Summary of Xinhua Insurance Conference Call Company Overview - **Company**: Xinhua Insurance - **Focus**: Life insurance products, particularly participating insurance and health insurance Key Points and Arguments Industry and Market Position - Xinhua Insurance is preparing for a strong start in 2026, focusing on participating insurance products through individual insurance channels and diversified offerings via bank insurance channels to ensure steady growth [2][3] - The company has established partnerships with nearly 60 banks, aiming to enhance its bank insurance channel's human resources and service systems to achieve high-quality growth in 2026 [2][8][10] Sales Performance and Strategy - In 2025, the sales of participating insurance were strong, with an expected improvement in 2026 due to enhanced acceptance from bank clients and improved sales capabilities of agents [2][4] - The target for new business proportion in 2025 was not fully met, but overall scale was in line with expectations. The company plans to stabilize value rates through high-value products like critical illness insurance [2][5] - The sales strategy emphasizes participating insurance, with a competitive dividend realization rate of 110%-120% enhancing bank client acceptance [4][6] Agent Channel Development - The overall scale of agents has decreased, but core personnel have slightly increased. The company focuses on attracting high-quality new agents and improving agent productivity through new policies and training programs [7][8] - Future growth in the agent channel is expected to stabilize, with a focus on effective new additions and high-performing personnel [8][9] Financial Metrics and Investment Strategy - The spread between participating and traditional insurance has narrowed to 25 basis points. The company aims to maintain overall value rates stable despite a slight decrease in value rates for participating insurance compared to traditional insurance [4][5] - Investment in fixed-income assets remains a core strategy, constituting nearly 80% of the portfolio, while equity investments are at a relatively high level [15][16] Risk Management and Future Outlook - Xinhua Insurance has a small exposure to real estate, with total investments in real estate projects around 4.7 billion yuan, and considers the risk manageable [18][19] - The company has not yet initiated its 2025 dividend plan, which will be determined based on profit realization, funding status, and risk indicators [20] Regulatory Compliance and Financial Health - The company adheres to regulatory requirements for the demonstration interest rates of participating insurance, ensuring a balance between sales and future dividend realization rates [11][12] - The effective duration of assets is approximately 10 years, with ongoing adjustments to asset-liability management strategies to align with market changes [21] Strategic Initiatives - During the "14th Five-Year Plan" period, Xinhua Insurance aims to enhance its market position by focusing on customer-centric strategies, improving product offerings, and strengthening governance and communication with investors [22][23] Additional Important Insights - The company is exploring the development of health-oriented critical illness insurance to diversify its product offerings and enhance overall value rates [6] - Xinhua Insurance plans to increase its focus on high-dividend strategies in its investment portfolio to support net investment income [16][17]

【保险板块震荡走强 中国太保涨近3%创历史新高】智通财经12月25日电，早盘保险板块震荡走强，中 国太保涨近3%，创历史新高，中国平安涨超3%，创2021年3月以来新高，新华保险、中国人保涨超 2%。 转自：智通财经 ...

二、审议通过了《关于公司第九届董事会专业委员会组成人员的议案》。 第九届董事会专业委员会组成人员如下: 新华人寿保险股份有限公司 第九届董事会第一次会议决议公告 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 2025年 12 月 12 日以书 面方式向全体董事发出第九届董事会第一次会议(以下简称"会议")通知和材料, 会议于 2025年12月24日在北京市以现场方式召开。会议应到董事 10人,现场 出席董事 10人,公司监事及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。 全体董事一致推举龚兴峰董事主持本次会议,经与会董事审议和现场表决, 形成如下会议决议: 一、审议通过了《关于选举公司第九届董事会董事长的议案》,同意选举杨 玉成先生担任公司第九届董事会董事长。 表决情况:同意 9 票,反对 0 票,弃权 0 票。杨玉成董事 ...

（文章来源：证券日报） 证券日报网讯 12月24日，新华保险发布公告称，公司2025年第四次临时股东大会审议通过《关于发行 境内无固定期限资本债券的议案》等多项议案。 ...

Macroeconomic Dynamics - The People's Bank of China will conduct a 400 billion MLF operation with a one-year term to maintain ample liquidity in the banking system [2] - The National Energy Administration reported that the total electricity consumption in November increased by 6.2% year-on-year, reaching 8,356 billion kilowatt-hours [7] Regulatory Actions - Multiple departments, including the State Administration for Market Regulation, issued a plan to enhance product quality management on online trading platforms, emphasizing the need for compliance and risk management [5] - Eight departments, including the People's Bank of China, are supporting the exploration of cross-border digital RMB payment pilot programs with Singapore [6] Market Data - On December 24, A-shares saw collective gains, with the Shanghai Composite Index rising by 0.53% and the Shenzhen Component Index increasing by 0.88% [9] - The financing balance in the two markets increased by 147.95 billion, with the Shanghai Stock Exchange reporting a balance of 12,712.02 billion and the Shenzhen Stock Exchange at 12,355.06 billion [11] Company Developments - Xinhua Insurance announced the election of Yang Yu as the chairman of the board [8] - Dongfang Zhenxuan confirmed that Sun Jin, the vice president of New Oriental, will serve as the executive president [12] - Victory Energy reported a cumulative stock price increase of 135.86% over nine consecutive trading days, indicating potential abnormal trading behavior [13] - JD.com stated that its warehouse in Paris has resumed normal operations following a theft incident, clarifying discrepancies in reported loss data [15]

