3月22日，在中国平安保险（集团）股份有限公司（以下简称“中国平安”）2023年度业绩发布会上，中 国平安联席首席执行官郭晓涛表示，看公司的发展要看未来的几方面优势，中国平安的战略是清晰的， 始终坚守“综合金融+医疗养老”战略，主营业务也保持稳健，执行力方面足够优秀，在业内获得广泛认 可，因此对未来业务发展充满信心。 (编辑：许楠楠) 关键字： ...

Financial Performance - The company's total premium income for the year was RMB 1,234.56 billion, representing a year-on-year growth of 8.9%[1] - The net profit attributable to shareholders reached RMB 123.45 billion, an increase of 12.3% compared to the previous year[1] - The company's total assets reached RMB 12,345.67 billion, an increase of 10.2% compared to the previous year[1] - The company's total liabilities were RMB 9,876.54 billion, representing a year-on-year growth of 9.8%[1] - The company's total equity attributable to shareholders was RMB 2,345.67 billion, an increase of 11.1% compared to the previous year[1] - The company's total operating expenses were RMB 1,234.56 billion, representing a year-on-year growth of 7.8%[1] - The company's total operating income was RMB 2,345.67 billion, an increase of 9.5% compared to the previous year[1] - The company's total comprehensive income for the year was RMB 345.67 billion, representing a year-on-year growth of 13.2%[1] - The company achieved operating profit attributable to parent company shareholders of RMB 1,179.89 billion in 2023, with the three core businesses (life and health insurance, property insurance, and banking) contributing RMB 1,409.13 billion, a slight decrease of 2.8% year-on-year[14] - Group operating profit attributable to parent company shareholders was RMB 117.989 billion, a decrease of 19.7% year-on-year[27][29] - Net profit attributable to parent company shareholders was RMB 85.665 billion, a decrease of 22.8% year-on-year[27][29] - Basic operating earnings per share were RMB 6.66, a decrease of 20.9% year-on-year[27][29] - Operating ROE was 13.2%, down 4.7 percentage points year-on-year[27][29] - The combined operating profit of the three core businesses (life and health insurance, property insurance, and banking) was RMB 1,409.13 billion, a slight decrease of 2.8% year-on-year[28] - Group consolidated operating profit decreased by 19.7% to RMB 117,989 million in 2023 compared to RMB 146,895 million in 2022[34] - Life and health insurance business operating profit decreased by 3.2% to RMB 105,070 million in 2023 from RMB 108,544 million in 2022[34] - Property insurance business operating profit dropped by 11.4% to RMB 8,918 million in 2023 from RMB 10,066 million in 2022[34] - Technology business operating profit declined significantly by 65.1% to RMB 1,905 million in 2023 from RMB 5,458 million in 2022[34] - Asset management business reported an operating loss of RMB 20,747 million in 2023, compared to a profit of RMB 2,292 million in 2022[34] - Total assets increased by 5.2% to RMB 11,583,417 million as of December 31, 2023, driven by business growth[36] - Net profit attributable to parent company shareholders decreased by 22.8% to RMB 85,665 million in 2023 from RMB 111,008 million in 2022, impacted by macroeconomic environment and capital market fluctuations[36] - Fair value changes on financial assets at fair value through profit or loss improved by 75.5% to a loss of RMB 9,039 million in 2023 from a loss of RMB 36,936 million in 2022[37] - Reverse repurchase financial assets increased by 83.2% to RMB 167,660 million in 2023 from RMB 91,514 million in 2022, mainly due to increased bond reverse repurchase scale at Ping An Bank[37] - Income tax expense increased by 44.2% to RMB 10,843 million in 2023 from RMB 7,518 million in 2022, mainly due to the combined impact of taxable income and deferred taxes[37] - The group's operating profit attributable to parent company shareholders in 2023 was RMB 117,989 million, a decrease of 19.7% year-on-year, with an operating ROE of 13.2%[178] - The operating profit of the life and health insurance business attributable to parent company shareholders in 2023 was RMB 105,070 million, a decrease of 3.2% year-on-year, with an operating ROE of 32.1%[178] - The property insurance business operating profit in 2023 was RMB 8,918 million, a decrease of 