Core Viewpoint - Xinhua Insurance's stock price declined by 2.65% today, leading the A-share insurance sector in losses, despite a significant projected profit increase for 2024 [1] Financial Performance - Xinhua Insurance's estimated net profit for 2024 is projected to be between 23.958 billion and 25.700 billion RMB, an increase of 15.246 billion to 16.988 billion RMB compared to 2023, representing a year-on-year growth of 175% to 195% [1][2] - The estimated net profit excluding non-recurring items for 2024 is expected to be between 24.052 billion and 25.801 billion RMB, with a similar increase and growth rate as the overall net profit [1] - The projected earnings per share for 2024 is estimated to be between 7.68 and 8.24 RMB, an increase of 4.89 to 5.45 RMB compared to 2023, also reflecting a growth of 175% to 195% [1] Premium Income - Xinhua Insurance's cumulative original insurance premium income for 2024 is reported to be 170.511 billion RMB, showing a year-on-year growth of 2.8% [4] - In comparison, other major insurance companies such as China Life, China Pacific, and China Ping An reported premium income growth rates of 4.7%, 7.2%, and 4.4% respectively during the same period [4] - For 2023, the premium income growth rates for Xinhua Insurance and its peers were 1.7%, 4.3%, 6.9%, 4.1%, and 7.7% respectively, indicating Xinhua's continued lag in premium growth [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a significant year-on-year increase in net profit attributable to shareholders for 2024, estimated between 239.58 billion to 257.00 billion yuan, representing a growth of 175% to 195% compared to 2023 [3] - The company's performance in the stock and bond markets has been strong, with the Shanghai Composite Index and other indices showing improved performance compared to the previous year [4] - The company has a high allocation in stocks and funds, with 18.1% of its assets in these categories, which is above the industry average [5] - The expected dividend yield for 2024 is projected to be between 4.8% to 5.2% for A shares and 10.3% to 11.1% for H shares, indicating a stable dividend payout [5] Financial Data and Profit Forecast - The company's projected revenue for 2024 is approximately 91.54 billion yuan, with a year-on-year growth rate of 27.95% [7] - The net profit attributable to shareholders for 2024 is forecasted at around 24.60 billion yuan, reflecting a substantial increase of 182.35% compared to 2023 [7] - The earnings per share (EPS) for 2024 is estimated to be 7.89 yuan, with a projected increase in subsequent years [7] - The price-to-earnings (P/E) ratio for 2024 is expected to be 5.97, indicating a favorable valuation [7]

Core Viewpoint - The five major insurance companies in China reported a total premium income of 2.84 trillion yuan for 2024, reflecting a year-on-year growth of 5.3% [1][2]. Group 1: Premium Income Performance - China Life, China Pacific, China Ping An, China Property & Casualty, and New China Life achieved premium incomes of 671.7 billion yuan, 692.753 billion yuan, 858.143 billion yuan, 442.072 billion yuan, and 170.511 billion yuan respectively in 2024 [2]. - All five companies experienced positive growth in premium income, with China Ping An showing the highest year-on-year increase of 7.2% [2]. - Compared to 2023, China Life, China Ping An, and New China Life saw an expansion in their premium income growth rates [2]. Group 2: Monthly Performance Trends - In the first seven months of 2024, premium income growth varied among the five companies, but all turned positive starting in August [3]. - New China Life faced a decline in premium income for the first seven months, but began to recover with positive growth from August onwards [3]. Group 3: Life Insurance Sector Insights - The life insurance segment saw premium incomes of 671.7 billion yuan, 106.003 billion yuan, 502.877 billion yuan, 238.823 billion yuan, and 170.511 billion yuan for China Life, China Property & Casualty, China Ping An, China Pacific, and New China Life respectively, with year-on-year growth rates of 4.7%, 5.3%, 7.8%, 2.4%, and 2.8% [3]. - Analysts predict that the growth in renewal premiums will drive stable growth in life insurance premiums, supported by strong demand for savings insurance and improved business quality [3]. Group 4: Property Insurance Sector Performance - The "old three" property insurance companies achieved a combined premium income exceeding 1 trillion yuan in 2024, with China Property & Casualty, China Ping An, and China Pacific reporting premium incomes of 538.055 billion yuan, 321.821 billion yuan, and 203.249 billion yuan respectively, reflecting year-on-year growth rates of 4.3%, 6.5%, and 6.8% [4]. Group 5: Future Outlook - Analysts expect that the recovery in average vehicle premiums and the macroeconomic rebound will accelerate growth in non-auto insurance in 2025 [5].

