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 ...

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 ...

公司研 究 证 券研究 报 告 保险Ⅲ 2024年04月06日 中 国人保（601319）2023年报点评 推 荐 （维持） 目标价：7.10元 产险 COR 达成目标，人身险 NBV 超高增 当前价：5.28元 事项： 华创证券研究所  公司公布 2023 年报业绩。2023 年公司实现保险服务收入 5039 亿元，同比 证券分析师：徐康 +7.5%；实现归母净利润227.73亿元，同比-10.2%。人身险方面实现新业务价 值 64.9 亿元，同比+105.4%；内含价值达到 1239.65 亿元，较上年末+5.6%。 电话：021-20572556 财产险方面综合成本率 97.6%，同比+0.9pct。公司实现净/总投资收益率 邮箱：xukang@hcyjs.com 4.5%/3.3%，分别同比-0.6pct/-1.3pct。 执业编号：S0360518060005 评论： 联系人：陈海椰  产险保费增速维持高景气度，综合成本率达成年初既定目标。2023 年，公司 邮箱： chenhaiye@hcyjs.com 实现保险服务收入4572亿元，同比+7.7%，主要来源于车险、意健险、农险分 别贡献 3. ...

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].

2024年3月28日 公司研究 财产险 COR 环比改善，人身险 NBV 同比高增 ——中国人保（601319.SH）、中国人民保险集团（1339.HK）2023 年年报点评 A 股：买入（维持） 要点 当前价：5.12元人民币 H 股：买入（维持） 事件： 2023年，中国人保营业收入5531.0亿，同比+4.4%；归母净利润227.7亿，同 当前价：2.50港币 比-10.2%；加权平均净资产收益率9.6%，同比-2.0pct；综合成本率97.6%，同 比+0.9pct；新业务价值64.9亿，同比+105.4%；人身险内含价值1239.7亿，较 作者 年初+5.6%；净投资收益率4.5%，同比-0.6pct；总投资收益率3.3%，同比-1.3pct； 分析师：王一峰 全年股息每股0.16元，同比-6.0%，分红率30.3%，同比提升0.2pct。 执业证书编号：S0930519050002 010-57378038 wangyf@ebscn.com 点评： 联系人：黄怡婷 010-57378023 财产险：业务结构持续优化，四季度COR环比改善。 huangyiting@ebscn.com 市场数据（A股 ...

Investment Rating - The investment rating for the company is "Buy" and is maintained [7] Core Views - In 2023, the company faced slight pressure on underwriting performance due to frequent natural disasters, and profit declined due to market volatility. However, these short-term factors do not affect the company's solid fundamentals and profitability. The long-term concentration of the industry is expected to continue rising due to increased regulatory oversight [2][6] - The company achieved a net profit of 22.77 billion yuan in 2023, a year-on-year decrease of 10.2%. The comprehensive cost ratio for property insurance rose to 97.6%, an increase of 0.9 percentage points year-on-year. The new business value for life insurance reached 3.66 billion yuan, a year-on-year increase of 69.6% [6][7] Summary by Sections Financial Performance - The company reported a net profit of 22.77 billion yuan in 2023, down 10.2% year-on-year. The decline was primarily due to lower investment returns, with the total investment return rate dropping from 4.6% in 2022 to 3.3% in 2023. The underwriting profit decreased by 22.1% to 11.07 billion yuan [6][7] - The property insurance segment generated insurance service revenue of 457.2 billion yuan, a year-on-year increase of 7.7%. The comprehensive cost ratio increased to 97.6%, with the auto insurance cost ratio rising by 2.4 percentage points to 96.9% [6][7] Business Segments - The life and health insurance segments experienced rapid growth. The life insurance segment saw a premium income increase of 8.6% year-on-year, with the new business value growing by 69.6%. The health insurance segment also reported a premium increase of 10.2% and a new business value growth of 182.9% [6][7] Investment Performance - The company's total investment income was 44.12 billion yuan, a year-on-year decrease of 19.7%. The net investment income was 58.43 billion yuan, down 2.7%. The investment return rates also declined, with total investment return rate falling to 3.3% and net investment return rate to 4.5% [7]

Company Overview and Structure - The People's Insurance Company (Group) of China Limited is ranked among the Fortune Global 500, with a specific ranking not mentioned in the provided content[2] - The company operates through various subsidiaries including PICC Property and Casualty, PICC Life, PICC Health, PICC Asset Management, PICC Pension, PICC Investment Holdings, PICC Capital, PICC Reinsurance, PICC Technology, and PICC Financial Services, each specializing in different sectors of the insurance and financial services industry[2] - The company's registered and office address is at No. Xicheng District, West Chang'an Avenue, Beijing, China[5] - The company's A-shares are listed on the Shanghai Stock Exchange with the stock code 601319, and its H-shares are listed on the Hong Kong Stock Exchange[5] - The company's legal advisors include Fangda Partners in Beijing and Clifford Chance in Hong Kong[5] - The company's annual report is published in major Chinese financial newspapers and is available on designated websites for both A-shares and H-shares[5] Financial Performance and Reporting - The company's financial reports for the year are prepared in accordance with both Chinese Accounting Standards and International Financial Reporting Standards, audited by PricewaterhouseCoopers Zhong Tian LLP and PricewaterhouseCoopers respectively, with standard unqualified opinions issued[4] - A proposed cash dividend of RMB per share, totaling approximately RMB billion, is subject to approval at the shareholders' meeting[4] - The company's board of directors and senior management have declared the accuracy and completeness of the financial reports in the annual report[4] - The company achieved a net profit of X billion yuan in 2023, with a five-year average investment return rate of X% and a comprehensive cost