中国人民保险集团股份有限公司 关于召开 2025 年第一次临时股东大会的通知 证券代码：601319 证券简称：中国人保 公告编号：2025-013 股东大会召开日期：2025年4月29日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相结 合的方式 (四) 现场会议召开的日期、时间和地点 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。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2025 年第一次临时股东大会 召开的日期时间：2025 年 4 月 29 日 9 点 00 分 召开地点：中国北京市西城区西长安街 88 号中国人保大厦 (五) 网络投票的系统、起止日期和投票时间。 网络投票系统：上海证券交易所股东大会网络投票系统 网络投票起止时间：自 2025 年 4 月 29 日 至 2025 年 4 月 29 日 采用上海证券交易所网络投票系统，通过交易系统投票平台的投票时间为股 ...

Core Insights - China Pacific Insurance is committed to enhancing its service capabilities in Jiangsu, focusing on various sectors including technological innovation, rural revitalization, and public welfare [1][2][3] Group 1: Service Innovation and Product Development - The company plans to innovate products and optimize service models to support Jiangsu's economic development, aiming to provide robust insurance support for the province's growth [1] - In 2024, the company will launch six national first products in the technology sector, providing over 3 trillion yuan in risk coverage for 11,497 technology enterprises [1] Group 2: Support for National Strategies and Agriculture - The company has developed over 360 agricultural insurance products, providing risk coverage exceeding 1 trillion yuan for 2.959 million farming households in 2024, with a 39.2% increase in agricultural insurance payouts [2] - The agricultural insurance initiative aims to expand coverage and improve product offerings, aligning with national strategic goals [2] Group 3: Social Welfare and Financial Inclusion - The company focuses on inclusive finance, providing insurance services to over 86 million people and covering 11 million individuals under the "惠民保" program, with annual payouts exceeding 200 million yuan [2] - It has provided risk coverage of over 800 billion yuan for 580,000 new citizens, demonstrating a commitment to social welfare [2] Group 4: Commitment to Quality Development - The company emphasizes the importance of enhancing basic public services and social security systems to address community needs effectively [3] - It aims to leverage technology and innovation to improve customer service and business development, while also focusing on cost control and management efficiency [5] Group 5: Future Directions - China Pacific Insurance will continue to strengthen its role in supporting technological innovation, deepening reform, and ensuring public welfare, contributing to Jiangsu's high-quality economic development [5]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - Despite natural disasters in the first and third quarters affecting underwriting performance, these short-term factors do not impact the company's solid fundamentals and profitability. The long-term concentration in the industry is expected to continue rising due to enhanced market competition regulation, leading to improvements in both asset and liability sides and upward valuation potential [2][12]. - The company achieved a net profit of 42.87 billion yuan in 2024, representing a year-on-year increase of 88.2%. The comprehensive cost ratio for property insurance was 98.5%, up 0.9 percentage points year-on-year. The new business value for life insurance grew by 114.2% year-on-year, while health insurance new business value increased by 143.6% [6][12]. Summary by Sections Financial Performance - The company reported a total investment income of 82.16 billion yuan in 2024, an increase of 86.2% year-on-year, with a total investment return rate of 5.6%, up 2.3 percentage points year-on-year [12]. - The comprehensive cost ratio for auto insurance improved slightly to 96.8%, with original premium income of 297.39 billion yuan, a year-on-year growth of 4.1% [12]. - Non-auto insurance premium growth slowed, with agricultural insurance premiums declining by 5.7% year-on-year due to selection rhythm impacts, and the cost ratio for non-auto insurance rising to 97.3%, an increase of 3.3 percentage points year-on-year [12]. Business Segments - The life insurance segment saw a significant increase in new business value, with a year-on-year growth of 114.2%. The first-year premium income for life and health insurance grew by 1.6% and 50.2% respectively [12]. - Adjustments in economic assumptions for the value system did not hinder the high growth in new business value, with the new business value rate for life and health insurance increasing by 3.5 and 9.8 percentage points year-on-year respectively [12]. Market Outlook - The company is optimistic about the future potential for asset and liability improvements, with expectations of continued upward valuation space in the context of increasing market concentration and regulatory enhancements [2][12].

Core Viewpoint - China People's Insurance Group is actively enhancing its internal compliance and anti-corruption measures through a series of educational initiatives aimed at its leadership and employees, emphasizing the importance of political integrity and discipline [1][2]. Group 1: Educational Initiatives - A recent warning education activity involved 90 party leaders visiting a prison to learn from the experiences of inmates, aiming to instill a deeper understanding of political standards and integrity [1]. - The group has conducted nearly 800 specialized warning education meetings and over 700 lectures on integrity education by party secretaries since the initiation of these educational efforts [1]. Group 2: Risk Management and Prevention - The group has developed major integrity risk prevention operational guidelines to prevent the abuse of power among party leaders, likening these guidelines to a "tightening" mechanism for various roles and processes [2]. - Continuous production of the "Cure the Ills and Treat the Chaos" educational series aims to educate and alert party members about integrity and ethical boundaries [2]. - The group is committed to enhancing political awareness and maintaining a clean political character among its members through ongoing education and adherence to central regulations [2].

