资源描述
2023 2024 04 11-23-20240329-23-20240328-NBV 23-20240328-COR NBV 23-20240327-23-20240327-23 NBV-20240327-23-20240326 S1060520040001 BQC673 WANGWEIYI S1060520040002 LIBINGTING S1060122070023 WEIJIWEN 2023 VIF NBV VIF NBV EV NBV EV 2023 NBV 2023 NBV EV 2Q23 4Q23 NBVM NBV 2023 COR 2023 2023 2023 2024 NBV 2024 COR A 1 2 NBV 3 4 5 2/21.5 1.1.5 1.2 EV NBV.5 1.3 EV.8 2023 NBV.10 2023 COR.15 2023.17.19 5.1.19 5.2.19 XVBYyRrMtQoPsMtQnQtMmNbRbP6MpNnNpNmQlOpPtPeRqRoMaQnMqOuOqQoNuOnMqO 3/21 1.6 2.6 3.7 4.8 5 EV EV.9 6 2023 EV.9 7 2023 NBV.9 8.10 9.10 10 2023.11 11 2023.11 12 2023 EV.11 13.11 14.12 15.12 16.13 17.13 18.13 19.13 20 NBV NBVM.14 21 NBV NBVM.14 22 NBV NBVM.14 23 2023.15 24.15 25 2023.15 26 2023.15 27“”.16 28“”.16 29“”.16 30“”.16 31“”.17 32“”.17 33 2023.17 4/21 34 2023.18 35 2023.19 36 2021-2023.19 K/tIlC46Qp0jafvuauO6+MiCYydMK33bsDsO0TSEcfY93qxYFh0fwkY4S7x01mHn 5/21 1.1 2016 11 Embedded Value EV EV EV EV=+=+RC FS VIF ANW=-+VIF NBV 1=+2 1.2 EV NBV 2024 3 29 2.29%6/21 2023 A 2023 300-3.70%-13.54%-11.38%2023 2.7%YoY-1.3pct 3.0%YoY+0.6pct 2.6%YoY-1.5pct 1.8%YoY-2.5pct 2.7%YoY+1.5pct 3.3%YoY-1.3pct 1 Wind 2 2.0%2.5%3.0%3.5%4.0%4.5%5.0%2013/8/30 2014/10/30 2015/12/30 2017/2/28 2018/4/30 2019/6/30 2020/8/31 2021/10/31 2022/12/31 2024/2/2910 100%1%2%3%4%5%6%7%8%9%2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 7/21 1 2008 2007 11.5%2008 11.0%2008 11.5%12.0%2009 11.0%11.5%50bps 11.5%50bps 2012 2013 2020 11.0%2016 100bps 10.0%=+2023 2018 2018 3.62%2014 3 2.41%20 7%2022 10.0%10.0%2023 8.0%9.0%11.0%9.5%11.0%9.0%100-200bps 2023 5.5%-6.5%3 2 2015 2015 5.5%5.2%2016 5.0%5.25%2023 2022-2023 2022 A 2023 IFRS9 7.0%8.0%9.0%10.0%11.0%12.0%13.0%8/21 FVTPL FVTPL FVTPL FVOCI FVOCI IAS39 AFS IFRS9 FVTPL 10-15 2022 5.0%2023 4.5%50bps 4 1.3 EV VIF NBV VIF NBV EV NBV EV 2022-2023 EV 7.5%NBV EV 2023 NBV NBV EV 3.0%2022 2.6%2022-2023 EV-6.3%2023 EV 2022 EV VIF ANW ANW VIF NBV EV 4.0%4.2%4.4%4.6%4.8%5.0%5.2%5.4%5.6%5.8%6.0%9/21 5 EV EV 2023 2023 NBV 2023 2023 2023 2023 EV 12606 8310 4020 2505 2224 1015 EV-2.5%-10.7%-5.2%-5.0%-6.6%-6.0%2023 2023 NBV 369 311 110 30 68 37 NBV-10.2%-20.8%-8.9%-24.4%-20.1%2022 2023 NBV NBV 6 2023 EV 7 2023 NBV 2022 2023 EV 2023=2023 EV+=2023 EV+=2023 EV+-15%-10%-5%0%5%10%2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 EV NBV-12%-10%-8%-6%-4%-2%0%02000400060008000100001200014000 2022 EV 2023 EV EV-30%-25%-20%-15%-10%-5%0%050100150200250300350400450 2022 NBV 2023 NBV NBV 10/21 1 2023 EV 2023 EV-2.5%8.0%2 2023 