Group 1 - The chairman of China Taiping, Wang Sidong, has resigned due to age reasons, effective from December 18, 2024 [1] - Yin Zhaojun, currently the vice chairman and executive director, has been appointed as the new chairman and will also serve on the nomination and remuneration committee, as well as the strategic and investment committee, effective from December 18, 2024 [1] - The position of general manager at China Taiping will be temporarily vacant following these changes [2] Group 2 - Yin Zhaojun, aged 59, has extensive experience in the banking and insurance sectors, making him a seasoned financial veteran [3] - For the first half of 2024, China Taiping reported a profit attributable to shareholders of HKD 6.027 billion, representing a year-on-year increase of 15.4% [3] - Insurance service revenue reached HKD 55.875 billion, up 3.2% year-on-year, while net investment performance surged to HKD 7.503 billion, reflecting a significant year-on-year growth of 360.7% [3]

Investment Rating - The report maintains a **Buy** rating for China Taiping Insurance (966 HK) with a target price increase to **HKD 15.0**, representing a potential upside of **25.4%** [1][2] Core Views - The company's **2024 full-year profit growth** is expected to accelerate compared to the first half, driven by a low base in the second half of 2023 [1] - **New business value (NBV)** growth is projected to remain ahead of peers, with a **56% YoY increase** in 2024, following an **85.5% YoY growth** in the first half of 2024 [2] - The report highlights that **fiscal policy support** is expected to continue, which will benefit the company's asset-side performance [2] Profit Forecast Adjustments - **NBV** for 2024E is revised upward by **3.2%** to **HKD 11,694 million**, while the **NBV margin** is adjusted up by **0.6 percentage points** to **31.2%** [3] - **Embedded value (EV)** for 2024E is slightly increased by **0.1%** to **HKD 221,422 million**, with a similar adjustment for **life insurance EV** [3] - **Return on average equity (ROAE)** for 2024E is adjusted downward by **0.1 percentage points** to **8.8%** [3] Financial Projections - **Net profit attributable to shareholders** is expected to grow by **40.3% YoY** in 2024E, reaching **HKD 8,685 million**, followed by a **3.7% increase** in 2025E [6] - **Total investment yield** is projected to improve to **4.01%** in 2024E, up from **2.66%** in 2023 [6] - **Combined ratio** for 2024E is forecasted at **97.5%**, consistent with the previous estimate [3] Key Metrics - **Life insurance premium service income** is expected to grow by **5.0%** in 2024E, while **property insurance premium service income** is projected to increase by **3.0%** [6] - **Contractual service margin (CSM)** for 2024E is estimated at **HKD 210,829 million**, with a **0.2% YoY growth** [6] - **Dividend per share** is forecasted to increase to **HKD 0.40** in 2024E, up from **HKD 0.30** in 2023 [6] Peer Comparison - Among peers, China Taiping Insurance has the **second-highest potential upside** of **25.4%**, following China Life Insurance (2628 HK) with **31.4%** [10] - The company is categorized as a **mainland life insurer**, alongside peers such as Ping An Insurance (2318 HK) and China Pacific Insurance (2601 HK) [10]

Financial Statements 財務報告 | | Condensed Consolidated Statement of Profit or Loss 簡明綜合損益表 | | 3 | | --- | --- | --- | --- | | | Condensed Consolidated Statement of Profit or Loss and | | | | | Other Comprehensive Income 簡明綜合損益及其他綜合收益表 | | 4 | | | Condensed Consolidated Statement of Financial Position 簡明綜合財務狀況表 | | 5 | | | Condensed Consolidated Statement of Changes in Equity 簡明綜合權益變動表 | | 7 | | | Condensed Consolidated Statement of Cash Flows 簡明綜合現金流量表 | | 9 | | | Notes to the Unaudited Condensed | 未經審核簡明綜合財 ...

