Core Viewpoint - The article emphasizes the importance of disaster prevention and reduction in China's governance system, highlighting the role of China People's Insurance Group (PICC) in developing a comprehensive risk management system that integrates insurance, risk reduction services, and technology [1][10]. Group 1: Risk Management and Technological Innovation - PICC has established a full-cycle risk management system covering pre-disaster prevention, in-disaster response, and post-disaster compensation, transitioning from reactive compensation to proactive loss reduction [2][10]. - The company developed the "Disaster Safety Platform," integrating 9 categories and 99 million risk data points to support risk reduction services, and conducted nearly 100,000 risk inspections for high-risk enterprises in 2024 [2][3]. - During the 2024 flood season, the platform provided early warnings for high-risk areas, assisting in the transfer of 42,100 vehicles and the recovery of 560,000 acres of crops [2][3]. Group 2: Comprehensive Catastrophe Insurance System - PICC is actively involved in the national catastrophe insurance system, collaborating with over 40 institutions to expand coverage from earthquakes to various natural disasters, providing a total catastrophe risk coverage of 22.36 trillion yuan for 64.39 million households [5][6]. - The company has implemented localized catastrophe insurance projects in 20 provinces, with 94% of cities being exclusively or primarily insured by PICC, tailoring insurance solutions to regional risk characteristics [5][6]. - In 2024, PICC launched comprehensive catastrophe insurance pilot projects in Hebei and Hubei, offering multi-layered protection for personal, housing, and indoor property [5][6]. Group 3: Efficient Service and Community Support - In response to major disasters, PICC initiated emergency responses 38 times in 2024, addressing 255 significant disaster incidents and disbursing over 20 billion yuan in claims [8][9]. - The company utilized smart tools and IoT devices to enhance disaster response efficiency, deploying 24,500 devices in flood-prone areas to trigger automatic alerts and facilitate rapid rescue operations [3][9]. - PICC's innovative approach to claims processing, including the use of drones and satellite technology, enabled rapid compensation, with over 600 million yuan paid for rice crop insurance within 24 hours of a disaster [9][10].

平安资管罗水权辞任、田耕获聘中国人保副总裁 4月30日，平安资产管理有限公司发布公告称，总经理罗水权因个人工作调整辞去总经理职务，将由董 事长兼CEO黄勇兼任临时负责人，代行总经理职权。 对此，平安资管表示，公司对罗水权的个人职业规划表示尊重，同时感谢他为公司发展作出的贡献。 罗水权自2017年加入平安资管历任公司副总经理、常务副总经理，2019年11月起正式出任该公司总经 理，至今近6年时间，他在任期间主导了平安资管的科技转型、绿色金融布局及新兴产业投资战略，推 动公司规模从3万亿增至5.8万亿。 而此次出任临时负责人的黄勇，是平安集团的资管老将，其于1996年加入平安集团，于2005年5月至 2016年11月先后出任平安资管总经理助理、副总经理、总经理，之后转战平安信托，任副总经理。2017 年又调任平安集团资产管控中心副主任，以及平安养老总经理等职务。2022年起担任平安资管董事长， 并于2025年4月30日起，兼任平安资管总经理临时负责人。 近六年稳定后，对总经理再度进行更换，平安资管表示，此次人事变动不会对其正常经营产生影响，目 前公司治理架构稳定，人才梯队完备，各项工作有序开展。对于未来的总经理人 ...

本报讯 （记者冷翠华）2025年5月12日，我国将迎来第17个全国防灾减灾日。在气候变化加剧、极端天 气频发的背景下，防灾减灾成为国家治理体系和治理能力现代化的重要命题。中国人民保险集团股份有 限公司（以下简称"中国人保"）以"保险+风险减量服务+科技"新商业模式为抓手，构建起覆盖灾前预 防、灾中应对、灾后补偿的全链条风险管理体系。 数据显示，2024年，中国人保实施风险减量工程累计降低社会面损失超10亿元，自主研发"巨灾安澜"平 台集成九大类9900万条风险数据，为风险减量服务提供技术支撑；通过"多灾因、多年期、多层次"保障 体系，在"摩羯"台风等近40起重大自然灾害中提供保险保障；作为首席共保人和执行机构联合40余家保 险机构组成巨灾保险共同体，为全国6439万户次居民提供了22.36万亿元巨灾风险保障。 防灾减灾，"防"字当先。中国人保以科技为引擎，推动风险管理从"事后赔付"向"事前预防"转型，构建 覆盖"灾前预警—灾中救援—灾后复盘"的全周期防控体系，推动巨灾保险从"被动赔付"向"主动减损"转 型。中国人保通过物联设备织密安全网，运用智慧工具提升守护民生效能。 以科技赋能推动灾前预防的同时，中国人保提 ...

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4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: 2025年5月6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 | A 股份 ...