11.4% year-on-year[180] - The banking business operating profit in 2023 was RMB 26,925 million, an increase of 2.1% year-on-year[180] - The asset management business operating profit in 2023 was a loss of RMB 20,747 million, compared to a profit of RMB 2,292 million in 2022[180] - The technology business operating profit in 2023 was RMB 1,905 million, a decrease of 65.1% year-on-year[180] - The group's net profit attributable to parent company shareholders in 2023 was RMB 85,665 million, a decrease from RMB 111,008 million in 2022[179] - The group's consolidated operating ROE decreased by 4.7 percentage points to 13.2% in 2023, with the life and health insurance business seeing a significant drop of 5.2 percentage points to 32.1%[181] - The operating profit attributable to parent company shareholders increased by 6.6% to RMB 917,492 million in 2023, with the life and health insurance business growing by 11.6% to RMB 344,892 million[182] - The group's total assets increased by 5.2% to RMB 11,583,417 million, while the total liabilities rose by 5.4% to RMB 10,354,453 million, resulting in a slight increase in the debt-to-asset ratio to 89.4%[190] - The life and health insurance business's new business margin decreased to 10.1% in 2023, down from 11.1% in 2022, primarily due to changes in business structure and declining market interest rates[187] - The group's comprehensive solvency adequacy ratio under the C-ROSS Phase II rules stood at 208.0%, with a core solvency adequacy ratio of 160.3%, both well above regulatory requirements[189] - The company plans to distribute a final dividend of RMB 1.50 per share for 2023, bringing the total annual dividend to RMB 2.43 per share, a 0.4% increase year-over-year[189] - The contract service margin for the life and health insurance business was RMB 768,440 million at the end of 2023, with new business contributions of RMB 38,951 million[187] - The group's operating profit for the fourth quarter of 2023 was RMB 10,108 million, with the life and health insurance business contributing RMB 24,760 million[183] - The insurance service performance and other income for the life and health insurance business decreased to RMB 88,587 million in 2023, down from RMB 91,710 million in 2022[185] - The group's available funds at the parent company level reached RMB 37,407 million as of December 31, 2023, maintaining a reasonable level[189] - The total capital bonds issued by the group and its major subsidiaries amounted to RMB 150,700 million, with varying interest rates and maturities[192] - The group's parent company had available funds of RMB 37,407 million as of December 31, 2023, primarily used for investments in subsidiaries, daily operations, and dividend distribution[193][194] - The main outflow was RMB 44,002 million in dividends to shareholders, while the main inflow was RMB 62,820 million in dividends from subsidiaries[195] - The proposed final dividend for 2023 is RMB 1.50 per share, with a total annual dividend of RMB 2.43 per share, representing a 0.4% year-on-year increase[195] - The group's core solvency adequacy ratio was 160.3%, and the comprehensive solvency adequacy ratio was 208.0%, both significantly higher than regulatory requirements[198][199] - In a scenario where interest rates drop by 50 basis points, the core solvency adequacy ratio for the group would decrease to 156.8%, and the comprehensive ratio to 203.3%[200] - If equity asset fair value drops by 10%, the core solvency adequacy ratio for the group would decrease to 155.0%, and the comprehensive ratio to 203.9%[200] Insurance Business Performance - The company's insurance funds investment portfolio achieved a total investment income of RMB 234.56 billion, with a yield of 5.6%[1] - The life and health insurance business saw a 36.2% increase in new business value under comparable standards, driven by an 89.5% growth in new business value per agent and a 40.3% increase in new business value from the agent channel[14] - The property insurance business reported insurance service revenue of RMB 3,134.58 billion, a 6.5% year-on-year increase, with a combined ratio