Revenue and Profitability - Total revenue for Q1 2024 was RMB 138,778 million, a slight increase of 0.7% compared to RMB 137,769 million in Q1 2023[2] - Net profit attributable to shareholders of the parent company decreased by 23.5% to RMB 8,963 million from RMB 11,721 million in the same period last year[2] - Basic earnings per share (EPS) fell to RMB 0.20, down 23.5% from RMB 0.27 in Q1 2023[2] - Net profit for Q1 2024 was 12.06 billion RMB, down 24.8% compared to the same period in 2023[12] - Net profit for the first quarter of 2024 was RMB 12,063 million, down 24.6% from RMB 16,050 million in the same period of 2023[24][25] - The total comprehensive income for Q1 2024 was RMB 5,314 million, a decrease of 70.6% compared to RMB 18,030 million in Q1 2023[25] Assets and Liabilities - Total assets increased by 1.1% to RMB 1,574,558 million as of March 31, 2024, compared to RMB 1,557,159 million at the end of 2023[3] - The total liabilities as of March 31, 2024, were 1,237.58 billion RMB, reflecting a 1.0% increase from the previous year-end[12] - The total liabilities rose to RMB 1,237,579 million as of March 31, 2024, compared to RMB 1,225,490 million as of December 31, 2023, an increase of 1.0%[23] - The total equity attributable to shareholders of the parent company increased to RMB 245,823 million as of March 31, 2024, from RMB 242,355 million as of December 31, 2023, an increase of 1.9%[23] - The company's total equity increased to RMB 102,540 million as of March 31, 2024, compared to RMB 102,327 million as of December 31, 2023[27] Cash Flow and Investments - Net cash flow from operating activities decreased by 19.6% to RMB 33,154 million from RMB 41,213 million in Q1 2023[2] - For the period from January 1 to March 31, 2024, the company reported operating cash inflows of RMB 198,186 million, a slight decrease from RMB 199,244 million in the same period of 2023, resulting in a net cash flow from operating activities of RMB 33,154 million compared to RMB 41,213 million in 2023[26] - The company experienced a net cash outflow from investing activities of RMB 347 million in the first quarter of 2024, compared to a net cash outflow of RMB 4,200 million in the same period of 2023[29] Insurance Service Revenue - Insurance service revenue for Q1 2024 reached 126.17 billion RMB, a year-on-year increase of 7.7%[12] - PICC Property and Casualty for Q1 2024 was 5.87 billion RMB, with a revenue of 113.84 billion RMB, reflecting a 5.9% increase year-on-year[14] - PICC Life achieved a net profit of 3.82 billion RMB in Q1 2024, with a 23.4% increase in insurance service revenue[14] - PICC Health reported a significant growth in insurance service revenue, reaching 6.84 billion RMB, a 40.6% increase year-on-year[17] Return on Equity - The weighted average return on equity (ROE) decreased by 1.3 percentage points to 3.7% from 5.0% in Q1 2023[3] - The weighted average return on equity decreased to 3.7%, down 1.3 percentage points from the previous year[12] Other Financial Metrics - The company's cash and cash equivalents decreased to RMB 20,235 million as of March 31, 2024, from RMB 21,870 million as of December 31, 2023, a decline of 7.5%[22] - The company's interest income for the first quarter of 2024 was RMB 123 million, a decrease from RMB 168 million in the same period of 2023[28] - The company reported a significant increase in fair value gains of RMB 87 million in the first quarter of 2024, compared to RMB 198 million in the same period of 2023[28]

