Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company achieved a historical high in cash dividends, with a per-share dividend of 0.489 yuan, up 2.3% from 0.478 yuan in 2022, resulting in a dividend payout ratio of 44% [3] - The underwriting profit for 2023 was 10.189 billion yuan, a year-on-year decrease of 29.1%, while net profit was 24.566 billion yuan, down 15.6% year-on-year, aligning with expectations [3] - The report highlights the resilience of underwriting profits despite challenges in the market, with a comprehensive cost ratio (COR) of 97.8% [3] Summary by Relevant Sections Earnings Forecast and Valuation - Insurance service revenue is projected to grow from 424.355 billion yuan in 2023 to 569.764 billion yuan by 2026, with a compound annual growth rate (CAGR) of approximately 7.5% [2] - The forecasted net profit for 2024-2026 is 29.6 billion, 32.3 billion, and 34.5 billion yuan respectively, reflecting a recovery trend after a decline in 2023 [2][3] Underwriting Performance - The company reported a COR of 96.9% for auto insurance, with underwriting profit of 8.623 billion yuan, down 41.1% year-on-year [8] - Non-auto insurance achieved underwriting profitability for the first time in three years, with a COR improvement to 99.1% [3][8] Investment Performance - The total investment assets reached 600.711 billion yuan, a 4.3% increase from the beginning of the year, with a non-annualized total investment return of 3.5% [3][9] - The investment contribution to profit was 36.3%, while underwriting contributed 63.7% [3][9]
2023年年报点评：现金分红历史新高，承保利润彰显韧性