海外公司点评报告 | 金融业 证券研究报告 【兴证海外金融食饮】中国平安：寿险 业务高质量发展，综合投资收益率上升- 2025.03.21 【兴证海外金融】中国平安 （02318.HK）2024Q1-3 业绩点评：经 营业绩稳中有进，核心业务实现增长- 2024.10.22 【兴证海外非银金融】中国平安 （02318.HK）2024H1 业绩点评：三大 核心业务营运利润稳健-2024.08.25 | 04 月 28 日收盘价（港 | 46.00 | | --- | --- | | 元） | | | 总市值（亿港元） | 8,376.71 | | 总股本（亿股） | 182.10 | | 来源：聚源，兴业证券经济与金融研究院整理 | | 相关研究 | 公司评级 | 买入（维持） | | --- | --- | | 报告日期 | 2025 年 04 月 28 日 | 基础数据 分析师：张博 S0190519060002 BMM189 zhangboyjs@xyzq.com.cn 寿险业务多渠道高质量发展，新业务价值率提升 投资要点： | 会计年度 | 2024A | 2025E | 2026E | 2027E | ...

Investment Rating - The report assigns a "Buy" rating for China Ping An Insurance (2318 HK) with a target price of HKD 60.00, indicating a potential upside of 30.6% from the current price of HKD 45.95 [1][10]. Core Insights - The report highlights stable growth in operating profit attributable to the parent company, with new business value growth exceeding expectations. The operating profit after tax (OPAT) for Q1 2025 increased by 2.4% year-on-year, primarily driven by the life and health insurance segments [5]. - The new business value for Q1 2025 surged by 34.9% year-on-year, with significant contributions from various channels, particularly the bancassurance and community finance channels, which grew by 170.8% and 171.3% respectively [5]. - The comprehensive cost ratio for the property and casualty insurance segment improved significantly, with a year-on-year reduction of 3 percentage points to 96.6% [5]. - Investment income remained stable, with a year-to-date growth of 3.3% in investment assets and an annualized comprehensive investment return of 1.3% [5]. - The solvency ratio for the life insurance segment was robust at 163.7%, reflecting a 47.3 percentage point increase from the end of 2024 [5]. Financial Overview - Revenue projections for China Ping An Insurance show a steady increase from RMB 913,789 million in 2023 to RMB 1,153,545 million by 2027, with a compound annual growth rate (CAGR) of approximately 4.4% [4][11]. - Net profit is expected to fluctuate, with a forecast of RMB 120,657 million for 2025, down from RMB 126,607 million in 2024, but projected to rise to RMB 130,993 million by 2027 [4][11]. - The earnings per share (EPS) is projected to be RMB 6.63 in 2025, with a gradual increase to RMB 7.19 by 2027 [4][11]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 9.2 in 2023 to 6.0 by 2027, indicating an attractive valuation [4][11]. Business Segment Performance - The life and health insurance segment is expected to see a slight recovery in premium income growth, with a forecasted increase of 1.0% in 2025 [6]. - The property and casualty insurance segment is projected to maintain a growth rate of 6.5% in premium income for 2025 [6]. - The new business value rate is anticipated to stabilize around 25.6% for 2025, reflecting a slight decrease from previous estimates [7]. Conclusion - The report maintains a positive outlook on China Ping An Insurance, emphasizing its strong market position, diversified business model, and potential for growth in new business value, supported by a solid financial foundation and attractive valuation metrics [5][11].

