Group 1 - The second batch of insurance fund long-term investment reform pilot has made significant progress, with TaiKang Asset Management receiving approval to establish a wholly-owned private fund management subsidiary [1][2] - TaiKang Asset will issue a contract-type private securities investment fund with an initial investment scale of 12 billion yuan (approximately 1.2 billion USD) from TaiKang Life, focusing on long-term investment strategies [2][3] - The pilot program aims to enhance the efficiency of insurance fund usage and improve asset-liability matching under new accounting standards, with a total approved scale of 162 billion yuan (approximately 16.2 billion USD) for the second batch [3][6] Group 2 - The first batch of pilot programs began in October 2023, with China Life and Xinhua Insurance each contributing 25 billion yuan (approximately 2.5 billion USD) to establish a 50 billion yuan (approximately 5 billion USD) company fund, which officially started investing in March 2024 [3][4] - The second batch has expanded from 5 billion yuan (approximately 500 million USD) to 162 billion yuan (approximately 16.2 billion USD), with the number of participating insurance companies increasing from 2 to 8 [3][5] - The pilot program is designed to facilitate the entry of long-term funds into the market, addressing investment barriers faced by insurance companies and enhancing their role as stabilizers in the capital market [6][8] Group 3 - The new contract-type funds will allow insurance companies to mitigate the impact of market volatility on their profit statements through specific accounting measures, such as equity method accounting and OCI classification [7][8] - The pilot program is expected to promote a positive interaction between insurance funds and the capital market, enhancing the depth and breadth of insurance capital participation [8]

险资正积极通过股权基金投资科创领域。 近日，太保寿险与上海科创、国际集团、虹桥睿智、上港集团、上海信托、建元信托及宁和盛咨询共同签 署了上海科创三期基金合伙协议，拟设立上海科创三期基金。 根据上海科创三期基金合伙协议，太保寿险（作为有限合伙人）将对上海科创三期基金认缴出资8亿元。 除了此次拟参与设立上海科创三期基金，太保寿险2021年也参与了上海科创二期基金的投资，投资份额 为25%。年报显示，2024年末投资余额为14.54亿元。 2024年，中国太保与中金资本共同发起成立绿碳科技私募基金落地湾区，为大湾区产业绿色转型升级提 供重要资金支撑。今年2月，名为"中金钛合绿碳科技私募股权投资基金（深圳）合伙企业（有限合 伙）"的基金完成30.03亿元资金募集。 出资8亿元参与设立科创基金 据中国太保公告信息，上海科创三期基金的认缴出资总额拟定为80亿元。截至目前，8家公司合计拟向上 海科创三期基金出资32.01亿元。所有合伙人出资方式均为现金货币出资。 投资方向上，该基金聚焦战略性新兴产业和高新技术产业，重点关注新一代信息技术、生物医药、先进制 造、环保新能源等领域。 存续期方面，该基金的存续期限为八年，包括四年 ...

完成首关。 作者 I 周佳丽 报道 I 投资界-解码LP 投资界-解码LP获悉，中国太保4月9日发布公告称，太保寿险与上海科创、国际集团、上 港集团、上海信托等公司合伙设立上海科创三期基金。 作为上海国资又一重磅落子，上海科创三期基金于今年1月发起设立，总认缴出资额预计 为80亿元，进一步引导长期资本、耐心资本投早、投小、投硬科技。短短三个月，上海 科创三期基金完成首关，规模约32亿元，其中太保寿险出资8亿元。 以下文章来源于解码LP ，作者周佳丽 解码LP . 投资界（PEdaily.cn）旗下，专注募资动态 这是险资活跃在创投圈的一缕缩影。翘首以盼，险资进一步"开闸"——4月8日，国家金 融监督管理总局发布通知，规定 "保险公司投资单一创业投资基金的账面余额占该基金 实缴规模的比例不得高于3 0%"。 上海科创基金首关 LP阵容出炉 上海科创基金是上海国际集团在20 17年发起设立的全国首家以服务上海科创中心建设为 核心使命的市场化母基金，引导各类资本投早、投小、投长、投硬，已成为全国领先的 科创投资标杆平台。 据了解，目前上海科创基金管理规模140亿元，通过发挥母基金引导带动作用，引领子基 金 8 0% ...

