PICC(SH:601319)2022-04-28 16:00Financial Performance - The company's operating revenue for Q1 2022 was RMB 189,568 million, representing a 9.1% increase compared to RMB 173,762 million in Q1 2021[2] - Net profit attributable to shareholders of the parent company decreased by 12.9% to RMB 8,744 million from RMB 10,034 million year-on-year[2] - The net profit for Q1 2022 was RMB 12.32 billion CNY, down 11.0% year-on-year[11] - Total profit for Q1 2022 was 15.56 billion CNY, a decrease of 3.8% compared to the same period in 2021[11] - The company's total equity as of March 31, 2022, was RMB 290,643 million, down from RMB 296,705 million at the end of 2021, showing a decrease of approximately 2.1%[17] - The company's net profit for Q1 2022 was RMB (98) million, a decline from RMB 202 million in Q1 2021, indicating a negative growth of 148.5%[22] Earnings and Ratios - The weighted average return on equity was 4.0%, down 0.9 percentage points from 4.9% in the previous year[4] - The basic earnings per share decreased to RMB 0.20, down 12.9% from RMB 0.23 in the same quarter of the previous year[2] - The weighted average return on equity for Q1 2022 was 4.0%, a decrease of 0.9 percentage points year-on-year[11] - The total comprehensive income for the first quarter of 2022 was RMB (6,062) million, compared to RMB 7,928 million in the same period of 2021, indicating a significant decline[19] Cash Flow and Investments - The net cash flow from operating activities was RMB 23,618 million, showing a slight increase of 1.8% from RMB 23,198 million in the same period last year[2] - The company's operating cash inflow for Q1 2022 was RMB 178,930 million, an increase from RMB 153,298 million in Q1 2021, representing a growth of 16.7%[20] - The company experienced a net cash outflow from investing activities of RMB 7,132 million in Q1 2022, compared to RMB 17,090 million in Q1 2021, indicating a reduction in cash outflow by 58%[20] - The investment income for the first quarter of 2022 was RMB 16,571 million, compared to RMB 17,995 million in the same period of 2021, indicating a decline of about 7.9%[18] - The company reported an investment income of RMB 238 million in Q1 2022, down from RMB 458 million in Q1 2021, reflecting a decline of 48%[22] Assets and Liabilities - Total assets as of March 31, 2022, reached RMB 1,442,319 million, an increase of 4.8% from RMB 1,376,402 million at the end of 2021[4] - The company's total liabilities reached RMB 1,151,676 million as of March 31, 2022, compared to RMB 1,079,697 million at the end of 2021, indicating an increase of about 6.7%[17] - Total liabilities as of March 31, 2022, were RMB 23,215 million, compared to RMB 23,490 million as of December 31, 2021, showing a decrease of 1.2%[21] - The total assets as of March 31, 2022, were RMB 124,738 million, a slight decrease from RMB 125,107 million as of December 31, 2021[21] Insurance Business Performance - Insurance business revenue for Q1 2022 reached 233.98 billion CNY, a year-on-year increase of 14.3%[11] - Original insurance premium income for property and casualty insurance was 152.14 billion CNY, an increase of 12.2% year-on-year[12] - Original insurance premium income for life insurance was 59.75 billion CNY, a year-on-year increase of 17.9%[14] - Original insurance premium income for health insurance was 20.49 billion CNY, up 19.2% year-on-year[15] - The combined ratio for property and casualty insurance was 95.6%, a decrease of 0.1 percentage points year-on-year[12] - The total insurance premium income for the first quarter of 2022 was RMB 172,709 million, an increase from RMB 155,091 million in the same period of 2021, representing a growth of approximately 11.0%[18] Accounting Standards and Policies - The company has chosen to defer the implementation of the new financial instrument accounting standards until January 1, 2023, as allowed under the transitional measures[25] - The main activities of the group are primarily insurance-related, which qualifies for the deferral of the new financial instrument accounting standards[25] - The company's major associates, Industrial Bank and Huaxia Bank, began adopting the new financial instrument accounting standards on January 1, 2019[25] - The group has opted not to make uniform accounting policy adjustments when applying the equity method for its associates under the transitional measures[25]