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Table_MainInfo/2024 05 08 Table_InvestInfo Table_QuoteInfo-30.47%-22.90%-15.33%-7.76%-0.19%7.38%2023/5 2023/8 2023/11 2024/2 Table_ReportInfo NBV COR 2024.05.06 3 2024.05.06 3 2024.04.20 Table_AuthorInfo:Tel:(010)50949926 Email:S0850515040002:Tel:010-56760090 Email:S0850523070002 Table_Summary 2024 2.3%2024 5 6 2.31%25bps 1 2 750 OCI 3 EV EV 2023 EV NBV NBV EV EV/NBV EV 4 90 1 2023 2023 1817-17.2%-18.7%2023 A 1906-27.2%2024-9.2%2 2023 197.1%128.2%186.7%110.5%4 17 180+20 14 3 90 90 90 90 2 1.5 2.6 2.1.6 2.2.9 2.3 EV.11 2.4.13 3.“”“”.14 3.1.14 3.2“”.15 YWDWxOtOoNpOtNnOsPsNpObR8Q7NpNnNoMrNiNrRmRjMpPzQ7NoOxPuOnOvMuOoMrO 3 1 20%.5 2 2024%.5 3 GDP%.6 4.6 5%.6 6“”.7 7.7 8 2014.8 9 2016.8 10.9 11.9 12 750%.10 13 I9 I17.10 14 2023.11 15 2023 EV.12 16 NBV.12 17.13 18.13 19 90.14 20 2023 ROE.15 21 2020-2023.16 22 2020-2023.16 23 2022.16 4 1.11 2 2023 EV.12 3.15 4 2023 2024.15 5.17 6.17 UMf1KpUoIuy1ilEJVQRlX5KvZxvDHl7CnYBIQwX/6MPTLk1JwSjVE+Z6LxnqQxzk 5 1.2024 2.3%2024 5 6 2.31%25bps 1 20%2.02.53.03.54.04.55.05.56.0 wind 2024 1 2 5 0.5 1 25 2.0%1.75%2 20 LPR 5 LPR 25bps 2 0.48 0.96 2023 4 1 4 4 23 23 20 2 2024+2.4%2 2024%2.56 2.27 2.23 2.35 2.31 2.202.252.302.352.402.452.502.552.60 wind 6 1 1993 1993-1998 2010 2 21 71 24 2021 65 65 24.48%3 GDP%02468101214161991199219931994199519961997199819992000200120022003200420052006200720082009201020112012201320142015201620172018201920202021202220232024E2025E2026E2027E2028E wind 2024-2028 IMF 4 5%-4-2024681012141618 wind GDP 2.2.1 7=-1 2 3 2020 40.7%6 7 NBV 8 1 2 30%2023 45.4%4.5pct 3 8 2014 0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%2014/022014/042014/062014/082014/102014/122015/022015/042015/062015/082015/102015/122016/022016/042016/062016/082016/102016/122017/022017/042017/062017/082017/102017/122018/022018/042018/062018/082018/102018/122019/022019/042019/062019/082019/102019/122020/022020/042020/062020/082020/102020/122021/022021/042021/062021/082021/102021/122022/022022/042022/062022/082022/102022/122023/022023/042023/062023/082023/102023/12 2016 5.4%2023 3.8%4.2%4.0%3.4%4.5%-0.2pct-0.5pct-0.3pct-1.2pct-0.6pct 5 4.0%-0.6pct 2016 1.4pct 9 2016 3.0%3.5%4.0%4.5%5.0%5.5%6.0%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 9 10 2.0%3.0%4.0%5.0%6.0%7.0%8.0%2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 11 2.2=+20 IFRS4 750 750 IFRS17 10 12 750%2.02.53.03.54.04.55.02011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024750 wind IFRS17 OCI IFRS 17 OCI OCI FVOCI 13 I9 I17 OCI IFRS17 OCI 11 14 2023 12595966037442370508128.3%8.0%11.7%43.0%14.8%0%5%10%15%20%25%30%35%40%45%50%02000400060008000100001200014000%2023 H A 2.3 EV 1 2 3 2023 5%4.5%2pct 1.5pct 1pct 8%9.5%EV/NBV NBV EV EV/NBV 1 2022 2023 2022 2023 5%4.5%10.0%8.0%11.0%9.5%11.0%9.0%11.0%9.0%10.0%9.0%2023 1 EV 2023 EV 