Group 1 - The second batch of insurance fund long-term investment reform pilot has made significant progress, with TaiKang Asset Management receiving approval to establish a wholly-owned private fund management subsidiary [1][2] - TaiKang Asset will issue a contract-type private securities investment fund with an initial investment scale of 12 billion yuan (approximately 1.2 billion USD) from TaiKang Life, focusing on long-term investment strategies [2][3] - The pilot program aims to enhance the efficiency of insurance fund usage and improve asset-liability matching under new accounting standards, with a total approved scale of 162 billion yuan (approximately 16.2 billion USD) for the second batch [3][6] Group 2 - The first batch of pilot programs began in October 2023, with China Life and Xinhua Insurance each contributing 25 billion yuan (approximately 2.5 billion USD) to establish a 50 billion yuan (approximately 5 billion USD) company fund, which officially started investing in March 2024 [3][4] - The second batch has expanded from 5 billion yuan (approximately 500 million USD) to 162 billion yuan (approximately 16.2 billion USD), with the number of participating insurance companies increasing from 2 to 8 [3][5] - The pilot program is designed to facilitate the entry of long-term funds into the market, addressing investment barriers faced by insurance companies and enhancing their role as stabilizers in the capital market [6][8] Group 3 - The new contract-type funds will allow insurance companies to mitigate the impact of market volatility on their profit statements through specific accounting measures, such as equity method accounting and OCI classification [7][8] - The pilot program is expected to promote a positive interaction between insurance funds and the capital market, enhancing the depth and breadth of insurance capital participation [8]

Core Viewpoint - Xinhua Insurance is focusing on the development of dividend insurance products to meet the changing needs of consumers in a low-interest-rate environment, emphasizing long-term wealth management and retirement planning [2][3][4] Group 1: Product Development - Xinhua Insurance launched two new dividend insurance products: Shengshi Glory Smart Winning Whole Life Insurance and Shengshi Anying Pension Annuity Insurance, aimed at providing lifelong protection and wealth planning solutions [2] - The Shengshi Anying Pension Annuity Insurance allows for annual contributions up to 12,000 yuan and offers tax benefits of up to 5,400 yuan, enhancing retirement security while leveraging personal pension tax policies [3] Group 2: Market Trends - There is a shift in consumer demand from "single protection" to "comprehensive life cycle needs," prompting insurance companies to innovate products and services to better meet diverse customer requirements [4] - The State Council's "New National Ten Articles" encourages the development of floating income products, guiding insurance funds to leverage their long-term investment advantages [2] Group 3: Investment Performance - Xinhua Insurance's investment assets exceeded 1.6 trillion yuan, a year-on-year increase of 21.1%, with total investment return rates at 5.8%, up by 4 percentage points [3] - The comprehensive investment return rate reached 8.5%, reflecting a year-on-year growth of 5.9%, showcasing the company's strong investment strategy and financial strength [3]

Core Viewpoint - The recent approval of the share transfer from Australia and New Zealand Banking Group to New China Life Insurance Company signifies a strategic move to enhance asset allocation and strengthen the financial service capabilities of New China Life in the banking sector [1][2]. Group 1: Share Transfer Details - Hangzhou Bank announced the transfer of 329,638,400 shares from Australia and New Zealand Banking Group to New China Life at a price of 13.095 yuan per share, totaling approximately 4.317 billion yuan [2]. - Following the transfer, New China Life will hold a total of 356,555,844 shares, representing 5.63% of Hangzhou Bank's total ordinary shares as of April 14, 2025, making it the fourth-largest shareholder [2]. Group 2: Insurance Companies Increasing Bank Holdings - Since the beginning of 2024, multiple insurance companies have increased their stakes in various banks, including Changcheng Life acquiring Wuxi Bank and Xintai Life increasing holdings in Zhejiang Commercial Bank and Beijing Bank [3]. - New China Life and Ping An Life have also raised their stakes in major banks such as China Construction Bank and Postal Savings Bank [3]. Group 3: Reasons for Insurance Companies' Preference for Bank Stocks - The decline in long-term interest rates and the maturity of high-yield assets have pressured insurance companies to reallocate their assets, making bank stocks attractive due to their high dividends and stable returns [4]. - New accounting standards have led insurance companies to favor high-dividend assets and long-term equity investments to reduce profit volatility [4]. Group 4: Policy Support for Insurance Capital Allocation - In 2024, insurance companies have made 28 equity investments in listed companies, with New China Life being active in acquiring stakes in various firms [6]. - New China Life emphasizes its commitment to increasing equity asset allocation, aligning with national policies to support the development of the capital market and the real economy [7][8].

