Company Overview - The People's Insurance Company (Group) of China Limited ranked 120th in the 2023 Fortune Global 500 list[2]. - The company holds approximately 68.98% of the shares in PICC Property and Casualty, which is listed on the Hong Kong Stock Exchange[2]. - The company operates through various subsidiaries, including PICC Life and PICC Health, which are positioned for significant growth potential[2]. - The company has a diversified network across urban and rural areas, enhancing its customer base and policy integration[3]. - The company has a robust management team supported by experienced shareholders, ensuring strategic insights and operational excellence[3]. Financial Performance - The net profit for 2023 was CNY 30.81 billion, a decrease of 13.1% compared to CNY 35.45 billion in 2022[9]. - As of December 31, 2023, total assets reached CNY 1,556.68 billion, an increase of 9.9% from CNY 1,416.29 billion in 2022[9]. - The group’s net assets reached CNY 332.90 billion, a growth of 9.2% from the previous year[12]. - The insurance service revenue for 2023 was CNY 503.90 billion, reflecting a year-on-year growth of 7.5%[12]. - The original insurance premium income was CNY 4,661.74 billion, an increase of 6.9% compared to the previous year[12]. Investment and Asset Management - The company has a strong asset management platform with a solid investment performance, focusing on alternative investment fields[3]. - The company’s total investment return rate was 3.3%, with managed assets growing by 36.3% to CNY 1.07 trillion[22]. - The company emphasized risk control, with 99.8% of external credit ratings being AAA for non-standard financial products[99]. - The company actively optimized its asset allocation, focusing on high-dividend listed companies to stabilize investment returns under new accounting standards[100]. - The company increased its fixed income investments, achieving interest income of 38.884 billion yuan, up from 34.149 billion yuan in 2022[101]. Digital Transformation and Innovation - The company is committed to digital transformation, leveraging advanced information technology for data mining and intelligent operations[3]. - The company established a digital development committee to enhance digital infrastructure and data governance[19]. - The company launched 10 technological innovations, including the "Renbao Big Model," recognized as one of the top 10 financial informatization events of 2023[19]. - The company completed the construction of an intelligent risk control platform, enabling unified risk data integration and proactive risk warnings[20]. - The group plans to leverage new technologies such as artificial intelligence, big data, and the Internet of Things to transform insurance management and enhance operational efficiency[123]. Risk Management - The company has established a comprehensive layered risk management system, continuously optimizing its risk management capabilities in 2023[113]. - The company conducted annual risk assessments and submitted reports to the board, confirming that the risk management system is effective and no significant risks affecting normal operations were identified during the reporting period[115]. - The company has implemented a special system to prevent risk contagion, enhancing internal transaction risk control and management requirements[117]. - The group emphasizes risk management across various domains, including concentration risk, non-insurance risk, and operational risk, to enhance overall risk control levels[118]. - The company is focused on improving the management mechanisms in specialized areas such as credit guarantee insurance and investment review[113]. Market Presence and Growth Strategy - The company aims to continue expanding its market presence and enhancing its service capabilities in the insurance sector[3]. - The company is committed to expanding its services in agricultural insurance, health insurance, and green insurance to meet emerging market demands[27]. - The company plans to optimize its strategic implementation in 2024, aiming for stable growth and improved quality and efficiency[26]. - The company is focusing on the "insurance + service + technology" business model to enhance risk management and service capabilities[24]. - The company is committed to expanding its market presence in Hong Kong and Macau[125]. Corporate Governance - The board of directors consists of 14 members, including 4 executive directors, 5 non-executive directors, and 5 independent non-executive directors[184]. - The company has established effective communication channels with shareholders to ensure their rights to information and participation[179]. - The board is responsible for risk management, compliance, and internal control policies, including annual risk assessment reports[190]. - The company held its 2022 annual general meeting on June 19, 2023, where Mr. Wang Pengcheng was elected as an independent non-executive director[188]. - The company emphasizes the importance of compliance with domestic and international regulatory requirements in its governance practices[199].

