Investment Rating - The report maintains a "Buy" rating for the company [2][7][19] Core Views - The company achieved a net profit of 32.16 billion RMB in 2024, representing a year-on-year increase of 30.9%, benefiting from a recovery in the capital market [5][8] - The return on equity (ROE) improved by 2.2 percentage points to 13.0% [5] - The company’s total investment yield reached 5.5%, up by 2.0 percentage points year-on-year [6] Summary by Sections Financial Performance - The company reported a total insurance premium income of 538.06 billion RMB in 2024, a year-on-year increase of 4.3% [6] - The comprehensive cost ratio (COR) increased by 1.0 percentage point to 98.8%, with a claims ratio of 73.0%, slightly higher than expected due to major disasters [6][9] - The underwriting profit decreased by 43.9% to 5.71 billion RMB [6] Investment Analysis - The company has significantly increased its allocation to government bonds and stocks, with a 10.4 percentage point increase in government bonds to 18.2% and a 1.2 percentage point increase in stocks to 7.2% [6] - The projected net profits for 2025, 2026, and 2027 are 34.95 billion RMB, 38.99 billion RMB, and 44.29 billion RMB respectively, reflecting a positive growth outlook [7][8] Market Position - The company is positioned as a high-dividend core stock within the insurance sector, maintaining a price-to-book (PB) ratio of 1.06x as of March 28 [7]
中国财险（02328）：投资驱动利润稳增，大灾阶段性影响COR表现