China Pacific Insurance (Group) Co., Ltd. Class H

Good morning, ladies and gentlemen. Welcome to the CPIC Q1 Results Announcement. I'm Zhu Tongqing, board secretary of the CPIC Group. Now we have released our Q1 report. In order to deliver our information in a more timely fashion, we hold this session. Now we have with us Group VP and CFO, Mr. Su Gang, and also Group Deputy Chief Account Xu Zhen and CPIC Life General Manager Li Jinsong and CPIC PAC Deputy GM CFO Board Secretary Liu Zhenbo. First of all, we'll give a presentation of Q&A results to be followed by a Q&A session. Good morning, everyone. Welcome to today's results announcement. I'm Su Gan. CFO of CPIC Group. Next, I'll give you a brief account of our Q1 performance. In Q1 this year, CPIC focused on our main business and continued to enhance service and operational efficiency. We delivered an insurance revenue of $70.2 billion, up 0.1%. Our profitability maintained a steady growth, and delivered net profit of $10.04 billion, up 4.3% year-on-year. Our operating profit after tax stood at $10.5 billion, up 3.6% from last year. Looking at our main business lines, CPIC Live continued to deepen its transformation efforts based on value growth and have achieved steady business results. We have Weidong Zhang, Mingchao Wang, Weidong Zhang, Mingchao Wang, Weidong Zhang, 6.3 billion, up 9.6% year-on-year. If we look at the agency channel, to achieve a stable growth and stable agency sales force, we offered enriched products and services, achieved remarkable results.

And for the bank channel, we focused on regular premium new business, Optimized product mix and implemented the premium rate compliance policy.

And for our group and the work site channel, we explored new models of workplace-based services and continue to expand the coverage of inclusive insurance products. For P&C side, we enhanced the risk reduction efforts and in Q1, it's Total premium was $63.02 billion, down 0.3% year-on-year. Auto insurance was $26.8 billion, up 0.1% year-on-year. Now, for the non-auto business, it was down 0.5% due to business mix optimization at 36.1 billion. Combined ratio improved to 96.4%, improved by one percentage point. For auto insurance, we strengthened and refined the quality management and deepened research on risk of our new energy vehicles. For non-auto business, we focused on solving national strategies, rail economy, and people's livelihood. To continue to Thank you very much. Thank you. We continue to enhance our market insight and judgment and to explore, to identify fixed income asset allocation opportunities. We continue to intensify active equity management efforts and effectively elevate the allocation ratio of equity assets to promote the core and the satellite allocation strategy. By the end of the first quarter, the groups Investment assets reached 3.12 trillion yuan, up 2.8% from the end of last year. And our non-annualized net investment yield was 0.7%, down 0.1 percentage points year-on-year. And the non-annualized total investment yield was 0.8, down 0.2 percentage points year-on-year. Well, that's the end of my presentation. Now we'll have the Q&A.