2021-04-28 16:00Financial Performance - Operating revenue for Q1 2021 was RMB 151,263 million, representing a year-on-year growth of 9.4%[4] - Net profit for Q1 2021 was RMB 8,547 million, a 1.9% increase compared to the same period in 2020[4] - The company reported a total comprehensive income of RMB 6,521 million for Q1 2021, down from RMB 7,682 million in Q1 2020, a decrease of 15.1%[29] - Operating revenue for Q1 2021 reached RMB 151,263 million, a 9.4% increase from RMB 138,211 million in Q1 2020[29] - Net profit for Q1 2021 was RMB 8,788 million, up 2.3% from RMB 8,590 million in Q1 2020[29] - The company’s basic earnings per share for Q1 2021 was RMB 0.89, slightly down from RMB 0.93 in Q1 2020[29] - The company’s total operating expenses for Q1 2021 were RMB 140,477 million, an increase of 10.3% from RMB 127,370 million in Q1 2020[29] Assets and Liabilities - Total assets as of March 31, 2021, reached RMB 1,823,247 million, an increase of 2.9% compared to December 31, 2020[4] - The total liabilities reached RMB 1,596,337 million, up from RMB 1,550,169 million, indicating an increase of about 2.98%[24] - The total equity attributable to shareholders of the parent company rose to RMB 221,422 million from RMB 215,224 million, marking a growth of approximately 2.93%[24] - The total investment assets, including financial assets at fair value, reached RMB 592,798 million, slightly down from RMB 596,158 million, a decrease of 0.60%[22] - The total liabilities for insurance contracts increased to RMB 1,065,168 million from RMB 1,010,194 million, indicating a rise of 5.45%[24] Investment Performance - Investment income rose by 35.7% to RMB 27.382 billion, attributed to increased investment scale and securities trading gains[16] - The annualized net investment yield was 3.9%, a decrease of 0.3 percentage points year-on-year, while the total investment yield was 4.6%, an increase of 0.1 percentage points[15] - Cash inflow from investment activities increased significantly to RMB 4,787 million in Q1 2021, compared to RMB 2,694 million in Q1 2020, marking a 77% growth[35] - Cash outflow for investment activities rose to RMB 6,795 million in Q1 2021 from RMB 4,792 million in Q1 2020, an increase of 42%[35] Insurance Business - Insurance business income for the company was RMB 139,443 million, with a year-on-year growth of 6.3%[8] - The individual customer business through agent channels generated RMB 86,998 million in new insurance business, a significant increase of 35.9%[9] - China Pacific Insurance achieved insurance revenue of RMB 43.747 billion in Q1 2021, a year-on-year increase of 12.0%[12] - Motor vehicle insurance revenue decreased to RMB 21.867 billion, down 7.0% year-on-year, while non-motor vehicle insurance revenue rose to RMB 21.880 billion, up 41.0%[12] Cash Flow - The net cash flow from operating activities was RMB 36,055 million, down 17.3% from RMB 43,621 million in the same period last year[4] - Cash flow from operating activities generated RMB 36,055 million in Q1 2021, compared to RMB 43,621 million in Q1 2020, a decline of 16.8%[33] - Net cash outflow from operating activities improved to RMB 219 million in Q1 2021 from RMB 378 million in Q1 2020, a reduction of 42%[35] - The net increase in cash and cash equivalents for Q1 2021 was RMB 805 million, compared to a mere RMB 3 million in Q1 2020[35] Strategic Initiatives - The company aims to enhance digital operational capabilities and improve product sales through agent technology applications[9] - The company is actively implementing differentiated regional development strategies to adapt to new market conditions[11] - China Pacific Insurance is focusing on high-quality development by enhancing customer management in motor insurance and improving quality control in non-motor insurance[11]