China People's Insurance Group (01339) Fa Yingxi expects net profit to be 33.830 billion yuan to 37.931 billion yuan for the first three quarters, up 65%-85% year over year

According to the Zhitong Finance App, China People's Insurance Group (01339) announced that according to the company's preliminary estimates, the group is expected to achieve net profit attributable to shareholders of the parent company in the first three quarters of 2024 of 33.830 billion yuan to 37.931 billion yuan, an increase of 13.327 billion yuan to 17.428 billion yuan compared with the same period last year, an increase of 65% to 85% over the previous year. After deducting non-recurring profit and loss, the Group is expected to achieve net profit attributable to shareholders of the parent company in the first three quarters of 2024 of RMB 33.579 billion to RMB 37.649 billion, an increase of RMB 13.228 billion to RMB 17.298 billion compared with the same period last year, an increase of 65% to 85% over the previous year.

The main reason for the advance increase in performance in this period is that the Group resolutely implements the spirit of the Third Plenary Session of the 20th CPC Central Committee and the spirit of the Central Financial Work Conference, adheres to the general tone of steady progress, pragmatically promotes excellent strategies, and makes every effort to ensure a good trend of high-quality development. In the first three quarters of 2024, the Group's business structure continued to be optimized, risk prevention and control was strong and effective, and results in cost reduction and efficiency were remarkable. While consolidating its operating foundation, the Group achieved a significant year-on-year increase in total investment income and a significant increase in net profit compared to the same period last year due to the impact of the recovery in the capital market.