China People's Insurance (01339) is now down more than 4%. As of press release, it is down 3.72% to HK$259, with a turnover of HK$130 million.
The Zhitong Finance App learned that China People's Insurance (01339) is now down more than 4%. As of press release, it is down 3.72% to HK$2.59, with a turnover of HK$130 million.
According to the news, on April 29, China People's Insurance Company released its report for the first quarter of 2024. During the reporting period, China People's Insurance achieved total operating revenue of 138.778 billion yuan, an increase of 0.7% over the previous year, and realized net profit attributable to shareholders of the parent company of 8.963 billion yuan, a year-on-year decrease of 23.5%.
CICC said that in the first quarter, the company's net profit fell 23.5% year on year to 8.963 billion yuan, which was lower than expected, mainly due to financial insurance payments exceeding expectations and the decline in equity investment income due to capital market fluctuations. Furthermore, the comprehensive cost ratio (CoR) of financial insurance increased by 2.2ppt to 97.9% year over year, lower than expected, mainly due to the impact of freezing rain disasters exceeding expectations.