证券研究报告·公司点评报告·保险Ⅱ 中国太保（601601） 2024 年年报点评：每股分红稳中有升，利润、 NBV、净资产均大幅增长 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 323945 | 404089 | 414902 | 417000 | 418723 | | 同比（%） | -2.47% | 24.74% | 2.68% | 0.51% | 0.41% | | 归母净利润（百万元） | 27257 | 44960 | 49125 | 47150 | 46390 | | 同比（%） | -27.08% | 64.95% | 9.26% | -4.02% | -1.61% | | EPS（元/股） | 2.83 | 4.67 | 5.11 | 4.90 | 4.82 | | EV（元/股） | 55.04 | 58.42 | 61.70 | 66.70 | 72.50 | [Table_Tag] [T ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Pacific Insurance (601601.SH, 2601.HK) [1] Core Insights - In 2024, China Pacific Insurance achieved an operating revenue of 404.09 billion RMB, a year-on-year increase of 24.7%, and a net profit attributable to shareholders of 44.96 billion RMB, up 64.9% year-on-year [3][4] - The new business value (NBV) reached 13.26 billion RMB, reflecting a year-on-year growth of 20.9% [3][5] - The company’s return on equity (ROE) was 16.6%, an increase of 5.2 percentage points year-on-year [3][4] Summary by Sections Financial Performance - Operating revenue for 2024 was 404.09 billion RMB, with a growth rate of 24.74% compared to 2023 [10] - Net profit for 2024 was 44.96 billion RMB, showing a significant increase of 64.95% year-on-year [10] - The earnings per share (EPS) for 2024 was 4.67 RMB, with projections for 2025 and 2026 at 5.39 RMB and 6.14 RMB respectively [10] Business Segments - In the life insurance segment, the average number of insurance agents was 184,000, a decrease of 12.4% year-on-year, but the quality of the core team improved with a 10.4% increase in core personnel [4][5] - The property insurance segment reported a premium income of 201.24 billion RMB, a year-on-year increase of 6.8%, with non-auto insurance premiums rising to 939.4 billion RMB, up 10.7% [6][7] Investment and Returns - The net investment yield decreased by 0.2 percentage points to 3.8%, while the total investment return rate increased by 3.0 percentage points to 5.6% [8] - The comprehensive investment return rate improved by 3.3 percentage points to 6.0% [8] Future Outlook - The report anticipates continued growth in NBV, projecting a positive growth rate even in 2025 despite a high base [9] - The estimated net profit for 2025 is adjusted to 51.9 billion RMB, with further projections of 59.1 billion RMB for 2026 and 62.4 billion RMB for 2027 [10][11]

证券研究报告 | 2025年03月27日 中国太保（601601.SH） 优于大市 业绩稳增，内含价值保持稳健 公司净利润创历史新高。2024 年，资本市场大幅反弹，带动公司投资收益对 营收及净利润贡献显著增加，叠加寿险业务价值优化，公司实现营业收入 4040.89 亿元，同比增长 24.7%，其中保险服务收入贡献 2794.73 亿元，同 比增长 5.0%，寿险与产险双轮驱动效应显著。截至去年末，公司实现归母净 利润 449.60 亿元，同比大幅增长 64.9%，创历史新高。 寿险深化"长航"转型，NBV 同比高增。公司持续推进代理人队伍质态优化 改革措施，核心人力规模企稳，产能及收入持续提升，叠加银保、职域等多 元渠道发力，带动公司整体渠道价值的稳健增长。1）个险：代理人规模企 稳，人均产能持续提升。2024年，公司个险渠道实现新保期缴规模保费287.27 亿元，同比增长 9.7%。其中，代理人规模达 18.8 万人，同比增长 2.7%。核 心人力月人均首年规模保费增速达 17.9%。2）银保：聚焦重点区域化经营， 推进长期期交型产品发展，渠道价值率大幅提升。2024 年，公司渠道实现新 保期缴规模保费2 ...