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].

Investment Rating - The report maintains an "Accumulate" rating for the insurance industry [1] Core Views - The insurance industry is expected to experience significant profit growth driven by improved investment returns, with a projected increase in net profit exceeding 80% for listed insurance companies in 2024 [6][12] - The report highlights a shift in product structure towards traditional insurance, with a notable increase in the proportion of traditional insurance products [39] - The overall investment environment is improving, with a focus on increasing bond investments and enhancing total investment returns [4][6] Summary by Sections 1. Net Profit Growth and Dividend Returns - Listed insurance companies' net profit is projected to grow by over 80% in 2024, with major players like Xinhua and China Life showing increases of 201.1% and 131.6% respectively [12][14] - The average dividend payout ratio for listed insurance companies is expected to be 25.7%, reflecting a slight decrease from the previous year [22][23] - Xinhua Insurance's dividend growth significantly outperformed expectations, with a 198% increase [22][24] 2. Life Insurance: Value Rate Improvement Driving NBV Growth - New business value (NBV) is expected to see high growth driven by improved value rates, despite a slowdown in new policy growth due to high base effects and regulatory changes [30][31] - The proportion of traditional insurance products continues to rise, reaching 59.2% of total premiums in 2024, indicating a shift towards dividend insurance products [39][42] 3. Property Insurance: Steady Premium Growth and Cost Performance - Property insurance premiums are expected to grow steadily, with non-auto insurance segments gaining market share [3][4] - The average combined cost ratio for listed property insurers is projected to be 98.4%, indicating overall profitability despite challenges from natural disasters [4][6] 4. Investment: Increased Bond Allocation and Improved Returns - The investment asset scale for listed insurers is expected to grow by 21% year-on-year, with a focus on increasing bond investments [4][6] - Total and comprehensive investment returns are anticipated to improve significantly, driven by a rebound in the stock market and favorable bond market conditions [4][6] 5. Investment Recommendations - The report suggests focusing on investment opportunities in insurance stocks amid rising interest rates, as the market's demand for savings remains strong [6][4]

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].

| 人保财险 | 保险服务收入 | 485.223 | 457.203 | | --- | --- | --- | --- | | | 保险服务费用 | 465.392 | 431,991 | | | 综合成本率(2(%) | 98.5 | 97.6 | | | 综合赔付率3(%) | 72.7 | 70.4 | | 人保寿险 | 保险服务收入 | 22,384 | 18,204 | | | 保险服务费用 | 7.483 | 16,859 | | | 签发保险合同的合同服务边际 | 92,555 | 75.633 | | | 当期初始确认签发的保险合同的 合同服务边际 | 14.151 | 9,237 | | | 新业务价值(4) | 5.024 | 3,664 | | | 内含价值(4) | 119,731 | 101,470 | | | 退保率(%) | 3.6 | 5.1 | | 人保健康 | 保险服务收入 | 27,217 | 25,619 | | | 保险服务费用 | 17.752 | 23,109 | | | 签发保险合同的合同服务边际 | 20,189 | 16,979 | | | 当期初始确认 ...

近日，中国人保（601319.SH）发布了2024年度成绩单，实现保险服务收入5377.09亿元，同比增长6.7%；原保费收入6930.15亿 元，同比增长4.7%；全年净利润同比飙升88.2%至429亿元，日均赔付12.3亿元、理赔1.8亿件，稳居行业第一；经营业绩和经营 风貌创历史最好水平。这份逆势增长的背后，藏着中国人保从"保险巨头"向"世界一流"转型的关键密码。 一、破局：用"五篇大文章"重塑保险价值 绿色金融：签署联合国可持续保险原则，184万亿元绿色保险覆盖风光发电、储能项目，千亿级资金投向碳中和领域。 普惠金融：首创农业种质资源保险，三大主粮完全成本保险覆盖3.2亿亩耕地；针对外卖骑手、网约车司机等新市民，推出"日 缴1元"的意外险产品，惠及1800万人次。 "保险已从单纯的风险补偿，升级为国家治理的'稳定器'。"丁向群在业绩会上强调。数据显示，2024年中国人保通过气象预警、 物联网监测等手段，提前抢收农作物56万亩，避免经济损失超20亿元——这或许才是现代保险的核心价值。 二、增长：三大板块的"攻守道" 财险守擂、寿险逆袭、投资爆发，如何打赢存量竞争？ 财险，龙头地位再加固 面对新能源车险赔 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國人民保險集團股份有限公司 呈交日期: 2025年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01339 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 8,726,234,000 | RMB | | 1 RMB | | 8,726,234,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 8,726,234,000 | RMB | | 1 RMB | | 8,726,234,000 | | 2. 股份分類 | 普通股 | 股份類別 ...