证券代码：601318 证券简称：中国平安 公告编号：临 2024-059 中国平安保险（集团）股份有限公司 保费收入公告 中国平安保险（集团）股份有限公司（以下简称"本公司"）董事会及全体董事 保证本公告内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的 真实性、准确性和完整性承担法律责任。 根据中华人民共和国财政部《企业会计准则解释第 2 号》以及《保险合同相 关会计处理规定》，本公司如下子公司于 2024 年 1 月 1 日至 2024 年 10 月 31 日 期间的原保险合同保费收入为： | | | 2024 年 | 1-10 月 | | --- | --- | --- | --- | | 子公司名称 | 原保险合同保费收入 | | 同比 | | | （人民币万元） | | （%） | | 中国平安财产保险股份有限公司 | 26,569,787 | | 6.5 | | 中国平安人寿保险股份有限公司 | 44,743,547 | | 9.4 | | 平安养老保险股份有限公司 | 1,501,042 | | -5.4 | | 平安健康保险股份有限公司 | 1,509,987 | | 14.2 | ...

Key Points Industry or Company Involved - **Company**: Not specified, but the discussion revolves around investment banking, insurance, and financial services. - **Industry**: Insurance, investment banking, and financial services. Core Views and Arguments - **Investment Yield Assumptions**: The company discussed adjusting investment yield assumptions, with a focus on the impact of the downward adjustment in the assumed interest rate. The adjustment was driven by two factors: the downward adjustment in the assumed interest rate and the improved investment yield performance compared to the assumed level. - **Effective Business Value**: Concerns were raised about the potential negative impact on effective business value due to the downward adjustment in the assumed interest rate. The company addressed these concerns by stating that the impact is minimal for them due to their conservative approach and the industry-wide cap on interest rates. - **Profit and Loss**: The company discussed the reduction in impairment losses in the third quarter, driven by the decrease in the balance of investment properties and the improvement in the performance of the investment portfolio. The company also addressed concerns about the impairment of Hua Xia Happiness, stating that they have made significant impairments and are working with the company as a creditor to recover debt. - **T-Ball**: The company explained the one-time loss of 127 billion yuan, which was related to the valuation of Lufax shares and the revaluation of convertible bonds. The company also addressed the impact of the revaluation of convertible bonds on the balance sheet and income statement. - **Underwriting Profit**: The company discussed the factors driving the growth of underwriting profit, including the amortization of CSM, the improvement in the quality of existing business, and the growth in investment scale. - **Reporting and Distribution**: The company discussed the impact of the reporting and distribution requirements on the insurance industry, stating that they are prepared for the changes and will align their business practices with regulatory requirements. Other Important Points - **Investment Portfolio**: The company discussed the performance of their investment portfolio, highlighting the improvement in investment yield performance compared to the assumed level. - **Hua Xia Happiness**: The company discussed their involvement with Hua Xia Happiness, stating that they have made significant impairments and are working with the company as a creditor to recover debt. - **T-Ball**: The company explained the one-time loss of 127 billion yuan, which was related to the valuation of Lufax shares and the revaluation of convertible bonds. - **Underwriting Profit**: The company discussed the factors driving the growth of underwriting profit, including the amortization of CSM, the improvement in the quality of existing business, and the growth in investment scale. - **Reporting and Distribution**: The company discussed the impact of the reporting and distribution requirements on the insurance industry, stating that they are prepared for the changes and will align their business practices with regulatory requirements.

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2024年10月31日 狀態: 新提交 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | A | | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 601318 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 10,762,657,695 | RMB | | 1 | RMB | | 10,762,657,695 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 10,762,657,695 | RMB | | 1 | RMB | | 10,762,657,695 | | 2. 股份分類 | 普通股 | | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 ...

Good afternoon, everyone. Thank you for attending the 2024 China Peace and Security Conference. I am the secretary of the Board of Directors, Shen Yunsheng. Today's conference will be attended by me and I am pleased to be joined by Lin Jianwei, Director of the International Public Relations Group of Ping'an Group. We will have a live conference and a video live broadcast at the same time. Let's start with Lin Jianwei. Thank you, Mr. Sun. Chairman Ma Mingzhe is in charge of the conference in Hong Kong. Mr. G ...

