Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The report highlights that the increase in investment income has driven net profit growth, with stable dividend returns [1] - The company is expected to maintain a leading underwriting profitability in the long term despite short-term fluctuations caused by catastrophic losses [3] - The report projects a slight upward adjustment in profit forecasts for 2024, with net profit estimates for 2025-2027 at 352 billion, 379 billion, and 419 billion respectively [4] Financial Performance Summary - Total revenue for 2023 is reported at 478.826 billion, with a year-on-year growth of 7.02%, and projected to reach 519.57 billion in 2024 [1] - The net profit attributable to shareholders for 2023 is 24.585 billion, reflecting a decrease of 15.70%, but is expected to rebound to 32.173 billion in 2024, a growth of 30.86% [1] - The book value per share (BVPS) is projected to increase from 10.40 in 2023 to 11.60 in 2024 [1] Cost and Profitability Metrics - The comprehensive cost ratio stands at 98.8%, an increase of 1.0 percentage points year-on-year, with underwriting profit reported at 5.7 billion, down 44% year-on-year [3] - The loss ratio has increased to 73.0%, up 2.4 percentage points, with significant impacts from natural disasters [3] - The expense ratio has decreased to 25.8%, primarily due to cost reduction initiatives [3] Investment Strategy - The company has increased its allocation to bonds and equity investments, with total investment assets rising by 12.6% to 676.5 billion [4] - The total investment return rate is reported at 5.5%, an increase of 2.0 percentage points year-on-year, attributed to strategic investments during market lows [4] Dividend Policy - The company plans to distribute a dividend of 0.54 per share for 2024, representing a 10% increase year-on-year, with a dividend payout ratio of 37% [10]
中国财险（02328）：2024年年报点评：投资收益提升带动净利润增长，分红回报表现稳定