Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Pacific Insurance (601601.SH, 2601.HK) with current prices at 23.72 RMB and 13.70 HKD respectively [1]. Core Views - The transformation of China Pacific Insurance is showing positive results, with a focus on both scale and value. The company is advancing its "Long Voyage" transformation strategy, enhancing its core capabilities and channel development to achieve balanced growth and stable value increase [8]. Summary by Sections Financial Performance - In 2023, China Pacific Insurance reported operating revenue of 323.95 billion RMB, a decrease of 2.5% year-on-year. The net profit attributable to shareholders was 27.26 billion RMB, down 27.1% year-on-year. The operating profit attributable to shareholders was 35.52 billion RMB, a slight decrease of 0.4% year-on-year. The weighted average ROE was 11.4%, down 7.8 percentage points year-on-year. The new business value (NBV) reached 10.96 billion RMB, an increase of 19.1% year-on-year (30.8% on a comparable basis) [5][6]. Business Segments - **Life Insurance**: The company is seeing a steady improvement in its sales force, with a monthly average of 210,000 insurance agents, down 24.7% year-on-year. The average monthly first-year premium per core agent increased by 26.6% year-on-year to 44,000 RMB. The NBV for 2023 grew by 30.8% on a comparable basis, driven by both volume and price increases [6][7]. - **Property Insurance**: The company achieved a property insurance premium income of 188.34 billion RMB, up 11.4% year-on-year. The non-auto insurance premium increased by 19.3%, indicating a positive shift in business structure [8]. Investment Returns - The net investment yield was 4.0%, down 0.3 percentage points year-on-year, while the total investment return was 2.6%, down 1.5 percentage points year-on-year. The decline in investment returns contributed to the significant drop in net profit [5][8]. Future Outlook - The report anticipates that the company will maintain a good growth trend in NBV in 2024, supported by ongoing improvements in core human productivity and the value contribution from the bancassurance channel. The projected net profit for 2024 is expected to be 34.3 billion RMB, with a steady increase in subsequent years [8][9].

Investment Rating - The investment rating for the company is "Buy" (maintained) with a market price of 23.00 [1] Core Insights - The company's profit and value growth met expectations, with a significant improvement in core human productivity in life insurance and rapid growth in non-auto insurance premiums, indicating overall stable operational performance [5][9] - The report highlights a decrease in long-term investment return assumptions and risk discount rates, leading to a slight increase in the embedded value (EV) of the group and life insurance segments [5] Summary by Sections Overall Performance - The company's net profit for the year was 27.3 billion yuan, a year-on-year decrease of 27.1%, with a fourth-quarter net profit of 4.11 billion yuan, down 39.3% year-on-year [5] - The operating profit attributable to shareholders was 35.5 billion yuan, a slight decrease of 0.4% year-on-year [5] - The net asset attributable to shareholders was 249.6 billion yuan, an increase of 27.0% from the beginning of the year [5] Life Insurance - New premium scale for life insurance increased by 3.7% year-on-year, with individual insurance and bank insurance growing by 14.2% and 3.6% respectively [6] - The average monthly productivity of core agents increased by 26.6% year-on-year, indicating a significant enhancement in human productivity [6] Property Insurance - The property insurance segment reported an underwriting profit of 4.14 billion yuan, a decrease of 15.6% year-on-year, with total premium income of 188.3 billion yuan, up 11.4% year-on-year [7] - The combined cost ratio for property insurance was 97.7%, reflecting a slight increase of 0.8 percentage points year-on-year [7] Investment - The total investment asset scale reached 2,250.1 billion yuan, an increase of 15.0% from the beginning of the year, with a significant allocation to bonds [8] - The net investment yield was 4.0%, a decrease of 0.3 percentage points year-on-year, while the total investment yield was 2.6%, down 1.5 percentage points year-on-year [8] Earnings Forecast - The forecast for earnings per share (EPS) for 2024-2026 is adjusted to 3.09, 3.77, and 4.23 respectively, with year-on-year growth rates of 9.2%, 21.7%, and 12.2% [9]

