Investment Rating - The report maintains a "Buy" rating for the company with a target price of 13.00 HKD, while the current price is 10.32 HKD [6]. Core Insights - The company reported a net profit of 24.585 billion, a decrease of 15.7% year-on-year, primarily due to pressure on investment income [1][4]. - The company plans to distribute a dividend of 0.489 HKD per share, reflecting a 2.3% increase year-on-year, with a dividend payout ratio of 44% [1]. - The combined loss ratio (COR) for the year was 97.8%, an increase of 1.2 percentage points year-on-year, indicating strong underwriting profitability [2][4]. Summary by Sections Financial Performance - The company achieved a total insurance premium income of 515.807 billion, up 6.3% year-on-year, with motor insurance premiums increasing by 5.3% and non-motor insurance premiums by 7.4% [2]. - The underwriting profit was 10.189 billion, down 29.1% year-on-year, with a COR of 97.8% [2]. - Total investment income was 20.807 billion, a decrease of 1.6% year-on-year, with an investment return rate of 3.5% [3]. Profit Forecast and Valuation - The forecasted net profits for 2024, 2025, and 2026 are 28.244 billion, 31.365 billion, and 33.301 billion respectively, with growth rates of 14.9%, 11.0%, and 6.2% [4][5]. - The report anticipates improvements in underwriting profitability and investment income, supporting net profit growth [4].
承保盈利和分红超预期