Investment Rating - The investment rating for the company is "Buy - A / Buy - H" with a current price of 56.90 CNY / 49.05 HKD and a reasonable value of 58.55 CNY / 54.87 HKD [2]. Core Views - The company reported a significant increase in net profit attributable to shareholders, reaching 119.18 billion CNY, which is a year-on-year growth of 34.1% [2][9]. - The growth in net profit was primarily driven by the upward movement in equity markets and some one-time gains, with quarterly growth rates of -4.3%, +20.4%, and +151.3% for Q1, Q2, and Q3 respectively [2][9]. - The new business value (NBV) for the first three quarters was 35.16 billion CNY, reflecting a year-on-year increase of 34.1% [3][4]. Summary by Sections Life Insurance - The improvement in value rates and the reduction in new business premium declines contributed to a significant increase in new business value, with a year-on-year growth of 34.1% [3][4]. - The quarterly growth rates for new business value were 20.7%, 0%, and 110.3% for Q1, Q2, and Q3 respectively, with Q3 showing a substantial recovery [3][4]. - The agent workforce showed a positive trend, reaching 362,000, with a year-on-year increase of 0.6% and a quarter-on-quarter increase of 6.5% [4][6]. Property and Casualty Insurance - The original premium scale for property and casualty insurance reached 239.37 billion CNY, with a year-on-year growth of 5.9% [8]. - The combined cost ratio improved to 97.8%, a decrease of 1.5 percentage points year-on-year, indicating better underwriting profitability [8][9]. Profitability - The company's net profit for the first three quarters was 119.18 billion CNY, with a year-on-year increase of 36.1% [9][11]. - The operating profit also showed a year-on-year increase of 5.5%, with life insurance operating profit growing by 3% and property insurance by 39.7% [9][11]. Earnings Forecast and Investment Recommendations - The forecast for EPS is 7.5, 7.6, and 8.0 CNY for 2024, 2025, and 2026 respectively, with a corresponding valuation of 58.55 CNY per share for A-shares [12][13]. - The company is expected to maintain a stable growth trajectory in both insurance service performance and investment performance, with projected net profit growth rates of 58.4%, 2%, and 5.7% for 2024 to 2026 [12][13].

Investment Rating - The report maintains a "Strong Buy" rating for the company, with a target price of 69.7 CNY, compared to the current price of 56.90 CNY [1]. Core Insights - The company achieved a significant increase in net profit in Q3, with a year-on-year growth of 151.3%, driven by a recovery in new business value (NBV) and improved investment returns [1]. - The new business value for the life insurance segment reached 352 billion CNY in the first three quarters of 2024, reflecting a year-on-year increase of 34.1% [1]. - The property insurance segment showed stable growth, with a combined ratio (COR) of 97.8%, a decrease of 1.5 percentage points year-on-year, indicating improved profitability [1]. - The investment portfolio of the company saw an annualized comprehensive investment return of 5.0%, an increase of 1.3 percentage points year-on-year, benefiting from a recovery in the equity market [1]. Summary by Sections Financial Performance - For the first three quarters of 2024, the company reported a total operating profit of 113.8 billion CNY, a year-on-year increase of 5.5%, and a net profit of 119.2 billion CNY, up 36.1% year-on-year [1]. - The life insurance segment's new business value increased by 34.1% year-on-year, while the property insurance segment's service revenue rose by 4.5% year-on-year [1][2]. Business Segments - The life insurance segment's new business value rate improved by 5.7 percentage points to 31.0%, supported by product structure enhancements and adjustments in preset interest rates [1]. - The property insurance segment's COR improved due to a significant reduction in losses from credit insurance [1]. Investment Strategy - The company's investment portfolio grew to over 5.32 trillion CNY, a 12.7% increase from the beginning of the year, with a focus on controlling investment risk exposure [1]. - The annualized net investment return was 3.8%, slightly down by 0.2 percentage points year-on-year, primarily due to a decline in long-term interest rates [1]. Future Outlook - The report projects EPS for 2024-2026 to be 6.9, 7.5, and 8.0 CNY respectively, with an expected price-to-earnings value (PEV) of 0.8 times in 2025 [1].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company's performance is driven by the asset side, with the New Business Value (NBV) growth exceeding expectations, achieving 35.16 billion yuan, a year-on-year increase of 34.1%. The net profit attributable to shareholders reached 119.18 billion yuan, up 36.1% year-on-year, with underwriting and investment service performance growing by 5.7% and 221% respectively, slightly better than expectations [4][5]. - The report predicts NBV growth rates for 2024-2026 to be 24.4%, 12.8%, and 9.4% respectively, corresponding to a group Embedded Value (EV) growth of 6.4%, 3.4%, and 2.0% [4][5]. - The report adjusts the net profit forecast for 2024-2026 to 152.7 billion, 151.5 billion, and 162.8 billion yuan respectively, reflecting a significant increase due to a recovery in equity markets [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the NBV margin increased by 7.3 percentage points to 25.4%, driven by improvements in product structure and a decrease in the preset interest rate [4]. - The company reported a total service income from property and casualty insurance of 246 billion yuan, a year-on-year increase of 4.5%, with a significant profit increase in the third quarter [4][5]. - Investment service performance reached 83.6 billion yuan, a year-on-year increase of 221%, with net investment returns at 3.8% [4][5]. Business Segments - The individual insurance channel saw a year-on-year NBV increase of 31.6%, with agent productivity improving significantly [4]. - The contribution from bancassurance and community finance channels increased, with bancassurance NBV growing by 68.5% year-on-year [4]. - The report highlights the continuous growth in the medical and pension sectors, with a 3.8% increase in personal customer numbers [4][5]. Valuation Metrics - The current price-to-embedded value (P/EV) ratios for 2024-2026 are projected at 0.6, 0.5, and 0.5 respectively, indicating a favorable valuation outlook [4][5]. - The report notes a current dividend yield of 4.25% [4].

