港股公司报告 | 公司点评 阳光保险（06963） 证券研究报告 阳光保险 2024 年年报点评：寿险 NBV 增长靓丽，投 资收益驱动利润大幅提升 1、核心经营情况 公司 2024 年实现归母净利润人民币 54.5 亿元，同比+45.8%；实现总保费 收入 1283.8 亿元，同比+8.0%；保险服务收入 640.0 亿元，同比+6.9%。EV 达 1157.6 亿元，同比+11.2%。公司总投资/综合投资收益率为 4.3%/6.5%， 同比+0.9Pct/+3.2Pct。业绩表现强劲。 2、寿险业务：价值转型成效显著，NBV 高速增长 1）寿险 NBV 增长靓丽。寿险实现 NBV51.5 亿元，同比+43.3%，增速表现 突出，主要受益于公司坚定推进价值转型战略，聚焦高价值期缴业务。下 调了长期投资回报率和风险贴现率假设反映了更为审慎的预期。 2）保费结构优化。寿险总保费收入 804.5 亿元，同比+7.8%。新单期缴保 费收入 203.7 亿元，同比+12.6%；趸缴保费收入 78.2 亿元，同比-37.2%， 显示出向期缴业务转型的明确趋势。个险渠道总保费收入 228.7 亿元，同 比+22.5%；新 ...

中国经济网北京4月28日讯阳光保险(06963.HK)港股今日收盘报3.42港元，跌幅2.29%。 公告显示，最终发售价定为每股发售股份5.83港元(不包括1.0%经纪佣金、0.0027%证监会交易征费、 0.00015%会财局交易征费及0.005%香港联交所交易费)。按最终发售价计算，经扣除公司就全球发售应 付的承销佣金及其他估计开支后，公司收取的全球发售所得款项净额约为6,419.5百万港元。 阳光保险港股目前处于破发状态。 南方都市报在报道《阳光保险两年多市值蒸发200亿港元》中指出，截至4月25日收盘报3.50港元，相较 上市时的发行价5.83港元下跌40%，市值蒸发超200亿港元。股价的持续低迷也对公司员工持股计划构 成压力。2016年2月，阳光保险曾召开股东大会，向核心员工配发了4.4亿股内资股，认购价为4元人民 币/股，并规定上市后三年内不得出售，锁定期满后每年减持不超过25%。这意味着员工持有的股票要 到2025年12月9日才能卖出。然而，如今阳光保险股价早已跌破认购价，导致参与计划的3688名员工面 临亏损。 阳光保险2025年4月25日发布2024年年报显示，集团总保费收入1,283.8亿 ...

(股份代號: 06963) （於中華人民共和國註冊成立的股份有限公司） 年度報告 陽光保險集團股份有限公 司 年度報告 2024 | ) | 阳光保险 | | --- | --- | | 1 | | | I | 1 | 釋義 2 | 關於我們 | | | --- | --- | | 榮譽與獎項 | 8 | | 公司資料 | 10 | | 董事長致辭 | 12 | | 業績摘要 | 17 | | 管理層討論與分析 | | | --- | --- | | 業務概覽 | 19 | | 業績分析 | 28 | | 專項分析 | 52 | | 重要事項 | 55 | | 未來展望 | 59 | | | | | 公司治理 | | | --- | --- | | 董事、監事、高級管理人員及 | | | 員工情況 | 68 | | 董事會報告 | 83 | | 監事會報告 | 108 | | 企業管治報告 | 112 | | 財務報表及其他 | | | --- | --- | | 獨立核數師報告 | 151 | | 合併財務報表及附註 | 157 | 02 釋義 釋義 「公司章程」或「章程」 指 《陽光保險集團股份有限公司章 ...

