share decreased to RMB 0.20, down 12.9% from RMB 0.23 in the same quarter of the previous year[2] - The weighted average return on equity for Q1 2022 was 4.0%, a decrease of 0.9 percentage points year-on-year[11] - The total comprehensive income for the first quarter of 2022 was RMB (6,062) million, compared to RMB 7,928 million in the same period of 2021, indicating a significant decline[19] Cash Flow and Investments - The net cash flow from operating activities was RMB 23,618 million, showing a slight increase of 1.8% from RMB 23,198 million in the same period last year[2] - The company's operating cash inflow for Q1 2022 was RMB 178,930 million, an increase from RMB 153,298 million in Q1 2021, representing a growth of 16.7%[20] - The company experienced a net cash outflow from investing activities of RMB 7,132 million in Q1 2022, compared to RMB 17,090 million in Q1 2021, indicating a reduction in cash outflow by 58%[20] - The investment income for the first quarter of 2022 was RMB 16,571 million, compared to RMB 17,995 million in the same period of 2021, indicating a decline of about 7.9%[18] - The company reported an investment income of RMB 238 million in Q1 2022, down from RMB 458 million in Q1 2021, reflecting a decline of 48%[22] Assets and Liabilities - Total assets as of March 31, 2022, reached RMB 1,442,319 million, an increase of 4.8% from RMB 1,376,402 million at the end of 2021[4] - The company's total liabilities reached RMB 1,151,676 million as of March 31, 2022, compared to RMB 1,079,697 million at the end of 2021, indicating an increase of about 6.7%[17] - Total liabilities as of March 31, 2022, were RMB 23,215 million, compared to RMB 23,490 million as of December 31, 2021, showing a decrease of 1.2%[21] - The total assets as of March 31, 2022, were RMB 124,738 million, a slight decrease from RMB 125,107 million as of December 31, 2021[21] Insurance Business Performance - Insurance business revenue for Q1 2022 reached 233.98 billion CNY, a year-on-year increase of 14.3%[11] - Original insurance premium income for property and casualty insurance was 152.14 billion CNY, an increase of 12.2% year-on-year[12] - Original insurance premium income for life insurance was 59.75 billion CNY, a year-on-year increase of 17.9%[14] - Original insurance premium income for health insurance was 20.49 billion CNY, up 19.2% year-on-year[15] - The combined ratio for property and casualty insurance was 95.6%, a decrease of 0.1 percentage points year-on-year[12] - The total insurance premium income for the first quarter of 2022 was RMB 172,709 million, an increase from RMB 155,091 million in the same period of 2021, representing a growth of approximately 11.0%[18] Accounting Standards and Policies - The company has chosen to defer the implementation of the new financial instrument accounting standards until January 1, 2023, as allowed under the transitional measures[25] - The main activities of the group are primarily insurance-related, which qualifies for the deferral of the new financial instrument accounting standards[25] - The company's major associates, Industrial Bank and Huaxia Bank, began adopting the new financial instrument accounting standards on January 1, 2019[25] - The group has opted not to make uniform accounting policy adjustments when applying the equity method for its associates under the transitional measures[25]

Financial Performance - The company's operating revenue for Q1 2022 was RMB 189,568 million, representing a 9.1% increase compared to RMB 173,762 million in Q1 2021[3] - Net profit attributable to shareholders of the parent company decreased by 12.9% to RMB 8,744 million from RMB 10,034 million year-on-year[3] - The net profit for Q1 2022 was RMB 12,318 million, compared to RMB 13,844 million in Q1 2021, indicating a decrease of about 11.0%[24] - Pre-tax profit for Q1 2022 was CNY 15.56 billion, a decrease of 3.8% compared to Q1 2021[11] - Net profit for Q1 2022 was CNY 12.32 billion, down 11.0% from the previous year[11] - Total comprehensive income for Q1 2022 was (6,062) million RMB, compared to 7,928 million RMB in Q1 2021, representing a significant decline[26] Cash Flow and Liquidity - The net cash flow from operating activities was RMB 23,618 million, a slight increase of 1.8% from RMB 23,198 million in the same period last year[3] - Cash inflow from operating activities totaled 178,930 million RMB in Q1 2022, an increase of 16.7% from 153,298 million RMB in Q1 