Investment Rating - The report maintains a "Buy" rating with a target price of HKD 3.94 per share, corresponding to a P/B of 0.38 for 2024 [3][5]. Core Views - The company reported a net profit of RMB 22.773 billion for 2023, a decrease of 10.2% year-on-year, primarily due to capital market fluctuations affecting investment income, which fell by 19.7% to RMB 41.115 billion [3][4]. - The dividend per share remains stable at RMB 0.156, with a dividend payout ratio of 30.3% [3]. - The property and casualty insurance (P&C) segment shows steady premium growth, while the life insurance new business value (NBV) is experiencing rapid growth, supported by improved workforce quality and business structure [3]. Financial Summary - In 2023, the P&C insurance premium reached RMB 515.807 billion, up 6.3% year-on-year, with auto insurance premiums increasing by 5.3% and non-auto insurance premiums rising by 7.4% [3][4]. - The overall combined ratio for P&C insurance slightly increased by 0.9 percentage points to 97.6% due to external one-time factors [3][4]. - The life insurance NBV grew by 69.6% year-on-year, driven by new business and improved value rates [3][4]. Premium Growth and Cost Ratios - The report highlights that the P&C insurance segment has room for profit improvement, with the combined ratio for auto insurance at 97.6% and non-auto insurance at 98.6% [3][4]. - The life insurance segment's new business premium increased by 10.5% year-on-year, reflecting strong customer demand for savings products [3][4]. Future Earnings Projections - The report projects an increase in EPS for 2024-2026, estimating RMB 0.65, RMB 0.73, and RMB 0.85 respectively [3][4].

Financial Performance - Insurance service revenue for the year ended December 31, 2023, was RMB 503.9 billion, an increase of 7.1% from RMB 468.8 billion in 2022[2] - Total operating income reached RMB 553.5 billion, up 4.7% from RMB 528.5 billion in the previous year[2] - Net profit for 2023 was RMB 30.8 billion, a decrease of 13.3% compared to RMB 35.4 billion in 2022[3] - The diluted earnings per share for the year was RMB 0.48, down from RMB 0.56 in 2022[2] - The company reported a total comprehensive income of RMB 27.4 billion, an increase from RMB 22.0 billion in the previous year[3] - The company’s total comprehensive income for the year was RMB 20,439 million, showcasing growth in profitability[5] - The company’s net profit attributable to shareholders was RMB 25,382 million for the year ended December 31, 2022[7] - The company achieved a net profit of RMB 30.81 billion in 2023, with a net profit attributable to shareholders of RMB 22.32 billion, reflecting a five-year average total investment return rate of 5.1%[36] Assets and Liabilities - Total assets as of December 31, 2023, amounted to RMB 1,556.7 billion, an increase of 9.9% from RMB 1,416.3 billion in 2022[4] - Total liabilities increased to RMB 1,223.8 billion, up from RMB 1,111.4 billion in the previous year[4] - The company's equity attributable to shareholders rose to RMB 243.2 billion, compared to RMB 224.2 billion in 2022[4] - The total liabilities as of December 31, 2023, were RMB 332,903 million, indicating a stable financial position[5] - The actual capital of the group as of December 31, 2023, was CNY 416.669 billion, an increase of 6.3% from the previous year[61] Investment and Income - Total investment income reached 44.115 billion yuan with an investment return rate of 3.3% in 2023[54] - The company reported a net investment income of RMB (1,407) million for 2023, compared to RMB (29,379) million in 2022[9] - Total investment income for 2023 was CNY 44.115 billion, a decrease of 19.6% year-on-year; net investment income was CNY 58.425 billion, down 2.7% year-on-year[117] - The company emphasized risk control and asset-liability matching