Summary of Xinhua Insurance Conference Call Company Overview - **Company**: Xinhua Insurance - **Date**: Q1 2025 Key Points Investment Performance - In Q1 2025, Xinhua Insurance's overall investment performance outperformed benchmarks despite weaker A-share market performance compared to the previous year, while Hong Kong stocks showed strong returns [3][6] - The proportion of equity assets increased significantly from 15% to nearly 19%, with total equity assets accounting for 21%-22% [3][6] - Plans to increase high-dividend asset allocation to optimize internal structure and enhance asset quality and returns, contingent on solvency ratio constraints [3][6] High Dividend Strategy - Xinhua Insurance is committed to increasing its OCI high-dividend strategy, with current OCI stock holdings around 30 billion, up from over 5 billion at the beginning of 2024 [3][9] - The company aims to gradually increase this allocation as part of a long-term goal, recognizing the dual-edged nature of OCI assets [10] Regulatory Environment - The company supports regulatory policies that encourage insurance funds to invest as long-term capital, leading to a notable increase in equity asset ratios since 2024 [6][17] - Xinhua Insurance plans to maintain a stable strategy in the bancassurance channel, which contributed 30% to new business value in 2024 [3][21] Financial Strategy and Profitability - The insurance industry is facing profit decline pressures in 2025, and Xinhua Insurance will adjust its strategies accordingly [3][17] - The company typically distributes dividends based on 10% of net profit attributable to the parent company, with historical distributions around 30% [17] Market Outlook - The capital market is expected to remain stable in 2025, with potential downward pressure on interest rates due to government monetary policy [5] - A-share market is viewed as having investment value due to relatively low valuations [5] Asset and Liability Management - The company has reduced the proportion of ACC assets and sold some AC assets in 2024, generating approximately 3 billion in profits [3][13][16] - The cost of liabilities for existing business remains above 3%, while new business liability costs have decreased to around 2% [3][23] Product Strategy - The company is focusing on traditional products and dividend-type products, with a strategic goal to enhance the sales of dividend-type products [21] - The company is also adjusting its actuarial assumptions in response to potential changes in preset interest rates [18][19] Human Resources and Operational Efficiency - Xinhua Insurance is focusing on cost reduction and efficiency improvements while maintaining investment in core human resources and training [25] - The company does not have specific targets for increasing headcount but aims to enhance the quality of its workforce [25] Conclusion - Xinhua Insurance is strategically positioned to navigate the challenges of the insurance market in 2025, with a focus on optimizing its investment portfolio, enhancing profitability, and maintaining a strong market presence through effective product strategies and operational efficiency [20][21]

www.newchinalife.com NEW CHINA LIFE INSURANCE COMPANY LTD. 新華人壽保險股份有限公司 NEW CHINA LIFE INSURANCE COMPANY LTD. 股份代號: 01336 （於中華人民共和國註冊成立的股份有限公司） 2024 年度報告 新華保險服務號 新華保險服務號 投資者關係網站 New China Insurance Tower, A12 Jianguomenwai Avenue, Chaoyang District, Beijing 100022,P.R.C 新華人壽保險股份有限公司 北京市朝陽區建國門外大街甲12號新華保險大廈 2024 年度報告 New China Life Insurance Company Ltd. 新華人壽保險股份有限公 司 重要提示 註： 1. 公司第八屆董事會第二十八次會議同意聘任潘興先生為公司總精算師，其任職資格尚 待監管機構核准。 01 1 本公司董事會、監事會及董事、監事、高級管理人員保證本報告內容的 真實、準確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔 個別和連帶的法律責任。 2 本公 ...