Investment Rating - The report assigns a "Buy" rating for China Ping An Insurance (2318 HK) with a target price of HKD 60.00, indicating a potential upside of 30.6% from the current price of HKD 45.95 [1][10]. Core Insights - The report highlights stable growth in operating profit and an unexpected increase in new business value, with a 34.9% year-on-year growth in new business value driven by various channels [5][11]. - The report notes a significant decline in net profit, down 26.4% year-on-year, primarily due to investment losses and a one-time valuation drop from the consolidation of Ping An Good Doctor [5][11]. - The report emphasizes improvements in the comprehensive cost ratio for property and casualty insurance, which decreased by 3 percentage points year-on-year to 96.6% [5][11]. - The solvency position is strong, with a core solvency ratio of 163.7%, up 47.3 percentage points from the end of 2024 [5][11]. Financial Overview - Revenue is projected to grow from RMB 913,789 million in 2023 to RMB 1,057,335 million in 2025, reflecting a compound annual growth rate (CAGR) of approximately 7.5% [4][11]. - Net profit is expected to recover from RMB 85,665 million in 2023 to RMB 120,657 million in 2025, with a notable increase of 47.8% in 2024 [4][11]. - The report forecasts earnings per share (EPS) to be RMB 6.95 in 2024 and RMB 6.63 in 2025, with a projected price-to-earnings (P/E) ratio of 6.5 in 2025 [4][11]. Business Performance - The first quarter of 2025 saw a 2.4% year-on-year increase in operating profit after tax (OPAT), primarily from the life and health insurance segments, while property and casualty insurance and banking segments experienced declines [5][11]. - The new business value rate improved significantly, reaching 28.3%, an increase of 11.4 percentage points year-on-year, attributed to product structure optimization and cost reduction measures [5][11]. - The average daily trading volume of the stock is reported at 50.03 million shares, with a market capitalization of approximately HKD 924.92 billion [3][11].

2025 First Quarter Results —Advancing with Stability through Cycles April 2025 Cautionary Statements Regarding Forward-Looking Statements To the extent any statements made in this Report contain information that is not historical, these statements are essentially forward-looking. These forward-looking statements include but are not limited to projections, targets, estimates and business plans that the Company expects or anticipates may or may not occur in the future. Words such as "potential", "estimates", ...

Financial Performance - In Q1 2025, the group achieved an operating profit attributable to shareholders of RMB 37.91 billion, a year-on-year increase of 2.4%[3] - The company reported a net profit of RMB 35.159 billion for Q1 2025, after accounting for short-term investment fluctuations and one-time significant items[15] - The net profit for the same period in 2025 was RMB 35,159 million, down from RMB 45,050 million in 2024[56] - The basic earnings per share attributable to ordinary shareholders for the three months ending March 31, 2025, was RMB 1.54, down from RMB 2.07 in 2024[56] - The operating profit for Q1 2025 was RMB 26.864 billion, a 5.0% increase from RMB 25.588 billion in Q1 2024[21] - Total comprehensive income for the same period was RMB 21,944 million, up 54% from RMB 14,198 million year-over-year[57] Insurance Business - The new business value of life and health insurance reached RMB 12.89 billion, representing a year-on-year growth of 34.9%[5] - The total operating profit from life and health insurance businesses in Q1 2025 was RMB 30.101 billion, contributing significantly to the overall profit[15] - The health insurance premium income exceeded RMB 38.5 billion in Q1 2025, indicating strong performance in the health insurance sector[10] - The new business value from the bancassurance channel increased by 170.8% year-on-year in Q1 2025[19] - The community financial service channel achieved a new business value increase of 171.3% year-on-year in Q1 2025[19] Customer Metrics - As of March 31, 2025, the number of individual customers reached approximately 24.49 million, an increase of 1.0% from the beginning of the year[7] - The company added 8.64 million new individual customers in Q1 2025, a year-on-year increase of 20.0%[7] - The average number of contracts per individual customer increased to 2.93, reflecting a growth of 0.3%[7] - The customer retention rate for those holding four or more contracts reached 98.0%, significantly higher than the retention rate for customers with only one contract[7] Investment and Assets - The investment portfolio size of the insurance funds exceeded RMB 5.92 trillion, growing by 3.3% since the beginning of the year[27] - The non-annualized comprehensive investment return rate was 1.3%, an increase of 0.2 percentage points year-on-year[27] - The company recorded an investment income of RMB 10,440 million for the three months ending March 31, 