数据统计显示，中证香港200指数近一个月上涨6.86%，近三个月上涨3.31%，年至今上涨12.53%。 据了解，中证香港200指数从中证香港300指数样本中选取除中证香港100指数样本以外的证券作为指数 样本，以反映在香港交易所上市的中小盘证券的整体表现。该指数以2004年12月31日为基日，以1000.0 点为基点。 从指数持仓来看，中证香港200指数十大权重分别为：泡泡玛特（6.0%）、康方生物（1.92%）、中国 铁塔（1.74%）、金蝶国际（1.4%）、中远海控（1.38%）、中国人民保险集团（1.3%）、中信证券 （1.3%）、零跑汽车（1.22%）、三生制药（1.18%）、中煤能源（1.16%）。 从中证香港200指数持仓的市场板块来看，香港证券交易所占比100.00%。 从中证香港200指数持仓样本的行业来看，可选消费占比18.18%、工业占比14.62%、医药卫生占比 13.11%、金融占比11.66%、信息技术占比9.08%、原材料占比8.20%、通信服务占比6.65%、房地产占比 5.23%、公用事业占比5.21%、主要消费占比4.73%、能源占比3.33%。 资料显示，指数样本每半年调 ...

Financial Performance - Total revenue for Q1 2025 reached RMB 156,589 million, an increase of 12.8% compared to RMB 138,778 million in Q1 2024[5] - Net profit attributable to shareholders of the parent company was RMB 12,849 million, reflecting a significant growth of 43.4% from RMB 8,963 million in the same period last year[5] - Basic earnings per share increased to RMB 0.29, up 43.4% from RMB 0.20 in Q1 2024[5] - The weighted average return on net assets rose to 4.7%, an increase of 1.0 percentage points compared to 3.7% in the previous year[5] - Net cash flow from operating activities was RMB 36,549 million, representing a 10.2% increase from RMB 33,154 million in Q1 2024[5] - The net profit excluding non-recurring gains and losses was RMB 12,815 million, up 43.5% from RMB 8,928 million in Q1 2024[5] - Total operating revenue for Q1 2025 reached RMB 156,589 million, a 12.8% increase from RMB 138,778 million in Q1 2024[28] - Net profit attributable to shareholders of the parent company for Q1 2025 was RMB 12,849 million, up 43.1% from RMB 8,963 million in Q1 2024[29] Assets and Liabilities - Total assets as of March 31, 2025, amounted to RMB 1,800,490 million, a 1.9% increase from RMB 1,766,384 million at the end of 2024[5] - Total liabilities as of March 31, 2025, amounted to RMB 1,418,786 million, an increase from RMB 1,399,158 million as of December 31, 2024[26] - The total equity attributable to shareholders of the parent company increased to RMB 279.346 billion, a growth of 3.9% from the end of the previous year[14] - The asset-liability ratio decreased to 78.8%, down 0.4 percentage points from the previous period[25] - Total liabilities and equity as of March 31, 2025, were RMB 1,800,490 million, an increase from RMB 1,766,384 million as of December 31, 2024[27] Insurance Business Performance - Insurance service revenue for Q1 2025 reached RMB 136.11 billion, a year-on-year increase of 7.9%[14] - The combined insurance premium income for PICC Property and Casualty was RMB 120.741 billion, a 6.1% increase year-on-year[15] - PICC Life achieved insurance service revenue of RMB 7.084 billion, with a net profit of RMB 3.653 billion, marking a 48.0% increase in revenue[18] - PICC Health reported insurance service revenue of RMB 7.483 billion, with a net profit growth of 59.9%[21] - The comprehensive cost ratio for PICC Property and Casualty improved to 94.5%, a decrease of 3.4 percentage points year-on-year[15] Shareholder Information - As of the report date, the total number of ordinary shareholders was 146,097 for A-shares and 4,954 for H-shares[9] Cash Flow and Investment - Cash flow from operating activities for Q1 2025 was RMB 36,549 million, an increase from RMB 33,154 million in Q1 2024[31] - Investment cash outflow for Q1 2025 was RMB 40,122 million, compared to a cash inflow of RMB 5,306 million in Q1 2024[32] - The company reported an investment income of RMB 12,218 million for Q1 2025, significantly higher than RMB 2,494 million in Q1 2024[28] - The company recorded investment income of RMB 142 million for the three months ended March 31, 2025, compared to RMB 14 million in the same period of 2024, indicating a substantial increase[35] - The company reported a net cash outflow from investing activities of RMB (1,122) million for the three months ended March 31, 2025, compared to a cash inflow of RMB 347 million in the same period of 2024[36]