Financial Performance - The company achieved a total insurance premium income of CNY 170.51 billion in 2024, representing a year-on-year increase of 2.8%[28]. - The net profit attributable to shareholders reached CNY 26.23 billion, marking a 201.1% increase year-on-year, achieving a historical high[28]. - Total revenue for 2024 reached CNY 132,044 million, an increase of 82.7% compared to CNY 72,254 million in 2023[63]. - Pre-tax profit surged to CNY 28,141 million, reflecting a 410.3% increase from CNY 5,515 million in the previous year[63]. - The net cash flow from operating activities was CNY 96,290 million, a 5.2% increase from CNY 91,548 million in 2023[63]. - Total assets at the end of 2024 amounted to CNY 1,692,297 million, a 20.6% increase from CNY 1,403,257 million in 2023[65]. - The equity attributable to shareholders decreased by 8.4% to CNY 96,240 million from CNY 105,067 million in 2023[65]. - The company achieved a net profit attributable to shareholders of 26,229 million yuan in 2024, a 201.1% increase compared to 8,712 million yuan in 2023[71]. - The average earnings per share reached 8.41 yuan in 2024, reflecting a 201.4% increase from 2.79 yuan in 2023[66]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 0.54 per share for the mid-year, totaling RMB 1.685 billion, and a proposed year-end cash dividend of RMB 1.99 per share, totaling RMB 6.208 billion, amounting to a total cash dividend of RMB 7.893 billion for 2024, which represents approximately 30.1% of the net profit attributable to shareholders[4]. - The company plans to distribute a total dividend of CNY 78.93 million for the year, representing 30.1% of net profit attributable to shareholders[55]. Investment and Asset Management - The total investment scale as of December 31, 2024, was CNY 1,629.36 billion, with an overall investment return rate of 5.8%[29]. - The company established a fund with a total scale of CNY 50 billion, focusing on investments in high-quality listed companies in the secondary market[29]. - The company increased its investment management capabilities, establishing a CNY 50 billion private equity securities investment fund to inject stable long-term capital into the market[54]. - The total investment income reported was CNY 79.69 billion, a significant increase of 251.6% compared to CNY 22.66 billion in 2023[109]. - The investment portfolio's comprehensive investment return rate was 8.5%, while the total investment return rate was 5.8%, and the net investment return rate was 3.2%[106][110]. Solvency and Risk Management - The comprehensive solvency adequacy ratio was reported at 217.55%, down from 278.43% in the previous year[20]. - The core solvency adequacy ratio was reported at 124.07%, down from 157.01% in the previous year[20]. - The company will strengthen its risk management framework in response to complex international and domestic environments, ensuring effective operation of risk management systems[131][132]. Product Development and Innovation - By the end of 2024, the company had developed 176 insurance products, enhancing its diversified product offerings[37]. - The company launched 58 new products in 2024, enhancing its offerings in health, retirement, accident, medical, and wealth management insurance[96]. - The company is committed to innovation across product, service, system, and organizational aspects to enhance its core insurance business[129]. Customer Engagement and Service - The individual life insurance business's 13-month persistency rate improved to 95.7%, an increase of 5.9 percentage points year-on-year[36]. - The company established a service ecosystem covering the entire customer lifecycle, introducing competitive products and enhancing sales team development[53]. - The company focused on a customer-centric strategy, optimizing product structure and improving service quality to enhance customer loyalty[36]. Leadership and Governance - The company has appointed Mr. Pan Xing as the Chief Actuary, pending regulatory approval[3]. - The company has appointed Gong Xingfeng as the executive director and president, effective from December 2024[169]. - The company continues to focus on enhancing its governance structure and ensuring compliance with relevant laws and regulations[173]. Future Outlook and Strategic Goals - The company aims to enhance its market competitiveness and deepen reform and transformation efforts in 2025[57]. - The focus will be on developing a comprehensive financial service ecosystem to meet diverse customer needs in wealth management and healthcare[58]. - The company aims to deepen supply-side reforms, focusing on health, retirement, and wealth management opportunities, and to build a customer-centric development system[129].

