EBSCN·2026-03-28 13:40Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company, with current prices at 7.47 RMB and 5.43 HKD respectively [1]. Core Insights - The company achieved an operating revenue of 669.04 billion RMB in 2025, representing a year-on-year increase of 7.6%. The net profit attributable to shareholders was 46.65 billion RMB, up 8.8% year-on-year [4]. - The weighted average return on equity was 16.1%, a decrease of 0.6 percentage points year-on-year. The comprehensive cost ratio for the property insurance segment improved to 97.6%, down 0.9 percentage points year-on-year [4]. - The new business value (NBV) for the life insurance segment reached 15.62 billion RMB, reflecting a significant year-on-year growth of 40.8% [4]. Summary by Sections Financial Performance - The company reported a comprehensive cost ratio of 97.6% for the property insurance segment, improving by 0.9 percentage points year-on-year. The property insurance premium income was 555.78 billion RMB, a 3.3% increase year-on-year [5]. - The life insurance segment saw a new single premium income of 97.94 billion RMB, up 19.8% year-on-year, with a notable increase in long-term insurance first-year premiums [7]. Investment and Profitability - The total investment assets reached 1.9 trillion RMB by the end of Q4 2025, a 15.8% increase from the beginning of the year. The stock asset scale increased significantly by 175.9% to 166.24 billion RMB [8]. - The net investment yield was 3.6%, with total investment yield at 5.7%, both showing slight declines year-on-year [8]. Profit Forecast and Valuation - The report projects the company's net profit attributable to shareholders for 2026 and 2027 to be 49.8 billion RMB and 55.1 billion RMB respectively, with an additional forecast for 2028 at 60.5 billion RMB [9]. - The A/H share prices correspond to a price-to-earnings value (PEV) of 0.81 for A-shares and 0.52 for H-shares in 2026 [9].