Affected by foreign exchange losses and epidemic prevention insurance, CITIC Financial's profit in January fell by more than 60% year-on-year.

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[Reporter Li Lianghui/Taipei Report] CITIC Financial (2891) announced today (7) that it will self-consolidate its surplus in January 2023. The after-tax surplus in January was 2.511 billion yuan, a sharp decrease of more than 60% (62%) from the 6.685 billion yuan in the same period last year. , EPS0.13 yuan.

CITIC Financial Holdings stated that the main reason for the poor profit in January was that the subsidiary Taiwan Life was affected by the short-term sharp appreciation of the NT dollar, which resulted in exchange losses. In addition, by the end of last year, the cumulative claim amount had reached 14.1 billion yuan for epidemic prevention insurance, and another 3.7 billion yuan had been paid in January, and the cumulative claim settlement rate had reached 58%, which continued to affect the financial holding company’s profitability. profit.

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However, due to the continued growth of the deposit business momentum and the widening interest rate spread, the subsidiary China Trust Bank has made a monthly after-tax profit of 3.038 billion yuan, an annual increase of 41% compared to the 2.156 billion yuan in the same period last year (2022).

Xu Minqing, chief financial officer of CITIC Gold, pointed out that the property insurance industry originally expected the command center to adjust the level of statutory infectious diseases after the Lunar New Year, but the command center recently stated that the downgrade may have to wait until May or June, when the policy has expired , therefore, the related claim reserve estimation needs to be re-evaluated.

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