2021[27] - Cash outflow from operating activities increased to (155,312) million RMB in Q1 2022, compared to (130,100) million RMB in Q1 2021, indicating higher operational costs[27] - Operating cash flow for the period from January 1 to March 31, 2022, was a net outflow of RMB 86 million, compared to a net outflow of RMB 59 million in the same period of 2021, representing a 45.76% increase in cash outflow[36] - The company maintained a strong cash position with cash and cash equivalents totaling RMB 20,007 million as of March 31, 2022, down from RMB 22,398 million at the end of 2021[21] - The ending balance of cash and cash equivalents as of March 31, 2022, was RMB 981 million, compared to RMB 925 million at the end of Q1 2021[38] Assets and Liabilities - Total assets as of March 31, 2022, were RMB 1,442,319 million, an increase of 4.8% from RMB 1,376,402 million at the end of December 2021[4] - Total liabilities as of March 31, 2022, were CNY 1,151.68 billion, reflecting a 6.7% increase year-on-year[12] - The total liabilities as of March 31, 2022, were RMB 1,151,676 million, compared to RMB 1,079,697 million at the end of 2021, representing an increase of approximately 6.7%[22] - The company’s total equity as of March 31, 2022, was RMB 290,643 million, a slight decrease from RMB 296,705 million at the end of 2021[22] Insurance Business Performance - Insurance business revenue for Q1 2022 reached CNY 233.98 billion, a year-on-year increase of 14.3%[11] - The company’s total insurance business income for Q1 2022 was RMB 233,984 million, compared to RMB 204,754 million in Q1 2021, reflecting an increase of approximately 14.2%[23] - Original insurance premium income for P&C insurance in Q1 2022 was CNY 152.14 billion, reflecting a 12.2% increase year-on-year[14] - Original insurance premium income for life insurance in Q1 2022 was CNY 59.75 billion, up 17.9% year-on-year[15] - Original insurance premium income for health insurance in Q1 2022 was CNY 20.49 billion, a 19.2% increase compared to the same period last year[16] - The combined ratio for P&C insurance was 95.6% in Q1 2022, a decrease of 0.1 percentage points year-on-year[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 246,495, with the top ten shareholders holding 60.84% of the shares[8] - The basic earnings per share for Q1 2022 was RMB 0.20, a decrease of 12.9% from RMB 0.23 in the same period last year[3] - Basic and diluted earnings per share for Q1 2022 were both 0.20 RMB, down from 0.23 RMB in Q1 2021[26] Strategic Focus - The company emphasized a strategic focus on dynamic asset allocation to stabilize investment returns amid a challenging external environment[18] - The company has chosen to defer the implementation of new financial instrument accounting standards until January 1, 2023, in accordance with transitional measures[39] - The company’s activities are primarily insurance-related, which qualifies it for the deferral of new financial instrument accounting standards[40] - The company’s major associates, Industrial Bank and Huaxia Bank, adopted new financial instrument accounting standards starting January 1, 2019[40]

Company Performance - The People's Insurance Company of China ranked 90th in the 2021 Fortune Global 500, an increase of 22 places from the previous year[3]. - Total assets reached RMB 1,376,857 million, an increase of 9.6% compared to RMB 1,256,064 million in 2020[9]. - Net profit for 2021 was RMB 30,370 million, reflecting a year-on-year growth of 7.6% from RMB 28,233 million in 2020[10]. - Total premium income amounted to RMB 585,425 million, a growth of 3.9% from RMB 563,608 million in 2020[9]. - The company achieved a pre-tax profit of RMB 35,589 million, up 12.6% year-on-year[10]. - The company reported a significant increase in revenue, achieving a total of 55 billion yuan for the fiscal year, representing a year-over-year growth of 15%[169]. - The company reported a significant increase in revenue, achieving a total of 10 billion RMB, representing a 15% year-over-year growth[176]. Insurance Segment Performance - The property insurance segment generated premium income of CNY 449.533 billion, up 3.8% year-on-year, with a combined cost ratio of 99.6%[20]. - The life insurance segment achieved original premium income of CNY 96.849 billion, with new single premium income at CNY 18.101 billion[21]. - The health insurance segment generated a premium income of CNY 36.08 billion, contributing to the overall