Investment Rating - The industry investment rating is "Recommended" with expectations of exceeding the benchmark index by more than 5% in the next 3-6 months [21]. Core Insights - The report emphasizes the need for insurance companies to adjust their asset allocation strategies in response to interest rate fluctuations, advocating for an increase in long-term bonds and a focus on equity style rotation [2]. - It highlights the shift in asset allocation among listed insurance companies, with a notable increase in the proportion of FVOCI (Fair Value Other Comprehensive Income) assets in their equity investments, aimed at stabilizing net profit [3][8]. - The report also discusses the performance of major insurance companies, predicting a continued focus on dividend strategies to mitigate pressure on net investment returns [7]. Summary by Sections Industry Overview - The total market capitalization of the insurance sector is approximately 27,935.74 billion, with a circulating market value of 19,257.54 billion [4]. - The report notes a mixed performance in the relative index, with a 1-month absolute performance of 2.5% and a 12-month performance of 37.0% [5]. Asset Allocation Trends - Insurance companies have increased their allocation to long-term bonds in response to declining interest rates, with the 10-year government bond yield dropping to 1.68% by the end of 2024 [7]. - The report details the asset allocation changes for major insurance companies, indicating a general trend of increasing bond holdings while adjusting equity positions [7]. Company-Specific Insights - China Life has increased its fund allocation while slightly decreasing its stock proportion, with fixed-income assets rising by 2.7 percentage points to 74.3% [7]. - China Ping An has increased its stock allocation while reducing its fund holdings, with fixed-income assets rising to 76.2% [7]. - China Taiping has also increased its stock allocation, with fixed-income assets now at 82.3% [7]. - New China Life has increased both stock and fund allocations, with equity assets rising to 20.7% [7]. - China Re has increased its stock allocation while reducing funds, with equity assets now at 28.4% [7]. - Sunshine Insurance has increased its stock allocation while maintaining fund levels, with equity assets rising to 23.7% [7]. Performance Forecasts - The report provides earnings per share (EPS) forecasts for major companies, with China Ping An expected to have an EPS of 7.56 in 2025, while China Life is projected at 3.09 [9]. - The price-to-earnings (PE) ratios for these companies are also provided, with China Ping An at 6.83 and China Life at 12.16 for 2025 [9].

Investment Rating - The report maintains a "BUY" rating for PICC P&C, indicating a potential return of over 15% over the next 12 months [16]. Core Insights - The full-year combined ratio (CoR) for FY24 was reported at 98.8%, which is a 1.0 percentage point increase year-on-year, primarily due to a rise in the loss ratio [1][8]. - The management provided an optimistic guidance for FY25, expecting the auto and non-auto CoR to be less than 96% and 99% respectively, which is an improvement compared to previous years [1][8]. - The net profit for FY24 is projected to be RMB 32.2 billion, reflecting a year-on-year increase of 30.9%, aligning with forecasts [1][2]. - The report revises the EPS forecasts for FY25-27 upwards by 6%, 11%, and 18% to RMB 1.58, 1.74, and 1.93 respectively, driven by improved CoR composition [1][9]. Financial Performance - Total insurance revenue for FY24 is expected to reach RMB 485.2 billion, marking a 6.1% year-on-year increase, with auto and non-auto insurance service revenue rising by 4.5% and 8.8% respectively [8]. - The underwriting profit is anticipated to drop by 44% year-on-year to RMB 5.7 billion, with a significant loss recorded in Q4 [1][8]. - The dividend per share (DPS) for FY24 is set at RMB 0.54, a 10.4% increase year-on-year, indicating a payout ratio of 37.3% [1][2]. Valuation Metrics - The target price for PICC P&C has been revised to HK$15.80 from the previous HK$14.00, representing a 9.9% upside from the current price of HK$14.38 [3][10]. - The stock is currently trading at a price-to-book (P/B) ratio of 1.09x for FY25E, with an average 3-year forward return on equity (ROE) estimated at 13.5% [10][12]. - The report highlights a dividend yield of 4.7% for FY25, increasing to 5.7% by FY27 [2][13].

