Financial Performance - Total revenue for Q3 2024 reached RMB 51,365 million, representing a 297.8% increase compared to the same period last year[4] - Net profit attributable to shareholders for Q3 2024 was RMB 9,597 million, with a significant increase of 116.7% year-on-year[4] - Basic and diluted earnings per share for Q3 2024 were both RMB 3.08, reflecting a 116.7% increase compared to the previous year[4] - Net profit attributable to shareholders after deducting non-recurring gains and losses for the year-to-date period was RMB 20,713 million, a 116.6% increase compared to the same period last year[11] - Net profit attributable to shareholders of the parent company for the nine months ended September 30, 2024, was RMB 20,680 million, up from RMB 9,542 million in the same period of 2023, indicating a growth of 117%[27] - The company reported a total profit of RMB 23,281 million before income tax for the nine months ended September 30, 2024, compared to RMB 8,685 million in the same period of 2023[28] Assets and Liabilities - Total assets as of September 30, 2024, amounted to RMB 1,667,028 million, an 18.8% increase from the end of the previous year[5] - The total liabilities increased to RMB 1,575,961 million as of September 30, 2024, from RMB 1,298,165 million at the end of 2023[22] - The company's cash and cash equivalents increased to RMB 23,467 million from RMB 21,808 million at the end of 2023[21] - The company's retained earnings rose to RMB 109,354 million as of September 30, 2024, compared to RMB 92,124 million at the end of 2023[23] - The total assets of the company as of September 30, 2024, amounted to RMB 1,667,028 million, compared to RMB 1,403,257 million at the end of 2023[21] Solvency Ratios - Core solvency ratio improved to 130.53% as of September 30, 2024, up from 122.57% at the end of Q2 2024[9] - Comprehensive solvency ratio slightly decreased to 223.20% from 225.20% in the previous quarter[9] Cash Flow - Net cash flow from operating activities for the year-to-date period was RMB 88,788 million, showing an 11.5% increase year-on-year[4] - For the nine months ended September 30, 2024, the total cash inflow from operating activities was RMB 158,928 million, a decrease of 2.1% compared to RMB 162,082 million for the same period in 2023[33] - The net cash flow from operating activities increased to RMB 88,788 million, up 11.5% from RMB 79,611 million in the previous year[33] - Cash inflow from investment activities totaled RMB 429,873 million, down 3.4% from RMB 444,967 million in the same period last year[34] - The net cash flow from investment activities was negative at RMB 167,357 million, compared to a negative RMB 123,824 million in the previous year, indicating a significant increase in cash outflow[34] - Cash inflow from financing activities reached RMB 100,977 million, a substantial increase of 49.4% from RMB 67,553 million in the same period of 2023[35] - The net cash flow from financing activities was RMB 80,177 million, up 84.3% from RMB 43,553 million in the previous year[35] - The total cash and cash equivalents at the end of the period stood at RMB 23,447 million, an increase from RMB 16,983 million at the end of September 2023[36] Insurance Premiums and Income - The company achieved original insurance premium income of RMB 145.644 billion, a year-on-year increase of 1.9%[14] - The first-year premium income for long-term insurance reached RMB 34.147 billion, a decrease of 12.7% compared to the previous year[14] - The company reported a renewal premium income of RMB 108.226 billion, reflecting a year-on-year growth of 7.8%[14] - The individual insurance channel generated premium income of RMB 97.791 billion, up 1.3% year-on-year, with first-year premium income for long-term insurance growing by 18.8%[16] - The bancassurance channel reported premium income of RMB 45.309 billion, a year-on-year increase of 2.9%, with first-year premium income for long-term insurance rising by 6.3%[16] - The group insurance channel achieved premium income of RMB 2.544 billion, an increase of 8.7% year-on-year, with short-term insurance premiums growing by 4.2%[17] - The company maintained a low surrender rate of 1.3%, down 0.2 percentage points from the previous year[14] - The total premium income from individual insurance channels reached RMB 97,791 million, a 1.3% increase compared to RMB 96,556 million in the previous year[18] - The first-year premium for long-term insurance in the individual channel increased by 16.6% to RMB 12,415 million from RMB 10,644 million[18] - The first-year premium for long-term insurance in the bancassurance channel decreased by 24.1% to RMB 21,553 million from RMB 28,385 million[18] - The total premium income from group insurance increased by 8.7% to RMB 2,544 million compared to RMB 2,341 million in the previous year[18] Investment Performance - The annualized total investment return rate for the company's investment assets was 6.8%, while the annualized comprehensive investment return rate was 8.1%, up from 3.0% in the same period last year[19] - The total investment assets of the company were RMB 16,067.06 billion as of September 30, 2024[19] - Investment income surged to RMB 5,134 million, compared to RMB 211 million in the previous year, reflecting a substantial growth in investment performance[25] - The company achieved a total investment income of RMB 5,134 million, a notable increase from RMB 483 million in the same period of 2023[25] Operating Expenses - The company incurred a total operating expense of RMB (83,640) million, an increase from RMB (53,144) million in the same period of 2023[25] - Other comprehensive income after tax for the nine months ended September 30, 2024, was RMB (32,041) million, compared to RMB (12,162) million in the same period of 2023[29] - The company recognized credit impairment losses of RMB (1,766) million, significantly higher than RMB (262) million in the previous year, impacting net profit[25] - The company’s total comprehensive income for the nine months ended September 30, 2024, was RMB (11,358) million, compared to RMB (2,618) million in the same period of 2023[31]

