[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03月27日 [Table_InvestInfo] 、净利润实现高增长， 年一季度银 NBV 24 投资评级 优于大市 维持 保表现亮眼 股票数据 [0T3a月ble26_S日t收oc盘k价In（fo港]元） 6.58 [投Ta资ble要_S点um：mary] 52周股价波动（元） 5.62-10.06 股本结构 【事件】中国太平发布2023年业绩：1）归母净利润61.9亿港元，同比+44.1%；  [总Ta股b本le（_C百a万p股ita）lInfo] 其中23H2归母净利润9.7亿港元，同期扭亏为盈。寿险/境内财险/境外财险/再 3594 流通H股（百万股） 3594 保险/资管分别同比+2.3%/-71.0%/+87.1%/-21.8%/转盈为亏。2）净资产790亿 B股/H股（百万股） 0/3594 港元，较年初-5.9%。3）ROE8.5%，同比+1.2pct。 相关研究 2023年报将长期投资回报假设和风险贴现率假设分别由5%、11%下调至4.5%、  [《TaNbBlVe、 ...

[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03月26日 NBV、净利润实现高增长，24 年一季度 银保表现亮眼 [投Tab资le要_Su点mm：ar y] 【事件】中国太平发布2023年业绩：1）归母净利润61.9亿港元，同比+44.1%；  其中23H2归母净利润9.7亿港元，同期扭亏为盈。寿险/境内财险/境外财险/再 保险/资管分别同比+2.3%/-71.0%/+87.1%/-21.8%/转盈为亏。2）净资产790亿港 元，较年初-5.9%。3）ROE 8.5%，同比+1.2pct。 2023年报将长期投资回报假设和风险贴现率假设分别由 5%、11%下调至4.5%、  9%，对EV、NBV均有影响。1）23年末集团EV为2031亿港元，同比+2.5%。可 比口径下，集团EV和寿险EV分别同比+9.1%、+8.2%。2）太平人寿NBV 75.1亿 港元，同比+0.7%。可比口径下NBV同比+26.0%，其中个险、银保NBV分别同比 +7.2%、+217%。NBV Margin 15.9%，其中个险/银保NBV Margin分别 ...

股 票 研 究 [Table_industryInfo] 保险 [ Table_Main[中I Tnaf 国bol]e 太_Ti平tle]（ 0966） [评Tab级le_：Inv est] 增持 当前价格（港元）： 6.47 低基数推动盈利改善，NBV 符合预期 2024.03.26 海 ——中国太平2023 年年报业绩点评 [ 交Ta易bl数e_M据a rket] 外 刘欣琦(分析师) 谢雨晟(分析师) 52周内股价区间（港元） 5.70-10.04 当前股本（百万股） 3,594 公 021-38676647 021-38674943 当前市值（百万港元） 23,253 司 liuxinqi@gtjas.com Xieyusheng@gtjas.com 证书编号 S0880515050001 S0880521120003 （ [ Table_PicQuote] 中 本报告导读： 52周内股价走势图 国 公司23年归母净利润+44.1%，主要得益于投资收益改善；NBV符合预期，行业顺周 中国太平 恒生指数 期进行渠道优化利好业绩稳定；财险低速增长；综合投资收益率大幅改善。 香 17% 摘要： 港 7% [ ...