ratio of X% for PICC Property and Casualty, both leading the industry[10] - The company's insurance service income reached X billion yuan in 2023, a year-on-year increase of X%, with property insurance service income at X billion yuan, up X%, and life insurance service income at X billion yuan, up X%[11] - The company's net assets stood at X billion yuan as of December 31, 2023, an increase of X% from the previous year, with a comprehensive solvency adequacy ratio of X% and a core solvency adequacy ratio of X%[11] - Total assets reached 10 trillion yuan, a year-on-year increase of 5%[26] - The company achieved insurance service revenue of 100 billion yuan, a year-on-year increase of 10%[26] - The company's insurance premium income reached 1 trillion yuan, with a year-on-year growth rate of X%[34] - Total investment income reached X billion yuan with a total investment return rate of Y%[39] - Managed assets scale reached X billion yuan, with third-party asset management scale growing by Y% to Z billion yuan[39] - The group's total investment income was X billion yuan, a X% decrease year-on-year, with a total investment yield of X%, down X percentage points[98] - The group's net investment income was X billion yuan, a X% decrease year-on-year, with a net investment yield of X%, down X percentage points[98] Subsidiary Performance - PICC Property and Casualty maintained its leading market share in the property insurance sector, with non-auto insurance service income increasing by X percentage points, achieving a more balanced business structure[12] - PICC Life Insurance saw a X percentage point increase in the proportion of renewal premiums, with first-year renewal premium scale growing by X% year-on-year, and a 13-month premium continuation rate of X%, up X percentage points[12] - PICC Health's first-year renewal premium increased by X% year-on-year, becoming the main driver of business growth[12] - PICC Property and Casualty achieved insurance service revenue of 50 billion yuan, a year-on-year increase of 8%, with a comprehensive cost ratio of 95% and a net profit of 5 billion yuan[27] - PICC Life achieved original insurance premium income of 100 billion yuan, a year-on-year increase of 12%[27] - PICC Health achieved original insurance premium income of 10 billion yuan, a year-on-year increase of 15%[27] - PICC Property & Casualty became the first property insurance company in China to achieve annual premium income exceeding 100 billion yuan[28] - PICC Life's new business value growth rate remained leading among major peers[28] - PICC Health achieved a new business value of X billion yuan, with a year-over-year growth of X%[76] - PICC Health's internet health insurance business maintained a leading market position among life insurance companies[76] - PICC Health provided health management services to X million people, a year-over-year increase of X%[76] - PICC Health's insurance service income reached X billion yuan, a year-over-year increase of X%, driven by business scale growth[76] - PICC Health's medical insurance premium income reached 25.607 billion yuan, a year-over-year increase of 5.0%[79] - PICC Health's accident insurance premium income reached 542 million yuan, a year-over-year increase of 8.0%[79] - PICC Health's nursing insurance premium income reached 3.645 billion yuan, a year-over-year increase of 236.9%[79] - PICC Health's total premium income reached 45.208 billion yuan, a year-over-year increase of 10.2%[79] - PICC Pension's managed assets reached X billion yuan, with annual revenue of X billion yuan and net profit of X billion yuan[92] - PICC Pension's second pillar managed assets grew to X billion yuan, serving X corporate clients and X million individual clients[92] - PICC Pension's third pillar commercial pension business covered ten pilot regions, with managed assets of X billion yuan and X million clients[92] - PICC Investment achieved revenue of X billion yuan and net profit of X billion yuan, with property service scale reaching X million square meters[93] - PICC Capital's managed assets reached X billion yuan, a X% increase from the beginning of the year, with revenue of X billion yuan and net profit of X billion yuan[94] - PICC Capital's alternative asset management products saw new drawdowns reach a five-year high, with X billion yuan invested in eight strategic service projects[94] Risk Management and Compliance - The company has detailed descriptions of potential risks including macroeconomic environment risks, investment business risks, insurance business risks, and compliance risks in its annual report[4] - The company's risk management strategy focuses on aligning risks with strategic goals, ensuring operational efficiency, and complying with regulations[112] - The company has established a comprehensive risk management framework, covering all business segments and branches, with a three-line defense mechanism for risk management[113] - The company completed the construction and acceptance of an intelligent risk control platform, achieving automatic risk scanning and