中国太平 20250911 摘要 中国太平银保业务与银行支行深度合作，倾向于与头部公司合作，尤其 看重其在一二线城市的网点能力和在三四线城市的医康养服务优势。 2024 年中国太平 NPV 增速显著，NPV margin 提升迅速，2025 年继 续保持核心队伍优势和经营效率。 中国太平在代理人渠道转型分红险方面，注重队伍稳定，疫情期间未大 幅裁员，而是加强考核。通过增员、提高收入和积极性来巩固队伍。个 险渠道通过定价利率下降及费用倒逼实现价值增长，严格管控运营费用， 提高产品定价。 尽管新业务合同服务边际同比下降，但整体合同服务边际余额仍稳健增 长，得益于前期合同存量释放利润。公司优化产品结构、提升客户满意 度及加强续期管理，有效增加存量合同贡献。 中国太平在精算假设和财务测算上相对保守，CSM 含金量更高。2025 年分红险转型坚决，超过 90%的长单新单为分红险。分红险价值主要体 现在未来超额收益分给客户，影响名义价值率，且期限较短，投资收益 率和折现率假设更实际。 Q&A 在银保渠道落实报行合一和 1+3 合作限制取消之后，中国太平对银保渠道的 发展策略是怎样的？ 上半年（2025 年），中国太平在银 ...

Core Viewpoint - The strategic cooperation agreement between Eastern Airlines Wuhan and China Taiping's three institutions in Hubei aims to enhance local services and explore innovative "insurance + aviation" service models for better travel and insurance experiences in the region [1][2]. Group 1: Strategic Cooperation - The partnership is a practical extension of the strategic cooperation framework between the two groups, focusing on resource sharing and complementary advantages [1]. - The collaboration is expected to deepen local services and align with the shared philosophy of serving the people [1]. Group 2: Service Innovation - The cooperation aims to create a more convenient, efficient, and comprehensive service experience for enterprises and residents in Hubei [1]. - Both parties will focus on insurance product innovation to enhance the travel experience for airline passengers and promote insurance products through aviation service scenarios [2]. Group 3: Economic Impact - The partnership is anticipated to contribute to the economic and social development of Hubei, improving the quality of life for residents [1]. - The collaboration seeks to explore value in areas such as financial and aviation service integration, risk management, employee welfare, and market expansion in Hubei [1].

Group 1 - The core viewpoint of the report is that China Taiping (00966) maintains a "buy" rating due to strong performance in the liability side and significant progress in transforming towards dividend insurance [1] - The new business value's sensitivity to interest rate changes has significantly decreased, indicating improved stability in earnings [1] - The target price for China Taiping has been raised from HKD 15 to HKD 20 based on a price-to-book ratio of 0.8, reflecting a positive outlook for the stock market [1] Group 2 - China Taiping's net profit for the first half of the year increased by 12.2% year-on-year, primarily driven by the performance of its insurance services [1] - The insurance service performance grew by 9.5% year-on-year, with balanced contributions from new business value growth channels [1] - The transition towards dividend insurance has shown significant results, and the improvement in the combined ratio (COR) for property and casualty insurance aligns with industry trends [1]

Core Viewpoint - The report from交银国际 maintains a "buy" rating for China Taiping (00966), highlighting strong performance in the liability side and significant progress in transitioning to dividend insurance, while noting room for improvement on the asset side [1] Financial Performance - China Taiping's net profit for the first half of the year increased by 12.2% year-on-year, with insurance service performance growing by 9.5% [1] - The contribution from new business value growth is balanced across channels, indicating effective strategies in place [1] Business Strategy - The transition towards dividend insurance has shown significant results, aligning with industry trends [1] - The improvement in the combined operating ratio (COR) for property and casualty insurance is consistent with the overall industry trajectory [1] Valuation and Target Price - The target price for China Taiping has been raised from HKD 15 to HKD 20, based on a price-to-book ratio of 0.8 [1]

Group 1 - The core viewpoint of the report indicates that China Taiping's net profit increased by 12.2% year-on-year, while pre-tax profit decreased by 38% [1] - The performance of the insurance service sector grew by 9.5% year-on-year, but investment performance declined [1] - The contribution from new business value growth channels was relatively balanced, with significant results from the transition to participating insurance [1] Group 2 - The combined ratio (COR) of property and casualty insurance improved, aligning with industry trends [1] - The firm maintains a "Buy" rating for China Taiping and keeps its profit forecast largely unchanged [1] - Due to the positive outlook in the stock market, the target price has been raised from HKD 15 to HKD 20 based on a price-to-book ratio of 0.8 [1]

