PICC(SH:601319)2021-10-28 16:00Financial Performance - The company's operating revenue for Q3 2021 was RMB 138,985 million, a decrease of 2.7% year-on-year[2] - The net profit attributable to shareholders for Q3 2021 was RMB 3,891 million, down 36.6% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2021 was RMB 3,827 million, a decrease of 37.0% year-on-year[2] - The diluted earnings per share for Q3 2021 was RMB 0.09, a decrease of 36.6% year-on-year[3] - The weighted average return on equity for Q3 2021 was 1.8%, down 1.3 percentage points year-on-year[3] - The total comprehensive income for the period was RMB 24,250 million, down from RMB 27,664 million in 2020, indicating a decrease of approximately 15.3%[21] - Basic and diluted earnings per share were both RMB 0.47, an increase from RMB 0.42 in the previous year, representing a growth of about 11.9%[21] Cash Flow - The net cash flow from operating activities for the first nine months of 2021 was RMB 46,936 million, an increase of 183.0% year-on-year[2] - The net cash flow from operating activities was RMB 46,936 million, compared to RMB 16,587 million in the same period of 2020, showing a significant increase of approximately 183.5%[22] - The total cash outflow from investing activities was RMB 339,947 million, compared to RMB 295,712 million in 2020, indicating an increase of about 14.9%[22] - The net cash flow used in financing activities was RMB 40,598 million, a decrease from RMB 21,178 million in the previous year, reflecting a reduction of approximately 191.2%[22] - The cash and cash equivalents at the end of the period were RMB 33,977 million, down from RMB 68,929 million at the beginning of the period, indicating a decrease of about 50.7%[22] Assets and Liabilities - The total assets as of September 30, 2021, amounted to RMB 1,358,939 million, representing an 8.2% increase from the end of 2020[3] - The total equity attributable to shareholders was RMB 214,077 million as of September 30, 2021, a 5.9% increase from the end of 2020[3] - Total liabilities increased to RMB 1,070.09 billion as of September 30, 2021, compared to RMB 982.33 billion at the end of 2020[19] - The company's total equity reached RMB 288.85 billion, an increase from RMB 273.14 billion at the end of 2020[19] Insurance Business Performance - Insurance business revenue for the first three quarters of 2021 reached 458.245 billion yuan, a year-on-year increase of 0.5%[9] - Net profit for the same period was 28.735 billion yuan, representing a 10.5% increase compared to 25.997 billion yuan in 2020[9] - The combined ratio for the property and casualty insurance segment was 98.9%, an increase of 0.5 percentage points year-on-year[11] - The original insurance premium income for property and casualty insurance was 345.796 billion yuan, a slight increase of 0.5% year-on-year[12] - The net profit for property and casualty insurance was 199.92 billion yuan, reflecting a 15.3% increase[11] - The original insurance premium income for life insurance was 77.936 billion yuan, a decrease of 5.1% year-on-year[13] - The first-year premium income for long-term insurance decreased by 13.6% to 32.577 billion yuan[13] - The original insurance premium income for the first three quarters of 2021 reached RMB 30.65 billion, representing a year-on-year growth of 12.2%[15] - Net profit for the same period was RMB 472 million, showing a significant increase of 227.8% compared to the previous year[15] - Long-term insurance first-year premium income decreased by 7.4% to RMB 9.26 billion, while single premium income increased by 31.1% to RMB 5.20 billion[16] Strategic Initiatives - The company plans to continue optimizing its market development mechanisms and enhancing professional capabilities to drive future growth[15] - The asset management division has focused on dynamic asset allocation and risk prevention, achieving favorable investment performance[15] Accounting Standards - The company has chosen to defer the implementation of new financial instrument accounting standards until January 1, 2023, in accordance with the transitional measures[23] - The company’s major associates, Industrial Bank and Huaxia Bank, adopted the new financial instrument accounting standards starting January 1, 2019[23]