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 ...

转自：北京日报客户端 日前，A股五大上市险企——中国人保、中国人寿、中国平安、中国太保、新华保险，2024年业绩已经 披露完毕。总体来看，2024年，五家险企合计实现归母净利润3475.71亿元，同比增长77.7%。其中，中 国人寿、中国太保、新华保险净利润均创历史新高。 具体来看，中国人保、中国人寿、中国平安、中国太保、新华保险2024年归母净利润分别为428.69亿 元、1069.35亿元、1266.07亿元、449.60亿元、262.29亿元，较上年同期分别增长88.24%、108.92%、 47.79%、64.95%、201.07%。多家险企分析认为，净利润同比大增背后，是资本市场回暖推动投资收益 提升所致。2024年，五家上市险企总投资收益率都超过了5%。 中国人寿副总裁 刘晖：2024年的投资业绩的确比2023年同比提升了3个百分点，创下近年来的新高，在 权益市场低迷的时候也能够坚定地入市，仅在2024年全年净加仓超过1000亿元，权益投资收益取得了很 好的增长。 新华保险董事长 杨玉成：拟向全体股东派发2024年末期现金股利每股1.99元，全年合计拟派发现金股利 78.9亿元，比去年派息金额增加 ...

Core Viewpoint - China Pacific Insurance (CPIC) has achieved a significant milestone by being upgraded to an AA rating in the MSCI ESG ratings for 2025, marking the highest level for domestic insurance companies and reflecting its strong performance in sustainable development and ESG management [3][4]. Group 1: ESG Rating and Recognition - MSCI ESG ratings are recognized as one of the most influential ESG evaluation systems globally, widely used by international investors for investment decisions [4]. - CPIC has demonstrated outstanding performance in environmental, social, and governance aspects, particularly in corporate governance, financial accessibility, and human development, positioning itself as an industry leader [4]. Group 2: ESG Work System Improvement - CPIC is continuously enhancing its ESG work system by establishing a Green Finance Committee and a dedicated ESG office to coordinate green finance and ESG management efforts [5]. - The company has developed a comprehensive green finance management framework and an annual work plan for 2024-2027, along with an innovative information management system for ESG [5]. Group 3: Innovation in Green and ESG Financial Products - CPIC has pioneered several ESG financial products, including the first photovoltaic power sales credit compensation insurance and biodiversity insurance, to support carbon sequestration efforts [6]. - In 2024, CPIC is expected to provide risk coverage amounting to 184 trillion yuan and support green investment projects totaling 100.4 billion yuan [6]. Group 4: Corporate Social Responsibility - CPIC actively integrates into the socio-economic development landscape, enhancing agricultural insurance and supporting rural revitalization, with a coverage of 18.18 million new citizens [11]. - The company has participated in disaster relief efforts, responding to 255 major disaster claims and expanding its insurance coverage to over 400 million people across 20 provinces [11]. Group 5: Green Operations and Sustainability - CPIC is committed to green operations by implementing paperless offices and constructing green data centers, achieving a reduction in energy consumption [13]. - The company has promoted electronic policies, with over 920 million electronic policies downloaded and a 95.3% issuance rate for auto insurance [13]. Group 6: Future Directions - CPIC aims to strengthen its role in promoting green finance, innovate financial products, and enhance its service system to support green, low-carbon, and circular economies [14].

过去一年，中国人保经营业绩高速增长，高质量发展有序推进。 长江商报消息 ●长江商报记者 沈右荣 中国人保（601319.SH，01339.HK）交出了一份历史上最好的业绩答卷。3月27日晚，中国人保披露了 2024年年度报告。公司全年实现保险服务收入5377.09亿元 ，同比增长6.7% ；原保险保费收入6930.15 亿元 ，同比增长4.7%。当年，退保率为3.60%，为近10年来最低水平。 2024年，公司实现营业收入6219.72亿元，同比增长12.45%；归属母公司股东的净利润（以下简称"归母 净利润"）428.69亿元，同比增长88.24%。营收净利均创历史新高。 长江商报记者发现，归母净利润大幅增长，与投资收益十分可观相关。2024年，公司耐心资本、战略资 本的效应显现时，投资收益高达821.63亿元，创了历史新高，同比增长逾80%。 中国人保"保险+科技"深化融合发展，科技金融质效不断提升。科技保险承担保险责任金额31万亿元 ， 保障高新技术企业12万家。 截至2024年，中国人保专业技术人员11.85万人，是营销与推销人员的2倍多。 投资收益助净利创新高 根据年报，2024年，中国人保业务发展 ...

Core Viewpoint - Agricultural insurance plays a crucial role in supporting the "three rural issues" and contributes significantly to the sustainable development of agriculture and the implementation of rural revitalization strategies [1]. Group 1: Policy Implementation - China People's Insurance Group (China PICC) is actively implementing the requirements of the Central Document No. 1, focusing on agricultural insurance as a key service for the "three rural issues" [2]. - China PICC has established a task list and regularly supervises progress to ensure the timely and high-quality completion of key tasks and indicators related to rural revitalization [2]. - The company is enhancing its product development and local government collaboration to ensure the effective implementation of comprehensive cost insurance and income insurance policies [2]. Group 2: Insurance Coverage and Expansion - In 2024, China PICC expanded its coverage of major grain comprehensive cost insurance and income insurance to 29 provinces and cities, insuring 320 million mu (approximately 21.33 million hectares) with a total insured amount increasing by 23% year-on-year [3]. - The company reported that compensation for major grains such as corn, wheat, and rice reached over 6.5 million mu (approximately 433,333 hectares), reflecting a year-on-year growth of over 8% [3]. Group 3: Development of Specialty Agricultural Insurance - China PICC is committed to developing specialty agricultural insurance to support local agricultural industry development, aligning with the Central Document No. 1's call for a multi-tiered agricultural insurance system [4]. - The company aims to promote high-quality and diversified supply of important agricultural products by focusing on local specialty resources and supporting the development of unique agricultural products [4]. Group 4: Collaboration with Local Governments - Local governments are increasing support for agricultural insurance participation in local advantageous and specialty agricultural and rural industry construction [5]. - China PICC plans to strengthen collaboration with local policies and utilize a variety of insurance products to ensure stable supply and pricing of agricultural products, contributing to rural revitalization [5]. Group 5: Innovative Insurance Models - China PICC is exploring the "Agricultural Insurance +" model to enhance financing and expand the depth and breadth of financial services for agriculture [6]. - The company has been running the "Insurance + Futures" project in Gansu Province since 2017, covering 20,000 fruit farmers and insuring 55,600 acres of apple cultivation, significantly benefiting local farmers [6]. Group 6: Green Transformation in Agriculture - China PICC is integrating into the national "dual carbon" goals by promoting ecological green insurance products such as forest insurance and carbon sink insurance [6]. - The company aims to provide insurance coverage for various carbon-sequestering assets and accelerate the development of ecological carbon sink insurance to support the green transformation of agriculture [6]. Group 7: Future Trends in Agricultural Insurance - The agricultural insurance industry is expected to advance along a path of high-quality development, with improved legal frameworks, diversified products, and more standardized management practices [7]. - Agricultural insurance will continue to play a vital role as an economic stabilizer and social stabilizer in the context of rural revitalization and agricultural modernization [7].