The People's Insurance Company (Group) of China (1339) Q4 2023 earnings summary

Executive summary

• Insurance revenue rose 7.5% YoY to RMB503.90bn; original premium income increased 6.9% to RMB661.74bn.

• IFRS net profit attributable to equity holders fell 12.1% YoY to RMB22.32bn, while net assets attributable to equity holders rose 8.5% to RMB243.21bn.

• Life and Health new business value (NBV) advanced 69.6% and 182.9%, respectively; P&C combined ratio was 97.8%.

Financial highlights

• IFRS total profit was RMB33.56bn, down 21.4% YoY; EPS was RMB0.50, down 12.1%.

• Original premiums reached RMB661.74bn, up 6.9% YoY; insurance revenue was RMB503.90bn, up 7.5%.

• Net cash flow from operating activities was RMB70.5bn; net assets attributable to equity holders increased 8.5% to RMB243.21bn.

Outlook and guidance

• 2024 priorities: stabilize growth, optimize structure, promote reform and prevent risks; pursue steady premium growth and investment income.

• Targets include a steady P&C combined ratio, reasonable net profit growth, NBV growth better than key peers, and net profit growth better than listed insurers’ average.