Investment Rating - Buy/Maintain rating for Ping An Insurance (601318) with a target price of 57.70 [1] Core Views - Ping An Insurance's Q3 2024 report shows strong growth in New Business Value (NBV) and significant profit growth driven by investment returns [1] - The company achieved a net profit attributable to shareholders of 1191.8 billion yuan, up 36.1% YoY, and an operating profit of 1138.2 billion yuan, up 5.5% YoY [1] - The annualized ROE stood at 15.9%, with growth driven by the expansion of core businesses and a recovery in the capital market [1] Business Performance Life Insurance - Life insurance operating profit reached 827.0 billion yuan, up 3.0% YoY, with NBV at 351.6 billion yuan, up 34.1% YoY [1] - Agent channel NBV increased by 31.6% YoY, with per-agent NBV growing by 54.7% and the number of agents reaching 362,000 [1] - Bancassurance channel NBV surged by 68.5% YoY, driven by exclusive agency agreements with Ping An Bank and cooperation with major state-owned banks [1] - Community financial services channel NBV increased by over 300.0%, reflecting continuous breakthroughs in customer value management [1] Property and Casualty Insurance - Property and casualty insurance operating profit reached 139.9 billion yuan, up 39.7% YoY [1] - Gross premiums written amounted to 2393.7 billion yuan, up 5.9% YoY, with auto insurance contributing 1605.4 billion yuan, up 3.8% YoY [1] - Non-auto insurance premiums were 552.4 billion yuan, up 3.5% YoY, while accident and health insurance premiums reached 235.9 billion yuan, up 31.7% YoY [1] - The combined ratio (COR) improved to 97.8%, down 1.5 percentage points YoY, with a slight increase in auto insurance COR to 98.2% due to rising liability costs and natural disasters [1] Investment Performance - The annualized comprehensive and net investment yields for the insurance fund investment portfolio were 5.0% and 3.8%, respectively, up 1.3 percentage points and down 0.2 percentage points YoY [1] - Equity market recovery in Q3 2024 contributed to the improvement in investment returns [1] - Debt plan and debt-type wealth management product investments totaled 3761.7 billion yuan, accounting for 7.1% of the portfolio, while real estate investments stood at 2050.3 billion yuan, accounting for 3.9% [1] Integrated Financial Strategy - The number of individual customers reached 240 million, up 3.8% from the beginning of the year, with 88.26 million customers holding contracts with multiple subsidiaries [1] - Customers holding four or more contracts within the group accounted for 25.1% of the total [1] - Cross-selling migration reached 16.88 million person-times in the first three quarters of 2024, reflecting the deepening of the integrated financial strategy [1] Financial Forecasts - Revenue is projected to be 10088.33 billion yuan in 2024, 10781.05 billion yuan in 2025, and 11574.71 billion yuan in 2026 [3] - Net profit attributable to shareholders is expected to be 1249.27 billion yuan in 2024, 1384.26 billion yuan in 2025, and 1544.45 billion yuan in 2026 [3] - EPS is forecasted to be 6.86 yuan in 2024, 7.60 yuan in 2025, and 8.48 yuan in 2026, with corresponding P/E ratios of 8.41x, 7.59x, and 6.80x [3] Industry Outlook - The insurance industry is expected to benefit from the recovery in the capital market and the continued growth of core businesses [1]