management, enhancing its strategic asset allocation while maintaining tactical flexibility[112] Dividends and Shareholder Returns - The company allocated RMB 7,341 million in dividends to shareholders during the reporting period[5] - The company plans to distribute a cash dividend of RMB 6.899 billion for the fiscal year ending December 31, 2023, maintaining a dividend payout ratio above 30% for four consecutive years[36] - The board proposed a final dividend of RMB 1.56 per 10 shares for the year ending December 31, 2023, totaling approximately RMB 6.899 billion[140] Market Presence and Strategy - The company plans to continue expanding its market presence and investing in new technologies to enhance service offerings[1] - The company plans to focus on expanding its market presence and enhancing its product offerings in the upcoming fiscal year[17] - The company is focusing on optimizing business structure and enhancing resource integration to maintain steady growth in various insurance segments[68] - The company is committed to advancing technology services to improve operational efficiency and customer responsiveness[124] Insurance Segment Performance - The property insurance business achieved a service revenue of RMB 457.20 billion, up 7.7% year-on-year, while original premium income increased by 6.3% to RMB 515.81 billion[37] - The life insurance segment reported original premium income of CNY 100.63 billion, reflecting an 8.6% year-on-year growth, with first-year premium income increasing by 37.0%[53] - The health insurance segment achieved original premium income of CNY 45.21 billion, up 10.2% year-on-year, with first-year premium income rising by 34.1%[53] - The company’s market share in the property insurance sector remains the highest in the industry, with a 1.4 percentage point increase in the proportion of non-auto insurance service revenue[39] Risk Management and Compliance - The company maintained a strong reinsurance policy, collaborating with leading international reinsurers to enhance risk management capabilities[80] - The company has established a robust investment management and risk control mechanism to mitigate potential credit risks[114] Operational Efficiency - The company actively engaged in digital transformation, optimizing its information infrastructure and enhancing cybersecurity measures[45] - The company launched 10 technological innovations, including "Renbao Big Model," which was recognized as one of the top 10 financial informatization events of 2023[46] Future Outlook - The company plans to continue implementing the "Excellence Strategy" to promote high-quality development in the coming years[48] - The company is focusing on enhancing green insurance policies and expanding services for small and micro enterprises[50]

证券研究报告 公 2024年03月26日 司 报 告 中国人民保险集团(01339) 行 业： 非银金融/保险Ⅱ │ 港 投资评级： 买入（维持） 股 当前价格： 2.46港元 财险超预期达成 COR 目标，人身险 NBV 高增亮眼 - 公 目标价格： 3.99港元 司 事件： 年 基本数据 报 公司发布 2023年年报，新准则下公司实现保险服务收入 5039 亿元，同比 44,223.99/44,223. 点 总股本/流通股本(百万股) +7.5%；实现归母净利润223亿元，同比-12.1%。 99 评 流通市值(百万港元) 108,791.02 ➢ 净利润同比小幅承压，主要系资本市场波动影响 1）新准则下公司实现归母净利润 223.22 亿元，同比-12.1%，净利润降幅 每股净资产(元) 6.28 环比前三季度有所收窄。公司净利润有所承压，主要系资本市场震荡导致 资产负债率(%) 77.22 投资收益同比下滑（公司净投资收益同比-25.6%）。分业务板块来看，人保 财险、人保寿险、人保健康险的净利润分别为 245.66/0.03/18.36 亿元， 一年内最高/最低(港元) 3.36/2.24 同比分别 ...

