Investment Rating - The report maintains a "Neutral" rating for the insurance industry [8] Core Insights - The insurance industry experienced a slight decline in premium income, with total premium income for January and February 2025 at 1,515.4 billion yuan, down 1.2% year-on-year. Life insurance premium income was 1,195.1 billion yuan, down 2.6%, while property insurance premium income was 320.3 billion yuan, up 4.7% [1][2] - Life insurance showed stable performance in the "opening red" period, with health insurance continuing to grow. Life and health insurance premium income for the first two months was 1,020.9 billion yuan and 167.2 billion yuan, respectively, down 3.5% and up 3.0% year-on-year [2] - The decline in life insurance premium income is attributed to multiple factors, including poor transformation of participating products, early consumption due to lower guaranteed interest rates, and a slowdown in sales due to the implementation of the "reporting and operation in one" policy in the bancassurance channel [2][3] - The property insurance sector saw a 4.7% year-on-year increase in premium income, driven by a significant rise in automobile sales, with 3.948 million passenger cars sold, up 14.4%, and 1.836 million new energy vehicles sold, up 52.1% [4][5] - The outlook for 2025 suggests that life insurance is expected to gradually emerge from the adjustment cycle, moving towards high-quality development in a low-interest-rate environment. Property insurance will focus on rebalancing scale and value [5] Summary by Sections Life Insurance - Life insurance premium income for January and February was 1,020.9 billion yuan, down 3.5% year-on-year. The decline is mainly due to the transformation issues of participating products and the impact of lower interest rates [2][3] - Health insurance continues to show stable growth, supported by policies encouraging the integration of health insurance and medical services [2] Property Insurance - Property insurance premium income reached 320.3 billion yuan, up 4.7% year-on-year, with a notable increase in both auto and non-auto insurance premiums [4] - The growth in non-auto insurance is attributed to agricultural insurance, liability insurance, health insurance, and accident insurance, with respective year-on-year increases of 4.6%, 4.1%, 5.1%, and 11.1% [4] Market Outlook - The report anticipates a gradual recovery in life insurance and a focus on professional and refined development in property insurance, with an emphasis on the growth of commercial medical insurance and retirement products [5]

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial industry, indicating an expectation for the sector to outperform the overall market [2]. Core Insights - The recent notification from the Financial Regulatory Bureau expands the investment scope for insurance funds, allowing direct investments in unlisted companies and broadening the range of investable industries to include technology, big data, and modern agriculture [2]. - As of the end of 2024, the balance of long-term equity investments by insurance funds reached 2.46 trillion yuan, accounting for 7.4% of total investments, suggesting a shift towards equity investments to enhance returns amid declining long-term interest rates [2]. - The report highlights the potential for insurance companies to optimize asset allocation and support the real economy through these new investment opportunities [2]. Summary by Sections Market Review - The Shanghai Composite Index closed at 3,861.50 with a decline of 1.4% during the week of March 31 to April 4, 2025, while the non-bank index closed at 1,763.44, down 1.3% [5]. - The insurance sector saw a slight decline of 0.7%, while the multi-financial sector increased by 0.3% [5]. Non-Bank Industry Insights - The report notes that the insurance sector's performance is influenced by regulatory changes, with a focus on enhancing the investment landscape for insurance funds [2]. - The brokerage sector experienced a decline of 1.78%, with a notable increase in trading activity, as evidenced by a 70.2% year-on-year increase in stock trading volume for Q1 2025 [2]. Key Data Tracking - As of April 3, 2025, the average daily trading volume was 11,014.61 billion yuan, reflecting a decrease of 27.91% compared to the previous month [35]. - The margin trading balance reached 19,120.12 billion yuan as of April 2, 2025, indicating a growth of 474.29 billion yuan since the beginning of the year [37].

