公司研 究 证 券研究 报 告 保险Ⅲ 2024年04月30日 新 华保险（601336）2024年一季报点评 推 荐 （维持） 目标价：41.46元 保险服务收入拖累净利润增速 当前价：31.62元 事项： 华创证券研究所  新华保险公布2024年一季报。2024Q1，公司实现归母净利润49亿元，同比- 证券分析师：徐康 28.6%；年化总投资收益率 4.6%，上年同期为 5.2%；年化综合投资收益率为 6.7%，上年同期为5.7%。 电话：021-20572556 邮箱：xukang@hcyjs.com 评论： 执业编号：S0360518060005  新单增速承压，预计以价补量驱动 NBV 大幅增长。2024Q1 公司实现原保费 联系人：陈海椰 572亿元，同比-11.7%。其中长期险首年保费同比-45.0%至109亿元，但新业 务价值实现大幅增长，预计受产品利率下调、渠道成本下降、业务结构优化与 邮箱： chenhaiye@hcyjs.com 业务品质改善驱动，新业务价值率显著改善。新单里面，期交同比-4.2%，期 趸比优化，其中十年期及以上期交保费同比+83.9%，期限结构大幅优化，预计 公司基 ...

2024年第一季度业绩说明会 新华保险 2024年4月30日 中国 北京 前瞻性声明 本文件限于特定范围使用，"前瞻性声明"是本文件不可分割的组成内容 1 坚守金融"人民性"宗旨，推出一系列改革发展举措，升级经营管理体系，稳步推动公司的高质量发展。 建设学习型服务赋能型组织 突出价值核心和结构优化 加强资产负债管理和协同 强化风控合规筑牢风险底线 完善产品机制提高竞争力 推进"新华尊"高客服务体系 加强队伍建设和后援支持 品牌建设和经营相融共进 围绕主业加强精准投入 基本法引领绩优队伍成长 做强做优基层分支机构 优化预算费用成本管控 强化战略引领 巩固发展根基 坚持客户为中心 改善服务生态圈 优化资源配置 01 02 03 降本提质增效 本文件限于特定范围使用，"前瞻性声明"是本文件不可分割的组成内容 3 本材料仅供参考之用，并不构成以下情况或作为其中的一部分：在任何司法管辖区内新华人寿保险股份有限公司（以下简称"本公 司"）或其任何控股公司、联属公司出售或发售证券之要约或邀请，或者购买或认购上述证券之要约或邀请的招揽。本材料的任何 部分概不作为任何合同或承诺的依据，亦不得就有关合同或承诺而对其加以依赖。 本 ...

