| A股股票代码：601336 | A股股票简称：新华保险 编号：2024-041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 保费收入公告 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。 上述原保险保费收入数据未经审计，提请投资者注意。 特此公告。 新华人寿保险股份有限公司董事会 2024 年 9 月 13 日 根据中华人民共和国财政部《企业会计准则第 25 号——原保险合同》（财 会〔2006〕3 号）及《保险合同相关会计处理规定》（财会〔2009〕15 号），新华 人寿保险股份有限公司（以下简称"公司"）于 2024 年 1 月 1 日至 2024 年 8 月 31 日期间累计原保险保费收入为人民币 13,028,218 万元，同比增长 1.9%。公司 业务结构持续优化，各项业务指标达成良好。 ...

NEW CHINA LIFE INSURANCE COMPANY LTD. (於中華人民共和國註冊成立的股份有限公司) 股份代號: 01336 2024 中期報告 重要 提示 新華人壽保險股份有限公司 1 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. 本公司第八屆董事會第二十四次會議於2024年8月29日審議通過了《2024年中期報告》。會議應出席董事11人，親 自出席董事11人。 3. 本公司2024年中期簡明合併財務報告根據國際會計準則理事會頒佈的《國際財務報告準則第17號－保險合同》和 《國際財務報告準則第9號－金融工具》等國際財務報告準則編製，且未經審計。 4. 本公司擬向全體股東派發2024年中期現金股利，每股0.54元（含稅），總計約16.85億元，該利潤分配方案尚待股 東大會批准。 5. 本公司董事長楊玉成先生，總裁張泓先生，臨時財務負責人(1)、總精算師龔興峰先生以及會計機構負責人張韜先 生保證《2024年中期報告》中財務報告的真實、準確、完整。 6. 除事實陳述外，本報告中包括 ...

Dividend and Shareholder Information - The company plans to distribute a mid-term cash dividend of RMB 0.54 per share, totaling approximately RMB 1.685 billion, pending shareholder approval[5] - The total number of shares remains unchanged at 3,119,546,600, with 66.85% being RMB ordinary shares and 33.15% being H shares[153] - The company declared dividends amounting to RMB 2,652 million during the period[184] Financial Performance - Total revenue for the first half of 2024 was CNY 55.31 billion, representing a 13.0% increase compared to CNY 48.95 billion in the same period of 2023[30] - The net profit attributable to shareholders for the first half of 2024 was CNY 11.08 billion, an increase of 11.1% from CNY 9.98 billion in the previous year[30] - The total comprehensive income for the first half of 2024 was a loss of CNY 12.384 billion, compared to a gain of CNY 1.338 billion in the same period last year[38] - The company's total assets as of June 30, 2024, were CNY 1,494.68 billion, reflecting a 6.5% increase from CNY 1,403.26 billion at the end of 2023[31] - The company's retained earnings increased to RMB 99,757 million from RMB 92,124 million, showing a growth of approximately 8.7%[175] Risk Management - The company has identified various risks including market risk, credit risk, insurance risk, operational risk, reputational risk, strategic risk, and liquidity risk, and has implemented measures to manage these risks effectively[5] - The company plans to strengthen its risk management framework in response to complex international environments and low domestic interest rates, ensuring effective risk monitoring in key areas[88][89] - Financial risks include market risk, credit risk, and liquidity risk, with a focus on minimizing potential negative impacts on financial conditions through collaboration among various departments[197] Investment Performance - As of June 30, 2024, the company's investment scale reached CNY 1,438.991 billion, an increase of 7.0% from the end of the previous year, with an annualized total investment return rate of 4.8%[19] - The net investment income rose to CNY 21.49 billion, reflecting a 6.3% increase from CNY 20.21 billion year-on-year[67] - Total investment income for the first half of 2024 reached CNY 31.61 billion, a 43.3% increase compared to CNY 22.06 billion in the same period of 2023[67] Insurance Operations - In the first half of 2024, the company achieved original insurance premium income of CNY 98.832 billion, with a new business value of CNY 3.902 billion, representing a year-on-year growth of 57.7%[17] - The insurance service revenue for the first half of 2024 was CNY 23.42 billion, a decrease of 11.9% compared to CNY 26.59 billion in the same period of 2023[34] - The company has undertaken 11 policy-based medical insurance projects, covering nearly 12 million insured individuals in the first half of 2024[25] Corporate Governance - The board of directors confirmed the authenticity and completeness of the financial report for the 2024 mid-term report, which was prepared in accordance with IFRS 17 and IFRS 9[5] - The mid-term report was approved by the board of directors during the 24th meeting of the 8th session on August 29, 2024[5] - The company held two shareholder meetings and eight board meetings during the reporting period, ensuring compliance with governance standards[120] Employee and Training Initiatives - As of June 30, 2024, the company has signed labor contracts with a total of 30,221 employees across its main subsidiaries[130] - In the first half of 2024, the company conducted nearly 10,000 training sessions for individual insurance channels, training over 600,000 participants, with an average learning duration of 46 hours, a 37% increase year-on-year[130] Social Responsibility - The company has supported rural revitalization with CNY 10.4 million in aid funds directed towards 21 assistance projects[25] - The company has provided CNY 940 million in aid to Guizhou Province and CNY 1 million to Inner Mongolia for targeted poverty alleviation projects in the first half of 2024[134] - The company has been recognized with the "2024 Golden Bee Corporate Social Responsibility - China List - ESG Competitiveness - Rural Revitalization" award[134] Strategic Partnerships and Investments - The company has established partnerships with major reinsurers, including Swiss Re and Munich Re, to ensure the safety and quality of its reinsurance business[84] - The company and China Life Insurance Co., Ltd. jointly established a private securities investment fund with a total investment of 25 billion RMB each, aimed at optimizing asset-liability matching and improving capital efficiency[138] Market and Economic Environment - The insurance industry is entering a new long-cycle development phase in 2024, driven by reforms in key areas such as digital economy and green development[87] - The company anticipates ongoing adjustments and transformations in the industry due to significant changes in the economic environment and customer demands[88]

