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 ...

证券代码：601319 证券简称： 中国人保 公告编号：临 2025-008 中国人民保险集团股份有限公司 第五届董事会第八次会议决议公告 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。 本公司第五届董事会第八次会议（以下简称"会议"）的通知和 材料于 2025 年 3 月 7 日以书面方式通知全体董事，会议于 2025 年 3 月 27 日在北京市西城区西长安街 88 号中国人保大厦 1150 会议室以 现场会议方式召开。会议应出席董事 12 名，现场出席 12 名。会议由 丁向群董事长主持。监事会成员及部分高级管理层成员列席了会议。 会议的召开符合《中华人民共和国公司法》等相关法律、行政法规、 部门规章和《中国人民保险集团股份有限公司章程》的规定，会议合 法、有效。 经与会董事审议并表决，形成以下会议决议： 一、审议通过了《关于2024年度利润分配的议案》，并同意提 交股东大会审议 具体内容详见本公司同日于上海证券交易所网站 （www.sse.com.cn）披露的相关内容。 独立董事发表的独立意见：独立董事同意此次利润分 ...

Core Viewpoint - The independent directors of the company have actively fulfilled their responsibilities in accordance with relevant laws and regulations, ensuring the protection of the rights and interests of the company and all shareholders, while also enhancing corporate governance and decision-making processes [1][19][20]. Independent Directors' Basic Information - As of December 31, 2024, the company’s fifth board of directors includes five members, with independent directors meeting regulatory requirements for number and proportion [1][2]. - The independent directors possess diverse professional backgrounds, including expertise in accounting, actuarial science, healthcare, economics, and finance, and include members from mainland China, Hong Kong, and the United States [2][3]. Annual Performance of Independent Directors Meeting Attendance and Decision Participation - Independent directors attended 30 meetings and discussed 121 proposals, with attendance rates meeting the required two-thirds threshold [2][4]. - All independent directors voted in favor of all proposals, with no abstentions or dissenting votes recorded [2][4]. Participation in Board Committees - The company has five specialized committees, including the Audit Committee and the Risk Management and Consumer Rights Protection Committee, which operate in compliance with legal and regulatory requirements [6][7]. - Independent directors actively participated in committee meetings, contributing to the discussion and approval of various proposals [7][8]. Supervision Responsibilities - Independent directors monitored the implementation of board decisions and provided timely feedback to management, ensuring that their professional opinions were considered [8][9]. - They maintained communication with management to stay informed about the progress of board decisions and other relevant matters [9][10]. Professional Consultation Responsibilities - Independent directors engaged in specialized research and discussions to provide informed recommendations on strategic issues, including risk management and sustainable development [10][11]. - They participated in external audits and communicated with auditors to ensure transparency and accountability in financial reporting [13][14]. Key Focus Areas for Independent Directors Related Party Transactions - Independent directors reviewed and assessed related party transactions to ensure compliance with regulations and protect shareholder interests [16][17]. Compliance with Commitments - The company and its major shareholders fulfilled commitments made in the prospectus, ensuring adherence to regulatory requirements [16][17]. Financial Reporting and Internal Controls - Independent directors actively participated in the preparation and review of financial reports, ensuring timely and accurate disclosures [17][18]. Appointment of External Auditors - The Audit Committee, led by independent directors, evaluated and approved the appointment of Ernst & Young as the external auditor for 2024, ensuring compliance with professional standards [18][19]. Overall Evaluation and Recommendations - The independent directors demonstrated a commitment to high ethical standards and compliance with laws and regulations, contributing positively to the company's governance and strategic direction [19][20]. - Continuous professional development and adherence to new regulatory requirements were emphasized to enhance the effectiveness of independent directors [20].

Core Viewpoint - China People's Insurance Group Co., Ltd. proposes a cash dividend of 1.17 RMB per 10 shares, totaling 5.174 billion RMB, marking a 15.4% increase in total dividends for 2024 compared to the previous year, reaching a historical high [1][2][6]. Profit Distribution Plan - The proposed profit distribution plan is based on a total share capital of 44,223,990,583 shares, with a cash dividend of 1.17 RMB per 10 shares, amounting to 5.174 billion RMB [1][2]. - The total cash dividend for 2024, including the mid-year dividend, will be 1.80 RMB per 10 shares, which is a 15.4% increase from the previous year [1][6]. Recent Financial Performance - The cumulative cash dividend from 2022 to 2024 reached 22.2 billion RMB, with a cash dividend payout ratio of 74.0% over the three years [2][3]. - The net profit attributable to shareholders for 2024 is reported at 428.69 billion RMB, with a total cash dividend of 79.60 billion RMB proposed for the year [3][6]. Strategic Considerations - The company aims to retain undistributed profits to enhance capital strength and maintain a good financial condition, focusing on insurance product innovation and technology upgrades for sustainable development [6][7]. - The company emphasizes communication with investors, particularly small and medium investors, to gather feedback on profit distribution and dividend expectations [7]. Decision-Making Process - The board of directors held a meeting on March 27, 2025, to review and approve the profit distribution proposal, which will be submitted for shareholder approval [7][8]. - The supervisory board supports the board's adherence to cash dividend policies and the decision-making process [7].

Core Viewpoint - The announcement details the resolutions passed during the 28th meeting of the 4th Supervisory Board of China People's Insurance Group Co., Ltd., covering various financial and operational reports for the year 2024 [1]. Financial Reports - The Supervisory Board approved the financial settlement report for 2024 with a unanimous vote of 3 in favor [1]. - The profit distribution proposal for 2024 was also approved unanimously with 3 votes in favor [1]. - The solvency report for the group for 2024 received unanimous approval with 3 votes in favor [1]. Regular Reports - The A-share and H-share periodic reports for 2024 were approved, confirming compliance with legal and regulatory requirements, and reflecting the company's actual situation accurately [1]. - The sustainable development report for 2024 was approved unanimously with 3 votes in favor [1]. - The risk assessment report for 2024 was also approved unanimously with 3 votes in favor [1]. Internal Control and Audit Reports - The internal control evaluation report and audit report for 2024 were approved unanimously with 3 votes in favor [1]. - The internal control evaluation and audit report related to the utilization of insurance funds for 2024 were approved unanimously with 3 votes in favor [1]. - The report on the assessment of risk prevention and control for 2024 was approved unanimously with 3 votes in favor [1]. Supervisory Board Activities - The work report of the Supervisory Board for 2024 was approved unanimously with 3 votes in favor [1]. - A reform proposal for the Supervisory Board was approved unanimously with 3 votes in favor [1]. - The evaluation results of the performance of directors and supervisors for 2024 were approved unanimously with 3 votes in favor [1].