Company Overview - The company ranked 158th in the 2024 Fortune Global 500 list[5]. - The company holds approximately 68.98% of the shares in PICC Property and Casualty, which operates property insurance in mainland China[6]. - The company directly and indirectly holds 80.00% of PICC Life Insurance, which operates life insurance and health insurance businesses[6]. - The company has a robust management team supported by experienced shareholders and a high-quality professional talent pool[7]. - The company is committed to sustainable development and fulfilling its social responsibilities[7]. Financial Performance - Total assets reached CNY 1,766.32 billion, an increase of 13.5% compared to CNY 1,556.68 billion in 2023[17]. - Net profit for 2024 was CNY 56.78 billion, representing an 84.3% increase from CNY 30.81 billion in 2023[18]. - Insurance service revenue grew to CNY 537.71 billion, up 6.7% from CNY 503.90 billion in 2023[20]. - The weighted average return on equity increased to 16.4%, up 7.0 percentage points from 9.4% in 2023[17]. - Original insurance premium income reached CNY 2,693.02 billion, a 4.7% increase year-on-year[20]. - Total investment income was CNY 82.16 billion, reflecting an 86.2% increase year-on-year[22]. - The group reported a net profit attributable to shareholders of CNY 42.15 billion in 2024, marking an impressive year-on-year increase of 88.8%[48]. - The group’s total revenue for 2024 was CNY 622.22 billion, a 12.4% increase from CNY 553.47 billion in 2023[57]. Investment and Asset Management - The company has a strong asset management platform with a solid investment performance and a conservative investment style[7]. - Investment assets exceeded CNY 16 trillion, growing by 14.6% from the beginning of the year[20]. - The scale of managed assets grew to CNY 3.6 trillion, up 16.7% year-on-year[38]. - The investment portfolio as of December 31, 2024, totaled CNY 1,641.756 billion, with fixed income investments accounting for 67.9% of the total[117]. - The total investment yield for 2024 was 5.6%, up by 2.3 percentage points year-on-year[123]. Digital Transformation and Technology - The company emphasizes digital transformation through its subsidiary PICC Technology, which provides data empowerment and smart technology services[6]. - The company has established a technology insurance product library and signed the first batch of major technology breakthrough insurance, covering 31 trillion yuan in insurance liabilities for 120,000 high-tech enterprises and 67,000 specialized and innovative enterprises[25]. - The company has accelerated digital construction, focusing on building a unified technological foundation across six key areas, enhancing its core technological competitiveness[32]. - The company achieved an operating revenue of CNY 622.2 billion, representing a year-on-year growth of 12.4%[38]. Risk Management - The group maintains sufficient solvency and effective execution of risk preferences, with ongoing improvements in revenue-cost matching[143]. - The group has established a comprehensive risk management system, focusing on organizational structure transparency and risk assessment, with semi-annual reports to senior management and the board[145]. - The company has implemented an intelligent risk control platform to enhance risk monitoring and early warning capabilities, which won a first-class award from the People's Bank of China[141]. - The group emphasizes liquidity risk management, conducting regular assessments and enhancing cash flow monitoring to maintain a reasonable liquidity level[149]. Health and Agricultural Insurance - The company is focused on expanding its health insurance services, being the first national professional health insurance company in China[7]. - The company has provided risk protection of 2.1 trillion yuan for 55.42 million agricultural households through agricultural insurance, including a new insurance product for agricultural seed quality resources[25]. - Agricultural insurance service revenue reached CNY 55.466 billion, a year-on-year increase of 4.9%[69]. - The health insurance segment achieved original premium income of CNY 48.70 billion, a year-on-year increase of 7.7%, with first-year premium income growing by 50.2%[51]. Customer Satisfaction and Market Position - The company has improved customer satisfaction, with net promoter scores increasing by 6.0%, 4.4%, and 6.0% for property, life, and health insurance respectively[31]. - The group maintained a market share of 31.8% in the property insurance market as of December 31, 2024[48]. - The company plans to leverage opportunities from national policies to enhance its operational effectiveness and achieve high-quality development in 2025[40]. Future Outlook and Strategic Goals - The company aims to leverage its competitive advantages in the insurance sector to support national strategies and economic stability[7]. - The group is focused on building a world-class insurance financial group with five key development goals[41]. - The company anticipates macroeconomic risks, including international uncertainties and domestic economic challenges, but expects steady progress due to policy support[155]. - The group plans to deepen reforms and promote high-quality development in alignment with national modernization goals[44].

