Investment returns exceed 80 billion yuan! This major property insurance giant’s third-quarter report “surges”

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On the evening of October 30, international insurance giant PICC disclosed its third-quarter report.

The announcement shows: This giant had a total operating income of 196.976 billion yuan in the third quarter, an increase of 11.1% year-on-year; net profit attributable to shareholders of the parent company was 20.292 billion yuan, an increase of 48.7% year-on-year.

In the first three quarters, PICC had a total operating income of 520.99 billion yuan, up 10.9% year-on-year; net profit attributable to shareholders of the parent company was 46.822 billion yuan, up 28.9% year-on-year.

Regarding the above performance, PICC explained: “While consolidating its business foundation, with the additional influence of the capital market, total investment income during the reporting period increased significantly year-on-year, leading to a large increase in net profit compared to the same period last year.”

Total investment income of 86.25 billion yuan

PICC disclosed: In the first three quarters of this year, total investment income reached 86.25 billion yuan, an increase of 35.3% year-on-year; total investment yield was 5.4%, up 0.8 percentage points year-on-year; total investment assets were 1.83 trillion yuan, an increase of 11.2% from the beginning of the year.

Regarding investment details, PICC made the following disclosures:

In fixed income investment, the company seized opportunities as market yields rebounded and moderately increased allocation to long-duration bonds.

In equity investment, it actively responded to the requirement for medium- and long-term funds to enter the market, fully leveraged the patient capital advantage of insurance funds, increased allocation to investment targets with long-term growth potential, continuously optimized sector allocation, and steadily expanded equity holdings.

In alternative investment, it vigorously promoted business transformation, paid attention to investment opportunities in innovative products, expanded into asset-backed plans, public REITs, private REITs, and other types, broadening sources of investment income.

Premium income overview

In the first three quarters of this year, PICC Property and Casualty achieved insurance service income of 385.921 billion yuan, up 5.9% year-on-year; PICC P&C continued to deepen management, reduce costs, improve quality and efficiency, enhance underwriting and claim quality and efficiency, strengthen fine management of sales expenses, continuously optimize expense input, and realized underwriting profit of 14.865 billion yuan, up 130.7% year-on-year.

In the first three quarters of this year, PICC Life Insurance achieved insurance service income of 19.786 billion yuan, up 18.2% year-on-year; net profit was 13.974 billion yuan; the value of new business (comparable caliber) increased by 76.6% year-on-year.

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