Core Viewpoint - China Pacific Insurance (CPIC) has made significant strides in financial performance and sustainable development in 2024, achieving a notable ESG rating upgrade to AA from MSCI, the highest for mainland Chinese insurance companies, positioning itself among global leaders in sustainable performance [1][2]. Group 1: Sustainable Development Foundation - The "top-level design" is crucial for the successful implementation of sustainable development strategies, with CPIC establishing a clear governance structure since 2020 [2]. - In 2024, CPIC's governance system was further refined, enhancing the foundation for sustainable development [2]. - CPIC has developed a comprehensive set of ESG management guidelines, including the "Investment Activity Due Diligence Management Guidelines" and "Carbon Inventory Management Measures," which support ESG management across all operational levels [2][3]. Group 2: Innovation in Sustainable Development - Innovation is a key driver for CPIC's sustainable development, with the term "innovation" appearing over 50 times in the 2024 sustainability report [4]. - In the technology finance sector, CPIC launched the "Pilot Project Cost Loss Insurance," the first of its kind in China, providing risk coverage for technology enterprises [5]. - CPIC's green finance initiatives include launching over 30 innovative green insurance products and achieving a green investment scale exceeding 260 billion yuan [6]. Group 3: Social Responsibility and National Strategy - CPIC plays a vital role in national strategies, providing comprehensive insurance solutions for major events like the China International Import Expo, with coverage exceeding 12.7 trillion yuan [8]. - The company has supported the Belt and Road Initiative by providing risk coverage exceeding 3 trillion yuan across over 1,200 projects globally [8]. - In social welfare, CPIC has expanded its health insurance services, covering over 9 million people and contributing 17.57 million yuan to rural revitalization efforts in 2024 [9][10].

日前，中国太保发布《2024年可持续发展报告》。这是中国太保在连续13年发布社会责任报告的基础 上，连续第4年发布可持续发展报告。报告显示，中国太保深化ESG与主责主业结合，进一步推进在可 持续保险、负责任投资、绿色低碳运营等领域的工作部署。 2024年，中国太保实现营业收入4040.89亿元，同比增长24.7%，归母净利润为449.6亿元，同比大增 64.9%。内含价值较上年末增长6.2%，管理资产规模较上年末增长21.2%。 盈利高增的背后，是中国太保以客户全生命周期服务生态圈为核心的战略成果体现。公司通过将ESG理 念深度融入主责主业，走出了一条经济效益与社会价值并重的发展道路。 为应对气候变化挑战，中国太保因地制宜开发救助型、创新型、指数型等多种类别的巨灾保险。2024 年，中国太保提供的巨灾风险保额约9752亿元，为社会抵御巨灾风险提供坚实支撑。 在碳汇领域，中国太保产险不断提升创新研究能力，持续推进产品创新：落地全国首单"零碳乡村"保 险，结合余村"两山"理念实践重点，打造综合方案覆盖山、水、林及生态救助等多个维度，形 成"3+1"系统保障体系，打造零碳乡村保险样本；创新推出全国首个"零碳会议+碳 ...

在年报与可持续发展报告两份材料的勾勒下，中国太保迈向高质量发展的具体路径，正渐渐清晰。 近日，中国太保交出董事会换届后首个完整财年"成绩单"，披露2024年录得营收、归母净利4040.89亿 元、449.60亿元，增幅分别为24.7%、64.9%；同期发布其第四份可持续发展报告，对公司在ESG治理方面 的成果做出披露。 2024年国际权威指数机构摩根士丹利资本国际公司（以下简称"明晟"）公布的最新ESG评级结果显示，中 国太保评级已"AA"级，为中国境内保险机构获得的最高评级。 这也说明，中国太保营收、净利两大关键指标的双位数增长，绝不只是量的变化，而是其以"新"攀高、 强化高质量发展内核的长期坚持，在财报数字上的最终兑现。 回望2024年，不少险企在"股债双牛"下收获了丰厚的投资回报。但利率中枢下移趋势不改、结构性"资产 荒"持续，如今的利润大涨，仍难以帮助保险公司摆脱长期盘踞在资产负债表上空的利差损阴影。 站在关键的历史时点，如何找准业绩支点，以新质生产力撬动价值创造，成为险企迈向高质量发展的关 键。 中国太保寿险纵深推进"长航行动"后，子公司录得净利358.21亿元、同比高增83.4%。各项趋势性指标稳 ...

