Zheng Quan Shi Bao Wang·2025-03-24 06:20Core Insights - China Ping An achieved a comprehensive investment income of 2665.70 billion yuan in 2024, marking an 80.2% increase compared to 2023, driven by favorable national policies and improved capital market conditions [2][3] - The company reported a net profit of 1266.07 billion yuan, a significant increase of 47.8% year-on-year, with operating profit reaching 1218.62 billion yuan, up 9.1% [1][2] Investment Performance - The total investment income for 2024 was 2064.25 billion yuan, reflecting a 66.6% increase from the previous year [3] - The investment portfolio size reached 57.3 trillion yuan, a growth of 21.4% year-on-year, with a comprehensive investment return rate of 5.8%, up 2.2 percentage points [2][3] - The net investment return rate was 3.8%, down 0.4 percentage points, influenced by the maturity of existing assets and declining yields on new fixed-income assets [2] Business Segments - The life and health insurance segment showed a net investment return rate of 3.9%, down 0.3 percentage points, while the comprehensive investment return rate increased to 6%, up 2.4 percentage points [2] - The property insurance segment had a net investment return rate of 3.2%, down 1.1 percentage points, with a comprehensive investment return rate of 4.5%, up 0.9 percentage points [2] Investment Strategy - The investment strategy focuses on a balanced asset allocation, utilizing a "barbell" approach that includes both high-dividend assets and growth-oriented assets [4] - The company emphasizes long-term capital investment, adhering to five matching strategies including cost, product, duration, cycle, and regulatory matching [4] Asset Allocation - As of the end of 2024, bond investments accounted for 61.7% of the portfolio, up from 58.1% in 2023, while stock investments rose to 7.6% from 6.2% [5] - Long-term equity investments and investment properties saw a slight decline, with long-term equity investments at 3.5% and investment properties at 2.3% [5] - Real estate investments, primarily in rental properties, are aimed at generating stable cash flow and supporting sustainable development [5]