2025, compared to RMB 29,862 million in 2024[55] - The company’s total liabilities increased to RMB 11,844,014 million as of March 31, 2025, from RMB 11,653,115 million at the end of 2024[59] Operational Efficiency - The comprehensive cost ratio for Ping An Property & Casualty improved to 96.6%, a decrease of 3.0 percentage points year-on-year[5] - The long-term investment return rate for life and health insurance businesses is locked at 4.0%[14] - The online specialty consultation platform has achieved a monthly five-star rating of over 98% since its establishment, with no major medical incidents reported[12] Shareholder Information - As of March 31, 2025, the total share capital of the company is 18,210,234,607 shares, with A-shares accounting for 10,762,657,695 shares and H-shares for 7,447,576,912 shares[36] - The total number of shareholders is 798,705, with 794,557 holding A-shares and 4,148 holding H-shares[37] - The largest shareholder, Hong Kong Central Clearing Limited, holds 36.56% of the shares, totaling 6,657,292,585 H-shares[37] Banking Performance - In Q1 2025, Ping An Bank reported operating income of RMB 33.709 billion, a decrease of 13.1% year-on-year, and net profit of RMB 14.096 billion, down 5.6% year-on-year[30] - The non-performing loan ratio for Ping An Bank remained stable at 1.06% as of March 31, 2025, with a provision coverage ratio of 236.53%[30] Cash Flow and Financial Position - Cash flow from operating activities for the three months ended March 31, 2025, was RMB 243,221 million, significantly higher than RMB 74,958 million in 2024[60] - The company reported a significant increase in cash and cash equivalents, ending the period with RMB 494,781 million, compared to RMB 544,102 million in the previous year[61] - The company’s retained earnings rose to RMB 722,030 million as of March 31, 2025, compared to RMB 693,797 million at the end of 2024[59] Strategic Initiatives - The company aims to deepen its "comprehensive finance + healthcare" strategy while maintaining a focus on stable operations and enhancing shareholder returns[34] - The company continues to focus on its core financial business while implementing strategies for revenue growth and cost control[13]

Customer Growth and Retention - The total number of individual customers reached 24.247 million, an increase from 23.157 million in the previous year, representing a growth of 4.7%[12] - The number of individual customers reached 242 million, with 25.6% holding four or more contracts within the group[71] - The customer retention rate for clients with four or more contracts is 98.0%, indicating strong customer loyalty[38] - The retention rate for individual customers increased to 90.9% in 2024, up by 1.6 percentage points year-on-year[102] - Customers with 4 or more contracts had a retention rate of 98.0%, which is 11.5 percentage points higher than those with only one contract[106] - The average number of contracts per customer is 2.92, with an average profit of 446.90 yuan per person[38] - The average number of contracts per customer enjoying medical and elderly care services was 3.37, which is 1.6 times higher than those not enjoying these services[119] Financial Performance - The operating profit attributable to shareholders was RMB 121.862 billion, up from RMB 111.728 billion, reflecting a growth of 9.6%[12] - The net profit attributable to shareholders increased to RMB 126.607 billion from RMB 85.665 billion, marking a significant rise of 47.8%[12] - The total assets of the company reached RMB 12.958 trillion, compared to RMB 11.583 trillion in the previous year, indicating a growth of 11.9%[12] - The operating return on equity (ROE) was 12.7%, slightly up from 12.5% in the previous year[12] - Total revenue for 2024 was RMB 1,028.925 billion, reflecting a year-on-year growth of 12.6%[67] - The comprehensive investment return rate for 2024 was 5.8%, up by 2.2 percentage points year-on-year[67] - Basic earnings per share for 2024 is RMB 6.89, up 9.2% compared to the previous year[151] Business Segments and New Initiatives - The new business value for the year was RMB 28.534 billion, down from RMB 31.080 billion, a decrease of 8.2%[12][13] - The new business value for 2024 is projected to reach RMB 40.024 billion, representing a growth of 28.8% compared to the previous year[15] - The company has launched new insurance products, including the upgraded "Guardian 100%" series and the "Peace of Mind" series, catering to diverse customer needs[176][177] - The company aims to enhance digital services, providing 24/7 online medical services and integrating various financial products for customer convenience[16] - The company aims to deepen its "comprehensive finance + medical care and elderly services" strategy to build core competitiveness through service differentiation[34] Insurance and Healthcare Services - The net profit from the property insurance business was RMB 15.021 billion, a significant increase from RMB 8.958 billion, representing a growth of 