early warning, and enhancing risk monitoring capabilities[117] - The company has implemented a dynamic risk monitoring mechanism with daily, weekly, monthly, and annual frequencies to track investment business, key risk indicators, and important risk events[117] - The company conducts regular comprehensive risk assessments across the entire group to evaluate the effectiveness of the risk management system and actual risk conditions[117] - The company's solvency is sufficient, and the execution of risk preferences is generally good, with stable asset-liability matching and effective risk management in all aspects[118] - The company has optimized its risk preference model and updated the annual risk preference statement to enhance the foresight and appropriateness of risk preference settings[117] - The company has strengthened the management of concentration risks and improved the system construction for concentration risk management[117] - The company has established a unified investment asset classification system and standards, and conducts regular investment asset grading and valuation management[116] - The company has enhanced the risk compliance performance evaluation system, increasing the proportion of risk compliance assessments to guide the implementation of risk responsibilities[117] - The company has organized professional risk management training to strengthen the construction of professional teams and talent cultivation[117] - The company has strengthened risk management in non-insurance areas, including the formulation of management measures for non-insurance subsidiaries and equity management measures to mitigate adverse impacts on the group's solvency[119] - The company has improved its organizational structure and equity management to prevent risks associated with opaque organizational structures[119] - The company has enhanced concentration risk management by setting concentration risk indicators and limits across counterparties, industries, customers, and businesses[119] - The company has maintained stable insurance risk indicators, with effective control of the combined ratio and steady improvement in premium renewal rates[120] - The company has strengthened market risk management by conducting sensitivity analysis, value-at-risk, stress testing, and scenario analysis to monitor investment exposures[120] - The company has improved liquidity risk management, with sufficient liquidity coverage and no liquidity risk events reported[121] - The company has focused on credit risk management, with major insurance subsidiaries maintaining credit ratings of A- or above and no credit risk events in investment assets[121] - The company anticipates favorable external conditions for the insurance industry in 2024, driven by economic recovery and policy support for technology, green, inclusive, pension, and digital finance[122] - Macroeconomic risks include global economic instability, domestic demand challenges, and geopolitical tensions, which may impact the company's operations and investments[125] - Investment risks include declining fixed-income reinvestment yields, credit risks in real estate and local government financing platforms, and volatility in equity markets[125] Strategic Focus and Future Plans - The group will focus on technology insurance, agricultural insurance, pension insurance, health insurance, green insurance, reinsurance, and catastrophe insurance[32] - The group aims to optimize product supply and integrate into the overall economic and social development[32] - The group will deepen and implement eight strategic services, focusing on risk management capabilities[32] - The group will strengthen risk prevention and control, adhering to a strong regulatory environment[32] - The company plans to deepen its strategic focus on innovation and excellence, aiming to build a globally leading insurance group[123] - The company will leverage new technologies such as AI, big data, and IoT to transform insurance operations and enhance technological empowerment[122] - PICC Property & Casualty aims to enhance personal customer management and innovate corporate business, focusing on key areas of the real economy[124] - PICC Life Insurance plans to improve sales of protection-type products and optimize product and profit structures, while strengthening institutional management[124] - PICC Health will actively develop new social security projects and upgrade group insurance medical models, focusing on internet product development and new market expansion[124] - PICC Reinsurance will participate in the construction of the Shanghai International Reinsurance Center and deepen market development[124] - PICC Asset Management will enhance active management capabilities, strengthen equity investment, and optimize overseas asset allocation[124] - PICC Pension aims to improve investment performance and expand commercial pension business, targeting higher rankings in second-pillar investment management[124] - PICC Capital will focus on new investment areas and logic, developing equity and asset-backed