Core Viewpoint - The company aims to implement its investment strategy through four key areas, aligning with national policies and industry trends to enhance investment in strategic emerging industries and advanced manufacturing [1][2]. Group 1: Investment Strategy - The company plans to increase investment in key sectors, focusing on strategic emerging industries, advanced manufacturing, and new infrastructure, while establishing a new investment team and management model [1]. - Emphasis is placed on aligning investment efforts with national economic policies, focusing on innovation, industrial upgrading, and green development [1][2]. Group 2: Diversification and Investment Methods - The company highlights the importance of diversifying equity investment types and enriching investment methods, utilizing various financial instruments such as equity, bonds, and financial products to support the real economy [2]. - This approach aims to achieve dual objectives of serving national strategies and realizing good investment returns [2]. Group 3: Risk Management - The company stresses the need for balanced investment in terms of safety, liquidity, and profitability, enhancing investment risk management capabilities [2]. - Future efforts will include maintaining asset-liability balance, ensuring solvency and financial stability, and conducting stress tests and scenario analyses on the investment portfolio [2].

Core Viewpoint - In 2024, Xinhua Insurance achieved a record net profit of 26.229 billion yuan, marking a year-on-year increase of 201.1%, driven by a comprehensive development strategy and confidence in the Chinese economy [1][2] Financial Performance - Xinhua Insurance reported total premium income of 170.511 billion yuan, a 2.8% increase year-on-year, and a new business value of 6.253 billion yuan, up 106.8% [1] - The first-year premium value rate improved to 14.6%, an increase of 7.9 percentage points from 6.7% in 2023 [1] - The company’s investment scale exceeded 1.6 trillion yuan, growing by 21%, with total investment returns at 5.8% and comprehensive investment returns at 8.5%, both showing significant year-on-year growth [2] Strategic Focus - The company is prioritizing the transformation towards participating insurance products, aiming for at least 30% of new contracts to be in this category by 2025 [1][2] - Xinhua Insurance is balancing traditional and floating yield products to mitigate interest rate risk, focusing on products that require less reliance on interest rate spreads [2] - The company is enhancing its sales force's skills to ensure alignment with customer needs during the transition to participating insurance [3] Distribution Channels - The bancassurance channel contributed over 65% to the company's value, with a 12% year-on-year growth in premium income [4] - The company is committed to maintaining a stable and sustainable approach to its bancassurance channel, focusing on both scale and value [4] Investment Strategy - Xinhua Insurance has actively engaged in strategic investments, including acquiring stakes in various companies, which has positively impacted its investment operations [4][5] - The company emphasizes long-term and value-based investment strategies, aiming to enhance asset-liability management and ensure precise investment actions [5][6] - The 500 billion yuan pilot fund initiated with China Life has shown positive financial performance, enhancing capital efficiency and supporting the capital market [5][6]

南方财经全媒体记者 林汉垚 北京报道 3月28日，新华人寿保险股份有限公司（下称"新华保险"）举办2024年业绩发布会，董事长杨玉成，总 裁、首席财务官龚兴峰，副总裁秦泓波、王练文，总裁助理、拟任董事会秘书刘智勇、新华资产管理公 司临时负责人、拟任总裁，资产管理公司（香港）董事长陈一江出席发布会，并就业绩表现、战略规 划、投资策略等向市场进行回应。 重点加大分红型产品转型 低利率市场环境下，所有险企都面临着利差损风险。 如何差异化设计产品，既满足客户增值保值的需求，同时又防范利差损风险？对此，新华保险总裁龚兴 峰接受21世纪经济报道记者提问时表示，市场利率下行对行业来说都是挑战，但也带来了深刻变革。保 险业新"国十条"指出，财富管理是属于保险的基本功能。新华保险践行大保险观很重要的一个环节是要 保证客户财富的增值需求。 龚兴峰指出，保险业新"国十条"提出"支持浮动收益型保险发展"为新华保险下一步满足客户财富保值需 求，防止利差损指明方向。 具体如何做？龚兴峰表示，一是抓住寿险业长期性、安全性的特点，推出不同期限、不同功能的终身寿 险、年金、两全保险，满足客户在财富管理过程中安排短期和长期保险的需要； 二是加大 ...

证券研究报告·公司点评报告·保险Ⅱ 新华保险（601336） 2024 年年报点评：利润、NBV 增速领先同 业，分红大超预期 买入（维持） | [Table_EPS] 盈利预测与估值 | 2023A | 2024A | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 营业收入（百万元） | 71547 | 132555 | 137032 | 142428 | 148227 | | 同比（%） | -33.8% | 85.3% | 3.4% | 3.9% | 4.1% | | 归母净利润（百万元） | 8712 | 26229 | 28250 | 29235 | 30308 | | 同比（%） | -59.5% | 201.1% | 7.7% | 3.5% | 3.7% | | EV（元/股） | 80.30 | 82.85 | 90.71 | 99.49 | 109.30 | | PEV | 0.64 | 0.62 | 0.57 | 0.52 | 0.47 | 证券分析师 孙婷 执业证书：S0600524120001 sunt@ ...