高层稳定是上市公司战略持续推进的重要保障，即将迎来"冠礼之年"的阳光保险，却在"新 阳光战略"实施的关键节点，宣布一系列高层人事变动。 据阳光保险3月26日发布的《董事名单与其角色及职能》显示，该公司两位"元老"赵宗仁及 王永文已不在执行董事名单中，二人均因年龄原因辞职。目前，该公司执行董事仅剩三人， 包括董事长张维功、总经理李科及副总经理彭吉海。作为补充，董事会已提名王霄鹏为第六 届董事会执行董事候选人。 去年，阳光保险整体业绩向好，但寿险、财险两大支柱业务呈明显两极分化之势，前者保费 全渠道增长，净利润同比大涨78%；后者净利润跌幅达37%。随着阳光保险创业初期核心高 层力量的逐渐减弱，此轮新高层的加入也为公司运营增添了新的变数。 董事会新老迭代，两位超龄"元老"辞职 阳光保险起步时间较晚，集团成立于2007年6月，历经多年发展，目前已拥有财险、寿险、 信用、资管、医疗、养老、科技等多家专业子公司。 2022年12月9日，阳光保险在香港联交所挂牌上市，成为国内第十家上市保险公司，上市时 发行价为5.83港元/股。截至4月17日收盘，阳光保险收盘价降至3.41港元/股。 上市后，阳光保险曾在2023年度报告 ...

Core Viewpoint - Sunshine Insurance Group demonstrated strong performance in 2024, with total premium income of 128.38 billion yuan, a year-on-year increase of 8.0%, and net profit of 5.45 billion yuan, up 45.8% [1][2] Business Performance - The company maintained a steady growth trajectory, with core indicators showing robust improvement, including a total premium income of 80.45 billion yuan for Sunshine Life, a 7.8% increase [2] - New business value for Sunshine Life reached a historical high of 5 billion yuan, growing 43.3% year-on-year, significantly outpacing the market [2][3] - Sunshine Property achieved original insurance premium income of 47.82 billion yuan, an 8.1% increase, with non-auto insurance premiums accounting for 44.2% [3][4] Strategic Implementation - The "New Sunshine Strategy" focuses on customer-centricity, leveraging technology and innovation to enhance value creation and achieve sustainable high-quality development [5][6] - The company is enhancing its product and service offerings, including upgrades to floating income products and the introduction of home care services [6][7] Technological Advancements - Sunshine Insurance is investing in AI and data engineering to improve operational efficiency and customer service, with initiatives like intelligent claims processing and customer service robots [8][9] - The company has developed a comprehensive data quality and value system to support its operations [8] Market Position and Future Outlook - Sunshine Insurance is positioned as a leading private insurance company in China, with a commitment to social responsibility and sustainable development, providing risk protection exceeding 70 trillion yuan in 2024 [11][12] - The company aims to continue its growth trajectory in the next 20 years, focusing on high-quality development and value creation for stakeholders [13]

Summary of Sunshine Insurance Conference Call Company Overview - Sunshine Insurance reported a premium income of 128.4 billion RMB in 2024, representing an 8% year-on-year growth, which is 2.5 percentage points higher than the industry average [3][4] - The net profit attributable to shareholders reached 5.45 billion RMB, a 45.8% increase year-on-year [3] - The intrinsic value of the group was 115.76 billion RMB, up 11.2% from the previous year [3] Key Financial Metrics - Life insurance premium income exceeded 80 billion RMB, growing by 7.8% [3] - New single premium income surpassed 20 billion RMB, achieving double-digit growth [3] - New business value was 5.15 billion RMB, a 43.3% increase, with a comparable growth rate of 88% on a same-caliber basis [3] - Property insurance premium income was 47.82 billion RMB, with an 8.1% year-on-year growth [3][4] - Investment assets reached approximately 550 billion RMB, a 14.3% increase, with a total investment return rate of 4.3% [3][4] Strategic Focus and Future Outlook - The company aims to maintain a steady development approach while accelerating transformation and optimizing structure in 2025 [5][6] - Sunshine Insurance plans to focus on its core insurance business, optimize product structure, and increase the proportion of new single premium payments [6] - The company will expand the non-auto insurance business and enhance underwriting profits [6] Market Position and Competitive Advantage - Sunshine Life Insurance has maintained a market-leading position despite the overall industry facing negative growth [5] - The company has actively reduced short-term business to optimize its business structure [5] - The non-auto insurance segment is expected to grow close to 10% in 2025, driven by health insurance, agricultural insurance, and liability insurance [17][18] Investment Strategy - Since 2021, the company has shifted to a high-dividend stock strategy, with 69% of its equity investments in OCI stocks [4][11] - The investment asset allocation includes approximately 74.5% in fixed income, 23.7% in equity, and 1.8% in investment real estate [12][13] Risk Management and Cost Control - The company has implemented refined risk management and cost control measures in response to natural disasters impacting property insurance performance [15] - Sunshine Insurance has developed a differentiated operating system for household vehicle customers, targeting four key customer segments [16] Product Development and Sales Strategy - The company has enhanced its product offerings in the dividend insurance sector, focusing on various types of products to meet diverse customer needs [9] - Sunshine Insurance is actively improving communication capabilities to increase the sales of dividend and protection products [5][9] Demographic Trends and Market Opportunities - The aging population in China presents significant market opportunities for life insurance and pension products [21] - The company is positioned to leverage the growing demand for commercial insurance as part of the third pillar of the pension system [21] Conclusion - Sunshine Insurance is poised for continued growth through strategic focus on core insurance operations, product optimization, and leveraging demographic trends, while maintaining a strong financial position and competitive advantage in the market [6][21]

