Investment Rating - The report resumes coverage of China Taiping with a "BUY" rating and a target price (TP) of HK$15, indicating a potential upside of 28.9% from the current price of HK$11.64 [1][2]. Core Insights - China Taiping reported a robust net profit increase of 36.2% year-on-year (YoY) to HK$8.43 billion, although this was 10% to 11% lower than the analyst's and Bloomberg consensus estimates. The increase in income tax charges, which rose approximately six-fold YoY, was a significant factor in this discrepancy [1]. - The new business value (NBV) surged 90% YoY to HK$14.3 billion on a like-for-like basis, driven by strong growth in agency and bancassurance channels, which saw increases of 42% and 400% YoY, respectively [7]. - The report highlights a significant margin expansion across major channels, with the total NBV margin increasing by 17 percentage points YoY to 32.5% in FY24 [1][7]. - The combined ratio for the property and casualty (P&C) segment improved to 98.1%, supporting a remarkable 831% YoY increase in net profit for domestic P&C to HK$804 million [1][7]. - The report projects FY25 NBV to rise by 11% YoY, supported by an improved product mix and solid financial performance [1][7]. Financial Performance Summary - For FY24, net profit is projected at HK$12.8 billion, with an expected increase to HK$14.5 billion in FY25 and HK$16.3 billion in FY26 [8]. - The report indicates a dividend per share (DPS) of HK$0.35 for FY24, reflecting a 16.7% YoY increase, although the payout ratio decreased to 16.9% from 20.1% in FY23 [1][8]. - The return on equity (ROE) is expected to improve from 11.2% in FY24 to 12.9% in FY25, indicating enhanced profitability [8][17]. Valuation Methodology - The valuation is based on a sum-of-the-parts (SOTP) approach, considering various segments including life insurance, domestic and overseas P&C, reinsurance, and asset management [9][12]. - The total fair value of the company is estimated at HK$49.7 billion, leading to a target price of HK$15.0 per share after applying a 10% conglomerate discount [13][14].

Core Insights - China Taiping's total assets exceeded HKD 1.7 trillion by the end of 2024, marking a 14.9% increase from the previous year [6] - The company reported an insurance service revenue of HKD 111.27 billion for 2024, reflecting a year-on-year growth of 3.5% [2] - Net profit reached HKD 12.8 billion, representing a 24.5% increase compared to 2023 [3] Financial Performance - Insurance service revenue for 2024 was HKD 111.27 billion, up 3.5% from HKD 107.49 billion in 2023 [2] - Insurance service expenses increased slightly by 0.2% to HKD 86.43 billion [2] - The insurance service performance showed a significant increase of 18.8%, reaching HKD 22.02 billion [2] - Net investment performance surged to HKD 58.31 billion, a substantial improvement from a loss of HKD 1.84 billion in 2023 [2] - Profit before tax rose by 89.8% to HKD 22.13 billion [2] - Earnings attributable to shareholders increased by 36.2% to HKD 8.43 billion [2][3] Business Segments - Life insurance profit exceeded HKD 10 billion, growing by 11.6% [5] - Domestic property insurance profit skyrocketed by 831.0% to HKD 804.31 million [5] - Reinsurance profit increased by 187.5% to HKD 957.37 million [5] - Asset management business reported a profit of HKD 539.37 million, a significant turnaround from a loss in the previous year [5] Leadership Changes - Chairman Wang Sidong resigned due to age, effective December 18, 2024, with Yin Zhaojun appointed as the new chairman [6][7] - Yin Zhaojun, who will turn 60 in July 2025, has extensive experience in the banking sector and holds multiple leadership roles within the company [7]

中国太平总经理李可东在发布会上表示，"十四五"以来，集团的经营业绩得到了显著的提升，2024 年集团的净利润、总资产、保险业务收入、新业务价值等等多项核心指标相比于2020年都有两位数的大 幅的增长。这充分说明集团制定和实施的高质量发展战略是完全正确，符合国家的要求，符合行业的发 展方向，也符合中国太平集团的实际。 年报数据显示，2024全年中国太平实现保险服务收入1113亿港元，同比增长3.5%。利润方面，受 益于保险服务业绩及净投资业绩的上升，其股东应占溢利为84.32亿港元，同比增长36.2%。 董事长尹兆君在年报致辞中评价，2024年，中国太平高质量完成全年经营任务，取得了近年来最好 的经营业绩。 加大长期资金入市力度 中国太平：全面聚焦分红险的转型，积极落实资金 入市实施方案 3月25日，中国太平(0966.HK)在香港召开2024年全年业绩发布会。 此外，在具体的投资策略方面，中国太平投资管理部总经理张作学表示，未来资产端我们还将积极 拓展更多大类资产的品种，进一步分散投资。比如我们会在控制风险的前提下，探索境内保险资金对境 外债券的配置。在当前境内利率和境外的(利率)保持较高水平的环境下，形成对 ...

Investment Rating - The report assigns a "Buy" rating for China Taiping (00966.HK) [7] Core Views - The report highlights a significant increase in the new business value (NBV) of 94% on a comparable basis, alongside a substantial growth in comprehensive investment returns [7] - The company is expected to focus on high-quality development strategies in life insurance and prioritize profitability in property insurance [7] Financial Performance Summary - Insurance service revenue is projected to reach 111,268 million HKD in 2024, with a year-on-year growth of 3.5% [6] - The net profit attributable to shareholders is forecasted to be 8,432 million HKD in 2024, reflecting a 36.2% increase year-on-year [6] - Earnings per share (EPS) is expected to rise to 2.3 HKD in 2024, up from 1.7 HKD in 2023 [6] - The embedded value (EV) per share is estimated at 48.6 HKD for 2024, with a projected increase in subsequent years [6] Business Segment Insights - Life Insurance: The new business value (NBV) for Taiping Life is expected to be 8,430 million HKD in 2024, with a year-on-year increase of 23.8% [7] - Property Insurance: The comprehensive cost ratio for Taiping Property Insurance is reported at 98.1%, showing a slight improvement [7] - Investment Strategy: The company has shifted its investment strategy to increase bond allocations while reducing stock and fund investments, resulting in a total investment income of 66.5 billion HKD, a 98% increase year-on-year [7] Valuation Metrics - The current market capitalization is approximately 44,997.11 million HKD, with a price-to-earnings (P/E) ratio of 5.34 for 2024 [5][6] - The price-to-embedded value (P/EV) ratio is projected at 0.24 for 2025, indicating a low valuation relative to expected growth [7]

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 ...

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 ...