Investment Rating - The report maintains a "Buy" rating for China People's Insurance Group with a target price of HKD 3.99, based on the current price of HKD 2.46 [4]. Core Insights - The company achieved insurance service revenue of CNY 503.9 billion in 2023, a year-on-year increase of 7.5%, while the net profit attributable to shareholders was CNY 22.322 billion, down 12.1% year-on-year, primarily due to fluctuations in the capital market [2]. - The combined ratio (COR) for property and casualty insurance was 97.8%, exceeding expectations and demonstrating strong underwriting profitability [2]. - The new business value (NBV) for life insurance increased significantly by 69.6% to CNY 3.664 billion, reflecting improved business structure [3]. Financial Performance Summary - The company reported total/net investment income of CNY 441.15 billion and CNY 584.25 billion, respectively, with year-on-year declines of 19.6% and 2.7% [3]. - The projected net profit for 2024-2026 is expected to be CNY 28.4 billion, CNY 32 billion, and CNY 34.9 billion, with growth rates of 27%, 13%, and 9% respectively [3][4]. - The company plans to distribute a dividend of CNY 0.156 per share, a decrease of 6% year-on-year, with a payout ratio of 31% [2]. Business Segment Performance - The property and casualty insurance segment contributed the most to profits, with net profit of CNY 24.566 billion, down 16% year-on-year [2]. - The health insurance segment saw a remarkable increase in NBV by 182.9% to CNY 2.826 billion, indicating strong growth potential [3]. - The company’s COR for auto insurance was 96.9%, improving from the previous year, while the non-auto insurance COR was 99.1%, showing a year-on-year improvement [2].
财险超预期达成COR目标，人身险NBV高增亮眼