Core Viewpoint - The company has achieved strong profit growth in both auto and non-auto insurance segments, benefiting from improved operational management and cost efficiency, leading to a 130.7% year-on-year increase in overall underwriting profit and a 50.5% increase in net profit attributable to shareholders [1][3] Financial Performance - In the first three quarters, the company reported an underwriting profit of 14.865 billion yuan, up 130.7% year-on-year, with insurance service revenue increasing by 5.9% to 385.921 billion yuan and a comprehensive cost ratio improving by 2.1 percentage points to 96.1% [1][2] - The net profit attributable to shareholders reached 40.268 billion yuan, reflecting a 50.5% year-on-year growth, driven by a 130.7% increase in underwriting profit and a 33.0% increase in total investment income to 35.9 billion yuan [1][2] Liability Side - Both auto and non-auto insurance segments contributed to profit growth, with non-auto insurance turning profitable. The underwriting profit increase was primarily driven by improvements in the comprehensive cost ratio [2] - The comprehensive cost ratio improved by 2.1 percentage points to 96.1%, with insurance service revenue from auto insurance and non-auto insurance increasing by 3.7% and 9.3%, respectively [2] Asset Side - The company achieved a total investment income of 35.9 billion yuan, a year-on-year increase of 33.0%, with an annualized total investment return rate of 5.4%, benefiting from a rising capital market and optimized asset allocation [2] Investment Recommendation - The company shows strong performance on both asset and liability sides, with significant profit growth in both auto and non-auto insurance segments. The estimated price-to-book ratio is 1.23, with a dividend yield of 4.2%. Projected net profit growth rates for 2025, 2026, and 2027 are 43.5%, 13.7%, and 9.7%, respectively, with a target price of 23.09 HKD [3]
中国财险(2328.HK)：车险与非车险发展齐头并进 资负共振驱动利润快速增长