Financial Projections - The estimated net profit for 2024 is projected to be between RMB 23.958 billion and RMB 25.700 billion, representing an increase of RMB 15.246 billion to RMB 16.988 billion compared to 2023, with a year-on-year growth of 175% to 195%[3] - The estimated net profit after deducting non-recurring gains and losses for 2024 is expected to be between RMB 24.052 billion and RMB 25.801 billion, with a similar year-on-year growth of 175% to 195%[4] - The estimated earnings per share (basic and diluted) for 2024 is projected to be between RMB 7.68 and RMB 8.24, an increase of RMB 4.89 to RMB 5.45 compared to 2023, reflecting a year-on-year growth of 175% to 195%[4] - The estimated figures for 2024 are preliminary and subject to final confirmation in the official annual report[8] Business Strategy and Growth - The significant growth in 2024 is attributed to the company's strategic transformation focused on customer-centricity, professionalization, and market-oriented reforms, leading to optimized business structure and quality[6] - The company plans to enhance investment management capabilities and increase public market equity and bond investments, benefiting from favorable national policies and a recovering capital market in 2024[6] - The company emphasizes the importance of serving the real economy and leveraging long-term capital advantages to achieve high-quality development[6] Performance Forecast and Transparency - The total profit for the previous year (2023) was RMB 5.515 billion, with a net profit attributable to shareholders of RMB 8.712 billion[5] - There are no significant uncertainties that could affect the accuracy of the performance forecast[7] - The company is committed to maintaining a high level of transparency and encouraging investors to be aware of investment risks[8]

Core Insights - The 2025 insurance "opening red" event has commenced, which is crucial for the insurance industry, contributing up to 40% of annual performance [1] - Despite a general decline in individual insurance premium income among leading companies, Xinhua Insurance has reported a significant increase in individual premium income [1] - The success of Xinhua Insurance is attributed to its well-received product offerings, particularly a simple fixed-income increasing whole life insurance [2] Product Performance - Xinhua Insurance's main product features a cash value of 1.412 million yuan by the 10th year and 2.312 million yuan by the 30th year, with internal rates of return (IRR) of 1.82% and 2.29% respectively, which are above average in the industry [2] - The product allows for quicker returns compared to similar offerings, with a 30-year-old female policyholder able to recover her total premium of 1.2 million yuan by the fourth year [2][3] Market Comparison - In contrast, many competing "opening red" dividend insurance products require up to 9 years to break even, highlighting the competitive edge of Xinhua's offerings [3] - The shift from short-term quick-return products to dividend insurance reflects broader market trends, with Xinhua Insurance's strategy appearing unconventional in the current environment [3] Strategic Considerations - Xinhua Insurance's aggressive approach during a cautious industry period aims to boost morale and capture customer resources, with increased spending on commissions deemed justifiable [4] - The company has faced challenges in recent years, including a decline in its agent workforce, which decreased by 10% to 139,000 in the first half of 2024 [5][6] Financial Performance - In the first three quarters of 2024, Xinhua Insurance reported premium income of 145.644 billion yuan, a slight increase of 1.9%, ranking sixth among life insurance companies [5] - The company achieved a net profit of 20.68 billion yuan in Q3 2024, a substantial increase of 116.7% year-on-year, supported by strong investment performance [6][7] Future Outlook - Xinhua Insurance plans to balance traditional and dividend insurance products to meet diverse customer needs, aiming for sustainable growth [7] - The company’s investment assets reached 1.61 trillion yuan with an annualized total investment return of 6.8%, indicating a solid financial foundation for future initiatives [7]