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聯合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，概不對因本聯合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。 本聯合公告僅供參考，並不構成收購、購買或認購陸金所證券的邀請或要約，亦並非在任何司 法管轄區徵集任何表決或批准。本聯合公告不得在任何司法管轄區發佈、刊載或派發，否則將 構成違反該司法管轄區的相關法律。 倘本聯合公告所提述陸金所要約在美國作出，則是由聯合要約人直接作出。本聯合公告所提述 由摩根士丹利代表聯合要約人作出的陸金所要約應據此詮釋。 Ping An Insurance (Group) Company of China, Ltd. （於中華人民共和國註冊成立之股份有限公司） 股份代號：2318（港幣櫃台）及 82318（人民幣櫃台） 安科技術有限公司 （於香港註冊成立的有限公司） 中國平安保險海外（控股）有限公司 （於香港註冊成立的有限公司） 聯合公告 Lufax Holding Ltd 陸金所控股有限公司 (1) (I)摩根士丹利為及代表聯合要約人作出強制性無條件現金要約 （由選擇陸金所特 ...

Investment Rating - Maintains a "Buy" rating with a 2024 PEV valuation of 0.69x, indicating the stock is in a bottom range [1][4] Core Views - The primary industry challenge remains asset-side factors, with attention needed on long-term interest rates, equity markets, and the real estate sector [1] - In a scenario of marginal improvement, the company has significant upside potential [1] - The company continues to advance channel reforms, emphasizing supply-side innovation and deepening businesses in healthcare, elderly care, and integrated finance [1] - The ecosystem advantages are expected to help build future product and pricing barriers [1] Financial Performance - Net profit attributable to shareholders in Q3 2024 reached RMB 119.182 billion, up 36.1% YoY [3] - New business value (NBV) for the first three quarters of 2024 was RMB 35.16 billion, up 34.1% YoY on a comparable basis [3] - Net investment yield and comprehensive investment yield were 3.8% and 5.0%, respectively, with the latter increasing by 1.3pct YoY [3] - Lufax's consolidation contributed a one-time profit impact of RMB 12.755 billion [3] Business Highlights - NBV growth was driven by improved NBV margins, with first-year premium NBV margin rising 7.3pct to 25.4% [3] - Individual agent force stabilized and rebounded, reaching 362,000 by the end of Q3, up from 340,000 in the first half [3] - Agent productivity improved significantly, with per capita NBV up 54.7% YoY [3] - Bancassurance and community channels contributed 18.8% of NBV, up 2.4pct YoY [3] - Property and casualty insurance underwriting profit improved, with a combined ratio of 97.8%, down 1.5pct YoY [3] Future Outlook - Short-term focus remains on asset-side factors, with potential upside in a marginally improving environment [4] - Long-term growth is supported by ongoing channel reforms, supply-side innovation, and ecosystem advantages [4]

