[Table_Title] 证券研究报告 寿财负债质量持续提升，核心指标有望持续改 公司研究 善 [Table_ReportType] 点评报告 [Table_ReportDate] 2024年4月27日 [T中ab国le太_S保toc(k6A0n1d6R0an1k.]S H) [T事ab件le：_中Su国mm太ar保y]公 布2024年一季报，公司实现保险服务收入669.68亿元， 投资评级 买入 同比+2.4%，实现营业收入 954.28 亿元，同比+1.1%；实现归母净利润 117.59亿元，同比+1.1%；加权平均净资产收益率为4.6%，同比-0.3pct。 上次评级 买入 点评： [T王ab舫le朝_A u t h o非r]银 金融行业首席分析师 执业编号：S1500519120002 ➢ 负债端表现稳健，净利润同比正增长。1Q24 公司保险服务收入同比 联系电话：（010）83326877 +2.4%至 669.68 亿元，其中太保寿险和太保产险分别同比-5.1%和 邮 箱： wangfangzhao@cindasc.com +5.9%，实现净利润117.59亿元，同比+1.1%。 ➢ 寿险业务： ...

公司研 究 证 券研究 报 告 保险Ⅲ 2024年04月27日 中 国太保（601601）2024年一季报点评 推 荐 （维持） 目标价：35.35元 代理人渠道驱动 NBV 高增，净利润超预期 当前价：25.37元 事项： 华创证券研究所  公司发布2024年一季报。2024Q1公司实现归母净利润118亿元，同比+1.1%。 证券分析师：徐康 寿险方面，2024Q1实现新业务价值52亿元，同比+30.7%；产险方面，综合成 本率达到 98%，同比-0.4pct；投资端实现净/总投资收益率 0.8%/1.3%（未年 电话：021-20572556 化），同比持平/-0.1pct。 邮箱：xukang@hcyjs.com 评论： 执业编号：S0360518060005  量微增、价主驱，新业务价值高增。2024Q1 太保寿险实现规模保费 1060 亿 联系人：陈海椰 元，同比-2.3%，其中新保业务328亿元，同比+0.4%。2024Q1太保寿险实现 邮箱： chenhaiye@hcyjs.com 新业务价值52亿元，同比+30.7%，结合新单表现，预计新业务价值率有明显 改善，或主要来自于产品定价利率下调 ...