Financial Performance - Shareholders' profit attributable to the company reached HKD 6.19 billion, a year-on-year increase of 44.1%[4] - The company's profit attributable to shareholders reached HKD 6.19 billion, a year-on-year increase of 44.1%[15] - The pre-tax profit increased by 90.7% to HKD 11,658.07 million, while the post-tax profit rose by 23.0% to HKD 10,276.94 million[21] - The net profit for the year represented a growth of approximately 12.5% compared to the previous year, highlighting operational efficiency[109] - The total comprehensive income for the year ended December 31, 2023, was HKD 10,276,941, with a profit attributable to shareholders of HKD 6,189,764[109] Asset Growth - The total assets of the group exceeded HKD 1.5 trillion, an increase of 14.2% compared to the end of 2022[4] - Total assets grew to HKD 1,509.5 billion, representing a 14.2% increase compared to the end of last year[15] - The total assets as of December 31, 2023, reached HKD 1,509,497.49 million, reflecting a growth of 14.2% from HKD 1,321,590.06 million in 2022[22] - Total assets increased by 14.2% to HKD 1,255,876.78 million, and total equity rose by 1.7% to HKD 61,767.89 million[29] Investment Performance - The investment return rate and comprehensive investment return rate showed significant improvement[4] - Investment assets amounted to HKD 1,349.5 billion, up 14.9% from the previous year, with total investment income rising by 138.8% to HKD 33.57 billion[17] - The total investment income increased by 138.8% to HKD 33,565.86 million in 2023, compared to HKD 14,053.29 million in 2022[61] - The company's stock holdings outperformed the Hang Seng Index by 18.47 percentage points, benefiting from a high dividend strategy[17] Insurance Business Highlights - The premium scale of property insurance exceeded RMB 30 billion for the first time[4] - The group signed contracts with 114 strategic clients, contributing a total premium scale of HKD 58.85 billion in 2023[7] - New business value in life insurance increased by 27.8% year-on-year, with new individual insurance premium growth of 24.3%[15] - The reinsurance business saw a revenue increase of 8.6% year-on-year, maintaining an underwriting profit with a combined ratio of 95.6%[17] Risk Management - The group established a negative list for investment trading counterparties to enhance risk management[8] - The company is focused on risk compliance management, implementing a comprehensive risk management mechanism to prevent and mitigate risks effectively[12] - The company has made significant progress in risk prevention and resolution, achieving notable results in addressing challenges and implementing strategic initiatives[14] Digital Transformation and Innovation - In 2023, the company emphasized the importance of digital transformation and the development of a digital financial service model combining insurance, technology, and services[11] - The company launched innovative products such as the Smart Product Assistant and Smart Outbound Call Assistant, enhancing its digital transformation efforts[20] - The financial technology ecosystem was expanded with the establishment of the China Taiping Financial Technology Ecosystem Alliance, now comprising 35 member units[20] Corporate Social Responsibility and Initiatives - The group actively supported the "Belt and Road" initiative, insuring 474 projects along the route[5] - China Taiping is committed to expanding its green insurance offerings and increasing green investments to better serve the real economy[10] - The company is dedicated to supporting the development of the Greater Bay Area and enhancing Hong Kong's position as an international financial center[10] Market Outlook and Strategy - The company is optimistic about the potential of the Chinese insurance market and the resilience of the Chinese economy despite external challenges[9] - The company aims to enhance its core competitiveness by optimizing its business structure and improving capital efficiency, aiming for long-term stable and high returns[11] - The company anticipates a global economic growth rate of 3.1% in 2024, with inflation expected to decrease from 6.8% in 2023 to 5.8%[81] Financial Health and Solvency - The total equity increased by 20.8% to HKD 132,595.65 million, up from HKD 109,797.44 million in the previous year[22] - The solvency ratio for Taiping Life reached 284%, up 90 percentage points from the previous year, indicating strong financial health[31] - The comprehensive solvency ratio improved to 216% in 2023 from 186% in 2022, an increase of 30 percentage points[44] Customer and Market Engagement - The number of elderly residents in the Shanghai Wutong Elderly Community surpassed 1,000, with several new communities opening in 2023[6] - The number of personal customers for Taiping Property Insurance increased by 1,755,151 to 9,853,300[44] - The number of individual customers decreased to 15,174,031 from 15,743,273, a decline of 569,242[38] Employee and Operational Efficiency - The group reduced its employee count to 65,378 as of December 31, 2023, down from 68,386 in 2022, with total employee costs decreasing by 15.3% to HKD 12.762 billion[75] - The company’s customer service capabilities improved significantly, with a complaint total decrease of 19.7% year-on-year[19] Accounting and Financial Reporting - The company has adopted new accounting standards for insurance contracts and financial instruments, which may impact future financial reporting and performance metrics[116] - The company adheres to Hong Kong Financial Reporting Standards in preparing its financial statements, ensuring accuracy and compliance[119] - The company confirmed that reinsurance contracts are accounted for similarly to issued insurance contracts, using consistent assumptions[126]