Investment Rating - The report indicates a positive outlook for the insurance sector, highlighting significant profit growth driven by investment returns and robust performance in both life and non-life insurance segments [6]. Core Insights - Profit growth for listed insurance companies is substantial, with net profit growth rates for 2024 projected as follows: Xinhua (+201.1%), China Life (+131.6%), ZhongAn (+105.4%), PICC (+88.2%), Taiping (+64.9%), Ping An (+47.8%), and China Pacific Insurance (+30.9%) [1][13]. - The report emphasizes that the strong performance is primarily due to favorable capital market conditions, which have positively impacted the asset side of the companies [1][13]. - The report also notes a decline in the dividend payout ratio under new standards, although the absolute value of dividends has increased significantly [2][23]. Summary by Sections Financial Performance - Net profit for five listed insurance companies increased by 82% year-on-year, driven by improved investment returns from both equity and bond markets [13]. - The operating profit for major companies like Ping An and China Life showed positive growth, with Ping An's profit increasing by 9.1% and China Life's by 131.6% [14][13]. - The report highlights a mixed performance in contract service margins, with most companies achieving positive growth [20]. Life Insurance - New Business Value (NBV) growth is robust, with notable increases for companies such as PICC (+127.0%) and Xinhua (+106.8%) [3]. - The margin improvements are attributed to better payment structures and a unified approach in bancassurance channels [3][4]. - The report indicates that the economic assumptions adjustments have led to a generally positive outlook for Embedded Value (EV) growth across most companies, with China Life and Sunshine showing impressive growth rates of 11.2% [36]. Non-Life Insurance - The report notes a divergence in growth rates for non-auto insurance, with companies like ZhongAn (+13.4%) and Sunshine (+8.1%) performing well [5]. - The combined ratio (COR) performance varies, with ZhongAn at 96.9% and Ping An at 98.3%, reflecting the impact of natural disasters on claims [5][39]. - The report suggests that the non-auto insurance segment is driven by health and liability insurance products [5]. Investment Recommendations - The report recommends focusing on two main lines for insurance stocks: the non-life insurance sector, which is expected to see high profit growth due to dual improvements in underwriting and investment, and the life insurance sector, particularly Xinhua and China Taiping, which are noted for their high beta and strong new business quality [6].

