Investment Rating - The investment rating for China People's Insurance Group is "Buy" (maintained) [5] Core Views - The company reported a 6.0% year-on-year increase in insurance service revenue to CNY 261.63 billion for H1 2024, with a net profit attributable to shareholders of CNY 23.40 billion, up 13.7% year-on-year [2][7] - The combined ratio (COR) for property insurance was 96.2%, an increase of 0.4 percentage points year-on-year, indicating a stable underwriting profitability [7] - The new business value (NBV) for life insurance reached CNY 3.94 billion, a significant increase of 91.0% year-on-year, while health insurance NBV surged by 159.0% to CNY 3.03 billion [7] Financial Performance - For H1 2024, the property insurance segment achieved original insurance premium income of CNY 311.996 billion, a 3.7% increase year-on-year, slightly below the industry average of 4.5% [7] - The COR for property insurance improved, with a claims ratio of 70.1% and an expense ratio of 26.1%, reflecting a year-on-year increase of 1.2 percentage points and a decrease of 0.8 percentage points, respectively [7] - The life insurance segment's net profit was CNY 9.93 billion, up 191.1% year-on-year, driven by improved investment returns and reduced liability costs [7] Profit Forecast - The company is expected to achieve net profits of CNY 28.4 billion, CNY 31.3 billion, and CNY 36.4 billion for the years 2024, 2025, and 2026, respectively, with growth rates of 27%, 10%, and 16% [7][8]
中国人民保险集团：财险COR延续向好，人身险盈利能力显著改善