Investment Rating - The report assigns a "Buy" rating for the company, with a target price of 3.99 HKD based on a reasonable valuation of 160.1 billion HKD [6][8]. Core Views - The report highlights that China People's Insurance Group is significantly undervalued, with substantial room for price recovery in the future. The company is focusing on high-quality development amidst strict regulatory environments, which is expected to strengthen its advantages in property and health insurance while narrowing the relative disadvantage in life insurance [2][12]. Summary by Sections Company Overview - China People's Insurance Group, established in 1949, is the first national insurance company in New China, with the Ministry of Finance holding 60.84% of its shares, providing a strong shareholder advantage [3][19]. - The company has evolved into a comprehensive insurance financial group, covering various sectors including property insurance, life insurance, reinsurance, asset management, and insurance technology [3][19]. Property Insurance Business - The property insurance segment is the main profit source, contributing 72.9% of the net profit in the first half of 2023. The company has maintained a leading position in the industry with a premium income of 515.8 billion CNY in 2023, representing a compound annual growth rate (CAGR) of 9.5% from 2011 to 2023 [4][25][26]. - The average combined ratio (COR) for the property insurance business from 2011 to 2022 was 97.3%, outperforming the industry average of 99.0%, indicating superior underwriting profitability [4][29]. Life Insurance Business - The life insurance segment is improving, with the new business value (NBV) margin reaching 5.7% in the first half of 2023, narrowing the gap with leading competitors [5][12]. - The company is expected to benefit from regulatory guidance aimed at reducing liability costs, which will further enhance profitability in the life insurance sector [5][12]. Health Insurance Business - The health insurance segment has shown significant improvement, with net profit reaching 2.7 billion CNY in the first half of 2023, contributing 9.8% to the group's total profit [5][12]. - The company is actively expanding its internet business in health insurance, leveraging partnerships to capture market opportunities [5][12]. Financial Forecast and Valuation - The forecast for operating revenue from 2023 to 2025 is 655.6 billion CNY, 694.6 billion CNY, and 735.6 billion CNY, with respective year-on-year growth rates of 6.5%, 6.0%, and 5.9% [6][14]. - The projected net profit for the same period is 21.9 billion CNY, 27.4 billion CNY, and 30.6 billion CNY, with a CAGR of 7.7% [6][14].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1339） 2023年第三季度報告 本公告由中國人民保險集團股份有限公司（「本公司」或「公司」）根據《證券及期貨條例》 （香港法例第571章）第XIVA部項下的內幕消息條文及《香港聯合交易所有限公司證券上 市規則》第13.09條及13.10B條作出。 本公司2023年第三季度報告所載財務資料根據中國企業會計準則編製，且未經審計。 重要內容提示： • 本公司董事會、監事會及董事、監事、高級管理人員保證季度報告內容的真實、準 確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責 任。 • 本公司負責人、主管會計工作負責人及會計機構負責人（會計主管人員）保證季度報 告中財務報表信息的真實、準確、完整。 • 本公司2023年第三季度報告所載財務資料根據中國企業會計準則編製，且未經審 計。 - 1 - 一、主要財務數據 （一）主要會計數據 ...

中国人民保险集团股份有限公司 THE PEOPLE'S INSURANCE COMPANY (GROUP) OF CHINA LIMITED H股股份代號: 1339 [ 5 — 三年 率 中期報告 公司簡介 本公司為新中國第一家全國性保險公司，成立於1949年10月，目前已成長為國內領先的大型 綜合性保險金融集團，於2012年12月在香港聯交所上市（H股股票代碼：1339），2018年11月在上 交所上市（A股股票代碼：601319）。本公司在2023年《財富》雜誌刊發的世界500強中排名第120位。 本公司通過人保財險（於香港聯交所上市，股票代碼：2328，本公司持有約68.98%的股權）在 中國境內經營財產險業務，通過人保香港（本公司持有約89.36%的股權）在中國香港和中國澳門經 營財產險業務；分別通過人保壽險（本公司直接及間接持有80.00%的股權）和人保健康（本公司直接 及間接持有約95.45%的股權）經營壽險和健康險業務；通過人保資產（本公司持有100%的股權）對 大部分保險資金進行集中化和專業化運用管理，通過人保養老（本公司持有100%的股權）開展企業 年金、職業年金等業務，以人保投控（本公司 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1339） 截至二零二三年六月三十日止六個月 之未經審核中期業績公告 中國人民保險集團股份有限公司（「本公司」或「公司」）董事會（「董事會」）宣佈本公司及子 公司（「本集團」或「集團」）截至二零二三年六月三十日止六個月未經審計合併中期業績及 上年同期比較數據如下，請一併閱覽下文管理層討論與分析： 簡要財務報表及主要附註 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部分內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 （於中華人民共和國註冊成立之股份有限公司） （股份代號：1339） 2023年第一季度報告 本公告由中國人民保險集團股份有限公司（「本公司」或「公司」）根據《證券及期貨條例》 （香港法例第571章）第XIVA部項下的內幕消息條文及《香港聯合交易所有限公司證券上 市規則》第13.09條及13.10B條作出。 本公司2023年第一季度報告所載財務資料根據中國企業會計準則編製，且未經審計。 重要內容提示： • 本公司董事會、監事會及董事、監事、高級管理人員保證季度報告內容的真實、準 確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔個別和連帶的法律責 任。 • 本公司負責人、主管會計工作負責人及會計機構負責人（會計主管人員）保證季度報 告中財務報表信息的真實、準確、完整。 ...

H股股份代號: 1339 ...