2024-04-26 09:05Financial Performance - In Q1 2024, China Pacific Insurance achieved operating revenue of RMB 95,428 million, a year-on-year increase of 1.1%[4] - The net profit for Q1 2024 was RMB 11,759 million, also reflecting a growth of 1.1% compared to the same period in 2023[4] - The net cash flow from operating activities reached RMB 49,887 million, marking a 1.1% increase year-on-year[4] - Total revenue for Q1 2024 reached RMB 95,428 million, a slight increase of 1.1% compared to RMB 94,386 million in Q1 2023[21] - Net profit for Q1 2024 was RMB 12,088 million, compared to RMB 11,888 million in the same period last year, representing an increase of 1.7%[21] - The total comprehensive income for Q1 2024 was RMB 8,564 million, down from RMB 18,478 million in the same quarter last year[21] Assets and Liabilities - The total assets as of March 31, 2024, amounted to RMB 2,441,419 million, up 4.2% from the end of 2023[4] - Total liabilities increased to RMB 2,165,148 million from RMB 2,076,258 million, reflecting a rise of 4.3%[20] - The total assets as of March 31, 2024, were RMB 144,964 million, an increase from RMB 143,846 million at the end of 2023[23] - The total liabilities as of March 31, 2024, were RMB 3,976 million, an increase from RMB 3,567 million at the end of 2023[23] Shareholder Equity - Shareholder equity increased to RMB 257,885 million, representing a 3.3% rise compared to December 31, 2023[4] - The company's equity attributable to shareholders reached RMB 257,885 million, up from RMB 249,586 million, indicating a growth of 3.3%[20] Revenue Segments - Insurance service revenue for Q1 2024 was RMB 66,968 million, with a year-on-year growth of 2.4%[8] - The life insurance segment reported a revenue of RMB 20,859 million, a decline of 5.1% year-on-year[8] - The property insurance segment generated RMB 45,556 million in revenue, reflecting a growth of 5.9% compared to the previous year[8] - The property insurance segment recorded a premium income of RMB 62.49 billion, an increase of 8.6% year-on-year[13] Premium Income - In Q1 2024, China Pacific Insurance achieved a total premium income of RMB 105.95 billion, a decrease of 2.3% year-on-year[11] - The agent channel generated a premium income of RMB 84.86 billion, with new business premiums of RMB 16.12 billion, up 31.3% year-on-year[11] - The bancassurance channel reported a premium income of RMB 12.38 billion, with new business premiums declining by 21.8% to RMB 8.72 billion[11] - The group insurance channel achieved a premium income of RMB 8.65 billion, with new business premiums increasing by 45.5% to RMB 0.59 billion[10] Investment Performance - The net investment return rate for Q1 2024 was 0.8%, remaining stable compared to the previous year[15] - The total investment return rate decreased by 0.1 percentage points to 1.3% year-on-year[15] - The company reported an investment loss of RMB 1,547 million, contrasting with an investment income of RMB 1,100 million in the previous year[21] Other Financial Metrics - The weighted average return on net assets was 4.6%, a decrease of 0.3 percentage points compared to the previous year[4] - The comprehensive cost ratio for property insurance was 98.0%, a decrease of 0.4 percentage points year-on-year[12] - The fair value change income was RMB 15,104 million, compared to RMB 12,198 million in Q1 2023, showing an increase of 23.7%[21] Strategic Focus - The company is focusing on high-quality development and enhancing customer service through various strategic initiatives[9]