山西证券股份有限公司SHANXI SECURITIES CO.,LTD.公司研究/公司快报财务报表预测和估值数据汇总2021A2022A2023E2024E2025E2021A2022A2023E2024E2025E已赚保费339,535368,878390,113417,888446.027货币资金3254533.13438.90141,46644.62695,45781,19587,789101,141114,848买入返售金融资产13,43221,12423,23625,56028,116440,643455,372487,711537,126587,087交易性金融资产12,35326.56017,06218,18719,573退保金22,33021,4341988322,46225,293定期存款196519204,517243,130259,162278,910148,749148,147157,389166,883176,106可供出售金融资产645381715,085746,451795,673856,302提取保险责任准备金155,096175,374190714215,846239,404持有至到期投资396,428514,250533,179568,338611,644保户红利支出12,37612,12111,59912,29013,338长期股权投资26,98425,82925,59327,28029,359手续费及佣金支出30,30427,92931,30733,68235,8391,946,1642176,2992,2487272,462,8562709,950业务及管理费50,24052,7745608761,76967,515保户储金及投资款102,843120,029159,381205,909261,346409,849430,139451,419495,668539,396未到期责任准备金7149377,25083.68887,90991,55530,79425,2333629341,45847,690未决赔款准备金58,42071,43767,22870,78373,931税前利润30,79625,1763623041,38947,614寿险责任准备金1,129,6221,2589411,431,3101,625,6641,843,136所得税3,17854356,2087,142长期健康险责任准备金125,798150,290171,001189,588209,06127,61825,2403079635,18140,472应付保单红利24,17624,85827,34430,07833,08626,83424.6093002634,30139,460负债合计1,7137591,9421711,9988682,189,2062408,8457846317708801,012股本9.65209.5209.5209,6209,620险企财务指标2021A2022A2023E2024E2025E226,741228,446244,127267,869295,274EPS元)2.792.563.203.664.21少数股东权巷5,6645,5825,7325,7825,832BVPS元)24.1625.9728.4531.30所有青权益合计232,405234,128249,859273,651301,106EVP元)51.8054.0157.7661.5465.40内含价值（百万元）2021A2022A2023E2024E2025EPE(X)10.2511.187.826.80调整后净资产287,213298,142337,549368,969399,742PB(X)1.181.181.101.010.91扣偿后有效业务价值214,763225,326229,929235,966243,441P/EV0.550530.500.460.44内含价值498,309519,621555,664592,021629,1924.504.304.024.023.98一年新业务价值13,4129,20510,58610,95211,4125.704204.395.712021A2022A2023E2024E2025E财产险综合成本率99.0097.3097.3598.0298.52偿付能力充足率（寿险）财产险赔付率69.60695567.2767.3167.33偿付能力充足率（产险）财产险费用率29.4027.7530.0930.7131.19偿付能力充足率（集团）资料来源：Wind,山西证券研究所请务必阅读最后一页胶票评级说明和免责声明2