Investment Rating - The investment rating for the company is "Buy" (maintained) [2][4]. Core Views - The company's performance is driven by the asset side, with the New Business Value (NBV) growth exceeding expectations, achieving 35.16 billion yuan, a year-on-year increase of 34.1%. The net profit attributable to shareholders reached 119.18 billion yuan, up 36.1% year-on-year, with underwriting and investment service performance growing by 5.7% and 221% respectively, slightly better than expectations [4][5]. - The report predicts NBV growth rates for 2024-2026 to be 24.4%, 12.8%, and 9.4% respectively, corresponding to a group Embedded Value (EV) growth of 6.4%, 3.4%, and 2.0% [4][5]. - The report adjusts the net profit forecast for 2024-2026 to 152.7 billion, 151.5 billion, and 162.8 billion yuan respectively, reflecting a significant increase in the equity market [4][5]. Summary by Sections Financial Performance - For the first three quarters of 2024, the NBV margin increased by 7.3 percentage points to 25.4%, driven by improvements in product structure and a decrease in the preset interest rate [4][5]. - The company’s core business operating profit for the first three quarters was 113.82 billion yuan, a year-on-year increase of 5.5%, with life insurance, property insurance, and banking showing growth rates of 3.3%, 39.7%, and 0.2% respectively [4][5]. Business Segments - The individual insurance channel saw a year-on-year NBV increase of 31.6%, with agent productivity improving significantly [4][5]. - The contribution from the bancassurance and community finance channels reached 18.8% of total NBV, with bancassurance channel NBV growing by 68.5% [4][5]. Investment Performance - The investment services segment reported a revenue of 83.6 billion yuan for the first three quarters, a year-on-year increase of 221%, with net investment returns at 3.8% [4][5]. - The overall investment portfolio exceeded 5.32 trillion yuan, reflecting a 12.7% increase since the beginning of the year [4][5].

Investment Rating - The report maintains a rating of "Accumulate" with a target price raised to 67.26 CNY per share, compared to the previous forecast of 56.00 CNY [6][12]. Core Insights - The company's net profit for the first three quarters of 2024 increased by 36.1% year-on-year, driven primarily by improved investment returns and a one-time gain from the consolidation of Lufax [12]. - The operating profit attributable to the parent company rose by 5.5%, with core segments including life insurance, property insurance, and banking showing growth rates of 3.0%, 39.7%, and 0.2% respectively [12]. - The report highlights a continuous growth in the new business value (NBV) of life insurance, which increased by 34.1% year-on-year, with a remarkable 110.1% growth in Q3 alone [12]. Financial Summary - The company's total revenue for 2024 is projected to reach 1,019,055 million CNY, reflecting a 12% increase from 2023 [13]. - Net profit attributable to the parent company is expected to recover to 139,251 million CNY in 2024, a significant increase of 63% compared to 2023 [13]. - Earnings per share (EPS) are forecasted to be 7.65 CNY in 2024, up from 5.74 CNY in 2023, representing a growth of 33.2% [12][13]. Investment Performance - The annualized comprehensive investment return rate for the first three quarters of 2024 improved by 1.3 percentage points to 5.0% [12]. - The report notes that the property insurance combined ratio (COR) improved by 1.5 percentage points to 97.8%, attributed to a reduction in underwriting losses from the contraction of guarantee insurance business [12]. Market Position - The company’s market capitalization stands at approximately 1,036,162 million CNY, with a current price of 56.90 CNY per share [7]. - The price-to-earnings (P/E) ratio at the current price is 12.10, while the price-to-book (P/B) ratio is 1.1 [8][12].