Financial Performance - The total insurance service revenue for the year ended December 31, 2024, was RMB 537,709 million, an increase of 6.7% from RMB 503,900 million in 2023[4]. - Net profit for the year ended December 31, 2024, reached RMB 56,781 million, representing a significant increase of 84.5% compared to RMB 30,811 million in 2023[4]. - Basic earnings per share for the year ended December 31, 2024, were RMB 0.95, up from RMB 0.50 in 2023, reflecting an increase of 90%[4]. - Total operating income for the year ended December 31, 2024, was RMB 622,220 million, compared to RMB 553,467 million in 2023, marking a growth of 12.4%[4]. - The total comprehensive income for the year ended December 31, 2024, was RMB 35,291 million, compared to RMB 19,382 million in the previous year, indicating an increase of about 82%[10]. - The company declared dividends to shareholders amounting to RMB 9,685 million for the year ended December 31, 2024, compared to RMB 7,341 million in the previous year, representing an increase of approximately 32%[10]. Assets and Liabilities - The total assets as of December 31, 2024, amounted to RMB 1,766,321 million, an increase from RMB 1,556,682 million in 2023, indicating a growth of 13.4%[7]. - The total liabilities as of December 31, 2024, were RMB 1,398,900 million, up from RMB 1,223,779 million in 2023, reflecting an increase of 14.3%[8]. - The total reserves as of December 31, 2024, were RMB 224,642 million, up from RMB 198,982 million as of December 31, 2023, marking an increase of about 12.9%[11]. - The equity attributable to non-controlling interests was RMB 98,555 million as of December 31, 2024, compared to RMB 82,682 million in the previous year, representing an increase of approximately 19.1%[10]. Investment Performance - The company reported a net investment income of RMB 35,878 million for the year ended December 31, 2024, a substantial increase from RMB 1,407 million in 2023[4]. - The total investment income for 2024 reached 82.163 billion yuan, representing an 86.2% year-on-year increase, while net investment income was 57.318 billion yuan, a decrease of 1.9%[162]. - The total investment return rate for 2024 was 5.6%, up by 2.3 percentage points compared to the previous year, while the net investment return rate was 3.9%, down by 0.6 percentage points[162]. Business Segments - The property insurance segment generated revenue of CNY 486,792 million in 2024, up from CNY 458,806 million in 2023, reflecting a growth of about 6.1%[25][26]. - The life insurance segment reported revenue of CNY 22,384 million in 2024, compared to CNY 18,204 million in 2023, marking an increase of approximately 23.9%[25][26]. - The health insurance segment's revenue rose to CNY 27,217 million in 2024 from CNY 25,619 million in 2023, indicating a growth of about 6.2%[25][26]. Cash Flow - The net cash inflow from operating activities for 2024 was RMB 87,990 million, compared to RMB 70,549 million in 2023, marking an increase of 24.7%[12]. - The net cash used in investing activities for 2024 was RMB 77,599 million, compared to RMB 70,927 million in 2023, indicating an increase of 9.4%[12]. - The company reported a net increase in cash and cash equivalents of RMB 15,251 million for 2024, compared to a decrease of RMB 11,861 million in 2023[13]. Risk Management and Governance - The company has established a consumer rights protection department to enhance consumer protection strategies, with over 1.7 million dedicated services provided to elderly customers through its customer service hotline[58]. - The company emphasizes transparency by announcing the publication of its annual report[192]. - The governance structure includes a mix of executive and independent directors, which may enhance decision-making processes[192]. Future Outlook and Strategy - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings in the upcoming fiscal year[3]. - The company aims to enhance its investment management capabilities and explore sustainable development models to achieve stable investment returns and asset growth[174]. - The company is committed to digital transformation and will support the construction of five regional centers to enhance customer service and experience[175].