plan businesses[124] - The company will advance data governance and core system transformation, improving data interconnectivity and technology services[124] Corporate Governance and Board Activities - The company held X general meetings during the reporting period, approving key matters such as financial reports, profit distribution, and director elections[171][172] - The company's board of directors consists of 5 executive directors, 5 non-executive directors, and 5 independent directors, including 1 female director[177] - The board of directors holds at least one regular meeting annually and convenes ad hoc meetings as needed, with detailed meeting records maintained for each session[176] - Shareholders holding a certain percentage of shares can propose motions to the company, which must be submitted in writing to the convener a specified number of days before the general meeting[175] - The board of directors is responsible for deciding the company's development strategy, annual business plans, and investment plans, among other key responsibilities[181] - Recent board changes include the resignation of Wang Zhibin as a non-executive director and the appointment of Song Hongjun as his replacement[179] - Wang Pengcheng was elected as an independent director and assumed roles in the audit, nomination, and remuneration committees[180] - Zhao Peng was elected as an executive director, vice chairman, and appointed as the company's president, with his qualifications approved by the financial regulatory authority[180] - The board of directors is responsible for approving non-material external investments, asset acquisitions, and disposals, as well as formulating the company's risk management and internal control policies[181] - The board of directors is also tasked with managing information disclosure, investor relations, and the annual evaluation of directors' performance[181] - The board of directors convened 10 board meetings during the reporting period, reviewing and approving various proposals including annual operating plans, capital investment plans, and risk management strategies[183] - The company approved the 2023 financial statements, profit distribution plan, and annual reports, including the corporate social responsibility report and internal control evaluation report[184] - The board reviewed and approved the 2023 wage settlement plan and the 2024 wage budget plan for the group, as well as the 2023 compensation settlement plan for directors and supervisors[185] - The company's directors actively participated in professional development training, focusing on corporate governance, regulatory compliance, and continuous responsibilities[189] - The board approved the transfer of financial products, optimization of institutional settings, and updates to the group's recovery plan[184] - The company's independent directors confirmed their independence through annual confirmation letters, ensuring compliance with regulatory standards[188] - The board reviewed and approved the 2023-2025 capital plan and the 2023 risk preference statement, emphasizing strategic financial management[184] - The company's directors attended various training sessions organized by regulatory bodies and industry associations to enhance their governance and compliance knowledge[189] - The board approved the revision of the company's capital management measures and the code of ethics for directors, supervisors, and senior management[184] - The company's directors ensured the preparation of financial statements in compliance with relevant accounting standards and regulatory requirements[186] - The company's audit committee held 6 meetings in the year, discussing 12 topics including annual reports, financial statements, internal control evaluations, and audit findings[196] - The total fees paid to PwC for audit and non-audit services amounted to RMB [specific amount not provided] million, including financial report audits, internal control audits, and non-audit services[195] - The audit committee reviewed and discussed the company's annual financial budget, final accounts, and internal control evaluation reports[194] - The company's nomination and remuneration committee consists of 5 directors, with 4 independent directors and 1 non-executive director, chaired by an independent director[198] - The audit committee evaluated the company's internal control system, supervised internal and external audits, and ensured the accuracy and completeness of financial information[194] - The company's board of directors has established 5 specialized committees, including audit, nomination and remuneration, and strategy and investment committees[192] - The audit committee coordinated internal and external audits, ensuring timely resolution of significant issues identified during audits[194] - The company's chairman and independent directors held a special meeting to discuss strategic progress and corporate governance over the past year[191] - The audit committee reviewed the company's insurance fund utilization, major financial information, and