盈利增长64.9%！中国太保交答卷：投资收益大涨、 产险业务成本抬升 中国太平洋保险（集团）股份有限公司（以下简称"中国太保"）盈利由降转增。3月26日，中国太保发布 2024年度报告。数据显示，2024年中国太保实现营业收入4040.89亿元，同比增长24.7%；归母净利润 449.60亿元，同比增长64.9%。 2024年以来，中国太保核心子公司管理层先后"大换血"，人事调整后，各板块业务表现如何？背后有哪 些驱动或影响因素？ | 集团营业总收入 | 集团归属于母公司股东的 | 集团内含价值 | | --- | --- | --- | | 404,089 +24.7% | 营运利润 * | 562.066 +6.2% | | | 34,425 +2.5% | | | 寿险新业务价值 | 集团归属于母公司股东的 | 集团核心偿付能力充足率 | | 13,258 | 净利润 44,960 +64.9% | 182% +11pt | | +20.9% (+57.7% * ) | | 集团综合偿付能力充足率 | | 寿险新业务价值率 | 集团投资资产综合投资收益率 | 256% -1pt | | 16.8% | ...

Group 1: Company Performance - China Life reported a net profit of 106.935 billion yuan for 2024, representing a year-on-year increase of 108.9% [3] - China Life's operating revenue for 2024 reached 528.567 billion yuan, up 30.5% compared to the previous year [3] - Aluminum Corporation of China announced a net profit of 12.4 billion yuan for 2024, reflecting an 85.38% year-on-year growth [4] - Broadcom Electric's net profit surged by 411.28% in 2024, with a proposed dividend of 0.70 yuan per 10 shares [10] - China Pacific Insurance's net profit for 2024 increased by 64.9%, with a proposed dividend of 10.8 yuan per 10 shares [10] Group 2: Corporate Actions - Naxin Micro announced plans to issue H-shares and list on the Hong Kong Stock Exchange to enhance competitiveness and diversify financing channels [7] - Xunji Technology is planning to acquire 100% equity of Shenzhen Jiazhihong Electronics, leading to a significant asset restructuring [5] - Nasda announced the sale of its 100% stake in Lexmark International for an estimated price between 75 million and 150 million USD, significantly lower than the historical investment of 1.385 billion USD [8] - General Shares announced that its controlling shareholder is planning a change in control, leading to a temporary suspension of its stock [9] Group 3: Market Impact - The inclusion of Southwest Design, a subsidiary of Electric Science and Technology, on the U.S. Department of Commerce's Entity List may affect its operations, although the company claims no substantial impact on business [6] - The stock of General Shares will be suspended due to potential changes in control, which may affect investor sentiment [9]