Core Insights - The Chinese insurance industry is facing a collective dilemma as societal demands evolve into a "precision navigation" era, necessitating a shift from a "bulk coverage" approach to more tailored solutions [1][2] - Sunshine Insurance has adopted the "Heartfelt Sunshine" strategy to transform customer insights into systematic solutions, providing a reference model for the industry's transformation [1][2] Group 1: Customer-Centric Product Development - The core contradiction in the Chinese insurance industry lies in the structural mismatch between standardized supply from the industrial era and personalized demand in the digital age [2] - Sunshine Insurance has launched the innovative "Three-Five-Seven" product system, breaking down complex life risks into modules addressing education, healthcare, and retirement needs, and has developed nearly a hundred new products based on this framework [3] - In 2024, Sunshine Life's new single premium income reached 20.37 billion yuan, a year-on-year increase of 12.6%, while new business value grew by 43.3% to 5.15 billion yuan [3] Group 2: Operational Efficiency and Market Expansion - Sunshine Property Insurance achieved a premium income of 47.82 billion yuan in 2024, reflecting an 8.1% year-on-year growth, while the non-auto insurance segment saw a 16.7% increase in premium income [4] - The auto insurance segment utilized an intelligent life table for refined operations, generating a premium income of 26.71 billion yuan, with a combined underwriting cost ratio of 99.1% [4][5] - The company has implemented a data-driven customer segmentation strategy, resulting in a 57.8% purchase rate of non-auto products among personal auto insurance clients, a 7.8 percentage point increase year-on-year [5] Group 3: Social Responsibility and Sustainable Development - Sunshine Insurance has integrated social responsibility into its corporate DNA, responding to policy calls to support national strategies and societal development [7][8] - In 2024, the company provided risk protection amounting to 157.9 trillion yuan, with 71 trillion yuan directed towards the real economy, and over 463.1 billion yuan in financial support [7][8] - The company has actively participated in the "Belt and Road" initiative, providing risk coverage of approximately 113.5 billion yuan for over 600 co-construction projects [8] Group 4: Community Engagement and Employee Welfare - Sunshine Insurance has built a comprehensive responsibility ecosystem covering various sectors, including rural revitalization and green transformation, while also focusing on community welfare [10][11] - The company has provided risk protection of 4.128 trillion yuan to 39,000 small and micro enterprises, and has engaged in various educational and healthcare initiatives benefiting rural communities [10][11] - By the end of 2024, Sunshine Insurance had distributed 590 million yuan in parental support allowances to 47,564 employees, promoting a culture of filial piety and enhancing corporate cohesion [11] Conclusion - Sunshine Insurance's "Heartfelt Sunshine" strategy addresses the supply-demand mismatch in the insurance industry, while its commitment to social responsibility showcases a model for balancing commercial and social value [12]

