业绩简评 3 月 24 日公司披露 2024 年年报，归母净利润同比+36.2%，人民币 口径下 NBV 同比+94.2%。 经营分析 整体业绩：净利润、EV 均实现较好增长。1）利润：全年归母净利 润同比+36.2%至 84.3 亿港元，其中 H2 同比+148%；全年寿险、境 内财险、境外财险、再保险业务分别同比+12%、+831%、-5%、+188%， 资产管理业务实现 5.4 亿净利润（上年同期亏损 0.6 亿港元），主 要受益于管理费收入增加与降本增效。寿险增速较低主要为审慎 目的，计提较多的所得税，税前净利润同比+93.7%。2）资产：集 团归母净资产较 23 年末、24H1 末分别-8.3%、-8.0%，主要受利率 下行影响。3）EV：集团归母内含价值同比+12.9%，假设变动使得 EV 折价 23.8%。寿险归母 EV 同比+13.9%，假设变动折价 26.0%。 寿险：同口径下 NBV 同比+90.0%（人民币口径同比+94.2%）；主要 由 NBV Margin 同比+ 16.6pct 至 32.5%驱动，新单保费-2.8%。假 设变动使得 NBV 折价 36.2%。1）个险渠道：NBV ...

Core Insights - China Taiping Insurance Holdings Company Limited reported significant growth in its financial performance for the year 2024, with a net profit increase of 36.2% and a total investment income surge of 98.2% [1][4]. Financial Performance - The company achieved insurance service revenue of HKD 111.3 billion, a year-on-year increase of 3.5% [1]. - Net profit reached HKD 8.432 billion, reflecting a 36.2% growth compared to the previous year [1]. - The board proposed a final dividend of HKD 0.35 per share for the year ending December 31, 2024 [1]. Investment Performance - Total investment income rose to HKD 66.543 billion, marking a substantial increase of 98.2% year-on-year, primarily due to a turnaround from previous capital losses to gains [4]. - The net investment yield was reported at 3.46%, while the total investment yield increased by 1.91 percentage points to 4.57% [4]. - The company emphasized its focus on high-dividend strategies, achieving a comprehensive investment return of 27.66% in Hong Kong stocks, outperforming the Hang Seng Index by 4.73 percentage points [4]. Life Insurance Business - Taiping Life Insurance's new business value reached RMB 13.216 billion, a historic high with a year-on-year growth of 94.2% [6]. - The new business value margin improved by 16.6 percentage points to 32.5% [6]. - The overall premium income for Taiping Life increased by 4.5% to HKD 195.867 billion [6]. Property and Casualty Insurance - Taiping Property and Casualty Insurance reported a net profit of HKD 0.804 billion, a staggering increase of 831% year-on-year, attributed to a low base from the previous year [7]. - The combined cost ratio for Taiping Property and Casualty was optimized to 98.1%, a 0.3 percentage point improvement [7]. - Insurance service revenue from auto insurance grew by 2.8%, while non-auto insurance revenue increased by 4.8% [7]. Elderly Care Ecosystem - The "Insurance + Medical Care and Elderly Care" ecosystem is being continuously developed, with five self-operated elderly care communities now in operation [8]. - The personal pension business under Taiping Pension achieved premium income of RMB 261 million, a growth of 88.2% [8]. - The company is integrating resources across medical, elderly care, and investment sectors to enhance service quality and explore new revenue streams [8].

Group 1 - The core viewpoint of the article highlights that China Taiping reported a significant increase in net profit attributable to shareholders, reaching HKD 8.432 billion for the year ending December 31, 2024, representing a year-on-year growth of 36.2% [1] - The total assets of the group exceeded HKD 1.7 trillion, marking a growth of 14.9% compared to the end of 2023 [1] - The insurance service revenue amounted to HKD 111.3 billion, reflecting a year-on-year increase of 3.5%, while the insurance service performance reached HKD 22.024 billion, up by 18.8% [1] Group 2 - The life insurance business profit surpassed HKD 10 billion, showing an increase of 11.6% year-on-year [1] - The domestic property insurance business profit was HKD 0.804 billion, with a remarkable growth of 831.0% [1] - The reinsurance business profit reached HKD 0.957 billion, up by 187.5%, primarily due to improved net investment performance [1] Group 3 - As of December 2024, the group's investment assets totaled HKD 1.5621 trillion, a growth of 15.8% from the previous year [2] - The net investment income was HKD 50.336 billion, reflecting a year-on-year increase of 12.0%, mainly due to higher bond interest income [2] - The total investment income surged to HKD 66.543 billion, a substantial increase of 98.2% year-on-year, with the total investment return rate at 4.57%, up by 1.91 percentage points compared to the previous year [2]

