PING AN OF CHINA(02318)2024-04-23 09:13Financial Performance - In Q1 2024, the company achieved an operating profit of RMB 38.709 billion, a decrease of 3.0% year-on-year[20]. - The net profit attributable to shareholders was RMB 36.709 billion, down 4.3% compared to the same period last year[18]. - The operating profit for the group in Q1 2024 was RMB 47.068 billion, with significant contributions from various business segments[43]. - The company reported a net profit of RMB 45.050 billion for Q1 2024, with a net profit attributable to the parent company's shareholders of RMB 36.709 billion[43]. - For the three months ending March 31, 2024, the net profit was RMB 45,050 million, a decrease of 2.4% compared to RMB 46,165 million in the same period of 2023[173]. - The company’s basic earnings per share for the three months ending March 31, 2024, was RMB 2.07, compared to RMB 2.17 in the same period of 2023, indicating a decrease of 4.6%[153]. - The company recorded a total comprehensive income of RMB 14,198 million, a significant decrease from RMB 47,996 million in the previous year[173]. Insurance and Revenue - The insurance service revenue from property insurance reached RMB 80.627 billion, reflecting a year-on-year growth of 5.7%[16]. - The new business value of life and health insurance was RMB 12.890 billion, representing a significant increase of 20.7% year-on-year[18]. - The new business value for life and health insurance reached RMB 12,890 million, representing a year-on-year growth of 20.7%[66]. - The total premium income for the same period was RMB 238,146 million, reflecting a growth of 1.6% from RMB 234,333 million in 2023[163]. - The first-year premium used to calculate new business value decreased by 13.6% to RMB 56,628 million from RMB 65,514 million[80]. - The new business value rate for life and health insurance was 22.8%, reflecting a year-on-year increase of 6.5 percentage points on a comparable basis[46]. Customer Metrics - The number of individual customers reached approximately 233.78 million, a growth of 1.0% from the beginning of the year[25]. - The number of individual customers reached 23,378,000, a 1.0% increase from 23,157,000[125]. - The number of retail customers reached 125.84 million, with a 2.1% increase since the beginning of the year[57]. - Over 63% of the 234 million individual customers used services from the medical and elderly care ecosystem, with an average of 3.37 contracts per customer[97]. - The cumulative number of health management services provided reached over 10 million customers by Q1 2024[51]. Investment and Financial Position - As of March 31, 2024, the investment scale of debt plans and debt-type financial products was RMB 404.767 billion, accounting for 8.2% of total investment assets[23]. - The annualized comprehensive investment return rate for the insurance fund investment portfolio was 3.1%, with a net investment return rate of 3.0%[53]. - The insurance fund investment portfolio exceeded RMB 4.93 trillion, growing by 4.4% since the beginning of the year[85]. - The total assets as of March 31, 2024, amounted to RMB 11,982,296 million, an increase from RMB 11,583,417 million as of December 31, 2023[174]. - The total liabilities rose to RMB 10,740,156 million as of March 31, 2024, up from RMB 10,354,453 million as of December 31, 2023, indicating an increase of 3.73%[175]. - The total equity attributable to shareholders increased to RMB 904,970 million as of March 31, 2024, compared to RMB 899,011 million as of December 31, 2023, reflecting a growth of 0.22%[175]. Operational Efficiency - The comprehensive cost ratio for property insurance rose to 99.6%, an increase of 0.9 percentage points year-on-year, primarily due to adverse weather conditions[16]. - The average number of contracts per individual customer was 2.94, slightly down by 0.3% year-on-year[18]. - The number of individual life insurance sales agents decreased by 4.0% to 333,000 as of the end of Q1 2024[46]. - The company continues to enhance its operational management and aims for steady recovery and growth in performance[131]. Strategic Focus - The company continues to focus on a "comprehensive finance + healthcare" dual-wheel strategy, emphasizing high-quality development and customer demand[40]. - The company aims to enhance its insurance protection functions while addressing challenges such as insufficient effective demand and industry overcapacity[40]. - The company aims to maintain strategic focus and deepen its "comprehensive finance + healthcare and elderly care" dual-wheel strategy, emphasizing technology-driven growth despite economic challenges[131]. Cash Flow and Financing - The company’s cash flow from operating activities for the three months ending March 31, 2024, was RMB 74,958 million, compared to RMB 209,986 million in the same period of 2023[156]. - The net cash inflow from financing activities was RMB (12,022) million, significantly improved from RMB (99,090) million in the previous year[173]. - The total cash flow used in investing activities was RMB (27,575) million for the period ending March 31, 2024[178].