Overall Financial Performance - As of June 30, 2025, the total assets of China Taiping reached HKD 1,874.1 billion, an increase of 8.1% compared to the end of the previous year [1] - The insurance service revenue for the first half of the year was HKD 55.964 billion, with a year-on-year growth of 0.2% [1] - Shareholders' profit attributable to the company was HKD 6.764 billion, reflecting a year-on-year increase of 12.2% [1] - Total equity rose to HKD 136.434 billion, up 11.5% from the previous year [1] - Investment assets reached HKD 1,683.3 billion, growing by 7.8% [1] - The total embedded value per share for shareholders was HKD 53.03, a 9.2% increase from HKD 48.57 at the end of the previous year [1] Business Segment Development - The insurance service revenue for the first half was HKD 32.250 billion, with a year-on-year increase of 0.8% when calculated in RMB [2] - After-tax profit was HKD 8.278 billion, up 5.5% due to improved insurance service performance and reduced tax expenses [2] - The new business value for Taiping Life reached HKD 6.18 billion, a significant year-on-year growth of 22.8% [2] - Individual insurance new business value was HKD 4.07 billion, increasing by 22.4%, with a new business value rate improvement of 3.5 percentage points to 22.7% [2] - The new business value from the bank insurance channel was HKD 1.92 billion, growing by 23.8% [2] Strategic Layout and Ecosystem Development - China Taiping is actively integrating into national strategies, contributing to the construction of Hong Kong as an international financial center and participating in the Guangdong-Hong Kong-Macao Greater Bay Area development [4] - The number of self-owned and cooperative health and elderly care communities reached 77, covering 28 provinces and 63 cities [4] - The company has seen an 11.5% increase in the second pillar annuity management asset balance compared to the end of the previous year [4] - The financial technology ecosystem has expanded, with the number of alliance member units increasing to 20 [4] Investment and Future Outlook - The company has been approved to establish a private securities investment fund company to enhance investment in capital markets [5] - For the second half of the year, China Taiping aims to deepen risk management, promote development, and enhance digital operations while strengthening compliance [5]

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8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: | 中國太平保險控股有限公司 | | | 呈交日期: | 2025年9月1日 | | | I. 法定/註冊股本變動 不適用 | | | | 備註： | | | | 由於本公司是於香港註冊成立的公司，因此「法定/註冊股本」之概念並不適用於本公司。 | | | FF301 第 1 頁 共 10 頁 v 1.1.1 FF301 II. 已發行股份及/或庫存股份變動 | 1. 股份分類 | 普通股 | 股份類別 | 不適用 | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 00966 | 說明 | | | | | | | | | 已發行股份（不包括庫存股份）數目 | | 庫存股份數目 | | 已發行股份總數 | | | 上月底結存 | | | ...

Core Insights - China Taiping Insurance Group reported a net profit of HKD 6.764 billion for the first half of 2025, representing a year-on-year growth of 12.2% despite a high base in 2024 [1] - The company achieved growth in insurance service performance and the margin of life insurance contracts, with an optimized comprehensive cost ratio [1] Business Segment Summary - In RMB terms, Taiping Life Insurance's service revenue reached CNY 27.17 billion, up 3.7% year-on-year, with insurance service performance at CNY 9.77 billion, a 0.6% increase [1] - Original premium income was CNY 115.06 billion, reflecting a growth of 5.4%, while new business value surged to CNY 6.18 billion, marking a 22.8% increase [1] - Property insurance original premium income reached CNY 20.65 billion, up 4.4%, with insurance service revenue at CNY 18.35 billion, a 3.6% increase [1] - The comprehensive cost ratio improved by 1.1 percentage points to 94.4% [1] - Taiping Property Insurance's service revenue was CNY 15.78 billion, growing 4.3%, driven by a 7.9% increase in non-auto insurance premium service revenue [1] - The reinsurance business achieved a net profit of CNY 800 million, a significant increase of 77.4% year-on-year [1] Financial Metrics - As of June 30, 2025, China Taiping's total assets exceeded HKD 1.87 trillion, an 8.1% increase from the end of 2024 [2] - The contract service margin reached HKD 213.186 billion, up 2.6% from the end of 2024 [2] - Total equity increased to HKD 136.434 billion, reflecting an 11.5% growth compared to the end of 2024 [2]

