KAIYUAN SECURITIES·2024-08-31 05:30Investment Rating - The investment rating for China Pacific Insurance (601601.SH) is maintained at "Buy" [2][11]. Core Views - The report highlights that the company has achieved high-quality growth on the liability side, with net profit exceeding expectations driven by dividends and bond market gains [2]. - For H1 2024, the company's net profit attributable to shareholders reached 25.1 billion yuan, a year-on-year increase of 37.1%, while operating profit was 19.7 billion yuan, up 3.3% year-on-year [2]. - The report anticipates continued improvement in the company's life insurance quality and performance, with a projected growth in new business value (NBV) of 15.6%, 12.0%, and 11.0% for 2024-2026 [2]. Financial Performance Summary - In H1 2024, the insurance service revenue was 41.8 billion yuan, down 2.4% year-on-year, with new single first-year premiums decreasing by 11.9% [2]. - The average monthly agent count was 183,000, a decrease of 16.4% year-on-year, while the average core workforce increased by 0.8% to 60,000 [2]. - The total assets of the group at the end of H1 2024 were 3.26 trillion yuan, reflecting an 11.7% year-on-year increase [3]. Investment and Profitability Metrics - The report indicates that the total investment income increased by 46.5% year-on-year, benefiting from high-dividend assets and a rising bond market [3]. - The combined ratio (COR) for the property and casualty insurance segment improved to 97.1%, a decrease of 0.8 percentage points year-on-year [3]. - The current dividend yield (TTM) stands at 3.44%, with the current stock price corresponding to a price-to-embedded value (PEV) of 0.4, 0.4, and 0.3 times for 2024-2026 [2].