盈利增长64.9%！中国太保交答卷：投资收益大涨、产险业务成本抬升

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. (China Pacific) has reported a significant turnaround in profitability, with a net profit of 44.96 billion yuan, marking a year-on-year increase of 64.9% in 2024, driven primarily by substantial investment gains and a favorable capital market environment [1][3][4]. Financial Performance - In 2024, China Pacific achieved total operating revenue of 404.09 billion yuan, representing a year-on-year growth of 24.7% [1]. - The company's operating profit reached 34.43 billion yuan, up by 2.5% [1]. - The embedded value of the group increased to 562.07 billion yuan, reflecting a growth of 6.2% [1]. Investment Performance - The total investment return for China Pacific was 120.39 billion yuan, a remarkable increase of 130.5% year-on-year, with an overall investment yield of 5.6%, up by 3.0 percentage points [3][4]. - The net investment return rate was 3.8%, showing a slight decline of 0.2 percentage points [3]. Life Insurance Segment - The life insurance segment, led by Taibao Life, reported a net profit of 35.82 billion yuan, with a year-on-year growth of 83.4% [5]. - The new business value for Taibao Life reached 13.26 billion yuan, increasing by 20.9%, with a new business value rate of 16.8%, up by 3.5 percentage points [5]. - The embedded value for Taibao Life was 421.84 billion yuan, a growth of 4.9% from the previous year [5]. Property Insurance Segment - In contrast to the life insurance segment, the property insurance segment experienced an increase in the comprehensive cost ratio to 98.6%, up by 0.9 percentage points [6]. - The property insurance segment reported a net profit of 7.38 billion yuan, reflecting a year-on-year increase of 12.2% [7]. - The total premium income for property insurance was 201.24 billion yuan, growing by 6.8% [6]. Market Conditions - The favorable performance of China Pacific is attributed to the upward trend in the A-share market since September 2024, supported by significant national policies and overall market performance [4].