A股股票代码：601336 A股股票简称：新华保险 编号：2024-047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年第三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 10 月 31 日在 上海证券交易所网站（www.sse.com.cn）披露 2024 年第三季度报告。为了便于 广大投资者更全面深入地了解公司 2024 年第三季度业绩和经营情况，公司拟于 2024 年 10 月 31 日召开业绩说明会，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 三、公司出席人员 公司高级管理人员。 四、投资者参加方式 投资者可于 2024 年 10 月 31 日 8:30-9:30 登 录 网 络 直 播 平 台 （https://s.comein.cn/AKiup）观看业绩说明会，公司将在网络直播平台上及时回 1 会议召 ...

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，概不對因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。 董事會會議通告 承董事會命 新華人壽保險股份有限公司 楊玉成 董事長 中國北京，二零二四年十月十七日 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， 本公司將於二零二四年十月三十日（星期三）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二零二四年九月三十日止九個月之第三季 度業績及其發佈，以及處理其他事項。 於本通告日期，本公司董事長、執行董事為楊玉成；非執行董事為楊毅、何興達、楊 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。 ...

普通决议事项 新华人寿保险股份有限公司 2024 年第二次临时股东大会 会议材料 二〇二四年十月十七日 北京 1/5 新华人寿保险股份有限公司 2024 年第二次临时股东大会议程 会议时间 ：2024 年 11 月 6 日（星期三）下午 14 点 30 分 会议地点 ：北京市朝阳区建国门外大街甲 12 号新华保险大厦 21 层 会议召集人：新华人寿保险股份有限公司董事会 议程内容 2/5 一、宣布会议开始及会议议程 二、审议议案 1. 关于 2024 年度中期利润分配方案的议案 2. 关于选举龚兴峰先生为第八届董事会执行董事的议案 三、回答股东提问 四、宣布出席会议股东及股东代理人人数、代表股份数 五、现场投票表决 六、休会、统计现场表决结果 七、宣布现场表决结果 议案一 关于 2024 年度中期利润分配方案的议案 各位股东： 新华人寿保险股份有限公司（以下简称"公司"）2023 年年度股东大会审 议通过了《关于 2024 年度中期利润分配相关安排的议案》，同意根据经审阅的 2024 年上半年财务报告，合理考虑当期业绩、资金状况及风控指标要求，在公 司 2024 年半年度具有可供分配利润的条件下，实施 202 ...

| A股股票代码：601336 | A股股票简称：新华保险 编号：2024-045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 2024 年 1 月 1 日至 2024 年 9 月 30 日期间累计原保险保费收入为人民币 14,564,370 万元。公司深入推进"以客 户为中心"的体制机制改革，加强队伍优增优育，业务结构和品质持续优化，长 年期期交业务发展较快，可持续发展能力进一步夯实。 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 10 月 17 日 ...

A 股证券代码：601336 A 股证券简称：新华保险 公告编号：2024-046 H 股证券代码： 01336 H 股证券简称：新华保险 新华人寿保险股份有限公司 关于召开 2024 年第二次临时股东大会的通知 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。 股东大会召开日期：2024年11月6日 本次股东大会采用的网络投票系统：上海证券交易所股东大会网络投票 系统 (二) 股东大会召集人：新华人寿保险股份有限公司（以下简称"本公司" 或"公司"）董事会 (三) 投票方式：本次股东大会所采用的表决方式是现场投票和网络投票相 结合的方式 (四) 现场会议召开的日期、时间和地点 召开的日期时间：2024 年 11 月 6 日 14 点 30 分 召开地点：北京市朝阳区建国门外大街甲 12 号新华保险大厦 21 层 (五) 网络投票的系统、起止日期和投票时间。 重要内容提示： 一、 召开会议的基本情况 (一) 股东大会类型和届次 2024 年第二次临时股东大会（以下简称"本次股东大会"或"股东大会"） 网络投票 ...

Investment Rating - The investment rating for Xinhua Insurance is "Buy" with a 6-month target [1] Core Views - The company expects a significant increase in net profit for the first three quarters of 2024, projected to be between 186.07 billion to 205.15 billion yuan, representing a year-on-year growth of 95% to 115% [1] - The substantial growth in investment income has driven the high increase in net profit, attributed to the optimization of asset allocation and an increase in equity holdings [1] - The company has benefited from favorable policies aimed at boosting the capital market, which is expected to continue improving its performance [1] Financial Performance Summary - For 2024, the estimated net profit is adjusted to 24.38 billion yuan, reflecting a year-on-year increase of 179.86% [2] - The projected earnings per share for 2024 is 7.81 yuan, with a P/E ratio of 6.36 [2] - The total premium income for the company reached 130.3 billion yuan as of August, showing a year-on-year increase of 1.9% [1] - The new business value (NBV) is expected to continue increasing due to the reduction in preset interest rates and the implementation of unified pricing [1] Asset and Liability Management - As of the first half of 2024, the company held 144.3 billion yuan in stocks and 116.3 billion yuan in funds, accounting for 10% and 8.1% of the investment portfolio, respectively [1] - The company’s solvency ratio for life insurance is projected to be 250% in 2024, indicating strong financial health [7] - The total assets are expected to reach 1,612.34 billion yuan by 2024, with liabilities of 1,318.47 billion yuan [7] Future Outlook - The company is expected to continue benefiting from the upward trend in the equity market, with net profit forecasts for 2024-2026 adjusted to 24.4 billion, 27.7 billion, and 30.6 billion yuan, respectively [1] - The new business premium growth rate is projected to be 20.97% in 2024, indicating a positive outlook for future business expansion [7]

