PICC(SH:601319)2023-04-27 16:00Financial Performance - The company's operating revenue for Q1 2023 was RMB 137,769 million, a decrease of 27.4% compared to RMB 189,568 million in Q1 2022, but an increase of 8.0% after adjustments[2]. - Net profit attributable to shareholders of the parent company reached RMB 11,721 million, representing a significant increase of 230.0% from RMB 3,552 million in Q1 2022[2]. - The net cash flow from operating activities was RMB 41,213 million, up 75.1% from RMB 23,532 million in the same period last year[2]. - Basic earnings per share increased to RMB 0.27, a rise of 230.0% compared to RMB 0.08 in Q1 2022[2]. - The weighted average return on equity rose to 5.0%, an increase of 3.3 percentage points from 1.7% in the previous year[4]. - The net profit attributable to shareholders of the parent company for the first quarter was RMB 109.55 billion, a year-on-year increase of 25.3%[4]. - The company reported a non-recurring profit of RMB 56 million in Q1 2023, compared to RMB 24 million in Q1 2022[6]. - Pre-tax profit for Q1 2023 was CNY 18.555 billion, up 105.2% compared to Q1 2022[11]. - Net profit for Q1 2023 amounted to CNY 16.050 billion, reflecting a significant growth of 163.8% year-on-year[11]. - The total comprehensive income for Q1 2023 was RMB 18,030 million, compared to a loss of RMB 5,354 million in Q1 2022[24]. Assets and Liabilities - Total assets as of March 31, 2023, were RMB 1,449,918 million, a slight decrease of 1.8% from RMB 1,508,702 million at the end of 2022[4]. - Total assets as of March 31, 2023, were CNY 1,449.918 billion, a 1.8% increase from December 31, 2022[12]. - Total liabilities stood at CNY 1,119.675 billion, a slight decrease of 0.1% compared to the previous year[12]. - Total liabilities decreased slightly to RMB 1,119,675 million from RMB 1,120,779 million, indicating a reduction of about 0.1%[21]. - The company’s insurance contract liabilities increased to RMB 907,990 million from RMB 872,425 million, representing a growth of about 4%[21]. Insurance Revenue - Insurance service revenue for Q1 2023 reached CNY 117.155 billion, a year-on-year increase of 5.8%[11]. - The original insurance premium income for PICC Property and Casualty in Q1 2023 was CNY 167.641 billion, a year-on-year increase of 10.2%[14]. - The original insurance premium income for PICC Life in Q1 2023 was CNY 59.414 billion, a slight decrease of 0.6% year-on-year[16]. - The original insurance premium income for PICC Health in Q1 2023 was CNY 22.679 billion, reflecting a year-on-year growth of 10.7%[17]. Cash Flow and Investments - The total cash inflow from investment activities was 117,230 million, while the cash outflow was 131,074 million, resulting in a net cash flow used in investment activities of (13,844) million[26]. - The cash inflow from financing activities was 3,000 million, with a total cash outflow of 46,471 million, leading to a net cash flow used in financing activities of (43,471) million[26]. - The net decrease in cash and cash equivalents for the period was (9,814) million, compared to an increase of 2,606 million in the same period of 2022[26]. - The ending balance of cash and cash equivalents was 30,785 million, down from 35,882 million at the end of the same period in 2022[26]. Accounting Standards and Future Plans - The company implemented new accounting standards starting January 1, 2023, which affected the financial reporting and comparisons[5]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[22].