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 company's competitive advantages in property insurance and significant improvements in life and health insurance value rates [6][5]. Core Insights - The company reported an insurance service revenue of CNY 126.17 billion for Q1 2024, a year-on-year increase of 7.7%, while the net profit attributable to shareholders was CNY 8.96 billion, down 23.5% year-on-year [2][5]. - The property insurance segment showed a slight increase in premium income, with a year-on-year growth of 3.8% to CNY 173.98 billion, although the growth rate was slightly below the industry average [3]. - The life insurance segment experienced a significant increase in new business value (NBV), up 81.6% year-on-year, driven by a low base and improved value rate [4]. - The health insurance segment also performed well, with a net profit of CNY 1.52 billion, reflecting a year-on-year increase of 48.7% [4]. Financial Performance Summary - The total investment income for Q1 2024 was estimated at CNY 11.9 billion, a decrease of 39.1% year-on-year, primarily due to increased market volatility affecting investment returns [5]. - The report forecasts net profits for 2024, 2025, and 2026 to be CNY 28.41 billion, CNY 32.00 billion, and CNY 34.89 billion respectively, with growth rates of 27%, 13%, and 9% [5][6]. - The company's total assets are projected to grow from CNY 1.70 trillion in 2024 to CNY 1.83 trillion by 2026, indicating a steady growth trajectory [10].
财险COR同比抬升，人身险业务经营向好