Financial Performance - Insurance revenue for the six months ended June 30, 2023, was HKD 54,128,830, a decrease of 3.57% from HKD 56,135,352 in the same period of 2022[4] - Profit after taxation increased to HKD 7,521,241, representing a growth of 8.93% compared to HKD 6,904,343 in the previous year[6] - Basic earnings per share attributable to ordinary shareholders rose to HKD 1.365, up from HKD 1.205, reflecting an increase of 13.27%[4] - Total comprehensive income for the period was HKD 558,127, a decline of 71.54% from HKD 1,960,990 in the prior year[6] - Interest revenue for the first half of 2023 was HKD 17,636,649, slightly down from HKD 17,857,812 in 2022, indicating a decrease of 1.23%[4] - Other investment return showed a significant improvement, reaching HKD 5,555,853 compared to a loss of HKD 5,446,702 in the same period last year[4] - The company reported a net investment result of HKD 1,628,789, a recovery from a loss of HKD 2,578,427 in the previous year[4] Assets and Liabilities - As of June 30, 2023, total assets amounted to HKD 1,422,988,843,000, an increase from HKD 1,321,590,064,000 at the end of 2022, representing a growth of approximately 7.6%[8] - Insurance contract liabilities reached HKD 1,111,997,417,000, up from HKD 1,041,941,305,000 at the end of 2022, indicating an increase of about 6.7%[10] - Financial investments at fair value through profit or loss were HKD 445,859,302,000, compared to HKD 351,026,822,000 at the end of 2022, reflecting a significant rise of approximately 27%[8] - Cash and cash equivalents increased to HKD 56,736,544,000 from HKD 42,472,429,000, marking a growth of around 33.6%[10] - The company's net assets stood at HKD 123,914,437,000, an increase from HKD 109,797,436,000 at the end of 2022, representing a growth of about 12.8%[10] - The total liabilities of the company increased to HKD 1,299,074,406,000 from HKD 1,211,792,628,000, representing a growth of approximately 7.2%[10] Equity and Reserves - The total equity of the company rose to HKD 123,914,437,000, compared to HKD 109,797,436,000 at the end of 2022, indicating an increase of approximately 12.8%[10] - The fair value reserve increased significantly to HKD 23,138,925,000, up from HKD 15,011,588,000, showing a positive shift in asset valuations[13] - The balance attributable to owners of the Company as of June 30, 2023, was HKD 82,029,932,000, reflecting a decrease from HKD 83,339,865,000 at the beginning of the year[17] - The balance of non-controlling interests increased to HKD 25,894,491,000, indicating growth in subsidiary ownership stakes[13] Cash Flow - Net cash from operating activities for the six months ended June 30, 2023, was HKD 78,171,202, an increase of 34.7% compared to HKD 58,045,908 in the same period of 2022[21] - Net cash used in investing activities increased to HKD (75,255,300) from HKD (49,458,489), reflecting a significant rise in investment outflows[21] - Net cash from financing activities rose to HKD 14,645,616, compared to HKD 3,291,130 in the previous year, indicating a strong financing position[21] Dividends and Capital Structure - Dividends declared to shareholders amounted to HKD 934,445,000 during the period, reflecting the company's commitment to returning value to shareholders[13] - The company issued perpetual subordinated capital securities totaling HKD 15,674,799,000, enhancing its capital structure[13] Accounting Standards and Compliance - The company has adopted new accounting standards effective from January 1, 2023, which may impact future financial reporting[38] - The financial statements are prepared in accordance with HKFRS, ensuring compliance with applicable disclosure requirements[24] - The Group adopted new accounting standards HKFRS 17 and HKFRS 9 starting from January 1, 2023, with no material impact on financial performance for the current and prior years[44] Insurance Contracts - Insurance contracts are classified based on whether they transfer significant insurance risk, with reinsurance contracts classified separately[44] - The Group's accounting policies now include specific definitions and classifications for insurance and reinsurance contracts[41] - The Group's insurance contracts are grouped based on similar risks and managed uniformly, with annual cohorts established for profitability assessment[65] Measurement and Recognition - The Group recognizes impairment losses in profit or loss to ensure that the carrying amount of the asset does not exceed the expected net cash inflow for the related group[91] - The measurement of insurance contracts includes future cash flows within the contract boundary, which are determined based on substantive rights and obligations[90] - The Group's contractual service margin (CSM) represents the unearned profit that will be recognized as services are provided under insurance contracts[106] Risk and Cash Flow Management - The risk adjustment for non-financial risk is determined separately and compensates for uncertainty regarding cash flow amounts and timing[105] - The Group's ability to reassess risks allows it to set prices that reflect those reassessed risks, impacting the contract boundaries[97] - The Group's cash flows from reinsurance contracts are also measured within the contract boundary based on substantive rights and obligations[94]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或 完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該 等內容而引致的任何損失承擔任何責任。 (於香港註冊成立之有限公司) (股份代號：966) 公 告 截至 2023 年 6 月 30 日止六個月中期業績 中國太平保險控股有限公司 公告 - 截至2023年6月30日止六個月中期業績 ...

