Group 1 - The core event was the relocation ceremony of China Pacific Insurance's Guangdong branch, held in Guangzhou, attended by key executives from the company and partners [2] - The new office is located in the core business district of Tianhe, Guangzhou, and aims to enhance the company's service capabilities in the Guangdong-Hong Kong-Macao Greater Bay Area [3] - The company plans to implement its "Big Health, Big Region, Big Data" strategy to integrate deeply into the Greater Bay Area's development and provide comprehensive insurance services for residents [3] Group 2 - China Pacific Insurance's Guangdong branch reported a total premium income exceeding 9.935 billion yuan in 2024, marking a year-on-year growth of 10.5%, serving over 40.48 million customers [4] - The company is focusing on enhancing service efficiency through technology and innovation, including the use of online claims tools and exploring direct payment services in hospitals [4] - Future plans include exploring innovative models such as "Insurance + Health" and "Insurance + Elderly Care," while also providing wealth management services for high-net-worth clients [4]

Investment Rating - The report maintains a positive investment rating for the non-bank sector, particularly focusing on insurance and brokerage firms [6]. Core Insights - The report highlights a significant rebound in net profits for major listed insurance companies in 2024, driven by a recovery in equity investments, with notable profit growth percentages for companies like China Life (+108.9%) and New China Life (+201.1%) [2]. - The report emphasizes the importance of investment flexibility and the positive transformation of the liability side for insurance companies, suggesting a favorable outlook for the sector [2]. - The brokerage sector shows a mixed performance in 2024, with a general trend of recovery, although results vary significantly among firms [4][5]. Summary by Sections Market Review - The report notes mixed performance in major indices, with the non-bank financial sector showing resilience, particularly in insurance and diversified financial indices [10]. Securities Sector - The brokerage firms reported a total net profit of 517 billion yuan for the year, reflecting an 11% increase for those that disclosed early, while others showed a 15% increase [4]. - The report indicates a strong recovery in net profits for the fourth quarter of 2024, with a 97% year-on-year increase [5]. Insurance Sector - Major insurance companies are expected to see substantial growth in net profit, with New China Life projected to grow by 201.1% in 2024 [2]. - The report highlights a positive trend in the net premium income (NBV) growth for major insurers, with New China Life showing a remarkable increase of 106.8% [2]. Investment Recommendations - The report suggests focusing on companies like New China Life and China Pacific Insurance, while also keeping an eye on China Life and Ping An Insurance due to their favorable valuations and growth potential [2][6].

Investment Rating - The report maintains a "Positive" outlook on the non-bank financial industry, highlighting strong performance in 2024 and limited impact from adjusted economic assumptions on core indicators [1]. Core Insights - The overall performance of the brokerage sector is strong, with 76% of listed brokerages reporting positive net profit growth in 2024, and a year-on-year increase in net profit of 15% [2]. - The insurance sector also showed impressive results, with a total net profit of 3,476 billion yuan in 2024, reflecting a year-on-year growth of 77.7% [2]. - The report emphasizes the stability of the industry structure, with major players like CITIC Securities, Huatai Securities, and Guotai Junan leading the market [2]. - Investment strategies are shifting towards high-dividend stocks, with a significant increase in equity investments among brokerages [2]. Summary by Sections Market Review - The Shanghai Composite Index closed at 3,915.17 with a slight increase of 0.01%, while the non-bank index decreased by 0.10% [5]. - The brokerage index reported a decline of 0.51%, while the insurance index increased by 0.63% [5]. Non-Bank Industry Data - As of March 28, 2025, the average daily stock trading volume was 15,420.55 billion yuan, indicating a decrease of 16.22% from the previous month [15][54]. - The financing balance reached 19,265.50 billion yuan, showing a year-to-date increase of 3.3% [15][57]. Key Company Announcements - China Life reported a net profit of 1,069.35 billion yuan in 2024, a year-on-year increase of 108.9% [22]. - New China Life achieved a net profit of 262 billion yuan, reflecting a growth of 201.1% [25]. - CITIC Securities reported a net profit of 217.04 billion yuan, up 10.06% year-on-year [26]. Investment Analysis - The report recommends focusing on mergers and acquisitions in the brokerage sector, particularly for companies like China Galaxy and CITIC Securities [2]. - In the insurance sector, it suggests continued investment in New China Life and China Life due to their strong performance [2].

