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 Insights - The total compensation for executives in five A-share listed insurance companies has decreased for six consecutive years, with a nearly 12% year-on-year decline in 2024 [1][3] - There is a notable divergence in the compensation trends among leading insurance companies, with New China Life Insurance seeing a significant increase in executive compensation, while others like China Pacific Insurance and China Life Insurance experienced varying degrees of decline [1][3] Summary by Category Executive Compensation Trends - The total compensation for executives in New China Life Insurance rose by 27.9% to 1681.4 million yuan in 2024, while China Pacific Insurance saw the largest drop of 35.85%, with total compensation falling to 2280.7 million yuan [2][3][6] - The proportion of executives earning less than 500,000 yuan increased, with 33.33% of executives earning below this threshold in 2024, up 2.42 percentage points from 2023 [3] Market and Regulatory Influences - The decline in executive compensation is attributed to regulatory controls on short-term incentives and a proactive approach by insurance companies to manage future risks [3][4] - The insurance industry is shifting towards compressing short-term incentives and implementing mechanisms like deferred payments and clawbacks to align executive compensation with long-term risk management [7][8] Performance Metrics - Despite a 77.7% year-on-year increase in net profit for the five major insurance companies, executive compensation has not rebounded, indicating a complex interplay between regulatory guidance and market-driven incentives [7] - The regulatory framework encourages a balance between short-term and long-term performance metrics, aiming to foster sustainable growth within the insurance sector [8]

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].

www.newchinalife.com NEW CHINA LIFE INSURANCE COMPANY LTD. 新華人壽保險股份有限公司 NEW CHINA LIFE INSURANCE COMPANY LTD. 股份代號: 01336 （於中華人民共和國註冊成立的股份有限公司） 2024 年度報告 新華保險服務號 新華保險服務號 投資者關係網站 New China Insurance Tower, A12 Jianguomenwai Avenue, Chaoyang District, Beijing 100022,P.R.C 新華人壽保險股份有限公司 北京市朝陽區建國門外大街甲12號新華保險大廈 2024 年度報告 New China Life Insurance Company Ltd. 新華人壽保險股份有限公 司 重要提示 註： 1. 公司第八屆董事會第二十八次會議同意聘任潘興先生為公司總精算師，其任職資格尚 待監管機構核准。 01 1 本公司董事會、監事會及董事、監事、高級管理人員保證本報告內容的 真實、準確、完整，不存在虛假記載、誤導性陳述或重大遺漏，並承擔 個別和連帶的法律責任。 2 本公 ...

Summary of Xinhua Insurance Conference Call Company Overview - **Company**: Xinhua Insurance - **Date**: Q1 2025 Key Points Investment Performance - In Q1 2025, Xinhua Insurance's overall investment performance outperformed benchmarks despite weaker A-share market performance compared to the previous year, while Hong Kong stocks showed strong returns [3][6] - The proportion of equity assets increased significantly from 15% to nearly 19%, with total equity assets accounting for 21%-22% [3][6] - Plans to increase high-dividend asset allocation to optimize internal structure and enhance asset quality and returns, contingent on solvency ratio constraints [3][6] High Dividend Strategy - Xinhua Insurance is committed to increasing its OCI high-dividend strategy, with current OCI stock holdings around 30 billion, up from over 5 billion at the beginning of 2024 [3][9] - The company aims to gradually increase this allocation as part of a long-term goal, recognizing the dual-edged nature of OCI assets [10] Regulatory Environment - The company supports regulatory policies that encourage insurance funds to invest as long-term capital, leading to a notable increase in equity asset ratios since 2024 [6][17] - Xinhua Insurance plans to maintain a stable strategy in the bancassurance channel, which contributed 30% to new business value in 2024 [3][21] Financial Strategy and Profitability - The insurance industry is facing profit decline pressures in 2025, and Xinhua Insurance will adjust its strategies accordingly [3][17] - The company typically distributes dividends based on 10% of net profit attributable to the parent company, with historical distributions around 30% [17] Market Outlook - The capital market is expected to remain stable in 2025, with potential downward pressure on interest rates due to government monetary policy [5] - A-share market is viewed as having investment value due to relatively low valuations [5] Asset and Liability Management - The company has reduced the proportion of ACC assets and sold some AC assets in 2024, generating approximately 3 billion in profits [3][13][16] - The cost of liabilities for existing business remains above 3%, while new business liability costs have decreased to around 2% [3][23] Product Strategy - The company is focusing on traditional products and dividend-type products, with a strategic goal to enhance the sales of dividend-type products [21] - The company is also adjusting its actuarial assumptions in response to potential changes in preset interest rates [18][19] Human Resources and Operational Efficiency - Xinhua Insurance is focusing on cost reduction and efficiency improvements while maintaining investment in core human resources and training [25] - The company does not have specific targets for increasing headcount but aims to enhance the quality of its workforce [25] Conclusion - Xinhua Insurance is strategically positioned to navigate the challenges of the insurance market in 2025, with a focus on optimizing its investment portfolio, enhancing profitability, and maintaining a strong market presence through effective product strategies and operational efficiency [20][21]

Investment Rating - The report maintains a "Buy" rating for the company, with an expected relative increase of over 15% compared to the CSI 300 index in the next six months [1][9]. Core Insights - The company reported a significant increase in net profit, achieving 262.29 billion yuan, a year-on-year growth of 201.07%. The weighted average ROE reached 25.88%, up by 17.94 percentage points [4][6]. - The company's new business value (NBV) grew impressively by 106.8% to 62.53 billion yuan, with the first-year premium under NBV increasing by 7.9 percentage points to 14.6% [5][6]. - The company is focusing on channel reforms and transitioning towards long-term, premium-paying products, with individual insurance channels generating 1,159.70 billion yuan in premium income, a slight increase of 0.3% year-on-year [5][6]. Financial Performance Summary - The company achieved original insurance premium income of 1,705.11 billion yuan, a year-on-year increase of 2.78%, and total operating income of 1,325.55 billion yuan, up by 85.27% [4][5]. - The total investment assets reached 1.63 trillion yuan, reflecting a year-on-year growth of 21.1%. The net investment yield was 3.2%, while the total investment yield was 5.8% [6][7]. - Forecasted revenues for 2025-2027 are 1,215.58 billion yuan, 1,295.96 billion yuan, and 1,388.20 billion yuan, respectively, with net profits projected at 232.42 billion yuan, 257.28 billion yuan, and 287.45 billion yuan [6][7].

新华人寿保险股份有限公司章程 | | | | | 本章程制定与修改记录 | 1 | | --- | --- | --- | | 第一章 总 | 则 | 3 | | 第二章 | 经营宗旨和范围 | 6 | | 第三章 | 股份和注册资本 | 6 | | 第四章 | 减资和购回股份 | 12 | | 第五章 | 购买公司股份的财务资助 | 16 | | 第六章 | 股票和股东名册 | 17 | | 第七章 | 股份转让 | 22 | | 第八章 | 党组织（党委） | 25 | | 第九章 | 股东的权利和义务 | 27 | | 第十章 | 股东大会 | 37 | | 第十一章 | 类别股东表决的特别程序 | 57 | | 第十二章 | 董事会 | 60 | | 第十三章 | 公司经营管理层 | 100 | | 第十四章 | 监事会 | 106 | | 第十五章 | 公司董事、监事、总裁和其他高级管理人员的资格和义务 | 117 | | 第十六章 | 财务会计、审计、内控合规、风险管理与保险当事人合法权益保护 | 127 | | 第十七章 | 关联交易和信息披露 | 141 | | 第十八章 | 合并、分立、解散 ...