净利润增超36%，股价却大跌7%！这家险企怎么了？

Core Viewpoint - China Pacific Insurance (China Taiping) reported a net profit of HKD 8.432 billion for 2024, a year-on-year increase of 36.2%, with insurance service revenue reaching HKD 111.3 billion, up 3.5% from the previous year [2][5]. Financial Performance - The company achieved an insurance service performance of HKD 22.024 billion, reflecting an 18.8% year-on-year growth [5]. - The net investment income for 2024 was HKD 50.336 billion, a 12.0% increase compared to 2023, attributed to higher bond interest income [8]. - Total investment income surged by 98.2% to HKD 66.543 billion, recovering from previous losses [8]. Dividend and Payout - The board proposed a final dividend of HKD 0.35 per share, representing a 16.7% increase year-on-year, with a payout ratio of 17%, slightly down from the previous year [6][8]. Business Adjustments - The company adjusted its risk discount rate to 8.5% for 2024, down from 9% in 2023, and lowered its investment return assumption to 4.0% from 4.5% [5][6]. - New business value (NBV) for life insurance showed a significant increase of 94.2% to RMB 13.216 billion before adjustments, while adjusted NBV grew by 23.8% to RMB 8.43 billion [6]. Investment Strategy - As of the end of 2024, total investment assets reached HKD 1,562.1 billion, a 15.8% increase from the previous year [8]. - The investment portfolio showed a fixed income asset allocation of 82.8%, with equity investments at 13.9% [9].