Investment Rating - The investment rating for the company is "Buy-A" with a target price of 38.71 CNY over the next six months [1][2]. Core Insights - The company reported a significant increase in new business value (NBV) by 57.7% year-on-year, reaching 39 billion CNY in the first half of 2024, alongside a 13.6% increase in revenue to 556 billion CNY and an 11.1% increase in net profit to 111 billion CNY [1][2]. - The company's embedded value reached 2,684 billion CNY, reflecting a 7.1% increase since the beginning of the year [1]. - The new business value rate improved significantly from 6.8% in the first half of 2023 to 18.8% in the first half of 2024, indicating enhanced business quality [2]. - The company experienced a decline in the number of agents, with the individual insurance agent count dropping to 139,000, but the average productivity per agent improved by 28.3% year-on-year [2]. - Investment returns showed a notable improvement, with total investment income increasing by 43% year-on-year and an annualized total investment return rate of 4.8% [2]. Financial Summary - The company’s projected financials for 2024 to 2026 include: - Revenue: 86,572 million CNY in 2024, 96,259 million CNY in 2025, and 109,254 million CNY in 2026 [5]. - Net profit: 11,992 million CNY in 2024, 12,040 million CNY in 2025, and 13,451 million CNY in 2026 [5]. - Earnings per share (EPS): Expected to be 3.84 CNY in 2024, 3.86 CNY in 2025, and 4.31 CNY in 2026 [2]. - The company's price-to-earnings (P/E) ratio is projected to decrease from 11.76 in 2023 to 8.55 in 2024, indicating a potential undervaluation [4].

Investment Rating - The report maintains a "Buy" rating for Xinhua Insurance (1336 HK) with a target price of HKD 20.50, indicating a potential upside of 21.2% from the current price of HKD 16.92 [1][9]. Core Insights - The company's net profit for the first half of the year increased by 11.1% year-on-year, with a significant recovery in Q2, where profits rose by 101% compared to the same period last year [1]. - New business value grew by 57.7% year-on-year, leading the industry, with contributions from individual insurance and bancassurance channels [1]. - Investment income saw a substantial increase of 43.3% year-on-year, with total investment assets growing by 7% since the beginning of the year [1]. Financial Performance Summary - **Revenue**: The company's revenue for 2023 is projected at RMB 71,547 million, a decrease of 33.8% from 2022, with a recovery expected in 2024 with a growth of 29% [2][10]. - **Net Profit**: The net profit for 2023 is estimated at RMB 8,712 million, down 59.5% from 2022, but expected to rebound to RMB 15,015 million in 2024, reflecting a growth of 72.4% [2][10]. - **Earnings Per Share (EPS)**: EPS is projected to be RMB 2.79 in 2023, with a significant increase to RMB 4.81 in 2024 [2][10]. - **Investment Returns**: The annualized net investment return is 3.2% for the first half of the year, with total investment return at 4.8%, showing a year-on-year improvement [1][11]. Business Metrics - **New Business Value**: The new business value for 2023 is projected at RMB 3,024 million, with a significant increase to RMB 5,094 million in 2024, marking a growth of 68.5% [6][7]. - **Insurance Premiums**: The insurance service revenue for 2023 is expected to be RMB 48,045 million, with a decline from 2022, but a recovery is anticipated in subsequent years [10][11]. - **Total Assets**: Total assets are projected to grow from RMB 1,403,257 million in 2023 to RMB 1,539,327 million in 2024, reflecting a growth rate of 9.7% [10][11].

