2023-04-27 16:00Financial Performance - In Q1 2023, China Pacific Insurance reported total operating revenue of RMB 94.386 billion, a decrease of 35.5% compared to RMB 146.554 billion in Q1 2022[4] - The net profit for Q1 2023 was RMB 11.626 billion, representing a 27.4% increase from RMB 9.127 billion in Q1 2022[4] - The net cash flow from operating activities was RMB 49.324 billion, down 6.4% from RMB 52.389 billion in the same period last year[4] - Total revenue for Q1 2023 reached RMB 94,386 million, an increase of 19.3% compared to RMB 79,058 million in Q1 2022[21] - Net profit for Q1 2023 was RMB 11,888 million, representing a 27.3% increase from RMB 9,334 million in the same period last year[21] - The company reported a comprehensive income total of RMB 18,478 million for Q1 2023, compared to a loss of RMB 764 million in Q1 2022[21] Assets and Liabilities - Total assets as of March 31, 2023, were RMB 2,162.127 billion, a 4.4% increase from RMB 2,071.336 billion at the end of 2022[5] - Total liabilities increased to RMB 1,907,610 million from RMB 1,869,664 million, reflecting a rise of 2.0%[19] - The total assets as of January 1, 2023, were RMB 2,105,746 million, reflecting an increase of RMB 34,410 million from the previous year-end[28] - The total liabilities as of January 1, 2023, were RMB 1,869,707 million, showing a slight increase of RMB 43 million compared to the previous year-end[30] Shareholder Equity - Shareholder equity increased by 26.4% to RMB 248.431 billion compared to RMB 196.477 billion at the end of 2022[5] - The equity attributable to shareholders of the parent company increased to RMB 230,329 million, up RMB 33,852 million from the previous year-end[30] - The company’s total equity increased slightly to RMB 139,397 million from RMB 139,084 million at the end of 2022[23] Insurance Revenue - Insurance service revenue reached RMB 65.39 billion in Q1 2023, a year-on-year growth of 6.9%[9] - The life insurance segment reported a revenue of RMB 21.974 billion, a decline of 5.5% year-on-year[9] - The property insurance segment achieved revenue of RMB 43.038 billion, marking a 14.1% increase compared to the previous year[9] - The company reported a total insurance premium income of RMB 57.54 billion for property insurance, a year-on-year increase of 16.8%[13] Investment Performance - The net investment return rate for Q1 2023 was 0.8%, down by 0.2 percentage points compared to the previous year[14] - The total investment return rate increased to 1.4%, up by 0.4 percentage points year-on-year[14] - Investment income for Q1 2023 was RMB 14,812 million, compared to no investment income reported in Q1 2022[21] - The company reported a significant increase in cash inflow from investment recoveries, amounting to RMB 8,701 million, compared to RMB 3,001 million in Q1 2022[25] Business Operations - The company implemented new insurance contract standards and new financial instrument standards starting January 1, 2023, affecting the comparison data[3] - The company is focusing on digital transformation and enhancing risk management capabilities to support high-quality development[12] - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings and operational efficiency[21] Premium Income - In Q1 2023, China Pacific Insurance (Group) achieved a total premium income of RMB 108.46 billion, a decrease of 3.8% year-on-year[11] - New business value reached RMB 3.97 billion, representing a year-on-year growth of 16.6%[10] - The agency channel's new premium income for the first quarter was RMB 84.43 billion, an increase of 4.2% year-on-year[10] - The new premium income from the bancassurance channel was RMB 12.29 billion, a decline of 12.8% year-on-year[11] Cash Flow - Cash inflow from operating activities totaled RMB 137,315 million, up from RMB 129,178 million in the same period last year, marking a 6.6% increase[22] - The cash inflow from investment activities significantly increased to RMB 9,148 million, up 167.5% from RMB 3,426 million in the same period last year[25] - The company reported a cash outflow of RMB 3,931 million from financing activities, compared to RMB 737 million in the same period last year, indicating increased capital management efforts[25]