Financial Performance - Total premiums written increased by 12% year-on-year to HKD 150 billion[3] - Profit before taxation reached HKD 20 billion, reflecting a 15% increase compared to the previous year[3] - Profit attributable to owners was HK$2.797 billion, with total assets reaching HK$1,409.4 billion, up 2.2% from the previous year-end, and 11.7% in RMB terms[16] - The net operating profit for the life insurance business was HK$8,347 million, a decrease of 27.3% compared to HK$11,475 million in the previous year[104] - The net profit attributable to owners dropped by 62.8% to HK$2,796.61 million in 2022, down from HK$7,513.70 million in 2021[51] Investment Income - Investment income rose by 8% to HKD 30 billion, contributing significantly to overall profitability[3] - Net investment income for the year was HK$48.573 billion, an increase of 8.9% year-over-year[18] - The total investment income decreased by 32.0% to HK$40.024 billion in 2022, down from HK$58.837 billion in 2021[69] - The total investment yield fell by 2.04 percentage points from 5.35% in 2021 to 3.31% in 2022[69] Market Expansion and Strategy - The company plans to expand its market presence in Southeast Asia, targeting a 20% increase in regional revenue by 2025[2] - A strategic acquisition of a regional competitor is anticipated to enhance market share by 15%[2] - New product launches in health insurance are expected to drive a 25% increase in premium income over the next fiscal year[3] Customer Growth and Policyholders - The number of policyholders grew by 10% to 5 million, demonstrating increased market penetration[3] - The number of individual customers increased to 15,743,273, up by 5.7% from 14,886,564 in 2021[100] - The number of individual agents increased to 391,069, representing a growth of 1.6% from 385,038 in 2021[100] Risk Management and Technology - The company has implemented a comprehensive risk management enhancement project, consolidating its risk management capabilities across various fields[30] - The company is investing HKD 1 billion in technology upgrades to enhance customer service and operational efficiency[2] - The Group launched innovative products such as "Taiping Health Guardian" and "Taiping Encyclopedia," contributing to a total of 110 million services provided by the intelligent technology sharing platform[46] Dividend and Financial Health - The company aims for a dividend payout ratio of 40% of net profit, reflecting confidence in future earnings growth[3] - The company reported an embedded value of HKD 200 billion, indicating strong financial health and growth potential[2] - The embedded value per share attributable to owners was HK$55.11, a decrease of 9.0% from the last year-end figure[38] Economic Outlook - In 2023, the company anticipates a stabilization and recovery of the economy, which is expected to drive the development of the insurance industry[31] - China Taiping is optimistic about the long-term sustainability of China's economy and the insurance industry's transformation and upgrading[32] Performance Metrics - The combined ratio for TPI improved by 6.4 percentage points year-over-year, achieving the best level since resuming business in China[17] - The comprehensive solvency ratio decreased to 194% in 2022 from 208% in 2021, with available capital dropping to RMB 166,142 million[130] - The Group's return on equity (ROE) decreased to 5.22% in 2022 from 9.52% in 2021, reflecting a decline of 4.30 percentage points[50]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確性或完整性亦不 發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或因倚賴該等內容而引致的任何損 失承擔任何責任。 本公告所載有關截至2022年及2021年12月31日止年度的財務資料並不構成本集團該等年度的法定年度綜合財 務報表，但乃源自該等財務報表。根據《公司條例》第436條須就該等法定財務報表披露的其他資料如下： 本集團已根據《公司條例》第662(3)條及附表6第3部向公司註冊處處長提交截至2021年12月31日止年度的財 務報表，並將適時提交截至2022年12月31日止年度的財務報表。 本集團的核數師已就該兩年度的綜合財務報表提交報告。核數師報告並無保留意見，亦無提述核數師在不就 該等報告作保留的情況下以強調的方式促請有關人士注意的任何事項，也沒有載列根據《公司條例》第406(2)、 407(2)或(3)條作出的陳述。 (於香港註冊成立之有限公司) (股份代號：966) 公 告 截至 2022 年 12 月 31 日止年度業績 中國太平保險控股有限公司 公告 - 截至 2022 年 12 月 31 日止年度業 ...