Financial Performance - In Q1 2024, the company reported operating revenue of RMB 26,479 million, a decrease of 8.7% year-on-year[4] - The net profit attributable to shareholders was RMB 4,942 million, down 28.6% compared to the same period last year[4] - The net cash flow from operating activities was RMB 3,765 million, reflecting a decline of 1.5% year-on-year[4] - Total operating revenue for the first quarter of 2024 was RMB 26,479 million, a decrease of 8.3% from RMB 29,005 million in the same period last year[27] - Net profit attributable to shareholders of the parent company was RMB 4,942 million, down 28.4% from RMB 6,917 million year-on-year[27] - The diluted earnings per share for Q1 2024 were RMB 1.58, compared to RMB 2.22 in the same period last year[28] Asset and Liability Management - The total assets increased by 1.9% to RMB 1,429,598 million compared to the end of the previous year[6] - The company's total assets as of March 31, 2024, were RMB 1,429,598 million, compared to RMB 1,403,257 million at the end of 2023, reflecting a growth of 1.9%[24] - The total liabilities amounted to RMB 1,335,570 million as of March 31, 2024, an increase from RMB 1,298,165 million at the end of 2023[26] - The total equity attributable to shareholders of the parent company decreased to RMB 94,002 million from RMB 105,092 million at the end of 2023[26] Insurance Premiums - The company achieved original insurance premium income of RMB 57,193 million, a decrease of 11.7% year-on-year[15] - The first-year premium income for long-term insurance was RMB 10,910 million, down 45.0% year-on-year[16] - The renewal premium increased by 2.7% year-on-year, reaching RMB 44,601 million[17] - The individual insurance channel generated total premium income of RMB 39,821 million, a decrease of 3.1% year-on-year[18] - The group channel's premium income grew by 25.2% year-on-year, totaling RMB 14,970 million[19] - The total premium income from the bancassurance channel was RMB 15,875 million, down 29.4% from RMB 22,492 million year-on-year[21] - The company reported a significant decrease in short-term insurance premium income, which fell by 25.0% to RMB 34 million[21] - The first-year premium for long-term insurance increased by 85.7% to RMB 104 million compared to RMB 56 million in the previous year[21] Cash Flow Analysis - For the three months ended March 31, 2024, the total cash inflow from operating activities was RMB 61,713 million, a decrease from RMB 70,153 million in the same period of 2023, representing a decline of approximately 12.5%[29] - The net cash flow from investment activities was RMB 8,262 million, a significant improvement compared to a net outflow of RMB 54,144 million in the same period of 2023[30] - The total cash inflow from financing activities was RMB 805 million, down from RMB 26,459 million in the same period of 2023, indicating a decrease of approximately 96.9%[30] - The net cash flow from operating activities was RMB 37,658 million, slightly down from RMB 38,233 million in the same period of 2023, reflecting a decrease of about 1.5%[29] - The total cash and cash equivalents at the end of the period reached RMB 25,355 million, an increase from RMB 20,966 million at the end of the same period in 2023, marking an increase of approximately 20.8%[30] - The cash paid for insurance claims during the period was RMB 18,439 million, a decrease from RMB 24,731 million in the same period of 2023, representing a decline of about 25.5%[29] - The cash received from investment income and interest was RMB 6,325 million, down from RMB 9,828 million in the same period of 2023, indicating a decrease of approximately 35.5%[29] - The cash outflow for investment activities was RMB 136,801 million, a decrease from RMB 204,379 million in the same period of 2023, reflecting a reduction of about 33.1%[30] - The cash received from the issuance of asset-backed plans was RMB 0 million, down from RMB 3,680 million in the same period of 2023, indicating a decrease of 100%[30] - The cash flow from the disposal of subsidiaries and structured entities generated RMB 4,116 million, an increase from RMB 922 million in the same period of 2023, representing a growth of approximately 345.5%[30] Investment Returns - The annualized total investment return for Q1 2024 was 4.60%, while the annualized comprehensive investment return was 6.79%, up from 5.79% in the same period last year[22] - The cash received from investment income and interest was RMB 6,325 million, down from RMB 9,828 million in the same period of 2023, indicating a decrease of approximately 35.5%[29]

2024年第一季度业绩说明会 新华保险 2024年4月30日 中国 北京 前瞻性声明 本文件限于特定范围使用，"前瞻性声明"是本文件不可分割的组成内容 1 本材料仅供参考之用，并不构成以下情况或作为其中的一部分：在任何司法管辖区内新华人寿保险股份有限公司（以下简称"本公 司"）或其任何控股公司、联属公司出售或发售证券之要约或邀请，或者购买或认购上述证券之要约或邀请的招揽。本材料的任何 部分概不作为任何合同或承诺的依据，亦不得就有关合同或承诺而对其加以依赖。 本材料中载列的资料和观点尚未经独立核实。对于本材料所载资料或观点的公平性、准确性、完整性或正确性，本公司并未作出任 何明示或默示的陈述或保证，亦不应对其加以依赖。本材料所载的资料和观点提供至本次报告日期为止。对于本次报告日期后可能 发生的变化，不会另行通知，亦不会对本材料进行更新或另外修订，以反映任何进展。本公司及其任何联属公司、董事、监事、高 级管理人员、管理人员、雇员、顾问以及上述公司或人士的任何代表，对于本材料载列、呈列或派生的任何资料或因依赖该等资料 而引致的，或有关本材料的其他原因而引致的任何损失，概不承担过失或其他方面的任何责任。 本材料载有多 ...

