新华人寿保险股份有限公司 第九届董事会第四次会议决议公告 A股证券代码：601336 A股证券简称：新华保险 编号：2026-004 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 2026 年 2 月 9 日以书面 方式向全体董事发出第九届董事会第四次会议（以下简称"会议"）通知和材料， 会议于 2026 年 2 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。 会议由公司董事长杨玉成主持，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《关于聘任公司审计责任人的议案》，同意聘任谭力先生担 任公司审计责任人，其任职资格尚待监管机构核准。 公司董事会提名薪酬委员会已审议通过此 ...

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之任何損失承擔任何責任。 海外監管公告 本公告乃新華人壽保險股份有限公司（「本公司」）依據《香港聯合交易所有限公司證 券上市規則》第 13.10B 條規定而作出。茲載列該公告如下，僅供參閱。 承董事會命 新華人壽保險股份有限公司 楊玉成 董事長 中國北京，2026年2月27日 於本公告日期，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、胡愛民和張曉東；及獨立非執行董事為馬耀添、徐徐、 郭永清和卓志。 A股证券代码：601336 A股证券简称：新华保险 编号：2026-004 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 第九届董事会第四次会议决议公告 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 2026 年 2 ...

1月12日，国家金融监督管理总局鹤壁监管分局行政处罚信息公示表显示，新华人寿保险股份有限公司鹤壁中心支公司因利用保险代理人套取费 用；给予投保人保险合同约定以外的利益；内控管理不严被警告并处罚款20万元。 近日，国家金融监督管理总局烟台监管分局发布的行政处罚信息公开表显示，新华人寿保险股份有限公司（以下简称"新华保险"）下辖多家分支 机构因多项违法违规行为被罚。值得注意的是，这并非新华保险分支机构近期首次领罚。据不完全统计，仅开年以来，该公司在全国多地已收到9 张罚单。 处罚信息显示，新华人寿保险股份有限公司烟台市龙口支公司及时任新华人寿保险股份有限公司烟台市龙口支公司经理高凡钧因存在唆使、诱导 保险代理人进行违背诚信义务活动，代理人管理不到位的违规行为，被分别处警告并罚款1万元。 新华人寿保险股份有限公司烟台中心支公司、时任新华人寿保险股份有限公司烟台中心支公司副总经理王世娜因编制虚假财务资料，被分别罚款 12.47万元、警告并罚款1.74万元。 此外，新华人寿保险股份有限公司烟台市蓬莱支公司违规给予投保人保险合同约定以外利益，罚款5.21万元；时任新华人寿保险股份有限公司烟 台市蓬莱支公司经理孙贻青被警告 ...

Core Insights - The report indicates that insurance assets are expected to steadily increase their allocation to equities in 2026, while maintaining their duration strategy unchanged [6] - The survey conducted by the China Banking and Insurance Asset Management Association reflects the industry's expectations regarding market trends and allocation strategies for 2026 [6] Asset Allocation - In terms of major asset allocation, stocks and securities investment funds are generally favored by insurance institutions for domestic investments in 2026, with some institutions planning to slightly increase their stock investments [6] - The allocation ratios for bank deposits and bonds are expected to remain stable compared to 2025 [6] - Most insurance institutions hold a neutral outlook on the bond market for 2026, with the overall duration strategy expected to remain unchanged [6] - The yield on 10-year government bonds is anticipated to be in the range of 1.8%-1.9%, while 30-year government bonds are expected to yield between 2.2%-2.4% [6] - Over half of the insurance institutions predict that the yield center for high-grade credit bonds will be around 2.0%-2.5%, with credit spreads expected to show a fluctuating trend [6] A-Share Market Outlook - Most insurance institutions maintain an optimistic view of the A-share market for 2026, with plans to slightly increase their allocation to A-shares [6] - The sectors favored include technology, non-ferrous metals, power equipment, computers, communications, pharmaceuticals, and basic chemicals, with a focus on themes such as semiconductors, defense, AI, robotics, and high-dividend stocks [6] Overseas Investment - Hong Kong stocks are the most favored overseas investment option for insurance institutions in 2026, with half of the asset management institutions planning to slightly increase their allocation to Hong Kong stocks [6] - Gold and US stocks are also receiving considerable attention from insurance institutions [6] Company Recommendations - The report suggests that the insurance sector's equity elasticity is expected to continue improving, with a favorable long-term trend for the insurance premium difference [6] - Specific companies recommended for investment include China Ping An (A/H), China Life (A/H), China Taiping (H), New China Life (A/H), China Pacific Insurance (A/H), China People’s Insurance Group (H), and AIA Group (H) [6]

二、新华人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 2026年2月14日，国家金融监督管理总局山西监管局发布批复称，《新华人寿保险股份有限公司太原中 心支公司关于新华人寿保险股份有限公司古交支公司变更营业场所的请示》（新保并支发〔2026〕6 号）收悉。经审核，现批复如下： 一、同意新华人寿保险股份有限公司古交支公司将营业场所变更为：山西省太原市古交市金牛摩尔大厦 16层1-2号房间。 ...

