中国太保：“长航”转型优化增长，权益反弹提升业绩

Investment Rating - The investment rating for the company is "Outperform the Market" [3][9]. Core Views - The company has shown strong profit resilience during the current industry transformation cycle, with significant improvements in both revenue and net profit due to the rebound in the capital market and stabilization of long-term interest rates [1]. - The company achieved a substantial increase in operating revenue of CNY 310.56 billion, a year-on-year growth of 21.3%, and a net profit attributable to shareholders of CNY 38.31 billion, reflecting a year-on-year increase of 65.5% [1]. - The life insurance segment continues to advance its "Long Voyage" transformation strategy, with new business value (NBV) increasing by 37.9% year-on-year [1]. Summary by Sections Financial Performance - For the first three quarters, the company reported operating revenue of CNY 310.56 billion, up 21.3% year-on-year, and insurance service revenue of CNY 209.41 billion, up 2.3% year-on-year [1]. - The net profit attributable to shareholders reached CNY 38.31 billion, marking a 65.5% increase year-on-year [1]. - The life insurance segment generated a total premium income of CNY 230.06 billion, a 3.3% increase year-on-year, with NBV reaching CNY 14.24 billion, up 37.9% [1]. Business Segments - The property and casualty insurance segment achieved original insurance premium income of CNY 159.82 billion, a year-on-year growth of 7.7%, maintaining a high growth rate among listed insurance companies [1]. - The company’s combined ratio (COR) stood at 98.7%, indicating strong risk control despite increased claims from natural disasters [1]. Investment Strategy - The company has improved its asset yield by increasing the allocation of long-term bonds and focusing on a "dividend value" strategy for equity investments, achieving a total investment return rate of 4.7%, up 2.3 percentage points year-on-year [1]. - The fair value changes resulted in a profit of CNY 42.1 billion, reversing previous losses [1]. Earnings Forecast - The earnings per share (EPS) forecast for 2024 to 2026 is adjusted to CNY 3.33, CNY 3.67, and CNY 3.93 respectively, reflecting an upward revision from previous estimates [1][2].