Investment Rating - The investment rating for the insurance industry is "Positive" (maintained) [1] Core Views - The insurance sector is currently facing challenges due to declining long-term interest rates and an "asset shortage," which necessitates a shift towards equity investments to enhance returns [13][22] - Regulatory changes are encouraging insurance companies to increase their equity allocations, particularly in high-dividend and long-term stock investments [68] - The report highlights the potential for excess returns in the life insurance sector, with specific recommendations for companies such as China Life, China Pacific Insurance, and Ping An Insurance [3] Summary by Sections 1. Current Status of Insurance Assets - The insurance industry is experiencing a mismatch in asset and liability durations, with average liability duration exceeding 12 years while asset duration is around 6 years, leading to significant annual mismatches [14] - The proportion of bonds in insurance investments has increased significantly, with bonds now accounting for 50.3% of total assets, while equity investments make up 20.3% [28][33] 2. Future Directions - The report suggests a strategy of extending bond durations and engaging in trading to enhance returns, while focusing on high-dividend and long-term stock investments for equity assets [42][68] - Insurance companies are advised to optimize their liability costs and durations to better align with low-interest rate environments [22] 3. Quantitative Analysis - The report estimates that the insurance industry will allocate approximately 7.7 trillion yuan in 2025, with a focus on high-dividend assets expected to reach 1.16 trillion yuan [5][50] - It is projected that annual new equity investment funds from insurance companies could range from 300 billion to 800 billion yuan [5][26] 4. Investment Recommendations - The report recommends increasing allocations to high-dividend assets and long-term stock investments, as well as diversifying into ETFs and precious metals to enhance investment returns [4][68]

新华人寿保险股份有限公司章程 | | | | | 本章程制定与修改记录 | 1 | | --- | --- | --- | | 第一章 总 | 则 | 3 | | 第二章 | 经营宗旨和范围 | 6 | | 第三章 | 股份和注册资本 | 6 | | 第四章 | 减资和购回股份 | 12 | | 第五章 | 购买公司股份的财务资助 | 16 | | 第六章 | 股票和股东名册 | 17 | | 第七章 | 股份转让 | 22 | | 第八章 | 党组织（党委） | 25 | | 第九章 | 股东的权利和义务 | 27 | | 第十章 | 股东大会 | 37 | | 第十一章 | 类别股东表决的特别程序 | 57 | | 第十二章 | 董事会 | 60 | | 第十三章 | 公司经营管理层 | 100 | | 第十四章 | 监事会 | 106 | | 第十五章 | 公司董事、监事、总裁和其他高级管理人员的资格和义务 | 117 | | 第十六章 | 财务会计、审计、内控合规、风险管理与保险当事人合法权益保护 | 127 | | 第十七章 | 关联交易和信息披露 | 141 | | 第十八章 | 合并、分立、解散 ...

| A股股票代码：601336 | A股股票简称：新华保险 编号：2025-020号 | | --- | --- | | H股股票代码： 01336 | H股股票简称：新华保险 | 新华人寿保险股份有限公司 关于《公司章程》获核准的公告 新华人寿保险股份有限公司董事会 新华人寿保险股份有限公司董事会及全体董事保证本公告内容不存 在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准确 性和完整性承担法律责任。 新华人寿保险股份有限公司（以下简称"本公司"）于近日收到国家金融监 督管理总局《关于新华人寿保险股份有限公司修改章程的批复》（金复[2025]183 号），国家金融监督管理总局已核准本公司 2023 年年度股东大会对《新华人寿保 险股份有限公司章程》（以下简称"《公司章程》"）的修订。 2025 年 4 月 8 日 本公司 2024 年 6 月 28 日召开的 2023 年年度股东大会审议通过了《关于修 订〈公司章程〉的议案》。本公司根据相关法律法规、监管规定和公司治理实践 对《公司章程》的部分条款进行了修订，具体内容请见本公司于 2024 年 5 月 28 日发布的《新华保险 2023 年年度 ...