Financial Performance - Total operating revenue for Q1 2024 was RMB 138,778 million, a slight increase of 0.7% compared to RMB 137,769 million in Q1 2023[2] - Net profit attributable to shareholders of the parent company decreased by 23.5% to RMB 8,963 million from RMB 11,721 million in the same period last year[2] - Basic earnings per share decreased by 23.5% to RMB 0.20 from RMB 0.27 in Q1 2023[2] - Pre-tax profit for Q1 2024 was 13.85 billion CNY, down 25.4% compared to 18.56 billion CNY in Q1 2023[12] - Net profit for Q1 2024 was 12.06 billion CNY, a decrease of 24.8% from 16.05 billion CNY in the same period last year[12] - Total comprehensive income for Q1 2024 was RMB 5,314 million, significantly lower than RMB 18,030 million in Q1 2023[26] - Operating profit for Q1 2024 was RMB 13,845 million, down 25.4% from RMB 18,514 million in Q1 2023[25] Cash Flow - Net cash flow from operating activities fell by 19.6% to RMB 33,154 million, down from RMB 41,213 million in Q1 2023[2] - Cash flow from operating activities generated RMB 33,154 million in Q1 2024, compared to RMB 41,213 million in Q1 2023, reflecting a decrease of 19.5%[27] - The company experienced a net cash outflow from financing activities of RMB 39,576 million in Q1 2024, compared to RMB 46,338 million in Q1 2023[29] - Cash flow from investing activities showed a net inflow of RMB 5,306 million in Q1 2024, a recovery from a net outflow of RMB 4,672 million in Q1 2023[28] Assets and Liabilities - Total assets as of March 31, 2024, increased by 1.1% to RMB 1,574,558 million from RMB 1,557,159 million at the end of 2023[2] - Total liabilities increased to 1,237.58 billion CNY, up 1.0% from 1,225.49 billion CNY at the end of 2023[12] - The company's cash and cash equivalents decreased to RMB 20.24 billion from RMB 21.87 billion at the end of 2023[22] - Total liabilities decreased to RMB 16,569 million as of March 31, 2024, compared to RMB 17,018 million as of December 31, 2023[30] Shareholder Information - The number of ordinary shareholders as of the reporting period was 171,202 for A-shares and 5,238 for H-shares[6][7] - The largest shareholder, the Ministry of Finance of the People's Republic of China, holds 60.84% of the shares[7] Insurance Business Performance - Insurance service revenue for Q1 2024 reached 126.17 billion CNY, a year-on-year increase of 7.7%[12] - The comprehensive cost ratio for the insurance business was 97.9% during Q1 2024[14] - The insurance business achieved a service revenue of 113.84 billion CNY in Q1 2024, reflecting a 5.9% year-on-year growth[14] - In Q1 2024, the total insurance service revenue for China People's Insurance Company reached RMB 173.98 billion, a year-on-year increase of 3.8%[15] - China People's Life Insurance reported a net profit of RMB 3.82 billion in Q1 2024, with insurance service revenue growing by 23.4% year-on-year to RMB 4.79 billion[16] - The new business value for China People's Life Insurance increased by 81.6% year-on-year during the same period[16] - China People's Health Insurance achieved insurance service revenue of RMB 6.84 billion in Q1 2024, reflecting a 40.6% year-on-year growth[18] - The total insurance premium income for China People's Health Insurance was RMB 2.45 billion, with a year-on-year increase of 8.2%[19] Investment Performance - The company reported a significant drop in investment income, which fell to RMB 2,494 million in Q1 2024 from RMB 8,073 million in Q1 2023[24] - The company reported a significant increase in long-term equity investments, reaching RMB 159.26 billion as of March 31, 2024[22] - The company is focusing on enhancing asset allocation strategies and optimizing investment structures to improve overall investment returns[20]

证券代码：601319 证券简称：中国人保 公告编号：临 2024-013 中国人民保险集团股份有限公司 关于召开 2024 年第一季度业绩说明会的公告 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。 重要内容提示： 投资者可于 2024 年 4 月 23 日(星期二)至 4 月 29 日(星期一) 16:00 前登陆上证路演中心网站首页，点击"提问预征集"栏目进行 提问。公司将在业绩说明会上对投资者普遍关注的问题进行回答。 为使广大投资者更加全面深入地了解公司 2024 年第一季度业绩 和经营情况，本公司拟于 2024 年 4 月 30 日（星期二）15:00-16:00 召开 2024 年第一季度业绩说明会，就投资者普遍关心的问题进行交 流。 1 一、说明会类型 本次业绩说明会通过视频直播和文字互动的方式召开，本公司将 针对 2024 年第一季度业绩和经营情况与投资者进行互动交流，并对 投资者普遍关注的问题进行回答。 二、说明会召开的时间、地点和方式 （一）会议召开时间：2024 年 4 月 30 日（星期二）15:00 ...

证券研究报告：非银金融 | 公司点评报告 2024年4月18日 股票投资评级 中国人保(601319) 增持|维持 业务结构优化有成效，维持增持评级 个股表现 ⚫ 投资要点 公司公告前3个月累计原保险保费收入，合计2530.31亿元，同 中国人保 非银金融 比增长 1.32%，低于 23 年7.47%的增速。其中寿险 545.18亿元、财 17% 13% 险1739.77亿元、健康险245.36亿元。 9% （1）前3个月，财险保费放慢增速，由去年同期10.2%下降到今 5% 1% 年 3.8%，除企业险和货运险外，其他各财险险种同比均较大幅度下 -3% -7% 滑。其中车辆险增速从 6.5%下滑至 1.9%，仅贡献增量 13.07 亿元， -11% 意健险增速从 9.8%下滑至 6.2%，贡献 33.07 亿元增量。（2）寿险同 -15% -19% 比-8.2%，主要是长险趸交首年减少 59.63 亿元收入，同比-33.4%， 2023-04 2023-06 2023-09 2023-11 2024-02 2024-04 可能与银保渠道“报行合一”和公司主动优化趸期业务结构有关。（3） 资料来源：聚源，中邮 ...

