Investment Rating - The investment rating for the company is "Buy" [5] Core Views - The report highlights that China Life Insurance maintains a high dividend payout ratio, aligning well with high dividend strategies, making it an attractive investment in the current market environment [2][4] - The company benefits from a unique operating model characterized by "negative funding costs + investment," which is expected to enhance its market position and performance growth compared to the industry [4][11] - The report emphasizes the strong competitive advantage of China Life Insurance in the property insurance sector, driven by scale effects and a robust underwriting profit [19][25] Summary by Sections Property Insurance - The property insurance industry exhibits significant scale effects, with China Life Insurance leading the market with a 37.9% market share in 2023, significantly ahead of its competitors [19][31] - The company maintains a high solvency ratio, providing it with greater operational flexibility and ensuring its ability to continue paying dividends [50][44] - The integration of risk reduction services and technology enhances underwriting profitability, with proactive risk management strategies being implemented [44][19] Life Insurance - The life insurance segment is undergoing a transformation, with expectations for premium and value growth to improve due to changes in agent scale and productivity [56][59] - The company is focusing on health insurance in response to national strategies, anticipating growth in health insurance premiums [66][73] - The report notes that the proportion of regular premium payments is expected to rise, improving the overall premium structure [60][70] Investment Outlook - The report anticipates a dual benefit from both liabilities and assets, with stable premium growth in property insurance and improved underwriting profits [73] - The company is expected to maintain steady growth in auto insurance while increasing its market share in non-auto insurance segments [73][40] - The life insurance sector is projected to benefit from a recovering industry cycle, with improved premium and value growth expected [73][66]

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。 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 三月二十六日（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 三年十二月三十一日止年度的全年業績及其刊發，考慮派付末期股息（如有），並處理任 何其他事項。 1339 董事會會議通知 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。 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 中國北京，二零二四年三月十四日 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 3.99 HKD based on a reasonable valuation of 160.1 billion HKD [6][8]. Core Views - The report highlights that China People's Insurance Group is significantly undervalued, with substantial room for price recovery in the future. The company is focusing on high-quality development amidst strict regulatory environments, which is expected to strengthen its advantages in property and health insurance while narrowing the relative disadvantage in life insurance [2][12]. Summary by Sections Company Overview - China People's Insurance Group, established in 1949, is the first national insurance company in New China, with the Ministry of Finance holding 60.84% of its shares, providing a strong shareholder advantage [3][19]. - The company has evolved into a comprehensive insurance financial group, covering various sectors including property insurance, life insurance, reinsurance, asset management, and insurance technology [3][19]. Property Insurance Business - The property insurance segment is the main profit source, contributing 72.9% of the net profit in the first half of 2023. The company has maintained a leading position in the industry with a premium income of 515.8 billion CNY in 2023, representing a compound annual growth rate (CAGR) of 9.5% from 2011 to 2023 [4][25][26]. - The average combined ratio (COR) for the property insurance business from 2011 to 2022 was 97.3%, outperforming the industry average of 99.0%, indicating superior underwriting profitability [4][29]. Life Insurance Business - The life insurance segment is improving, with the new business value (NBV) margin reaching 5.7% in the first half of 2023, narrowing the gap with leading competitors [5][12]. - The company is expected to benefit from regulatory guidance aimed at reducing liability costs, which will further enhance profitability in the life insurance sector [5][12]. Health Insurance Business - The health insurance segment has shown significant improvement, with net profit reaching 2.7 billion CNY in the first half of 2023, contributing 9.8% to the group's total profit [5][12]. - The company is actively expanding its internet business in health insurance, leveraging partnerships to capture market opportunities [5][12]. Financial Forecast and Valuation - The forecast for operating revenue from 2023 to 2025 is 655.6 billion CNY, 694.6 billion CNY, and 735.6 billion CNY, with respective year-on-year growth rates of 6.5%, 6.0%, and 5.9% [6][14]. - The projected net profit for the same period is 21.9 billion CNY, 27.4 billion CNY, and 30.6 billion CNY, with a CAGR of 7.7% [6][14].

证券代码：601319 证券简称：中国人保 公告编号：临 2024-007 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 2 月 29 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 101,243 百万元、人民币 41,283 百万元及人民币 17,323 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： | | 单位：人民币百万元，百分比除外 | | | --- | --- | --- | | | 2024年1-2月 | 同比（%） | | 机动车辆险 | 44,761 | 1.3 | | 意外伤害及健康险 | 31,304 | 3.2 | | 农险 | 8,746 | -8.6 | | 责任险 | 5,945 | -2.0 | | 企业财产险 | 4,170 ...

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3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 | 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 | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- ...