Investment Rating - The report maintains an "Accumulate" rating for China Pacific Insurance (601601) with a target price of 51.56 CNY per share, unchanged from the previous forecast [1][11]. Core Insights - The company's net profit for 2024 is expected to increase by 64.9% year-on-year, driven by improved investment income and fair value changes. The ongoing transformation of the long-term business is expected to continue to enhance value growth [2][11]. Financial Summary - **Revenue**: Projected to grow from 323,945 million CNY in 2023 to 404,089 million CNY in 2024, reflecting a 25% increase [4][12]. - **Net Profit**: Expected to rise from 27,257 million CNY in 2023 to 44,960 million CNY in 2024, marking a 65% increase [4][12]. - **Earnings Per Share (EPS)**: Forecasted to increase from 2.83 CNY in 2023 to 4.67 CNY in 2024 [4][12]. - **Return on Equity (ROE)**: Anticipated to improve from 11% in 2023 to 15% in 2024 [4][12]. - **Price-to-Earnings Ratio (P/E)**: Expected to decrease from 11.36 in 2023 to 6.89 in 2024 [4][12]. Business Performance - The new business value (NBV) is projected to grow by 57.7% year-on-year in 2024, aligning with expectations. The individual insurance NBV is expected to increase by 57.7%, while the bancassurance NBV is anticipated to surge by 134.8% [11][12]. - The property and casualty insurance segment is expected to see a premium growth of 6.8% in 2024, with non-auto insurance being the main driver [11][12]. Investment Strategy - The company is set to implement the second phase of its long-term transformation plan, focusing on customer management and channel transformation to sustain value growth [11][12].

Core Viewpoint - China Pacific Insurance Group reported a 24.7% year-on-year increase in operating revenue and a 64.9% increase in net profit attributable to shareholders for 2024, indicating stable and positive overall business performance [1] Financial Performance - Operating revenue increased by 24.7% year-on-year - Net profit attributable to shareholders grew by 64.9% year-on-year - Embedded value rose by 6.2% year-on-year - Managed assets increased by 21.2% year-on-year [1] Strategic Initiatives - The company has officially launched three major strategies: "Great Health and Elderly Care," "AI+," and internationalization, aimed at sustainable development and high-quality growth [1] - The new management team in life insurance is focused on long-term development and has established a three-year high-quality development plan centered on customer, economic, and social value [6][9] Life Insurance Sector - New business value reached 13.258 billion yuan, a 20.9% increase year-on-year, with a new business value rate of 16.8%, up 3.5 percentage points [6] - The company plans to develop a multi-layered health and retirement insurance product system by 2025, addressing diverse customer needs [6] New Energy Vehicle Insurance - Premiums for new energy vehicle insurance reached 18.317 billion yuan, accounting for 17.03% of total auto insurance, with a growth rate of 48.55% [8] - The comprehensive cost rate for new energy vehicle insurance decreased by 4 percentage points year-on-year [8] AI+ Strategy - The "AI+" strategy focuses on exploring new business models, researching accompanying risks, and enhancing operational efficiency through digital and financial improvements [9] - The company aims to leverage AI to create new business opportunities and improve customer engagement, underwriting, claims, and compliance [9] Investment Outlook - The company anticipates a structural market in 2025, with a focus on long-term asset allocation strategies to balance short-term volatility and long-term value growth [10] - There will be an increase in investments in sectors related to artificial intelligence, robotics, and autonomous driving [10] Market Positioning - The company has engaged in shareholding activities to diversify its investment portfolio and reduce long-term volatility [11] - The Hong Kong stock market is viewed as attractive due to its relatively low valuations and stable currency [11]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a relative return of over 20% within the next six months [5]. Core Views - The company's core operating indicators for the year 2024 met expectations, with a significant profit increase driven by investment returns, leading to a net profit of 45 billion yuan, up 64.9% year-on-year [1]. - The company is expected to benefit from the recovery of the capital market, with projected net profits for 2025-2027 being 46.4 billion, 48.1 billion, and 49.7 billion yuan, respectively, reflecting growth rates of 2.4%, 3.7%, and 3.3% [4]. Summary by Sections 1. Core Operating Performance - The company achieved a net profit attributable to shareholders of 45 billion yuan in 2024, a year-on-year increase of 64.9%, with Q4 alone contributing 6.65 billion yuan, up 61.9% year-on-year [1]. - The group's embedded value (EV) reached 562.1 billion yuan, a 6.2% increase year-on-year, while the comparable new business value (NBV) and NBV margin grew by 57.7% and 8.6 percentage points, respectively [1]. 2. Life Insurance Business - The life insurance segment showed significant transformation results, with an EV of 421.8 billion yuan, up 4.9% year-on-year, and an NBV of 13.3 billion yuan, reflecting a 57.7% increase [2]. - The individual insurance channel maintained steady growth, with new premium income of 36.9 billion yuan, a 14.0% increase year-on-year, and a stable agent scale of 188,000 [2]. 3. Property and Casualty Insurance Business - The property and casualty insurance segment reported a premium income of 201.2 billion yuan, up 6.8% year-on-year, with non-auto business growing faster at 10.7% [3]. - The comprehensive cost ratio for the property and casualty business was 98.6%, a slight increase of 0.9 percentage points, primarily due to rising claims [3]. 4. Investment of Insurance Funds - The company reported a net investment yield of 3.8%, a decrease of 0.2 percentage points year-on-year, while total investment yield increased by 3.0 percentage points to 5.6% [4]. - The asset allocation strategy saw a significant increase in bond investments, with the bond allocation ratio reaching 60.1%, up 8.4 percentage points year-on-year [4].

Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (601601) [1][5] Core Views - In 2024, China Pacific Insurance achieved an operating revenue of 404.09 billion yuan, a year-on-year increase of 24.7%. The net profit attributable to shareholders reached 44.96 billion yuan, growing by 64.9% year-on-year [1][5] - The report highlights the robust growth in new business value (NBV), which increased by 20.9% year-on-year, with a new business value margin of 16.8%, up by 3.5 percentage points [5] - The total investment income saw a significant rise of 130.5% year-on-year, amounting to 120.39 billion yuan, driven by favorable market conditions and strategic asset allocation [5] Summary by Sections Financial Performance - In 2024, the operating profit was 34.43 billion yuan, a 2.5% increase year-on-year, while the operating profit for life insurance was 27.59 billion yuan, up by 6.1% [1][5] - The total insurance premium income for life insurance reached 261.08 billion yuan, reflecting a 3.3% growth [5] Investment Strategy - The report notes an increase in the total investment yield to 5.6%, up by 3.0 percentage points year-on-year, attributed to a strategic shift towards long-term bonds and equities [5] - The report anticipates a net profit of 47.40 billion yuan for 2025, with a price-to-earnings ratio (PEV) of 0.54 as of March 27 [5][6] Market Position - As of March 27, the closing price was 32.20 yuan, with a total market capitalization of 284.45 billion yuan [3]