Core Insights - Sunshine Insurance Group reported a total revenue of 90.27 billion yuan for 2024, representing a year-on-year growth of 15.4%, with a net profit attributable to shareholders of 5.45 billion yuan, up 45.8% from the previous year [1][2] Group Performance - Total premium income for Sunshine Insurance reached 128.38 billion yuan, an increase of 8.0% year-on-year, with insurance service income at 64.00 billion yuan, growing by 6.9% [2] - The embedded value of the group was 115.76 billion yuan, reflecting an 11.2% increase compared to the end of the previous year [2] Life Insurance Segment - Sunshine Life achieved total premium income of 80.45 billion yuan, a year-on-year increase of 7.8%, with new business value for the year at 5.15 billion yuan, up 43.3% [2] - The individual insurance business generated total premium income of 22.87 billion yuan, growing by 22.5%, with new single premium income of 6.00 billion yuan, increasing by 39.6% [2] - The activity of individual insurance agents improved, with a year-on-year increase of 8.3% in active personnel and a 21.9% rise in per capita productivity [2] Non-Life Insurance Segment - The total premium income from the insurance business was 50.03 billion yuan, marking a 1.8% increase, with new single premium income of 13.22 billion yuan [3] - Sunshine Property Insurance reported original premium income of 47.82 billion yuan, up 8.1%, with a combined ratio of 99.7% and an underwriting profit of 120 million yuan [3] - The non-auto insurance premium income reached 21.11 billion yuan, growing by 16.7%, with policy-related businesses seeing a significant increase of 94.8% [3] Investment Performance - The total investment assets of Sunshine Insurance Group amounted to 548.58 billion yuan, a 14.3% increase from the previous year [3] - The total investment income was 19.85 billion yuan, reflecting a year-on-year growth of 35.8%, while the comprehensive investment income surged by 111.6% to 29.78 billion yuan [3] Management Changes - The company announced the resignation of executive directors Zhao Zongren and Wang Yongwen, with Wang Xiaopeng nominated as a candidate for the sixth board of directors [4][5]

Investment Rating - The investment rating for Sunshine Insurance (06963.HK) is "Buy" (maintained) [1] Core Views - The report highlights significant growth in profit and new business value (NBV), with a notable improvement in cost control for property insurance [9] - The company reported a net profit of 5.449 billion yuan for 2024, representing a year-on-year increase of 45.8% [9] - The report anticipates continued growth in NBV and improvements in operational efficiency, particularly in the life insurance segment [9] Financial Performance Summary - **Insurance Service Revenue**: Projected to increase from 59.9 billion yuan in 2023 to 64.0 billion yuan in 2024, reflecting a year-on-year growth of 6.85% [1] - **Net Profit**: Expected to rise from 3.738 billion yuan in 2023 to 5.449 billion yuan in 2024, marking a significant year-on-year increase of 45.77% [1] - **Earnings Per Share (EPS)**: Forecasted to grow from 0.33 yuan in 2023 to 0.47 yuan in 2024 [1] - **Embedded Value (EV)**: Projected to reach 1,158 billion yuan by the end of 2024, with a year-on-year growth of 11.2% [9] Life Insurance Segment Summary - **New Business Value (NBV)**: Sunshine Life's NBV is expected to reach 5.15 billion yuan in 2024, with a year-on-year increase of 43.3% [9] - **New Premiums**: New single premiums for Sunshine Life are projected to decline by 7.9% to 30.6 billion yuan in 2024, while regular premiums are expected to increase by 12.6% to 20.4 billion yuan [9] - **Agent Productivity**: The average productivity per active agent has improved significantly, indicating enhanced operational efficiency [9] Property Insurance Segment Summary - **Cost Control**: The comprehensive cost ratio for property insurance is reported at 99.7%, with a slight year-on-year increase of 1 percentage point [9] - **Premium Income**: The original premium income for property insurance is expected to grow by 8.1% to 47.8 billion yuan in 2024 [9] Investment Strategy Summary - **Asset Allocation**: The company is shifting its investment strategy by increasing allocations to bonds and stocks while reducing cash assets [9] - **Investment Income**: The net investment income is projected to reach 19.2 billion yuan in 2024, reflecting an 8.4% year-on-year increase [9]