67.5%[12] - The comprehensive cost ratio for property insurance business improved to 98.3%, a year-on-year optimization of 2.3 percentage points, while the net profit for property insurance reached RMB 15.02 billion, a year-on-year increase of 67.7%[53] - The health management service has reached over 21 million customers, providing comprehensive medical health services since its launch in 2021[180] - The company intercepted CNY 11.94 billion in fraudulent claims through intelligent claims management, a year-on-year increase of 10.4%[77] - The company has over 31 million paid users for its healthcare services, covering more than 67,000 paid enterprises and benefiting over 29 million employees, with over 50% coverage of large and medium-sized state-owned and foreign enterprises[40] Digital Transformation and Technology Integration - The company leverages AI and big data to optimize service processes, significantly reducing customer wait times and improving service efficiency[38] - The AI service volume reached approximately 1.84 billion instances in 2024, covering 80% of the company's total customer service volume, demonstrating the effectiveness of its digital transformation[96] - The company has established five leading laboratories and nine databases to support its digital transformation and improve operational efficiency across financial, healthcare, and elderly care sectors[42] - The company has integrated AI technology, achieving a 93% instant underwriting rate for life insurance policies, significantly reducing service costs and improving efficiency[45] Strategic Goals and Market Position - By 2030, China's middle class is expected to account for one-third of the global middle class, indicating a significant demand for comprehensive financial services[30] - The total scale of the health service industry in China is projected to reach 16 trillion yuan by 2030, driven by increasing healthcare needs[33] - The elderly population (65 years and older) in China is expected to exceed 20% of the total population by 2030, with the silver economy projected to reach 30 trillion yuan by 2035, representing 10% of GDP[31][32] - The company maintains a leading position in the Chinese market, being the second-largest life insurance company and the second-largest property insurance company by premium income[93] - The company has received multiple awards for its brand value and corporate governance, ranking 53rd in the Fortune Global 500 and 9th among global financial companies[86][87] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of RMB 1.62 per share for the 2024 year-end, with an annual cash dividend of RMB 2.55 per share, representing a year-on-year increase of 5%[49] - The company has invested nearly RMB 10.14 trillion to support the development of the real economy[62]

Financial Performance - The company reported audited financial results for the year ending December 31, 2024, in compliance with the Hong Kong Stock Exchange listing rules[2]. - Operating profit attributable to shareholders increased to RMB 121.862 billion in 2024, compared to RMB 111.728 billion in 2023, marking a growth of 9.6%[10]. - Net profit attributable to shareholders rose significantly to RMB 126.607 billion in 2024, up from RMB 85.665 billion in 2023, reflecting a growth of 47.8%[10]. - Total assets grew to RMB 12.958 billion in 2024, an increase from RMB 11.583 billion in 2023, indicating a growth of 11.9%[10]. - The operating return on equity (ROE) improved to 12.7% in 2024, compared to 12.5% in 2023[10]. - Total revenue amounted to CNY 1,141.35 billion, representing a year-on-year increase of 10.6%[43]. - The basic earnings per share for 2024 is RMB 6.89, which is a 9.2% increase compared to the previous year[148]. - The total equity attributable to the parent company's shareholders increased by 9.3% to RMB 1,002,889 million as of December 31, 2024[160]. Customer Growth and Retention - The number of individual customers reached 24.247 million in 2024, up from 23.157 million in 2023, representing a growth of 4.7%[10]. - The number of personal customers increased by 4.7% year-to-date, reaching 242 million[53]. - The number of customers holding four or more contracts increased to 6.218 million in 2024, up from 5.856 million in 2023, a growth of 6.2%[10]. - The customer retention rate for individual customers improved to 90.9%, an increase of 1.6 percentage points year-on-year[97]. - The retention rate for customers with 4 or more contracts is 98.0%, which is 11.5 percentage points higher than those with only one contract[101]. - The average number of contracts per individual customer is 2.92, with an average profit of 446.90 yuan per person[32]. Business Segments and Innovations - The company anticipates significant growth in its core business segments, driven by digital transformation and innovation[9]. - The new business value for 2024 is projected to reach RMB 40.024 billion, representing a growth of 28.8% compared to the previous year[11]. - The net profit