《通知》主要内容包括：一是上调权益资产配置比例上限。简化档位标准，将部分档位偿付能力充足率对 应的权益类资产比例上调5个百分点，进一步拓宽权益投资空间，为实体经济提供更多股权性资本。二是 提高投资创业投资基金的集中度比例。引导保险资金加大对国家战略性新兴产业股权投资力度，精准高效 服务新质生产力。三是放宽税延养老比例监管要求。明确税延养老保险普通账户不再单独计算投资比例， 助力第三支柱养老保险高质量发展。 《通知》的发布是优化保险资金资产配置的重要举措，有利于促进保险业做好金融"五篇大文章"，更好发 挥长期资金和"耐心资本"优势。下一步，金融监管总局将持续完善保险资金运用监管政策，助力经济社会 发展。 多家保险机构表示，坚定看好中国资本市场发展前景，将发挥险资长线优势，做好真正的"耐心资本"。此 外，中国太保还公告筹划回购公司A股股份。 中国太保 4月8日盘中公告，坚信中国经济长期向好的基本面没有改变，坚定看好中国资本市场发展前 景。公司坚持"价值投资、长期投资、稳健投资、责任投资"理念，看好中国权益市场长期配置价值，发挥 保险资金长期投资优势，做市场真正的耐心资本。 中国太保表示，已于4月7日增持了宽基交易 ...

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, indicating a potential increase in stock prices relative to benchmark indices by over 15% [6][18]. Core Insights - The recent notification from the National Financial Supervision Administration optimizes the regulatory policy for insurance funds, increasing the equity investment ratio by 5% for certain solvency levels, which is expected to enhance the flexibility of equity investments and support capital market development [3][4]. - The theoretical potential for equity allocation among major listed insurance companies is significant, with a total potential increase of approximately 47,504 billion yuan across the sector [5][8]. - The adjustment in regulatory requirements is anticipated to facilitate long-term capital entering the market, thereby promoting stable development in the capital market and allowing insurance companies to benefit from market growth [6][7]. Summary by Sections Regulatory Changes - The notification simplifies the standards for solvency ratios and increases the upper limits for equity asset allocation for companies with solvency ratios in the ranges of [150%,200%), [250%,300%), and above 350% by 5% [3][8]. - It also raises the concentration ratio for venture capital investments and relaxes the regulatory requirements for tax-deferred pension accounts, enhancing investment flexibility [3]. Financial Metrics - As of the end of 2024, major listed insurance companies have total assets of 67,695 billion yuan (China Life), 129,578 billion yuan (Ping An), and others, with solvency ratios ranging from 186.0% to 281.0% [4][5]. - The theoretical increase in equity investment capacity for China Taiping, China Re, and China Pacific is estimated at 1,417 billion yuan, 883 billion yuan, and 867 billion yuan respectively, totaling approximately 3,168 billion yuan [4][7]. Investment Recommendations - The report suggests that the insurance sector, particularly leading companies with larger investable assets and robust investment capabilities, will benefit significantly from the regulatory changes [6][7]. - It emphasizes the importance of monitoring market conditions and suggests a focus on companies like China Taiping, China Re, and others for potential investment opportunities [6][7].