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2]. Core Views - The report highlights that China Pacific Insurance (CPIC) reported a net profit attributable to shareholders of 27.3 billion yuan for the year, a year-on-year decrease of 27.1%. The fourth quarter net profit was 4.11 billion yuan, down 39.3% year-on-year. The operating profit attributable to shareholders was 35.5 billion yuan, a slight decrease of 0.4% year-on-year [6]. - The report indicates that the company's net asset value (NAV) reached 249.6 billion yuan, an increase of 27.0% from the beginning of the year and up 4.6% from the end of the third quarter. The return on equity (ROE) was 11.4%, down 7.7 percentage points year-on-year [6]. - The report also notes that the company maintained a stable dividend of 1.02 yuan per share, with a dividend payout ratio of 36.0% based on net profit, a decrease of 3.9 percentage points year-on-year [6]. - The report projects that the company's embedded value (EV) and new business value (NBV) will be impacted by adjustments in long-term investment return assumptions and risk discount rates [6]. Summary by Relevant Sections Financial Performance - The total revenue for 2023 is projected to be 323.9 billion yuan, a decrease of 2.47% year-on-year, with a net profit of 27.3 billion yuan, down 27.08% year-on-year. The earnings per share (EPS) is expected to be 2.83 yuan [7]. - The embedded value (EV) for 2023 is estimated at 55.04 yuan, with a projected increase to 60.59 yuan in 2024 [7]. Business Segments - In the life insurance segment, the new business value (NBV) reached 11 billion yuan, a year-on-year increase of 19.1%. The individual insurance and bank insurance NBV grew by 8.8% and 115.6% respectively [6]. - The property insurance segment reported a premium income of 188.3 billion yuan, an increase of 11.4% year-on-year, with a combined ratio of 97.7%, which is better than the industry average [6]. Investment Strategy - The company has significantly increased its allocation to bonds, with total investment assets reaching 2.25 trillion yuan, a 15.0% increase from the beginning of the year. The net investment income for the year was 77.7 billion yuan, up 2.3% year-on-year [6]. - The report emphasizes that the valuation remains low, with a projected price-to-embedded value (P/EV) of 0.38x for 2024, and a reasonable value range of 33.33 to 36.36 yuan per share [6].

Investment Rating - The report maintains an "Accumulate" rating for China Pacific Insurance (601601) with a target price of 35.60 RMB per share, down from the previous forecast of 41.86 RMB [1][3][9]. Core Insights - The company's net profit attributable to shareholders for 2023 is expected to decline by 27.1%, primarily due to reduced investment income from capital market fluctuations. The operating profit after tax (OPAT) is projected to decrease by 0.4%, aligning with expectations [3]. - The report highlights a significant growth in new business value (NBV) driven by both individual insurance and bank insurance channels, with a reported increase of 30.8% (pre-adjustment) and 19.1% (post-adjustment) for 2023 [3]. - The report notes that the company is focusing on shareholder returns while navigating the challenges posed by market volatility [3]. Financial Summary - The net profit attributable to shareholders for 2022 was 37,381 million RMB, which is expected to drop to 27,257 million RMB in 2023, followed by a recovery to 33,135 million RMB in 2024 [3][13]. - Total assets increased from 2,071,336 million RMB in 2022 to 2,343,962 million RMB in 2023, with a projected growth to 2,620,096 million RMB in 2024 [3][13]. - The report indicates a stable dividend of 1.02 RMB per share for 2023, maintaining a dividend payout ratio of 27.6% [3]. Investment Structure - The investment structure shows a significant allocation to fixed-income assets, which accounted for 79.5% of total investments in 2023, while equity investments decreased to 3.4% [3][18]. - The net investment yield for 2023 is projected at 4.0%, reflecting a slight decline from previous years due to market conditions [3][18]. Business Performance - The report emphasizes the stable underwriting profitability in property insurance, with a combined ratio of 97.7% for 2023, indicating a slight increase from the previous year [3][19]. - The individual insurance channel's new business value increased by 8.8% in 2023, driven by strong demand for savings products [3][17]. Market Position - China Pacific Insurance is recognized as a leading comprehensive insurance group in China, focusing on customer demand and strategic transformation to enhance value growth across its insurance segments [1][9].

