2022-10-28 16:00Financial Performance - In Q3 2022, China Pacific Insurance reported operating revenue of RMB 105.306 billion, an increase of 7.0% compared to Q3 2021[3] - The net profit for Q3 2022 was RMB 6.971 billion, reflecting a significant increase of 29.5% year-over-year[3] - For the first nine months of 2022, the company achieved a total operating revenue of RMB 360.420 billion, up by 2.7% from the same period in 2021[3] - The net profit for the first nine months of 2022 decreased by 10.6% to RMB 20.272 billion compared to the previous year[3] - Total operating revenue for the first nine months of 2022 reached RMB 360,420 million, an increase of 2% compared to RMB 350,934 million in the same period of 2021[23] - Net profit attributable to shareholders of the parent company for the first nine months of 2022 was RMB 20,272 million, down 10% from RMB 22,686 million in the same period of 2021[23] Assets and Liabilities - The total assets as of September 30, 2022, reached RMB 2,122.142 billion, representing a 9.0% increase from the end of 2021[4] - The company's total liabilities as of September 30, 2022, amounted to RMB 1,894,787 million, an increase of 10.6% from RMB 1,713,759 million at the end of 2021[22] - The company's total equity attributable to shareholders of the parent company decreased to RMB 221,845 million as of September 30, 2022, from RMB 226,741 million at the end of 2021[22] - The company's total equity as of September 30, 2022, was RMB 139,232 million, an increase from RMB 136,492 million at the end of 2021[25] Cash Flow - The cash flow from operating activities for the first nine months increased by 47.6% to RMB 110.304 billion, driven by higher cash received from insurance premiums[7] - The total operating cash inflow for the first nine months of 2022 was RMB 314,022 million, an increase of 10.8% compared to RMB 283,382 million in the same period of 2021[24] - The net cash flow from operating activities for the first nine months of 2022 was RMB 110,304 million, up 47.5% from RMB 74,746 million in the same period of 2021[24] - The net cash flow from financing activities for the first nine months of 2022 was RMB 21,712 million, a significant improvement from a net outflow of RMB 12,071 million in the same period of 2021[24] Insurance Business Performance - The insurance business revenue for the first three quarters of 2022 was RMB 324.647 billion, a year-on-year growth of 7.7%[10] - The life insurance segment generated RMB 189.739 billion in revenue, a 4.4% increase year-over-year, while the property insurance segment saw a 12.5% increase to RMB 133.885 billion[10] - Taiping Life Insurance achieved insurance business revenue of RMB 189.739 billion in the first three quarters of 2022, a year-on-year increase of 4.4%, with new business revenue growing by 31.0%[11] - Taiping Property Insurance reported insurance business revenue of RMB 133.885 billion for the first three quarters of 2022, representing a year-on-year growth of 12.5%[14] Investment Performance - The group’s investment assets totaled RMB 1,962.865 billion as of September 30, 2022, an increase of 8.3% compared to the end of the previous year[16] - The annualized net investment return rate for the group was 4.1%, a decrease of 0.2 percentage points year-on-year, while the total investment return rate also fell to 4.1%, down 1.2 percentage points[17] - Investment income decreased to RMB 61,827 million in the first nine months of 2022, down 16% from RMB 73,664 million in the same period of 2021[23] - The total investment income for the first nine months of 2022 was RMB 13,449 million, down 11.2% from RMB 15,129 million in the same period of 2021[26] Business Channels - The agency channel for Taiping Life Insurance saw a 7.4% decline in new business, with new premium income at RMB 19.665 billion[13] - The bancassurance channel reported a significant increase in new business revenue, reaching RMB 20.761 billion, a year-on-year growth of 1,071.0%[13] Operational Efficiency - The comprehensive cost ratio for Taiping Property Insurance improved to 97.8%, a decrease of 1.9 percentage points year-on-year, with the comprehensive claims ratio at 70.2%[14] - The company is focusing on service innovation and quality control to drive sustainable high-quality development in its operations[14] Other Financial Metrics - The company's unearned premium reserve increased to RMB 723 million as of September 30, 2022, compared to RMB 207 million at the end of 2021[22] - The company reported a significant increase in derivative financial liabilities, rising to RMB 86 million from RMB 1 million at the end of 2021[22] - Basic earnings per share for the first nine months of 2022 were RMB 2.11, compared to RMB 2.36 in the same period of 2021[23] - The total comprehensive income for the first nine months of 2022 was RMB 4,917 million, significantly lower than RMB 18,654 million in the same period of 2021[23] - The company experienced a foreign exchange gain of RMB 881 million in the first nine months of 2022, compared to a loss of RMB 95 million in the same period of 2021[26]