阳光保险：2024年半年报点评：新战略引领增长，投资收益强劲

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected relative increase in stock price of over 15% compared to the CSI 300 index in the next six months [5][6]. Core Insights - The company reported a total revenue of 42.449 billion yuan for H1 2024, representing an 8.9% year-on-year increase. Total premium income reached 76.46 billion yuan, up 12.8% year-on-year, while net profit attributable to shareholders was 3.14 billion yuan, reflecting an 8.6% increase [3]. - The embedded value (EV) of the company is 112.64 billion yuan, with a quarter-on-quarter increase of 8.2% [3]. - The life insurance subsidiary achieved a total premium income of 51.76 billion yuan, a 12.9% increase year-on-year, with new business value rising by 39.9% to 3.75 billion yuan [3]. - The property and casualty insurance segment reported a premium income of 24.65 billion yuan, a 12.4% increase year-on-year, with a combined underwriting cost ratio of 99.1% [3]. - Total investment assets reached 514.11 billion yuan, a 7.2% increase from the previous year, with total investment income of 8.33 billion yuan, up 8.2% year-on-year [3]. Summary by Sections Financial Performance - For H1 2024, the company achieved total revenue of 42.449 billion yuan, with a year-on-year growth of 8.9% [3]. - The net profit attributable to shareholders was 3.14 billion yuan, marking an 8.6% increase [3]. - The embedded value (EV) stood at 112.64 billion yuan, reflecting an 8.2% quarter-on-quarter growth [3]. Business Segments - Life insurance segment reported total premium income of 51.76 billion yuan, a 12.9% increase year-on-year, with new business value rising by 39.9% to 3.75 billion yuan [3]. - Property and casualty insurance segment achieved premium income of 24.65 billion yuan, a 12.4% increase year-on-year, with a combined underwriting cost ratio of 99.1% [3]. Investment Performance - Total investment assets reached 514.11 billion yuan, a 7.2% increase from the previous year [3]. - Total investment income was 8.33 billion yuan, up 8.2% year-on-year, with a significant increase in comprehensive investment returns [3].