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].

每经记者 涂颖浩 每经编辑 张益铭 2024年，中国太保集团营业收入同比增长24.7%，归母净利润同比增长64.9%，内含价值同比增长6.2%，管理资产同比增长21.2%……对于这份成绩单，太保 集团总裁赵永刚在27日的业绩说明会上评价称，公司整体经营稳中有进、稳中向好，高质量发展取得了新的成效。 "当前保险业面临着从规模扩张转向价值创造的转变，在多重机遇和挑战中加速转型升级。"中国太保董事长傅帆在会上表示，在新发展阶段，公司正式启动 了大康养、"AI+"和国际化三大战略，这既是对太保成立以来可持续发展的延续，更是面向未来走稳、走深、走实高质量发展的重要支撑。 值得关注的是，太保寿险总经理李劲松、太保产险总经理陈辉首次亮相中国太保业绩说明会，就寿险发展规划、新能源车险等话题回应了市场关切。此外， 公司管理层还就"A+"战略规划、2025年的投资方向等问题予以回应。 图片来源：每经记者 涂颖浩 摄 寿险形成新的三年高质量发展规划 2024年，太保寿险长航转型成效逐步显现，核心经营指标整体向好。全年实现新业务价值132.58亿元，同比增长20.9%，新业务价值率达16.8%，同比上升 3.5个百分点。经济假设调整 ...

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]

除了备受关注的经营业绩，A股五大上市险企中国平安、中国人寿、中国太保、中国人保、新华保险的分 红情况同样引人注目。 排版：刘珺宇 校对： 刘星莹 证券时报·券商中国记者统计发现，五大上市险企年报分红金额合计638.25亿元，叠加前期中期分红，2024年 上市险企合计分红907.89亿元，同比增长20.21%。 2024年，受国家一系列重大政策利好等因素影响，资本市场回暖上涨，多家险企投资收益同比大幅增长，叠 加保险业务结构优化和规模增长，助推净利润同比大增。在此背景下，上市险企的分红方案也诚意满满。 五大上市险企中，中国平安分红总额最高。据悉，中国平安拟派发2024年末期股息每股现金人民币1.62元， 全年股息为每股现金人民币2.55元，同比增长近5%，年度现金分红总额461.74亿元。按归属于母公司股东的 净利润计算的现金分红比例为36.5%，分红总额连续13年增长。过去10年，中国平安累计分红高达3404.51亿 元；过去5年，中国平安的年度现金分红均超过了400亿元，现金分红总额年复合增长率达到4.3%。 新华保险的分红方案也颇为豪气。拟在2024年中期分红基础上，再向全体股东派发2024年末期现金股利 ...

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]

中国太保发布2024 年年报。2024 年，公司实现归母净利润449.60 亿元，同比+64.9%；归母营运利润 344.25 亿元，同比+2.5%；内含价值5,602.66 亿元，较上年末+6.2%；加权平均ROE 为16.6%，同比 +5.2pp。基于2023 年经济假设（投资收益率4.5%，RDR 9%），太保寿险新业务价值为172.87 亿元（计 算值），同比+57.7%。太保产险COR 为98.6%，同比+0.9pp。公司拟派发2024 年现金股利每股1.08 元 （含税），共计分配103.90 亿元，占归母净利润的23.1%；对应3 月27 日A/H 股收盘价股息率分别为 3.35%/4.65%。 投资假设和RDR 均下调50bp。 公司2024 年报下调长期险业务的未来投资收益率假设至4.0%（2023 年为4.5%）,下调RDR 假设至 8.5%（2023 年为9%）。按2024 年经济假设，太保寿险新业务价值为132.58 亿元，因经济假设变化，寿 险新业务价值减少40.29 亿元。 寿险：NBV 大幅增长，业务结构优化。 保费方面，2024 年太保寿险实现规模保费2,610.80 亿元，同 ...

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company reported a significant increase in value and strong investment performance in its 2024 annual report, with a net profit of 44.96 billion yuan, up 64.9% year-on-year [2] - The company's embedded value reached 560.27 billion yuan, an increase of 6.2% from the previous year, and the weighted average ROE was 16.6%, up 5.2 percentage points year-on-year [2] - The company plans to distribute a cash dividend of 1.08 yuan per share, totaling 10.39 billion yuan, which represents 23.1% of the net profit attributable to shareholders [2] Summary by Sections Financial Performance - In 2024, the company achieved a net profit of 44.96 billion yuan, a year-on-year increase of 64.9%, and an operating profit of 34.43 billion yuan, up 2.5% year-on-year [2] - The new business value for life insurance was calculated at 17.29 billion yuan, reflecting a year-on-year increase of 57.7% [2][5] - The company’s total investment income surged to 120.39 billion yuan, a 130.5% increase year-on-year, primarily due to significant growth in fair value changes [8] Life Insurance Segment - The life insurance segment reported a premium income of 261.08 billion yuan, up 3.3% year-on-year, with the agent channel contributing 202.48 billion yuan, a 3.6% increase [4] - The new business value (NBV) for the life insurance segment was 17.29 billion yuan, with a NBV margin of 21.9%, an increase of 8.6 percentage points year-on-year [5] Property and Casualty Insurance Segment - The property and casualty insurance segment achieved a premium income of 201.24 billion yuan, up 6.8% year-on-year, although the underwriting profit decreased by 35.5% to 2.67 billion yuan [6] - The combined ratio for property and casualty insurance was 98.6%, reflecting a 0.9 percentage point increase year-on-year [6] Investment Performance - The company reported a net investment income of 82.80 billion yuan, a year-on-year increase of 6.5%, with a net investment yield of 3.8% [8] - The asset allocation as of the end of 2024 showed bonds accounting for 60.1% of the portfolio, an increase of 8.4 percentage points year-on-year [8] Future Outlook - The company has raised its earnings forecast, expecting revenues of 415.44 billion yuan and 421.88 billion yuan for 2025 and 2026, respectively [9] - The projected net profit for 2025 and 2026 is 45.46 billion yuan and 46.16 billion yuan, respectively, with an EPS of 4.73 yuan and 4.80 yuan [9]