On the evening of October 29, PICC Group disclosed its third-quarter report.
The announcement shows that in the first three quarters of 2024, this insurance giant achieved insurance service revenue of 403.765 billion yuan, a year-on-year increase of 6.1%; the net profit attributable to shareholders of the parent company was 36.331 billion yuan, a year-on-year increase of 77.2%.
PICC Group disclosed specific information about its core businesses, including PICC Property and Casualty, PICC Life, PICC Health, and asset management in its financial report.
This evening, PICC Group disclosed its performance report for the first three quarters of 2024. The data shows that in the first three quarters, PICC Group's total operating revenue was 469.576 billion yuan, a year-on-year increase of 12.2%. The revenue for the third quarter alone was 177.269 billion yuan, a year-on-year increase of 28.5%.
<h2>Significant Increase in Quarterly Profit</h2>
The third-quarter report reveals that PICC Group recorded a net profit attributable to shareholders of the parent company of 36.331 billion yuan in the first three quarters. Among them, the net profit for the third quarter was 13.644 billion yuan, with a year-on-year growth rate of 2093.6%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/38d8744b-3060-44c9-876f-04ab070ec7ba.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/38d8744b-3060-44c9-876f-04ab070ec7ba.png"/>
In this regard, PICC Group explained that the company, while solidifying its operational foundation, benefited from the recovery of the capital market, resulting in a substantial year-on-year increase in total investment income.
<h2>Performance of Insurance Business</h2>
According to the third-quarter report, the specific performance of various businesses is as follows.
In terms of property and casualty insurance, in the first three quarters of this year, PICC Property and Casualty achieved insurance service revenue of 364.306 billion yuan, an underwriting profit of 6.443 billion yuan, a combined cost ratio of 98.2%, and a net profit of 26.75 billion yuan.
In terms of life insurance, PICC Life achieved insurance service revenue of 16.74 billion yuan in the first three quarters, with a net profit of 15.582 billion yuan, and the new business value on a comparable basis increased by 113.9% year-on-year.
In terms of health insurance, PICC Health achieved insurance service revenue of 20.591 billion yuan in the first three quarters, with a net profit of 5.57 billion yuan.
<h2>Large Blue-Chip ETFs Increase Holdings</h2>
Zhitang noticed that among the top ten circulating shareholders of PICC Group, the two shareholders with the most significant increase in holdings are both broad-based index ETFs.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/6c89555c-824e-451f-ab32-2d0c086170c8.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/6c89555c-824e-451f-ab32-2d0c086170c8.png"/>
One is the Huatai-PB CSI 300 ETF, and the other is the E Fund CSI 300 ETF. Both saw an increase in holdings of over 60% compared to the previous period, with the former's asset scale approaching 400 billion yuan as of the end of September, making it the largest equity index ETF in A-shares.
In addition, the Huaxia CSI 300 ETF became a new shareholder of PICC Group in the third quarter.
It is evident that passive funds are &#34;increasing their stakes&#34; to become major shareholders of this large insurance capital.
<h2>Asset Management Business Strategy Exposed</h2>
PICC Group disclosed the following regarding its layout in the asset management business in the third-quarter report:
First, actively allocate high-quality non-standard assets, focusing on investment opportunities in innovative varieties, and layout asset-backed plans, public REITs, and other varieties to broaden the sources of investment income;
Secondly, optimize the credit structure of the held assets, enhance the overall credit quality of the holdings, and continuously strengthen credit risk management efforts.
Thirdly, in equity investment, strengthen market trend analysis, seize the timing for wave operations and structural investment opportunities in industries, and optimize stock and fund investment strategies;
Fourthly, continuously increase the efforts to adjust the investment structure, with stocks of listed companies that have relatively stable profit models and higher dividend rates as the main investment varieties.

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Large-cap blue-chip ETF increased holdings

- On October 29, China Life Insurance Company reported its Q3 earnings, revealing a 6.1% increase in insurance service revenue to 403.76 billion yuan and a 77.2% rise in net profit to 36.33 billion yuan for the first three quarters of 2024.  
- The total revenue for the first three quarters reached 469.58 billion yuan, a 12.2% year-on-year increase, with Q3 alone generating 177.27 billion yuan, up 28.5%.  
- The company attributed its profit growth to a strengthened operational foundation and a recovering capital market, alongside detailed performance across its core businesses, including property, life, and health insurance.

Net profit increased by over 2000%! PICC Group disclosed its third-quarter report, with total investment income "supporting" performance