NBV 2023 NBV-24.4%2023 65.2%2019 58.6%2023 7.5%3 2023 NBV EV 2023 EV 2022 EV-6.0%NBV-16.9%NBV 2023 NBV 2023 97 YoY-13.7%7.9%YoY-3.5pct 19 YoY-55.3%7.5%YoY-13.7pct 2023 17.8%YoY-1.0pct 32.8%YoY-2.7pct 8 9=+10 2023 NBV 2023 3.5 YoY+10.2%2023+10.2%+9.1%+5.8%+4.9%+4.3%+1.7%2023 6674 YoY+19.5%+19.5%+46.6%+31.7%+13.7%-20-15-10-50510 2021 2022 2023 PCT 0%20%40%60%80%100%202220232022202320222023202220232022202320222023 11/21 10 2023 11 2023 Wind 1 2 2022 2023 3 4 5 2023 EV 2023 2022 2023 EV 12933 YoY+5.1%9302 YoY+6.3%4241 YoY+6.5%2638 YoY+3.2%2380 YoY+9.8%1080 YoY+4.0%EV 19640 YoY+6.2%4.3pct NBV 2023 2023-3.7%-3.5%-2.4%-4.6%-3.4%+0.3%12 2023 EV 13-10%-5%0%5%10%15%20%010002000300040005000600070002022 2023 0%2%4%6%8%10%12%02000400060008000100001200014000 2022EV 2023EV 2023-5%-4%-3%-2%-1%0%1%12/21 2023 EV 2022 2023=2023 EV+=2023 EV+=2023 EV+2023 2023+44.6%+20.4%+14.1%12.1%+3.7%+2.9%1 2023+12.6%+27.9%+32.3%+9.8%+14.9%+10.3%-5.8pct 2 2023 2023 2023 2023 10 30%2023-14.3%-29.4%+13.1%-2.2%-18.8%-39.0%+39.4%+36.9%+170.2%+60.5%+47.6%+66.7%14 15 2Q23 4Q23 1Q23 2023 8 1 3%2.5%2%6 7 3.5%2Q23 3Q23 2024 3Q23-20.4%2024 0%20%40%60%80%100%120%140%160%180%-100%0%100%200%300%400%500%1H23 2H23 2023 13/21 4Q23 16 17 18 19 23Q1 2023 NBVM NBV 2023 NBVM 19.5%23.7%YoY-0.4pct 14.6%YoY+3.0pct 8.9%YoY+3.4pct 19.9%YoY+1.2pct 7.1%YoY+2.5pct NBVM 2023 NBV NBV+69.6%+65.0%+36.2%+30.8%+27.8%+14.0%NBVM NBV 2023 NBV+15.7%+40.3%+19.5%+65.9%+8.7%+41.3%NBVM+2.5pct 0%20%40%60%80%100%2022202320222023202220232022202320222023 1Q 2Q 3Q 4Q-60%-40%-20%0%20%40%60%80%100%120%1Q 2Q 3Q 4Q 0%20%40%60%80%100%2022 2023 2022 2023 2022 2023 1Q 2Q 3Q 4Q-40%-20%0%20%40%60%80%100%1Q 2Q 3Q 4Q 14/21-4.3 pct+0.9 pct+10.9 pct+0.3 pct+2.6 pct NBV+77.7%+139.8%+55.6%+221.8%+242.8%NBVM+0.9pct+3.5pct+0.6pct+6.3pct+1.6pct 20 NBV NBVM 21 NBV NBVM 22 NBV NBVM 1 2023 2022 2023 2022 2023 2022 2 2023 NBV 2023 NBV=2023 NBV NBV*NBV 3 NBVM NBVM=NBV NBVM 2023 2023 167 YoY-19.6%2021 2022 19.5%19.5%24.1%23.7%11.6%14.6%5.5%8.9%18.7%19.9%4.6%7.1%0%5%10%15%20%25%30%0501001502002503003504004502022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 NBV NBVM 0%5%10%15%20%25%30%35%40%050100150200250300350400450202220232022202320222023202220232022202320222023 NBV NBVM 0%5%10%15%20%25%05101520253035402022202320222023202220232022202320222023 NBV NBVM 15/21 2023 1+2.1pct+13.6%2 53.3%YoY+2.5pct 7402 YoY+37.3%3 67.9%YoY+4.5pct 6051 YoY+46.3%4 2.7 YoY-40.0%15.8%YoY+0.8pct CSM 4.5%CSM CSM 8%-9%2023-6.1%-0.8%-4.7%+10.9%-25.3%8.9%8.3%23 