In This Article:
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Insurance Revenue: CNY 209.4 billion, up 2.3% year on year.
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CPR C Life Revenue: CNY 62.3 billion, down 2.5% year on year.
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CP IC P&C Revenue: CNY 145.2 billion, up 4.1% year on year.
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Net Profit: CNY 38.3 billion, up 65.5% year on year.
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CPR C Life GWP: CNY 230.5 billion, up 3.3%.
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New Business Value: CNY 14.2 billion, up 37.9%.
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New Business Margin: 20.0%, up 6.2 percentage points.
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GWP Growth: 4.1% for the first three quarters.
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New Business GWP Growth: 16.3%.
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Core Agents Growth: Monthly number up 2.4% year on year.
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New Agents Growth: 15.5% year on year.
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13th Month Persistency Ratio: 97.5%, up 2 percentage points year on year.
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25th Month Persistency Ratio: 92.3%, up 8.2 percentage points year on year.
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Bank Channel GWP Growth: 6.2% for the first three quarters.
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Individual Long Term Insurance Premiums Growth: 23% year on year.
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Group Channel WGWP Decrease: 12.8% year on year.
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Worksite Business Growth: 18.3% year on year.
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CP IC P&C GWP: CNY 159.8 billion, up 7.7% year on year.
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Auto Premiums Growth: 3.3% year on year.
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Non-Auto Premiums Growth: 12.2% year on year.
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Combined Ratio: 98.7%, unchanged from the previous year.
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Total Assets: CNY 2.58 trillion, up 14.9% from the end of last year.
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Net Investment Yield: 2.9%, down 0.1 percentage points year on year.
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Gross Investment Return: 4.7%, up 2.3 percentage points year on year.
Release Date: October 30, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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China Pacific Insurance (Group) Co Ltd (SHSE:601601) reported a net profit of CNY 38.3 billion, up 65.5% year on year.
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The company's insurance revenue increased to CNY 209.4 billion, marking a 2.3% year-on-year growth.
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The group has been awarded an A rating for insurance disclosure of listed companies on the SSE for 11 consecutive years.
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CPIC Life's new business value increased by 37.9%, with a new business margin up by 6.2 percentage points.
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The company has successfully implemented digital innovations such as AI coaching for life agents and online claims assistance for P&C business.
Negative Points
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CPIC Life's premium income decreased by 2.5% year on year.
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The net investment yield decreased by 0.1 percentage points year on year to 2.9%.
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The combined ratio for the P&C business remained unchanged at 98.7%, indicating no improvement in underwriting profitability.
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The company's gross investment return was negatively impacted by market volatility, despite an increase in the overall return.
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The group channel's WGWP decreased by 12.8% year on year, indicating challenges in certain business segments.