Q2 2024 China Pacific Insurance Group Co Ltd Earnings Call (Chinese, English) Transcript
Key Points
- Group operating income increased by 10.9% to RMB194.6 billion.
- Net profit surged by 37.1% to RMB25.1 billion.
- Assets under management (AUM) grew by 11% to RMB3.3 trillion.
- The company maintained a solid capital position with a comprehensive solvency margin level of 251%.
- CPIC Life achieved a record NBV growth and improved its 13-month persistency ratio to 96.9%.
- Net investment yield decreased by 0.2 percentage points to 1.8%.
- The underwriting combined ratio for auto insurance increased by 0.6 percentage points to 71.4%.
- New business growth for the bank channel came under pressure, with a 1% decline.
- The company faces challenges from capital market volatility impacting net profit.
- There is a need to address the duration gap between asset and liability durations, which expanded by 0.5 years.
Good afternoon, ladies and gentlemen. Welcome everyone to results announcement, I'm Su Shaojun, Group Board Secretary of CPIC Group. It's my great pleasure to have this opportunity to give you a brief overview on our performance in the first half of 2024. In order to extend the coverage of this results announcement, we are conducting this event in both online and offline. And of course, you can review our playback video on our official website.
First of all, allow me to introduce our guest of honor Mr. FU Fan, Group Chairman; and Mr. Zhao Yonggang, Group President; and Mr. Yuanhan Zhang, Group CFO, and the Chief Actuary; and Mr. Xu Jianguo, Group CIO; and our independent director will also attend this meeting and also some of our senior executives will attend this meeting as a nonvoting member.
First of all, I'll give the floor to Mr. Zhoa to give us an overview of our H1 performance.
Good afternoon, ladies gentlemen, I'm Zhao
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