Financial Performance - In Q1 2024, the company achieved insurance service revenue of RMB 113.843 billion, a year-on-year increase of 5.9%[3] - The motor vehicle insurance segment generated revenue of RMB 72.288 billion, up 6.5% year-on-year, while non-motor vehicle insurance revenue reached RMB 41.555 billion, growing by 4.9%[4] - The company's operating revenue for Q1 2024 reached RMB 118,988 million, a 3.3% increase from RMB 115,258 million in Q1 2023[9] - Insurance service revenue increased to RMB 113,843 million, up from RMB 107,520 million, reflecting a growth of 5.5% year-over-year[9] - Net profit for Q1 2024 was RMB 5,871 million, a significant decrease of 38.5% compared to RMB 9,508 million in Q1 2023[9] - The total profit for Q1 2024 was RMB 6,826 million, down 41.5% from RMB 11,609 million in Q1 2023[9] Cost and Profitability - The net profit for Q1 2024 was RMB 5.871 billion, reflecting the company's efforts to enhance risk management amid adverse weather conditions and market volatility[3] - The comprehensive cost ratio for Q1 2024 was reported at 297.9%, influenced by increased claims due to low-temperature weather and rising traffic incidents[4] - The net cash flow from operating activities was RMB 902 million, down from RMB 6,332 million in the same period last year, indicating a decline of 85.7%[10] - The company reported a total investment cash inflow of RMB 38,021 million, compared to RMB 48,658 million in Q1 2023, representing a decrease of 21.8%[10] - The cash flow from financing activities showed a net outflow of RMB 8,357 million, compared to a net outflow of RMB 19,711 million in Q1 2023, indicating an improvement[10] Assets and Liabilities - As of March 31, 2024, the company's total assets amounted to RMB 697.079 billion, a decrease from RMB 700.799 billion as of December 31, 2023[8] - The company's cash and cash equivalents were reported at RMB 10.652 billion, down from RMB 12.458 billion at the end of 2023[8] - The company’s total liabilities decreased to RMB 457.865 billion from RMB 470.410 billion at the end of 2023[8] - The total equity attributable to shareholders rose to RMB 239.214 billion, up from RMB 230.388 billion at the end of 2023[8] - The core capital increased by 5.9% to RMB 215.061 billion compared to RMB 203.088 billion at the end of 2023[7] Strategic Focus - The company plans to focus on expanding its insurance services and enhancing investment strategies to improve future performance[9] - The company is actively exploring new technologies and products to drive growth in the upcoming quarters[9] Investment Returns - The company maintained a total investment return rate of 0.8% for Q1 2024, despite a decline in equity investment returns due to market conditions[5] - The company recorded a foreign exchange loss of RMB 308 thousand, a decrease from a loss of RMB 31,150 thousand in the previous year[10]
中国财险(02328) - 2024 Q1 - 季度业绩