Investment Rating - The report maintains a "Buy" rating for the company [6][5]. Core Insights - The company reported a strong growth in earnings per share (EPS) of RMB 4.67, a 65% year-on-year increase, slightly above the expected RMB 4.61, driven primarily by favorable investment returns [1]. - The total investment return rate for 2024 is 5.6%, up 3 percentage points year-on-year, contributing to significant net profit growth [1]. - The operating profit after tax (OPAT) for the life insurance segment increased by 6% year-on-year, indicating a faster growth rate compared to the first half of 2024 [4]. - The new business value (NBV) for life insurance saw a remarkable increase of 58% year-on-year, with expectations for continued growth [2][1]. Summary by Sections Life Insurance - The NBV for 2024 increased by 58% year-on-year, primarily due to a significant rise in NBV profit margins, despite a slight decline in new policies [2]. - The NBV profit margin is estimated to rise to 21.4% from 13% in 2023, driven by pricing rate adjustments and reduced channel sales expenses [2]. - The company has adjusted its investment return assumptions down to 4.0% from 4.5%, and the discount rate to 8.5% from 9.0%, which led to a 23% decrease in NBV [2]. Property Insurance - The combined operating ratio (COR) for property insurance increased by 0.9 percentage points to 98.6%, mainly due to higher claims from natural disasters [3]. - The claims ratio rose by 1.7 percentage points to 70.8%, partially offset by a decrease in expense ratio [3]. - Total premiums for property insurance grew by 6.8%, with a 3.7% increase in auto insurance and a 10.7% increase in non-auto insurance [3]. Profit Forecast and Valuation - The report has revised the EPS forecasts for 2025, 2026, and 2027 to RMB 4.74, RMB 4.79, and RMB 5.23 respectively, reflecting increases of 23% and 14% [5]. - The target price based on discounted cash flow (DCF) valuation is set at RMB 43 for A-shares and HKD 33 for H-shares, maintaining the "Buy" rating [5][6].

Investment Rating - The investment rating for the company is "Buy" [8] Core Views - The company reported a significant increase in EPS to RMB 3.78, up 132% year-on-year, driven by improved investment performance, although slightly below the expected RMB 3.86 [1] - The total investment return rate reached 5.5%, significantly higher than 2.57% in 2023 [1] - The company maintained a resilient new business value (NBV) growth of 24.3% year-on-year, indicating strong operational performance [2] Summary by Sections Financial Performance - The company’s total investment income for 2024 was RMB 297.42 billion, a 161.77% increase from 2023 [7] - The return on equity (ROE) for 2024 was 21.7%, the highest in nearly a decade, reflecting an 11.6 percentage point increase year-on-year [4] - The company’s DPS increased to RMB 0.65 from RMB 0.43 in 2023, marking a 51% year-on-year growth [4] New Business Value (NBV) - The NBV profit margin improved by 3.9 percentage points to 21.4% in 2024, despite new business volume showing a slight increase of 1.6% [2] - The company adjusted its investment return assumptions down to 4.0% for 2024, impacting the NBV by approximately 26% [2] - The forecast for NBV growth in 2025 is set at 9.6% [2] Distribution Channels - The NBV from the agent channel grew by 18% year-on-year, with a stable agent workforce [3] - Other channels, including bancassurance, saw a remarkable 116% increase in NBV, although their contribution to total NBV remains low at 7% [3] - The bancassurance channel's profitability improved due to reduced channel costs [3] Profit Forecast and Valuation - The EPS forecasts for 2025, 2026, and 2027 have been raised to RMB 3.33, RMB 2.41, and RMB 2.73 respectively, reflecting adjustments of 64.5% and 10.8% for 2025 and 2026 [5] - The target prices based on DCF valuation are set at RMB 48 for A-shares and HKD 20 for H-shares [5]

