Investment Rating - The investment rating for China Life Insurance is "Buy" (maintained) [2][14] Core Views - The report indicates that despite prudent assumption adjustments, the EV (Embedded Value) continues to grow significantly, and the liability side shows steady growth [5][6] - The company is expected to achieve a net profit of 106.9 billion yuan in 2024, representing a year-on-year increase of 109%, with a new business value (NBV) of 33.7 billion yuan, reflecting a comparable growth rate of 24.3% [5][6] - The report forecasts NBV growth rates of 9.2%, 9.7%, and 10.1% for 2025, 2026, and 2027 respectively, with corresponding EV growth rates of 7.9%, 8.0%, and 8.0% [5][6] Financial Performance Summary - In 2024, the total investment income is projected to reach 308.3 billion yuan, a year-on-year increase of 138%, driven by strong performance in both equity and bond markets [7] - The company’s total investment assets are expected to grow to 6.61 trillion yuan by the end of 2024, up 22.1% from the beginning of the year [7][10] - The report highlights a cash dividend of 10.39 billion yuan for the year, with a dividend payout ratio of 30.2% [5][6] Valuation Metrics - The report provides a forecast for key financial metrics, including a projected net profit of 117.1 billion yuan for 2025, with an EPS of 4.1 yuan [5][8] - The P/EV ratio is expected to be 0.7 for 2025, indicating a favorable valuation compared to the company's growth prospects [8][10] - The report also notes that the company’s internal value is projected to reach 1.51 trillion yuan by 2025, reflecting a year-on-year growth of 7.9% [8][10]

Investment Rating - The investment rating for the company is "Buy" with a maintained rating for the next six months [7]. Core Views - The company achieved a net profit attributable to shareholders of 106.9 billion yuan in 2024, representing a year-on-year increase of 109%. The embedded value (EV) reached 1.4 trillion yuan, up 11.2% year-on-year, and the new business value (NBV) was 33.7 billion yuan, which is a 24% increase compared to the previous year using the old economic assumptions [1]. - The company is expected to continue high-quality development on the liability side, benefiting from the recovery of the capital market, which enhances the performance of the investment side, demonstrating high elasticity in profits [5]. Individual Channels - The first-year premium from individual insurance channels was 100.2 billion yuan, an increase of 9.2% year-on-year, with long-term products (10 years and above) contributing 56.6 billion yuan, up 14.3% year-on-year, accounting for 47.5% of the first-year premium [2]. - The NBV from individual insurance channels increased by 18.4% year-on-year, outpacing the growth of first-year premiums, indicating significant results from channel transformation [2]. - The workforce size remained stable at 615,000, with a slight decrease of 19,000 from the previous year, while productivity improved with a 15% year-on-year increase in monthly average first-year premium per person [2]. Bancassurance Channel - The bancassurance channel experienced a slight decline, with first-year premiums at 18.8 billion yuan, down 9.4% year-on-year, attributed to sales pressure from the "reporting and operation integration" initiative [3]. Investment of Insurance Funds - The total investment income for the company reached 308.3 billion yuan, a significant increase of 138% year-on-year, with an investment yield of 5.50%, up 2.93 percentage points year-on-year. The fair value changes contributed 118.2 billion yuan, compared to only 4.2 billion yuan in the same period last year [4]. - The asset allocation saw a significant increase in bond investments, with bonds accounting for 59.04% of the portfolio, while stock allocation was 7.58%, reflecting a strategic shift towards fixed-income assets [4]. - The company adjusted its accounting treatment by reducing the proportion of trading financial assets and increasing the allocation to OCI bonds [5]. Financial Forecast - The company forecasts net profits attributable to shareholders of 107.7 billion yuan, 108.2 billion yuan, and 109.9 billion yuan for 2025, 2026, and 2027 respectively, reflecting a cautious adjustment from previous estimates [5].

Investment Rating - The investment rating for Ping An Insurance (601318.SH) is maintained at "Buy" [1] Core Views - The report highlights that the asset side is driving high growth in performance, with the New Business Value (NBV) growth exceeding expectations. The NBV for 2024 is projected at 40 billion CNY under new assumptions, reflecting a year-on-year increase of 28.8% [1] - The report also notes a significant increase in net profit attributable to shareholders, reaching 126.61 billion CNY in 2024, which is a 47.8% year-on-year growth [1] - The report emphasizes the company's robust performance on the liability side and the effectiveness of its comprehensive financial strategy, leading to a sustained "Buy" rating [1] Summary by Sections Financial Performance - For 2024, the company expects a total net profit of 126.61 billion CNY, with a year-on-year growth of 47.8%. The operating profit attributable to shareholders is projected at 121.86 billion CNY, reflecting a 9.1% increase [1] - The report forecasts the NBV growth rates for 2025 and 2026 at 5.0% and 8.6%, respectively, with a new projection for 2027 at 10.2% [1] Valuation Metrics - The report provides valuation metrics indicating that the price-to-earnings (P/E) ratio for 2025 is expected to be 7.06, while the price-to-book (P/B) ratio is projected at 0.9 [4] - The expected dividend per share (DPS) for 2024 is 2.55 CNY, representing a 5% increase year-on-year, with a dividend payout ratio of 37.9% [1] Business Strategy - The report discusses the company's strategic focus on enhancing individual insurance channels, with a projected 62.7% year-on-year increase in NBV for 2024 [2] - The company is also expanding its community grid and other channels, achieving a nearly 300% year-on-year increase in NBV, with a significant presence established in 93 cities [2]