Investment Rating - The report maintains a "Buy" rating for China People's Insurance Group [2][6][4] Core Views - The company reported strong performance in the first three quarters of 2024, with insurance service revenue of CNY 403.765 billion, a year-on-year increase of 6.1%, and a net profit attributable to shareholders of CNY 36.331 billion, up 77.2% year-on-year [2][6] - The combined ratio (COR) for property insurance was 98.2%, reflecting a slight year-on-year increase of 0.3 percentage points, indicating a competitive advantage in property insurance [6][2] - The net profit growth was significantly driven by improved investment income, with fair value changes contributing CNY 22.746 billion, an increase of CNY 31.372 billion year-on-year [6][2] Summary by Sections Financial Performance - In the first three quarters of 2024, the company achieved insurance service revenue of CNY 403.765 billion, a 6.1% increase year-on-year, and a net profit of CNY 36.331 billion, a 77.2% increase year-on-year [6][2] - The property insurance COR was 98.2%, with motor insurance and non-motor insurance COR at 96.8% and 100.5%, respectively [6][2] Business Segments - The new business value (NBV) for life insurance grew by 113.9% year-on-year, with net profit reaching CNY 15.582 billion, a 763.7% increase, driven by market recovery and improved investment returns [6][2] - Health insurance net profit was CNY 5.57 billion, up 40.6% year-on-year, indicating continued improvement in profitability [6][2] Investment Outlook - The report forecasts net profits for 2024-2026 to be CNY 39.2 billion, CNY 39.6 billion, and CNY 45 billion, with growth rates of 76%, 1%, and 14% respectively, supported by a recovering equity market [6][2]

Company Overview - PICC ranked 158th in the 2024 Fortune Global 500 list[2]. - The company holds approximately 68.98% of PICC Property and Casualty, which operates property insurance in mainland China[2]. - The group ranked 158th in the 2024 Fortune Global 500, marking 15 consecutive years on the list[15]. Financial Performance - Total assets as of June 30, 2024, reached 1,649,933 million, a 6.0% increase from December 31, 2023[7]. - Net profit for the first half of 2024 was 31,489 million, representing a 13.4% year-over-year growth[8]. - Insurance service revenue for the first half of 2024 was 261,629 million, up 6.0% compared to the same period in 2023[8]. - The company reported total operating income of CNY 292.342 billion for the first half of 2024, a 4.1% increase compared to the same period in 2023[31]. - The group reported net profit attributable to shareholders of CNY 23.4 billion, reflecting a year-on-year growth of 13.7%[23]. - The total original insurance premium income for the first half of 2024 was CNY 311.996 billion, a 3.7% increase compared to the same period in 2023[47]. - The company reported a net profit of RMB 20,439 million for the first half of 2024, compared to RMB 18,558 million for the same period in 2023, reflecting a growth of approximately 10.1%[187]. Investment and Asset Management - The asset management platform is industry-leading with a stable investment style and excellent performance[3]. - Investment assets exceeded 15 trillion, growing 6.9% since the beginning of 2024[10]. - Total investment income for the first half of 2024 was 290.64 million, with an annualized return of 4.1%[11]. - The total assets under management for the company reached 1.8 trillion yuan, reflecting a 7.0% increase since the beginning of the year[83]. - The company emphasizes dynamic optimization of asset allocation to improve the stability and sustainability of investment returns[88]. Digital Transformation and Innovation - The company is focused on digital transformation, leveraging advanced information technology for data mining and intelligent operations[3]. - The technology segment has implemented 42 key technology projects, enhancing digital capabilities and improving customer service, with the "China Insurance" app seeing a 93.0% increase in new user registrations[28]. - The company is committed to innovation and technology development, providing better infrastructure and