2024-09-06-港交所-中国财险_2024中期报告_84页_3mb

Summary of China People's Property & Casualty Insurance Co., Ltd. (2024 Interim Report)

2 P&C Insurance Co., Ltd., listed on the Hong Kong Stock Exchange, experienced stable growth in the first half of 2024. Key highlights include:

• Business Scale: Original insurance premium revenue increased by 3.7% year-on-year to RMB 311.996 billion, with a market share of 34.0% in China's property insurance market. The value of insurance services increased by 5.1% to RMB 235.841 billion. Net profit decreased by 8.7% to RMB 18.491 billion (excluding non-controlling interests distribution).
• Strategic Services: Actively served economic and social development, focusing on five major initiatives ("Five Articles of Writing") and adopted a new business model ("Insurance + Risk Reduction Services + Technology"), emphasizing risk pricing, prevention, and technology application. Significant progress was made in insuring low-altitude economy, agriculture, green insurance, and social governance areas.
• Risk Management: Strong capital adequacy (Comprehensive Solvency Ratio 228.5%, Core Solvency Ratio 204.7%) and effective cost control (Average Comprehensive Cost Ratio 96.2%, slightly up by 0.4%). Risk mitigation efforts (pre-disaster inspection, early warning) were actively implemented.
• Financial Performance: Gross premiums (RMB 311.996 billion), underwriting profit (RMB 9.0 billion), total investment income (RMB 13.97 billion). Net profit dipped due to lower pre-tax profit (decreased by 8.9%). Total assets grew by 4.7% year-over-year.
• Board & Governance: Director Qu Xiaohui resigned, while Ms. Xue Shuang was elected as an independent non-executive director. Supervisor Li Shuxian also resigned. Dividend policy: proposed interim dividend of RMB 0.208 per share (expects ~46.26 billion RMB total dividends, deducing tax).
• H Shareholding Structure: State-owned insurer PICC Group holds 68.98%. Citigroup, GIC, and BlackRock are among the top foreign shareholders.

In summary, PICC P&C maintained solid financial performance and strategic advancement in the first half of 2024, managed risks effectively, and positioned itself for high-quality development within the insurance sector.