证券研究报告·公司点评报告·保险Ⅱ 新华保险（601336） 国泰君安港股复牌大涨，或利好公司盈利改善 2024 年 10 月 11 日 买入（维持） | --- | --- | --- | --- | --- | --- | |------------------------------|--------|--------|-----------------------------------|--------|-------| | [Table_EPS] 盈利预测与估值 | 2022A | 2023A | 2024E | 2025E | 2026E | | 归母净利润（百万元） | | | 21,500 8,712 19,623 13,543 14,407 | | | | 同比增长率（ % ） | 43.8% | -59.5% | 125.2% | -31.0% | 6.4% | | 新业务价值（百万元） | | | 2,423 3,024 3,592 3,983 4,367 | | | | 新业务价值增长率（ % ） | -59.5% | 24.8% | 18.8% | 10.9% | 9.6% | | ...

Investment Rating - The report maintains a "Buy" rating for both A and H shares of the company [4]. Core Views - The company expects a significant increase in net profit for the first three quarters of 2024, projected between CNY 186.1 billion and CNY 205.2 billion, representing a year-on-year growth of 95% to 115% [2]. - The substantial growth in net profit is driven by improved investment performance, with a doubling of net profit in Q2 and a strong recovery in Q3, where net profit is expected to range from CNY 75.2 billion to CNY 94.3 billion, compared to a loss of CNY 4.4 billion in the same period last year [2]. - The company holds a high proportion of stocks and funds, with 18.1% of its portfolio in equities, the highest among listed insurance companies, contributing to a significant increase in fair value [2]. - The report highlights a favorable macroeconomic environment, with a 40 basis point decline in the 10-year government bond yield, enhancing the fair value of fixed-income assets [2]. - The company anticipates continued growth in value due to the retirement of 3% products and strong growth in new business value (NBV), which is expected to lead the industry [2]. Financial Projections - The projected earnings per share (EPS) for 2024-2026 are CNY 5.2, CNY 6.8, and CNY 7.5 respectively [2][9]. - The estimated embedded value (EV) growth rates for 2024-2026 are 12%, 9.4%, and 8.7% respectively, driven by rapid NBV growth and improved investment performance [8]. - The report forecasts a net profit growth of 87.8% in 2024, followed by 30% in 2025 and 9.8% in 2026 [8]. Valuation - The report assigns a reasonable valuation of 0.65X PEV for A shares and 0.3X for H shares, translating to a target price of CNY 58.46 per share for A shares and HKD 29.64 for H shares [2][9]. - The current market conditions are expected to support further valuation recovery, with the average PEV for comparable companies being significantly higher [9].

Investment Rating - The investment rating for the company is "Outperform the Market" and is maintained [2][6]. Core Views - The company is expected to achieve a significant increase in net profit for the first three quarters of 2024, with estimates ranging from 186 billion to 205 billion yuan, representing a year-on-year increase of 95% to 115% [5]. - The substantial profit growth is attributed to the recovery of the capital market, which has led to increased investment income, alongside improvements in the quality of insurance liabilities and business structure [5][6]. - The company's high proportion of equity and fund holdings contributes to its performance sensitivity to stock market fluctuations, with equity and fund investments accounting for 10.0% and 8.1% of total investment assets, respectively [5][6]. Financial Summary - The company's projected financial performance includes: - Revenue for 2024E is estimated at 94.859 billion yuan, a year-on-year increase of 32.58% [7]. - Net profit for 2024E is projected at 21.984 billion yuan, reflecting a significant year-on-year growth of 152.34% [7]. - Earnings per share (EPS) for 2024E is expected to be 7.05 yuan [7]. - The company maintains a low valuation with a projected PEV of 0.80-0.85 times for 2024, indicating a reasonable price range of 68.35-72.63 yuan [6]. Market Performance - The company's stock price closed at 51.73 yuan, with a 52-week price fluctuation range of 27.35-53.90 yuan [2]. - The absolute and relative performance against the CSI 300 index shows significant gains over 1M, 2M, and 3M periods, with absolute increases of 59.8%, 78.5%, and 73.3%, respectively [4]. Valuation Metrics - The company is valued at a P/E ratio of 7.34 for 2024E, with a P/B ratio of 1.60 [13]. - The net asset value per share (BVPS) is projected to be 32.40 yuan for 2024E [13].