在年报与可持续发展报告两份材料的勾勒下，中国太保迈向高质量发展的具体路径，正渐渐清晰。 近日，中国太保交出董事会换届后首个完整财年"成绩单"，披露2024年录得营收、归母净利4040.89亿 元、449.60亿元，增幅分别为24.7%、64.9%；同期发布其第四份可持续发展报告，对公司在ESG治理方面 的成果做出披露。 2024年国际权威指数机构摩根士丹利资本国际公司（以下简称"明晟"）公布的最新ESG评级结果显示，中 国太保评级已"AA"级，为中国境内保险机构获得的最高评级。 这也说明，中国太保营收、净利两大关键指标的双位数增长，绝不只是量的变化，而是其以"新"攀高、 强化高质量发展内核的长期坚持，在财报数字上的最终兑现。 回望2024年，不少险企在"股债双牛"下收获了丰厚的投资回报。但利率中枢下移趋势不改、结构性"资产 荒"持续，如今的利润大涨，仍难以帮助保险公司摆脱长期盘踞在资产负债表上空的利差损阴影。 站在关键的历史时点，如何找准业绩支点，以新质生产力撬动价值创造，成为险企迈向高质量发展的关 键。 中国太保寿险纵深推进"长航行动"后，子公司录得净利358.21亿元、同比高增83.4%。各项趋势性指标稳 ...

Investment Rating - The report maintains a "BUY" rating for the company, indicating a potential return of over 15% over the next 12 months [14]. Core Insights - The company reported a strong performance in Life OPAT, with a year-on-year increase of 6.1% to RMB 27.6 billion, surpassing forecasts. Group OPAT rose 2.5% YoY to RMB 34.4 billion, and net profit increased significantly by 64.9% YoY to RMB 45.0 billion, exceeding profit alerts by 55%-70% [1]. - The company achieved a notable 57.7% increase in NBV on a like-for-like basis, despite revising down long-term investment return assumptions by 50 basis points to 4.0% [1][9]. - The report highlights the insurer's effective asset/liability management and strong fundamentals, positioning it favorably against peers [1]. Financial Performance - For FY24, net profit is projected at RMB 46.4 billion, with EPS expected to be RMB 4.67. The consensus EPS for FY25 is RMB 4.29, indicating a slight downward revision from previous estimates [2][9]. - The company's P/B ratio is expected to decline from 0.8 in FY24 to 0.7 in FY25, reflecting a more attractive valuation [2][12]. - The combined ratio for P&C insurance is projected to be 98.6% for FY24, indicating a slight deterioration compared to the previous year [12]. Valuation Metrics - The target price for the company is set at HK$34.00, representing a 37.1% upside from the current price of HK$24.80 [2][10]. - The stock is trading at 0.54x FY25E P/EV and 1.05x P/B, suggesting it is undervalued relative to its embedded value [10][12]. - The report notes a significant increase in total investment income, which soared 131% YoY to RMB 120.4 billion, driven by higher dividends and fair value gains [8]. Share Performance - The company's market capitalization is approximately HK$238.6 billion, with a 52-week high of HK$33.15 and a low of HK$14.14 [3]. - Over the past month, the stock has appreciated by 7.8%, outperforming the market [5].

除了备受关注的经营业绩，A股五大上市险企中国平安、中国人寿、中国太保、中国人保、新华保险的分 红情况同样引人注目。 排版：刘珺宇 校对： 刘星莹 证券时报·券商中国记者统计发现，五大上市险企年报分红金额合计638.25亿元，叠加前期中期分红，2024年 上市险企合计分红907.89亿元，同比增长20.21%。 2024年，受国家一系列重大政策利好等因素影响，资本市场回暖上涨，多家险企投资收益同比大幅增长，叠 加保险业务结构优化和规模增长，助推净利润同比大增。在此背景下，上市险企的分红方案也诚意满满。 五大上市险企中，中国平安分红总额最高。据悉，中国平安拟派发2024年末期股息每股现金人民币1.62元， 全年股息为每股现金人民币2.55元，同比增长近5%，年度现金分红总额461.74亿元。按归属于母公司股东的 净利润计算的现金分红比例为36.5%，分红总额连续13年增长。过去10年，中国平安累计分红高达3404.51亿 元；过去5年，中国平安的年度现金分红均超过了400亿元，现金分红总额年复合增长率达到4.3%。 新华保险的分红方案也颇为豪气。拟在2024年中期分红基础上，再向全体股东派发2024年末期现金股利 ...

Core Viewpoint - The insurance industry is shifting from scale expansion to value creation, with China Pacific Insurance (Group) Co., Ltd. undergoing significant management changes and reforms, raising concerns about its effectiveness and future prospects [1][3]. Financial Performance - In 2024, China Pacific Insurance achieved total revenue of 404.09 billion yuan, a year-on-year increase of 24.7%, with net profit attributable to shareholders reaching 44.96 billion yuan, up 64.9% [1][3]. - The group's investment return rate was 5.6%, reflecting a strategic focus on long-term macro trends and disciplined asset allocation [4][11]. Business Segments - For life insurance, the embedded value reached 421.84 billion yuan, a 4.9% increase year-on-year, with new business value growing by 20.9% to 13.26 billion yuan [3][4]. - In property insurance, the combined ratio was 98.6%, up 0.9 percentage points, attributed to increased natural disasters and significant claims [4][3]. Management Changes - The company has experienced frequent changes in its core management team, with new leadership emphasizing long-term development and strategic priorities focused on customer value [14][15]. - The new management team aims to implement a three-year high-quality development plan, prioritizing customer-centric strategies [3][15]. Strategic Initiatives - China Pacific Insurance plans to deepen its transformation through three main strategies: "Great Health," "Artificial Intelligence +," and "Internationalization," focusing on comprehensive health management and enhancing technological capabilities [15][3].