Investment Rating - The report maintains a "Buy" rating for the company [2][7][19] Core Views - The company achieved a net profit of 32.16 billion RMB in 2024, representing a year-on-year increase of 30.9%, benefiting from a recovery in the capital market [5][8] - The return on equity (ROE) improved by 2.2 percentage points to 13.0% [5] - The company’s total investment yield reached 5.5%, up by 2.0 percentage points year-on-year [6] Summary by Sections Financial Performance - The company reported a total insurance premium income of 538.06 billion RMB in 2024, a year-on-year increase of 4.3% [6] - The comprehensive cost ratio (COR) increased by 1.0 percentage point to 98.8%, with a claims ratio of 73.0%, slightly higher than expected due to major disasters [6][9] - The underwriting profit decreased by 43.9% to 5.71 billion RMB [6] Investment Analysis - The company has significantly increased its allocation to government bonds and stocks, with a 10.4 percentage point increase in government bonds to 18.2% and a 1.2 percentage point increase in stocks to 7.2% [6] - The projected net profits for 2025, 2026, and 2027 are 34.95 billion RMB, 38.99 billion RMB, and 44.29 billion RMB respectively, reflecting a positive growth outlook [7][8] Market Position - The company is positioned as a high-dividend core stock within the insurance sector, maintaining a price-to-book (PB) ratio of 1.06x as of March 28 [7]

近年自然灾害多 发频发，农业保 险作为农业生产 的"防护网"，为 农户们解决了后 顾之忧，使其可 以安心生产。据 介绍，近年来， 人保财险广州市 分公司每年都邀 山火致荔枝林被 毁，广州人保政 企联动48小时极 速理赔_南方+_ 南方plus 3月下旬，广州 市从化区麻二村 荔枝林突发山 火，上百棵果树 被烧毁。在广州 市农业农村局指 导下，人保财险 广州市分公司通 过前置服务、快 速定损，48小时 内完成两位投保 农户的全额理 赔。 "压根没想到他 们主动找上门理 赔！"手持理赔 款的种植户李叔 难掩激动。人保 财险广州市分公 司农险专员介 绍，在知道火灾 发生后，该公司 主动联系镇街农 办和村委核实受 损情况。"得知 本次受损农户中 有两户投保了政 策性农险，我们 马上开辟'绿色 通道'，最终确 定两名农户合计 受灾面积2.13 亩，48小时内赔 付了所有损 失。" 接下来，人保财 险广州市分公司 将从保护消费者 权益、保护农民 利益的角度，主 动迅速、科学精 准地做好理赔服 务，开好绿色通 道，"在可高可 低的情况下就高 不就低"，将理 赔款尽快送达经 营主体手中，为 市民的"菜篮 子"和"米袋 子"贡 ...

智通财经APP获悉，中国财险(02328)逆市涨近5%，截至发稿，涨4.72%，报15.08港元，成交额1.47亿港 元。 消息面上，近日，中国财险发布截至2024年12月31日止年度业绩，该集团取得原保险保费收入人民币 5380.55亿元(单位下同)，同比增加4.3%；承保利润57.13亿元，同比减少43.9%；净利润321.61亿元，同 比增加30.9%；基本每股收益1.446元，拟派发末期股息每股0.332元。 公告称，2024年，公司主动把握我国经济回升向好机遇，积极应对保险市场结构性调整，坚持做优做 强，业务发展稳中有进，全年实现原保险保费收入5380.55亿元，同比增长4.3%，市场份额稳居行业首 位；经营质效稳健向好，综合成本率98.8%，承保利润57.13亿元，总投资收益349.37亿元，净利润 321.61亿元，净资产收益率13.0%；资本实力稳步增强，成功发行120亿元资本补充债券，偿付能力保持 充足稳定；股东回报积极稳健，向股东派发中期股息每股0.208元，董事会建议派发末期股息每股0.332 元。 中金发布研报称，公司2024年保费收入同比+4.3%；综合成本率(CoR)同比+1.0p ...

