Investment Rating - The industry investment rating is "Outperform the Market" [1][3] Core Viewpoints - Sunshine Insurance Group reported a total premium income of 128.38 billion yuan for 2024, representing a year-on-year increase of 8.0%, with net profit attributable to shareholders reaching 5.45 billion yuan, up 45.8% year-on-year [2] - The life insurance segment saw a decrease in new business scale but an improvement in structure, with a new business value (NBV) of approximately 5.15 billion yuan, reflecting a year-on-year increase of 43.3% [2] - The property insurance segment experienced rapid premium growth, with original premium income of 47.82 billion yuan, up 8.1% year-on-year, although the combined ratio (COR) was under pressure due to claims [2] - Investment strategies focused on defensive equity investments, with total investment income increasing by 35.8% year-on-year [2] Summary by Sections Life Insurance - Total premium income for 2024 is projected at 80.45 billion yuan, a 7.8% increase year-on-year, while total new business is expected to be 30.61 billion yuan, down 7.9% year-on-year [2] - The company adjusted its economic assumptions, lowering the risk discount rate from 9.5% to 8.5% and the investment return rate from 4.5% to 4.0% [2] - Individual insurance showed a stable increase in new business, with a monthly average workforce of 52,000 agents, a 2.8% decrease year-on-year, but an increase in productivity [2] Property Insurance - Original premium income for property insurance is expected to be 47.82 billion yuan, with a combined ratio of 99.7%, reflecting a 1.0 percentage point increase year-on-year [2] - The claims ratio for auto insurance was 68.4%, up 3.4 percentage points year-on-year, while non-auto insurance premiums grew by 16.7% [2] Investment - The proportion of equity investments in total investment assets is 13.3%, an increase of 1.3 percentage points year-on-year [2] - Net investment yield is reported at 4.2%, with total investment yield at 4.3% and comprehensive investment yield at 6.5%, showing year-on-year increases [2] Investment Recommendations - In a low-interest-rate environment, the attractiveness of competitors is declining, and major insurance companies are expected to focus on floating income products [2] - The industry valuation remains at a low point, with potential for recovery, maintaining the "Outperform the Market" rating [2]
非银行金融行业点评：NBV增、COR升、投资稳，阳光2024业绩稳健