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a significant increase in NBV and net profit for Q3 2024, with NBV reaching 35.16 billion yuan, a year-on-year growth of 34.1%, and net profit amounting to 119.182 billion yuan, up 36.1% year-on-year [11][12] - The operating profit for the same period was 113.818 billion yuan, reflecting a year-on-year increase of 5.5% [11] Financial Performance Summary - For the first three quarters of 2024, the company achieved a net profit of 119.182 billion yuan, with a year-on-year growth of 36.1% [11] - The operating profit for the same period was 113.818 billion yuan, showing a year-on-year increase of 5.5% [12] - The annualized net and comprehensive investment returns were 3.8% and 5.0%, respectively, with improvements noted in the comprehensive investment return [12] Business Segment Performance - The net profit growth across various business segments was as follows: life and health insurance (+35.0%), property insurance (+39.7%), banking (+0.2%), asset management (loss narrowed), and financial empowerment (+475.0%) [12] - The company’s NBV margin improved by 7.3 percentage points to 25.4%, with Q3 2024 showing a 7.9 percentage point increase [12] - The number of agents increased to 362,000, with a year-on-year improvement of 54.7% in per capita NBV [12] Earnings Forecast - The company expects insurance business revenues for 2024-2026 to be 552.3 billion, 584.8 billion, and 620.1 billion yuan, with corresponding growth rates of +3%, +6%, and +6% [12] - The projected net profits for the same period are 133.5 billion, 150.5 billion, and 172.0 billion yuan, with growth rates of +56%, +13%, and +14% respectively [12]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [1][8] Core Views - The company has shown significant growth in net profit and new business value, with a notable increase in profitability in the third quarter [4][8] - The company is expected to continue benefiting from its diversified financial services and strong market position, leading to further improvements in valuation [8] Summary by Sections Revenue Performance - For the first three quarters of 2024, the company reported operating revenue of 775.38 billion yuan, a year-on-year increase of 10.0% [3] - The net profit attributable to shareholders reached 119.18 billion yuan, up 36.1% year-on-year, with a substantial growth of 151.3% in the third quarter [4] Core Business Growth - The core business segments, including life insurance, property insurance, and financial empowerment, contributed significantly to profit growth [4] - The life insurance segment reported a profit of 80.93 billion yuan, a year-on-year increase of 35.0% [4] Property Insurance - The property insurance service revenue grew by 4.5% to 246.02 billion yuan, with a comprehensive cost ratio improving by 1.5 percentage points to 97.8% [5] Life Insurance - The number of life insurance agents increased by 6.5% quarter-on-quarter, with new business value rising by 34.1% to 35.16 billion yuan [6] - The new business value rate improved by 7.3 percentage points to 25.4% [6] Investment Performance - The annualized comprehensive investment return rate increased by 1.3 percentage points to 5.0% [7] - The annualized net investment return rate decreased by 0.2 percentage points to 3.8% due to interest rate fluctuations [7] Banking Sector - The bank's net profit recorded a slight increase of 0.2%, with a non-performing loan ratio slightly decreasing to 1.06% [7] Financial Forecast and Valuation - The company’s net profit forecasts for 2024-2026 have been adjusted upwards to 134.3 billion yuan, 164.7 billion yuan, and 174.1 billion yuan respectively [8] - The current A/H share prices correspond to a price-to-earnings value of 0.70 and 0.56 for 2024 [8]