Investment Rating - The report maintains an "Accumulate" rating for the insurance industry [1] Core Views - The insurance industry is expected to experience significant profit growth driven by improved investment returns, with a projected increase in net profit exceeding 80% for listed insurance companies in 2024 [6][12] - The report highlights a shift in product structure towards traditional insurance, with a notable increase in the proportion of traditional insurance products [39] - The overall investment environment is improving, with a focus on increasing bond investments and enhancing total investment returns [4][6] Summary by Sections 1. Net Profit Growth and Dividend Returns - Listed insurance companies' net profit is projected to grow by over 80% in 2024, with major players like Xinhua and China Life showing increases of 201.1% and 131.6% respectively [12][14] - The average dividend payout ratio for listed insurance companies is expected to be 25.7%, reflecting a slight decrease from the previous year [22][23] - Xinhua Insurance's dividend growth significantly outperformed expectations, with a 198% increase [22][24] 2. Life Insurance: Value Rate Improvement Driving NBV Growth - New business value (NBV) is expected to see high growth driven by improved value rates, despite a slowdown in new policy growth due to high base effects and regulatory changes [30][31] - The proportion of traditional insurance products continues to rise, reaching 59.2% of total premiums in 2024, indicating a shift towards dividend insurance products [39][42] 3. Property Insurance: Steady Premium Growth and Cost Performance - Property insurance premiums are expected to grow steadily, with non-auto insurance segments gaining market share [3][4] - The average combined cost ratio for listed property insurers is projected to be 98.4%, indicating overall profitability despite challenges from natural disasters [4][6] 4. Investment: Increased Bond Allocation and Improved Returns - The investment asset scale for listed insurers is expected to grow by 21% year-on-year, with a focus on increasing bond investments [4][6] - Total and comprehensive investment returns are anticipated to improve significantly, driven by a rebound in the stock market and favorable bond market conditions [4][6] 5. Investment Recommendations - The report suggests focusing on investment opportunities in insurance stocks amid rising interest rates, as the market's demand for savings remains strong [6][4]

Investment Rating - The industry investment rating is "Recommended" with expectations of exceeding the benchmark index by more than 5% in the next 3-6 months [21]. Core Insights - The report emphasizes the need for insurance companies to adjust their asset allocation strategies in response to interest rate fluctuations, advocating for an increase in long-term bonds and a focus on equity style rotation [2]. - It highlights the shift in asset allocation among listed insurance companies, with a notable increase in the proportion of FVOCI (Fair Value Other Comprehensive Income) assets in their equity investments, aimed at stabilizing net profit [3][8]. - The report also discusses the performance of major insurance companies, predicting a continued focus on dividend strategies to mitigate pressure on net investment returns [7]. Summary by Sections Industry Overview - The total market capitalization of the insurance sector is approximately 27,935.74 billion, with a circulating market value of 19,257.54 billion [4]. - The report notes a mixed performance in the relative index, with a 1-month absolute performance of 2.5% and a 12-month performance of 37.0% [5]. Asset Allocation Trends - Insurance companies have increased their allocation to long-term bonds in response to declining interest rates, with the 10-year government bond yield dropping to 1.68% by the end of 2024 [7]. - The report details the asset allocation changes for major insurance companies, indicating a general trend of increasing bond holdings while adjusting equity positions [7]. Company-Specific Insights - China Life has increased its fund allocation while slightly decreasing its stock proportion, with fixed-income assets rising by 2.7 percentage points to 74.3% [7]. - China Ping An has increased its stock allocation while reducing its fund holdings, with fixed-income assets rising to 76.2% [7]. - China Taiping has also increased its stock allocation, with fixed-income assets now at 82.3% [7]. - New China Life has increased both stock and fund allocations, with equity assets rising to 20.7% [7]. - China Re has increased its stock allocation while reducing funds, with equity assets now at 28.4% [7]. - Sunshine Insurance has increased its stock allocation while maintaining fund levels, with equity assets rising to 23.7% [7]. Performance Forecasts - The report provides earnings per share (EPS) forecasts for major companies, with China Ping An expected to have an EPS of 7.56 in 2025, while China Life is projected at 3.09 [9]. - The price-to-earnings (PE) ratios for these companies are also provided, with China Ping An at 6.83 and China Life at 12.16 for 2025 [9].

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: 中國太平洋保險(集團)股份有限公司 呈交日期: 2025年4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 (如上市) | 02601 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 2,775,300,000 | RMB | | 1 RMB | | 2,775,300,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 2,775,300,000 | RMB | | 1 RMB | | 2,775,300,000 | 第 1 頁 共 10 頁 v 1.1. ...

3月底，几大头部上市险企纷纷披露了2024年的经营业绩，以集体性的利好表现为处于转型关键阶段的 保险业注入了更加充盈的信心，也通过自身对于转型的实践和探索，为复杂外部环境下行业的发展打开 了更大的想象空间。 3月26日，中国太保披露了2024年度业绩。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%；归母净利润首次突破400亿元大关，达449.6亿元，同比大增64.9%，创下历史新高；归母营 运利润344.25亿元，同比增长2.5%；集团内含价值5620.66亿元，同比增长6.2%。 在主要的产寿险子公司板块： 中国太保寿险实现规模保费2610.80亿元，同比增长3.3%；新业务价值172.82亿，同比增长57.7%，新业 务价值率21.9%，同比上升8.6pt。基于最新经济假设，新业务价值132.58亿，同比增长20.9%，新业务价 值率16.8%；实现净利润358.21亿元，同比大幅增长83.4%。 中国太保产险保费收入突破2000亿大关，达2035.41亿元，同比增长6.8%。其中，非车险保费收入同比 增长10.7%，占比达47.2%，上升1.6个百分点。全年实现净利润7 ...

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 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].