People Insurance of China : IFRS17 Investor Presentation

IFRS17 Investor Presentation

PICC Group

April 2023

Contents

01 02 03

GroupP&CLife

2

Highlights

Small Impact on Revenue

No Material Financial Impact

Stable Operating Results

Adequate Solvency

Unaffected Cash Flow

Less impact on PICC, which focuses on P&C business

Slight impact on assets and liability; No material financial impact

No material change to net profit despite changed profit measurement

Solvency still measured under old standards, not affected by new ones

Group cash flow remaining sound, unchanged under new standards

3

Small Impact on Insurance Service Revenue

• Less impact on PICC, which focuses on P&C
• • Less impact on recognition of insurance service revenue of P&C business
  • PICC P&C mainly subject to PAA model
  • In 2022, insurance service revenue under new standards as almost 76% of that under old ones

Share of Premium in 2022 under

Old Standards

78%

人保财险	集团其他保险子公司
PICC P&C	Other PICC Insurance Subsidiaries

Share of Premium in 2022

Old v. New Standards

旧准则	新准则
Old Standards	New Standards

4

No Material Financial Impact

• No material financial impact despite changed A/L measurement
• • Total assets and liabilities slight less v. old standards
  • Slightly more shareholder's equity under new ones, with small delta

A/L Comparison

Equity Comparison

旧准则 Old Standards 新准则 New Standards

旧准则新准则

总资产	总负债
Total Assets	Total Liabilities

Old Standards

New Standards

5