一、同意新华人寿保险股份有限公司人民北路营销服务部将营业场所变更为：山西省太原市小店区坞城 街道南中环街426号2幢B座0502。 2026年2月14日，国家金融监督管理总局山西监管局发布批复称，《新华人寿保险股份有限公司太原中 心支公司关于新华人寿保险股份有限公司太原中心支公司人民北路营销服务部变更营业场所的请示》 (新保并支发〔2026〕5号)收悉。经审核，现批复如下： 二、新华人寿保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 ...

Investment Rating - The industry investment rating is "Positive" (maintained) based on the recovery of new business growth, reduced interest rate sensitivity, and prudent actuarial assumptions [5][30]. Core Viewpoints - The report highlights that the valuation of Chinese insurance companies is expected to improve, drawing comparisons with AIA Group's strong performance since its listing. AIA's embedded value (PEV) multiple was approximately 1.48 times at the end of 2025, indicating high growth potential and lower sensitivity to interest rates, which could benefit the valuation of Chinese insurers [5][6]. - The new business value (NBV) of Chinese life insurance companies is recovering rapidly, driven by improved distribution channels and product offerings, with expectations for continued growth in 2026 [5][13]. - Effective asset-liability duration management and the transformation towards participating insurance have reduced the sensitivity of Chinese insurers' values to interest rates, which is favorable for valuation [15][17]. - Prudent adjustments to actuarial assumptions have brought Chinese insurers' assumptions closer to those of AIA, enhancing the credibility of their valuations [22][30]. Summary by Sections Section 1: AIA's Performance and Valuation - AIA has shown strong stock performance since its listing, with a PEV multiple of approximately 1.48 times at the end of 2025, indicating a favorable outlook for valuation improvements in Chinese insurers [5][6]. Section 2: Recovery of New Business and Growth Indicators - Chinese life insurance companies are experiencing a rapid recovery in new business growth, with NBV for AIA increasing by 18% year-on-year to USD 4.314 billion in the first three quarters of 2025. The NBV for 2024 was approximately 113% of the 2019 figure, indicating strong growth potential [8][13]. - Major Chinese insurers are expected to see NBV growth of 30%-80% in 2025, with positive growth in CSM for China Life and Ping An in the first half of 2025 [13][18]. Section 3: Interest Rate Sensitivity and Actuarial Assumptions - The sensitivity of Chinese insurers' values to interest rates has decreased due to effective duration management and a successful shift towards participating insurance. For instance, AIA's NBV only decreased by 1.9% with a 50 basis point drop in interest rates [15][17]. - Chinese insurers have made prudent adjustments to their actuarial assumptions, aligning them more closely with AIA's, which enhances the reliability of their valuations. For example, China Life's investment return assumption has been adjusted to 4% from 5% [22][30].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [21]. Core Insights - The insurance sector's asset management balance reached approximately 38.5 trillion yuan by the end of Q4 2025, reflecting a year-to-date growth of 15.70% [2][4]. - The average comprehensive solvency adequacy ratio for insurance companies stands at 181.1%, with life insurance companies at 169.3% and property insurance companies at 243.5% [2]. - The industry is experiencing a shift in dividend insurance products, with a notable decrease in the preset interest rate to 1.25%, down from the previous cap of 1.75% [2]. - The overall premium income for the industry in 2025 is projected to be 6.12 trillion yuan, with a high fund conversion rate of 85% [4]. Summary by Sections Asset Management - As of Q4 2025, the asset management balance of insurance companies is nearly 38.5 trillion yuan, with life insurance companies holding 34.66 trillion yuan and property insurance companies 2.42 trillion yuan [2][4]. - The fund conversion rate for life insurance companies is exceptionally high at 108%, while property insurance companies have a much lower rate of 11% [4]. Equity Allocation - The allocation of equity and fund assets in the industry reached 5.70 trillion yuan, accounting for approximately 15.4% of total assets, maintaining a historical high [5]. - The stock assets alone amount to 3.73 trillion yuan, representing 10.1% of total assets, with a year-on-year increase of 2.5% [5]. Investment Recommendations - The report suggests that the insurance sector is currently in a correction phase, primarily influenced by liquidity conditions around the Spring Festival [5]. - The report recommends specific companies for investment, including China Pacific Insurance, China Life Insurance, and New China Life Insurance, with respective PEV valuations [6][10].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [21]. Core Insights - The insurance sector's total asset allocation reached approximately 38.5 trillion yuan by the end of Q4 2025, reflecting a year-to-date growth of 15.7%, with a net increase of over 5 trillion yuan throughout the year [2][4]. - The average comprehensive solvency adequacy ratio for insurance companies stands at 181.1%, with life insurance companies at 169.3% and property insurance companies at 243.5% [2]. - The industry is experiencing a shift in dividend insurance products, with a notable decrease in the preset interest rate to 1.25%, down from the previous cap of 1.75% [2]. - The overall premium income for the industry in 2025 is projected to be 6.12 trillion yuan, with a high fund conversion rate of 85% [4]. Summary by Sections Market Performance - The insurance index decreased by 2.52%, underperforming the market by 2.88 percentage points, with significant variations in individual stock performances [1]. Asset Allocation - The allocation of equity and fund assets in the insurance sector reached 5.70 trillion yuan, accounting for approximately 15.4% of total assets, maintaining a historical high [5]. - The stock assets alone amounted to 3.73 trillion yuan, representing 10.1% of total assets, with a year-on-year increase of 2.5% [5]. Company Performance and Valuation - The estimated PEV (Price to Embedded Value) for major life insurance companies is as follows: China Life at 0.89x, New China Life at 0.85x, Ping An at 0.78x, and China Pacific at 0.69x [6]. - The recommended order for investment in major companies is China Pacific, Ping An, China Life H, and China Property Insurance [6]. Future Outlook - The report anticipates that dividend insurance will attract household savings during the interest rate decline cycle, supporting growth in new premium income and net profit value (NBV) for life insurance [5]. - The long-term interest rates are expected to stabilize and rise, which may positively influence the PEV towards 1x [5].

