Changjiang Securities·2024-04-01 16:00Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The company's new business value showed a robust growth of 11.9% year-on-year in 2023, although the growth rate decreased from 19.9% in the first half of the year, primarily due to adjustments in pricing rates [7]. - The company experienced a significant decline in investment income, which fell by 24.4% year-on-year to 141.97 billion yuan, largely due to poor performance in the equity market and declining interest rates [8]. - The solvency of the company remains strong, with core and comprehensive solvency ratios at 158.19% and 218.54%, respectively, indicating a solid capital position compared to industry standards [8]. Financial Performance Summary - In 2023, the company achieved a net profit attributable to shareholders of 21.11 billion yuan, a decrease of 34.2% year-on-year [37]. - The total operating income for 2023 was 837.86 billion yuan, reflecting a slight increase of 1.43% compared to 2022 [13]. - The company’s new business value for 2023 was reported at 36.86 billion yuan, marking an increase from the previous year [37]. Business Development Insights - The individual insurance agent team size decreased to 634,000, down 5.1% from the beginning of the year, but is expected to outperform the industry [23]. - The quality of policies continues to improve, with the retention rates for 14-month and 26-month policies increasing year-on-year [7]. - The company is actively implementing initiatives such as the "Zhongxin Plan" and "Strong Foundation Project" to stabilize its business base and enhance the quality of its sales force [23].