Investment Rating - The report maintains a "Buy" rating for the company [1] Core Insights - The company demonstrated robust underwriting in auto insurance, with total premium income reaching 538.06 billion yuan, a year-on-year increase of 4.3% [4] - The net profit attributable to shareholders increased by 30.9% year-on-year to 32.17 billion yuan, driven by improved investment performance [8] - The combined ratio (COR) stood at 98.8%, reflecting a 1.0 percentage point increase year-on-year, primarily due to natural disaster impacts [6][7] Summary by Sections Insurance Service Revenue - The company achieved insurance service revenue of 485.22 billion yuan, up 6.1% year-on-year, with a quarterly growth trend showing improvement [5] - Auto insurance service revenue was 294.70 billion yuan, a 4.5% increase, with a market share in the new car segment rising to 38.8% [5] - Non-auto insurance service revenue reached 190.52 billion yuan, growing by 8.8%, with significant contributions from various segments including agricultural insurance and liability insurance [6] Profitability and Cost Management - The underwriting profit decreased by 43.9% year-on-year to 5.71 billion yuan, influenced by an increase in the combined loss ratio to 73.0% due to natural disasters [6][7] - The company implemented cost control measures, resulting in a decrease in the expense ratio for auto insurance to 24.2% [7] Investment Performance - Total investment income rose to 34.94 billion yuan, a substantial increase of 67.9% year-on-year, benefiting from a recovery in equity markets [8] - The total investment return rate was 5.5%, reflecting a 2.0 percentage point increase year-on-year [4][8] Future Outlook - The company is expected to maintain its leading position in the property insurance sector with a market share of 31.8% [8] - Profit forecasts for 2025 and 2026 have been adjusted to 37.4 billion yuan and 43.3 billion yuan respectively, with a new forecast for 2027 set at 50.4 billion yuan [9]
中国财险：2024年年报点评：车险承保稳健，投资推升业绩-20250329