Core Viewpoint - The company reported a significant increase in 2024 earnings per share (EPS) to RMB0.95, a 90% year-on-year growth, primarily driven by strong investment performance, aligning with previous forecasts of 75%-95% growth [1] Group 1: Life Insurance Performance - The company's life insurance (including health insurance) new business value (NBV) increased by 127% year-on-year on a comparable basis, with agent and bancassurance channels growing by 86% and 223% respectively [2] - New single premium slightly declined by 1%, but NBV growth was driven by improved profit margins, with the NBV profit margin rising to 18% from 8% [2] - The company adjusted the long-term investment return rate to 4.0% and the discount rate to 8.5%, leading to an estimated 22% decrease in NBV due to assumption adjustments, but expects a 17% growth in NBV for 2025 [2] Group 2: Property Insurance Performance - The comprehensive cost ratio (COR) for property insurance increased by 1 percentage point to 98.8%, mainly due to natural disaster impacts [3] - The auto insurance segment maintained a stable underwriting performance with a COR of 96.8%, while the non-auto insurance COR rose by 2.8 percentage points to 101.9% due to increased loss ratios [3] - The company anticipates a return to normal disaster frequency in 2025, projecting a COR of approximately 98% for Chinese property insurance [3] Group 3: Investment Performance - Supported by strong investment performance, the company's return on equity (ROE) for 2024 is estimated at 16.5%, the highest in nearly a decade [4] - The total investment return rate improved significantly to 5.6% from 3.3% in 2023, resulting in over 100% year-on-year growth in investment income [4] - The company’s annual dividend per share (DPS) reached RMB0.18, up from RMB0.16 in 2023, with a dividend payout ratio of approximately 19% [4] Group 4: Earnings Forecast and Valuation - Based on favorable investment conditions, the company has raised its EPS forecasts for 2025, 2026, and 2027 to RMB0.93, RMB0.85, and RMB0.93 respectively, with adjustments of 21.3%, 1.5%, and -0% [5] - The target prices for A/H shares have been increased to RMB7.9 and HKD4.7, up from RMB7.2 and HKD4.4 [5]

Core Viewpoint - China Life Insurance reported a significant increase in net profit and maintained a strong dividend capacity, indicating robust financial health and growth potential in the insurance sector [1][4]. Financial Performance - The group’s net profit attributable to shareholders rose by 88.8% year-on-year to 42.2 billion RMB, aligning with expectations [1]. - The net assets attributable to shareholders increased by 11% to 268.9 billion RMB [1]. - The dividend per share grew by 14.7% year-on-year to 0.18 RMB, slightly below expectations [1][4]. Development Trends - The comprehensive cost ratio (CoR) increased due to significant disaster impacts, with a forecast for recovery in underwriting profitability by 2025 [2]. - In 2024, the property and casualty insurance premium income rose by 6.1% to 485.2 billion RMB, while the CoR increased by 1.0 percentage point to 98.8% [2]. - The net loss from major disasters exceeded the average of the past five years, impacting non-auto insurance profitability, although auto insurance CoR improved by 0.1 percentage point to 96.8% [2]. Life and Health Insurance Performance - Adjusted assumptions for life and health insurance still showed substantial growth, with life insurance contract service margin (CSM) increasing by 22% and health insurance CSM by 19% [3]. - The new business value (NBV) for life insurance, after assumption adjustments, remained 37% higher year-on-year at 5 billion RMB, while health insurance NBV was 131% higher at 6.5 billion RMB [3]. - The internal value of life and health insurance increased by 18% and 34% respectively from the beginning of the year [3]. Profitability Forecast and Valuation - The profitability forecast for 2025/2026 remains unchanged, with the company maintaining an outperform rating in the industry [5]. - The target price for the H-shares was raised by 27% to 6.2 HKD, reflecting a potential upside of 47.3% from the current price [5]. - The target price for the A-shares was increased by 10% to 7.6 RMB, indicating a 9% upside potential [5].

Core Viewpoint - The article highlights the significant dividend distributions of the five major listed insurance companies in A-shares, emphasizing their robust financial performance and the impact of favorable national policies on their profitability and dividend plans [1][2]. Summary by Sections Dividend Overview - The total dividend amount for the five major listed insurance companies reached 638.25 billion RMB, with a projected total of 907.89 billion RMB for 2024, marking a year-on-year increase of 20.21% [2]. Individual Company Dividends - China Ping An plans to distribute a final cash dividend of 1.62 RMB per share for 2024, totaling 461.74 billion RMB, with a cash dividend payout ratio of 36.5%. This marks the 13th consecutive year of dividend growth, with cumulative dividends over the past decade reaching 3,404.51 billion RMB [2]. - New China Life Insurance intends to distribute a final cash dividend of 1.99 RMB per share, totaling 62.08 billion RMB, with an overall dividend of 78.93 billion RMB for 2024, representing a nearly 200% year-on-year increase [3]. - China Life Insurance's total dividend for 2024 is projected to grow by 51.14%, with a final cash dividend of 0.45 RMB per share, leading to a total of 183.72 billion RMB, which is 17.2% of its net profit [3]. Regulatory Changes - In December 2023, the China Securities Regulatory Commission issued guidelines to enhance the regular dividend mechanism for listed companies, encouraging clear dividend policies and increasing cash dividend frequency [4]. - The revised cash dividend rules aim to stabilize investor expectations and promote transparency, particularly for companies with low dividend payouts despite significant financial investments [4].