公司快报 2024 年 04 月 01 日 中 国太保(601601.SH) 证券研究报告 长航转型持续深化，NBV 亮眼业绩符合预期 保险Ⅲ 投资评级 买入-A ■事件：公司披露2023年年报，全年实现归母净利润273亿元（YoY-27.1%）， 维持评级 归母营运利润 355亿元（YoY-0.4%）；太保寿险实现保险服务收入855亿元 （YoY-3.5%），太保产险实现保险服务收入1771亿元（YoY+11.8%）。 6 个月目标价 29.17元 股价 (2024-03-29) 23.00元 ■NBV表现亮眼，核心人力产能持续提升。受储蓄型产品销售旺盛影响，公 司寿险新保同比+3.7%，NBV Margin同比+1.7pct至13.3%，带动新业务价 交易数据 值同比+19.1%。代理人方面，公司坚定推进“三化五最”的职业营销转型， 总市值(百万元) 221,267.85 “芯”基本法有效落地，2023年公司月均代理人为21万人（YoY-24.7%）， 流通市值(百万元) 157,435.95 月均举绩率为 67.9%（YoY+4.5pct），核心人力月人均新单规模保费达4.35 总股本(百万股) 9,6 ...

公司报告 | 年报点评报告 中国太保（601601） 证券研究报告 2024年04月 01日 投资评级 中国太保 23 年报点评：个银双轮驱动，渠道转型领先 行业 非银金融/保险Ⅱ 背景下看好未来进一步夯实竞争优势 6个月评级 买入（维持评级） 当前价格 23元 投资端拖累24年净利润表现。2023A 公司实现归母净利润 272.6 亿元，同 目标价格 元 比-27.1%（已追溯I17准则）；投资收益大幅下滑是拖累公司23年全年业绩 的主因，公司 23 年实现净投资收益/总投资收益分别为 777/522 亿元，同 基本数据 比+2.3%/-28.3%；2023A 公司净投资/总投资/综合投资收益率分别为 A股总股本(百万股) 6,845.04 4.0%/2.6%/2.7%，较2022年同期分别-30bp/-150bp/+40bp，公司2023年应 流通A股股本(百万股) 6,845.04 用IFRS9 新金融工具准则后，权益市场波动对当期报表净利润的冲击程度扩 大是总投资收益大幅下滑的原因。 A股总市值(百万元) 157,435.95 流通A股市值(百万元) 157,435.95 个险银保双轮驱动推动NBV正 ...

公司研 究 证 券研究 报 告 保险Ⅲ 2024年03月31日 中 国太保（601601）2023年报点评 推 荐 （维持） 银保助力 NBV 稳增，产险增速跑赢同业 目标价：35.35元 当前价：23.00元 事项： 华创证券研究所 ❖ 公司发布2023年报。2023年，公司实现归母净利润273亿元，同比-27.1%； 证券分析师：徐康 实现归母营运利润355亿元，同比-0.4%。寿险实现新业务价值 110亿元，同 比+19.1%，新业务价值率同比+1.7pct 至 13.3%；产险承保综合成本率同比 电话：021-20572556 +0.7pct至97.7%。截至2023年末，公司内含价值达到5295亿元，同比+1.9%。 邮箱：xukang@hcyjs.com 2023 年，实现净/总/综合投资收益率 4.0%/2.6%/2.7%，同比-0.3pct/- 执业编号：S0360518060005 1.5pct/+0.4pct。拟派发每股股利1.02元（含税）。 联系人：陈海椰 评论： 邮箱： chenhaiye@hcyjs.com ❖ 量质双优，NBV稳增。太保寿险2023年实现规模保费2528亿元，同比 ...

