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]
阳光保险：2024年年报点评：利润、NBV均大幅增长，财险控费成效显著-20250327