港股公司报告 | 公司点评 负债端业绩显著提升，投资端表现优异 2024H1 归母净利润同比+15.4%至 60.27 亿港元。1）寿险：2024H1 实现 NBV 为 73.35 亿港元，同比+85.5%，其中个险 NBV 同比 +59.8%，银保 NBV 同比+303.7%。2） 产险，2024H1 实现保险 服务业绩 5.0 亿港元，同比+27.6%，综合成本率为 97.0%，同比 -0.6pct。3）投资端，投资资产较 2023 年底增长 9.4%至 14764 亿 港元，总投资收益同比+57.1%至 372.42 亿港元，年化总投资收益率 同比+1.38 pct 至 5.27%。 寿险：1）新单保费：2024H1 实现新单保费 285.3 亿港元，同比 -8.8%，其中个险新单保费为 190.7 亿港元，同比 7.3%，银保新单 保费为 94.6，同比-30.0%；个险长险首年期交保费为 149.5 亿港元， 同比+11.7%，银保长险首年期交为 93.35 亿港元，同比-30.4%。2） NBV：2024H1 实现 NBV 为 73.35 亿港元，同比+85.5%，其中个 险 NBV 为 52.3 ...

[Table_MainInfo] 公司研究/金融/保险 证券研究报告 中国太平（0966.HK）公司年报点评 2024 年 09 月 02 日 [Table_InvestInfo] 投资评级 优于大市 维持 寿险 NBV、NBVM 同比大增，投资收益带 动净利润提升 [投Ta资ble要_S点um：mary] 股票数据 [0T8a月ble30_S日t收oc盘k价In（fo港]元） 10.12 52 周股价波动（元） 5.42-10.40 股本结构 [总Ta股b本le（_C百a万p股ita）lInfo] 3594 流通 H 股（百万股） 3594 B 股/H 股（百万股） 0/3594 相关研究 [《TaNbBlVe、_R净e利p润or实tIn现fo高] 增长，24 年一季 度银保表现亮眼》2024.03.26 《NBV、净利润大增，财险实现承保盈利》 2023.08.26 《产险业务扭亏为盈，寿险 NBV 表现仍 优于多数同业》2023.04.01 市场表现 [Table_QuoteInfo] 【事件】中国太平发布 2024 年中报业绩：1）归母净利润 60.3 亿港元，同比 +15.4% ； 其 中 寿 险 ...

Investment Rating - The report maintains a "Buy" rating for the company, with an adjusted target price of HKD 11.60, indicating a potential upside of 18.1% from the current price of HKD 9.82 [2][9]. Core Insights - The company's performance on both asset and liability fronts has significantly exceeded expectations, with a projected profit growth of over 40% for the year due to a low base in the second half of 2023 [2][9]. - The new business value has shown rapid growth, increasing by 85.5% year-on-year, driven primarily by individual insurance and bancassurance channels [1][5]. - Investment income has performed strongly, with net investment income rising by 10.8% and total investment income increasing by 57.1% year-on-year, attributed to optimized equity investment structures [1][5]. Financial Performance Summary - For the first half of 2024, the company's net profit attributable to shareholders reached HKD 6,027 million, reflecting a 15.4% year-on-year increase [1][5]. - The new business value for the first half of 2024 was HKD 7,335 million, with a year-on-year growth of 85.5% [5][6]. - The company's total investment income for the first half of 2024 was HKD 37,242 million, marking a 57.1% increase compared to the previous year [5][10]. Business Segments Performance - Life insurance operating profit increased by 4.9% year-on-year, while the reinsurance segment turned profitable with a significant recovery [1][5]. - The domestic property and casualty insurance segment saw a remarkable 100.3% increase in operating profit, while the overseas property and casualty insurance segment's operating profit grew by 74.5% [5][6]. - The company plans to enhance its focus on dividend insurance sales in the second half of the year, anticipating a new business value growth of over 50% in 2024 [1][5].

