China Post Securities·2024-05-24 05:00Investment Rating - The report maintains a "Buy" rating for China Pacific Insurance (601601) with an expected EPS growth of 3.18/3.76/4.00 CNY per share for 2024-2026 [2] Core Insights - The company has shown a positive trend in premium income, with a total of 181.67 billion CNY in the first four months of 2024, marking a year-on-year increase of 0.99% [1] - The life insurance segment reported a new business value (NBV) growth of 30.7% year-on-year, reaching 5.19 billion CNY, while new premium income was 32.83 billion CNY, up 0.4% year-on-year [1] - The non-life insurance segment continues to grow, driven by non-auto insurance, which saw a revenue increase of 13.8% year-on-year, totaling 36.01 billion CNY [1] Summary by Sections Premium Income - In the first four months of 2024, life insurance premium income was 104.52 billion CNY, down 3.5% year-on-year, while non-life insurance premium income was 77.14 billion CNY, up 7.8% year-on-year [1] Business Channels - The agency channel generated 84.86 billion CNY in premium income in Q1, with new business premiums of 16.12 billion CNY, reflecting a 31.3% increase year-on-year [1] - The bancassurance channel reported a premium income of 12.38 billion CNY, with new business premiums down 21.8% year-on-year due to policy impacts, but renewal business surged by 220% [1] Financial Projections - The projected financials for 2024-2026 include total revenue of 343.11 billion CNY in 2024, with a growth rate of 5.92% [3] - The net profit attributable to the parent company is expected to be 30.60 billion CNY in 2024, reflecting a 12.26% growth [3] - The price-to-earnings ratio (P/E) is projected to decrease from 9.65 in 2023 to 8.58 in 2024, indicating improved valuation [3]