Core Insights - The listed insurance companies in A-shares achieved a record net profit attributable to shareholders of 426.04 billion yuan in the first three quarters, marking a year-on-year increase of over 30% compared to the previous year's high growth of 80% [2][3] - The significant increase in net profit is primarily driven by a surge in investment income, with an average growth of over 35% in total investment income for the first three quarters [2][7] - The new business value also saw a year-on-year increase of over 30%, with the bancassurance channel continuing to be a major contributor to new premium growth [2][11] Investment Performance - The total investment income for the listed insurance companies reached 887.5 billion yuan in the first three quarters, reflecting a year-on-year growth of 35.64%, with the third quarter alone contributing 542.4 billion yuan, a 66.64% increase [7][8] - The annualized total investment return for companies like New China Life reached 8.6%, up 1.8 percentage points year-on-year, while other companies also reported returns exceeding 5% [8] Accounting Strategies - Different accounting classification strategies among insurance companies have led to varying sensitivities of net profit to fluctuations in equity asset prices, with companies like China Life and New China Life having higher proportions of FVTPL (Fair Value Through Profit or Loss) assets [10] - The higher the FVTPL proportion, the greater the potential for net profit increases during market upswings, but also greater volatility during downturns [10] New Business Value - The new business value for the listed insurance companies continued to show widespread growth, with increases ranging from 30% to over 70% year-on-year [11] - The growth in new business value is primarily driven by the increase in new premium sales, with significant contributions from the bancassurance channel [11][12]

Investment Rating - The investment rating for the company is "Buy" [1] Core Insights - The company reported a significant increase in net profit for Q3, driven by enhanced investment income and one-time gains from investments [2][4] - The new business value (NBV) showed a remarkable growth of 50.8% year-on-year, supported by a rapid increase in first-year premium income and improved business quality [3] - The company’s total investment assets reached 1,770.185 billion, with an annualized total investment return of 8.6% [4] Financial Performance Summary - For the first three quarters of 2025, the company achieved operating revenue of 137.252 billion, a year-on-year increase of 28.3%, and a net profit attributable to shareholders of 32.857 billion, up 58.9% year-on-year [2] - The company’s net assets attributable to shareholders at the end of the period were 100.508 billion, reflecting a growth of 4.4% from the end of 2024 [2] - The annualized return on equity (ROE) was 33.1%, an increase of 12.1 percentage points year-on-year [2] Business Segment Analysis - Individual insurance and bancassurance channels both contributed to the growth in new business value, with individual insurance channel first-year premium income increasing by 48.5% year-on-year [3] - The company added over 30,000 new personnel in the first three quarters, marking a growth of over 140% year-on-year, with productivity per person increasing by 50% [3] - The bancassurance channel saw a 66.7% increase in first-year premium income, indicating strong performance in this segment [3] Investment Income Analysis - The company’s investment income for the first three quarters reached 40.413 billion, a substantial increase from 5.134 billion in the same period last year [4] - In Q3 alone, the investment income was 21.650 billion, compared to 4.168 billion in the previous year [4] - The company’s investment strategy appears to be benefiting from a gradual recovery in equity markets, enhancing its investment returns [4] Earnings Forecast and Valuation - The earnings forecast for 2025-2027 has been revised upwards, with expected revenues of 144.4 billion, 146.6 billion, and 149.1 billion respectively [5] - The projected net profits for the same period are 34.7 billion, 35.3 billion, and 35.9 billion, reflecting a positive outlook [5] - The estimated earnings per share (EPS) for 2025-2027 are 11.13, 11.31, and 11.50 respectively, indicating growth potential [5]

Core Viewpoint - The company Xinhua Insurance (601336) announced a mid-term dividend of HKD 0.73443169 per share, to be distributed on December 12, 2025 [1] Company Summary - Xinhua Insurance will distribute a mid-term dividend of HKD 0.73443169 per share [1]

Core Viewpoint - Xinhua Insurance (01336) announced a mid-term dividend of HKD 0.73443169 per share, to be distributed on December 12, 2025 [1] Company Summary - The company will distribute a mid-term dividend of HKD 0.73443169 per share [1]

Core Insights - The five major listed insurance companies in China reported a total operating income of 23,739.81 billion RMB for the first three quarters of 2025, representing a 13.6% increase compared to the same period in 2024. The net profit reached 4,260.39 billion RMB, a year-on-year growth of 33.54% [1][3] Group 1: Company Performance - China Life Insurance maintained its leading position in the life insurance sector with a premium growth of 25.9%, achieving a net profit of 1,678.04 billion RMB, up 60.5% [3][4] - Ping An Insurance reported an operating income of 8,329.40 billion RMB, with a net profit of 1,328.56 billion RMB, reflecting an 11.5% increase [3][4] - China Pacific Insurance achieved a net profit of 457 billion RMB, a growth of 19.3%, with an operating income of 3,449.04 billion RMB [3][4] - New China Life Insurance saw a significant net profit increase of 58.0%, totaling 328.57 billion RMB, with a premium growth of 28.3% [3][4] - China Property & Casualty Insurance reported a net profit of 468.22 billion RMB, up 28.9%, with an operating income of 5,209.90 billion RMB [3][4] Group 2: Premium Growth and Channels - The life insurance sector is experiencing a recovery, with total premiums and new business premiums showing double-digit growth across multiple companies [4][6] - China Life achieved total premiums of 6,696.45 billion RMB, a 10.1% increase, with renewal premiums growing by 10.0% [4][6] - New China Life reported a 59.8% increase in first-year premiums for long-term insurance [4][6] - The bancassurance channel has become a significant growth driver, with China Pacific Insurance's bancassurance premiums reaching 583.10 billion RMB, up 63.3% [6][7] Group 3: Investment Performance - All five companies highlighted significant increases in investment income as a key driver of profit growth, benefiting from a recovering capital market [10][11] - China Life's total investment income reached 3,685.51 billion RMB, a 41.0% increase, with an investment return rate of 6.42% [10][11] - Ping An's investment portfolio exceeded 6.41 trillion RMB, with a non-annualized comprehensive investment return rate of 5.4% [10][11] - China Property & Casualty Insurance reported total investment income of 862.50 billion RMB, a 35.3% increase [10][11] Group 4: Asset Growth - The total assets of the five major insurance companies reached 27.82 trillion RMB, an 8.3% increase from the end of 2024 [12][13] - Ping An's total assets amounted to 13.65 trillion RMB, a 5.3% increase, while China Life's total assets reached 7.42 trillion RMB, growing by 9.6% [12][13]

