Core Points - The appointment of Ding Xiangqun as the new Party Secretary of China People's Insurance Group marks a significant leadership change after Wang Tingke's departure [1] - Ding Xiangqun is the first female leader in the history of China People's Insurance and the only Central Committee member in the insurance industry [1] - Under Ding's leadership, the company aims to continue its high-quality development in a complex external environment [1] Company Overview - China People's Insurance Group achieved a total premium income of 427.285 billion yuan in the first half of the year, representing a year-on-year growth of 3.3% [1] - The growth in property insurance premiums was 3.7%, while life insurance premiums grew by 2.4% [1] - The net profit for the first half of the year reached 30.455 billion yuan, reflecting a year-on-year increase of 13.8% [1] Market Position - China People's Insurance holds a market share of 34% in the property insurance sector, further increasing its dominance [2]

Company Leadership Change - Ding Xiangqun appointed as Party Secretary of People's Insurance Company of China (PICC) [1] - Ding Xiangqun previously served as President of Corporate Banking at Bank of China, Vice President of China Taiping, and Vice President of China Development Bank [1] - Ding Xiangqun has extensive experience in financial institutions and government roles, including Vice Governor of Guangxi Zhuang Autonomous Region and Member of the Standing Committee of Anhui Provincial Party Committee [1]

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之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不就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之任何損失承擔任何責任。 公司秘書 1339 中國北京，二零二四年十月十六日 董事會會議通知 於本公告日，本公司執行董事為趙鵬先生、李祝用先生及肖建友先生，非執行董事為 王清劍先生、苗福生先生、王少群先生、喻強先生及宋洪軍先生，獨立非執行董事為 邵善波先生、高永文先生、崔歷女士、徐麗娜女士及王鵬程先生。 中國人民保險集團股份有限公司（「本公司」）董事會（「董事會」）茲通告謹定於二零二四年 十月二十九日（星期二）舉行董事會會議，以審議及批准本公司及其附屬公司截至二零二 四年九月三十日止九個月的第三季度未經審核業績及其刊發，並處理任何其他事項。 承董事會命 中國人民保險集團股份有限公司 伍秀薇 ...

Investment Rating - The report maintains a "Recommend" rating for PICC (601319) with a target price of 7.9 yuan, compared to the current price of 7.09 yuan [1] Core Views - PICC's net profit attributable to parent company shareholders for the first three quarters of 2024 is expected to be 33.83-37.93 billion yuan, a year-on-year increase of 65%-85% [1] - The single-quarter Q3 net profit is expected to be 11.1-15.2 billion yuan, a year-on-year increase of 1691%-2351%, driven by a low base effect and a rebound in the equity market [1] - The company's asset allocation flexibility is higher than peers due to its property insurance-focused business structure, with equity assets accounting for 29.6% as of H1 2024 [1] - Premium income for the first three quarters of 2024 grew 5.2% year-on-year, with life insurance up 7.3% and property insurance up 4.6% [1] Financial Performance - The report forecasts 2024-2026 EPS at 0.87/0.89/0.91 yuan, up from previous estimates of 0.71/0.81/0.89 yuan [1] - Total operating income is projected to grow from 553.1 billion yuan in 2023 to 680.6 billion yuan in 2026, with a CAGR of 4.4%-6.4% [2] - Net profit attributable to parent company shareholders is expected to increase from 22.77 billion yuan in 2023 to 40.12 billion yuan in 2026 [2] Asset Allocation - Fixed-income assets accounted for 67.3% of total assets as of H1 2024, up 2.8 percentage points from end-2023 [1] - Equity assets decreased by 2.8 percentage points to 29.6%, still higher than major peers such as China Life (24.1%) and Ping An (15.8%) [1] Business Segments - Property insurance premiums grew 4.6% year-on-year in the first three quarters of 2024, with COR expected to improve [1] - Life insurance premiums increased 7.3%, with NBV expected to maintain high growth [1] Valuation - The report maintains a PB target of 1.1x for property insurance business and 1x for other businesses, while raising the PEV target for life insurance to 0.6x [1]

