2024-10-30 09:33Financial Performance - In Q3 2024, China Pacific Insurance reported operating revenue of RMB 115,930 million, an increase of 44.2% compared to Q3 2023[3] - The net profit for Q3 2024 reached RMB 13,178 million, reflecting a significant growth of 173.6% year-over-year[3] - The net profit excluding non-recurring gains and losses was RMB 13,173 million, up 174.2% from the same period last year[3] - For the first nine months of 2024, total operating revenue was RMB 310,564 million, a 21.3% increase compared to the first nine months of 2023[3] - The net profit for the first nine months of 2024 was RMB 38,310 million, representing a 65.5% increase year-over-year[3] - The comprehensive income totalled RMB 34,626 million for the first nine months of 2024, compared to RMB 18,458 million in the same period last year, representing an increase of 87.5%[23] - The company's earnings per share (EPS) for the first nine months of 2024 was RMB 3.98, compared to RMB 2.41 in the same period of 2023, indicating a significant growth[23] Assets and Liabilities - Total assets as of September 30, 2024, amounted to RMB 2,684,461 million, a 14.5% increase from the end of 2023[3] - Total liabilities increased to RMB 2,384,487 million as of September 30, 2024, compared to RMB 2,076,258 million at the end of 2023, reflecting a growth of 14.9%[22] - The insurance contract liabilities rose to RMB 2,155,399 million, up from RMB 1,872,620 million at the end of 2023, reflecting an increase of 15.1%[22] - The total equity attributable to shareholders of the parent company increased to RMB 273,334 million from RMB 249,586 million at the end of 2023, an increase of 9.5%[22] Revenue Streams - The insurance service revenue for the first three quarters of 2024 was RMB 209,409 million, a 2.3% increase year-over-year[10] - The life insurance segment reported a revenue of RMB 62,345 million, a decrease of 2.5% compared to the previous year[10] - Taiping Life achieved a premium income of RMB 230.06 billion in the first three quarters of 2024, a year-on-year increase of 3.3%[11] - New business value for Taiping Life reached RMB 14.24 billion, growing by 37.9% year-on-year, with a new business value margin of 20.1%, up by 6.2 percentage points[11] - The agent channel generated a premium income of RMB 179.15 billion, up 4.1% year-on-year, with new premium income of RMB 33.83 billion, increasing by 16.3%[12] - The bancassurance channel reported a premium income of RMB 34.73 billion, a 6.2% increase year-on-year, while new premium income decreased by 18.4% to RMB 24.02 billion[13] - Taiping Property & Casualty Insurance recorded a premium income of RMB 159.82 billion, a 7.7% increase year-on-year, with motor insurance premiums at RMB 78.13 billion, up 3.3%[15] Investment Performance - The total investment assets of the group reached RMB 2,584.28 billion, a 14.9% increase from the end of the previous year[17] - The net investment return rate for the first three quarters of 2024 was 2.9%, a decrease of 0.1 percentage points year-on-year, while the total investment return rate increased by 2.3 percentage points to 4.7%[18] - The company reported investment income of RMB 14,595 million, significantly higher than RMB 6,039 million in the previous year, showing a growth of 142.5%[23] - The company’s investment income for the first nine months of 2024 was RMB 9,617 million, a decrease of 8.1% from RMB 10,464 million in the same period of 2023[28] Cash Flow and Financing - Operating cash flow for the first nine months of 2024 reached RMB 128,747 million, an increase of 15.9% compared to RMB 110,992 million in the same period of 2023[25] - The company reported a net increase in cash and cash equivalents of RMB 25,415 million for the first nine months of 2024, compared to a net decrease of RMB 13,032 million in the same period of 2023[25] - The company’s cash flow from financing activities generated a net cash inflow of RMB 24,031 million in the first nine months of 2024, compared to a net cash outflow of RMB 24,193 million in the same period of 2023[25] - Total cash outflow from financing activities was RMB (10,565) million, compared to RMB (13,796) million in the previous year[29] - The company paid RMB 9,828 million in dividends and interest, slightly up from RMB 9,823 million in the same period last year[29] Workforce and Development Focus - The average core workforce in the agent channel was 58,000, a year-on-year increase of 2.4%, with a monthly average first-year premium per person of RMB 61,000, up 15.0%[12] - The company is focusing on sustainable high-quality development and enhancing risk management services, particularly in agricultural insurance products[15]