growth in the insurance sector[50]. - The non-auto insurance business achieved a total premium income of CNY 194.26 billion, with a year-on-year growth of 16.0%, accounting for 43.2% of the total premium income[51]. - The original insurance premium income from accident and health insurance reached CNY 80.69 billion, a year-on-year increase of 21.9%[69]. - The original insurance premium income from agricultural insurance was CNY 42.65 billion, reflecting a year-on-year growth of 19.3%[71]. - The original insurance premium income from liability insurance was CNY 33.13 billion, a year-on-year increase of 16.4%[72]. Financial Health and Solvency - The solvency adequacy ratio was 301%, with a core solvency adequacy ratio of 264% as of December 31, 2021[10]. - The comprehensive solvency adequacy ratio decreased to 301%, down 4 percentage points from the previous year[59]. - The comprehensive solvency adequacy ratio for PICC Property and Casualty was 284%, down 5 percentage points from the end of 2020[140]. Strategic Initiatives and Innovations - The company has implemented a "1+7" strategic framework aimed at building a world-class financial insurance group with excellent risk management capabilities[8]. - The company is actively pursuing strategic layouts in non-insurance financial sectors, including banking and trust[4]. - The company is leveraging advanced information technology to enhance its capabilities in data mining and customer value creation[5]. - The company emphasizes product and technology innovation, utilizing a new insurance logic to create a comprehensive risk management platform[27]. - The company is focusing on product technology innovation and accelerating information technology construction as part of its strategic framework[143]. - The company plans to implement new marketing strategies aimed at increasing brand awareness and customer engagement by 15%[171]. Awards and Recognition - The company has been recognized as the leading property insurance company in Asia, showcasing significant scale, cost, and service advantages[5]. - The company has received multiple awards for its governance and innovation, including the "Best Company for ESG Governance Practices" in January 2022[31]. - PICC P&C has been recognized as the "Best Property Insurance Company in Asia for 2021" and maintains a Moody's rating of A1, the highest in mainland China[66]. Leadership and Governance - The company has a diverse board of directors, with key positions held by individuals aged between 48 and 72 years[153]. - The company has maintained a stable leadership team, with most executives having tenure of over three years in their current roles[153]. - The company has a well-defined governance structure with various committees overseeing different aspects of operations[190]. - The board of directors consists of 13 members, including 3 executive directors and 5 independent non-executive directors[200]. Market Expansion and Customer Engagement - The company is expanding its market presence in Southeast Asia, targeting a 25% market share within the next three years[173]. - The company is considering strategic acquisitions to enhance its market position, with a target of acquiring two companies within the next year[7]. - The company plans to implement a new customer loyalty program, projected to increase customer retention by 15%[179]. - User data indicates a growth in active users, reaching 120 million, which is a 20% increase compared to the previous year[170]. Investment and Financial Management - The total investment income amounted to CNY 630.68 billion, with a year-on-year growth of 11.2%[53]. - The investment return rate was 5.8%, with third-party asset management business growing significantly, including pension management assets reaching CNY 385.2 billion, a 54.6% increase year-on-year[21]. - The company has strengthened its multi-asset allocation capabilities and integrated its overseas investment management platform, enhancing its investment strategies[120]. - The company emphasizes long-term and value investment strategies in equity investments, focusing on structural and phase opportunities[129]. Social Responsibility and Sustainability - The company is committed to fulfilling social responsibilities and seizing policy opportunities to innovate its business model[5]. - The management team emphasized the importance of sustainability initiatives, aiming for a 50% reduction in carbon footprint by 2030[176].