FF301 第 1 頁 共 10 頁 v 1.1.0 呈交日期: 2024年9月2日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01336 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 1,034,107,260 | RMB | | | 1 RMB | | 1,034,107,260 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 1,034,107,260 | RMB | | | 1 RMB | | 1,034,107,260 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | - ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company, with current prices at 33.05 RMB and 16.92 HKD respectively [2]. Core Insights - The company experienced a significant increase in net profit, with a year-on-year growth of 11.1% to 110.8 billion RMB in the first half of 2024, driven by improved investment performance and a doubling of quarterly profits [5][7]. - New business value (NBV) surged by 57.7% year-on-year to 39.0 billion RMB, supported by an increase in the proportion of long-term insurance premiums and enhanced pricing strategies [7][12]. - The company has implemented a comprehensive health and wellness service system, which is expected to synergize with its life insurance business, potentially boosting sales of protection-oriented products [12]. Financial Performance - In the first half of 2024, the company reported total revenue of 555.9 billion RMB, a 13.6% increase year-on-year, while insurance service revenue decreased by 11.9% to 234.2 billion RMB [5]. - The annualized net investment return rate was 3.2%, a slight decrease of 0.2 percentage points year-on-year, but the total investment return rate improved by 1.1 percentage points to 4.8% [5][7]. - The company plans to distribute a mid-term dividend of 0.54 RMB per share, marking its first implementation of such a dividend policy [5]. Business Development - The individual insurance channel has seen a significant enhancement in productivity, with a 28.3% year-on-year increase in average per capita productivity [6]. - The company is focusing on transforming its individual insurance channel and optimizing its product offerings, which is expected to lead to sustained growth in NBV throughout the year [12]. - The report highlights the challenges faced in the bancassurance channel, where first-year premiums for long-term insurance dropped by 60.8% year-on-year due to regulatory impacts, although the decline has moderated compared to the first quarter [6][7].

Investment Rating - The investment rating for the company is "Buy" (maintained) [6][8] Core Insights - The company reported a significant increase in NBV and net profit for the first half of 2024, with NBV reaching 3.902 billion yuan, a year-on-year growth of 57.7%, and net profit at 11.083 billion yuan, up 11.1% year-on-year [3][7] - The improvement in NBV growth is attributed to a notable enhancement in new business value rates, with the NBV margin increasing to 18.8%, up 12 percentage points year-on-year [7] - The company's total investment income rose by 43.3% to 31.61 billion yuan, driven by an increase in fair value changes [7] Financial Performance Summary - For 2024H1, the company achieved a NBV of 39.02 billion yuan, with a year-on-year increase of 57.7% [7] - The net profit for 2024H1 was 110.83 billion yuan, reflecting a year-on-year growth of 11.1% [7] - The company's annualized net, total, and comprehensive investment returns for 2024H1 were 3.2%, 4.8%, and 6.5%, respectively [7] - The expected net profit for 2024-2026 is projected to be 12.6 billion yuan, 14.1 billion yuan, and 16.4 billion yuan, with corresponding growth rates of 45%, 12%, and 16% [8]

A股股票代码：601336 A股股票简称：新华保险 编号：2024-040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 2024年度中期利润分配方案公告 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。 重要内容提示： 一、利润分配方案内容 经德勤华永会计师事务所（特殊普通合伙）审阅，新华人寿保险股份有限公 司（以下简称"公司"）2024 年中期母公司财务报表净利润为 107.95 亿元（人 民币，下同），合并财务报表归属于母公司股东的净利润为 110.83 亿元。截至 2024 年 6 月 30 日，母公司以前年度未分配利润累计为 860.77 亿元，无未弥补亏 损。经董事会决议，公司 2024 年中期拟以实施权益分派股权登记日登记的总股 本为基数分配利润。本次利润分配方案如下： 公司于 2024 年 8 月 29 日召开的第八届董事会第二十四次会议审议通过了 《关于 2024 年度中期利润分配方案的议案》，同意本次利润分配方案并同意将 该方案提交公司股东大会审议。 公司 ...