Financial Performance - In Q1 2024, the company achieved operating revenue of RMB 95,428 million, representing a year-on-year increase of 1.1%[4] - The net profit for Q1 2024 was RMB 11,759 million, also reflecting a growth of 1.1% compared to the same period in 2023[4] - The net profit excluding non-recurring gains and losses was RMB 11,752 million, which is an increase of 1.5% year-on-year[4] - Cash flow from operating activities reached RMB 49,887 million, marking a 1.1% increase from the previous year[4] - Total operating revenue for Q1 2024 reached RMB 95,428 million, a slight increase of 1.1% from RMB 94,386 million in Q1 2023[21] - Net profit for Q1 2024 was RMB 12,088 million, compared to RMB 11,888 million in the same period last year, marking an increase of 1.7%[21] - The company’s total expenses for Q1 2024 were RMB 81,356 million, an increase from RMB 79,474 million in Q1 2023, reflecting a rise of 2.4%[21] - Basic earnings per share for Q1 2024 were RMB 1.22, slightly up from RMB 1.21 in the same quarter last year[21] Asset and Equity Management - The total assets as of March 31, 2024, amounted to RMB 2,441,419 million, up 4.2% from December 31, 2023[4] - Shareholder equity increased to RMB 257,885 million, a rise of 3.3% compared to the end of 2023[4] - The total equity increased by RMB 8,567 million, from RMB 267,704 million to RMB 276,271 million, indicating a growth of about 3.2%[20] - The total equity of the company as of March 31, 2024, was RMB 140,988 million, up from RMB 140,279 million at the end of 2023[24] Insurance Revenue and Segments - Insurance service revenue for Q1 2024 was RMB 66,968 million, with a year-on-year growth of 2.4%[9] - The life insurance segment reported a revenue of RMB 20,859 million, down 5.1% year-on-year, while the property insurance segment saw a revenue of RMB 45,556 million, up 5.9%[9] - In Q1 2024, Taibao Life achieved a total premium income of RMB 105.95 billion, with new business value reaching RMB 5.19 billion, a year-on-year increase of 30.7%[11] - The agent channel generated a premium income of RMB 84.86 billion, with new business premium of RMB 16.12 billion, reflecting a year-on-year growth of 31.3%[12] - The bancassurance channel reported a premium income of RMB 12.38 billion, with new business premium declining by 21.8% to RMB 8.72 billion due to policy impacts[12] - Taibao Property Insurance recorded a premium income of RMB 62.49 billion, representing an 8.6% year-on-year growth, with motor vehicle insurance premiums at RMB 26.48 billion, up 2.2%[14] Investment Performance - The total investment assets of the group reached RMB 2,344.79 billion, an increase of 4.2% compared to the end of the previous year[15] - The net investment yield for Q1 2024 was 0.8%, remaining stable year-on-year, while the total investment yield was 1.3%, down by 0.1 percentage points[16] - The financial investments in trading assets amounted to RMB 611,910 million, up from RMB 581,602 million, which is an increase of approximately 5.2%[19] - The company reported a significant increase in repurchase financial assets, which rose to RMB 14,363 million from RMB 2,808 million, representing a growth of approximately 412.5%[19] Cash Flow and Liquidity - The company reported a total cash inflow from operating activities of RMB 138,027 million, slightly higher than RMB 137,315 million in Q1 2023[22] - Cash flow from investing activities showed a net inflow of RMB 617 million, a significant improvement from a net outflow of RMB 12,506 million in the previous year[22] - The net cash increase for the period was RMB 22,792 million, compared to RMB 7,151 million in Q1 2023, indicating a strong liquidity position[22] - The company experienced a foreign exchange impact of RMB 9 million on cash and cash equivalents, contrasting with a loss of RMB 129 million in Q1 2023[22] Comprehensive Income and Other Metrics - The total comprehensive income for Q1 2024 was RMB 8,564 million, down from RMB 18,478 million in the same period last year, primarily due to changes in fair value of financial instruments[21] - Other comprehensive income after tax for Q1 2024 was RMB 325 million, significantly higher than RMB 28 million in Q1 2023[26] - The company recorded a cash inflow from investment activities of RMB 345 million in Q1 2024, down from RMB 6,047 million in Q1 2023[27] Strategic Initiatives - The company is focusing on high-quality development and enhancing customer service experience as part of its strategic transformation initiatives[10] - The group is actively pursuing innovation in financial services, including green finance and inclusive finance, to meet evolving market demands[13] - The underwriting comprehensive cost ratio for Taibao Property Insurance was 98.0%, a decrease of 0.4 percentage points year-on-year, indicating improved cost management[13]

偿付能力季度报告摘要节录 太平洋安信农业保险股份有限公司 Pacific Anxin Agricultural Insurance Co., Ltd. 2024 年第 1 季度 公司简介和报告联系人 | 公司名称： | 太平洋安信农业保险股份有限公司 | | --- | --- | | 公司英文名称： | Pacific Anxin Agricultural Insurance | | | Company Limited | | 法定代表人： | 宋建国 | | 注册地址： | 上海市静安区共和新路 号 3651 | | 注册资本： | 10.8 亿元人民币 | | 经营保险业务许可证号： | 00000089 | | 开业时间： | 二零零四年九月 农业保险；财产损失保险；责任保险；法 | | | 定责任保险；信用保险和保证保险；短期 | | | 健康保险和意外伤害保险；其他涉及农 | | 经营范围： | 村、农民的财产保险业务；上述业务的再 | | | 保险业务；保险兼业代理业务[依法须经 | | | 批准的项目，经相关部门批准后方可开展 | | | 经营活动，具体经营项目以相关部门批准 | | | 文件 ...