Investment Rating - The report maintains a "Recommended" investment rating for the company, indicating an expectation to outperform the benchmark index by 10%-20% over the next six months [4][21]. Core Insights - In 2024, the company achieved a net profit attributable to shareholders of 42.9 billion yuan, representing a year-on-year increase of 88.2%. The property and casualty insurance premium income grew by 4.3% year-on-year, while the combined ratio (COR) increased by 0.9 percentage points to 98.5%. The life insurance new business value (NBV) reached 5 billion yuan, with a comparable year-on-year growth of 114.2% [1][9]. - The health insurance NBV was 6.5 billion yuan, with a comparable year-on-year growth of 143.6%. The total investment yield was 3.9%, down by 0.6 percentage points year-on-year, while the total investment return was 5.6%, up by 2.3 percentage points [1][9]. Summary by Sections Property and Casualty Insurance - The property and casualty insurance segment showed stable growth, with insurance service revenue increasing by 6.1% to 485.2 billion yuan. However, profitability slightly declined, with the COR rising by 0.9 percentage points to 98.5%, primarily due to increased liabilities and claims costs influenced by disasters and interest rates [2][3]. - In the auto insurance sector, service revenue grew by 4.5%, and the COR improved by 0.1 percentage points to 96.8%, benefiting from the "reporting and handling together" policy [2]. Life Insurance - The life insurance segment saw a significant increase in NBV, driven by improved value rates. The new business volume for long-term insurance decreased, but the proportion of regular premium business is expected to rise, contributing to value rate improvements [8][9]. - The health insurance segment's NBV growth was driven by both volume and price, with individual long-term insurance new business contributing significantly to the overall growth [8]. Financial Performance and Projections - The company is projected to achieve total revenue of 621.97 billion yuan in 2024, with a year-on-year growth rate of 12.5%. The net profit attributable to shareholders is expected to reach 44.66 billion yuan in 2025, reflecting a growth rate of 4.2% [9][10]. - The report adjusts the EPS forecast for 2025-2027 to 1.01, 1.08, and 1.20 yuan, respectively, indicating a positive outlook for the company's financial performance [8][9].

Investment Rating - The investment rating for the company is upgraded to "Buy" for A-shares and maintained as "Buy" for H-shares [1][8]. Core Views - The company reported a strong growth in life insurance with a 127% year-on-year increase in NBV (New Business Value), driven by improved profit margins despite a slight decline in new premium income [2][16]. - The overall profitability is supported by significant investment performance, with a projected ROE (Return on Equity) of approximately 16.5% for 2024, the highest in nearly a decade [4]. - The property insurance segment experienced a slight increase in the combined ratio, primarily due to natural disaster impacts, but is expected to normalize in 2025 [3][16]. Summary by Sections Life Insurance - The NBV for life insurance increased by 127% year-on-year, with agent and bancassurance channels growing by 86% and 223% respectively [2]. - The profit margin for NBV improved significantly to 18% from 8% due to a reduction in channel costs and adjustments in assumptions [2]. - The company anticipates a 17% growth in NBV for 2025, supported by ongoing improvements in profit margins [2]. Property Insurance - The combined ratio for property insurance rose by 1 percentage point to 98.8%, influenced by natural disasters [3]. - The auto insurance segment maintained a stable combined ratio of 96.8%, while non-auto insurance saw an increase to 101.9% due to rising claims [3]. - A return to normal disaster frequency is expected in 2025, with a projected combined ratio of approximately 98% [3]. Investment Performance - The total investment return rate improved significantly to 5.6% in 2024 from 3.3% in 2023, leading to over 100% growth in investment income [4]. - The company’s net assets increased by 11% year-on-year, indicating good asset-liability matching [4]. - The dividend per share (DPS) for 2024 is set at RMB0.18, up from RMB0.16 in 2023, reflecting a dividend payout ratio of about 19% [4]. Earnings Forecast and Valuation - The EPS (Earnings Per Share) forecast for 2025 is adjusted to RMB0.93, with target prices for A/H shares raised to RMB7.90 and HKD4.70 respectively [5][8]. - The company’s projected gross premium income for 2024 is RMB537.7 billion, with a growth rate of 6.71% compared to 2023 [7][23]. - The forecasted net profit for 2024 is RMB42.15 billion, representing an 88.83% increase year-on-year [7][23].