Financial Performance - Net profit attributable to shareholders of the parent company was RMB 4,942 million, a decrease of 28.6% year-on-year[5]. - Operating revenue for the quarter was RMB 26,479 million, down 8.7% from the same period last year[5]. - Basic and diluted earnings per share attributable to shareholders of the parent company were both RMB 1.58, reflecting a decline of 28.8%[5]. - The total comprehensive income attributable to shareholders of the parent company was RMB (11,061) million, compared to RMB 7,292 million in the same period last year[23]. - The company reported a fair value change gain of RMB 8,018 million for the three months ended March 31, 2024, compared to RMB 9,157 million in the same period last year[21]. - The company’s operating profit for the three months ended March 31, 2024, was RMB 5,153 million, a decrease of 36.5% from RMB 8,048 million in the same period last year[21]. Assets and Liabilities - Total assets at the end of the reporting period reached RMB 1,429,598 million, an increase of 1.9% compared to the previous year[4]. - The total liabilities as of March 31, 2024, amounted to RMB 1,335,570 million, an increase of 2.1% from RMB 1,298,165 million as of December 31, 2023[20]. - The company’s insurance contract liabilities increased to RMB 1,219,926 million from RMB 1,146,497 million, representing a growth of 6.4%[20]. - The total equity attributable to shareholders of the parent company decreased to RMB 94,002 million from RMB 105,067 million, reflecting a decline of 10.5%[20]. - The total cash and cash equivalents at the end of the period reached RMB 25,355 million, up from RMB 20,966 million at the end of the same period last year[26]. Cash Flow - Cash flow from operating activities was RMB 37,658 million, a decrease of 1.5% year-on-year[5]. - For the three months ended March 31, 2024, the net cash flow from operating activities was RMB 37,658 million, a slight decrease from RMB 38,233 million for the same period in 2023[24]. - Total cash inflow from investment activities was RMB 145,063 million, compared to RMB 150,235 million in the previous year, resulting in a net cash flow from investment activities of RMB 8,262 million, a significant improvement from a net outflow of RMB 54,144 million in 2023[24]. - The cash flow from financing activities showed a net outflow of RMB 42,439 million, contrasting with a net inflow of RMB 19,270 million in the same quarter of the previous year[26]. - The company received RMB 60,623 million in cash from insurance premiums, a decrease from RMB 69,062 million in the previous year[24]. - Cash outflows for claims paid amounted to RMB 18,439 million, down from RMB 24,731 million in the same quarter of 2023[24]. Insurance Premiums - In Q1 2024, the company achieved original insurance premium income of RMB 57.193 billion, a decrease of 11.7% compared to RMB 64.772 billion in Q1 2023[13]. - The first-year premium income for long-term insurance was RMB 10.91 billion, down 45.0% from RMB 19.839 billion in the same period last year[13]. - The individual insurance channel generated premium income of RMB 39.821 billion, a decrease of 3.1% compared to RMB 41.084 billion in Q1 2023[15]. - The bancassurance channel reported premium income of RMB 15.875 billion, down 29.4% from RMB 22.492 billion year-on-year[15]. - The group insurance channel achieved premium income of RMB 1.497 billion, reflecting a growth of 25.2% compared to RMB 1.196 billion in the previous year[15]. - The company reported a significant increase in ten-year and above premium income, which rose by 83.9% to RMB 993 million from RMB 540 million year-on-year[13]. Solvency Ratios - The core solvency ratio was 142.62%, down from 157.01% at the end of the previous year[9]. - The comprehensive solvency ratio was 252.06%, down from 278.43% at the end of the previous year[9].