Financial Performance - For the year 2024, the group achieved operating revenue of CNY 404.09 billion, a year-on-year increase of 24.7%, with insurance service revenue at CNY 279.47 billion, up 5.0%[4] - The net profit attributable to shareholders reached CNY 44.96 billion, reflecting a significant year-on-year growth of 64.9%[4] - New business value for the year was CNY 13.26 billion, representing a year-on-year increase of 20.9%, with a new business value rate of 16.8%, up 3.5 percentage points[6] - The company reported a significant increase in investment income, reaching CNY 26.91 billion, a 281.5% increase compared to the previous year, driven by securities trading gains and increased dividends[16] - The company achieved total operating revenue of CNY 404.09 billion in 2024, a year-on-year increase of 24.7%, with insurance service revenue reaching CNY 279.47 billion, up 5.0% year-on-year[23] - Net profit for the group was CNY 44.96 billion, reflecting a significant year-on-year growth of 64.9%, while operating profit increased by 2.5% to CNY 34.43 billion[23] - The company reported a net profit for 2024 of CNY 35.821 billion, an increase of 83.4% year-on-year from CNY 19.532 billion[54] - The net profit attributable to the parent company's shareholders for 2024 reached RMB 44,960 million, a 64.9% increase from RMB 27,257 million in 2023, primarily due to increased investment income and fair value changes[139] Asset Management - The group’s total assets under management reached CNY 3,542.66 billion, an increase of 21.2% compared to the previous year[4] - The company’s total assets under the "buyback financial assets" category increased by 288.4% to CNY 10.91 billion, reflecting a substantial change due to timing factors[16] - The company reported total assets of CNY 2,834,907 million as of December 31, 2024, an increase from CNY 2,343,962 million in 2023, representing a growth of approximately 20.9%[199] - The total amount of reinsurance contract assets increased to RMB 46,081 million in 2024 from RMB 39,754 million in 2023, which is an increase of about 15.5%[199] - The company's total liabilities increased by 21.2% to CNY 2,516,426 million, also due to business growth[146] Investment Performance - The comprehensive investment return rate for the group was 6.0%, up 3.3 percentage points year-on-year[6] - The group’s investment asset comprehensive return rate was 6.0%, an increase of 3.3 percentage points compared to the previous year[23] - The total investment return rate increased to 5.6%, up from 2.6% in the previous year[32] - The total investment income surged to RMB 100.576 billion, representing a significant increase of 174.0% compared to RMB 36.708 billion in 2023[54] - The company achieved a net investment income of RMB 82.799 billion in 2024, a year-on-year increase of 6.5%, primarily due to growth in dividend and interest income[99] Customer Growth and Market Position - The number of customers reached 183 million by the end of 2024, an increase of 3.31 million from the previous year[23] - The number of individual customers for the group reached 181 million, an increase of 1.7% year-on-year[108] - The number of individual customers holding two or more policies increased to 41.93 million, a growth of 6.0%[109] - The company is committed to expanding its insurance coverage and improving service quality, particularly in the areas of health and elderly care insurance[21] Strategic Initiatives - The company plans to focus on strategic areas such as "AI+" and internationalization to drive high-quality development in the future[10] - The company aims to enhance its risk management capabilities in response to increasing climate change risks and the growing demand for health and elderly care services due to an aging population[10] - The company is advancing its internationalization strategy, establishing a strong presence in Hong Kong and expanding its overseas business and service networks[13] - The company plans to deepen its health and wellness strategy, focusing on commercial health insurance and enhancing online and offline service integration[12] ESG and Sustainability - The company’s ESG rating improved to AA, leading the domestic insurance industry, and it received the highest rating for information disclosure from the Shanghai Stock Exchange for 11 consecutive years[5] - The company has registered two green bond investment plans, aligning with its ESG strategy[106] - The company has signed multiple international sustainability agreements, achieving an MSCI ESG rating upgrade to AA in 2024[118] - The company has implemented a carbon footprint visualization platform and engaged over 53 million users in a low-carbon behavior incentive program across 333 cities[124] - The company has committed to sustainable development goals, integrating ESG principles into its corporate values and operational practices[115] Risk Management - The company aims to enhance its risk management capabilities and optimize its governance structure to ensure sustainable development and effective risk control[19] - The company has established reinsurance agreements with leading firms to mitigate concentration risk, ensuring robust risk management[152] - The company implemented ESG risk management policies, incorporating climate scenario analysis and stress testing into its risk management framework[135] Product and Service Innovation - The company continues to enhance its product innovation capabilities, focusing on health protection, retirement education, and wealth inheritance solutions[45] - The company is focusing on product and model innovation to support the construction of a modern industrial system, including the launch of multiple industry-first technology insurance products[20] - The company has developed 34 innovative green insurance products by the end of 2024, with green insurance coverage exceeding 147 trillion yuan[120] Financial Governance - The company’s board of directors includes both executive and non-executive members, ensuring a diverse governance structure[184] - The company maintained an external director ratio of 87% and a female director ratio of 27% in its board, enhancing decision-making and minority shareholder protection[133] - The company’s internal audit covered all levels of the organization, ensuring 100% coverage of senior management every three years[134]

中国太保资产管理持续打磨跨越周期的资产配置框架体系和专业化投资能力，前瞻把握宏观环境变 化、政策运行趋势和市场演化中的结构性机会，2024年集团投资资产综合投资收益率6%，同比上升3.3 个百分点。 值得关注的是，财报显示，中国太保在养老金融方面打造特色，深度参与个人税延养老、专属商业 养老保险、个人养老金等业务试点；2024年企业年金和职业年金管理规模超7400亿元；太保家园落地13 城15园，交付床位数超8800张；居家养老服务"百岁居"项目线下体验中心已落地127个城市；构建"防诊 疗复养"康养服务体系，满足多样化养老需求。 中国太保董事长傅帆在财报致辞中表示，2025年，保险业将进一步从规模扩张转向价值创造，在多 重机遇与挑战中加速转型升级，保险业在中国式现代化建设进程中的功能作用正进一步凸显。中国太保 将聚焦主责主业，坚定围绕大康养、"AI+"和国际化等战略重点，坚守价值、坚信长期，开启新一轮高 质量发展的壮阔征程。 （文章来源：新华财经） 中国太保26日公布的2024年度业绩报告显示，2024年中国太保交出了一份稳中有进、稳中向好的高 质量答卷。2024年，中国太保集团营业收入达4040.89亿元 ...

