Investment Rating - The investment rating for the company is "Buy" and is maintained [7]. Core Views - The company reported a net profit of 36.331 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 77.2%. The growth in profit is primarily attributed to improved investment income, which saw a significant year-on-year increase of 80.9% [4][6]. - The comprehensive cost ratio for the property insurance segment is 98.2%, which is a slight increase of 0.3 percentage points year-on-year, mainly due to the impact of natural disasters. The original premium income for property insurance reached 428.33 billion yuan, growing by 4.6% year-on-year [5]. - The life insurance segment showed a remarkable performance with a new business value (NBV) growth of 113.9% year-on-year, indicating a significant improvement in business quality. The long-term insurance new single premium reached 41.413 billion yuan, with a year-on-year decline of 9%, but the growth rate improved compared to the first half of the year [5][6]. Summary by Sections Financial Performance - The company achieved a net profit of 36.331 billion yuan in the first three quarters of 2024, up 77.2% year-on-year. The total investment income, including interest income and investment gains, increased by 80.9% year-on-year [4][6]. - The comprehensive cost ratio for property insurance was reported at 98.2%, up 0.3 percentage points year-on-year, influenced by natural disasters [5]. Insurance Segments - In the property insurance segment, the comprehensive cost ratio was 96.8% for auto insurance, with original premium income of 428.33 billion yuan, a 4.6% increase year-on-year. Non-auto insurance premiums showed varied growth rates, with liability insurance up 11.8% and health insurance up 8% [5]. - The life insurance segment reported a new business value growth of 113.9% year-on-year, with health insurance also performing well, achieving a 34.5% increase in new single premium [5][6]. Market Outlook - Despite short-term challenges from natural disasters and market fluctuations, the company's solid fundamentals and profitability remain intact. The outlook for the industry is positive, with expectations of improved asset-liability dynamics and valuation upside [6].

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 致：香港交易及結算所有限公司 公司名稱: 中國人民保險集團股份有限公司 呈交日期: 2024年10月31日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01339 | 說明 | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 8,726,234,000 | RMB | | 1 RMB | | 8,726,234,000 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 8,726,234,000 | RMB | | 1 RMB | | 8,726,234,000 | | 2. 股份分類 | 普通股 | 股 ...

Investment Rating - The report maintains a "Recommended" investment rating for the company [1][3]. Core Views - The company achieved a significant increase in net profit driven by investment, with a net profit of 36.331 billion yuan for the first three quarters of 2024, representing a year-on-year increase of 77.2%. The net profit for Q3 alone reached 13.644 billion yuan, a staggering year-on-year increase of 2093.6% [1]. - The combined ratio (COR) for the property and casualty insurance segment was impacted by typhoon weather, rising to 98.2%, an increase of 0.3 percentage points year-on-year [1]. - The life insurance segment saw a remarkable increase in new business value (NBV), which grew by 113.9% year-on-year [1]. Financial Performance Summary - For the first three quarters of 2024, the company reported original premium income of 428.33 billion yuan, a year-on-year increase of 4.6%. The auto insurance segment contributed 213.42 billion yuan, accounting for 49.8% of the total original premium income, with a year-on-year growth of 3.2% [1]. - The non-auto insurance segment saw a total original premium income growth of 5.9% year-on-year, with health insurance and liability insurance growing by 8.0% and 11.8% respectively [1]. - The company’s investment in equity assets is leading compared to peers, with equity assets accounting for 29.6% of total assets as of H1 2024 [1]. Earnings Forecast - The report maintains the company's EPS forecast for 2024-2026 at 0.87, 0.89, and 0.91 yuan respectively. The target price for 2025 is set at 8.8 yuan, with a price-to-book (PB) target of 1.1x for property insurance and 0.6x for life insurance [1][2].