Company Overview - The People's Insurance Company (Group) of China Limited ranked 120th in the 2023 Fortune Global 500 list[2]. - The company holds approximately 68.98% of the shares in PICC Property and Casualty, which is listed on the Hong Kong Stock Exchange[2]. - The company operates through various subsidiaries, including PICC Life and PICC Health, which are positioned for significant growth potential[2]. - The company has a diversified network across urban and rural areas, enhancing its customer base and policy integration[3]. - The company has a robust management team supported by experienced shareholders, ensuring strategic insights and operational excellence[3]. Financial Performance - The net profit for 2023 was CNY 30.81 billion, a decrease of 13.1% compared to CNY 35.45 billion in 2022[9]. - As of December 31, 2023, total assets reached CNY 1,556.68 billion, an increase of 9.9% from CNY 1,416.29 billion in 2022[9]. - The group’s net assets reached CNY 332.90 billion, a growth of 9.2% from the previous year[12]. - The insurance service revenue for 2023 was CNY 503.90 billion, reflecting a year-on-year growth of 7.5%[12]. - The original insurance premium income was CNY 4,661.74 billion, an increase of 6.9% compared to the previous year[12]. Investment and Asset Management - The company has a strong asset management platform with a solid investment performance, focusing on alternative investment fields[3]. - The company’s total investment return rate was 3.3%, with managed assets growing by 36.3% to CNY 1.07 trillion[22]. - The company emphasized risk control, with 99.8% of external credit ratings being AAA for non-standard financial products[99]. - The company actively optimized its asset allocation, focusing on high-dividend listed companies to stabilize investment returns under new accounting standards[100]. - The company increased its fixed income investments, achieving interest income of 38.884 billion yuan, up from 34.149 billion yuan in 2022[101]. Digital Transformation and Innovation - The company is committed to digital transformation, leveraging advanced information technology for data mining and intelligent operations[3]. - The company established a digital development committee to enhance digital infrastructure and data governance[19]. - The company launched 10 technological innovations, including the "Renbao Big Model," recognized as one of the top 10 financial informatization events of 2023[19]. - The company completed the construction of an intelligent risk control platform, enabling unified risk data integration and proactive risk warnings[20]. - The group plans to leverage new technologies such as artificial intelligence, big data, and the Internet of Things to transform insurance management and enhance operational efficiency[123]. Risk Management - The company has established a comprehensive layered risk management system, continuously optimizing its risk management capabilities in 2023[113]. - The company conducted annual risk assessments and submitted reports to the board, confirming that the risk management system is effective and no significant risks affecting normal operations were identified during the reporting period[115]. - The company has implemented a special system to prevent risk contagion, enhancing internal transaction risk control and management requirements[117]. - The group emphasizes risk management across various domains, including concentration risk, non-insurance risk, and operational risk, to enhance overall risk control levels[118]. - The company is focused on improving the management mechanisms in specialized areas such as credit guarantee insurance and investment review[113]. Market Presence and Growth Strategy - The company aims to continue expanding its market presence and enhancing its service capabilities in the insurance sector[3]. - The company is committed to expanding its services in agricultural insurance, health insurance, and green insurance to meet emerging market demands[27]. - The company plans to optimize its strategic implementation in 2024, aiming for stable growth and improved quality and efficiency[26]. - The company is focusing on the "insurance + service + technology" business model to enhance risk management and service capabilities[24]. - The company is committed to expanding its market presence in Hong Kong and Macau[125]. Corporate Governance - The board of directors consists of 14 members, including 4 executive directors, 5 non-executive directors, and 5 independent non-executive directors[184]. - The company has established effective communication channels with shareholders to ensure their rights to information and participation[179]. - The board is responsible for risk management, compliance, and internal control policies, including annual risk assessment reports[190]. - The company held its 2022 annual general meeting on June 19, 2023, where Mr. Wang Pengcheng was elected as an independent non-executive director[188]. - The company emphasizes the importance of compliance with domestic and international regulatory requirements in its governance practices[199].

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 承董事會命 中國人民保險集團股份有限公司 王廷科 董事長 董事會會議通知 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 四月二十九日（星期一）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 四年三月三十一日止三個月的第一季度未經審核業績及其刊發，並處理任何其他事項。 中國北京，二零二四年四月十七日 於本公告日，本公司執行董事為王廷科先生、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。 ...