非银金融/保险Ⅱ 中国平安（601318.SH） 下调 EV 假设提高可信度，资负两端表现符合预期 2025 年 03 月 20 日 投资评级：买入（维持） 证书编号：S0790123070030 资产端驱动业绩高增，NBV 增长好于预期，维持"买入"评级 公司披露 2024 年报告，2024 年新/旧假设下 NBV 分别 400/285 亿元，采用 2023/2024 年假设同比分别+28.8%/+25.6%。全年归母净利润实现 1266.1 亿元， 同比+47.8%。集团归母营运利润 1218.6 亿元、同比+9.1%，营运 ROE 为 12.7%， 同比+0.2pct，其中寿险-1.9%、财险+67.7%、银行-4.2%、资管亏损减少 42.6%、 金融赋能转亏 0.03 亿元。我们预测 2025-2026 年 NBV 同比增速分别为 +5.0%/+8.6% ，新增 2027 年 NBV 同比为 +10.2% ， 对 应 集 团 EV 同 比 +8.1%/+4.8%/+8.3%；考虑投资端受股市影响波动较大，我们下调集团 2025-2026 年归母净利润预测至 1354/1485 亿元（调整前为 151 ...

Investment Rating - The investment rating for AIA Group Limited is "Outperform" (maintained) [1] Core Views - The report highlights that the company achieved a 2024 New Business Value (NBV) of USD 4.71 billion, representing an 18% year-on-year increase, which aligns with expectations [4] - The report anticipates a steady growth in NBV for 2025-2026, with projections of +10.8% and +10.2% respectively, and a new forecast for 2027 at +10.4% [4] - The company is recognized as a leader in the Asia-Pacific life insurance sector, with strong performance in its main business regions [4] Financial Performance Summary - The total premium and fee income for 2023 was HKD 32.1 billion, with a year-on-year growth of 13.3% [6] - The intrinsic value increased to HKD 54.5 billion in 2024, reflecting a 2.1% year-on-year growth [6] - The NBV for 2024 is projected to be HKD 3.7 billion, with a year-on-year increase of 16.8% [6] - The net profit attributable to shareholders for 2024 is estimated at HKD 46.9 billion, showing a year-on-year decrease of 5.4% [6] - The price-to-earnings (P/E) ratio for 2025 is projected at 12.4 times, while the price-to-embedded value (P/EV) ratio is expected to be 1.1 times [6] Regional Performance - The NBV growth in various regions for 2024 is as follows: Mainland China +20%, Hong Kong +23%, Thailand +15%, Singapore +15%, Malaysia +10%, and other regions +18% [5] - The Mainland China market achieved an NBV of USD 1.22 billion, with a year-on-year increase of 20% [5] - Hong Kong's NBV reached USD 1.76 billion, benefiting from a rebound in individual insurance channels and strong demand for savings products [5]

Investment Rating - The investment rating for AIA Group Limited is maintained at "Outperform" [1] Core Views - The report highlights that the company achieved a 2024 New Business Value (NBV) of USD 4.71 billion, representing an 18% year-on-year increase, which aligns with expectations [4] - The 2024 annualized new premium reached USD 8.61 billion, up 14% year-on-year, with a margin increase of 1.9 percentage points to 54.5% [4] - The after-tax operating profit increased to USD 6.605 billion, reflecting a 7% year-on-year growth [4] - The report projects NBV growth of 10.8% and 10.2% for 2025 and 2026, respectively, with an additional forecast of 10.4% for 2027 [4] - The company's strong liability performance and stable asset yield led to an upward revision of the 2025-2026 net profit forecast to HKD 52.7 billion and HKD 56.7 billion, respectively [4] Financial Summary and Valuation Metrics - The total premium and fee income for 2023 was HKD 32.1 billion, with a year-on-year growth of 13.3% [6] - The embedded value for 2024 is projected at HKD 55.7 billion, with a year-on-year increase of 2.1% [6] - The new business value for 2024 is expected to be HKD 37 billion, reflecting a 16.8% year-on-year growth [6] - The net profit attributable to shareholders for 2024 is forecasted at HKD 46.9 billion, with a year-on-year decrease of 5.4% [6] - The price-to-earnings ratio (P/E) for 2025 is estimated at 12.4 times, while the price-to-embedded value (P/EV) is projected at 1.1 times [6]