中国人民保险集团股份有限公司 投资者关系活动记录表 编号：2024-004 资金性风险，更有利于保险业服务国家大局、支持国家战 略实施。未来，中国人保将提高政治站位，积极践行金融 的政治性和人民性要求，加强与金融监管部门的沟通，为 相关业务开展做好充分准备，利用好互换便利工具，为资 本市场的稳定和发展提供有力支持，为实现金融强国的目 标贡献力量。 问题五：2024 年前三季度，人保财险承保利润同比 下滑 12.68%的原因是什么？ 答复：2024 年前三季度，公司承保利润同比下降， 主要是受低温雨雪冰冻、暴雨、强台风等灾害事故影响。 问题六：今年前三季度，公司财产险业务板块新能源 车险保费增长及综合成本率情况如何？车均保费是否有 所下降？ 答复：1-9 月，公司承保新能源汽车数量同比增长 59.6%，保费收入同比增长 58.5%。车均保费保持稳定。 新能源商业车险综合成本率高于燃油车商业车险业 务，主要是受新能源车出险率高的影响，赔付率较高。 公司将持续加大新能源车险风险定价能力建设，加强 业务选择，提升优质业务占比，守住盈利底线，实现新能 | | ☑投资者说明会 | | --- | --- | | 投资者关 ...

Financial Performance - Total revenue for Q3 2024 reached RMB 177,269 million, an increase of 28.5% year-on-year[2] - Net profit attributable to shareholders of the parent company for Q3 2024 was RMB 13,644 million, a significant increase of 2,093.6% compared to the same period last year[2] - Basic earnings per share for Q3 2024 were RMB 0.31, reflecting a year-on-year increase of 2,093.6%[2] - Net profit attributable to shareholders of the parent company was CNY 36.331 billion, reflecting a significant year-on-year growth of 77.2%[11] - The basic earnings per share rose to CNY 0.82, up 77.2% from CNY 0.46 in the same period last year[10] - For the nine months ended September 30, 2024, the net profit attributable to shareholders of the parent company was RMB 12,260 million, an increase of 72.5% compared to RMB 7,090 million for the same period in 2023[19] - The total comprehensive income attributable to shareholders of the parent company for the nine months ended September 30, 2024, was RMB 32,181 million, up 80.2% from RMB 17,894 million in the prior year[19] Assets and Liabilities - Total assets as of September 30, 2024, amounted to RMB 1,701,505 million, representing a 9.3% increase from December 31, 2023[3] - The total liabilities as of September 30, 2024, were CNY 1,336.282 billion, reflecting a 9.0% increase from the previous year[10] - The company's equity attributable to shareholders increased to RMB 267,661 million as of September 30, 2024, from RMB 242,355 million at the end of 2023[17] - The total assets as of September 30, 2024, amounted to RMB 1,701,505 million, compared to RMB 1,557,159 million as of December 31, 2023[16] - The total liabilities as of September 30, 2024, were RMB 1,336,282 million, an increase from RMB 1,225,490 million as of December 31, 2023[17] Cash Flow - The net cash flow from operating activities for the first nine months of 2024 was RMB 81,011 million, up 27.0% year-on-year[2] - The net cash flow from operating activities for the nine months ended September 30, 2024, was RMB -120 million for the nine months ended September 30, 2024, an improvement from RMB -710 million in the same period of 2023[25] - The total cash inflow from investment activities for the nine months ended September 30, 2024, was RMB 358,085 million, compared to RMB 304,806 million in the prior year, marking an increase of 17.5%[21] - The net cash outflow from investment activities for the nine months ended September 30, 2024, was RMB 68,623 million, compared to RMB 51,335 million in the same period of 2023, indicating a 33.7% increase in cash used for investments[22] Investment and Business Growth - The company reported a total investment income growth due to market recovery, contributing to the significant increase in net profit[5] - The company is focusing on optimizing asset allocation and enhancing credit risk management in its investment strategies[15] - The company has increased its allocation to long-term interest rate products and deposits to meet new funding needs[15] - New business value for life insurance increased by 113.9% year-on-year, indicating strong growth in this segment[12] - The company is actively promoting a new business model combining insurance, risk reduction services, and technology[12] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 161,742 for A shares and 5,169 for H shares[6] - The largest shareholder, the Ministry of Finance of the People's Republic of China, holds 60.84% of the shares[6]

