The People's Insurance Company (Group) of China (1339) Q3 2024 earnings summary

Executive summary

• Total operating income for Q3 2024 reached RMB177,269 million, up 28.5% year-over-year; for the first nine months, income was RMB469,576 million, up 12.2% year-over-year.

• Net profit attributable to shareholders for Q3 2024 was RMB13,644 million, surging 2,093.6% year-over-year; for the first nine months, net profit was RMB36,331 million, up 77.2% year-over-year.

• Significant profit growth driven by increased investment income and capital market recovery.

Financial highlights

• Basic earnings per share for Q3 2024 was RMB0.31, up 2,093.6% year-over-year; for the first nine months, RMB0.82, up 77.2%.

• Weighted average return on equity for the first nine months was 14.2%, up 5.5 pts year-over-year.

• Net cash flows from operating activities for the first nine months were RMB81,011 million, up 27.0% year-over-year.

• Total assets as of 30 September 2024 were RMB1,701,505 million, up 9.3% from year-end 2023.

• Equity attributable to shareholders was RMB267,661 million, up 10.4% from year-end 2023.

Outlook and guidance

• The company continues to focus on high-quality development, risk prevention, and cost efficiency, maintaining a positive growth trajectory.