PICC(601319) 太平洋·2024-11-11 03:31Investment Rating - The report maintains an "Accumulate" rating for China Life Insurance (601319) with a target price based on the last closing price of 7.80 [1][5]. Core Insights - The report highlights a significant increase in the new business value (NBV) of life insurance, with a year-on-year growth of 113.9% in the third quarter of 2024, driven by a recovery in the investment sector [2][4]. - Total revenue for the company reached 469.58 billion yuan, reflecting a year-on-year increase of 12.2%, while the net profit attributable to shareholders surged by 77.2% to 36.33 billion yuan [2][4]. - The combined ratio (COR) for property and casualty insurance stood at 98.2%, with premium income from property and casualty insurance growing by 4.6% year-on-year [2][4]. Summary by Sections Financial Performance - For the third quarter of 2024, the company reported total revenue of 469.58 billion yuan, up 12.2% year-on-year, and a net profit of 36.33 billion yuan, up 77.2% year-on-year [2][3]. - The property and casualty insurance segment achieved a premium income of 428.33 billion yuan, with a year-on-year growth of 4.6% [2][3]. - The life insurance segment saw premium income of 96.62 billion yuan, a 5.9% increase year-on-year, with a notable recovery in new business premiums [2][3]. Investment Performance - The investment sector showed a strong recovery, with total investment income reaching 40.24 billion yuan, a year-on-year increase of 214.3% [2][3]. - The report indicates that the company's net profit for the third quarter was 13.64 billion yuan, reflecting a year-on-year increase of 130.2% [2][3]. Future Projections - The report forecasts revenue for 2024-2026 to be 611.99 billion yuan, 646.93 billion yuan, and 690.26 billion yuan respectively, with net profits projected at 38.20 billion yuan, 41.33 billion yuan, and 45.00 billion yuan [3][4]. - The expected earnings per share (EPS) for the same period are projected to be 0.86 yuan, 0.93 yuan, and 1.02 yuan, with corresponding price-to-earnings (PE) ratios of 9.03, 8.35, and 7.66 [3][4].