PING AN OF CHINA(02318)2024-10-21 09:10Financial Performance - For the first three quarters of 2024, the company achieved an operating profit of RMB 113.82 billion, a year-on-year increase of 5.5%[5] - The net profit attributable to shareholders for the same period was RMB 119.18 billion, reflecting a significant year-on-year growth of 36.1%[3] - Total revenue for the first three quarters reached RMB 861.82 billion, marking an 8.7% increase compared to the previous year[3] - Operating profit attributable to shareholders for the nine months ended September 30, 2024, was RMB 82,701 million, an increase from RMB 80,310 million in the same period last year, representing a growth of 2.0%[8] - The total operating profit for the group, including minority interests, reached RMB 134,680 million, compared to RMB 128,556 million in the previous year, reflecting a year-on-year increase of 4.0%[8] - The group reported a net profit of RMB 140,054 million for the nine months ended September 30, 2024, up from RMB 108,111 million in the same period last year, marking a significant increase of 29.5%[8][9] - Total revenue for the nine months ended September 30, 2024, reached RMB 861,817 million, an increase of 8.7% compared to RMB 792,525 million in the same period of 2023[58] - Net profit for the nine months ended September 30, 2024, was RMB 140,054 million, representing a 29.5% increase from RMB 108,111 million in the same period of 2023[59] - Basic earnings per share attributable to ordinary shareholders of the parent company increased to RMB 6.73, up from RMB 4.94 in the same period of 2023, reflecting a growth of 36.3%[59] Customer Metrics - The number of individual customers reached 240.47 million, with a retention rate of 98.0%[1] - The number of individual customers reached 240.47 million as of September 30, 2024, representing a 3.8% increase from 231.57 million at the beginning of the year[11] - The average number of contracts per individual customer decreased slightly to 2.92 from 2.95, indicating a 1.0% decline[12] - The retention rate for clients with four or more contracts is 98.0%, significantly higher than the 87.2% retention rate for clients with only one contract, indicating improved customer loyalty[15][16] Business Segments - The new business value for life and health insurance reached RMB 35.16 billion, up 34.1% year-on-year, with agent channel new business value increasing by 31.6%[2] - The property insurance segment reported service revenue of RMB 246.02 billion, a 4.5% increase year-on-year, with an operating profit of RMB 13.99 billion, up 39.7%[2] - The group’s operating profit from life and health insurance business was RMB 85,083 million, while the property insurance business contributed RMB 13,987 million for the same period[8] - The property insurance segment achieved insurance service revenue of RMB 246.02 billion in the first three quarters of 2024, reflecting a 4.5% year-on-year growth, with operating profit increasing by 39.7% to RMB 13.99 billion[21][22] Investment Performance - The investment portfolio achieved an annualized comprehensive investment return of 5.0%, an increase of 1.3 percentage points year-on-year[2] - The investment return rate for life and health insurance businesses was locked at 4.5%, based on long-term investment return assumptions[10] - As of September 30, 2024, the company's insurance fund investment portfolio achieved an annualized comprehensive investment return of 5.0%, an increase of 1.3 percentage points year-on-year[23] - The scale of the insurance fund investment portfolio exceeded 5.32 trillion RMB, growing by 12.7% since the beginning of the year[23] Banking Performance - The bank's net profit for the first three quarters was RMB 39.73 billion, showing a slight increase of 0.2% year-on-year[2] - For the first three quarters of 2024, Ping An Bank reported operating income of 111.58 billion RMB, a decrease of 12.6% year-on-year[25] - Ping An Bank's net profit for the same period was 39.73 billion RMB, a slight increase of 0.2% year-on-year[27] - The non-performing loan ratio remained stable at 1.06% as of September 30, 2024[27] Shareholder Information - As of September 30, 2024, the total share capital of the company is 18,210,234,607 shares, with A-shares accounting for 10,762,657,695 shares and H-shares for 7,447,576,912 shares[38] - The total number of shareholders at the end of the reporting period is 825,539, with A-share shareholders accounting for 37.66% of the total shares held[39] - The top ten A-share shareholders hold a total of 6,857,076,165 shares, representing 37.66% of the total shareholding[39] - The core personnel shareholding plan has a total of 27,067,120 A-shares held, accounting for 0.149% of the company's total share capital[44] Long-term Service and Employee Plans - The company has implemented a long-term service plan with over 140,000 participants, funded by employee compensation amounts[40] - The core personnel shareholding plan has been extended until February 4, 2027, allowing for continued participation by key personnel[43] - The long-term service plan for 2023 involved 83,651 participants, acquiring 96,608,364 shares at a total cost of RMB 4,450,946,615.20, representing 0.528% of the total share capital[47] Cash Flow and Assets - The company's cash and cash equivalents increased to RMB 987,869 million as of September 30, 2024, up from RMB 804,077 million as of December 31, 2023[61] - The total assets as of September 30, 2024, amounted to RMB 12,533,736 million, an increase from RMB 11,583,417 million as of December 31, 2023[61] - The total liabilities as of September 30, 2024, amounted to RMB 11,254,145 million, an increase from RMB 10,354,453 million as of December 31, 2023, representing a growth of 8.7%[62] - The company's retained earnings increased to RMB 698,489 million as of September 30, 2024, compared to RMB 622,050 million as of December 31, 2023, marking a growth of 12.3%[62]