Investment Rating - The investment rating for the company is "Buy" [2] Core Views - The company is expected to achieve a significant year-on-year increase in net profit for the first three quarters of 2024, with estimates ranging from 338.30 billion to 379.31 billion CNY, representing a growth of 65% to 85% compared to the previous year [2][3] - The substantial growth in net profit is attributed to the optimization of the business structure, effective risk management, and a recovery in the capital markets, leading to a significant increase in investment income [3] - The company’s new business value (NBV) is projected to increase by 80% year-on-year, despite a slight decline in new single premiums [4] - The combined ratio (COR) is expected to remain stable at 96.2%, indicating effective risk reduction measures taken by the company [4] Financial Performance Summary - For 2024, the company forecasts revenue of 617.41 billion CNY, an increase from the previous estimate of 602.5 billion CNY, with net profit expected to reach 35.77 billion CNY, up from 26.2 billion CNY [5] - The earnings per share (EPS) for 2024 is projected at 0.81 CNY, an increase from the previous estimate of 0.59 CNY [5] - The company’s total assets are expected to grow from 1,557.16 billion CNY in 2023 to 1,691.54 billion CNY in 2024 [8]

Investment Rating - The investment rating for the company is "Buy" for 1339 HK and "Hold" for 601319 CH, with target prices set at HKD 4.40 and RMB 7.20 respectively [8][9]. Core Views - The company is expected to see a significant increase in net profit for the first three quarters of 2024, with an estimated growth of 65-85% year-on-year, amounting to approximately RMB 338.30-379.31 billion [3]. - The company's insurance business is developing steadily, with a 7.4% year-on-year increase in original insurance premium income for the first three quarters of 2024 [3]. - The investment performance is anticipated to improve due to a rise in the stock market, which is expected to boost net profit, net assets, and intrinsic value [4]. - The new business value (NBV) for life and health insurance is projected to grow by 68% in 2024, despite a slight decline in new single premium income [5]. - The underwriting performance for property and casualty insurance is expected to remain stable, with original insurance premium income growing by 4.6% year-on-year [6]. Summary by Sections Earnings Forecast - The company forecasts gross premium income to be RMB 534.09 billion in 2024, reflecting a 5.99% increase from the previous year [7]. - Total investment income is projected to rise significantly to RMB 60.29 billion in 2024, a 94.39% increase year-on-year [7]. - The net profit attributable to shareholders is expected to reach RMB 40.33 billion in 2024, representing an 80.65% increase [7]. Valuation Metrics - The estimated EPS for 2024 is RMB 0.91, with a projected dividend per share (DPS) of RMB 0.33 [7]. - The price-to-earnings (PE) ratio is expected to be 7.78 for 2024, indicating a favorable valuation compared to historical levels [7]. - The price-to-book (PB) ratio is projected to be 1.18 in 2024, suggesting a reasonable valuation relative to the company's book value [7]. Investment Strategy - The valuation approach includes a sum-of-the-parts (SOTP) method, utilizing discounted cash flow (DCF) analysis for different business segments [10]. - The target price is derived from an average of intrinsic value and book value methods, with intrinsic value estimated at RMB 7.6 and book value at RMB 6.7 [10].

Financial Performance - The estimated net profit attributable to shareholders for the first three quarters of 2024 is expected to be between RMB 33.83 billion and RMB 37.93 billion, an increase of RMB 13.33 billion to RMB 17.43 billion compared to the same period last year, representing a year-on-year growth of 65% to 85%[2] - The estimated net profit attributable to shareholders after deducting non-recurring gains and losses is expected to be between RMB 33.58 billion and RMB 37.65 billion, with a similar year-on-year growth of 65% to 85%[3] - The total profit for the same period last year was RMB 30.29 billion, with a net profit attributable to shareholders of RMB 20.50 billion[4] Reasons for Profit Increase - The main reasons for the profit increase include the optimization of the business structure, effective risk control, and significant growth in total investment income due to the recovery of the capital market[5] Strategic Focus - The company emphasizes a commitment to high-quality development and the implementation of strategic initiatives to ensure steady progress[5] Reporting Notes - The performance forecast data is based on preliminary calculations under Chinese accounting standards and is subject to change upon the official release of the Q3 2024 report[6]

证券代码：601319 证券简称：中国人保 公告编号：临 2024-033 中国人民保险集团股份有限公司 原保险保费收入公告 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。 中国人民人寿保险股份有限公司上述期间原保险保费收入分类 明细如下： | | 单位：人民币百万元，百分比除外 | | | --- | --- | --- | | | 2024年1-9月 | 同比（%） | | 长险首年 | 41,413 | -9.0 | | 趸交 | 17,077 | -22.1 | | 期交首年 | 24,336 | 3.2 | | 期交续期 | 52,388 | 21.4 | | 短期险 | 2,822 | 7.0 | | 合计 | 96,623 | 5.9 | 中国人民健康保险股份有限公司上述期间原保险保费收入分类 明细如下： | | 单位：人民币百万元，百分比除外 | | | --- | --- | --- | | | 2024年1-9月 | 同比（%） | | 长险首年 | 13,134 | 10.8 | | 趸交 | 7,90 ...