Financial Performance - Shareholders' profit attributable to the company reached HKD 8.432 billion, a year-on-year increase of 36.2%[5] - The company reported continuous growth in shareholder profits and positive performance across its business segments for the fiscal year ending December 31, 2024[19] - Pre-tax profit surged by 89.8% to HKD 22.13 billion, while post-tax profit increased by 24.5% to HKD 12.80 billion[34] - Net profit after tax for the year ended December 31, 2024, was HKD 12,797,836, representing a 24.6% increase from HKD 10,276,941 in 2023[155] - Basic and diluted earnings per share for the year ended December 31, 2024, were both HKD 2.068, up from HKD 1.495 in 2023, reflecting a growth of 38.3%[154] Asset Growth - Total assets of the group exceeded HKD 1.7 trillion, an increase of 14.9% compared to the end of 2023[5] - Total assets reached HKD 1,734.3 billion, a 14.9% increase from the end of last year, primarily due to an increase in total financial investments[20] - The total assets of Taiping Property Insurance grew by 7.3% to HKD 46,219.26 million in 2024, up from HKD 43,089.43 million in 2023[65] - The total assets under management for Taiping Asset increased by 8.4% to HKD 1,677,513.93 million, while Taiping Capital saw a decline of 15.8% to HKD 57,117.40 million[89] Investment Performance - Total investment income increased by 98.2% compared to 2023[5] - Net investment income was HKD 50.336 billion, a year-on-year increase of 12.0%, attributed to higher bond interest income compared to the previous year[27] - Total investment income surged to HKD 66.543 billion, a significant increase of 98.2% year-on-year, with an overall investment return rate of 4.57%, up 1.91 percentage points from last year[27] - The company reported a significant increase in investment returns, reaching HKD 66,543,275 in 2024, up from HKD 33,565,858 in 2023, marking a growth of 98.0%[154] Insurance Business Performance - New business value in life insurance returned to over HKD 10 billion, growing by 94.2%, setting a historical high[5] - Life insurance business profit exceeded HKD 10 billion, up 11.6% year-on-year; domestic property insurance profit was HKD 804 million, up 831.0%; reinsurance profit was HKD 957 million, up 187.5%[20] - The insurance service revenue for life insurance increased by 5.9%, with a performance growth of 19.9% year-on-year, mainly due to strong domestic life insurance performance[23] - Insurance service income reached HKD 111.27 billion, a year-on-year increase of 3.5%[34] Strategic Initiatives - The company established strategic partnerships with 123 clients, enhancing the value potential of strategic customers[8] - The company launched the "Far Sailing Plan" in collaboration with its subsidiaries to expand quality customer base[8] - China Taiping Insurance Holdings Company aims to maintain strategic focus and promote high-quality development, leveraging opportunities in the complex external environment[10] - The company plans to enhance its insurance functions to better serve the real economy, focusing on key areas such as expanding domestic demand and supporting rural revitalization[12] Risk Management and Compliance - Risk management and compliance are being reinforced, with measures to enhance monitoring and analysis capabilities in response to interest rate and exchange rate risks[14] - The company received the highest rating of A class in comprehensive risk assessment from regulators for multiple subsidiaries[9] Market Presence and Expansion - The company emphasizes strengthening its presence in Hong Kong to support its status as an international financial center, including the development of offshore RMB insurance products[13] - The company actively participated in the construction of the Greater Bay Area, enhancing its cross-border insurance services[7] - The company is committed to improving capital efficiency and participating in the construction of the Shanghai International Reinsurance Center[119] Employee and Operational Efficiency - The total employee count decreased to 62,266 as of December 31, 2024, from 65,378 in 2023, while total employee costs (excluding retirement plan contributions) increased by 11.4% to HKD 142.15 billion[108] - The company aims to improve its operational efficiency and reduce costs in response to the increased financial losses reported[164] Future Outlook - The company aims to enhance risk management capabilities and compliance management while accelerating transformation and high-quality development in 2025[111] - The global economic growth is projected to be 3.3% in 2025, slightly up by 0.1 percentage points from 2024, with China targeting around 5% growth[120] - The company plans to focus on optimizing business structure and enhancing the quality of non-auto insurance products, including policy health insurance and green insurance[115]

财联社1月4日讯（记者 夏淑媛） 岁末年初，中国太平先后完成一、二把手更迭。1月4日，中国太平副总经理李可东拟升任总经理。按照 惯例，待履行完相关程序后，其将正式出任中国太平新一任总经理。 此番人事安排，已是中国太平近一个月内的第二次人事变动。据悉，2024年12月18日，中国太平保险公 告，董事长王思东因年龄原因，辞任公司董事长。同时，中国太平公告称，公司副董事长、执行董事及 总经理尹兆君获委任为董事长。 业内人士表示，目前中国太平在国际化、养老服务等多个领域取得一些新进展。例如，2024年，其与比 利时富杰集团开展养老领域合作，卢森堡、迪拜两家海外机构开业，为同业提供了国际化发展借鉴。然 而，中国太平在国内的核心业务也面临挑战，太平人寿盈利波动，太平科技仍处亏损，养老社区模式尚 待验证，这些仍然需要重点解决。未来，中国太平如何实现国际化与核心业务齐头并进是其重要课题。 集团副总李可东拟升任总经理，中国太平完成一、二把手更迭 据悉，李可东曾在中国信保、中国太平两大保险央企担任过多个重要职务，金融从业经验丰富。 公开资料显示，李可东，1967年11月出生，毕业于北京航空航天大学飞行器结构力学专业，获工学硕士 ...

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 ...