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][5]. Core Views - The report highlights that in January 2024, the company reported total insurance premium income of 628 billion yuan for property insurance, 320 billion yuan for life insurance, and 112 billion yuan for health insurance, reflecting year-on-year changes of +2.7%, -18.5%, and -4.5% respectively [5][6]. - The report indicates that the growth rate of both auto and non-auto insurance premiums in January 2024 was low, with property insurance premium income growing by 2.7% year-on-year, and auto insurance business growing by 2.9% [5][6]. - The report emphasizes the competitive advantage of the company's property insurance business, particularly in auto insurance, where the company is expected to outperform smaller insurers due to its lower claims ratio and controllable channel costs [6][8]. Summary by Sections Investment Rating - The company is rated "Outperform the Market" with a target price range of 6.77 to 7.32 yuan per share based on a segmented valuation approach [6][8]. Financial Performance - The company’s revenue is projected to grow from 660,254 million yuan in 2023E to 723,792 million yuan in 2024E, representing a year-on-year growth of 9.6% [7][10]. - Net profit is expected to rebound from 20,477 million yuan in 2023E to 27,323 million yuan in 2024E, indicating a growth rate of 33.4% [7][10]. - The report forecasts earnings per share (EPS) to increase from 0.46 yuan in 2023E to 0.62 yuan in 2024E [7][10]. Segment Valuation - The segmented valuation for the company includes a price-to-book (PB) ratio of 1.1 to 1.2 for property insurance, and a price-to-embedded value (P/EV) of 0.45 to 0.5 for life and health insurance [8][9]. - The estimated value for the property insurance segment is between 202,795 million yuan and 221,230 million yuan [8][9]. Market Comparison - The report compares the company’s valuation metrics with other listed insurance companies, indicating a lower price compared to peers, which may present a buying opportunity [9][10].

证券代码：601319 证券简称： 中国人保 公告编号：临 2024-005 中国人民保险集团股份有限公司 第四届董事会第二十三次会议决议公告 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。 本公司第四届董事会第二十三次会议（以下简称"会议"）的通 知和材料于 2024 年 1 月 31 日以书面方式通知全体董事，会议于 2024 年 2 月 23 日在北京市西城区西长安街 88 号中国人保大厦以现场会议 方式召开。会议应出席董事 14 名，现场出席 10 名，视频连线出席 3 名,委托出席 1 名。崔历董事、徐丽娜董事、王鹏程董事以视频连线 方式出席会议。高永文董事委托邵善波董事出席会议并表决。会议由 王廷科董事长主持。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《关于集团卓越战略规划及"十四五"规划目标 修订建议的议案》 1 2 表 ...

证券代码：601319 证券简称：中国人保 公告编号：2024-006 中国人民保险集团股份有限公司 2024 年第一次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 | 1、出席会议的股东和代理人人数 | 43 | | --- | --- | | 其中：A 股股东人数 | 42 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 35,899,794,284 | | 其中：A 股股东持有股份总数 | 32,731,662,661 | | 境外上市外资股股东持有股份总数（H 股） | 3,168,131,623 | | 3、出席会议的股东所持有表决权股份数占公司有表决权股 | | | 份总数的比例（%） | 81.177193 | (一) 股东大会召开的时间：2024 年 2 月 23 日 (二) 股东大会召开的地点：北京市西城区西长安街 88 号中国人保大厦 (三) 出席会议的 ...

方達津師事務所 FANGDA PARTNERS 中国北京市朝阳区光华路一号 北京墓里中心北楼27 层 邮政编码:100020 86-10-5769 5600 86-10-5769 5788 27/F, North Tower, Beijing Kerry Centre 1 Guanghua Road, Chaoyang District Beijing 100020, PRC 上海市方达(北京)律师事务所 关于中国人民保险集团股份有限公司 2024 年第一次临时股东大会的法律意见书 http://www.fangdalaw.com 致:中国人民保险集团股份有限公司 上海市方达(北京)律师事务所(以下简称"本所")是具有中华人民共和国 法律执业资格的律师事务所。根据相关法律顾问协议,本所指派律师出席中国人 民保险集团股份有限公司(以下简称"公司")2024 年第一次临时股东大会(以 下简称"本次股东大会"),并就本次股东大会的召集和召开程序、参与表决和召 集会议人员的资格、表决程序和表决结果等有关事宜出具本法律意见书。 本法律意见书依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东大会规则》及 ...

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 1 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 62,828 百万元、人民币 32,004 百万元及人民币 11,198 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： | | 单位：人民币百万元，百分比除外 | | | --- | --- | --- | | | 2024年1月 | 同比（%） | | 机动车辆险 | 28,436 | 2.9 | | 意外伤害及健康险 | 17,341 | 1.6 | | 农险 | 5,985 | -2.1 | | 责任险 | 4,012 | 6.7 | | 企业财产险 | 3,181 | 10.0 | | 信用保证险 | 622 | -33.3 | | 货运险 | 528 | 27.2 | | 其他险种 | 2,723 | 15.6 | | 合计 | 62,828 | 2.7 | 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 2 ...