行业点评：资负双驱，太平2024业绩亮眼
Ping An Securities·2025-03-25 07:13

Investment Rating - The industry investment rating is "Outperform the Market" [4] Core Viewpoints - China Pacific Insurance reported a net profit attributable to shareholders of HKD 8.43 billion for 2024, representing a year-on-year increase of 36.2%. The board has proposed a final dividend of HKD 0.35 per share [2] - In the life insurance sector, the company has optimized its structure and reduced costs, leading to significant growth in new business value margin (NBVM) and new business value (NBV). The risk discount rate was adjusted from 9.0% to 8.5%, and the investment return rate was adjusted from 4.5% to 4.0%. The total NBVM is approximately 32.5%, with a year-on-year increase of 16.6 percentage points, and the total NBV is about CNY 13.22 billion, with a year-on-year increase of 94.2% [3] - In the property insurance sector, the quality of business continues to improve, with underwriting profitability enhancing. The original premium income for 2024 is expected to increase by 2.7% year-on-year, with a combined cost ratio of 98.1% [3] - The investment strategy has been optimized, focusing on high-dividend stocks, which has stabilized net investment income. The proportion of FVOCI stocks has increased to 46.6%, a year-on-year increase of 16.8 percentage points [3] - The report suggests that the life insurance sector will continue to see significant growth in new business and NBV in 2024, driven by sustained demand for savings among residents. The industry is expected to maintain a bottom recovery in valuation [3] Summary by Sections Life Insurance - The company has adjusted economic assumptions, leading to a year-on-year increase in NBVM and NBV. The individual insurance and bank insurance first-year premium income are expected to change by +1.2% and -9.1% respectively [3] - The agent workforce is stable with a slight increase in productivity [3] Property Insurance - The original premium income for agricultural insurance and new energy vehicle insurance is expected to grow by 59.4% and 35.4% respectively [3] Investment - The net investment yield is projected at 3.46%, with total and comprehensive investment yields at 4.57% and 10.32% respectively, showing a mixed performance year-on-year [3]