中国太保：NBV及净利润表现均延续向好

Investment Rating - The investment rating for China Pacific Insurance (601601) is maintained at "Buy" [2][4]. Core Insights - China Pacific Insurance reported a net profit attributable to shareholders of 38.31 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 65.5%. The new business value (NBV) for life insurance reached 14.238 billion yuan, up 37.9% year-on-year, while the combined ratio (COR) for property insurance remained stable at 98.7% [2][6]. Summary by Sections Financial Performance - For the first nine months of 2024, the company achieved a net profit of 38.31 billion yuan, a 65.5% increase year-on-year. The net profit for Q3 2024 alone was 13.178 billion yuan, reflecting a significant year-on-year growth of 173.6% [6]. - The NBV for life insurance was 14.238 billion yuan, with a year-on-year growth of 37.9%. The new policy premium for the same period was 70.671 billion yuan, showing a decrease of 5.0% year-on-year [6]. - The property insurance segment generated premium income of 159.819 billion yuan, a 7.7% increase year-on-year, with auto insurance and non-auto insurance growing by 3.3% and 12.2%, respectively [6]. Investment Insights - The company’s investment income and fair value changes were 14.595 billion yuan and 42.103 billion yuan, respectively, both showing significant year-on-year increases [6]. - The annualized net and total investment returns for the first nine months of 2024 were 3.9% and 6.3%, respectively, with the total investment return improving due to a recovery in the equity market [6]. Future Projections - The company expects net profits for 2024, 2025, and 2026 to be 45.59 billion yuan, 50.705 billion yuan, and 58.223 billion yuan, respectively, with growth rates of 67%, 11%, and 15% [6][7].