application research[3]. Health Insurance Services - The company is actively expanding its health insurance services, being the first national professional health insurance company in China[3]. - The company’s health insurance premium income grew by 7.4% to CNY 36.231 billion, with first-year premium income increasing by 17.0%[25]. - The company is focusing on the integration of health insurance and health management to enhance service offerings[75]. Risk Management - The group established a risk management system to enhance proactive and effective risk control, with no major risk events reported in the first half of 2024[18]. - The company emphasizes the importance of enhancing risk management capabilities, focusing on early warning mechanisms and systematic risk identification[101]. - The company is addressing macroeconomic risks, including rising interest rates and geopolitical tensions, by optimizing its risk management framework[102]. Social Responsibility and ESG - The company emphasizes social responsibility and aims to serve national strategies and the real economy[3]. - The group has developed a comprehensive green insurance risk guarantee amounting to 111.9 trillion yuan for the first half of 2024, enhancing support for green development projects[161]. - A total of 244,000 yuan was allocated from the group’s charity fund to support 122 employees facing health challenges, demonstrating a commitment to social responsibility[162]. Shareholder Information - The board proposed an interim dividend of RMB 0.063 per share, totaling approximately RMB 2.786 billion, subject to shareholder approval[98]. - The top five insurance products generated significant premium income, with the "Rui Yi Bao" product contributing CNY 11.622 billion and "Xin An Bao" contributing CNY 11.466 billion[65]. - The total number of ordinary shareholders was 171,507 for A shares and 5,209 for H shares[146]. Market Position and Growth - The market share of PICC Property and Casualty in the property insurance market was 34.0% as of June 30, 2024[23]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[188]. - The company plans to expand its market presence in health insurance, aiming for a revenue increase of 15% in the next fiscal year[200].

Investment Rating - The report maintains a "Buy" rating for China People's Insurance Group with a target price of HKD 3.94 per share, corresponding to a P/B ratio of 0.66 for 2024 [5]. Core Views - The company's net profit attributable to shareholders for the first half of 2024 increased by 14.1% year-on-year to RMB 22.687 billion, primarily driven by improved underwriting profits, while the decline in investment profits narrowed significantly [4][5]. - The report highlights a robust growth in property insurance premiums, with a year-on-year increase of 3.7% to RMB 311.996 billion in H1 2024, and a notable improvement in underwriting profitability in Q2 compared to Q1 [5]. - The life insurance new business value (NBV) exceeded expectations, showing a year-on-year growth of 91.0% in H1 2024, driven by significant improvements in new business value rates [5]. Summary by Sections Financial Performance - The total investment income for H1 2024 was RMB 29.064 billion, reflecting a year-on-year decline of 7.7% [5]. - The company declared an interim dividend of RMB 0.063 per share, indicating an increase in dividend frequency [5]. Property Insurance - The combined ratio (COR) for H1 2024 was 96.2%, a slight increase of 0.4 percentage points year-on-year, but showed significant improvement in Q2 with a COR of 94.7% [5]. - The loss ratio increased by 1.2 percentage points to 70.1%, while the expense ratio improved by 0.8 percentage points to 26.1% [5]. Life Insurance - The NBV for life insurance in H1 2024 was significantly boosted by a 5.5 percentage point improvement in new business value rates, reaching 11.3% [5]. - The contribution from individual insurance and bancassurance NBV grew by 45.5% and 44.7% respectively [5]. Market Outlook - Catalysts for future performance include better-than-expected natural disaster outcomes in the second half and a recovery in capital markets [5].