A股股票代码：601336 A股股票简称：新华保险 编号：2025-022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 关于董事会秘书任职资格获核准的公告 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。 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（以下简称"金融监管总局"）《关于刘智勇新华人寿保险股份有限公 司董事会秘书任职资格的批复》（金复[2025]237 号），金融监管总局已核准刘智 勇先生担任本公司董事会秘书的任职资格，刘智勇先生董事会秘书的任职自 2025 年 4 月 10 日起生效。 刘智勇先生的简历请参见本公司于 2024 年 12 月 10 日在上海证券交易所网 站（www.sse.com.cn）发布的《新华保险关于董事会秘书变更的公告》。 特此公告。 新华人寿保险股份有限公司董事会 2025 年 4 月 16 日 ...

Core Insights - Xinhua Insurance reported a record premium income of 73.218 billion yuan in Q1 2025, marking a year-on-year increase of 28% [1] - The company has shown a significant recovery in its liabilities, with premium growth rebounding by 39.72 percentage points compared to the same period last year [1][3] Group 1: Performance Metrics - The premium income has reached a historical high, surpassing 70 billion yuan for the first time [1] - In Q1 2025, Xinhua Insurance's premium growth rate is expected to remain among the leaders in the listed insurance companies, indicating effective recovery strategies post-2024 [3] - Long-term insurance first-year premium income reached 27.2 billion yuan, a year-on-year increase of 15.6% [4] Group 2: Strategic Initiatives - The company has implemented reforms in its liability structure, including adjustments in marketing channels and organizational structure, which have begun to show results [3] - The new chairman, Yang Yucheng, has identified and addressed seven key challenges within the company, focusing on improving resource allocation and market engagement [3] - Xinhua Insurance aims to enhance its service approach by adopting a "shop assistant" mentality, emphasizing customer-centric strategies [4] Group 3: Market Position - The market share in key economic regions such as the Yangtze River Delta, Guangdong-Hong Kong-Macao, and Chengdu-Chongqing has been significantly improved [4] - The new business value has exceeded 6.3 billion yuan, reflecting a growth of over 100% [4] - The company's embedded value at the end of the year reached 258.4 billion yuan, a 3.2% increase from the previous year [4]

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通告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對本通告全部或任何部分內容而產生或因倚賴 該等內容而引致之任何損失承擔任何責任。 承董事會命 新華人壽保險股份有限公司 楊玉成 董事長 中國北京，2025 年 4 月 15 日 於本通告日期，本公司董事長、執行董事為楊玉成；執行董事為龔興峰；非執 行董事為楊雪、毛思雪、胡愛民和李琦強；及獨立非執行董事為馬耀添、賴觀 榮、徐徐和郭永清。 [公司商標] 新華人壽保險股份有限公司 董事會會議通告 新華人壽保險股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈， 本公司將於二零二五年四月二十九日（星期二）舉行董事會會議，藉以(其中包 括) 考慮及批准本公司及其附屬公司截至二零二五年三月三十一日止三個月之第 一季度業績及其發佈，以及處理其他事項。 ...

2025 年 4 月 15 日 | A股股票代码：601336 | A股股票简称：新华保险 编号：2025-021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。 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 2025 年 1 月 1 日至 2025 年 3 月 31日期间累计原保险保费收入为人民币7,321,842万元，同比增长28%。2025年， 公司持续推进专业化、市场化、体系化改革，以客户为中心丰富产品体系、加快 服务生态建设，强化渠道建设和队伍优增优育等举措为公司业务发展赋予了强劲 动能。 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 ...

Core Viewpoint - The acceleration of insurance funds entering the stock market is evident, with the second batch of long-term stock investment pilot programs being implemented, increasing the scale and number of participating insurance companies [2][6]. Summary by Sections Pilot Program Overview - The scale of the long-term stock investment pilot has increased from 500 billion to 1,620 billion, with the number of participating insurance companies rising from 2 to 8, all of which are life insurance companies [2][6]. - The pilot program allows insurance companies to establish private equity funds primarily investing in the secondary stock market for long-term holding [5][6]. Investment Performance - As of early March 2025, the first pilot fund, Honghu Fund, has invested 500 billion and achieved returns lower than the benchmark with higher yields [6]. Regulatory Support - The pilot program is supported by regulatory frameworks aimed at increasing the actual investment ratio of long-term funds, including insurance funds [5][10]. - The second batch of pilot companies has a total approved scale of 1,120 billion, exceeding the initially planned 1,000 billion, indicating a strong interest from insurance companies [6][12]. Accounting and Investment Strategy - The pilot program allows for different accounting methods, such as equity method accounting, which helps mitigate the impact of market volatility on profit statements [10][11]. - Insurance companies are developing investment policies that focus on long-term holdings, emphasizing the selection of companies with competitive advantages and good governance [14][15]. Market Impact and Future Outlook - The long-term stock investment pilot is expected to enhance the supply structure of capital in the market, benefiting both the capital market and the real economy [14][15]. - Despite the growth in the pilot program, the total scale of 1,620 billion remains small compared to the total insurance fund balance of 33.26 trillion, indicating potential for further expansion [18].

