中国人寿：Q3净利润超高增长，NBV增速继续提升

Investment Rating - The investment rating for China Life Insurance is "Outperform the Market" [1] Core Views - The report highlights a significant increase in net profit for the third quarter, with a year-on-year growth of 194% to 104.5 billion yuan, primarily driven by substantial investment gains due to a rebound in the stock market [5][7] - The report indicates a continued improvement in the new business value (NBV), which rose by 25.1% year-on-year in the first three quarters of 2024, reflecting a strong performance in new policy premiums [5][6] - The company is expected to maintain a solid market position and steady operations, supported by ongoing reforms in its marketing system and sales channels [7] Summary by Sections Financial Performance - For the first three quarters of 2024, the net profit attributable to shareholders reached 104.5 billion yuan, with a quarterly profit of 66.2 billion yuan, compared to a loss of 6.1 billion yuan in the same period last year [5][11] - The net asset value attributable to shareholders increased by 14.8% compared to mid-year, driven by growth in retained earnings and other comprehensive income [5] - The NBV for the first three quarters showed a year-on-year increase of 25.1%, up from 18.6% in the first half of the year [5] Insurance Business - New policy premiums saw a significant increase, with a year-on-year growth of 46.4% in Q3 alone, and a 0.4% increase in new policy premiums for the first three quarters [5][6] - The proportion of ten-year and above premium payments in the first-year premium payments rose by 4.3 percentage points to 46.4% [5] Human Resources - The total workforce remained stable at 694,000 by the end of Q3 2024, with a slight increase of 1.3% from mid-year [6] - The quality of the workforce improved, with a 17.7% year-on-year increase in average first-year premium per person [6] Investment Performance - Investment assets reached 6.36 trillion yuan, up 12.3% from the beginning of the year [7] - Net investment income was 144.7 billion yuan, with a year-on-year increase of 3.9%, while total investment income surged by 152% to 261.4 billion yuan [7] - The fair value changes resulted in a profit of 147.7 billion yuan for the first three quarters, compared to a loss of 12.1 billion yuan in the same period last year [7] Valuation - The report suggests that the company's valuation remains low, with a projected price-to-earnings value (PEV) of 0.9x for 2024, and a reasonable value range of 47.59 to 52.35 yuan per share [7]