偿付能力季度报告摘要节录 太平洋健康保险股份有限公司 Pacific Health Insurance Co., Ltd. 2024 年第 1 季度 公司简介和报告联系人 | 公司名称（中文）： | 太平洋健康保险股份有限公司 | | --- | --- | | 公司名称（英文）： | Pacific Health Insurance Co., Ltd. | | 法定代表人： | 马欣 | | 注册地址： | 中国（上海）自由贸易试验区世纪大道 1229 | | | 号世纪大都会 1 号楼 13 楼 | | 注册资本： | 亿元人民币 36 | | 经营保险业务许可证号： | 00000117 | | 开业时间： | 二零一四年十二月 | | 经营范围： | 各种人民币和外币的健康保险业务、意外伤 | | | 害保险业务；与国家医疗保障政策配套、受 | | | 政府委托的健康保险业务；上述业务的再保 | | | 险业务；与健康保险有关的咨询服务业务及 | | | 代理业务；国家法律、法规允许的保险资金 | | | 运用业务；中国保监会批准的其他业务。 | | 经营区域： | 上海市、北京市、广东省和四川省 | ...

偿付能力季度报告摘要节录 中国太平洋人寿保险股份有限公司 China Pacific Life Insurance Co., Ltd. 2024 年第 1 季度 公司简介和报告联系人 | 公司名称： | 中国太平洋人寿保险股份有限公司 | | --- | --- | | 公司英文名称： | China Pacific Life Insurance Co., Ltd. | | 法定代表人： | 潘艳红 | | 注册地址： | 上海市黄浦区寿宁路 71 号 | | 注册资本： | 亿元人民币 86.282 | | 经营保险业务许可证号： | 000015 | | 开业时间： | 二零零一年十一月 | | | 承保人民币和外币的各种人身保险业务，包括人寿保 | | | 险、健康保险、意外伤害保险等业务，办理上述业务的 | | | 再保险业务，办理各种法定人身保险业务，与国内外保 | | | 险及有关机构建立代理关系和业务往来关系，代理外国 | | 经营范围： | 保险机构办理对损失的鉴定和理赔业务及其委托的其他 | | | 有关事宜，《保险法》及有关法律、法规规定的资金运 | | | 用业务，经批准参加国际保险活动 ...

偿付能力季度报告摘要节录 中国太平洋财产保险股份有限公司 China Pacific Property Insurance Company Limited 2024 年 1 季度 公司简介和报告联系人 | 公司名称（中文）： | 中国太平洋财产保险股份有限公司 | | --- | --- | | 公司名称（英文）： | China Pacific Property Insurance Company | | | Limited | | 法定代表人： | 顾越 | | 注册地址： | 中国（上海）自由贸易试验区银城中路 190 号 | | | 交银大厦南楼 | | 注册资本： | 199.48 亿元人民币 | | 经营保险业务许可证号：000014 | | | 开业时间： | 二零零一年十一月 | | 经营范围： | 财产损失保险；责任保险；信用保险和保证保 | | | 险；短期健康保险和意外伤害保险；上述保险 | | | 业务的再保险业务；国家法律、法规允许的保 | | | 险资金运用业务；经中国保监会批准的其他业 | | | 务。 | | 经营区域： | 中华人民共和国境内(港、澳、台地区除外) | | 报 ...