中国太平洋保险(集团)股份有限公司 董事会审计与关联交易控制委员会对会计师事 务所2024年度履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公 司治理准则》《国有企业、上市公司选聘会计师事务所管理办法》《上海 证券交易所上市公司自律监管指引第1号――规范运作》等法律法规的要 求,中国太平洋保险(集团)股份有限公司(以下简称"公司")董事会 审计与关联交易控制委员会' (以下简称"审计与关联交易控制委员会"） 本着勤勉尽责的原则,对安永华明会计师事务所(特殊普通合伙)(以下 简称"安永华明"）的审计资质与工作履行了监督职责，现将董事会审计 与关联交易控制委员会对安华永明2024年度履行监督职责的情况汇报如下: 公司第九届董事会第二十四次会议审议通过了《关于聘任中国太平洋 保险(集团) 股份有限公司2024年度审计机构的议案》,公司2023年年度 股东大会审议通过了《关于聘任中国太平洋保险（集团）股份有限公司 2024年度审计机构的议案》，为保持公司审计工作的连续性和稳定性，续 聘安永华明为公司2024年度财务报告审计机构和内部控制审计机构，同时 承担境外核数师按照联交所证券上 ...

中国太平洋保险(集团)股份有限公司 董事会审计与关联交易控制委员会 2024 年度履职情况报告 2024 年,中国大平洋保险(集团)股份有限公司(以下简 称"公司")董事会审计与关联交易控制委员会 谢勉尽责,认真 履行《公司章程》《董事会审计与关联交易控制委员会工作制度》 及相关法律法规所规定的职责,切实有效监督公司外部审计工 作,指导公司内部审计工作,促进公司建立有效的内部控制系统, 确保公司财务报告真实、准确、完整。主要履职情况如下: 一、董事会审计与关联交易控制委员会的职责 董事会审计与关联交易控制委员会在审计工作中的的主要 职责包括:提名外部审计机构;审核公司内部审计管理制度并向 董事会提出意见,审核公司年度审计计划和审计预算;监督及评 估内部审计工作;审核公司财务信息及其披露情况;持续监督公 司的内部监控系统,并确保每年检讨一次公司及其附属公司的内 部监控系统的健全性和有效性;评估审计责任人工作并向董事会 提出意见,至少每季度一次听取审计责任人关于审计工作进展情 况的报告;检讨公司及其附属公司的财务及会计政策及惯例等。 审计与关联交易控制委员会在关联交易管理工作中的主要 职责包括:审查关联方识别维护 ...

证券代码：601601 证券简称：中国太保 公告编号：2025-013 重要提示 本公司监事会及全体监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。 中国太平洋保险（集团）股份有限公司 第十届监事会第五次会议决议公告 本公司第十届监事会第五次会议通知于 2025 年 3 月 12 日以书面方式发出， 并于 2025 年 3 月 26 日在上海召开。会议由监事会副主席周丽贇主持。应出席会 议的监事 4 人，亲自出席会议的监事 3 人。其中，监事会主席朱永红因其他公务 无法出席会议，书面委托监事会副主席周丽贇出席会议并表决。本公司部分高级 管理人员列席了会议。本次监事会会议出席人数符合法定人数要求，会议召开符 合《公司法》及《公司章程》的有关规定。 经与会监事审议并现场表决，形成以下会议决议： 一、审议并通过了《关于<中国太平洋保险（集团）股份有限公司 2024 年 度监事会报告>的议案》 表决结果：赞成 4 票，反对 0 票，弃权 0 票。 四、审议并通过了《关于<中国太平洋保险（集团）股份有限公司 2024 年 1 年度报告>的议案》 在公司 2 ...