Investment Rating - The report maintains a positive outlook on the insurance industry, highlighting strong profit growth driven by investment performance and manageable impacts from economic assumption adjustments [3][4]. Core Insights - The insurance industry is expected to see a significant increase in net profit, with A-share listed insurance companies projected to achieve a total net profit of CNY 347.6 billion in 2024, representing a year-on-year increase of 77.7% [3][5]. - Investment performance is the primary driver of profit growth, contributing 94.5% to the pre-tax profit increase, while total investment income is expected to grow by 110% year-on-year [3][10]. - Economic assumption adjustments have a controllable impact on core indicators, with the investment return rate lowered from 4.5% to 4.0%, and the net value of new business (NBV) expected to decline between 5.4% and 36.2% [3][20][23]. Summary by Sections 1. Investment-Driven Profit Growth - The capital market recovery has significantly boosted the investment performance of insurance companies, leading to a substantial increase in net profit [5][10]. - The total investment income for A-share listed insurance companies is projected to reach CNY 781.1 billion, with a year-on-year growth of 110% [13][10]. 2. Economic Assumption Adjustments - The report indicates a cautious adjustment of economic assumptions, with the investment return rate reduced by 50 basis points to 4.0% [20][22]. - The adjustments are expected to have a limited negative impact on core indicators, with most insurance companies maintaining positive growth in embedded value (EV) [27][30]. 3. Liability Side: NBVM Driving NBV Growth - The NBV growth for listed insurance companies is projected to range from 17.8% to 127% year-on-year, driven by improvements in the new business value margin (NBVM) [3][42]. - The report highlights a mixed performance in new business growth across different companies, influenced by the "reporting and operation integration" policy [47][48]. 4. Asset Side: Strong Investment Performance - The report notes a significant increase in investment assets, with a year-on-year growth of 20.8% to CNY 18.15 trillion by the end of 2024 [3][10]. - The allocation towards bonds and equities has increased, reflecting a positive investment strategy among listed insurance companies [3][10]. 5. Investment Analysis Recommendations - The report recommends continued investment in companies such as New China Life, China Pacific Insurance, China Ping An, AIA, and China Life, based on their strong performance and growth potential [3][10].

Macroeconomic Insights - China will impose a 34% tariff on all imports from the United States starting April 10, 2025, which is expected to significantly reduce agricultural imports from the U.S. [3] - In 2024, China imported agricultural products worth $24.9 billion from the U.S., with major imports including soybeans (22.1 million tons), sorghum (5.7 million tons), corn (2.1 million tons), and wheat (1.9 million tons) [3]. Agricultural Sector - The increase in tariffs is likely to enhance domestic grain prices and benefit the planting industry chain, emphasizing the need for self-sufficiency in grain production [3]. - The report highlights the importance of technological advancements in agriculture, particularly in genetically modified and gene-edited crops, which are expected to accelerate, benefiting seed companies with leading technology reserves [3]. - The report recommends focusing on companies that are actively expanding their domestic brands in the pet food sector, such as Guibao Pet and Zhongchong Co., which primarily generate revenue from domestic sales [4]. Livestock Industry - The report indicates that the pig farming sector is expected to see a significant improvement in profitability for the 2024 annual report and the first quarter of 2025, driven by favorable pig prices and reduced costs [5]. - The analysis of March's supply and demand dynamics in the pig farming industry shows a balanced market, but a potential downward trend in prices is anticipated if there is no support from state reserves [4][5]. Investment Recommendations - Recommended stocks in the poultry sector include Shengnong Development, Yisheng Shares, and Lihua Shares; for the post-cycle sector, recommended stocks are KQ Bio, Haida Group; in the pig farming sector, recommended stocks include Muyuan Foods, Wens Foodstuff Group, Tiankang Bio, and Shennong Group [7]. - In the seed industry, recommended stocks include Fengle Seed Industry, Quanyin High-Tech, Longping High-Tech, and Dabeinong [7]. - In the pet sector, recommended stocks are Guibao Pet, Zhongchong Co., and Ruipu Bio [7]. Chemical Industry - The report suggests that the imposition of a 34% tariff on U.S. imports will accelerate the domestic substitution process for chemical products, particularly in high-end markets [17]. - Beneficiary products include lubricant additives, nucleating agents, adsorption separation resins, and nano-silica, with specific companies recommended for investment [19]. Rare Earth Industry - The report maintains an "overweight" rating on the rare earth sector, anticipating that the recent tariffs will enhance China's strategic advantages in rare earth production and lead to price increases due to supply-demand mismatches [22]. - The export control measures on heavy rare earths are expected to stimulate overseas stockpiling, further driving up prices [23]. Insurance Sector - The insurance sector is projected to see stable growth in 2025, with a focus on improving asset-liability matching strategies [25]. - The report recommends increasing holdings in companies like China Pacific Insurance and New China Life Insurance, which are expected to benefit from improved investment returns and stable business strategies [40].