1.26 1.39 5295 2505 1015+2.4%-2.4%+1.9%-2.0%-2.2%12 15 2023 EV 123051423851962556103812606139015295250510152.4%-2.4%1.9%-2.0%-2.2%-3.0%-2.0%-1.0%0.0%1.0%2.0%3.0%0200040006000800010000120001400016000 2022 2023%2022-2023 2022 2023 2 2023 EV EV/EV 6.8%4.8%7.8%6.2%8.2%7.6%NBV/EV 3.0%2.5%4.1%2.5%3.3%1.2%/EV-6.0%-2.0%-3.3%-4.1%-5.5%-5.6%/EV-3.3%-0.7%-1.1%-4.2%-5.5%-5.2%/EV 2.0%-6.9%-12.4%1.5%0.4%0.1%2.4%-2.4%-5.0%1.9%1.0%-2.0%2023 2 NBV 2023 NBV 369 311 110 30 37+2.4%+7.8%+19.1%+24.8%+37.3%2022 2023 2023 NBV+14.0%+36.2%+30.8%+65.1%10.2%20.8%8.9%24.4%16 NBV 360044103536860288203926231080920512039109622423399930240500010000150002000025000300003500040000450002022 2023 2023 2022 2023 2023 2022 2023 2023 2022 2023 2023+14.0%-10.2%+36.2%-20.8%+30.8%-8.9%+65.1%-24.4%2017-2022 2023 2022 2023 2023 2023 2023 13 3 EV/NBV 50BP 2023 12.7%21.0%33.8%49.7%2022 8.7pct 24.2%36.3%86.0%73.3%2022 20.7pct 17.5pct 37.5pct 10BP 2023 22.0%29.2%EV/NBV EV/NBV 17-60%-50%-40%-30%-20%-10%0%2019 2020 2021 2022 2023 2019-2023 2022 50BP 2023 50BP 50BP 18-100%-90%-80%-70%-60%-50%-40%-30%-20%-10%0%2019 2020 2021 2022 2023 2019-2023 2022 50BP 2023 50BP 50BP 2.4/1 2 12 13 2023 23.7%28.5%3 1 2=/3=/14 3.3.1 90 1 90 1993 10.98%8%20 2 1996 5 1999 6 10.98%2.25%1999 500 3 1999 6 2.5%2013 90 19 90 10.98%9.18%7.47%5.67%5.67%5.22%4.77%4.77%3.78%2.25%2.25%1.98%8.80%8.80%8.80%8.80%6.50%6.50%6.50%5.00%5.00%5.00%2.50%2.50%0%2%4%6%8%10%12%wind 20 90 2003 1999 6 10 A 2050 2029 1700 576 15 3-1999.6.10 1999.6.10“”1995 1999 5%-9%50 2006 9 30 990 6.5%2050 1700-1995 1999 6 4.0%-8.8%2007 6 30 379.39 6.53%2029 576-3.2 2023 2024 1 2023 151 70 81 1817-17.2%490-13.0%1327-18.7%2 2023 1906-27.2%2024-9.2%-9.3%-4.3%+1.1%-28.6%-23.5%4 2023 2024 2022 2023 2023Q1 2024Q1 667 462-30.7%228 206-9.3%1110 857-22.8%384 367-4.3%374 273-27.1%116 118 1.1%215 87-59.5%69 49-28.6%254 228-10.2%117 90-23.5%2619 1906-27.2%914 830-9.2%2023 2024 20 2023 ROE 4.7%9.7%11.4%7.9%9.6%0.0%5.0%10.0%15.0%20.0%25.0%30.0%2016 2017 2018 2019 2020 2021 2022 2023 2016-2023 2022-2023 16 2023 197.1%128.2%186.7%110.5%2024 4 17 180+20 14 21 2020-2023 197.1%238.2%186.7%285.3%-20%30%80%130%180%230%280%330%2020 2021 2022 2023 22 2020-2023 128.2%206.2%110.5%245.6%0%50%100%150%200%250%300%2020 2021 2022 2023 23 2022 100713 3917584491051611551061412020406080100120A B C D 2020 2021 2022 2023Q3 90 1 1 90 90 2 1996-2013 2.5%90 2 17 1 90 20 90 2023 3.76 1999 872 5/5863 2019 1943 2019 2415 2020 7500 2023 3700 2022 2000 2020 750 2021 1200 2021 980 2021 500 2021 4827 2021 3637 2022 2625 2023 2 2022 2033 789 38.8%6 2007:2007 28 38.8%2009:2009 1 1;40 12 2012:60 91.49%2015:144.05 60 140.08%2018:608.04 98.23%;2019 2020 2023:226 66.4 37.5 40%20%25%;17%;:2%-2.5%2 90 90 18 Table_Analysts Table_Reports,1.6 6 2.A 500 10%-10%10%-10%6 10%-10%10%-10%
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