REG - China Pacific Insur. - Estimated Increase for the First Three Quarters

China Pacific Insurance CoAnnouncement

15/10/2024 10:45

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RNS Number : 2553I  China Pacific Insurance Grp Co. Ltd  15 October 2024

15 October 2024

CHINA PACIFIC INSURANCE (GROUP) CO., LTD.

(A joint stock company incorporated in the People's Republic of China with
limited liability)

Announcement on Estimated Increase for the First Three Quarters of 2024

I.             ESTIMATED RESULTS FOR THE CURRENT PERIOD

 

(I)            Estimated Results Period

 

1 January 2024 to 30 September 2024.

 

(II)          Estimated Results

 

Based on the preliminary estimates and calculations of the Company, it is
estimated that the net profit attributable to shareholders of the parent
company for the first three quarters of 2024 will range from approximately
RMB37.0 billion to RMB39.4 billion, representing an increase of approximately
RMB13.9 billion to RMB 16.3 billion, or approximately 60% to 70% year on year,
as compared with the same period in 2023; the net profit attributable to
shareholders of the parent company after deducting non-recurring items for the
first three quarters of 2024 is expected to be approximately RMB36.8 billion
to RMB39.1 billion, representing an increase of approximately RMB13.8 billion
to RMB16.1 billion, or approximately 60% to 70% year on year, as compared with
the same period in 2023.

 

(III)        The estimated results have not been audited.

 

II.            RESULTS OF THE SAME PERIOD OF THE PREVIOUS YEAR

 

(I)       Profit before tax: RMB28.695 billion; net profit attributable to
shareholders of the parent company: RMB23.149 billion; net profit attributable
to shareholders of the parent company after deducting non-recurring items:
RMB23.022 billion.

 

(II)          Earnings per share (basic and diluted): RMB2.41.

 

III.          MAIN REASONS FOR THE ESTIMATED INCREASE IN EARNINGS FOR
THE CURRENT PERIOD

 

The main reason for the estimated increase in the Company's results for the
first three quarters of 2024 is that the Company has maintained a certain
percentage range of equity assets in its investment portfolio in accordance
with its strategic asset allocation plan. Accompanied by the recent upturn in
the capital market, the Company realized a significant year-on-year increase
in its investment income for the first three quarters of 2024, resulting in a
substantial increase in its net profit for the same period.

 

IV.          RISK WARNING

 

There are no material uncertain factors of the Company that might affect the
accuracy of the estimated results. Due to the fluctuation of the capital
market in the future, there is uncertainty as to the increase in profit for
the full year.

 

V.            OTHER INFORMATION

 

The above estimates are only preliminarily calculated figures and accurate
financial information will be officially disclosed in the 2024 third quarter
report of the Company. Investors are advised to pay attention to investment
risks.

 

 

 

 

By Order of the Board of Directors

        China Pacific Insurance (Group) Co., Ltd.

FU Fan

Chairman

 

 

This announcement contains inside information for the purposes of Article 7 of
the UK version of the Market Abuse Regulation (EU) 596/2014.

 

About CPIC

CPIC is a joint stock company established under the laws of the People's
Republic of China with limited liability.

CPIC's registered office is located at 1 South Zhongshan Road, Huangpu
District, Shanghai, the People's Republic of China.

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