A 股证券代码：601336 A 股证券简称：新华保险 公告编号：2025-002 号 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 2025 年第一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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一)股东大会召开的时间：2025 年 1 月 10 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和恢复表决权的优先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 | | 1,012 | | --- | --- | --- | | 其中：A | 股股东人数 | 1,011 | | 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） | | 1,608,317,099 | | 其中：A | 股股东持有股份总数 | 1,402,821,794 | | 境外上市外资股 ...

关于新华人寿保险股份有限公司 2025 年第一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 年第一次临时股东大会（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。 本法律意见书依据《中华人民共和国公司法》《中华人民共和国证券法》《上 市公司股东大会规则》及其他相关中华人民共和国境内已公开颁布并生效的法律、 法规、规章及规范性文件（以下合称"中国法律法规"，仅为本法律意见书说明之 目的，不包括中国香港特别行政区、中国澳门特别行政区和中国台湾地区的法律、 法规）以及《新华人寿保险股份有限公司章程》（以下简称"《公司章程》"）的规 定出具。 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 ...

新华人寿保险股份有限公司 第八届董事会第二十八次会议决议公告 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。 A股股票代码：601336 A股股票简称：新华保险 编号：2024-060号 H股股票代码： 01336 H股股票简称：新华保险 表决情况：同意 10 票，反对 0 票，弃权 0 票。 三、审议通过了《关于调整董事会专业委员会组成人员的议案》，同意增选 龚兴峰先生担任第八届董事会战略委员会委员、投资委员会委员。 1 / 3 新华人寿保险股份有限公司（以下简称"公司"）于 2024 年 12 月 20 日以电 子邮件方式向全体董事发出第八届董事会第二十八次会议（以下简称"会议"） 通知和材料，会议于 2024 年 12 月 27 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 ...

NEW CHINA LIFE INSURANCE COMPANY LTD. 01336 董事名單與其角色和職能 獨立非執行董事 馬耀添 賴觀榮 徐 徐 郭永清 - 1 - 新華人壽保險股份有限公司董事會（「董事會」）成員載列如下： 董事長、執行董事 楊玉成 執行董事 龔興峰 非執行董事 何興達 楊 雪 胡愛民 李琦強 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 | | | 審計與關聯 | | 風險管理與 | | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | 交易控制 | 提名薪酬 | 消費者權益 | | 董事 | | | 戰略委員會 | 投資委員會 | 委員會 | 委員會 | 保護委員會 | | 楊玉成 | | | C | M | | | | | 何興達 | | | | C | M | | M | | 楊 | 雪 | | | | | M | C | | 胡愛民 | | | M | M | | | | | 李琦強 | | | | | M | M | M | | 馬耀添 | | | | | | M | M | | ...

新华人寿保险股份有限公司关于 董事及高级管理人员任职资格 获核准的公告 A股股票代码：601336 A股股票简称：新华保险 编号：2024-059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"）《关于龚兴峰新华人寿保险股份有限 公司董事任职资格的批复》（金复[2024]819号）、《关于龚兴峰新华人寿保险股 份有限公司总经理任职资格的批复》（金复[2024]843号）、《关于龚兴峰新华人 寿保险股份有限公司财务负责人任职资格的批复》（金复[2024]825号），金融监 管总局已核准龚兴峰先生担任本公司董事、总裁及财务负责人的任职资格。 龚兴峰先生的简历如下： 特此公告。 新华人寿保险股份有限公司董事会 2024 年 12 月 24 日 2 / 2 龚兴峰先生自2024年12月起担任本公司执行董事、总裁及财务负责人。龚先 生1999 年1月加入本公司 ...