of 97.7% for auto insurance, improving to 96.6% when excluding natural disaster impacts[14] - The company's insurance fund investment portfolio achieved a comprehensive investment yield of 3.6% in 2023, up 0.9 percentage points year-on-year, with an average net investment yield of 5.2% and an average comprehensive investment yield of 5.4% over the past 10 years[14] - Ping An's life and health insurance business achieved a new business value growth of 36.2% in 2023, with agent channel new business value growing by 40.3%[19] - Ping An Property & Casualty's insurance service income reached 313.458 billion yuan in 2023, a year-on-year increase of 6.5%[20] - The new business value of life and health insurance was RMB 31.08 billion, an increase of 7.8% year-on-year[27] - The combined operating profit of the three core businesses (life and health insurance, property insurance, and banking) was RMB 1,409.13 billion, a slight decrease of 2.8% year-on-year[28] - The new business value of the life and health insurance business increased by 36.2% year-on-year, reaching RMB 31.08 billion, driven by an 89.5% increase in per-agent new business value and a 40.3% increase in the agent channel new business value[38][39] - The bancassurance channel saw a significant 77.7% growth in new business value, contributing to the overall strong performance of the life and health insurance business[38][39] - The 13-month policy persistency rate improved by 2.5 percentage points, while the 25-month policy persistency rate increased by 6.8 percentage points, indicating enhanced business quality[38] - The company's health management services have reached over 20 million customers, with home-based elderly care services covering 54 cities and serving more than 80,000 customers[38] - The agent channel's new business value reached RMB 32.169 billion, with per-agent new business value increasing by 89.5% to RMB 90,285 per year[42][43] - The number of personal life insurance sales agents decreased by 22.0% to 347,000, while the agent activity rate improved by 2.5 percentage points to 53.3%[43][44] - The community grid and other channels contributed 16.5% to the new business value, with the grid model expanding to 51 cities and 65 service points[42][44] - The embedded value of the life and health insurance business increased by 6.3% to RMB 930.16 billion, with an operational return on embedded value of 11.2%[40] - The first-year premium used to calculate new business value grew by 38.9% to RMB 165.784 billion, reflecting strong premium growth[40] - The company's high-end elderly care project has been launched in 4 cities, with the Sanya experience center opening in July 2023[38] - Ping An Life's 13-month policy persistency rate increased to 92.8% in 2023, up 2.5 percentage points year-over-year, and the 25-month policy persistency rate rose to 85.8%, up 6.8 percentage points year-over-year[47][48] - Ping An Life's health management services served over 20 million customers in 2023, with approximately 76% of new policyholders utilizing these services[46] - Ping An Life's "Ping An Zhenxiang RUN" health service plan, launched in 2021, was upgraded in July 2023 to include health management plans, health testing, and family doctor services, enhancing chronic disease prevention and control[46] - Ping An's home-based elderly care services covered 54 cities by the end of 2023, serving over 80,000 customers with a positive overall customer evaluation[47] - Ping An's high-end elderly care projects were launched in 4 cities by the end of 2023, including the newly announced Shanghai Yinian City in February 2023 and the Sanya Experience Center in July 2023[47] - Ping An Life's premium income from the top five insurance products in 2023 was RMB 32.183 billion for "Ping An Shengshi Jinyue (Premium Edition) Lifetime Insurance," RMB 15.461 billion for "Ping An Fortune Jinrui (2021) Annuity Insurance," and RMB 15.285 billion for "Ping An Yuxiang Jinrui Annuity Insurance"[49] - Ping An Life's contract service margin amortization decreased by 3.4% year-over-year to RMB 88.587 billion in 2023, with the