Investment Rating - The investment rating for China People's Insurance Group is "Buy" (maintained) [5] Core Views - The company reported a 6.0% year-on-year increase in insurance service revenue to CNY 261.63 billion for H1 2024, with a net profit attributable to shareholders of CNY 23.40 billion, up 13.7% year-on-year [2][7] - The combined ratio (COR) for property insurance was 96.2%, an increase of 0.4 percentage points year-on-year, indicating a stable underwriting profitability [7] - The new business value (NBV) for life insurance reached CNY 3.94 billion, a significant increase of 91.0% year-on-year, while health insurance NBV surged by 159.0% to CNY 3.03 billion [7] Financial Performance - For H1 2024, the property insurance segment achieved original insurance premium income of CNY 311.996 billion, a 3.7% increase year-on-year, slightly below the industry average of 4.5% [7] - The COR for property insurance improved, with a claims ratio of 70.1% and an expense ratio of 26.1%, reflecting a year-on-year increase of 1.2 percentage points and a decrease of 0.8 percentage points, respectively [7] - The life insurance segment's net profit was CNY 9.93 billion, up 191.1% year-on-year, driven by improved investment returns and reduced liability costs [7] Profit Forecast - The company is expected to achieve net profits of CNY 28.4 billion, CNY 31.3 billion, and CNY 36.4 billion for the years 2024, 2025, and 2026, respectively, with growth rates of 27%, 10%, and 16% [7][8]

Financial Performance - Insurance service revenue for the six months ended June 30, 2024, reached RMB 261,629 million, an increase of 5.6% compared to RMB 246,884 million for the same period in 2023[2]. - Total operating income for the same period was RMB 292,342 million, up from RMB 280,848 million, reflecting a growth of 4.3%[2]. - Pre-tax profit increased to RMB 36,348 million, compared to RMB 31,999 million in the previous year, marking a growth of 13.8%[2]. - Net profit attributable to shareholders for the six months was RMB 31,489 million, a rise of 13.4% from RMB 27,780 million in the prior year[2]. - Basic earnings per share increased to RMB 0.53, up from RMB 0.47, representing a growth of 12.8%[2]. - The net profit for the first half of 2024 was RMB 20,588 million, compared to RMB 27,780 million in the same period of 2023, representing a decrease of approximately 26%[8]. - The total comprehensive income for the first half of 2024 was RMB 19,920 million, down from RMB 27,212 million in the first half of 2023, indicating a decline of about 27%[8]. - The company reported a retained earnings balance of RMB 170,178 million as of June 30, 2024, compared to RMB 154,289 million as of June 30, 2023, reflecting an increase of approximately 10%[8]. - The company has allocated RMB 6,899 million in dividends to shareholders for the first half of 2024, compared to RMB 6,859 million in the same period of 2023[8]. Assets and Liabilities - Total assets as of June 30, 2024, amounted to RMB 1,649,933 million, compared to RMB 1,556,682 million at the end of 2023, indicating an increase of 6.0%[5]. - Total liabilities rose to RMB 1,301,911 million from RMB 1,223,779 million, reflecting an increase of 6.4%[6]. - Cash and cash equivalents increased to RMB 32,542 million, compared to RMB 28,835 million, showing a growth of 12.0%[5]. - The total reserves as of June 30, 2024, amounted to RMB 210,360 million, up from RMB 199,539 million as of June 30, 2023[9]. - The financial reserves increased to RMB 20,522 million as of June 30, 2024, compared to RMB 18,625 million in the previous year, indicating a growth of approximately 10%[8]. Investment and Income - The company reported a net investment income from joint ventures and associates of RMB 8,240 million, down from RMB 9,631 million, a decrease of 14.5%[2]. - The company reported a significant increase in net investment income, which rose to $8,240 million from $9,631 million, a decrease of approximately 14.5%[19]. - The total investment income reached 29.064 billion yuan, with an annualized total