Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (02328) [2][4][7] Core Views - In the first three quarters of 2024, China Pacific Insurance achieved original insurance premium income of 428.33 billion yuan, a year-on-year increase of 4.6% - The net profit reached 26.75 billion yuan, reflecting a significant year-on-year growth of 38.0% - The comprehensive cost ratio (COR) was 98.2%, up 0.3 percentage points year-on-year, indicating a slight increase in costs [2][6][7] Summary by Relevant Sections Financial Performance - The company reported a net profit of 26.75 billion yuan for the first three quarters of 2024, which is a 38.0% increase compared to the previous year - The total investment income for the same period was 27.498 billion yuan, showing a year-on-year increase of 70.4% with an annualized investment return rate of 5.9% [6][7] Cost Analysis - The overall COR for the first three quarters was 98.2%, with the COR for auto insurance at 96.8% (down 0.6 percentage points) and for non-auto insurance at 100.5% (up 1.9 percentage points) - The company aims to achieve a target COR of around 97% for auto insurance and below 100% for non-auto insurance by the end of the year [6][7] Future Outlook - The report forecasts net profits for 2024-2026 to be 33.9 billion, 35.7 billion, and 39.8 billion yuan respectively, with growth rates of 38%, 6%, and 11% [7]
中国财险：COR略有抬升，投资收益改善支撑净利润实现较好增长