Investment Rating - The report maintains a "Buy" rating for the company [6][30]. Core Views - The company reported a 2024 EPS of RMB 0.47, a 47% year-on-year increase, driven by strong performance in equity investments, exceeding the expected RMB 0.40 [1][6]. - The total investment return rate for 2024 improved by 0.9 percentage points to 4.3%, contributing to the better-than-expected performance [1]. - The new business value (NBV) for life insurance increased by 88% year-on-year on a comparable basis, indicating robust growth [2][6]. - The comprehensive cost ratio (COR) for property insurance was 99.7%, up 1 percentage point, reflecting a deterioration in underwriting performance [3][6]. - The company's net assets increased by 3% year-on-year, showing stability despite some impact from asset-liability mismatches [4][6]. - The report projects a 16% year-on-year increase in NBV for 2025, supported by expectations of continued improvement in NBV margins [2]. Summary by Sections Earnings Performance - The company achieved a total investment income of RMB 22.676 billion in 2024, a 48.77% increase from the previous year [5][19]. - The net profit attributable to shareholders for 2024 was RMB 5.449 billion, a 45.77% increase year-on-year [5][19]. Insurance Business - The life insurance new business value (NBV) margin improved by 11 percentage points to 22% on a comparable basis, driven by pricing adjustments [2]. - The property insurance premium income grew by 8% year-on-year, with non-auto insurance driving the growth at 17% [3]. Financial Metrics - The company’s return on equity (ROE) for 2024 was 8.9%, an increase of 2.7 percentage points from the previous year, with expectations of reaching 9% in 2025 [4][5]. - The dividend per share (DPS) for 2024 was RMB 0.19, a slight increase from RMB 0.18 in 2023, with a dividend payout ratio reduced to 40% [4][5]. Valuation - The target price is set at HKD 4.60 based on a discounted cash flow (DCF) method, reflecting adjustments in the risk-free rate assumptions [5][6]. - The report anticipates EPS for 2025 to be RMB 0.47, maintaining a stable outlook for the company's earnings [5].

Investment Rating - The report maintains a "Buy" rating for China Life Insurance [1] Core Views - The company's performance in 2024 met expectations, with a significant year-on-year increase in net profit of 108.9% to CNY 106.935 billion, benefiting from a rebound in the equity market [4] - The company's embedded value (EV) grew by 11.2% year-on-year to CNY 1.4 trillion, driven by substantial positive contributions from investment returns [5] - The report anticipates further growth in dividends, with a 51.2% increase in earnings per share to CNY 0.65, resulting in a dividend payout ratio of 17% [4] Financial Performance - In 2024, the company achieved total revenue of CNY 528.567 billion, a year-on-year growth of 30.5% [8] - The net profit for 2024 is projected at CNY 106.935 billion, with a forecasted growth of 5.01% in 2025 [8] - The company's total investment assets reached CNY 6.61 trillion, reflecting a year-on-year increase of 22.1% [6] Investment Analysis - The report highlights a strong investment performance, with total and net investment returns of 5.50% and 3.47%, respectively [6] - The report projects net profits for 2025-2027 at CNY 112.297 billion, CNY 127.893 billion, and CNY 152.342 billion, respectively [6] - The company's price-to-embedded value (P/EV) ratio for 2025 is estimated at 0.70x, indicating potential for further appreciation [6]

