How was the performance of large insurance groups in the past year? China Pacific Insurance is a &#34;typical case.&#34;
On the evening of March 26, China Pacific Insurance announced its 2024 annual report.
The annual report shows that in 2024, China Pacific Insurance achieved an operating income of 404.089 billion yuan, a year-on-year increase of 24.7%. The net profit attributable to shareholders of the listed company was 44.96 billion yuan, a year-on-year increase of 64.9%.
With outstanding performance, China Pacific Insurance launched a generous dividend plan, proposing to distribute a cash dividend of 1.08 yuan per share (before tax), totaling 10.39 billion yuan in dividends.
The annual report also highlighted the progress of China Pacific Insurance in &#34;insurance + technology&#34; in 2024, including the innovative construction of a new service model for comprehensive risk reduction, the launch of the &#34;Digital Human - AI Taizhu Agent Empowerment&#34; project, the promotion of intelligent claims automation, and receiving DCMM Level 5 certification. This is clearly beneficial for the sustainable growth of China Pacific Insurance in the future.
<h2>Steady Growth in Premiums</h2>
First, let's look at the &#34;main event&#34; of China Pacific Insurance—life insurance business.
In 2024, the agent channel of China Pacific Insurance achieved a scale premium of 202.479 billion yuan, a year-on-year increase of 3.6%, of which the new policy premium income was 28.727 billion yuan, a year-on-year increase of 9.7%.
Among them, in 2024, the bancassurance channel achieved a scale premium of 40.902 billion yuan, a year-on-year increase of 7.4%, with new policy premium income of 10.871 billion yuan, a year-on-year increase of 20.5%.
In addition, during the same period, the group policy channel of China Pacific Insurance achieved a scale premium of 15.850 billion yuan, with new policy premium income from occupational marketing of 1.461 billion yuan, a year-on-year increase of 22.3%.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/caadd9c7-9437-49d8-91b2-484fbefcb227.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/caadd9c7-9437-49d8-91b2-484fbefcb227.png"/>
<h2>Outstanding Investment Performance</h2>
China Pacific Insurance disclosed that in 2024, the company achieved a net investment income of 82.799 billion yuan, a year-on-year increase of 6.5%.
Additionally, the company's net investment yield was 3.8%, which is quite good in the industry. The net investment income of insurance companies usually refers to the net amount of investment income after deducting related costs and expenses.
Furthermore, China Pacific Insurance also disclosed the scale data of managed assets.
As of the end of 2024, China Pacific Insurance managed assets of 3.54 trillion yuan, an increase of 21.2% compared to the end of the previous year; among them, the scale of third-party managed assets was 808.203 billion yuan, an increase of 20.1% compared to the end of the previous year.
<h2>Investment Portfolio Exposure</h2>
China Pacific Insurance disclosed: In terms of investment concentration, the company's investment holdings are mainly concentrated in industries such as finance, transportation, and infrastructure, with strong risk resistance.
<img src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/a5f64e38-4b0d-4592-8f23-9b8725596f21.png?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://wpimg-wscn.awtmt.com/a5f64e38-4b0d-4592-8f23-9b8725596f21.png"/>
In addition, the company's equity asset investment varieties are relatively diversified; the comprehensive strength of the debt repayment subjects related to fixed income asset investments is generally strong, and besides government bonds, the main trading counterparts include China National Railway Group Co., Ltd. and large state-owned commercial banks and other large state-owned enterprises
CPIC further disclosed the specific allocation ratios.
<blockquote>
As of the end of December 2024, corporate bond investments accounted for 60.1% of investment assets, an increase of 8.4 percentage points from the end of the previous year; among them, government bonds, local government bonds, and policy financial bonds accounted for 44.5% of investment assets.
Equity financial assets accounted for 14.5% of investment assets, of which stocks and equity funds accounted for 11.2%, an increase of 0.5 percentage points from the end of the previous year.
The investment scale of non-public market financing instruments was 344.709 billion yuan, accounting for 12.6% of investment assets. From an industry distribution perspective, financing projects are dispersed across industries such as infrastructure, transportation, non-bank financials, and real estate
</blockquote>

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"Insurance + Technology" Supports Business Growth Rate

- China Pacific Insurance (CPIC) reported a 24.7% increase in revenue for 2024, reaching 404.09 billion yuan, with a net profit of 44.96 billion yuan, up 64.9%.  
- The company announced a cash dividend of 1.08 yuan per share and highlighted advancements in "insurance + technology," including new service models and automated claims processing.  
- CPIC's premium income grew steadily, with significant contributions from various channels, and its investment performance showed a net investment income of 82.8 billion yuan, reflecting a 6.5% increase.

CPIC disclosed its 2024 annual report: profit increased by 64.9%, net investment income exceeded 80 billion yuan