investment return rate of 4.1%[43]. - The total investment return rate (annualized) was 4.1% as of June 30, 2024, down from 4.9% in the previous year[66]. - Total investment income for the first half of 2024 was CNY 29,064 million, a decrease of 7.7% year-on-year, while net investment income was CNY 26,795 million, down 5.5% year-on-year[123]. Market Presence and Strategy - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings and operational efficiency[1]. - The company plans to expand its market presence and invest in new product development to drive future growth[7]. - The company is focusing on enhancing its technological capabilities and exploring potential mergers and acquisitions to strengthen its market position[7]. - The company is actively optimizing its bond allocation structure to reduce portfolio volatility and enhance credit risk management[121]. - The company aims to enhance risk management by focusing on systematic approaches and early warning mechanisms to identify and address risks proactively[130]. User Base and Customer Engagement - The company’s user base reached 23,400 thousand by June 30, 2024, showing growth from 31,489 thousand in the previous year[7]. - The group’s digital service platform recorded an average daily usage of over 1 million calls[49]. - The "China Renbao" app saw a 93.0% year-on-year increase in new user registrations[59]. Insurance Services - The property insurance segment generated original premium income of CNY 311.996 billion, with a market share of 34.0%[55]. - The life insurance segment achieved original premium income of CNY 79.056 billion, with a new business value of CNY 3.935 billion, up 91.0% year-on-year[56]. - The insurance service revenue from personal accident and health insurance reached CNY 24.751 billion, a year-on-year increase of 7.5%[76]. - The insurance service revenue from liability insurance was CNY 18.339 billion, a year-on-year increase of 8.4%[77]. - The insurance service revenue from corporate property insurance was CNY 8.862 billion, a year-on-year increase of 6.3%[78]. Risk Management and Compliance - The company has not experienced any major risk events in the first half of 2024, indicating effective risk management[50]. - The company has complied with all corporate governance codes as per the Hong Kong Stock Exchange rules for the first half of 2024[141]. - There have been no significant changes affecting the company's performance since the publication of the 2023 annual report[143].

Investment Rating - The report maintains a "Buy" rating for China People's Insurance Group with a target price of HKD 3.99, based on the company's competitive advantages in property insurance and significant improvements in life and health insurance value rates [6][5]. Core Insights - The company reported an insurance service revenue of CNY 126.17 billion for Q1 2024, a year-on-year increase of 7.7%, while the net profit attributable to shareholders was CNY 8.96 billion, down 23.5% year-on-year [2][5]. - The property insurance segment showed a slight increase in premium income, with a year-on-year growth of 3.8% to CNY 173.98 billion, although the growth rate was slightly below the industry average [3]. - The life insurance segment experienced a significant increase in new business value (NBV), up 81.6% year-on-year, driven by a low base and improved value rate [4]. - The health insurance segment also performed well, with a net profit of CNY 1.52 billion, reflecting a year-on-year increase of 48.7% [4]. Financial Performance Summary - The total investment income for Q1 2024 was estimated at CNY 11.9 billion, a decrease of 39.1% year-on-year, primarily due to increased market volatility affecting investment returns [5]. - The report forecasts net profits for 2024, 2025, and 2026 to be CNY 28.41 billion, CNY 32.00 billion, and CNY 34.89 billion respectively, with growth rates of 27%, 13%, and 9% [5][6]. - The company's total assets are projected to grow from CNY 1.70 trillion in 2024 to CNY 1.83 trillion by 2026, indicating a steady growth trajectory [10].