Core Viewpoint - The article highlights the significant dividend distributions of the five major listed insurance companies in A-shares, emphasizing their robust financial performance and the impact of favorable national policies on their profitability and dividend plans [1][2]. Summary by Sections Dividend Overview - The total dividend amount for the five major listed insurance companies reached 638.25 billion RMB, with a projected total of 907.89 billion RMB for 2024, marking a year-on-year increase of 20.21% [2]. Individual Company Dividends - China Ping An plans to distribute a final cash dividend of 1.62 RMB per share for 2024, totaling 461.74 billion RMB, with a cash dividend payout ratio of 36.5%. This marks the 13th consecutive year of dividend growth, with cumulative dividends over the past decade reaching 3,404.51 billion RMB [2]. - New China Life Insurance intends to distribute a final cash dividend of 1.99 RMB per share, totaling 62.08 billion RMB, with an overall dividend of 78.93 billion RMB for 2024, representing a nearly 200% year-on-year increase [3]. - China Life Insurance's total dividend for 2024 is projected to grow by 51.14%, with a final cash dividend of 0.45 RMB per share, leading to a total of 183.72 billion RMB, which is 17.2% of its net profit [3]. Regulatory Changes - In December 2023, the China Securities Regulatory Commission issued guidelines to enhance the regular dividend mechanism for listed companies, encouraging clear dividend policies and increasing cash dividend frequency [4]. - The revised cash dividend rules aim to stabilize investor expectations and promote transparency, particularly for companies with low dividend payouts despite significant financial investments [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company has shown a significant improvement in life insurance quality and efficiency, with a high growth in New Business Value (NBV) under adjusted assumptions, achieving 13.26 billion yuan, a year-on-year increase of 57.7% [4][5] - The net profit attributable to the parent company for 2024 is projected to be 44.96 billion yuan, reflecting a year-on-year growth of 64.9% [4][5] - The company is expected to maintain a steady increase in Embedded Value (EV) and NBV growth rates for the years 2025 to 2027, with corresponding growth rates of 7.2%, 9.0%, and 9.4% for EV [4][5] Financial Performance Summary - The total market capitalization of the company is 309.775 billion yuan, with a circulating market capitalization of 220.410 billion yuan [1] - The company's insurance service revenue for 2024 is projected to be 279.473 billion yuan, with a year-on-year growth of 5.0% [7] - The projected net profit for 2025 is 48.523 billion yuan, representing a year-on-year increase of 7.9% [7] - The company’s cash dividend for the year is expected to be 10.39 billion yuan, with a dividend payout ratio of 30.2% [4][5] Business Segment Insights - The individual insurance channel has undergone a transformation, leading to improved margins and a significant increase in the bank insurance channel, which has grown by 134.8% year-on-year [5] - The company’s new single premium income for the year is projected to be 78.9 billion yuan, with a year-on-year decrease of 4.8% [5] - The company’s core workforce has stabilized, with an increase in average income and a rise in monthly performance rates [4][5] Valuation Metrics - The price-to-embedded value (P/EV) ratios for 2025 to 2027 are projected to be 0.4, 0.3, and 0.3 times, respectively [4][7] - The projected earnings per share (EPS) for 2025 is 5.04 yuan, with subsequent increases to 5.63 yuan in 2026 and 6.30 yuan in 2027 [7]

Investment Rating - The investment rating for China Pacific Insurance (601601.SH) is "Buy" (maintained) [1] Core Views - The report highlights a significant improvement in the quality and efficiency of life insurance, with a new business value (NBV) of 13.26 billion yuan for 2024, representing a year-on-year increase of 57.7% on a comparable basis and 20.9% on a non-comparable basis [4][5] - The net profit attributable to shareholders for 2024 is projected at 44.96 billion yuan, a year-on-year increase of 64.9%, with the CSM reaching 342.11 billion yuan, up 5.6% from the beginning of the year [4][5] - The report anticipates continued growth in NBV for 2025-2027, with expected year-on-year increases of 9.8%, 12.2%, and 14.2%, respectively [4][5] Financial Performance Summary - For 2023, the insurance service revenue was 266.17 billion yuan, with a year-on-year growth of 6.6% [7] - The intrinsic value for 2024 is estimated at 562.07 billion yuan, reflecting a year-on-year growth of 6.2% [7] - The new business value for 2023 was 10.96 billion yuan, with a year-on-year growth of 19.1% [7] - The net profit attributable to shareholders for 2023 was 27.26 billion yuan, showing a decline of 27.1% [7] - The projected earnings per share (EPS) for 2025 is 5.04 yuan, with a year-on-year increase of 7.9% [7] Business Channel Performance - The report notes a transformation in the individual insurance channel, with significant growth in the bancassurance channel and improvements in the payment structure [5] - The new single premium for the year was 78.9 billion yuan, down 4.8% year-on-year, but the individual and bancassurance new single premiums increased by 9.7% and 20.5%, respectively [5] Investment and Asset Management - The report indicates that the company adjusted its economic assumptions for the intrinsic value at the end of 2024, with the investment return rate lowered from 4.5% to 4.0% [5] - The total investment assets reached 2.73 trillion yuan, with a net investment yield of 3.8% [6]