Investment Rating - The report maintains a "Buy" rating for the company with a target price of 40.00 CNY [4]. Core Views - The company achieved a Net Benefit Value (NBV) of 10.962 billion CNY, representing a year-on-year increase of 19.1%. However, the net profit attributable to shareholders decreased by 27.1% to 27.257 billion CNY due to a significant drop in investment income [1][2]. - The company's operational profit remained stable, with a slight decrease of 0.4% year-on-year, indicating resilience in its operational performance despite external pressures [1]. - The company’s investment income faced challenges, declining by 90.9% to 7.053 billion CNY, primarily due to accounting standard changes and market volatility [2]. Summary by Sections Financial Performance - The company reported total revenue of 323.945 billion CNY in 2023, a decrease of 2.5% compared to 2022. The net profit attributable to shareholders was 27.257 billion CNY, down 27.1% year-on-year [3]. - The embedded value (EV) at the end of 2023 was 529.493 billion CNY, reflecting a 1.9% increase from the beginning of the year [3]. Business Segments - The life insurance segment achieved an NBV of 10.962 billion CNY, with a year-on-year growth of 19.1%. The new business income was 82.876 billion CNY, up 2.4% year-on-year [1]. - The property insurance segment reported premium income of 188.342 billion CNY, an increase of 11.4% year-on-year, with a combined ratio (COR) of 97.7%, indicating strong underwriting profitability [2]. Future Outlook - The report forecasts net profits for 2024, 2025, and 2026 to be 31.127 billion CNY, 35.030 billion CNY, and 38.911 billion CNY, respectively, with expected growth rates of 14%, 12.5%, and 11.1% [2][3]. - The company is expected to benefit from a recovery in external markets, which may improve investment income moving forward [2].

非银金融/保险Ⅱ 公 司 研 中国太保（601601.SH） 寿险质效改善明显，全年承保利润表现稳健 究 2024年03月28日 ——中国太保 2023 年点评 投资评级：买入（维持） 高超（分析师） 吕晨雨（分析师） 唐关勇（联系人） gaochao1@kysec.cn lvchenyu@kysec.cn tangguanyong@kysec.cn 证 书编号：S0790520050001 证书编号：S0790522090002 证书编号：S0790123070030 日期 2024/3/28  寿险质效改善明显，承保利润同比转正，维持“买入”评级 当前股价(元) 22.62 公司披露2023年，2023新/旧假设NBV分别109.6/120.4亿元，分别较2022年 公 一年最高最低(元) 35.38/21.27 同比+19.1%/+30.8%；新准则下归母净利润 272.6亿元、同比-27.1%，承保利润/ 司 信 总市值(亿元) 2,176.12 投资利润分别+2.8%/-60.8%，权益市场波动拖累全年净利润。考虑公司寿险个险 息 流通市值(亿元) 1,548.35 渠道转型深化，银保渠道高增且交 ...

证券研究报告·公司点评报告·保险Ⅱ 中国太保（601601） 2023年报点评：NBV连续6个季度同比改善， 2024 年 03月 29日 关注分红率恢复提升空间 证券分析师 胡翔 买入（维持） 执业证书：S0600516110001 021-60199793 盈[T 利ab 预le_ 测EP 与S 估] 值 2022A 2023A 2024E 2025E 2026E hux@dwzq.com.cn 证券分析师 葛玉翔 归母净利润（百万元） 37,381 27,257 30,343 37,558 42,926 同比增长率（%） 39% -27.1% 11% 24% 14% 执业证书：S0600522040002 新业务价值（百万元） 9,205 10,962 11,999 13,313 14,112 021-60199761 新业务价值增长率（%） -31% 19.1% 9% 11% 6% geyx@dwzq.com.cn 每股内含价值（元/股） 54.01 55.04 58.65 63.01 67.15 研究助理 罗宇康 P/EV 0.42 0.41 0.39 0.36 0.34 执业证书：S0600123 ...