EBSCN·2025-03-27 06:25Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of China Pacific Insurance (601601.SH, 2601.HK) [1] Core Insights - In 2024, China Pacific Insurance achieved an operating revenue of 404.09 billion RMB, a year-on-year increase of 24.7%, and a net profit attributable to shareholders of 44.96 billion RMB, up 64.9% year-on-year [3][4] - The new business value (NBV) reached 13.26 billion RMB, reflecting a year-on-year growth of 20.9% [3][5] - The company’s return on equity (ROE) was 16.6%, an increase of 5.2 percentage points year-on-year [3][4] Summary by Sections Financial Performance - Operating revenue for 2024 was 404.09 billion RMB, with a growth rate of 24.74% compared to 2023 [10] - Net profit for 2024 was 44.96 billion RMB, showing a significant increase of 64.95% year-on-year [10] - The earnings per share (EPS) for 2024 was 4.67 RMB, with a projected EPS of 5.39 RMB for 2025 [10] Business Segments - In the life insurance segment, the average number of insurance agents was 184,000, a decrease of 12.4% year-on-year, but the quality of the core team improved with a 10.4% increase in core personnel [4][5] - The property insurance segment reported a premium income of 201.24 billion RMB, a year-on-year increase of 6.8%, with non-auto insurance premiums rising to 939.4 billion RMB, up 10.7% [6][7] Investment and Returns - The net investment yield decreased by 0.2 percentage points to 3.8%, while the total investment return rate increased by 3.0 percentage points to 5.6% [8] - The comprehensive investment return rate improved by 3.3 percentage points to 6.0% [8] Future Outlook - The report anticipates continued growth in NBV, projecting a positive growth rate even in 2025 despite a high base [9] - The estimated net profit for 2025 is adjusted to 51.9 billion RMB, with further projections of 59.1 billion RMB for 2026 and 62.4 billion RMB for 2027 [9][10]