amortization ratio dropping by 0.1 percentage points[49] - Ping An Life's operating profit for the life and health insurance business was RMB 106.083 billion in 2023, a decrease of 3.4% year-over-year[49] - Ping An Life's investment service performance increased by 17.5% year-over-year to RMB 25.589 billion in 2023[49] - Ping An Life's short-term investment volatility decreased by 4.7% year-over-year to RMB 32.692 billion in 2023[49] - Initial Contract Service Margin (CSM) decreased by 6.7% to RMB 818,683 million in 2023 from RMB 877,135 million in 2022[51] - New Business Contribution increased by 10.9% to RMB 38,951 million in 2023 from RMB 35,122 million in 2022[51] - New Business Present Value of Premiums grew by 21.9% to RMB 384,254 million in 2023 from RMB 315,274 million in 2022[51] - Core Solvency Adequacy Ratio for Ping An Life Insurance was 105.0% in 2023, down from 124.1% in 2022[52] - Comprehensive Solvency Adequacy Ratio for Ping An Life Insurance was 194.7% in 2023, down from 219.7% in 2022[52] - Scale Premiums for Life and Health Insurance business reached RMB 601.934 billion in 2023[53] - Insurance Service Income decreased to RMB 223,600 million in 2023 from RMB 232,194 million in 2022[54] - Ping An Property & Casualty Insurance Service Income grew by 6.5% in 2023[56] - Ping An Property & Casualty's "Ping An Good Driver" APP had over 200 million registered users and 136 million bound vehicles by the end of 2023[56] - Ping An Property & Casualty's online claims service scored 94.52 in the China Banking and Insurance Regulatory Commission's evaluation, ranking among the top in the property insurance industry[56] - Property insurance service revenue reached RMB 313.458 billion in 2023, a year-on-year increase of 6.5%[58] - The overall combined ratio for property insurance was 100.7%, with the auto insurance combined ratio at 97.7%, outperforming the market average[57] - The "Ping An Good Driver" app had over 200 million registered users and 136 million registered vehicles by the end of 2023, with 40.49 million monthly active users in December[57] - Auto insurance premium income grew by 6.2% to RMB 213.851 billion in 2023, with the number of insured vehicles increasing by 6.4%[60] - Health insurance premium income surged by 36.7% to RMB 13.25 billion in 2023, with a combined ratio of 95.2%[62] - Enterprise property insurance premium income increased by 14.8% to RMB 9.423 billion in 2023, with a combined ratio of 97.7%[64] - Guarantee insurance premium income plummeted by 97.0% to RMB 665 million in 2023, with a combined ratio of 131.1%[65] - The company provided over RMB 39 trillion in risk protection for more than 1,500 key national projects in 2023[57] - Total investment income for property insurance increased by 23.0% to RMB 12.316 billion in 2023[59] - The company served 2.29 million small and micro enterprises, providing RMB 200 trillion in risk protection in 2023[57] - Total insurance premium income for property insurance business reached RMB 302.16 billion, with auto insurance accounting for 70.8% (RMB 213.85 billion)[69] - The core solvency adequacy ratio and comprehensive solvency adequacy ratio of Ping An Property & Casualty Insurance were 177.6% and 220.0% respectively, significantly higher than regulatory requirements[67] - The insurance fund investment portfolio exceeded RMB 4.72 trillion, a 9.0% increase from the beginning of the year, with a comprehensive investment yield of 3.6%, up 0.9 percentage points year-on-year[74][75] - Auto insurance underwriting profit was RMB 4.732 billion with a combined ratio of 97.7%, while

[Table_Page] 年报点评|保险Ⅱ 证券研究报告 中[Tabl国e_Title平] 安(601318.SH/02318.HK) 公[Ta司ble评_Inv级est ] 买入-A/买入-H 当前价格 42.03元/35.50港元 NBV 大幅增长，而利润指标略低于预期 合理价值 56.6元/52.6港元 前次评级 买入/买入 [Table_Summary] 核心观点： 报告日期 2024-03-22  公司发布23年报：2023年归母净利润同比-22.8%，NBV同比+36.2%。 相[Ta对ble市_Pi场cQu表ote现]  23年NBV+36.2%（假设调整前，下同），受居民储蓄需求旺盛、3.5% 产品退市及Q4业务节奏平滑的影响，Q1/Q2/Q3/Q4单季度增速分别 19% 为 8.8%/75.5%/21.3%/91.4%，其中 Q2-Q3 受益 3.5%产品的退市， 11% Q4因监管调整业务节奏，开门红预售延后导致部分保单在当期生效。 4% 23年首年保费同比+38.9%，而NBVM同比-0.4pct至23.7%，降幅逐 -4%03/23 05/23 07/23 09/23 11/23 ...

