PICC(601319)2024-04-29 08:36Revenue and Profitability - Total revenue for Q1 2024 was RMB 138,778 million, a slight increase of 0.7% compared to RMB 137,769 million in Q1 2023[2] - Net profit attributable to shareholders of the parent company decreased by 23.5% to RMB 8,963 million from RMB 11,721 million in the same period last year[2] - Basic earnings per share (EPS) fell to RMB 0.20, down 23.5% from RMB 0.27 in Q1 2023[2] - Net profit for Q1 2024 was 12.06 billion RMB, down 24.8% compared to the same period in 2023[12] - Net profit for the first quarter of 2024 was RMB 12,063 million, down 24.6% from RMB 16,050 million in the same period of 2023[24][25] - The total comprehensive income for Q1 2024 was RMB 5,314 million, a decrease of 70.6% compared to RMB 18,030 million in Q1 2023[25] Assets and Liabilities - Total assets increased by 1.1% to RMB 1,574,558 million as of March 31, 2024, compared to RMB 1,557,159 million at the end of 2023[3] - The total liabilities as of March 31, 2024, were 1,237.58 billion RMB, reflecting a 1.0% increase from the previous year-end[12] - The total liabilities rose to RMB 1,237,579 million as of March 31, 2024, compared to RMB 1,225,490 million as of December 31, 2023, an increase of 1.0%[23] - The total equity attributable to shareholders of the parent company increased to RMB 245,823 million as of March 31, 2024, from RMB 242,355 million as of December 31, 2023, an increase of 1.9%[23] - The company's total equity increased to RMB 102,540 million as of March 31, 2024, compared to RMB 102,327 million as of December 31, 2023[27] Cash Flow and Investments - Net cash flow from operating activities decreased by 19.6% to RMB 33,154 million from RMB 41,213 million in Q1 2023[2] - For the period from January 1 to March 31, 2024, the company reported operating cash inflows of RMB 198,186 million, a slight decrease from RMB 199,244 million in the same period of 2023, resulting in a net cash flow from operating activities of RMB 33,154 million compared to RMB 41,213 million in 2023[26] - The company experienced a net cash outflow from investing activities of RMB 347 million in the first quarter of 2024, compared to a net cash outflow of RMB 4,200 million in the same period of 2023[29] Insurance Service Revenue - Insurance service revenue for Q1 2024 reached 126.17 billion RMB, a year-on-year increase of 7.7%[12] - PICC Property and Casualty for Q1 2024 was 5.87 billion RMB, with a revenue of 113.84 billion RMB, reflecting a 5.9% increase year-on-year[14] - PICC Life achieved a net profit of 3.82 billion RMB in Q1 2024, with a 23.4% increase in insurance service revenue[14] - PICC Health reported a significant growth in insurance service revenue, reaching 6.84 billion RMB, a 40.6% increase year-on-year[17] Return on Equity - The weighted average return on equity (ROE) decreased by 1.3 percentage points to 3.7% from 5.0% in Q1 2023[3] - The weighted average return on equity decreased to 3.7%, down 1.3 percentage points from the previous year[12] Other Financial Metrics - The company's cash and cash equivalents decreased to RMB 20,235 million as of March 31, 2024, from RMB 21,870 million as of December 31, 2023, a decline of 7.5%[22] - The company's interest income for the first quarter of 2024 was RMB 123 million, a decrease from RMB 168 million in the same period of 2023[28] - The company reported a significant increase in fair value gains of RMB 87 million in the first quarter of 2024, compared to RMB 198 million in the same period of 2023[28]