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company demonstrated robust underwriting in auto insurance, with total premium income reaching 538.06 billion yuan, a year-on-year increase of 4.3% [4] - The net profit attributable to shareholders increased by 30.9% year-on-year to 32.17 billion yuan, driven by improved investment performance [8] - The combined ratio (COR) stood at 98.8%, reflecting a 1.0 percentage point increase year-on-year, primarily due to natural disaster impacts [6][7] Summary by Sections Insurance Service Revenue - The company achieved insurance service revenue of 485.22 billion yuan, up 6.1% year-on-year, with a quarterly growth trend showing improvement [5] - Auto insurance service revenue was 294.70 billion yuan, a 4.5% increase, with a market share in the new car segment rising to 38.8% [5] - Non-auto insurance service revenue reached 190.52 billion yuan, growing by 8.8%, with significant contributions from various segments including agricultural insurance and liability insurance [6] Profitability and Cost Management - The underwriting profit decreased by 43.9% year-on-year to 5.71 billion yuan, influenced by an increase in the combined loss ratio to 73.0% due to natural disasters [6][7] - The company implemented cost control measures, resulting in a decrease in the expense ratio for auto insurance to 24.2% [7] Investment Performance - Total investment income rose to 34.94 billion yuan, a substantial increase of 67.9% year-on-year, benefiting from a recovery in equity markets [8] - The total investment return rate was 5.5%, reflecting a 2.0 percentage point increase year-on-year [4][8] Future Outlook - The company is expected to maintain its leading position in the property insurance sector with a market share of 31.8% [8] - Profit forecasts for 2025 and 2026 have been adjusted to 37.4 billion yuan and 43.3 billion yuan respectively, with a new forecast for 2027 set at 50.4 billion yuan [9]

Investment Rating - The report maintains a "Buy" rating for the company, with a target price of HK$16.59, corresponding to a PB of 1.2 times for 2025 [6]. Core Views - In 2024, the company achieved a net profit of CNY 32.161 billion, a year-on-year increase of 30.9%, while the underwriting profit decreased by 43.9% to CNY 5.713 billion. The comprehensive cost ratio (COR) rose to 98.8%, an increase of 1.0 percentage points year-on-year [1][3]. - The company’s investment income significantly increased by 67.9% year-on-year to CNY 34.937 billion, primarily due to the strategic allocation of secondary equity assets during market lows [5]. Summary by Sections Performance Overview - In 2024, the company reported a net profit of CNY 32.161 billion, up 30.9% year-on-year, with an underwriting profit of CNY 5.713 billion, down 43.9%. The COR was 98.8%, up 1.0 percentage points, and ROE was 13.0%, up 2.2 percentage points. The proposed final dividend per share is CNY 0.332, leading to a total annual dividend of CNY 0.54, an increase of 10.4% year-on-year [1]. Liability Side - The insurance service revenue for 2024 was CNY 485.223 billion, a year-on-year increase of 6.1%, with a market share of 31.8%, down 0.7 percentage points. The revenue from auto insurance was CNY 294.701 billion, up 4.5%, while non-auto insurance revenue was CNY 190.522 billion, up 8.8% [2][3]. Profitability - The COR increased by 1.0 percentage points to 98.8% in 2024, driven by a rise in the loss ratio, which increased by 2.4 percentage points to 73%. The increase in loss ratio was attributed to severe disaster impacts and rising liability costs due to declining interest rates. The company implemented cost reduction measures, reducing the expense ratio by 1.4 percentage points to 25.8% [3][4]. Investment Side - By the end of 2024, the total investment scale reached CNY 676.512 billion, a 12.6% increase from the previous year, with a total investment return rate of 5.5%, up 2 percentage points year-on-year [5]. Profit Forecast and Valuation - The company aims for steady growth, with projected net profit growth rates of 29.9%, 16.4%, and 20.5% for 2025-2027. The BPS is expected to be CNY 12.57, CNY 14.06, and CNY 15.82 for the respective years, with corresponding PB ratios of 1.04, 0.93, and 0.83 [6][13].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the increase in investment income has driven net profit growth, with stable dividend returns [1] - The company is expected to maintain a leading underwriting profitability in the long term despite short-term fluctuations caused by catastrophic losses [3] - The report projects a slight upward adjustment in profit forecasts for 2024, with net profit estimates for 2025-2027 at 352 billion, 379 billion, and 419 billion respectively [4] Financial Performance Summary - Total revenue for 2023 is reported at 478.826 billion, with a year-on-year growth of 7.02%, and projected to reach 519.57 billion in 2024 [1] - The net profit attributable to shareholders for 2023 is 24.585 billion, reflecting a decrease of 15.70%, but is expected to rebound to 32.173 billion in 2024, a growth of 30.86% [1] - The book value per share (BVPS) is projected to increase from 10.40 in 2023 to 11.60 in 2024 [1] Cost and Profitability Metrics - The comprehensive cost ratio stands at 98.8%, an increase of 1.0 percentage points year-on-year, with underwriting profit reported at 5.7 billion, down 44% year-on-year [3] - The loss ratio has increased to 73.0%, up 2.4 percentage points, with significant impacts from natural disasters [3] - The expense ratio has decreased to 25.8%, primarily due to cost reduction initiatives [3] Investment Strategy - The company has increased its allocation to bonds and equity investments, with total investment assets rising by 12.6% to 676.5 billion [4] - The total investment return rate is reported at 5.5%, an increase of 2.0 percentage points year-on-year, attributed to strategic investments during market lows [4] Dividend Policy - The company plans to distribute a dividend of 0.54 per share for 2024, representing a 10% increase year-on-year, with a dividend payout ratio of 37% [10]