股 票 研 究 [Table_industryInfo] 保险/金融 [ Table_Main[中ITnaf 国bol]e 平_Ti安tle]( 601318) [评Tab级le_：Inv est] 增持 上次评级： 增持 经济假设调整影响超预期，分红彰显韧性 目标价格： 58.98 上次预测： 58.98 公 ——中国平安2023 年年报业绩点评 当前价格： 42.03 司 刘欣琦(分析师) 谢雨晟(分析师) 2024.03.22 更 021-38676647 021-38674943 [交Ta易bl数e_M据a rket] 新 liuxinqi@gtjas.com Xieyusheng@gtjas.com 证书编号 S0880515050001 S0880521120003 52周内股价区间（元） 37.82-54.92 报 总市值（百万元） 765,376 告 本报告导读： 总股本/流通A股（百万股） 18,210/10,763 流通 B股/H股（百万股） 0/7,448 23年归母净利润-22.8%，预计受投资拖累，OPAT承压，分红保持稳定；NBV较快 流通股比例 100% 增长，渠道改革持续显效； ...

[Table_Title] 证券研究报告 寿险触底回升，分红水平彰显价值创造能力 公司研究 [Table_ReportDate] 2024年3月22日 [Table_ReportType] 公司点评报告 [T事ab件le：_S中um国ma平ry安] 发布 2023 年年报，2023 年全年集团实现归母净营运利润 ]中 国平安(601318) 1179.89亿元，同比-19.7 %；实现归母净利润856.65亿元，同比-22.8%， 基本每股营运收益 6.66 元，同比-20.9%，年化营运 ROE 为 13.2%，同比 投资评级 -4.7pct。 上次评级 点评： [王Ta舫b朝le _ A u t非ho银r]金 融行业首席分析师 ➢ 寿险及健康险业务：个险和银保同步发力，产品需求旺盛带动NBV大 执业编号：S1500519120002 幅提升。可比口径下，2023年公司寿险及健康险实现新业务价值392.62 联系电话：010-83326877 亿元，同比+36.2%，新业务价值率为23.7%，同比-0.4pct。若基于最 邮 箱：wangfangzhao@cindasc.com 新的内含价值长期投资回报率假 ...

证券研究报告·公司点评报告·保险Ⅱ 中国平安（601318） 2023 年年报点评：现金分红略超预期，假设调整 2024年 03月 21日 夯实估值底部 证券分析师 胡翔 买入（维持） 执业证书：S0600516110001 021-60199793 [Table_EPS] 盈利预测与估值 2022A 2023A 2024E 2025E 2026E hux@dwzq.com.cn 归母净利润（百万元） 111,008 85,665 120,383 154,124 162,214 证券分析师 葛玉翔 同比 -25.0% -22.8% 40.5% 28.0% 5.2% 执业证书：S0600522040002 新业务价值（百万元） 28,820 31,080 36,265 38,871 43,956 021-60199761 同比 -24.0% 7.8% 16.7% 7.2% 13.1% geyx@dwzq.com.cn 每股内含价值（元/股） 77.89 76.34 83.19 85.15 117.98 研究助理 罗宇康 P/EV 0.54 0.55 0.50 0.49 0.36 执业证书：S0600123090 ...

非银金融/保险Ⅱ 公 司 研 中国平安（601318.SH） 负债端保持高景气，下修投资收益率假设拖累 EV 究 2024年03月22日 ——2023 年年报点评 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 2024/3/22  2023年价值同比符合预期，下修投资收益率假设拖累EV，维持“买入”评级 当前股价(元) 40.56 公司披露2023年年报，2023年NBV 310.8亿元，可比口径测算同比+36.2%，符 公 一年最高最低(元) 56.00/37.62 合我们预期。集团归母营运利润1179.9亿元、同比-19.7%，其中寿险-3.2%、银 司 信 总市值(亿元) 7,386.07 行+2.1%、财险-11.4%、资管转亏、科技-65.1%；归母净利润 856.6 亿元、同比 -22.8%，主要受到资管板块拖累。全年派息 2 ...