Investment Rating - Maintain "Overweight" rating for the company [1] Core Views - The company's Q3 2024 net profit surged by +151.3% YoY, driven by strong performance in non-banking interest income (+258% YoY to 90.53 billion CNY) and investment income [1] - Operating profit (OPAT) turned positive, with life and health insurance OPAT growing by +3% YoY and property insurance OPAT increasing by +39.7% YoY [1] - New business value (NBV) grew by +34.1% YoY (non-retrospective basis: +4.7%), exceeding expectations due to improvements in both new premiums and value rate [1] - The company's agent force increased by +4.3% to 362,000, reversing the previous trend of shrinkage, with per-agent NBV rising by +54.7% YoY [1] - Property insurance premiums grew by +5.9% YoY, with combined ratio (COR) improving by -1.5pct to 97.8%, driven by better underwriting quality [1] - Investment performance was strong, with OCI (other comprehensive income) increasing by +10.9% YoY, supported by equity market recovery and bond price appreciation [1] Financial Performance - Q3 2024 net profit reached 119.2 billion CNY, up +36.1% YoY, driven by investment income and fair value changes [1] - Life and health insurance premiums grew by +5.5% YoY, while property insurance premiums increased by +5.9% YoY [1] - The company's annualized net investment yield (NII) was 3.8%, with OCI (excluding bond floating profits) rising by +2.76pct YoY to 5% [1] - EPS forecasts for 2024, 2025, and 2026 are 7.24, 8.55, and 10.47 CNY, respectively [1] Strategic Highlights - The company is focusing on optimizing its agent force, with the "You+" segment accounting for +4pct more of the total agent force [1] - Bancassurance channel NBV grew by +68.5% YoY, with external channel productivity increasing by +77% YoY [1] - The company is leveraging its integrated financial services to drive long-term growth and maintain a competitive edge in the insurance sector [1] Valuation - The company's PEV (price-to-embedded value) ratio is 0.69x, indicating potential for further valuation recovery [1] - The stock is trading at a discount compared to its historical valuation levels, with room for re-rating as core valuation pressures, such as real estate risks, ease [1]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a significant increase in net profit for the first three quarters of 2024, achieving a net profit attributable to shareholders of 119.18 billion yuan, a year-on-year increase of 36.1%, with Q3 alone showing a remarkable 151.3% increase [1][2] - The company's new business value (NBV) in life and health insurance reached 35.16 billion yuan for the first three quarters of 2024, up 34.1% year-on-year, with Q3 showing a staggering 110.3% increase [2] - The overall combined ratio (COR) for property and casualty insurance improved to 97.8%, a year-on-year optimization of 1.5 percentage points [2] - The annualized comprehensive investment return rate improved to 5.0%, an increase of 1.3 percentage points year-on-year, benefiting from a recovery in the stock market [3] Financial Summary - For 2024, the company expects operating revenue of 970.9 billion yuan, net profit attributable to shareholders of 130.3 billion yuan, and earnings per share (EPS) of 7.16 yuan [4][6] - The projected operating revenue for 2025 and 2026 is 1,035.9 billion yuan and 1,093.6 billion yuan, respectively, with corresponding net profits of 150.8 billion yuan and 170.0 billion yuan [4][6] - The company's return on equity (ROE) is projected to improve to 13.1% in 2024, 14.0% in 2025, and 14.5% in 2026 [6][8]

Investment Rating - The investment rating for the company is "Buy - A / Buy - H" with a current price of 56.90 CNY / 49.05 HKD and a reasonable value of 58.55 CNY / 54.87 HKD [2]. Core Views - The company reported a significant increase in net profit attributable to shareholders, reaching 119.18 billion CNY, which is a year-on-year growth of 34.1% [2][9]. - The growth in net profit was primarily driven by the upward movement in equity markets and some one-time gains, with quarterly growth rates of -4.3%, +20.4%, and +151.3% for Q1, Q2, and Q3 respectively [2][9]. - The new business value (NBV) for the first three quarters was 35.16 billion CNY, reflecting a year-on-year increase of 34.1% [3][4]. Summary by Sections Life Insurance - The improvement in value rates and the reduction in new business premium declines contributed to a significant increase in new business value, with a year-on-year growth of 34.1% [3][4]. - The quarterly growth rates for new business value were 20.7%, 0%, and 110.3% for Q1, Q2, and Q3 respectively, with Q3 showing a substantial recovery [3][4]. - The agent workforce showed a positive trend, reaching 362,000, with a year-on-year increase of 0.6% and a quarter-on-quarter increase of 6.5% [4][6]. Property and Casualty Insurance - The original premium scale for property and casualty insurance reached 239.37 billion CNY, with a year-on-year growth of 5.9% [8]. - The combined cost ratio improved to 97.8%, a decrease of 1.5 percentage points year-on-year, indicating better underwriting profitability [8][9]. Profitability - The company's net profit for the first three quarters was 119.18 billion CNY, with a year-on-year increase of 36.1% [9][11]. - The operating profit also showed a year-on-year increase of 5.5%, with life insurance operating profit growing by 3% and property insurance by 39.7% [9][11]. Earnings Forecast and Investment Recommendations - The forecast for EPS is 7.5, 7.6, and 8.0 CNY for 2024, 2025, and 2026 respectively, with a corresponding valuation of 58.55 CNY per share for A-shares [12][13]. - The company is expected to maintain a stable growth trajectory in both insurance service performance and investment performance, with projected net profit growth rates of 58.4%, 2%, and 5.7% for 2024 to 2026 [12][13].