[Redattore Liu Jiayu di People’s Daily Online / Rapporto completo]
Both financial holding companies are losing money! Cathay Gold (2882) announced on the 9th that the net loss after the fiscal settlement in November 2022 was 7.86 billion yuan. The monthly loss mainly reflects the impact of China Life’s sharp appreciation of the Taiwan dollar and the monthly loss was 8.91 billion yuan. The monthly net loss was 1.23 billion yuan. Cathay Gold pointed out that the momentum of the core business and the combined profit of other subsidiaries have remained stable since the beginning of this year. The cumulative profit of Cathay United Bank and Cathay Investment Trust exceeded last year’s level and has reached a record level. the second highest in history over the same period. Cumulative net income after tax for the first 11 months was 49.23 billion yuan, and cumulative earnings per share (EPS) after tax were 3.43 yuan, still ranked second in the industry, second only to Fubon Financial.
Cathay Life Insurance’s after-tax loss in November was $8.91 billion, and the single-month loss in November mainly reflects the sharp short-term appreciation of the Taiwan dollar, resulting in large fluctuations in profits and losses of exchange. However, the Taiwan dollar has depreciated against the US dollar this year, and in addition to having significant exchange rate advantages, it has also accumulated a solid reserve of exchange price changes, which will help absorb exchange rate fluctuations and provide flexibility for currency hedging. as of the end of November, China Life’s foreign exchange price change reserves The cumulative balance of gold is still more than 49 billion. Since the beginning of this year, the financial market has fluctuated greatly. However, the investment operation is stable, the insurance industry is running steadily, and the overall financial performance is still good. The accumulated net profit after tax in the first November was 39.87 billion.
In terms of its property insurance business, Cathay Pacific Property & Casualty Insurance reported an after-tax net loss of 1.23 billion yuan in November, and a cumulative after-tax net loss of 13.88 billion yuan. Monthly and cumulative losses are still affected by the epidemic prevention insurance claims and deposit reserves. Due to the continuous evolution of the epidemic, 1.50 billion yuan of indemnity was paid in just one month of November, and a total of 19.58 billion yuan of indemnity was paid and subscribed at the end of November (considering the amount of self-financing – withheld compensation after reinsurance waiver is 16.52 billion yuan), unreported or unreported pending cases continue to dynamically allocate a balance of 3.03 billion yuan in compensation reserves; the recent epidemic has slowed down, the number of daily confirmed cases has gradually decreased, and the government’s epidemic prevention policies have gradually eased. The follow-up will pay close attention and adjust the compensation reserves at any time. Excluding the impact of the epidemic prevention policy, the company’s written premiums will still maintain double-digit growth, and the profit of the insurance business will be stable.
Cathay United Bank’s net profit hit a record again: Cathay United Bank’s net profit after tax in November was 2.07 billion yuan, and the cumulative net profit after tax was of 25.46 billion yuan, an increase of 12% over the same period last year. A record. Benefiting from the central bank’s interest rate hike, steady growth in loans and the increase in the price and volume of foreign currency securities since the beginning of this year, the accumulated interest margin grew by 26 % over the same period last year; accumulated net income remained stable. Cathay Securities continues to maintain growth through the digital business model: Cathay Securities’ net profit after tax in November was 100 million yuan, and its cumulative net profit after tax was 1.31 billion yuan, the second highest in history.
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