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [7]. Core Insights - The company reported a net profit attributable to shareholders of HKD 6.03 billion for the first half of 2024, representing a year-on-year growth of 15.4%. The new business value reached HKD 6.69 billion, up 108.3% year-on-year [2]. - The significant profit growth is driven by a remarkable increase in net investment performance, which surged by 360.7% to HKD 7.503 billion. Various segments, including life insurance, domestic property insurance, overseas property insurance, reinsurance, and asset management, also showed positive profit growth [2]. - The company's embedded value (EV) increased by 8.0% compared to the end of the previous year, reflecting strong operational performance [2]. Summary by Sections Performance Review - The company's net profit for the first half of 2024 was HKD 6.03 billion, a 15.4% increase year-on-year, driven by a 360.7% rise in net investment performance to HKD 7.503 billion [2]. - The life insurance segment saw a 4.9% increase in net profit, while domestic and overseas property insurance profits grew by 100.3% and 74.5%, respectively [2]. Life Insurance Analysis - The new business value (NBV) in RMB terms grew by 108%, with a significant margin improvement driven by product adjustments and reduced costs [2]. - The NBV in HKD terms increased by 85.5%, primarily due to a margin increase of 12.4 percentage points to 24.6%, despite a new policy premium decline of 8.8% [2]. - The individual insurance channel's NBV rose by 59.8%, while the bank insurance channel's NBV surged by 304%, although new policy premiums dropped by 30% due to regulatory changes and high base effects from the previous year [2]. Investment Performance - The annualized net investment yield was 3.47%, a decrease of 0.16 percentage points year-on-year, while the total investment yield increased by 1.38 percentage points to 5.27% [2]. - The company has a limited exposure to real estate debt financial products, amounting to HKD 18.4 billion, which is only 1.1% of total assets [2]. Profit Forecast and Valuation - The report anticipates a slowdown in NBV growth to around 30% for the full year, with profit growth expected to exceed 30% due to a low base in the second half of the year [2]. - The projected EVPS for 2024, 2025, and 2026 is HKD 61.8, HKD 65.8, and HKD 70.3, respectively, with the current stock price reflecting a PEV valuation of 0.14, 0.13, and 0.12 times for the respective years [2].

海 外 公 司 （ 中 国 香 港 ） NBV 大超预期，投资端否极泰来 中国太平(0966) [Table_Industry] 保险 | --- | --- | --- | --- | |----------|--------------------------------|----------------------|-------------------------| | | | ——中国太平 | 2024 年中报业绩点评 | | | [table_Authors] 刘欣琦(分析师) | 谢雨晟(分析师) | 李嘉木(分析师) | | | 021-38676647 | 021-38674943 | 021-38038619 | | | liuxinqi@gtjas.com | Xieyusheng@gtjas.com | lijiamu026075@gtjas.com | | 登记编号 | S0880515050001 | S0880521120003 | S0880524030003 | 本报告导读： 公司 24H1 归母净利润同比 15.4%，由资负两端共同驱动；NBV 高速增长，业务品 质全面改善 ...