Core Points - The company reported a stable growth in operating performance for the year, achieving a revenue of 709.4 billion yuan, a year-on-year increase of 6.4%, and a net profit of 42.9 billion yuan, up 88.2% from the previous year [2] - The company aims to build a world-class insurance financial group by focusing on five key areas: excellent functionality, efficient operations, clear core business, modern governance, and international competitiveness [3] - In 2025, the company will implement its strategy by focusing on six reforms and four solid actions to enhance innovation and management efficiency [4][5] Financial Performance - The company achieved a return on equity (ROE) of 16.7%, an increase of 7.1 percentage points year-on-year [2] - The company handled nearly 500,000 claims daily, with a payout of 1.23 billion yuan [2] Strategic Development - The company emphasizes the importance of serving the public and contributing to social governance and economic development [3] - The strategic focus includes enhancing risk management, improving service quality, and optimizing product offerings [6][7] Reform Initiatives - The company plans to deepen governance reforms, enhance strategic management, and improve resource allocation to respond effectively to market competition [5] - The company will also focus on digital transformation and talent development to create a conducive working environment [5][6]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1][11] Core Insights - The company achieved a net profit of 32.17 billion yuan in 2024, representing a year-on-year increase of 30.9%, aligning with expectations. The underwriting profit was 5.71 billion yuan, down 43.9% year-on-year, while total investment income reached 34.94 billion yuan, up 67.9% year-on-year. The comprehensive cost ratio (COR) increased by 1.0 percentage points to 98.8% due to frequent natural disasters [4][5] - The company is a leader in the property and casualty insurance industry, with a competitive advantage in the market. The total dividend per share for the year was 0.54 yuan, an increase of 10.2% year-on-year, with a dividend payout ratio of 37.3% [4][6] - The company has adjusted its net profit forecasts for 2025-2026 to 34.91 billion yuan and 38.24 billion yuan, respectively, while introducing a new forecast for 2027 at 41.76 billion yuan, reflecting year-on-year growth rates of 8.5%, 9.5%, and 9.2% [4][7] Financial Summary and Valuation Metrics - Total premium income for 2024 was 538.1 billion yuan, a year-on-year increase of 4.3%, with service income at 485.2 billion yuan, up 6.1%. The breakdown includes 294.7 billion yuan from auto insurance and 190.5 billion yuan from non-auto insurance, with respective year-on-year growth rates of 4.5% and 8.8% [5][7] - The company's total investment income for 2024 was 34.9 billion yuan, with an annualized total investment return rate of 5.5%, up 2.0 percentage points year-on-year. Investment assets increased by 12.6% to 676.5 billion yuan [6][7] - The projected earnings per share (EPS) for 2025, 2026, and 2027 are 1.6 yuan, 1.7 yuan, and 1.9 yuan, respectively, with corresponding price-to-earnings (P/E) ratios of 8.5, 7.8, and 7.1 [7]