Financial Performance - In Q1 2024, China Pacific Insurance achieved operating revenue of RMB 95,428 million, a year-on-year increase of 1.1%[4] - The net profit for Q1 2024 was RMB 11,759 million, also reflecting a growth of 1.1% compared to the same period in 2023[4] - The net cash flow from operating activities reached RMB 49,887 million, marking a 1.1% increase year-on-year[4] - Total revenue for Q1 2024 reached RMB 95,428 million, a slight increase of 1.1% compared to RMB 94,386 million in Q1 2023[21] - Net profit for Q1 2024 was RMB 12,088 million, compared to RMB 11,888 million in the same period last year, representing an increase of 1.7%[21] - The total comprehensive income for Q1 2024 was RMB 8,564 million, down from RMB 18,478 million in the same quarter last year[21] Assets and Liabilities - The total assets as of March 31, 2024, amounted to RMB 2,441,419 million, up 4.2% from the end of 2023[4] - Total liabilities increased to RMB 2,165,148 million from RMB 2,076,258 million, reflecting a rise of 4.3%[20] - The total assets as of March 31, 2024, were RMB 144,964 million, an increase from RMB 143,846 million at the end of 2023[23] - The total liabilities as of March 31, 2024, were RMB 3,976 million, an increase from RMB 3,567 million at the end of 2023[23] Shareholder Equity - Shareholder equity increased to RMB 257,885 million, representing a 3.3% rise compared to December 31, 2023[4] - The company's equity attributable to shareholders reached RMB 257,885 million, up from RMB 249,586 million, indicating a growth of 3.3%[20] Revenue Segments - Insurance service revenue for Q1 2024 was RMB 66,968 million, with a year-on-year growth of 2.4%[8] - The life insurance segment reported a revenue of RMB 20,859 million, a decline of 5.1% year-on-year[8] - The property insurance segment generated RMB 45,556 million in revenue, reflecting a growth of 5.9% compared to the previous year[8] - The property insurance segment recorded a premium income of RMB 62.49 billion, an increase of 8.6% year-on-year[13] Premium Income - In Q1 2024, China Pacific Insurance achieved a total premium income of RMB 105.95 billion, a decrease of 2.3% year-on-year[11] - The agent channel generated a premium income of RMB 84.86 billion, with new business premiums of RMB 16.12 billion, up 31.3% year-on-year[11] - The bancassurance channel reported a premium income of RMB 12.38 billion, with new business premiums declining by 21.8% to RMB 8.72 billion[11] - The group insurance channel achieved a premium income of RMB 8.65 billion, with new business premiums increasing by 45.5% to RMB 0.59 billion[10] Investment Performance - The net investment return rate for Q1 2024 was 0.8%, remaining stable compared to the previous year[15] - The total investment return rate decreased by 0.1 percentage points to 1.3% year-on-year[15] - The company reported an investment loss of RMB 1,547 million, contrasting with an investment income of RMB 1,100 million in the previous year[21] Other Financial Metrics - The weighted average return on net assets was 4.6%, a decrease of 0.3 percentage points compared to the previous year[4] - The comprehensive cost ratio for property insurance was 98.0%, a decrease of 0.4 percentage points year-on-year[12] - The fair value change income was RMB 15,104 million, compared to RMB 12,198 million in Q1 2023, showing an increase of 23.7%[21] Strategic Focus - The company is focusing on high-quality development and enhancing customer service through various strategic initiatives[9]

经与会董事审议并现场表决，形成以下会议决议： 一、审议并通过了《关于<中国太平洋保险（集团）股份有限公司 2024 年第 一季度报告>的议案》 本公司董事会审计与关联交易控制委员会已审核通过该项议案。 具体内容详见于上海证券交易所网站（www.sse.com.cn）披露的本公司 2024 年第一季度报告。 表决结果：赞成 13 票，反对 0 票，弃权 0 票。 证券代码：601601 证券简称：中国太保 公告编号：2024-023 重要提示 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国太平洋保险（集团）股份有限公司 第十届董事会第三次会议决议公告 本公司第十届董事会第三次会议通知于 2024 年 4 月 12 日以书面方式发出， 并于 2024 年 4 月 26 日在厦门召开。会议由傅帆董事长主持。应出席会议的董事 13 人，亲自出席会议的董事 13 人。本公司监事、部分高级管理人员和董事会秘 书列席了会议。本次董事会会议出席人数符合法定人数要求，会议召开符合《公 司法》及《公司章程》的有关规定。 二、审议并通过了《关 ...

证券代码：601601 证券简称：中国太保 公告编号：2024-024 重要提示 1. 本公司 2024 年第一季度报告的编制和审核程序符合法律、行政法规和 《公司章程》的规定； 2. 本公司 2024 年第一季度报告内容真实、准确、完整地反映了公司的实际 情况； 3. 在提出本意见前，未发现参与 2024 年第一季度报告编制和审议的人员有 违反保密规定的行为。 表决结果：赞成 3 票，反对 0 票，弃权 0 票。 本公司监事会及全体监事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 中国太平洋保险（集团）股份有限公司 第九届监事会第二十五次会议决议公告 本公司第九届监事会第二十五次会议通知于 2024 年 4 月 12 日以书面方式发 出，并于 2024 年 4 月 26 日在厦门召开。会议由监事会主席朱永红主持。应出席 会议的监事 3 人，亲自出席会议的监事 3 人。本公司部分高级管理人员列席了会 议。本次监事会会议出席人数符合法定人数要求，会议召开符合《公司法》及《公 司章程》的有关规定。 经与会监事审议并现场表决，形成以下会议决议： 一、审 ...