from property insurance business increased to RMB 15.021 billion in 2024, compared to RMB 8.958 billion in 2023, a growth of 67.5%[10]. - The health insurance premium income exceeded RMB 140 billion, with over 31 million strategic business paying users in the past 12 months[69]. - The company has implemented AI-driven underwriting processes, achieving instant policy approvals for life insurance[9]. - The company is exploring new market expansions and potential acquisitions to strengthen its competitive position[4]. Strategic Initiatives - The company aims to serve 240 million customers through comprehensive digitalization, enhancing efficiency and cost-effectiveness[9]. - The company plans to invest 100 billion in interest-free funds to support rural revitalization initiatives[9]. - The company is focusing on green development, with insurance products aimed at protecting natural resources[9]. - The company is committed to integrating financial and healthcare services, leveraging technology for better customer experiences[9]. - The company aims to build a comprehensive service system through standardization, centralized procurement, and service supervision[35]. - The company is actively responding to the national "Healthy China" strategy by providing proactive medical health management services[35]. Technology and Efficiency - AI coverage rate for customer service reached 80%, significantly enhancing service efficiency[40]. - The company is leveraging technology to enhance service efficiency, reduce costs, and improve risk management[30]. - In 2024, AI service volume reached approximately 1.84 billion times, covering 80% of total customer service volume, with 93% of life insurance policies underwritten in seconds and 56% of claims processed instantly[72]. - The intelligent claims interception in Ping An Property Insurance reduced losses by 11.94 billion yuan, representing a year-on-year growth of 10.4%[72]. Corporate Governance and Social Responsibility - The company has been recognized for its corporate governance and social responsibility, ranking 53rd in the Fortune Global 500 and 9th among global financial companies[82]. - The company has established a strong online and offline channel network with over 7,000 offline outlets covering 330 cities and a sales service team of over 1.3 million[89]. Future Outlook - The company plans to accelerate the integration of artificial intelligence and big data technologies, with a focus on digital transformation as a key priority for 2025[77]. - Ping An aims to enhance customer management and achieve steady growth in customer acquisition, retention, and migration, focusing on the "Three Numbers" strategy[76]. - The company is committed to increasing investments in strategic emerging industries, advanced manufacturing, and new infrastructure, reflecting a responsible approach to capital allocation[78].

Investment Rating - The report maintains a "Buy" rating for China Ping An, suggesting investors pay attention to the company [2]. Core Views - China Ping An is a comprehensive financial company that continues to deepen its "one customer, multiple products, one-stop service" model to meet diverse financial needs [2]. - The operating profit of the three core businesses remains robust, with a total operating profit attributable to shareholders of RMB 113.82 billion for the first three quarters of 2024, representing a year-on-year increase of 5.5% [2]. - The new business value from the agent channel has significantly improved, with a year-on-year increase of 34.1% in new business value for life and health insurance [2]. Financial Performance Summary - For the first three quarters of 2024, the group achieved an operating profit of RMB 113.82 billion, a 5.5% increase year-on-year, and a net profit of RMB 119.18 billion, a 36.1% increase year-on-year [2]. - The annualized operating ROE as of September 30, 2024, was 15.9%, a decrease of 0.1 percentage points year-on-year [2]. - The new business value for life and health insurance reached RMB 35.16 billion, a 34.1% increase year-on-year, with the agent channel's new business value growing by 31.6% [2]. - The property insurance service revenue for the first three quarters of 2024 was RMB 246.02 billion, a 4.5% increase year-on-year, with operating profit increasing by 39.7% [2]. - The investment portfolio of insurance funds grew to over RMB 5.32 trillion, a 12.7% increase from the beginning of the year, with an annualized comprehensive investment return rate of 5.0%, up 1.3 percentage points year-on-year [2]. Key Financial Indicators - The projected operating revenue for 2024 is RMB 990.9 billion, with a year-on-year growth of 8.4% [3]. - The projected net profit attributable to shareholders for 2024 is RMB 128.3 billion, representing a year-on-year increase of 49.7% [3]. - The projected new business value for 2024 is RMB 40.4 billion, with a year-on-year growth of 30.0% [3]. - The projected EPS for 2024 is RMB 7.24, compared to RMB 4.84 in 2023 [3].