Investment Rating - The investment rating for the company is "Buy" (maintained) [6][15]. Core Insights - The company reported a significant increase in net profit and dividends per share (DPS), with a stable dividend payout ratio [12][14]. - The net profit for 2024 reached 26.229 billion yuan, representing a year-on-year increase of 201.1% [14]. - The company adjusted its investment return assumptions, lowering the rate from 4.5% to 4.0% and the risk discount rate from 9.0% to 8.5% [4][12]. Summary by Sections Financial Performance - The company achieved a new business value (NBV) of 6.253 billion yuan in 2024, a growth of 106.8% compared to the previous year [13]. - The total investment income for 2024 was 79.687 billion yuan, up 251.6% year-on-year [14]. - The annualized net, total, and comprehensive investment returns were 3.2%, 5.8%, and 8.5%, respectively [14]. Business Growth - The NBV margin improved to 14.6%, an increase of 7.9 percentage points year-on-year [13]. - The company’s agent count decreased to 136,000 by the end of 2024, but the average performance of agents showed a positive trend with a 41% increase in productivity [13]. Dividend Policy - The company plans to distribute a dividend of 2.53 yuan per share, a 197% increase from the previous year, maintaining a payout ratio of approximately 30% [14]. Future Projections - The projected net profits for 2025, 2026, and 2027 are 23.389 billion yuan, 27.439 billion yuan, and 30.864 billion yuan, with respective growth rates of -10.8%, +17.3%, and +12.5% [15].

证券研究报告|公司点评报告 [Table_Date] 2025 年 3 月 28 日 [Table_Title] 新华保险 2024 年年报点评：资负共振，NBV 和净利润高增 [Table_Title2] 新华保险（601336.SH） | [Table_DataInfo] 评级： | 买入 | 股票代码： | 601336.SH | | --- | --- | --- | --- | | 上次评级： | 买入 | 52 周最高价/最低价： | 58.03/27.68 | | 目标价格： | | 总市值(亿) | 1,370.27 | | 最新收盘价： | 51.98 | 自由流通市值(亿) | 1,084.01 | | | | 自由流通股数(百万) | 2,085 | [Table_Summary] 事件概述 新华保险发布 2024 年年报。2024 年，公司实现归母净利润 262.29 亿元，同比+201.1%；营业收入 1,325.55 亿元，同比+85.3%；加权平均 ROE 为 25.88%，同比+17.94pp。基于 2024 年经济假设（投资收益率下调 50bps 至 4%，普通寿险 RDR ...

Investment Rating - The report maintains a "Buy" rating for the company, with a target price not specified [6]. Core Views - The company achieved a net profit attributable to shareholders of 26.2 billion yuan in 2024, representing a year-on-year increase of 201.1%. The fourth quarter of 2024 saw a significant turnaround with a net profit of 5.5 billion yuan compared to a loss of 0.83 billion yuan in the same quarter of 2023 [1]. - The Embedded Value (EV) reached 258.4 billion yuan, up 3.2% year-on-year, while the New Business Value (NBV) was 6.25 billion yuan, reflecting a 107% increase year-on-year, with an NBV margin of 14.6%, up 7.9 percentage points [1]. - The first-year premium income was 27.2 billion yuan, an increase of 15.6% year-on-year, with long-term premium income (10 years and above) at 3.44 billion yuan, up 19.2% [1]. - The company's net investment yield, total investment yield, and comprehensive investment yield were 3.2%, 5.8%, and 8.5%, respectively, with year-on-year changes of -0.2 percentage points, +4.0 percentage points, and +5.9 percentage points [1]. Individual Insurance Channel - The first-year premium income from the individual insurance channel was 13.2 billion yuan, a year-on-year increase of 19.7%, indicating stable development [2]. - The retention rates for the 13th and 25th months were 95.7% and 86.2%, respectively, with increases of 5.9 percentage points and 7.8 percentage points year-on-year, showcasing the effectiveness of the "customer-centric" transformation [2]. - The average productivity per agent increased significantly by 41% year-on-year, with the average monthly productivity reaching 0.81 million yuan [2]. Bancassurance Channel - The first-year premium income from the bancassurance channel was 24.9 billion yuan, down 14.3% year-on-year, while the premium income from regular premiums was 13.9 billion yuan, up 11.5% [3]. - The company focused on enhancing product offerings and increasing the value contribution from regular premium business, achieving growth in both premium income and value [3]. Investment of Insurance Funds - The dual bull market in stocks and bonds significantly boosted total investment and comprehensive investment yield, although the decline in interest rates slightly pressured net investment yield performance [4]. - The company increased its equity allocation significantly, with the proportion reaching 11.1%, up 3.2 percentage points year-on-year, while bond allocation was slightly increased to 52.1% [4]. - The proportion of Other Comprehensive Income (OCI) assets increased to 30.7%, up 4.5 percentage points year-on-year, with high-dividend OCI equity tools growing to 30.6 billion yuan, a 471% increase [4]. Financial Forecast - The company has adjusted its net profit forecasts for 2025-2027 to 26.5 billion yuan, 28.4 billion yuan, and 29.9 billion yuan, representing year-on-year growth rates of 1.03%, 7.18%, and 5.32%, respectively [5].