中国人寿(601628)：盈利突破千亿 创历史最佳 投资要点 业绩概览 2、分渠道：队伍产能在高平台基础上继续提升（1）个险：2024 年，国寿个险渠道NBV 同比 +18.4%，2024 年末，国寿代理人数量61.5 万，同比略降3%，基本保持稳定；队伍质态延续多年改善趋 势，绩优人力规模和占比逐步提升，产能在高平台基础上稳步提升，月人均首年期交保费同比+15%， 优增新人数量增加29.4%。 （2）多元渠道：2024 年，国寿银保等多元渠道NBV 大幅增长，同比+116.3%，银保渠道的新业务 价值率提升显著，同比提升13.1pt。 （3）展望未来：国寿持续贯彻落实"客资建队伍"经营理念，"种子计划"新营销模式有序推进，试 点城市逐步扩大，预计公司在队伍规模平稳的基础上，产能继续提升，银保等多元渠道的贡献有望进一 步提升，未来NBV 预计依然能够保持在较高平台基础上的平稳增长。 3、投资：投资收益大幅提升 2024 年，国寿投资资产6.61 万亿元，较2023 年年底增加22.1%；净投资收益率、总投资收益率分 别为3.47%、5.5%，同比分别-0.24pt、+2.93pt；总投资收益3082.51 亿 ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [7] Core Insights - The company reported a net profit of 126.61 billion yuan for 2024, representing a year-on-year increase of 47.8%. The net value of new business (NBV) reached 28.53 billion yuan, up 25.6% year-on-year. The company has adjusted its actuarial assumptions, lowering the investment return rate from 4.5% to 4.0% and the risk discount rate from 9.5% to 8.5%/7.5% [4][13][14] - The company continues to emphasize shareholder returns, proposing a dividend of 2.55 yuan per share for 2024, which is a 5% increase year-on-year [15] Summary by Sections Financial Performance - For 2024, the company achieved a net profit of 1266.07 billion yuan, with a breakdown of profits from various segments: life and health insurance (930 billion yuan, +28%), property insurance (150 billion yuan, +68%), banking (258 billion yuan, -4%), asset management (-119 billion yuan, loss narrowed), and financial empowerment (129 billion yuan, +528%) [14] - The operating profit for 2024 was 1218.62 billion yuan, reflecting a 9.1% increase year-on-year [14] New Business Value (NBV) - The NBV for 2024 was 285.34 billion yuan, with a year-on-year growth of 25.6%. The first-year premium used for calculating NBV was 1540.26 billion yuan, down 7.1% year-on-year [15] - The NBV margin improved to 22.7%, an increase of 3.5 percentage points year-on-year [15] Actuarial Assumptions and EV Growth - The company's actuarial assumptions adjustments led to a decrease in the expected value (EV) growth, with the EV for life and health insurance at 8350.93 billion yuan by the end of 2024, down 13.1% due to these adjustments [15] - The company’s EV based on 2023 assumptions was 9606.08 billion yuan, reflecting a 15.6% increase from the beginning of the year [15] Dividend Policy - The proposed dividend of 2.55 yuan per share for 2024 indicates a commitment to shareholder returns, with a payout ratio of 37.9% of the operating profit [15] Future Projections - The company forecasts insurance business revenues of 575.68 billion yuan, 600.48 billion yuan, and 628.27 billion yuan for 2025, 2026, and 2027 respectively, with corresponding growth rates of 4.4%, 4.3%, and 4.6% [17] - Projected net profits for the same years are 141.39 billion yuan, 164.21 billion yuan, and 193.67 billion yuan, with growth rates of 11.7%, 16.1%, and 17.9% respectively [17]

Investment Rating - The investment rating for Ping An Insurance is "Buy" and is maintained [1] Core Insights - The company's performance and dividend for 2024 exceeded expectations, leading to a downward adjustment of the investment return assumption by 50 basis points to 4.0% [4][7] - The net profit attributable to shareholders for 2024 is projected to be 126.61 billion yuan, representing a year-on-year increase of 47.8% [4][8] - The company has adjusted its assumptions for new business value (NBV), with a year-on-year increase of 28.8% [5][10] - The investment asset scale has grown significantly, with a year-on-year increase of 21.4% to 5.73 trillion yuan [6] Financial Data and Profit Forecast - The projected operating revenue for 2024 is 1,028.93 billion yuan, with a year-on-year growth rate of 12.6% [8] - The net profit for 2025 is estimated at 129.26 billion yuan, reflecting a year-on-year growth of 2.1% [8] - The earnings per share for 2024 is expected to be 6.95 yuan, with a projected price-to-earnings (P/E) ratio of 7.78 [8]

Investment Rating - The report maintains a "Buy" rating for the company, expecting a price increase of over 15% in the next 6-12 months [4]. Core Insights - The company demonstrated significant growth resilience, with a reported NBV increase of 18% year-on-year to $4.712 billion in 2024, and a steady rise in operating profit by 7% [1][4]. - The company is confident in achieving a compound annual growth rate (CAGR) of 9% to 11% for after-tax operating profit over the next three years [3]. Summary by Sections Performance Review - In the 2024 annual report, the company reported an 18% year-on-year increase in NBV and a 7% increase in after-tax operating profit [1]. Operational Analysis - All reporting segments achieved double-digit growth in NBV, with a fixed exchange rate NBV of $4.712 billion in 2024, reflecting an 18% increase year-on-year. The margin improved by 1.9 percentage points to 54.5%, and annualized new business increased by 14% [2]. - Breakdown by regions: - Mainland China: NBV increased by 20%, annualized new business by 10%, and margin improved by 4.9 percentage points to 56.1% [2]. - Hong Kong: NBV rose by 23%, with local and MCV growth at 24% and 22% respectively, and margin increased by 8 percentage points to 65.5% [2]. - Southeast Asia (Thailand, Singapore, Malaysia): Thailand's NBV grew by 15%, Singapore's by 15% with a 52% increase in annualized new business, and Malaysia's by 10% [2]. Shareholder Returns - The company reported a 7% increase in after-tax operating profit, with a target of returning $6.5 billion to shareholders through dividends and share buybacks in 2024, equating to an approximate shareholder return rate of 8.3% [3]. - The company announced a $1.6 billion share buyback plan, including $600 million from free surplus and an additional $1 billion [3]. Profit Forecast, Valuation, and Rating - The company is expected to maintain double-digit growth in NBV, with projected growth rates of 9%, 10%, and 10% for 2025-2027, and operating profit growth rates of 9%, 8%, and 9% respectively [4]. - The estimated PEV for 2025 is 1.20 times, which is at the 10th percentile of valuations since 2018 [4].

