22
January 2025
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 in the 2024 Annual Earnings
I.
ESTIMATED RESULTS FOR THE CURRENT PERIOD
(I)
Estimated Results Period
1 January 2024 to 31 December 2024.
(II) Estimated
Results
Based on the preliminary estimates and calculations
of the China Pacific Insurance (Group) Co., Ltd. (the "Company"), it is estimated that the net
profit attributable to shareholders of the parent company for the
year 2024 will range from approximately RMB42.2 billion to RMB46.3
billion, representing an increase of approximately RMB14.9 billion
to RMB19.0 billion, or approximately 55% to 70% year on year, as
compared with the same period of the previous year; the net profit
attributable to shareholders of the parent company after deducting
non-recurring items for the year 2024 is expected to be
approximately RMB42.1 billion to RMB46.1 billion, representing an
increase of approximately RMB15.0 billion to RMB19.0 billion, or
approximately 55% to 70% year on year, as compared with the same
period of the previous year.
(III) The estimated
results have not been audited by certified public accountants.
II.
RESULTS OF THE SAME PERIOD OF THE
PREVIOUS YEAR
(I) Profit
before tax: RMB32.001 billion; net profit attributable to
shareholders of the parent company: RMB27.257 billion; net profit
attributable to shareholders of the parent company after deducting
non-recurring items: RMB27.135 billion.
(II) Earnings per
share (basic and diluted): RMB2.83.
III.
MAIN REASONS FOR THE ESTIMATED
INCREASE IN EARNINGS FOR THE CURRENT PERIOD
In 2024, we stayed focused on the core business of
insurance, deepened reform in an all-around way to enhance key
capabilities and core competitiveness, and achieved substantial
progress in high-quality development. In insurance business, we
stepped up support for national initiatives, persisted in customer
resources management and coordinated development, and continued to
strengthen capabilities for integrated risk control, with
improvement in business quality control and operational management,
all of which helped to consolidate the momentum of high-quality
development. As for investment, we adhered to a refined
"dumbbell-shaped" asset allocation strategy across economic cycles,
maintained a relatively stable Strategic Asset Allocation (SAA)
while closely following market developments and conducting
disciplined and yet flexible Tactical Asset Allocation under the
guidance of SAA, so as to ensure stable profitability under various
market conditions. Thanks to a series of favorable national
policies and positive fluctuations in the overall performance of
the capital markets, the Company has experienced a significant
year-on-year growth in its investment income. Meanwhile, the
fundamental value of the insurance business continues to be
reinforced, leading to a substantial increase in net profit.
IV.
RISK WARNING
There are no material uncertain factors of the
Company that might affect the accuracy of the estimated
results.
V.
OTHER INFORMATION
The above estimates are only preliminarily calculated
figures and accurate financial information will be officially
disclosed in the audited 2024 annual 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.