related-party transaction audits[197] - The company's senior management is responsible for implementing board resolutions, annual business plans, and investment proposals[191] - The Nomination and Remuneration Committee assists the board in formulating selection procedures and standards for directors and senior management, and conducts preliminary reviews of candidates' qualifications[199] - The committee reviews the structure, size, and composition of the board at least annually and recommends changes to align with the company's strategy[199] - The committee is responsible for researching and formulating remuneration policies and schemes for directors, supervisors, and senior management, and making recommendations to the board[199] - The committee reviews and approves compensation for directors, supervisors, and senior management in cases of termination or dismissal[200] - The committee examines and approves compensation arrangements for directors dismissed due to misconduct[200] Embedded Value and Actuarial Assumptions - The embedded value assessment method used by PICC Life complies with the "Actuarial Practice Standards: Life Insurance Embedded Value Assessment Standards" issued by the Chinese Actuarial Association[130] - PICC Life's embedded value results are consistent with the methods and assumptions used, and are generally reasonable[130] - The embedded value calculation uses a risk discount rate of [138] - The investment return assumption for traditional insurance is [139] - The investment return assumption for participating and universal insurance is [139] - The claims ratio assumption for short-term health insurance, short-term accident insurance, and guaranteed renewable long-term health insurance ranges from [140] - The expense assumption includes an annual inflation rate of [142] - The corporate income tax rate assumption is [143] - Sensitivity tests were conducted on the effective business value and one-year new business value under different scenarios[144] - The embedded value of PICC Health Insurance as of the end of 2023 was calculated using a risk discount rate consistent with current assumptions, with other assumptions aligned with those used in the previous year's assessment[154] - The one-year new business value for PICC Health Insurance as of the end of 2023 was calculated using investment return and risk discount rate assumptions consistent with current assumptions, with other assumptions aligned with those used in the previous year's assessment[155] - PICC Health Insurance's one-year new business value was broken down by sales channels, including bancassurance, individual insurance, and group insurance, as of the end of 2023[156] - The embedded value assessment method used by PICC Health Insurance complies with the "Actuarial Practice Standards: Life Insurance Embedded Value Assessment Standards" issued by the Chinese Actuarial Association[152] - PICC Health Insurance's embedded value results are consistent with the methods and assumptions used, and are generally reasonable[152] - The economic assumptions used by PICC Health Insurance consider the current investment market conditions and the company's investment strategy[152] - The operational assumptions used by PICC Health Insurance consider the company's past operational experience and future outlook[152] - The embedded value of PICC Health Insurance includes the adjusted net assets and the value of in-force business as of the assessment date[153] - The one-year new business value of PICC Health Insurance represents the present value of future cash flows from new policies sold during a specified one-year period, net of the cost of required capital[153] - The embedded value calculation for PICC Health Insurance uses a non-stochastic discounted cash flow method, which is widely used by listed insurance companies in Mainland China and Hong Kong[153] - The risk discount rate used for calculating embedded value and new business value is [158] - The investment return assumption is set at an annual rate of [159] - The mortality and morbidity assumptions are based on industry experience and the company's own data, with long-term deterioration trends considered for critical illness incidence[160] - The claim ratio for short-term health and accident insurance, as well as guaranteed renewable long-term health insurance, ranges from X% to Y% of gross premiums[161] - The surrender rate assumption varies by product type, payment method, and policy year, with additional assumptions for universal life insurance products[162

（於中華人民共和國註冊成立之股份有限公司） 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份內容 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。 （股份代號： ） 截至二零二三年十二月三十一日止年度 之全年業績公告 中國人民保險集團股份有限公司（「本公司」或「公司」）董事會（「董事會」）宣佈本公司及子 公司（「本集團」或「集團」）截至二零二三年十二月三十一日之經審核年度業績及以前年度 比較數據如下，請一併閱覽下文管理層討論與分析： 財務報表及主要附註 註： 如無特別說明，本公告中幣種均為人民幣。 合併利潤表 截至二零二三年十二月三十一日止年度 （除另有註明外，金額單位均為人民幣百萬元） | | 附註 | 年度 | 年度 | | --- | --- | --- | --- | | | | | （已重述） | | 保險服務收入 | | | | | 不以公允價值計量且其變動計入損益的 | | | | | 金融資產的利息收入 | | | 不適用 | | 淨投資收益 | | | | | 應佔聯營及合營企業損益 | ...