15
October 2024
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 for the First Three Quarters
of 2024
I.
ESTIMATED RESULTS FOR THE CURRENT PERIOD
(I)
Estimated Results Period
1 January 2024 to 30 September
2024.
(II)
Estimated Results
Based on the preliminary estimates
and calculations of the Company, it is estimated that the net
profit attributable to shareholders of the parent company for the
first three quarters of 2024 will range from approximately RMB37.0
billion to RMB39.4 billion, representing an increase of
approximately RMB13.9 billion to RMB 16.3 billion, or approximately
60% to 70% year on year, as compared with the same period in 2023;
the net profit attributable to shareholders of the parent company
after deducting non-recurring items for the first three quarters of
2024 is expected to be approximately RMB36.8 billion to RMB39.1
billion, representing an increase of approximately RMB13.8 billion
to RMB16.1 billion, or approximately 60% to 70% year on year, as
compared with the same period in 2023.
(III) The estimated
results have not been audited.
II.
RESULTS OF THE SAME PERIOD OF THE PREVIOUS YEAR
(I) Profit
before tax: RMB28.695 billion; net profit attributable to
shareholders of the parent company: RMB23.149 billion; net profit
attributable to shareholders of the parent company after deducting
non-recurring items: RMB23.022 billion.
(II)
Earnings per share (basic and diluted): RMB2.41.
III.
MAIN REASONS FOR THE ESTIMATED INCREASE IN EARNINGS FOR THE CURRENT
PERIOD
The main reason for the estimated
increase in the Company's results for the first three quarters of
2024 is that the Company has maintained a certain percentage range
of equity assets in its investment portfolio in accordance with its
strategic asset allocation plan. Accompanied by the recent upturn
in the capital market, the Company realized a significant
year-on-year increase in its investment income for the first three
quarters of 2024, resulting in a substantial increase in its net
profit for the same period.
IV. RISK
WARNING
There are no material uncertain
factors of the Company that might affect the accuracy of the
estimated results. Due to the fluctuation of the capital market in
the future, there is uncertainty as to the increase in profit for
the full year.
V.
OTHER INFORMATION
The above estimates are only
preliminarily calculated figures and accurate financial information
will be officially disclosed in the 2024 third quarter 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.