Investment income exceeds 80 billion yuan! This property insurance giant's third-quarter report "explodes"

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

The announcement showed that the company's total operating revenue in the third quarter was 196.976 billion yuan, a year-on-year increase of 11.1%; the net profit attributable to shareholders of the parent company was 20.292 billion yuan, a year-on-year increase of 48.7%.

In the first three quarters, PICC Group's total operating revenue was 520.99 billion yuan, a year-on-year increase of 10.9%; the net profit attributable to shareholders of the parent company was 46.822 billion yuan, a year-on-year increase of 28.9%.

Regarding the above performance, PICC Group explained: "While consolidating the operational foundation, coupled with the impact of the capital market, the total investment income during the reporting period has significantly increased year-on-year, and the net profit has seen a substantial increase compared to the same period last year."

Total Investment Income of 86.25 Billion Yuan

PICC Group disclosed that in the first three quarters of this year, it achieved a total investment income of 86.25 billion yuan, a year-on-year increase of 35.3%; the total investment income rate was 5.4%, an increase of 0.8 percentage points year-on-year; total investment assets were 1.83 trillion yuan, an increase of 11.2% compared to the beginning of the year.

Regarding investment details, PICC Group disclosed the following:

In fixed income investments, seize the opportunity of market yield rebound and moderately increase the allocation of long-duration bonds.

In equity investments, actively respond to the demand for medium- and long-term funds entering the market, fully leverage the patient capital advantage of insurance funds, increase the layout of investment targets with long-term growth potential, continuously optimize the industry allocation structure, and steadily expand the scale of equity holdings.

In alternative investments, vigorously promote business transformation, focus on investment opportunities in innovative varieties, layout asset-backed plans, public REITs, private REITs, and other varieties, and broaden the sources of investment income.

Overview of Premium Income Data

In the first three quarters of this year, PICC Property and Casualty achieved insurance service income of 385.921 billion yuan, a year-on-year increase of 5.9%; PICC Property and Casualty continued to deepen operational management to reduce costs and improve quality and efficiency, enhance underwriting and claims quality, strengthen the refined management of sales expenses, and continuously optimize expense input, achieving an underwriting profit of 14.865 billion yuan, a year-on-year increase of 130.7%.

In the first three quarters of this year, PICC Life achieved insurance service income of 19.786 billion yuan, a year-on-year increase of 18.2%; achieved a net profit of 13.974 billion yuan; the comparable new business value increased by 76.6% year-on-year