1 证券代码：601319 证券简称： 中国人保 公告编号：临 2024-037 中国人民保险集团股份有限公司 第五届董事会第三次会议决议公告 经与会董事审议并表决，形成以下会议决议： 审议通过了《关于2024年A+H第三季度报告的议案》 具 体 内 容 详 见 本 公 司 同 日 于 上 海 证 券 交 易 所 网 站 （www.sse.com.cn）披露的相关内容。 表决结果：13 票同意，0 票反对，0 票弃权 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。 本公司第五届董事会第三次会议（以下简称"会议"）的通知和 材料于 2024 年 10 月 10 日以书面方式通知全体董事，会议于 2024 年 10 月 29 日在北京市西城区西长安街 88 号中国人保大厦以现场会议 方式召开。会议应出席董事 13 名，现场出席 10 名，视频连线出席 3 名。高永文董事、崔历董事、徐丽娜董事以视频连线方式出席会议。 会议由赵鹏副董事长主持。监事会成员及部分高级管理层成员列席了 会议。会议的召开符合《中华人民共和国公司法》等相关法 ...

中国人民保险集团股份有限公司 第四届监事会第二十五次会议决议公告 本公司监事会及全体监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。 中国人民保险集团股份有限公司（以下简称"公司"）第四届监 事会第二十五次会议（以下简称"会议"）的通知和材料于 2024 年 10 月 10 日以书面方式发送全体监事，会议于 2024 年 10 月 10 日至 10 月 29 日以书面传签方式召开。经半数以上监事推举，会议由李慧 琼监事召集。会议的召集、召开符合《中华人民共和国公司法》等相 关法律、行政法规、部门规章和公司章程的规定，会议合法、有效。 经与会监事审议并表决，形成以下会议决议： 证券代码：601319 证券简称：中国人保 公告编号：临 2024-038 （三）在提出本意见前，未发现参与公司 2024 年 A 股和 H 股第 三季度报告编制和审议的人员有违反保密规定的行为。 表决结果：3 票同意，0 票反对，0 票弃权 特此公告。 中国人民保险集团股份有限公司监事会 2024 年 10 月 29 日 2 审议通过了《关于 2024 年 A 股和 H ...

Group 1 - The new appointment of Ding Xiangqun as the Party Secretary of China Insurance (China Renbao) marks a significant leadership change after a two-month vacancy [1] - Ding Xiangqun is the fourth leader of China Insurance since 2020 and the first female head of a major insurance company in China since the elevation of the company in 2012 [1] - Prior to this role, Ding held various positions in the banking sector, including Vice President of the National Development Bank and Deputy Governor of Guangxi Zhuang Autonomous Region [1] Group 2 - China Insurance, established in 1949, is a major state-owned insurance financial group with a 60.84% stake held by the Ministry of Finance and 12.68% by the National Social Security Fund [2] - In 2023, China Insurance reported a net profit of 22.773 billion yuan and insurance service revenue of 503.9 billion yuan, with original insurance premium income exceeding 66.17 billion yuan [2] - As of June 2024, the total assets of China Insurance amounted to 1.65 trillion yuan [2]

证券代码：601319 证券简称：中国人保 公告编号：临 2024-036 中国人民保险集团股份有限公司 关于召开 2024 年第三季度业绩说明会的公告 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。 重要内容提示： 会议召开时间：2024 年 10 月 30 日（星期三）15:00-16:00 会议召开地点：上证路演中心（http://roadshow.sseinfo.com） 会议召开方式：上证路演中心文字互动 （三）会议召开方式：上证路演中心文字互动 三、参加人员 投资者可于 2024 年 10 月 23 日(星期三)至 10 月 29 日(星期二) 16:00 前登陆上证路演中心网站首页，点击"提问预征集"栏目进行 提问。公司将在业绩说明会上对投资者普遍关注的问题进行回答。 一、说明会类型 本次业绩说明会通过文字互动的方式召开，本公司将针对 2024 年第三季度业绩和经营情况与投资者进行互动交流，并对投资者普遍 关注的问题进行回答。 二、说明会召开的时间、地点和方式 （一）会议召开时间：2024 年 10 月 30 日 ...

证券代码：601319 证券简称：中国人保 公告编号：临 2024-035 根据中共中央决定，丁向群女士任中共中国人民保险集团股份有 限公司委员会书记。 特此公告。 中国人民保险集团股份有限公司董事会 2024 年 10 月 22 日 中国人民保险集团股份有限公司 关于党委书记任职的公告 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。 ...