Group 1 - Multiple public fund institutions, including Tianhong Fund and Dachen Fund, have received approval for technology innovation index enhancement funds, which align well with the newly released technology innovation index covering all eligible listed companies on the Sci-Tech Innovation Board [1] - The technology innovation index has been actively positioned by public fund institutions, providing investors with a new tool for investing in the technology sector [1] Group 2 - The five major listed insurance companies in A-shares reported a total net profit of 347.6 billion yuan for 2024, marking a 77.7% increase year-on-year, largely driven by improved investment returns, particularly in equity assets [2] - Despite the increase in net profit, the net investment yield for these insurance companies declined year-on-year, prompting a need for strategies to maintain yield resilience through long-term bond allocation and exploring overseas asset configurations [2] Group 3 - The storage chip market is experiencing a price surge, with both domestic and international companies raising product prices, driven by strong demand from the AI sector and the rapid development of domestic AI industries [4] - The increase in storage product prices is attributed to both supply and demand factors, with the demand side being particularly robust due to the AI boom [4] Group 4 - The first mass production line for semi-solid state batteries has been launched in Guangdong, producing a large-capacity 314Ah semi-solid battery, marking a significant advancement in the new energy storage sector [4] - This production line enhances the safety performance and stability of batteries, ensuring safe operation under extreme conditions [4] Group 5 - The low-altitude tourism sector is set to benefit from new policy support, with the government encouraging the development of low-altitude tourism projects, which may lead to the rise of "City Fly" as a popular new tourism model [5] - Experts indicate that the number of domestic low-altitude tourism projects is continuously increasing, reflecting a growing interest in this sector [5] Group 6 - The humanoid robot industry is seeing a clearer production rhythm, with several companies entering the planetary roller screw market, which is crucial for the movement and control of humanoid robots [6] - The value of screws in humanoid robots is significant, accounting for about 20% of the total cost, indicating a potential competitive advantage for companies that can balance size, performance, and cost effectively [6]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立之股份有限公司） （股份代號： ） 截至二零二四年十二月三十一日止年度 之全年業績公告 中國人民保險集團股份有限公司（「本公司」或「公司」）董事會（「董事會」）宣佈本公司及子 公司（「本集團」或「集團」）截至二零二四年十二月三十一日之經審核年度業績及以前年度 比較數據如下，請一併閱覽下文管理層討論與分析： 截至二零二四年十二月三十一日止年度 （除另有註明外，金額單位均為人民幣百萬元） | 附註 | 年度 | 年度 | | --- | --- | --- | | 保險服務收入 | 不以公允價值計量且其變動計入損益的 | | | 金融資產的利息收入 | 淨投資收益 | | | 應佔聯營及合營企業損益 | 匯兌收益 | | | 其他收入 | | | | 營業總收入 | | | | 保險服務費用 | 分出再保險合同費用淨額 | | | 保險合同財務費用 | 分出再保險合同財務收益 | ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 1339 委任非執行董事及獨立非執行董事 及 非執行董事辭任 董事會決議 中國人民保險集團股份有限公司（「本公司」）董事會（「董事會」）於 年 月 日以現場方 式召開。經出席董事會會議的本公司董事表決，審議通過了《關於提名徐向先生為公司第 五屆董事會非執行董事候選人的議案》、《關於提名楊長纓女士為公司第五屆董事會獨立 董事候選人的議案》及《關於提名賈若先生為公司第五屆董事會獨立董事候選人的議案》。 依本公司董事會會議通過之決議，董事會欣然宣佈徐向先生獲委任為本公司的非執行董 事、楊長纓女士及賈若先生獲委任為本公司的獨立非執行董事。徐向先生、楊長纓女士 及賈若先生的董事任期自本公司股東大會審議通過其董事委任且其董事任職資格獲得國 家金融監督管理總局核准之日起算，至本公司第五屆董事會任期屆滿時止，任期屆滿可 以重選連任。 徐向先生、楊長纓女士及賈若先生的簡歷請見本公告附錄。 董事辭任 董事會於 年 月 日收 ...

中国人民保险集团股份有限公司 内部控制审计报告 内部控制审计报告 安永华明（2025）专字第70011685_A03号 中国人民保险集团股份有限公司 中国人民保险集团股份有限公司全体股东： 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求，我们审 计了中国人民保险集团股份有限公司2024年12月31日的财务报告内部控制的有效 性。 一、企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 指引》的规定，建立健全和有效实施内部控制，并评价其有效性是中国人民保险集 四、财务报告内部控制审计意见 我们认为，中国人民保险集团股份有限公司于2024年12月31日按照《企业内部控 制基本规范》和相关规定在所有重大方面保持了有效的财务报告内部控制。 A member firm of Ernst & Young Global Limited 内部控制审计报告（续） 股份有限公司董事会的责任。 二、注册会计师的责任 我们的责任是在实施审计工作的基础上，对财务报告内部控制的有效性发表审计 意见，并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、内部控制的固有局限性 内部 ...