Investment Rating - The report maintains a "Buy" rating for China People's Insurance Group with a target price of HKD 3.94 per share, corresponding to a P/B ratio of 0.66 for 2024 [5]. Core Views - The company's net profit attributable to shareholders for the first half of 2024 increased by 14.1% year-on-year to RMB 22.687 billion, primarily driven by improved underwriting profits, while the decline in investment profits narrowed significantly [4][5]. - The report highlights a robust growth in property insurance premiums, with a year-on-year increase of 3.7% to RMB 311.996 billion in H1 2024, and a notable improvement in underwriting profitability in Q2 compared to Q1 [5]. - The life insurance new business value (NBV) exceeded expectations, showing a year-on-year growth of 91.0% in H1 2024, driven by significant improvements in new business value rates [5]. Summary by Sections Financial Performance - The total investment income for H1 2024 was RMB 29.064 billion, reflecting a year-on-year decline of 7.7% [5]. - The company declared an interim dividend of RMB 0.063 per share, indicating an increase in dividend frequency [5]. Property Insurance - The combined ratio (COR) for H1 2024 was 96.2%, a slight increase of 0.4 percentage points year-on-year, but showed significant improvement in Q2 with a COR of 94.7% [5]. - The loss ratio increased by 1.2 percentage points to 70.1%, while the expense ratio improved by 0.8 percentage points to 26.1% [5]. Life Insurance - The NBV for life insurance in H1 2024 was significantly boosted by a 5.5 percentage point improvement in new business value rates, reaching 11.3% [5]. - The contribution from individual insurance and bancassurance NBV grew by 45.5% and 44.7% respectively [5]. Market Outlook - Catalysts for future performance include better-than-expected natural disaster outcomes in the second half and a recovery in capital markets [5].
中国人民保险集团2024年中报业绩点评：财险承保盈利超预期，寿险NBV高增