Core Viewpoint - The insurance capital market is accelerating, with the second batch of long-term stock investment pilot programs being implemented, increasing the scale from 500 billion to 1,620 billion yuan, and the number of participating insurance companies rising from 2 to 8 [1][2][3]. Group 1: Investment Scale and Participants - The scale of the long-term stock investment pilot has expanded to 1,620 billion yuan, with 8 insurance companies participating, compared to the initial 500 billion yuan with 2 companies [1][3]. - The first batch of pilot companies included China Life and Xinhua Insurance, each contributing 250 billion yuan to establish the Honghu Fund, which was the first insurance capital private equity fund [2][3]. - The second batch of pilot companies includes 8 firms with a total scale of 1,120 billion yuan, exceeding the initial regulatory target of 1,000 billion yuan [3]. Group 2: Policy and Regulatory Support - The pilot program is supported by policies aimed at promoting long-term capital market investments, initiated by the Central Financial Office and the China Securities Regulatory Commission [2][4]. - The pilot program addresses investment challenges faced by insurance companies, particularly in accounting practices that affect profit reporting due to market volatility [5][6]. - New accounting methods for the pilot funds allow for smoother profit reporting, reducing the impact of market fluctuations on insurance companies' financial statements [5][6]. Group 3: Investment Strategies and Focus - Insurance companies are developing investment policies that emphasize long-term holdings, focusing on companies with competitive advantages and strong governance [7][8]. - The investment approach includes a balanced focus on high-dividend stocks and growth stocks, aiming to mitigate equity market volatility [8]. - The pilot program encourages insurance companies to adopt a longer evaluation period for investment performance, shifting from annual to multi-year assessments [7]. Group 4: Market Impact and Future Outlook - The long-term stock investment pilot is expected to enhance the capital supply structure in the market and support the real economy by providing stable capital [7][9]. - The pilot program has attracted interest from various insurance companies, with many planning to apply for participation in future rounds [9][10]. - Despite the growth in the pilot program, the total scale of 1,620 billion yuan remains small compared to the overall insurance capital market, which had a total investment balance of 33.26 trillion yuan by the end of 2024 [10].

Investment Rating - The report maintains a "Recommendation" rating for the insurance industry, suggesting that the industry index is expected to rise more than 5% over the next 3-6 months compared to the benchmark index [22]. Core Insights - The insurance index fell by 4.77% this week, underperforming the broader market by 1.89 percentage points. Major insurance stocks also experienced declines, with notable drops from companies like AIA (-15.93%) and Taiping (-16.17%) [1]. - The insurance sector is seeing significant growth in the electric vehicle (EV) insurance market, with 31.05 million EVs insured in 2024, generating premium income of 140.9 billion yuan. This represents 15.4% of the total auto insurance premiums [4]. - The report highlights that the profitability of the auto insurance segment is crucial for the overall profitability of property insurance companies, with EV insurance becoming a competitive focus as penetration rates increase [5]. Summary by Sections Market Performance - The insurance index decreased by 4.77% this week, with major companies like Ping An and China Life also showing declines [1]. - The 10-year government bond yield is at 1.66%, down 6 basis points from the previous week [1]. Regulatory Developments - The China Banking and Insurance Regulatory Commission announced adjustments to the regulatory ratios for equity assets, increasing the upper limit for equity asset allocation and relaxing requirements for tax-deferred pension ratios [2]. - By the end of 2024, the first batch of pilot commercial pension accounts reached approximately 1.955 million, a nearly 230% increase from the end of 2023 [2]. Electric Vehicle Insurance Insights - The average premium for EV insurance in 2024 is approximately 4,538 yuan, which is a concern for potential customers due to high costs. Despite this, the segment is experiencing underwriting losses primarily due to high claims and repair costs [4]. - The report suggests that collaboration between insurers and automakers to enhance data models could improve pricing accuracy for EV insurance [4]. Investment Recommendations - The report notes that the recent market downturn due to tariff conflicts has led to a valuation correction in the insurance sector, presenting potential long-term investment opportunities [5]. - Current price-to-earnings (PE) and price-to-book (PB) ratios for major insurers are provided, with Ping An at a PE of 6.53 and a PB of 0.91, indicating a strong buy recommendation [10].