Investment Rating - The report assigns a "Buy" rating for AIA Group Limited, indicating a positive outlook for the stock [8]. Core Insights - AIA Group reported a strong performance with a 18% year-on-year increase in New Business Value (NBV) and announced a $1.6 billion share buyback plan [8]. - The company achieved a net profit of $6.84 billion, reflecting an 84% year-on-year growth, with a significant increase of 133% in the second half of the year [8]. - The embedded value reached $69 billion, up 4% year-on-year, with an embedded value operating return of 14.9% [8]. - The expected final dividend per share is 130.98 Hong Kong cents, a 10% increase compared to the previous year [8]. Summary by Sections Financial Performance - Total insurance revenue for 2023 was $17.514 billion, with a year-on-year growth of 7.32% [8]. - After-tax operating profit for 2023 was $6.213 billion, showing a decline of 3.24% year-on-year [8]. - Earnings per share (EPS) for 2023 was $0.35, with projections of $0.64 for 2024 and $0.69 for 2025 [8]. New Business Value (NBV) - The annualized new premium (ANP) for the year was $8.61 billion, reflecting a 14% increase year-on-year [8]. - The total NBV for the year was $4.71 billion, with a year-on-year increase of 18% [8]. - The NBV margin improved by 1.9 percentage points to 54.5% [8]. Regional Performance - NBV in Hong Kong increased by 23% to $1.76 billion, accounting for 34.8% of the group's total [8]. - NBV in mainland China reached $1.22 billion, up 20% year-on-year [8]. - The "New Malaysia Thailand" region also showed positive growth in NBV, with increases of 15%, 10%, and 15% respectively [8]. Investment Strategy - The company has shifted its investment strategy, reducing fixed income allocation and increasing equity exposure [8]. - The net investment yield was reported at 4.0%, with a total investment return of 4.9% [8]. Capital Management - AIA Group has completed its previous $12 billion share buyback program and plans to initiate a new $1.6 billion buyback plan to be completed within 2025 [8].

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of HKD 81.10 based on a reasonable valuation of 1.5X PEV [3]. Core Views - The company has demonstrated resilience in new business value (NBV) and is expected to return to double-digit growth in 2023-2024, with a projected NBV margin stabilization [1][2]. - The operational profit has shown steady growth, with a 3.5% year-on-year increase in tax-adjusted operational profit for the first half of 2024 [1]. - The company's embedded value (EV) growth is credible and reflects timely adjustments to investment return assumptions and discount rates [1][29]. - The capital management policy has been optimized, enhancing predictability and stability in shareholder returns, with a dividend payout ratio expected to be over 35% [1][34]. Summary by Sections Company Overview - The company operates in 18 markets across the Asia-Pacific region, with a strong historical presence and a focus on sustainable growth [16]. - It has a diversified ownership structure, with major shareholders being institutional investors, which supports management's decision-making flexibility [19][20]. Financial Performance - The company has shown a compound annual growth rate (CAGR) of 11.6% in operational profit from 2010 to 2022, despite recent challenges [22]. - The insurance revenue is projected to grow from USD 163.19 billion in 2022 to USD 208.10 billion by 2026, reflecting a year-on-year growth of 7.3% [6]. Core Advantages - The company benefits from superior corporate governance, a strong agent network, and a focus on high-potential markets in the Asia-Pacific region [2][41]. - It has a lower cost of liabilities and a more favorable interest margin dependency compared to peers, which enhances its competitive position [2]. Profitability Forecast - The NBV growth rates are expected to be 17%, 9%, and 10% for 2024-2026, with operational profit growth rates of 9% for both 2024 and 2025 [3]. - The embedded value (EV) growth is projected at 3%, 5%, and 7% for the same period, indicating a stable outlook [3]. Shareholder Returns - The company has committed to returning 75% of its annual free surplus to shareholders through dividends and share buybacks, with expected shareholder return rates of 7.4%, 6.5%, and 5.8% for 2024-2026 [34].