Company Performance - The company ranked 90th in the Fortune Global 500 in 2021, an increase of 22 places from the previous year[6]. - In 2021, the company achieved a total profit of CNY 35.893 billion, a year-on-year increase of 13.4%, and a net profit of CNY 30.602 billion, up 8.2%[19]. - The company reported total assets of CNY 1,376.402 billion as of December 31, 2021, a year-on-year increase of 9.6%[28]. - The company achieved insurance business revenue of 585.423 billion yuan in 2021, a year-on-year increase of 3.9%[40]. - The company’s cash flow from operating activities reached 72.731 billion yuan, a significant increase of 128.2% compared to 2020[1]. - The company’s total liabilities increased by 9.9% to 1,079.697 billion yuan[1]. - The company reported a comprehensive solvency adequacy ratio of 301% and a core solvency adequacy ratio of 264% as of December 31, 2021[19]. Dividends and Shareholder Returns - The proposed cash dividend is RMB 1.47 per 10 shares, totaling approximately RMB 6.501 billion, pending shareholder approval[9]. - The company distributed a cash dividend of CNY 1.64 per 10 shares for the 2021 fiscal year, representing a year-on-year increase of 5.1% and a dividend payout ratio of 33.5% based on net profit attributable to shareholders[20]. Insurance Segments Performance - The property insurance segment reported a premium income of CNY 193.109 billion, a year-on-year growth of 16.1%, with a market share increase of 1.4 percentage points in the family car insurance sector[21]. - The life insurance segment's embedded value reached CNY 127.607 billion, an increase of 8.8% year-on-year, with premium income of CNY 132.663 billion, up 3.3%[22]. - The health insurance segment achieved a net profit growth of 622.2%, with premium income from the "Good Insurance" series reaching CNY 12.527 billion, benefiting over 50.73 million customers[22]. - The property insurance segment generated 449.533 billion yuan in insurance business revenue, up 3.8% from 2020, with a net profit of 22.586 billion yuan, an increase of 8.4%[40]. - The life insurance segment reported original insurance premium income of 96.847 billion yuan, with a net profit of 4.145 billion yuan[41]. - The health insurance segment saw an 11.0% increase in original insurance premium income, totaling 35.816 billion yuan, and a net profit of 260 million yuan[41]. Technological Advancements - The company has established a digital platform through PICC Technology to enhance its information technology capabilities[7]. - The company is accelerating its digital transformation and technology innovation, establishing a unified data center and enhancing its technology ecosystem to support strategic implementation[27]. - The company plans to enhance its technology capabilities by establishing a technology platform and expanding data centers[42]. - The integration of insurance technology, including big data and AI, is expected to transform various aspects of insurance management, becoming a key competitive focus[200]. Risk Management - The company emphasizes risk management and has outlined potential risks in its management discussion and analysis section[12]. - The company has no non-operational fund occupation by controlling shareholders and their related parties[10]. - The company has no violations of decision-making procedures for external guarantees[11]. - The company is committed to risk prevention and control, implementing a comprehensive risk management action plan[50]. Strategic Focus and Initiatives - The company has a strategic focus on rural revitalization, smart transportation, health and elderly care, green environmental protection, technological innovation, and social governance[15]. - The company established a strategic budget management system and high-quality development indicator system to support strategic project implementation[45]. - The company aims to enhance its investment management capabilities and promote a virtuous cycle of "insurance, investment, and industry"[50]. - The company will focus on product and technology innovation, utilizing a new insurance logic of "underwriting + loss adjustment + empowerment + claims"[47]. Market Position and Recognition - The company has been recognized as the 90th in the "Fortune Global 500" list and the 28th in the "China Enterprise 500" list in 2021[54]. - The company received the "Best Company for ESG Governance Practices" award in January 2022[54]. - The company was awarded multiple accolades in 2021, including the "2021 Gold Medal Insurance Service Ark Award" and "2021 Best Property Insurance Company" at various industry forums[60][58]. Investment Performance - The company achieved a total investment return rate of 5.8%[41]. - The investment segment generated total investment income of CNY 63.07 billion, reflecting an 11.2% increase, with a total investment return rate of 5.8%[67]. - The group's investment portfolio as of December 31, 2021, totaled CNY 1,196.92 billion, with fixed income investments accounting for 62.9% of the total[172]. - The proportion of bond investments was 40.7%, with 99.8% of the credit bonds rated AA/A-1 or above[174]. Customer Engagement and Market Trends - The online customer engagement rate for family car insurance exceeded 93.5%, significantly enhancing customer experience through digital transformation[68]. - The company anticipates that the auto insurance market will see increased competition due to the rise of new energy vehicles and advancements in autonomous driving technology[200]. - The government’s reforms and increased awareness of property insurance among residents are expected to provide significant growth opportunities for non-auto insurance[200]. - The health insurance sector is projected to benefit from the "Healthy China" strategy and the aging population, with a growing demand for enhanced health insurance products[200].