Financial Performance - The company reported a net profit attributable to shareholders of CNY 11.08 billion, reflecting an 11.1% increase compared to the previous year[31]. - The total comprehensive income for the first half of 2024 was -12.384 billion yuan, a significant decline compared to 1.338 billion yuan in the same period of 2023[39]. - The company's net profit for the first half of 2024 was RMB 11,928 million, compared to RMB 10,716 million for the same period in 2023, representing an increase of approximately 11.3%[179]. - The company's total equity attributable to shareholders decreased to RMB 90,025 million as of June 30, 2024, from RMB 105,067 million at the end of 2023, a decline of about 14.3%[176]. - The company reported a significant increase in fair value gains, with RMB 14,881 million for the first half of 2024, compared to RMB 7,089 million in the same period of 2023, reflecting a growth of approximately 109.5%[179]. Investment and Asset Management - The investment scale reached CNY 1,438.99 billion, a 7.0% increase from the previous year, with an annualized total investment return rate of 4.8% and a comprehensive investment return rate of 6.5%[19]. - The total investment assets reached 1.438 trillion yuan, reflecting a growth of 7.0% compared to the end of 2023, with a significant increase in long-term equity investments by 214.8%[62]. - The company’s investment in technology innovation reached CNY 41.88 billion, a year-on-year growth of 41.1%[26]. - The company has a diversified investment strategy, including asset management and project investments, to enhance its financial performance[91]. - The company’s investment activities generated a net cash outflow of 32,019 million RMB, a significant reduction of 58.3% compared to the previous year[78]. Risk Management - The company faces various risks including market risk, credit risk, insurance risk, operational risk, reputational risk, strategic risk, and liquidity risk, and has implemented measures to manage these risks effectively[4]. - The company plans to strengthen its risk management framework in response to ongoing economic and regulatory challenges, ensuring effective risk monitoring in key areas[94][95]. - The company closely monitors liquidity risks associated with policyholder withdrawals and market fluctuations[79]. - The company acknowledges potential risks from a complex international environment and low domestic interest rates, which may pressure investment returns[94]. Dividend and Shareholder Information - The company plans to distribute a mid-term cash dividend of RMB 0.54 per share, totaling approximately RMB 1.685 billion, pending shareholder approval[4]. - The company distributed 70% of the surplus from the dividend business to policyholders[109]. - The total number of shares remained unchanged at 3,119,546,600, with 66.85% being unrestricted circulating shares and 33.15% being H-shares[151]. - The company had 80,454 shareholders at the end of the reporting period, with the top ten shareholders holding a combined 62.52% of the total shares[154]. Business Development and Strategy - The company aims to strengthen its asset management business while promoting the development of the pension and health industries[16]. - The company aims to enhance core competitiveness by focusing on product competitiveness, team optimization, technology empowerment, and diversified service ecosystems[93]. - The company has launched three new products supporting individual pension business as of June 2024[135]. - The company has established a nationwide sales and service network to provide comprehensive life insurance products and services to both individual and institutional clients[16]. Operational Performance - The company processed a total of 2.36 million claims with a total payout amount of CNY 7.3 billion, averaging 13,100 claims per day[27]. - The company’s insurance service performance decreased by 8.3% year-on-year, with insurance service income dropping by 11.9% due to reduced contract service margin amortization[57]. - The health insurance segment generated premium income of 2.9183 billion yuan, down 2.9% year-on-year, with first-year premium income declining by 20.8%[50]. - The company’s weighted average return on equity increased by 2.53 percentage points to 11.21%[32]. Employee and Social Responsibility - As of June 30, 2024, the company has a total of 30,221 employees across its main company and 35 subsidiaries[132]. - The company has a volunteer team of 34,709 members, completing 2,113 volunteer activities with a total service duration of 46,288.5 hours[137]. - The company provided 10 million CNY of insurance coverage to over 940,000 sanitation workers through its public welfare project[137]. - The company received the "2024 Golden Bee Corporate Social Responsibility - ESG Competitiveness - Rural Revitalization" award[136].