Investment Rating - The report maintains a "BUY" rating for Ping An, with a revised target price of HK$65.1, representing a 35.2% upside from the current price of HK$48.15 [2][5]. Core Insights - Ping An reported robust earnings growth in Q3, with Group net profit and Life & Health (L&H) New Business Value (NBV) more than doubling year-on-year. The Group's Operating Profit After Tax (OPAT) attributable to shareholders grew 5.5% YoY to RMB 113.8 billion, indicating a steady recovery trajectory [1][10]. - The L&H NBV rose 34.1% YoY to RMB 35.2 billion in the first nine months of 2024, with Q3 showing a remarkable growth of 110.2% YoY to RMB 12.8 billion, driven by margin expansion and a stable agency force [1][11]. - The Property & Casualty (P&C) segment saw OPAT surge 455% YoY to RMB 4.0 billion in Q3, supported by improved underwriting and a better combined ratio [1][12]. Summary by Sections Earnings Performance - Group NPAT rose 36.1% YoY in the first nine months of 2024, with a significant surge of 1.51x YoY in Q3. The L&H segment's OPAT grew 3.0% YoY, while P&C's OPAT saw a dramatic increase [1][10][15]. - The report revises FY24-26 EPS forecasts upward by 14%/7%/3% to RMB 7.44/7.57/7.90, reflecting a clearer outlook for profitability [5][6]. New Business Value (NBV) - The L&H NBV margin increased to 25.4%, with expectations to rise to ~26% by the end of FY24. The agency force stabilized at 362,000 agents, contributing significantly to the NBV growth [1][11][7]. - Bancassurance NBV surged 68.5% YoY, driven by a favorable product mix and margin expansions [1]. Investment Performance - The comprehensive investment yield (CIY) reached 5%, up 1.2 percentage points YoY, indicating a positive investment experience variance that could enhance the Group's embedded value [6][14]. - The report anticipates better-than-expected earnings in the second half of 2024, supported by rebounding investment income and a low base from Q4 2023 [1][5]. Valuation Metrics - The stock is currently trading at 0.54x FY24 P/EV and 0.81x FY24 P/B, which is above the historical average for H-share listed Chinese insurers. The report suggests limited downside risk due to the turnaround in fundamentals [1][5][9]. - The sum-of-the-parts valuation assigns target multiples of 1.19x for L&H, 0.72x for P&C, and 0.90x for banking, leading to a target valuation of RMB 1,059 billion for the Group [8][9].