Financial Performance - For the year 2024, the group achieved operating revenue of CNY 404.09 billion, a year-on-year increase of 24.7%, with insurance service revenue at CNY 279.47 billion, up 5.0%[4] - The net profit attributable to shareholders reached CNY 44.96 billion, reflecting a significant year-on-year growth of 64.9%[4] - New business value for the year was CNY 13.26 billion, representing a year-on-year increase of 20.9%, with a new business value rate of 16.8%, up 3.5 percentage points[6] - The company reported a significant increase in investment income, reaching CNY 26.91 billion, a 281.5% increase compared to the previous year, driven by securities trading gains and increased dividends[16] - The company achieved total operating revenue of CNY 404.09 billion in 2024, a year-on-year increase of 24.7%, with insurance service revenue reaching CNY 279.47 billion, up 5.0% year-on-year[23] - Net profit for the group was CNY 44.96 billion, reflecting a significant year-on-year growth of 64.9%, while operating profit increased by 2.5% to CNY 34.43 billion[23] - The company reported a net profit for 2024 of CNY 35.821 billion, an increase of 83.4% year-on-year from CNY 19.532 billion[54] - The net profit attributable to the parent company's shareholders for 2024 reached RMB 44,960 million, a 64.9% increase from RMB 27,257 million in 2023, primarily due to increased investment income and fair value changes[139] Asset Management - The group’s total assets under management reached CNY 3,542.66 billion, an increase of 21.2% compared to the previous year[4] - The company’s total assets under the "buyback financial assets" category increased by 288.4% to CNY 10.91 billion, reflecting a substantial change due to timing factors[16] - The company reported total assets of CNY 2,834,907 million as of December 31, 2024, an increase from CNY 2,343,962 million in 2023, representing a growth of approximately 20.9%[199] - The total amount of reinsurance contract assets increased to RMB 46,081 million in 2024 from RMB 39,754 million in 2023, which is an increase of about 15.5%[199] - The company's total liabilities increased by 21.2% to CNY 2,516,426 million, also due to business growth[146] Investment Performance - The comprehensive investment return rate for the group was 6.0%, up 3.3 percentage points year-on-year[6] - The group’s investment asset comprehensive return rate was 6.0%, an increase of 3.3 percentage points compared to the previous year[23] - The total investment return rate increased to 5.6%, up from 2.6% in the previous year[32] - The total investment income surged to RMB 100.576 billion, representing a significant increase of 174.0% compared to RMB 36.708 billion in 2023[54] - The company achieved a net investment income of RMB 82.799 billion in 2024, a year-on-year increase of 6.5%, primarily due to growth in dividend and interest income[99] Customer Growth and Market Position - The number of customers reached 183 million by the end of 2024, an increase of 3.31 million from the previous year[23] - The number of individual customers for the group reached 181 million, an increase of 1.7% year-on-year[108] - The number of individual customers holding two or more policies increased to 41.93 million, a growth of 6.0%[109] - The company is committed to expanding its insurance coverage and improving service quality, particularly in the areas of health and elderly care insurance[21] Strategic Initiatives - The company plans to focus on strategic areas such as "AI+" and internationalization to drive high-quality development in the future[10] - The company aims to enhance its risk management capabilities in response to increasing climate change risks and the growing demand for health and elderly care services due to an aging population[10] - The company is advancing its internationalization strategy, establishing a strong presence in Hong Kong and expanding its overseas business and service networks[13] - The company plans to deepen its health and wellness strategy, focusing on commercial health insurance and enhancing online and offline service integration[12] ESG and Sustainability - The company’s ESG rating improved to AA, leading the domestic insurance industry, and it received the highest rating for information disclosure from the Shanghai Stock Exchange for 11 consecutive years[5] - The company has registered two green bond investment plans, aligning with its ESG strategy[106] - The company has signed multiple international sustainability agreements, achieving an MSCI ESG rating upgrade to AA in 2024[118] - The company has implemented a carbon footprint visualization platform and engaged over 53 million users in a low-carbon behavior incentive program across 333 cities[124] - The company has committed to sustainable development goals, integrating ESG principles into its corporate values and operational practices[115] Risk Management - The company aims to enhance its risk management capabilities and optimize its governance structure to ensure sustainable development and effective risk control[19] - The company has established reinsurance agreements with leading firms to mitigate concentration risk, ensuring robust risk management[152] - The company implemented ESG risk management policies, incorporating climate scenario analysis and stress testing into its risk management framework[135] Product and Service Innovation - The company continues to enhance its product innovation capabilities, focusing on health protection, retirement education, and wealth inheritance solutions[45] - The company is focusing on product and model innovation to support the construction of a modern industrial system, including the launch of multiple industry-first technology insurance products[20] - The company has developed 34 innovative green insurance products by the end of 2024, with green insurance coverage exceeding 147 trillion yuan[120] Financial Governance - The company’s board of directors includes both executive and non-executive members, ensuring a diverse governance structure[184] - The company maintained an external director ratio of 87% and a female director ratio of 27% in its board, enhancing decision-making and minority shareholder protection[133] - The company’s internal audit covered all levels of the organization, ensuring 100% coverage of senior management every three years[134]

