Jinwu Financial News | China Taibao (02601) announced that in the first quarter of 2024, net profit was 11.759 billion yuan (RMB, same below), up 1.1% year on year; the group achieved operating income of 95.428 billion yuan during the period, an increase of 1.1% year on year; basic earnings per share were 1.22 yuan.
In the first quarter, Taibao Life Insurance achieved large-scale premiums of $105.95 billion, of which new premiums were 32,833 billion yuan, up 0.4% year on year; new business value reached 5.191 billion yuan, up 30.7% year on year; and insurance service revenue of 20.859 billion yuan, down 5.1% year on year. By channel, the agent channel achieved large-scale premiums of 84.864 billion yuan in the first quarter, of which 16.124 billion yuan; in the first quarter, the banking insurance channel achieved large-scale premiums of 12.379 billion yuan, of which 8.718 billion yuan was affected by the “integrated reporting and banking” policy, a year-on-year decrease of 21.8%; in the first quarter, the group government channel achieved large-scale premiums of 8.646 billion yuan, of which 590 million yuan was an increase of 45.5% over the previous year.
In the first quarter, Taibao Insurance achieved original premium income of 62,491 billion yuan, an increase of 8.6% over the previous year. Among them, the original insurance premium income of car insurance was 26.477 billion yuan, an increase of 2.2% over the previous year; the original insurance premium income of non-car insurance was 36.014 billion yuan, an increase of 13.8% over the previous year. It achieved insurance service revenue of 45.556 billion yuan, an increase of 5.9% over the previous year. The comprehensive underwriting cost ratio was 98.0%, a year-on-year decrease of 0.4 percentage points. As of the end of the reporting period, the Group's investment assets were RMB 2,344.793 billion, up 4.2% from the end of the previous year. In the first quarter of 2024, the company's net return on investment assets was 0.8%, the same as the previous year; the total return on investment was 1.3%, down 0.1 percentage points from the previous year.
In the first quarter, the company achieved insurance service revenue of 66.968 billion yuan, an increase of 2.4% over the previous year. Among them: Taibao Life Insurance achieved insurance service revenue of 20.859 billion yuan, a year-on-year decrease of 5.1%; Taibao Industrial Insurance achieved insurance service revenue of 45.556 billion yuan, an increase of 5.9% over the previous year.