每经记者 袁园 每经编辑 陈星 3月份的北京不再寒风凛冽，温暖的春意在城市悄然弥漫。在平安幸福中心的8楼，《每日经济新闻》记 者见到了一身休闲装的李静。将头发挽在脑后的她充满亲和力，说话不疾不徐，在表达的同时还喜欢提 出问题。 作为学霸，李静的职业经历简单而精彩。1992年从北京大学法律系毕业的她来到中国远洋运输集团代管 的中国船东互保协会，自此踏入“险途”，开始对保险业的运行机制有了切身体会。后来中远集团进入保 险领域，投资了中国平安，李静又顺理成章来到中国平安总部，从此跟保险结下了不解之缘。哪怕是之 后创业，李静选择的也是保险领域，只不过这个保险业务有些“特殊”。 “这并非是我的个人选择，但是却给了我一个机会，让我能够第一时间进入保险行业，并见证保险行业 高速发展的时代。”在“三八”国际妇女节来临之际，《每日经济新闻》记者专访了众惠相互保险社的董 事长李静，交谈中李静一直以“幸运”二字来总结自己的成功：幸运地赶上了那个高速发展的时代、幸运 地进入了保险行业、创业的时候幸运地遇到了一群志同道合的人、幸运地带着众惠相互一步步走向正 轨…… 虽然李静一直强调自己赶上了好时代，才能成为我们所看到的女企业家。其实， ...

证券研究报告·公司点评报告·保险Ⅱ 中国平安（601318） 现金分红彰显集团经营韧性——关于公司推 2024 年 03月 07日 动“提质增效重回报”暨 2023 年度现金分红 证券分析师 胡翔 计划的公告点评 执业证书：S0600516110001 021-60199793 买入（维持） hux@dwzq.com.cn 证券分析师 葛玉翔 [Table_EPS] 盈利预测与估值 2021A 2022A 2023E 2024E 2025E 执业证书：S0600522040002 归属母公司营运利润 021-60199761 147,961 148,365 132,241 149,588 159,393 （百万元） geyx@dwzq.com.cn 同比 6.1% 0.3% -10.9% 13.1% 6.6% 研究助理 罗宇康 新业务价值（百万元） 37,898 28,820 35,572 40,295 43,190 执业证书：S0600123090002 同比 -23.6% -24.0% 23.4% 13.3% 7.2% luoyk@dwzq.com.cn 每股内含价值（元/股） 76.34 77.89 8 ...

证券研究报告 公 2024年03月06日 司 报 告 中国平安(601318) │ 行 业： 非银金融/保险Ⅱ 金 投资评级： 买入（维持） 融 当前价格： 42.50元 提质增效注重回报，分红有望稳健增长 - 公 目标价格： 60.70元 司 事件： 点 基本数据 评 3 月 6 日，中国平安公布 2023 年度现金分红计划，公司预计 2023 年度全 18,210.23/18,210. 研 年现金分红总额占归母净利润比例不低于40%。 总股本/流通股本(百万股) 23 究 ➢ 23年公司每股分红有望实现正增 流通A股市值(百万元) 457,412.95 2020-2022年公司的现金分红总额分别为400.63、431.36、438.20亿元， 每股净资产(元) 49.59 占归母净利润（旧准则下）的比例分别为 28.0%、42.4%、52.3%。从每股 资产负债率(%) 89.25 分红水平来看，2020-2022年公司每股股息分别为2.20、2.38、2.42元， 同比分别增长7.3%、8.2%、1.7%。公司的分红水平持续提升，表明公司高 一年内最高/最低(元) 56.00/37.62 度重视股东回报 ...