证券代码：601319 证券简称：中国人保 公告编号：临 2024-012 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。 中国人民保险集团股份有限公司（"本公司"）2024 年 1 月 1 日至 2024 年 3 月 31 日经由本公司子公司中国人民财产保险股份有限 公司、中国人民人寿保险股份有限公司及中国人民健康保险股份有限 公司所获得的原保险保费收入分别为人民币 173,977 百万元、人民币 54,518 百万元及人民币 24,536 百万元。 中国人民财产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： 注：原保险保费收入数据根据中华人民共和国财政部《企业会计准则第 25 号—原保险合同》 （财会〔2006〕3 号）及《保险合同相关会计处理规定》（财会〔2009〕15 号）编制，下同。 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 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company with a target price of 7.10 CNY [2][8]. Core Views - The company achieved its target for property insurance combined ratio (COR) and reported an exceptional growth in new business value (NBV) for life insurance [2][8]. - In 2023, the company generated insurance service revenue of 503.9 billion CNY, a year-on-year increase of 7.5%, while the net profit attributable to shareholders was 22.773 billion CNY, down 10.2% year-on-year [2][8]. - The life insurance segment saw a remarkable NBV of 6.49 billion CNY, up 105.4% year-on-year, with the embedded value reaching 123.965 billion CNY, an increase of 5.6% from the previous year [2][8]. Summary by Sections Property Insurance - The company maintained a high growth rate in property insurance premiums, achieving a combined ratio of 97.6%, which met the initial target for the year [2][8]. - The property insurance service revenue reached 457.2 billion CNY, a 7.7% increase year-on-year, primarily driven by auto insurance, health insurance, and agricultural insurance [2][8]. - The original premium growth rate was 6.3%, placing the company in a leading position in the market with a 32.5% market share [2][8]. Auto Insurance - Auto insurance revenue was 282.2 billion CNY, reflecting a 5.3% year-on-year increase, accounting for 61.7% of total revenue [2][8]. - The combined ratio for auto insurance was 96.9%, slightly improved from the initial target, outperforming competitors [2][8]. - The loss ratio increased to 70.4% due to rising claims from natural disasters and increased accident rates [2][8]. Non-Auto Insurance - Non-auto insurance revenue totaled 175.1 billion CNY, up 11.9% year-on-year, with a growing share of 38.3% [2][8]. - Various non-auto insurance segments, including health and agricultural insurance, showed significant growth, with health insurance growing by 23.8% year-on-year [2][8]. Life Insurance - The life insurance segment reported an NBV of 3.664 billion CNY, a 69.6% increase year-on-year, with a new business value rate improvement [2][8]. - The health insurance segment achieved an NBV of 2.826 billion CNY, up 182.9% year-on-year, indicating strong market demand [2][8]. - The company is focusing on enhancing the quality of its sales force, with a notable increase in the average new policy premium per agent [2][8]. Investment Performance - The company reported a net investment return of 4.5% and a total investment return of 3.3%, both showing a decline compared to the previous year [2][8]. - The total investment assets reached 1.43 trillion CNY, reflecting an 11.4% year-on-year increase despite market volatility [2][8]. - Adjustments in investment return assumptions were made to align with market conditions, enhancing the company's asset-liability management [2][8].

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: 2024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: 2024年4月2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 | 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 A | | ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [3]. Core Views - The report highlights that the company's property and casualty insurance business remains competitive, with a focus on optimizing the structure of auto insurance. The overall profitability is expected to exceed that of smaller insurance companies, especially in the context of ongoing reforms in the auto insurance sector [6][7]. - The report also notes significant growth in the life insurance segment, with new business value (NBV) showing substantial improvement, particularly in the health insurance sector [6][7]. Financial Summary - The company's operating revenue for 2023 is projected at 553,097 million yuan, reflecting a year-on-year growth of 4.4%. By 2024, the revenue is expected to reach 604,959 million yuan, with a growth rate of 9.4% [6]. - Net profit for 2023 is estimated at 22,773 million yuan, a decrease of 10.2% compared to the previous year. However, a recovery is anticipated in 2024, with net profit projected to increase by 14.6% to 26,100 million yuan [6]. - Earnings per share (EPS) for 2023 is expected to be 0.51 yuan, with projections of 0.59 yuan for 2024 and 0.68 yuan for 2025 [6]. Segment Analysis - The property and casualty insurance segment reported a total premium income of 457,203 million yuan in 2023, with a year-on-year increase of 7.7%. The combined ratio stands at 97.6%, indicating a slight increase of 0.9 percentage points year-on-year [12]. - In the life insurance segment, the first-year premium income for long-term insurance increased by 37.1% year-on-year, with significant growth in both individual and bank insurance channels [6][11]. - The health insurance segment also saw a remarkable increase, with NBV growing by 182.9% year-on-year, reflecting strong demand and improved product offerings [11][12]. Valuation - The report provides a valuation range for the company, estimating a reasonable share price between 6.54 and 7.09 yuan based on a segmented valuation approach. The property and casualty insurance business is valued at 1.1x-1.2x 2024E price-to-book (PB) ratio, while the life and health insurance segments are valued at 0.45-0.50x 2024E price-to-embedded value (PEV) [7][6].