截至月份: 2024年9月30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: 2024年9月30日 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 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 ...

Company Overview - PICC ranked 158th in the 2024 Fortune Global 500 list[2]. - The company holds approximately 68.98% of PICC Property and Casualty, which operates property insurance in mainland China[2]. - The group ranked 158th in the 2024 Fortune Global 500, marking 15 consecutive years on the list[15]. Financial Performance - Total assets as of June 30, 2024, reached 1,649,933 million, a 6.0% increase from December 31, 2023[7]. - Net profit for the first half of 2024 was 31,489 million, representing a 13.4% year-over-year growth[8]. - Insurance service revenue for the first half of 2024 was 261,629 million, up 6.0% compared to the same period in 2023[8]. - The company reported total operating income of CNY 292.342 billion for the first half of 2024, a 4.1% increase compared to the same period in 2023[31]. - The group reported net profit attributable to shareholders of CNY 23.4 billion, reflecting a year-on-year growth of 13.7%[23]. - The total original insurance premium income for the first half of 2024 was CNY 311.996 billion, a 3.7% increase compared to the same period in 2023[47]. - The company reported a net profit of RMB 20,439 million for the first half of 2024, compared to RMB 18,558 million for the same period in 2023, reflecting a growth of approximately 10.1%[187]. Investment and Asset Management - The asset management platform is industry-leading with a stable investment style and excellent performance[3]. - Investment assets exceeded 15 trillion, growing 6.9% since the beginning of 2024[10]. - Total investment income for the first half of 2024 was 290.64 million, with an annualized return of 4.1%[11]. - The total assets under management for the company reached 1.8 trillion yuan, reflecting a 7.0% increase since the beginning of the year[83]. - The company emphasizes dynamic optimization of asset allocation to improve the stability and sustainability of investment returns[88]. Digital Transformation and Innovation - The company is focused on digital transformation, leveraging advanced information technology for data mining and intelligent operations[3]. - The technology segment has implemented 42 key technology projects, enhancing digital capabilities and improving customer service, with the "China Insurance" app seeing a 93.0% increase in new user registrations[28]. - The company is committed to innovation and technology development, providing better infrastructure and application research[3]. Health Insurance Services - The company is actively expanding its health insurance services, being the first national professional health insurance company in China[3]. - The company’s health insurance premium income grew by 7.4% to CNY 36.231 billion, with first-year premium income increasing by 17.0%[25]. - The company is focusing on the integration of health insurance and health management to enhance service offerings[75]. Risk Management - The group established a risk management system to enhance proactive and effective risk control, with no major risk events reported in the first half of 2024[18]. - The company emphasizes the importance of enhancing risk management capabilities, focusing on early warning mechanisms and systematic risk identification[101]. - The company is addressing macroeconomic risks, including rising interest rates and geopolitical tensions, by optimizing its risk management framework[102]. Social Responsibility and ESG - The company emphasizes social responsibility and aims to serve national strategies and the real economy[3]. - The group has developed a comprehensive green insurance risk guarantee amounting to 111.9 trillion yuan for the first half of 2024, enhancing support for green development projects[161]. - A total of 244,000 yuan was allocated from the group’s charity fund to support 122 employees facing health challenges, demonstrating a commitment to social responsibility[162]. Shareholder Information - The board proposed an interim dividend of RMB 0.063 per share, totaling approximately RMB 2.786 billion, subject to shareholder approval[98]. - The top five insurance products generated significant premium income, with the "Rui Yi Bao" product contributing CNY 11.622 billion and "Xin An Bao" contributing CNY 11.466 billion[65]. - The total number of ordinary shareholders was 171,507 for A shares and 5,209 for H shares[146]. Market Position and Growth - The market share of PICC Property and Casualty in the property insurance market was 34.0% as of June 30, 2024[23]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[188]. - The company plans to expand its market presence in health insurance, aiming for a revenue increase of 15% in the next fiscal year[200].