Financial Performance - For the first three quarters of 2024, the company achieved an operating profit of RMB 113.82 billion, a year-on-year increase of 5.5%[5] - The net profit attributable to shareholders for the same period was RMB 119.18 billion, reflecting a significant year-on-year growth of 36.1%[3] - Total revenue for the first three quarters reached RMB 861.82 billion, marking an 8.7% increase compared to the previous year[3] - Operating profit attributable to shareholders for the nine months ended September 30, 2024, was RMB 82,701 million, an increase from RMB 80,310 million in the same period last year, representing a growth of 2.0%[8] - The total operating profit for the group, including minority interests, reached RMB 134,680 million, compared to RMB 128,556 million in the previous year, reflecting a year-on-year increase of 4.0%[8] - The group reported a net profit of RMB 140,054 million for the nine months ended September 30, 2024, up from RMB 108,111 million in the same period last year, marking a significant increase of 29.5%[8][9] - Total revenue for the nine months ended September 30, 2024, reached RMB 861,817 million, an increase of 8.7% compared to RMB 792,525 million in the same period of 2023[58] - Net profit for the nine months ended September 30, 2024, was RMB 140,054 million, representing a 29.5% increase from RMB 108,111 million in the same period of 2023[59] - Basic earnings per share attributable to ordinary shareholders of the parent company increased to RMB 6.73, up from RMB 4.94 in the same period of 2023, reflecting a growth of 36.3%[59] Customer Metrics - The number of individual customers reached 240.47 million, with a retention rate of 98.0%[1] - The number of individual customers reached 240.47 million as of September 30, 2024, representing a 3.8% increase from 231.57 million at the beginning of the year[11] - The average number of contracts per individual customer decreased slightly to 2.92 from 2.95, indicating a 1.0% decline[12] - The retention rate for clients with four or more contracts is 98.0%, significantly higher than the 87.2% retention rate for clients with only one contract, indicating improved customer loyalty[15][16] Business Segments - The new business value for life and health insurance reached RMB 35.16 billion, up 34.1% year-on-year, with agent channel new business value increasing by 31.6%[2] - The property insurance segment reported service revenue of RMB 246.02 billion, a 4.5% increase year-on-year, with an operating profit of RMB 13.99 billion, up 39.7%[2] - The group’s operating profit from life and health insurance business was RMB 85,083 million, while the property insurance business contributed RMB 13,987 million for the same period[8] - The property insurance segment achieved insurance service revenue of RMB 246.02 billion in the first three quarters of 2024, reflecting a 4.5% year-on-year growth, with operating profit increasing by 39.7% to RMB 13.99 billion[21][22] Investment Performance - The investment portfolio achieved an annualized comprehensive investment return of 5.0%, an increase of 1.3 percentage points year-on-year[2] - The investment return rate for life and health insurance businesses was locked at 4.5%, based on long-term investment return assumptions[10] - As of September 30, 2024, the company's insurance fund investment portfolio achieved an annualized comprehensive investment return of 5.0%, an increase of 1.3 percentage points year-on-year[23] - The scale of the insurance fund investment portfolio exceeded 5.32 trillion RMB, growing by 12.7% since the beginning of the year[23] Banking Performance - The bank's net profit for the first three quarters was RMB 39.73 billion, showing a slight increase of 0.2% year-on-year[2] - For the first three quarters of 2024, Ping An Bank reported operating income of 111.58 billion RMB, a decrease of 12.6% year-on-year[25] - Ping An Bank's net profit for the same period was 39.73 billion RMB, a slight increase of 0.2% year-on-year[27] - The non-performing loan ratio remained stable at 1.06% as of September 30, 2024[27] Shareholder Information - As of September 30, 2024, the total share capital of the company is 18,210,234,607 shares, with A-shares accounting for 10,762,657,695 shares and H-shares for 7,447,576,912 shares[38] - The total number of shareholders at the end of the reporting period is 825,539, with A-share shareholders accounting for 37.66% of the total shares held[39] - The top ten A-share shareholders hold a total of 6,857,076,165 shares, representing 37.66% of the total shareholding[39] - The core personnel shareholding plan has a total of 27,067,120 A-shares held, accounting for 0.149% of the company's total share capital[44] Long-term Service and Employee Plans - The company has implemented a long-term service plan with over 140,000 participants, funded by employee compensation amounts[40] - The core personnel shareholding plan has been extended until February 4, 2027, allowing for continued participation by key personnel[43] - The long-term service plan for 2023 involved 83,651 participants, acquiring 96,608,364 shares at a total cost of RMB 4,450,946,615.20, representing 0.528% of the total share capital[47] Cash Flow and Assets - The company's cash and cash equivalents increased to RMB 987,869 million as of September 30, 2024, up from RMB 804,077 million as of December 31, 2023[61] - The total assets as of September 30, 2024, amounted to RMB 12,533,736 million, an increase from RMB 11,583,417 million as of December 31, 2023[61] - The total liabilities as of September 30, 2024, amounted to RMB 11,254,145 million, an increase from RMB 10,354,453 million as of December 31, 2023, representing a growth of 8.7%[62] - The company's retained earnings increased to RMB 698,489 million as of September 30, 2024, compared to RMB 622,050 million as of December 31, 2023, marking a growth of 12.3%[62]