证 券 研 究 报 告 中国人保（601319）2025 年一季报点评 推荐（维持） 投资驱动业绩高增，COR 显著优于同业 目标价：9.2 元 事项： ❖ 2025Q1，公司实现归母净利润同比+43.4%至 128 亿元；人保寿险实现 NBV 可 比口径下同比+31.5%。截至 2025Q1 末，归母净资产较上年末+3.9%至 2793 亿 元。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 621972 | 652507 | 686257 | 725562 | | 同比增速(%) | 12.5 | 4.9 | 5.2 | 5.7 | | 归母净利润(百万) | 42869 | 46345 | 49519 | 55081 | | 同比增速(%) | 88.2 | 8.1 | 6.8 | 11.2 | | 每股盈利(元) | 0.97 | 1.05 | 1.12 | 1.25 | | 市盈率(倍) | 7.3 | 6.8 | 6 ...

中国人保：一季度取得较好投资收益 金十数据4月30日讯，在一季度业绩说明会上，中国人保集团投资部副总经理陈晖艳表示，一季度，中 国人保积极把握资本市场投资机会，取得了较好投资收益。在权益投资方面，公司坚持"成长与价值并 重"的投资风格，在春节前市场低位果断加仓，有效把握市场阶段性和结构性机会，一季度公司权益类 资产实现正收益。在固定收益方面，公司灵活把握债券配置节奏，加大交易力度。在利率低点卖出，在 利率相对高点加大长久期债券买入力度，有效提升债券资产对投资收益的贡献。 （证券时报） ...

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company's net profit for Q1 2025 reached RMB 12.849 billion, a year-on-year increase of 43%, aligning with the company's previous profit forecast of a 30% to 50% increase [1] - The new business value (NBV) for life insurance increased by 31.5% year-on-year, indicating strong growth resilience [3] - The combined ratio (COR) for property insurance decreased by 3.4 percentage points to 94.5%, primarily due to a reduction in natural disasters [2] - The company's investment performance improved significantly, with investment income rising by 111% year-on-year [4] Summary by Sections Q1 2025 Performance - The company reported a net profit of RMB 12.849 billion for Q1 2025, a 43% increase year-on-year, driven by substantial growth in both insurance services and investment performance [1] - The NBV for life insurance showed a robust increase of 31.5% year-on-year, despite a 12% decline in new single premium [3] Property Insurance - The COR for property insurance decreased to 94.5%, a reduction of 3.4 percentage points year-on-year, attributed to fewer natural disasters [2] - Property insurance premium income grew steadily, with a year-on-year increase of 3.7% [2] Life Insurance - The life insurance segment's NBV growth was resilient, with a projected growth rate of 22% for 2025 [3] - Life insurance profits increased by 13.9% year-on-year, contributing 35% to the company's net profit [3] Investment Performance - The company's investment income saw a significant increase of 111% year-on-year, reflecting strong returns from equity assets [4] - The estimated return on equity (ROE) for 2025 is projected to be 16% [4] Earnings Forecast and Valuation - The EPS forecasts for 2025, 2026, and 2027 have been adjusted to RMB 1.01, RMB 1.01, and RMB 1.09 respectively [5] - The target price based on DCF valuation has been raised to RMB 8.3 for A-shares and HKD 5.3 for H-shares [5]

财险COR 显著改善，保费延续稳增长。1Q25 公司COR 94.5% /yoy-3.4pct，预计主要得益于大灾风险减 弱、风险减量工程推进、精细化费用管理等贡献。1Q25 财险总保费1,804 亿元 /yoy+3.7%，其中车险/非 车险保费规模分别为717 亿元/1,087 亿元，yoy+3.5% /+3.8%，整体保持稳健增长；但非车险中增速分 化，其中意健险/农险/责任险/企财险/其他险种分别yoy+6.5%/-4.1% /-1.3% /+1.2% /+11.3%，预计和承保 节奏以及消费偏好相关。展望25 年，在大灾风险同比减弱、全渠道报行合一推进、公司风险减量和费 控推进，COR 预计将延续显著改善趋势，承保利润有望大幅增长。 事件：中国人保披露1Q25 业绩，符合预期。1Q25 公司归母净利润128.5 亿元 /yoy+43.4%（与业绩预告 基本一致）；COR 94.5% /yoy-3.4pct，承保利润66.5 亿元 /yoy+183%；人保寿险NBV yoy+31.5%（可比 口径）。 财险利润增长拉动集团利润提升，投资业绩表现较好。1Q25 公司归母净利润128.5 亿元 /yoy+4 ...

证券研究报告·公司点评报告·保险Ⅱ 中国人保（601319） 2025 年一季报点评：承保与投资均有提升， 财险业务净利润同比近翻倍 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业总收入（百万元） | 553097 | 621972 | 662917 | 708709 | 759197 | | 同比（%） | 4.4% | 12.5% | 6.6% | 6.9% | 7.1% | | 归母净利润（百万元） | 22773 | 42869 | 50950 | 54044 | 59675 | | 同比（%） | -10.2% | 88.2% | 18.9% | 6.1% | 10.4% | | BVPS-最新摊薄（元/股） | 5.48 | 6.08 | 6.71 | 7.38 | 8.11 | | P/B（现价&最新摊薄） | 1.30 | 1.17 | 1.06 | 0.96 | 0.88 | [Table_Tag] [Table_ ...