业绩出炉后，3月28日，中国人保在北京、香港两地召开业绩发布会。中国人保董事长丁向群携一众高管详解业绩情况，回应寿险利差、市值管理等热点问 题。 中国人民保险集团股份有限公司（以下简称"中国人保"）披露的2024年度业绩报告显示，该公司2024年实现归属于母公司股东净利润428.69亿元，同比增长 88.2%；原保险保费收入6930.15亿元，同比增长4.7%。 值得一提的是，这也是丁向群就任中国人保董事长后，首次出席该公司业绩发布会。 打造世界一流保险金融集团 中国人保2024年实现归属于母公司股东净利润428.69亿元，同比增长88.2%；原保险保费收入6930.15亿元，同比增长4.7%。 丁向群回应中国人保的发展目标称，要扎实做好金融"五篇大文章"，始终坚守"人民保险，服务人民"的初心使命，立足保险风险保障和资金融通的功能性 质，聚力做保险业守护民生福祉的"领头雁"、助力社会治理的排头兵、服务实体经济的主力军，坚定不移走中国特色金融发展之路，建设功能卓著、运营高 效、主业鲜明、治理现代、具有国际竞争力的世界一流保险金融集团。 那么，人保财险、人保寿险和人保健康三家保险子公司将分别有哪些侧重点？丁向群表 ...

"人工智能作为前沿科技力量，正逐渐渗透至保险行业的各个关键环节，从根本上重塑行业及服务竞争 格局，为保险行业的创新发展注入强大动力。"张金海表示，保险行业利用人工智能技术，在提高风险 评估精准度、优化核保和理赔流程、提升客户服务体验、促进保险产品创新等方面持续发力，有力推动 行业数字化转型。然而，保险行业数据敏感性极高，关乎客户隐私与行业稳定，因此要高度关注并正确 认识大模型带来的挑战和机遇，统筹处理好发展和安全的关系，严格按照相关法律法规和监管部门有关 要求，确保人工智能应用的安全性和合规性。 （文章来源：证券日报） 在3月28日举行的中国人民保险集团股份有限公司（以下简称"中国人保"）2024年度业绩发布会上，中 国人保副总裁张金海在回答《证券日报》记者提问时表示，中国人保紧抓人工智能发展的历史性机遇， 加快推动人工智能、大模型等前沿技术应用探索，在风控、销售、承保、理赔等主要场景持续构建智能 应用体系，实现保险服务能力、产品创新能力、风险管理能力的全面提升。 张金海表示，中国人保高度重视数字化背景下的创新探索，强化数字化底层资源共享，推动算力底座、 技术路线、数据底座、智能底座、安全底座和自主可控方案" ...

3月28日，中国人保在北京、香港两地同步举行2024年度业绩发布会。 年报显示，2024年中国人保集团实现净利润578.20亿元，同比增长83.8%；归属于母公司股东净利润 428.69亿元，同比增长88.2%；净资产收益率16.7%，同比上升7.1个百分点。 "过去一年，是中国发展历程很不平凡的一年，也是人保集团砥砺奋进的一年。"中国人保集团董事长丁 向群表示，2025年是人保集团建设一流战略实施的首年，将重点深化"六个改革"，抓好"四个扎实"，坚 持向改革要动力，向创新要活力，向管理要效益，努力把各方面积极因素转化为发展实绩。 人保财险净利润332亿元，同比增长31.6% 分板块来看，2024年，人保财险实现原保险保费收入5380.55亿元，同比增长4.3%；实现净利润332亿 元，同比增长31.6%；净资产2604亿元，同比增长11.7%；实现保险服务收入4852.23亿元，同比增长 6.1%；净资产收益率13.5%，同比涨上2.4百分点；财产险家庭自用车保费占比74.3%，提升1个百分点； 个人非车险保费增速18%，高于整体保费增速13.7个百分点。 2024年，人保财险实现承保利润70.85亿元，同 ...

Core Points - The company reported a stable growth in operating performance for the year, achieving a revenue of 709.4 billion yuan, a year-on-year increase of 6.4%, and a net profit of 42.9 billion yuan, up 88.2% from the previous year [2] - The company aims to build a world-class insurance financial group by focusing on five key areas: excellent functionality, efficient operations, clear core business, modern governance, and international competitiveness [3] - In 2025, the company will implement its strategy by focusing on six reforms and four solid actions to enhance innovation and management efficiency [4][5] Financial Performance - The company achieved a return on equity (ROE) of 16.7%, an increase of 7.1 percentage points year-on-year [2] - The company handled nearly 500,000 claims daily, with a payout of 1.23 billion yuan [2] Strategic Development - The company emphasizes the importance of serving the public and contributing to social governance and economic development [3] - The strategic focus includes enhancing risk management, improving service quality, and optimizing product offerings [6][7] Reform Initiatives - The company plans to deepen governance reforms, enhance strategic management, and improve resource allocation to respond effectively to market competition [5] - The company will also focus on digital transformation and talent development to create a conducive working environment [5][6]

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].