Financial Performance - The company's operating revenue for Q3 2021 was RMB 138,985 million, a decrease of 2.7% year-on-year[2] - The net profit attributable to shareholders for Q3 2021 was RMB 3,891 million, down 36.6% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2021 was RMB 3,827 million, a decrease of 37.0% year-on-year[2] - The diluted earnings per share for Q3 2021 was RMB 0.09, a decrease of 36.6% year-on-year[3] - The weighted average return on equity for Q3 2021 was 1.8%, down 1.3 percentage points year-on-year[3] - The total comprehensive income for the period was RMB 24,250 million, down from RMB 27,664 million in 2020, indicating a decrease of approximately 15.3%[21] - Basic and diluted earnings per share were both RMB 0.47, an increase from RMB 0.42 in the previous year, representing a growth of about 11.9%[21] Cash Flow - The net cash flow from operating activities for the first nine months of 2021 was RMB 46,936 million, an increase of 183.0% year-on-year[2] - The net cash flow from operating activities was RMB 46,936 million, compared to RMB 16,587 million in the same period of 2020, showing a significant increase of approximately 183.5%[22] - The total cash outflow from investing activities was RMB 339,947 million, compared to RMB 295,712 million in 2020, indicating an increase of about 14.9%[22] - The net cash flow used in financing activities was RMB 40,598 million, a decrease from RMB 21,178 million in the previous year, reflecting a reduction of approximately 191.2%[22] - The cash and cash equivalents at the end of the period were RMB 33,977 million, down from RMB 68,929 million at the beginning of the period, indicating a decrease of about 50.7%[22] Assets and Liabilities - The total assets as of September 30, 2021, amounted to RMB 1,358,939 million, representing an 8.2% increase from the end of 2020[3] - The total equity attributable to shareholders was RMB 214,077 million as of September 30, 2021, a 5.9% increase from the end of 2020[3] - Total liabilities increased to RMB 1,070.09 billion as of September 30, 2021, compared to RMB 982.33 billion at the end of 2020[19] - The company's total equity reached RMB 288.85 billion, an increase from RMB 273.14 billion at the end of 2020[19] Insurance Business Performance - Insurance business revenue for the first three quarters of 2021 reached 458.245 billion yuan, a year-on-year increase of 0.5%[9] - Net profit for the same period was 28.735 billion yuan, representing a 10.5% increase compared to 25.997 billion yuan in 2020[9] - The combined ratio for the property and casualty insurance segment was 98.9%, an increase of 0.5 percentage points year-on-year[11] - The original insurance premium income for property and casualty insurance was 345.796 billion yuan, a slight increase of 0.5% year-on-year[12] - The net profit for property and casualty insurance was 199.92 billion yuan, reflecting a 15.3% increase[11] - The original insurance premium income for life insurance was 77.936 billion yuan, a decrease of 5.1% year-on-year[13] - The first-year premium income for long-term insurance decreased by 13.6% to 32.577 billion yuan[13] - The original insurance premium income for the first three quarters of 2021 reached RMB 30.65 billion, representing a year-on-year growth of 12.2%[15] - Net profit for the same period was RMB 472 million, showing a significant increase of 227.8% compared to the previous year[15] - Long-term insurance first-year premium income decreased by 7.4% to RMB 9.26 billion, while single premium income increased by 31.1% to RMB 5.20 billion[16] Strategic Initiatives - The company plans to continue optimizing its market development mechanisms and enhancing professional capabilities to drive future growth[15] - The asset management division has focused on dynamic asset allocation and risk prevention, achieving favorable investment performance[15] Accounting Standards - The company has chosen to defer the implementation of new financial instrument accounting standards until January 1, 2023, in accordance with the transitional measures[23] - The company’s major associates, Industrial Bank and Huaxia Bank, adopted the new financial instrument accounting standards starting January 1, 2019[23]