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the insurance industry in China, particularly life and property & casualty (P&C) insurers, with key players including China Life, Ping An, PICC, and CPIC. Core Insights and Arguments Life Insurance Sector - **New Business Value (NBV) Growth**: For FY25E, robust NBV growth is expected for major life insurers, with estimates of 38% for China Life, 32% for Ping An, and 28% for CPIC on a like-for-like basis. NCI is anticipated to grow by 35%, Taiping Life by 12%, and PICC Life by 70% [2][8]. - **Demand Drivers**: The growth is attributed to rising demand driven by strong bancassurance sales and household wealth reallocation, with margins expanding year-on-year due to product repricing [2][8]. - **Future Outlook**: Continued double-digit NBV growth is expected in FY26E, supported by increased liquidity from maturing bank deposits [2][8]. Property & Casualty (P&C) Insurance Sector - **Claims Ratio (CoR) Improvement**: The top three P&C insurers (PICC, Ping An, CPIC) are forecasted to report improved CoR at 97.3%, 97.1%, and 98.0% respectively for FY25E, compared to FY24's figures [3][9]. - **Regulatory Impact**: The improvement is attributed to regulatory anti-involution measures and reduced natural catastrophe losses, despite challenges such as heavy rains affecting agriculture insurance profitability [3][9]. - **ZhongAn's Performance**: ZhongAn is expected to enhance its CoR to 96.5% in FY25E, despite disruptions in its consumer finance business [3][9]. Earnings and Dividend Growth - **Earnings Growth Estimates**: Solid earnings growth is projected for FY25E, with estimates of 47% for China Life, 33% for New China Life, 29.5% for PICC P&C, and 16% for CPIC. Ping An is expected to see a 6% increase [4][10]. - **Dividend Payouts**: Dividend per share (DPS) growth is anticipated to be strong, with forecasts of 30% for China Life and NCI, and 7% for Ping An, reflecting better investment results [4][10]. Additional Important Insights - **Target Price Adjustments**: Target prices for various insurers have been fine-tuned to reflect the latest estimates, with China Life's target price raised to HK$40 from HK$38, and CPIC's to HK$44.90 from HK$44.40 [29][31]. - **Investment Strategy**: A pair trade strategy is initiated, overweighting China Life and underweighting New China Life, based on valuation metrics and expected performance [11][12]. - **Risks**: Potential risks include strong A-share performance affecting New China Life more significantly due to its higher sensitivity to capital market movements [14][47]. Conclusion - The insurance sector in China is poised for robust growth in both life and P&C segments, driven by favorable market conditions and regulatory support. Key players are expected to deliver solid earnings and dividend growth, although certain risks could impact performance.