Financial Performance - The company reported original insurance premium income of RMB 538,055 million for 2024, an increase of 4.3% from RMB 515,807 million in 2023[9]. - Insurance service income rose to RMB 485,223 million, reflecting a growth of 6.1% compared to RMB 457,203 million in the previous year[9]. - The company achieved a net profit of RMB 32,161 million, marking a 30.9% increase from RMB 24,566 million in 2023[9]. - Total assets increased by 10.6% to RMB 778,244 million, up from RMB 703,623 million in 2023[11]. - Total liabilities rose by 10.3% to RMB 517,622 million compared to RMB 469,319 million in the previous year[11]. - The company’s total equity increased by 11.2% to RMB 260,622 million from RMB 234,304 million in 2023[11]. - The comprehensive solvency ratio stood at 232.6%, while the core solvency ratio was at 211.0%[15]. - The comprehensive cost ratio stood at 98.8%, with underwriting profit amounting to CNY 5.71 billion and total investment income reaching CNY 34.94 billion, resulting in a net profit of CNY 32.16 billion and a return on equity of 13.0%[21]. - Total investment income amounted to RMB 34.94 billion, with a net profit of RMB 32.16 billion, marking a historical high and a net asset return rate of 13.0%, up 2.2 percentage points year-on-year[27]. - The company's pre-tax profit for 2024 was RMB 38.02 billion, an increase of RMB 9.98 billion (or 35.6%) compared to 2023[61]. - Net profit for 2024 increased to RMB 32.16 billion, up RMB 7.60 billion (or 30.9%) from RMB 24.57 billion in 2023[63]. - The net cash inflow from operating activities was RMB 36.46 billion, a year-on-year increase of RMB 15.92 billion (or 77.5%) in 2024[64]. Dividends and Shareholder Returns - The company plans to distribute a final dividend of RMB 0.332 per share, including an interim dividend of RMB 0.54 per share[15]. - The company distributed an interim dividend of CNY 0.208 per share and proposed a final dividend of CNY 0.332 per share to shareholders[21]. - The company plans to distribute a total dividend of CNY 0.54 per share for the year 2024, with an interim dividend of CNY 0.208 per share already distributed[79]. - The company plans to distribute a final dividend of CNY 0.332 per share for the year ending December 31, 2024, totaling approximately CNY 73.85 billion[131]. Market Position and Growth - The company aims to enhance its market position and continue to innovate in insurance services, contributing to the modernization of China's financial sector[20]. - The company achieved a total original insurance premium income of CNY 538.06 billion in 2024, representing a year-on-year growth of 4.3% and maintaining a market share of 31.8% in the property insurance sector[21][26]. - The company aims to enhance its international market position while consolidating its domestic market leadership, focusing on technological insurance development and green insurance initiatives[24]. - The company processed over 180 million claims throughout the year, demonstrating its commitment to disaster relief and claims service[23]. - The company expanded its market presence by establishing the first comprehensive catastrophe insurance in Hebei and creating a "carbon-neutral" insurance outlet in Xiamen[22]. - The company is considering strategic acquisitions to enhance its service offerings, with potential targets identified in the insurance sector[89]. Innovation and Product Development - The company launched several innovative insurance products, including the "PICC China Earthquake Catastrophe Model" and "Cybersecurity Insurance Risk Pricing Model," enhancing its service offerings[23]. - The company aims to enhance its core competitiveness by innovating business models, particularly in the new energy vehicle insurance sector[83]. - The company will continue to leverage technology, including big data and artificial intelligence, to drive innovation in its business models[83]. - New product launches are expected to contribute an additional 5 billion RMB in revenue over the next fiscal year[92]. Risk Management and Compliance - The company is committed to enhancing risk management capabilities in response to increasing external complexities and climate change risks, focusing on early identification and proactive measures[123]. - The company will focus on risk prevention and management, establishing a comprehensive risk management system to enhance governance and compliance[84]. - The company emphasizes compliance with laws and regulations, maintaining a good overall compliance status in its management activities for 2024[128]. - The company is committed to upholding the principles of diligence and integrity in its operations, as stated by the supervisory board[199]. - In 2024, the company will strengthen internal controls and risk management capabilities as per the Insurance Law of the People's Republic of China[200]. Investment Strategy - The company continues to optimize its investment asset portfolio while adhering to a long-term and stable investment philosophy[54]. - The company intends to invest in high-dividend stocks while maintaining a cautious approach to credit quality and non-standard financial products[84]. - The company has a maximum annual limit of RMB 8,500 million for purchasing debt investment products involving related parties, with actual purchases totaling RMB 3,780 million this year[168]. - The company has a maximum annual limit of RMB 8,500 million for purchasing equity investment products involving related parties, with actual purchases totaling RMB 7,350 million this year[168]. Corporate Governance - The company maintained a strong commitment to corporate governance, with all board members rated as "competent" in their annual performance evaluations[199]. - The supervisory board emphasized the importance of compliance and risk management, regularly reviewing reports from various departments[197]. - The company is committed to enhancing corporate governance in accordance with relevant laws and regulations, including the Company Law and Listing Rules[200]. - The audit committee reviewed the audited performance of the company and its subsidiaries for the year[188]. Social Responsibility and Sustainability - The company is committed to developing green insurance products and promoting ESG practices to support comprehensive green transformation in the economy[82]. - The company has implemented measures to reduce resource consumption, including promoting paperless operations and energy-saving initiatives[127]. - The company has not faced any administrative penalties related to environmental issues in 2024[126]. - The company and its subsidiaries made charitable donations totaling 47 million yuan, with 27 million yuan allocated for public welfare donations[140].

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].

● 本报记者 陈露 国家金融监督管理总局2月7日对外公布《关于开展保险资金投资黄金业务试点的通知》，决定开展保险 资金投资黄金业务试点，确定10家试点保险公司。根据《通知》，试点保险公司可以中长期资产配置为 目的，开展投资黄金业务试点。试点投资黄金范围包括在上海黄金交易所主板上市或交易的黄金现货实 盘合约、黄金现货延期交收合约、上海金集中定价合约、黄金询价即期合约、黄金询价掉期合约和黄金 租借业务。 3月24日，上海黄金交易所发布公告称，同意吸收人保财险、中国人寿、平安人寿、太保寿险成为上海 黄金交易所会员。 记者调研了解到，上海黄金交易所及相关试点保险机构在前期做了充分的人员、系统等准备。上海黄金 交易所表示，该所协同试点保险公司建立投资管理制度、完善信息管理系统、配备合格岗位人员，引导 会员根据资产配置和风险管理要求制定合理配置和投资策略，灵活应用多种交易方式分期分批在中长期 有序建仓，做好险资参与上海黄金交易所市场的各项保障工作。 中国人寿相关负责人表示，公司前期开展了扎实的准备工作，包括专业人员配备、制度流程建设、信息 系统开发、风控体系搭建、投资运营管理等。人保财险相关负责人表示，公司迅速行动，配备 ...

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 ...