Core Viewpoint - The insurance market is undergoing significant transformation driven by declining interest rates and increasing consumer demand for wealth preservation, with China Taiping leading the way in this transition [1][2]. Group 1: Market Trends - By Q1 2025, nearly 40% of new products from life insurance companies will be dividend-type products, with an expected market increment of over 1.8 trillion yuan in the next three years [1]. - The shift towards dividend insurance is a response to accumulated risks from interest rate declines and evolving consumer needs [1]. Group 2: Company Performance - China Taiping's life insurance subsidiary, Taiping Life, reported that 87.1% of its first-year premium income from long-term insurance products came from dividend insurance, with 91.3% of new long-term insurance policies being dividend-based [1]. - The company's new business value was significantly less affected by adverse scenarios, with the negative impact reduced from 30.5% to 5.5% year-on-year due to the increased proportion of dividend insurance [1][4]. Group 3: Strategic Initiatives - The transformation success is attributed to systematic reforms, strategic alignment, and effective execution, with a focus on developing floating yield insurance in response to the low-interest environment [2]. - Taiping Life initiated its transformation in the second half of 2024, implementing a comprehensive approach that includes training, policy support, and a focus on enhancing sales capabilities [2][3]. Group 4: Long-term Value Creation - In H1 2025, Taiping Life achieved a 22.9% year-on-year increase in new business value, with the embedded value reaching 223.591 billion HKD, an 8.1% increase from the previous year [4]. - The per-share total embedded value for shareholders increased by 9.2% to 53.03 HKD, validating the core role of dividend insurance in enhancing company value [4]. Group 5: Industry Impact - China Taiping's strategic clarity and execution have set a benchmark for the industry, encouraging other insurance companies to accelerate product innovation and structural optimization [7].

Core Viewpoint - China Taiping's 1H25 performance exceeded expectations, with a year-on-year increase in net profit attributable to shareholders of 12.2% to HKD 6.76 billion, primarily due to lower-than-expected income tax [1] Group 1: Business Performance - The new business value (NBV) of life insurance increased by 22.8% year-on-year, aligning with expectations, while the embedded value grew by 8.8% since the beginning of the year [1] - The group’s net assets increased by 4.4% to HKD 74.238 billion [1] - The individual insurance NBV rose by 22.4%, and the bancassurance channel increased by 23.8%, with the overall new business value rate improving by 3.1 percentage points to 21.6% [1] Group 2: Business Structure and Strategy - The company has optimized its business structure significantly, with the contribution of participating insurance to long-term new business orders reaching 91.3%, and individual insurance at 97.5% [1] - The sensitivity of new business to interest rates has decreased significantly, with the negative impact of adverse scenarios on NBV reduced from 30.5% in 1H24 to 5.5% in 1H25 [1] Group 3: Non-Life Insurance and Reinsurance - The non-life insurance segment reported a 4.3% increase in insurance service revenue, with motor and non-motor insurance growing by 2.1% and 7.9% respectively [2] - The combined cost ratio (CoR) improved by 1.5 percentage points to 95.5%, leading to a net profit increase of 87.6% to RMB 630 million [2] - Reinsurance business saw a 2.6% decline in insurance service revenue, but the CoR improved by 2.9 percentage points to 93.8%, resulting in a net profit increase of 77.4% to RMB 800 million [2] Group 4: Investment Performance and Future Outlook - The company’s net and total investment returns were 3.11% and 2.68% respectively, reflecting a decline of 0.36 percentage points and 2.59 percentage points year-on-year [2] - Despite investment pressures, the long-term indicators such as embedded value (EV) showed positive trends, with the group and life insurance EV increasing by 7.2% and 6.5% respectively since the beginning of the year [2] - The forward-looking indicators on the liability side have improved significantly, particularly in the transformation of participating insurance and enhanced underwriting capabilities in non-life insurance [3] Group 5: Profit Forecast and Valuation - The company is currently trading at 0.32x/2025e P/EV, with a target price increase of 25% to HKD 28.4, corresponding to 0.50x 2025e and 2026e P/EV, indicating a potential upside of 55% [3]