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company reported a significant increase in net profit, reaching 26.2 billion yuan, a year-on-year growth of 201% [7] - The company’s new business value (NBV) grew by 107% year-on-year, indicating strong performance in the insurance sector [7] - The annual dividend per share was 2.53 yuan, a 198% increase compared to the previous year, with a dividend payout ratio of 30% [7] Financial Performance Summary - Revenue for 2023 was 71.55 billion yuan, with a projected increase to 132.56 billion yuan in 2024, reflecting an 85.3% year-on-year growth [1] - The net profit for 2023 was 8.71 billion yuan, with a forecast of 26.22 billion yuan for 2024, indicating a 201.1% increase [1] - The company's embedded value (EV) is projected to be 258.4 billion yuan by the end of 2024, a 3.2% increase year-on-year [7] Business Segment Analysis - The insurance service revenue for 2024 is expected to be 47.81 billion yuan, with a steady growth forecast for subsequent years [32] - The new business value margin improved to 14.6%, a 7.9 percentage point increase year-on-year, indicating better profitability in new business [7] - The company has optimized its business structure, with individual insurance and bank insurance channels showing significant growth in new business value [7] Investment Strategy - The company is increasing its allocation to bonds, stocks, and funds while reducing exposure to fixed deposits and trusts [7] - The total investment scale reached 1.6294 trillion yuan, a 21% increase from the beginning of the year [7] - The net investment income for 2024 is projected to be 45.3 billion yuan, reflecting a 7.7% year-on-year increase [7]

三是革新队伍发展体系，新的基本法全面实施，首次推出组织发展的新计划和WLP全生命周期规划师 的培养体系，推进队伍知识结构全面成长，实现队伍优增优育； 四是首次实施"强基工程"全力实施机构做优做强，新华保险有1700多家分支机构，把这1700多加分支机 构做优做强，力量动能是非常强劲的。选优配齐基层干部，加强基层组织建设，全方位赋能基层，打通 最后一公里，切实提升基层的竞争力和队伍的战斗力；五是强化资产负债联动，持续完善账户的精细化 管理，从传统的资产负债两端，扩展到保险+服务+投资三端协同的发展模式，不断增强公司的投研能 力，打造多元化投资矩阵。 关键词阅读：新华保险 3月28日，新华保险（601336）在北京举行2024年度业绩发布会，新华保险董事长杨玉成提到，公司强 化战略转型新动能，2024年公司积极推进"以客户为中心"的战略转型，打造学习型和服务赋能型组织， 聚焦战略性重点工作，"强战略、民战略、优服务、抓改革、激活力、练内功、强投资"推动专业化、市 场化、体系化改革落实落地。 一是优化顶层设计，公司建立健全体制机制，进行总分组织价格改革、人力资源改革、业务渠道部门改 革、服务体系的改革，显著提升公司 ...

除了备受关注的经营业绩，A股五大上市险企中国平安、中国人寿、中国太保、中国人保、新华保险的分 红情况同样引人注目。 排版：刘珺宇 校对： 刘星莹 证券时报·券商中国记者统计发现，五大上市险企年报分红金额合计638.25亿元，叠加前期中期分红，2024年 上市险企合计分红907.89亿元，同比增长20.21%。 2024年，受国家一系列重大政策利好等因素影响，资本市场回暖上涨，多家险企投资收益同比大幅增长，叠 加保险业务结构优化和规模增长，助推净利润同比大增。在此背景下，上市险企的分红方案也诚意满满。 五大上市险企中，中国平安分红总额最高。据悉，中国平安拟派发2024年末期股息每股现金人民币1.62元， 全年股息为每股现金人民币2.55元，同比增长近5%，年度现金分红总额461.74亿元。按归属于母公司股东的 净利润计算的现金分红比例为36.5%，分红总额连续13年增长。过去10年，中国平安累计分红高达3404.51亿 元；过去5年，中国平安的年度现金分红均超过了400亿元，现金分红总额年复合增长率达到4.3%。 新华保险的分红方案也颇为豪气。拟在2024年中期分红基础上，再向全体股东派发2024年末期现金股利 ...