A 股证券代码：601336 A 股证券简称：新华保险 编号：2025-060 H 股证券代码： 01336 H 股证券简称：新华保险 重要内容提示： 本次会议是否有否决议案：无 新华人寿保险股份有限公司 2025年第三次临时股东大会决议公告 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。 一、 会议召开和出席情况 （一）股东大会召开的时间：2025 年 10 月 31 日 （二）股东大会召开的地点：北京市朝阳区建国门外大街甲 12 号新华保险大厦 （三）出席会议的普通股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 535 | | --- | --- | | 股股东人数 其中：A | 534 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,678,638,399 | | 其中：A 股股东持有股份总数 | 1,410,368,079 | | 股） 境外上市外资股股东持有股份总数（H | 268,270,320 | | 3、出席 ...

FANGDA PARTNERS http://www.fangdalaw.com 中国北京市朝阳区光华路一号 电子邮件 E-mail: email@fangdalaw.com 北京嘉里中心北楼 27 层 电 话 Tel.: 86-10-5769-5600 邮政编码：100020 传 真 Fax: 86-10-5769-5788 27/F，North Tower, Beijing Kerry Centre 1 Guanghua Road, Chaoyang District Beijing 100020, PRC 上海市方达（北京）律师事务所 关于新华人寿保险股份有限公司 2025 年第三次临时股东大会的法律意见书 致：新华人寿保险股份有限公司 上海市方达（北京）律师事务所（以下简称"本所"）是具有中华人民共和国 境内法律执业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席新 华人寿保险股份有限公司（以下简称"公司"）2025 年第三次临时股东大会（以下 简称"本次股东大会"），并就本次股东大会的召集和召开程序、参与表决和召集 会议人员的资格、表决程序和表决结果等有关事宜出具本法律意见书。 本法律意见书 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 而產生或因倚賴該等內容而引致的任何損失承擔任何責任。 NEW CHINA LIFE INSURANCE COMPANY LTD. 01336 2025年第三次臨時股東大會表決結果 及 派發2025年中期股息 本次會議由本公司董事會（「董事會」）召集，由本公司董事長楊玉成先生主持。本次會議 以現場投票和網絡投票（僅適用於本公司A股股東）相結合的方式進行表決。香港中央證券 登記有限公司（本公司H股股份過戶登記處）被本公司委任為本次會議的監票人。 本次會議的召集、召開符合相關中國法律法規、《香港聯合交易所有限公司證券上市規 則》（「上市規則」）以及《新華人壽保險股份有限公司章程》（「《公司章程》」）的規定。本公司 在任董事11人，出席11人；本公司在任監事4人，出席4人；本公司董事會秘書出席了本 次會議；本公司高級管理人員列席了本次會議。 本公司於本次會議召開當日已發行股份總數為3,119,546,600股，其中A股及H股分別為 2,085,439,340股及1 ...

Core Viewpoint - Bank of America Securities reports that New China Life Insurance (1336.HK) achieved a net profit of 32.9 billion RMB in the first three quarters, representing a year-on-year growth of 59%, exceeding expectations [1] Financial Performance - The strong investment income growth in Q3 contributed to maintaining robust profitability despite a high base from the previous year due to fair value gains from stock market increases [1] - The net profit for the first three quarters reached 32.9 billion RMB, marking a significant increase compared to the same period last year [1] Earnings Forecast - Based on improved investment income forecasts, Bank of America Securities raised New China Life's earnings forecast for 2025 by 23% [1] - The earnings forecasts for 2026 and 2027 were adjusted upward by 1% to 2% [1] Target Price and Rating - The target price for New China Life was increased by 2% to 39 HKD [1] - The rating was reaffirmed as "Underperform," with the view that its valuation level is relatively high compared to peers [1]

Core Viewpoint - Bank of America Securities reports that New China Life Insurance (01336.HK) achieved a net profit of 32.9 billion RMB in the first three quarters, representing a year-on-year growth of 59%, exceeding expectations [1] Financial Performance - The strong investment income growth in the third quarter contributed to maintaining robust profitability, despite a high base from the previous year due to fair value gains from stock market increases [1] - The net profit for the first three quarters reached 32.9 billion RMB, marking a significant increase compared to the previous year [1] Earnings Forecast - Based on improved investment income forecasts, Bank of America Securities raised New China Life's earnings forecast for 2025 by 23% [1] - The earnings forecasts for 2026 and 2027 were adjusted upward by 1% to 2% [1] Target Price and Rating - The target price for New China Life was increased by 2% to 39 HKD [1] - The rating was reiterated as "underperform," with the view that its valuation level is relatively high compared to peers [1]