A股股票代码：601336 A股股票简称：新华保险 编号：2024-021号 H股股票代码： 01336 H股股票简称：新华保险 1 / 2 新华人寿保险股份有限公司 第八届董事会第二十次会议决议公告 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。 新华人寿保险股份有限公司（以下简称"公司"）于 2024 年 4 月 16 日以电子 邮件方式向全体董事发出第八届董事会第二十次会议（以下简称"会议"）通知和 材料，会议于 2024 年 4 月 19 日在北京市以现场会议方式召开，全体董事一致同 意召开本次会议。会议应到董事 11 人，现场出席董事 11 人，公司监事和高级管 理人员列席了会议。会议的召集、召开符合《中华人民共和国公司法》《新华人 寿保险股份有限公司章程》和《新华人寿保险股份有限公司董事会议事规则》的 有关规定，所作的决议合法、有效。 会议由董事长杨玉成主持，经与会董事审议和现场表决，形成如下会议决议： 审议通过了《关于 2023 年工资总额清算及 2024 年工资总额预算方案的议 案》。 公司 ...

A股股票代码：601336 A股股票简称：新华保险 编号：2024-022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 召开2024年第一季度业绩说明会的公告 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、业绩说明会类型 新华人寿保险股份有限公司（以下简称"公司"）拟于 2024 年 4 月 30 日在 上海证券交易所网站（www.sse.com.cn）披露 2024 年第一季度报告。为了便于 广大投资者更全面深入地了解公司 2024 年第一季度业绩和经营情况，公司拟于 2024 年 4 月 30 日 8:30-9:30 通过网络直播的方式召开业绩说明会，就投资者普 遍关心的问题进行交流。 二、业绩说明会召开的时间、地点 （一）会议召开时间：2024 年 4 月 30 日（星期二）8:30-9:30 （二）会议召开方式：网络直播 （三）网络互动地址：https://s.comein.cn/A9aq2 三、公司出席人员 公司高级管理人员 四、投资者 ...

每经记者 涂颖浩 每经编辑 张益铭 2024年1~3月，中国人寿、中国平安、中国太保、中国人保、新华保险五家上市险企原保费累计收入合 计1.07万亿元，保费增速从年初的负增长转正，同比增长0.96%。 具体而言，五家险企1~3月保费增速呈现“三升两降”，中国人寿保费同比增长3.18%居首，新华保险保 费同比下降11.7%垫底。 “今年开年以来银保渠道受报行合一影响，新单普遍大幅负增长，随着2~3月银保新单负增趋势改善，一 季度寿险保费增长边际向好。”一位非银分析师在受访时对《每日经济新闻》记者表示，预计二季度新 单压力较大，但续期业务保持乐观。 财险公司方面，“老三家”1~3月保费同比增长4.44%，太保财险保费同比增长8.6%居首。据分析，节后 消费复苏与政策性业务招标启动，推动财产险增速边际提升。 ...

4月16日，新华保险发布保费收入公告，该公司于2024年1月1日至2024年3月31日期间累计原保险保费收入为571.93亿元，较上年同期的647.72亿元同比下滑11.7%。 公告披露称，公司经营稳健，3月当月保费收入环比大幅增长，个险渠道业务规模及价值提升，保费收入结构有较好的优化改善。一季度公司业务策略聚焦价值成长、优化业务结构，累计原保险保费收入同比降幅收窄。 （上交所） (编辑：钱晓睿) 关键字： ...

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。 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 3 月 31 日期间累计原保险保费收入为人民币 5,719,284 万元，公司经营稳健，3 月当 月保费收入环比大幅增长，个险渠道业务规模及价值提升，保费收入结构有较好 的优化改善。一季度公司业务策略聚焦价值成长、优化业务结构，累计原保险保 费收入同比降幅收窄。 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 4 月 16 日 | A股股票代码：601336 | A股股票简称：新华保险 编号：2024-020号 | | --- | --- | | H股股票代码： 01336 | H股股票简称：新华保险 | ...