Gelonghui, April 29丨Xinhua Insurance (01336.HK) released its report for the first quarter of 2024, achieving operating income of 26.479 billion yuan, a year-on-year decrease of 8.7%; net profit attributable to shareholders of the parent company of 4.942 billion yuan, a year-on-year decrease of 28.6%; and net profit attributable to shareholders of the parent company after deducting non-recurring profit and loss of 4.953 billion yuan, a decrease of 28.4% year-on-year.
The announcement stated that the company's individual insurance channels focus on increasing value, optimizing the supply of products and services, increasing long-term business development efforts, and continuously improving channel production capacity. In the first quarter of 2024, the channel achieved premium revenue of 39.821 billion yuan, with premiums of 5,093 billion yuan for the first year of long-term insurance, an increase of 23.0% over the previous year; the channel saw initial results in speeding up the construction of high-performing teams, and the scale of high-performing manpower and per capita production capacity increased significantly. The banking insurance channel adheres to the concept of high-quality development and optimizes the business structure; strengthens channel cooperation and actively seeks opportunities; enhances professional capabilities and builds an elite team; and focuses on reducing costs and increasing efficiency to improve operational efficiency. In the first quarter, the channel achieved premium revenue of 15.875 billion yuan. The group channel focuses on the three key tasks of “optimizing the business structure, improving the customer structure, and serving the national strategy” to further and implement channel development and enhance specialized management capabilities. In the first quarter, the channel achieved premium revenue of 1,497 billion yuan, an increase of 25.2% over the previous year.