2023 24 YoY/YoY 63.4-5.1%14506.0 16.8%34.7-22.0%34555.0 103.9%21.0-24.7%12848.0 51.7%15.5-21.3%7046.8 33.0%23.5-40.0%9211.9 77.9%8.9-8.8%10866.9 22.0%167.0-19.6%=+12 2023 COR 2023 15868 YoY+6.7%8673 YoY+5.6%54.7%7195 YoY+8.1%+17.2%+10.9%2023+11.4%+6.7%+6.3%+1.4%25 2023 26 2023 Wind Wind 2023 63.4%-25%-20%-15%-10%-5%0%5%10%15%2022 2023 2022 2023 2022 2023-5%0%5%10%15%20%16/21 1 2023+5.3%+6.2%+5.6%2 2023 2023+7.4%-8.7%+19.3%44.6%29.2%45.0%27 28 COR 2023 COR 97.6%YoY-0.9pct 100.7%YoY+1.1pct 97.7%YoY+0.8pct+0.2pct+0.9pct+1.1pct-0.3pct 2023 110.7 YoY-22.1%-20.8 YoY-292.5%41.4 YoY-15.6%24.5-68.2 17.3 2023 COR 131.1%YoY+5.5pct 68.34 2023 COR 98.4%29 30 COR 2023 COR 96.9%YoY+2.4pct 97.7%97.6%YoY+1.1pct 1 2022 2021 2023 2023 44.1%44.6%32.5%29.2%42.0%45.0%01000200030004000500060002022 2023 2022 2023 2022 2023-20%-10%0%10%20%30%40%2022 2023 2022 2023 2022 2023 71.3%71.5%68.0%69.1%98.5%97.6%99.6%100.7%96.9%97.7%0%20%40%60%80%100%120%2022 2023 2022 2023 2022 2023 142.1 110.7 10.8-20.8 49.1 41.4-50-2502550751001251502022 2023 2022 2023 2022 2023 17/21 26.5%YoY+0.3pct 27.0%2 7 9 2023 70.4%YoY+2.1pct 70.6%YoY+1.1pct 31 32 2023 1 2023 2 2023 3 33 2023+11.2%+-0.2pct 51.6%+3.1pct 8.5%-0.5pct 9.3%+0.6pct 58.1%+3.5pct 8.8%-1.5pct 10.7%+-0.8pct 51.7%+8.7pct 18.6%-2.7pct 14.2%+-0.4pct 50.4%+8.8pct 11.7%-6.7pct 14.5%+-2.2pct 68.7%+6.5pct 5.7%-1.4pct 11.4%+-2.3pct 43.6%+2.2pct 15.1%-0.1pct 68.2%70.4%69.5%70.6%94.5%96.9%97.7%96.5%97.6%0%20%40%60%80%100%120%2022 2023 2022 2023 2022 2023 146.4 86.2 47.324.10204060801001201401602022 2023 2022 2023 2022 2023 1H 2H 18/21 2023 IFRS9 FVTPL 1 2022 2023 2022 2 2023 IFRS9 FVTPL FVTPL FVTPL FVOCI FVOCI IAS39 AFS 2022 12 31 IAS39 FVTPL 1%2023 IFRS9 FVTPL 21%FVOCI 2023 3.3%YoY-1.3pct 3 FVOCI 2023 34 2023 YoY YoY YoY 3.8%-0.2pct 2.7%-1.3pct 3.2%+1.3pct 4.2%-0.5pct 3.0%+0.6pct 3.6%+0.9pct 4.0%-0.3pct 2.6%-1.5pct 2.7%+0.4pct 3.4%-1.2pct 1.8%-2.5pct 3.6%-0.3pct 2.7%+1.5pct 5.0%+2.7pct 4.5%-0.6pct 3.3%-1.3pct 2023 5 A-30.7%-27.1%-22.8%-11.3%-10.2%2023 2023 0.43 YoY-12.2%2.43 YoY+0.4%1.02 0.85 YoY-21.3%0.156 YoY-6.0%1.5%6.0%4.3%2.7%3.2%19/21 35 2023 36 2021-2023 Wind 5.1 3.0%NBV 2023 NBV 2024 NBV 2024 COR 2.3%2024 2 ETF 3 IPO/2024 A A 5.2 1 2 NBV-40%-30%-20%-10%0%10%20%30%40%50%020040060080010001200 2022 2023 2023 0%1%2%3%4%5%6%7%2021/12/31 2022/12/31 2023/12/31 20/21 3 4 5 COR :6 20%6 10%20%6 10%6 10%:6 5%6 5%6 5%2024 4008866338 5023 B 25 1333 26 4 1 B 25
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