Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company achieved a total premium income of 76.46 billion yuan in 1H24, representing a year-on-year growth of 12.8% [2] - The new business value (NBV) for 1H24 reached 3.75 billion yuan, a year-on-year increase of 39.9%, surpassing the total for the entire year of 2023 [2] - The annualized ROE increased by 1.5 percentage points to 10.4% [2] - The company’s investment income improved, contributing to a recovery in performance [2] Financial Performance Summary - The company reported a net profit of 3.14 billion yuan in 1H24, up 8.6% year-on-year [2] - The insurance service income for 2024E is projected to be 111.22 billion yuan, with a net profit forecast of 6.94 billion yuan [6] - The new business value is expected to grow at a rate of 24.5% in 2024E [2] - The company’s P/EV ratio is projected to decrease from 0.33 in 2022A to 0.29 in 2024E [2] Business Segment Analysis - The life insurance segment showed a significant improvement in margin, reaching 30.3% in 1H24, an increase of 11.9 percentage points year-on-year [2] - The non-life insurance segment reported a net profit of 0.505 billion yuan in 1H24, a decline of 38.0% due to a 23.8% decrease in total investment income [2] - The combined ratio for non-life insurance was 99.1%, with a claims ratio increase attributed to extreme weather events [2] Investment Outlook - The report anticipates a continued improvement in NBV growth, expected to outperform the average of A+H listed peers for three consecutive years [2] - The forecast for net profit for 2024-2026 is adjusted to 6.94 billion, 7.34 billion, and 7.91 billion yuan respectively [2]
阳光保险：2024年中报点评：NBV超越上年全年绝对额，Margin已达同业平均