Investment Rating - The report maintains a "BUY" rating for the company, with a revised 12-month target price of HK$35.5, implying a 0.5x FY24E P/Group EV and 1.1x FY24E P/BV [1][4]. Core Insights - The company reported a significant increase in NPAT, up 65.5% YoY to RMB38.3 billion, with 3Q NPAT growing 173.6% YoY to RMB13.2 billion, driven by increased investment income and net fair value gains [1]. - Headline NBV rose 37.9% YoY to RMB14.2 billion in 9M24, with 3Q NBV on a like-for-like basis surging 75.3% YoY to RMB5.2 billion, attributed to margin expansions and a recovery in regular-paid new business sales [1][4]. - The company expects strong par sales momentum to continue into FY25, with participating policy sales gaining traction prior to a settlement rate cut [1][4]. Financial Performance - For FY24, the company anticipates a 37% YoY increase in headline NBV and NPAT/OPAT growth of 57%/3% YoY [1]. - EPS forecasts for FY24-26 have been revised up by 29%/6%/3% to RMB4.45/3.93/4.25, reflecting a more certain outlook for profitability and NBV growth [1][4]. - The NBV margin is expected to rise to 23.0% in 3Q24, up 5.9 percentage points YoY, driven by elevated sales of floating interest rate products and strengthened regular-paid new sales [1][4]. Investment Income - The company reported net fair value gains of RMB21.2 billion in 3Q24, a significant recovery from a net loss of RMB7.25 billion in 3Q23, benefiting from a rally in the equity market [1][4]. - The net investment yield landed at 3.9% in 9M24, with total investment yield at 6.3%, showing a positive trend driven by the equity market performance [1][4]. Valuation Metrics - The stock is currently trading at 0.4x FY24E P/EV and 0.9x FY24E P/BV, which is above the 3-year historical average [1][4]. - The report indicates a target valuation of RMB260.6 billion, with an implied P/EV of 0.55x and an implied P/BV of 1.12x [5].

Investment Rating - The report maintains a "Buy" rating for the company, with a target price raised from HKD 25 to HKD 32, indicating a potential upside of 16.6% [1][2][4]. Core Insights - The company has shown robust earnings performance, with a significant year-on-year increase in net profit of 65.5% for the first three quarters, aligning with prior earnings forecasts [1]. - The new business value has increased by 37.9% year-on-year, with a new business value rate of 20.1%, up by 6.2 percentage points compared to the previous year [1][2]. - The individual insurance channel's quality continues to improve, with a 3.3% increase in premium scale, primarily driven by new business contributions from agents [1][2]. Financial Performance Summary - For the fiscal year ending December 31, 2022, the company reported total revenue of RMB 332,140 million, with a projected revenue of RMB 405,133 million for 2024, reflecting a year-on-year growth of 25.1% [3][9]. - The net profit for 2022 was RMB 37,381 million, with an expected increase to RMB 46,099 million in 2024, indicating a growth rate of 69.1% [3][9]. - The earnings per share (EPS) is projected to rise from RMB 3.89 in 2022 to RMB 4.79 in 2024, representing a significant increase [3][9]. Business Segment Insights - The property and casualty insurance segment saw a premium income growth of 7.7%, with a combined cost ratio of 98.7%, which is stable year-on-year but has increased by 1.6 percentage points compared to the first half of the year [2][5]. - Investment income has significantly increased, with total investment income rising to a rate of 4.7%, up by 2.3 percentage points year-on-year, primarily due to higher stock investment returns [2][5]. Valuation Metrics - The company’s price-to-earnings (P/E) ratio is projected to be 5.2 for 2024, indicating a favorable valuation compared to its historical performance [3][9]. - The price-to-embedded value (P/EV) is expected to be 0.4 in 2024, suggesting that the stock is undervalued relative to its embedded value [3][9].