Financial Performance - Shareholders' profit attributable increased to HKD 60.27 billion, a year-on-year growth of 15.4%[6] - Pre-tax profit increased by 110.7% to HKD 16,528.16 million, up from HKD 7,844.45 million in 2023[19] - The company's profit before tax for the six months was HKD 16,528,157, a substantial increase of 110.0% from HKD 7,844,453 in 2023[109] - The net profit attributable to shareholders for the period was HKD 8,978,244, up 19.4% from HKD 7,521,241 in the previous year[110] - The company reported a net profit of HKD 6,026.68 million for the six months ending June 30, 2024, compared to HKD 2,951.56 million in the same period last year, representing a significant increase[116] - The total comprehensive income for the period was HKD 23,858.19 million, up from HKD 3,490.00 million year-on-year, indicating strong growth in overall performance[116] Revenue and Income - Insurance service revenue reached HKD 55.875 billion, up 3.2% year-on-year, with insurance service performance growing by 38.0% to HKD 11.249 billion[6] - The insurance service income for the life insurance business was HKD 32,470.53 million, representing a year-on-year increase of 4.7%[31] - The total insurance service income was HKD 55,874,723, with life insurance contributing HKD 32,470,529 and property insurance (domestic and overseas) contributing HKD 19,477,442 combined[132] - The insurance premium income for the period was HKD 61,414.87 million, up from HKD 54,000.00 million, reflecting a growth rate of approximately 13.5%[116] Investment Performance - Net investment performance surged to HKD 7.503 billion, reflecting a significant year-on-year increase of 360.7%[6] - The total investment income for the first half of 2024 was HKD 37.242 billion, a year-on-year increase of 57.1%[12] - The annualized total investment return rate improved to 5.27%, up 1.38 percentage points year-on-year[12] - The group's net investment income for the first half of 2024 was HKD 24,500.78 million, up 10.8% from HKD 22,113.41 million in the same period of 2023[69] - The total investment return for the group was HKD 37,241,973, with significant contributions from interest income and other investment returns[132] Assets and Liabilities - Total assets grew to HKD 1,640.4 billion, marking an 8.7% increase from the previous year[6] - The total assets as of June 30, 2024, amounted to HKD 1,640,354.99 million, reflecting an 8.7% growth from HKD 1,509,497.49 million at the end of 2023[20] - The company's total liabilities increased to HKD 1,508,033,380 from HKD 1,376,901,834 at the end of 2023[112] - The total liabilities as of June 30, 2024, were HKD 1,508,033,380, with insurance contract liabilities accounting for HKD 1,325,033,437[134] Equity and Shareholder Returns - The group’s total equity as of June 30, 2024, was HKD 132,321.61 million, a slight decrease of 0.2% from HKD 132,595.65 million at the end of 2023[20] - The net asset value attributable to shareholders was HKD 132,321,606, slightly down from HKD 132,595,654 at the end of 2023[114] - The company declared a dividend of HKD 1,078.21 million for the period, consistent with the previous year, reflecting stable shareholder returns[116] - The company proposed a final dividend of HKD 0.30 per share, totaling HKD 1,078,206,000, compared to HKD 0.26 per share and HKD 934,445,000 in 2023[168] Operational Efficiency - The comprehensive cost ratio for property insurance business was 97.0%, with original premium income increasing by 4.3%[11] - The life insurance business's insurance service expenses decreased by 6.1% to HKD 21,878.98 million from HKD 23,288.15 million[32] - Total employee costs (excluding retirement plan contributions) for the financial period were HKD 6.855 billion, a decrease of 13.6% from HKD 7.931 billion in the first half of 2023[82] Strategic Initiatives - The company aims to enhance its international operations and improve service quality while focusing on risk prevention and compliance[85] - The company plans to optimize its business structure and enhance cost efficiency through innovation and talent development[88] - The group will continue to expand its personal and commercial pension businesses, aiming to solidify its first-mover advantage in the third pillar of retirement[88] - The company is committed to digital transformation and improving operational efficiency to support the development of the Greater Bay Area[92] Market Position and Competition - The market share of Taiping Life decreased to 4.2% from 4.8% year-on-year, reflecting a decline in competitive positioning[43] - The number of individual customers for Taiping Life decreased by 464,760 to 14,709,271 as of June 30, 2024, compared to 15,174,031 in the previous year[43] - The company is focusing on expanding its market presence and enhancing its product offerings to drive future growth[116] Challenges and Risks - The company reported a net impairment loss of HKD 1,223,973,000, an increase of 67.2% compared to HKD 731,742,000 for the same period in 2023[154] - The total expenses related to insurance services were HKD 43,148,387, highlighting the operational costs associated with maintaining service levels[132] - The group’s performance in the reinsurance segment showed a net expense of HKD 1,477,021, indicating ongoing challenges in that area[132]

投资逻辑 中国太平资负两端弹性充足，居民储蓄意愿强烈叠加报行合一政 策下，预计 2024NBV 有望实现 30%左右增长，预计将快于其他保险 公司，且公司 23 年业绩发布会指出资产端历史风险已基本出清， 轻装上阵，利润高增可期。 寿险：战略稳定性强，渠道、客户、产品三端均具备差异化竞争 优势。核心管理层任职期长且为内部晋升，为公司战略的连续性 与稳定性提供支撑，行业深度调整期公司整体采取跟随战略，未 进行大刀阔斧的改革，2018-2022 年 NBV4 年复合增速-13%表现优 异，上市同业分别为国寿-8%、人保寿-17%、平安-21%、太保-24%、 新华-33%。①渠道端：个险坚持以人力发展作为公司成长最主要 的驱动因素，高度重视组织建设。②客户端：2001 年即前瞻性提 出"三高"策略，提升中高端客户服务能力、抢占中高端市场份 额。③产品端：自 2006 年起，公司便已将续期保费管理提到了重 要高度，2023 年个银 13/25 个月继续率均高于 90%，显著优于上 市同业，为差异化月缴产品的运营提供支撑。 财险：境内业务盈利能力待改善，境外业务表现较好。太平财险 整体规模较小，2023 年利润贡献不 ...