Investment Rating - The report maintains a "Buy" rating with a target price of HKD 3.94 per share, corresponding to a P/B of 0.38 for 2024 [3][5]. Core Views - The company reported a net profit of RMB 22.773 billion for 2023, a decrease of 10.2% year-on-year, primarily due to capital market fluctuations affecting investment income, which fell by 19.7% to RMB 41.115 billion [3][4]. - The dividend per share remains stable at RMB 0.156, with a dividend payout ratio of 30.3% [3]. - The property and casualty insurance (P&C) segment shows steady premium growth, while the life insurance new business value (NBV) is experiencing rapid growth, supported by improved workforce quality and business structure [3]. Financial Summary - In 2023, the P&C insurance premium reached RMB 515.807 billion, up 6.3% year-on-year, with auto insurance premiums increasing by 5.3% and non-auto insurance premiums rising by 7.4% [3][4]. - The overall combined ratio for P&C insurance slightly increased by 0.9 percentage points to 97.6% due to external one-time factors [3][4]. - The life insurance NBV grew by 69.6% year-on-year, driven by new business and improved value rates [3][4]. Premium Growth and Cost Ratios - The report highlights that the P&C insurance segment has room for profit improvement, with the combined ratio for auto insurance at 97.6% and non-auto insurance at 98.6% [3][4]. - The life insurance segment's new business premium increased by 10.5% year-on-year, reflecting strong customer demand for savings products [3][4]. Future Earnings Projections - The report projects an increase in EPS for 2024-2026, estimating RMB 0.65, RMB 0.73, and RMB 0.85 respectively [3][4].
2023年年报业绩点评：财险盈利稳健，寿险NBV快速增长