Investment Rating - The report maintains a "Buy" rating for Ping An Insurance [5] Core Views - The third quarter performance exceeded expectations, with a year-on-year increase in net profit of 36.1% to 119.18 billion yuan, surpassing the forecast of 34.7% [3][5] - The company's new business value (NBV) growth was also above expectations, increasing by 34.1% year-on-year to 35.16 billion yuan [4][5] - The report highlights improvements in the agent scale and profitability across core business segments, indicating a positive trend [4][5] Summary by Sections Market Data - Closing price: 56.90 yuan; Market capitalization: 612,395 million yuan; P/B ratio: 1.1; Dividend yield: 5.91% [2] Financial Performance - For the first three quarters of 2024, the company achieved a net profit of 119.18 billion yuan, with a quarterly net profit of 44.56 billion yuan, reflecting a year-on-year increase of 151.3% [3][4] - The operating profit for the same period was 113.82 billion yuan, with a year-on-year increase of 5.5% [3] Business Segments - The three core business segments (life insurance, property insurance, and banking) collectively reported a year-on-year operating profit growth of 5.7% [3] - The property insurance segment saw a significant improvement in combined operating ratio (COR), which decreased by 1.5 percentage points to 97.8% [4] Investment Performance - The company reported an annualized net investment return of 3.8% and a comprehensive investment return of 5.0% for the first three quarters of 2024 [4] - Investment assets grew by 12.7% year-to-date, reaching 5.32 trillion yuan [4] Profit Forecast - The report raises profit forecasts for 2024-2026 to 147.37 billion yuan, 164.47 billion yuan, and 191.88 billion yuan respectively [5][6]

本报记者 冷翠华 A股上市险企2024年首份三季报亮相。 10月21日晚间，中国平安发布2024年三季报。数据显示，今年前三季度，中国平安实现归属于母公司股 东的营运利润1138.18亿元，同比增长5.5%；归属于母公司股东的净利润1191.82亿元，同比增长 36.1%；营业收入7753.83亿元，同比增长10.0%。其中，寿险及健康险、财产保险以及银行三大核心业 务保持增长，三项业务合计归属于母公司股东的营运利润1196.51亿元，同比增长5.7%。 从寿险业务来看，前三季度，平安寿险经营提质增效，高质量发展成果显著。前三季度，寿险及健康险 业务新业务价值达成351.60亿元，同比增长34.1%；按标准保费计算的新业务价值率31.0%，同比上升 5.7个百分点。 从不同业务渠道来看，前三季度，平安寿险代理人渠道新业务价值同比增长31.6%，代理人人均新业务 价值同比增长54.7%，队伍产能有效提升。同时，截至今年9月末，个人寿险销售代理人数量36.2万；新 增人力中"优+"占比提升4个百分点。在银行合作方面，平安寿险深耕网点经营，银保渠道新业务价值同 比增长68.5%。持续推广社区金融服务经营模式，今年前 ...

Core Viewpoint - Ping An Insurance reported steady growth in the first nine months of 2024, achieving strong resilience in business performance despite challenges in China's economy, focusing on integrated finance and health and senior care strategies to enhance customer experience [1][14]. Financial Performance - The company achieved a 15.9% annualized operating return on equity (ROE) with operating profit and net profit attributable to shareholders rising 5.5% to RMB113,818 million and 36.1% to RMB119,182 million respectively [2]. - Revenue increased by 8.7% year on year to RMB861,817 million, with operating profit attributable to shareholders growing by 5.7% to RMB119,651 million [2]. Business Segments - Life & Health insurance segment saw new business value (NBV) rise by 34.1% year on year to RMB35,160 million, with health and senior care services contributing over 69.6% of Ping An Life's NBV [2][3]. - Property and casualty insurance (Ping An P&C) reported a 4.5% increase in insurance revenue to RMB246,022 million and a 39.7% rise in operating profit to RMB13,987 million [6]. - Ping An Bank's net profit grew by 0.2% year on year to RMB39,729 million, with retail assets under management increasing by 2.9% to RMB4,148,566 million [7]. Strategic Initiatives - The "4 channels + 3 products" strategy led to a 31.6% growth in agent channel NBV and a 54.7% increase in NBV per agent [4]. - The company enhanced its product portfolio focusing on health protection, pension reserves, and wealth management, serving over 19.50 million customers with health management services [5][12]. Technology and Innovation - Ping An's AI service representatives handled approximately 1.34 billion customer service interactions, accounting for 80% of total service volume, with smart underwriting processing 93% of policies within seconds [9]. - The insurance funds investment portfolio grew by 12.7% to over RMB5.32 trillion, achieving an annualized comprehensive investment yield of 5.0% [8]. Customer Engagement - Retail customers increased by 3.8% to 240 million, with a retention rate of 98.0% and an average of 2.92 contracts per retail customer [10]. - Nearly 63% of retail customers utilized services from the health and senior care ecosystem, holding significantly more contracts and assets under management compared to non-users [11]. Social Responsibility - Ping An's green insurance premium income reached RMB37,341 million, and funds for rural industrial vitalization totaled RMB31,406 million [13].