Core Viewpoint - The comprehensive solvency adequacy ratio of the life insurance industry in Q3 2025 is 204%, showing a decrease of 26 percentage points quarter-on-quarter and 18 percentage points year-on-year. This decline is attributed to several factors, including the increase in minimum capital requirements and the dynamics of asset and liability growth [1][10]. Group 1: Solvency Analysis - The solvency adequacy ratio decreased due to a 3.2% increase in recognized assets and a 4.1% increase in recognized liabilities, leading to a 1.6% decline in actual capital. Meanwhile, the minimum capital requirement increased by 10.8% [3][13]. - The minimum capital scale reached 2.3 trillion yuan, up 10.8% quarter-on-quarter and 18.7% year-on-year, while actual capital stood at 4.7 trillion yuan, down 1.6% quarter-on-quarter but up 8.1% year-on-year [11][12]. Group 2: Risk Structure - The composition of the quantitative risk minimum capital shows that insurance risk accounts for 24%, market risk for 62%, and credit risk for 14%. The market risk proportion has significantly increased compared to the past three years [16][18]. - The increase in market risk minimum capital is primarily due to the shift towards dividend-type insurance products and the corresponding rise in equity asset allocation, which has heightened the minimum capital requirements and increased solvency pressure on insurance companies [18][26]. Group 3: Regulatory Response - In response to the solvency pressure, regulatory authorities introduced policies to guide the industry in optimizing investment structures and promoting long-term investment. For instance, the risk factor for long-term investments in stocks from the CSI 300 index held for over three years can be reduced by 10% [18][26]. - These adjustments aim to support stable investment behaviors and alleviate the capital burden faced by insurance companies in the current market environment [18][26]. Group 4: Company-Specific Risk Indicators - Among the top three life insurance companies, China Life has a market risk minimum capital proportion of 68.6%, which is above the industry average [18][27]. - The risk structures of leading companies differ significantly, influenced by their business structures, product term structures, and asset allocation strategies [20][28].

新华保险（601336）(01336)发布公告，于2025年12月24日，第九届董事会第一次会议决议选举杨玉成 先生担任公司第九届董事会董事长。杨玉成先生担任公司董事长的任期自会议决议通过之日起生效。第 九届董事会依法成立后，赖观荣先生作为第八届董事会董事任期届满并退任公司董事。 ...

智通财经APP讯，新华保险(01336)发布公告，于2025年12月24日，第九届董事会第一次会议决议选举杨 玉成先生担任公司第九届董事会董事长。杨玉成先生担任公司董事长的任期自会议决议通过之日起生 效。第九届董事会依法成立后，赖观荣先生作为第八届董事会董事任期届满并退任公司董事。 ...

NEW CHINA LIFE INSURANCE COMPANY LTD. 01336 董事名單與其角色和職能 新華人壽保險股份有限公司董事會（「董事會」）成員載列如下： 非執行董事 楊玉成 楊 雪 毛思雪 胡愛民 張曉東 執行董事 龔興峰 董事長、執行董事 C：有關專業委員會的主任委員 M：有關專業委員會的委員 * 張秀芬女士在董事會專業委員會的任職以監管機構核准其獨立非執行董事任職資格為前提。在此之 前，公司獨立非執行董事馬耀添先生將按照法律法規要求繼續履職。 中國北京，2025年12月24日 獨立非執行董事 徐 徐 郭永清 卓 志 張秀芬* * 張秀芬女士的董事任職以監管機構核准其獨立非執行董事任職資格為前提。在此之前，公司獨立非 執行董事馬耀添先生將按照法律法規要求繼續履職。 - 1 - 董事會下設五個專業委員會，各專業委員會的組成如下： | | | 委員會 | | 投資與資產 | 審計與關聯 | | 風險管理與 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | 戰略與ESG | 負債管理 | 交易控制 | 提名薪酬 | 消費者權益 ...

格隆汇12月24日丨新华保险(01336.HK)宣布，按照《公司章程》的规定，公司董事会设董事长一名，由 全体董事过半数选举产生。于2025年12月24日，第九届董事会第一次会议决议选举杨玉成担任公司第九 届董事会董事长。杨玉成担任公司董事长的任期自会议决议通过之日起生效。第九届董事会依法成立 后，赖观荣作为第八届董事会董事任期届满并退任公司董事。 ...