2017-2023 年太平人寿个险代理人规模及增速

2017H12018H12019H12020H12021H12022H12023H1

140.0%

120.0%

100.0%

80.0%

60.0%

40.0%

20.0%

0.0%

-20.0%

-40.0%

-60.0%

-80.0%

20.0%

2017H12018H12019H12020H12021H12022H12023H1

15.0%

10.0%

5.0%

0.0%

-5.0%

-10.0%

-15.0%

资料来源：公司年报、招商证券注：2023H1为新准则下数据

资料来源：公司年报、招商证券注：2023H1为新准则下数据

图3：2017-2023年太平集团经营净利润占比变化图4：2017-2023年太平人寿NBV及增速

150%

130%

110%

90%

70%

50%

30%

10%

-10%

-30%

-50% 90

80 70 60 50 40 30 20

2017H12018H12019H12020H12021H12022H12023H110 0

90%

60%

30%

0%

-30%

-60%

-90%

寿险资管财险（境内+境外）养老及团体险再保险其他

资料来源：公司年报、招商证券注：2023H1为新准则下数据

2017H12018H12019H12020H12021H12022H12023H1

寿险NBV（亿港元）增速

资料来源：公司年报、招商证券

图5：2017-2023年太平人寿个险代理人规模及增速图6：2017-2023年太平集团总投资收益率

50 45 40 35 30 25 20 15 10 5 0

2017H12018H12019H12020H12021H12022H12023H1

个险代理人规模（万人）增速

70%

60%

50%

40%

30%

20%

10%

0%

-10%

-20%

-30%

6.5%

6.0%

5.5%

5.0%

4.5%

4.0%

3.5%

3.0%

2.5%

2.0%

2017H12018H12019H12020H12021H12022H12023H1

资料来源：公司年报、招商证券资料来源：公司年报、招商证券

注：2023H1为新准则下数据

图7：中国太平历史PEBand图8：中国太平历史PBBand

(元)