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 ...

3月28日金融一线消息，新华保险今日召开2024年度业绩发布会。谈及2025年工作重点和举措，董事长杨玉成表示，公司将积极贯彻新发展理念，坚持稳中求进的工作总基调，以奋斗为本，以 一是，要树立践行大保险观，胸怀大格局，持续做优做强金融五篇大文章，发挥保险资金优势，深度参与研发经济发展，扩大保险服务供给，优化区域发展布局，做强做优投资板块，打造行业领 二是，将实施创新发展战略，公司继续深化体制机制改革的创新，在制度创新、管理优化、组织升级等多个维度同步发力，传承创新企业文化，强化金融科技赋能。强化金融科技赋能，加强数字 三是，持续深化改革转型，牢固树立现代营销新理念，为客户提供立体式、全方位、全身命周期的服务，持续提升服务吸引力，持续搭建服务生态，完善医康养生态系统建设，优化产品与业务结 杨玉成强调，未来新华保险将谋划十五五战略发展规划纲要，坚持打基础、利长远，更加奋发有为的规划好公司高质量发展的新篇章，全力打造中国一流的以保险业务为为核心的金融服务集团。 责任编辑：张文 ...

公司研究 证 券 研 究 报 告 新华保险（601336）2024 年报点评 推荐（维持） 净利润超预增区间 目标价：56.5 元 事项： ❖ 2024 年，公司实现归母净利润 262 亿元，同比+201.1%，超过此前预增上限 195%；一年新业务价值 63 亿元，同比+106.8%；实现净/总/综合投资收益率 3.2%/5.8%/8.5%，分别同比-0.2pct/+4pct/+5.9pct。拟派发 2024 年末期现金股利 每股 1.99 元（含税）。 评论： [ReportFinancialIndex] 主要财务指标 | | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | | 营业总收入(百万) | 132555 | 116170 | 119474 | 123493 | | 同比增速(%) | 85.3 | -12.4 | 2.8 | 3.4 | | 归母净利润(百万) | 26229 | 19946 | 21613 | 23715 | | 同比增速(%) | 201.1 | -24.0 | 8.4 | 9.7 | | 每股盈 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [1]. Core Views - The company achieved significant year-on-year profit growth, with a net profit of 26.23 billion yuan, representing a 201.1% increase [4][8]. - The company maintained a stable dividend payout ratio of 30.1%, with an annual dividend of 2.53 yuan per share, up 197.6% year-on-year [4][8]. - The new business value (NBV) reached 6.25 billion yuan, a year-on-year increase of 106.8%, driven by improved value rates [4][7]. Financial Performance - In 2024, the company's operating revenue was 132.56 billion yuan, an increase of 85.3% year-on-year [4]. - The insurance service revenue slightly decreased by 0.5% to 47.81 billion yuan [4]. - The weighted average return on equity (ROE) was 25.9%, up 17.9 percentage points year-on-year [4]. Business Development - The company continues to strengthen its individual insurance channel, with a focus on high-performing agents [5]. - The number of individual insurance agents decreased by 12.3% to 136,000, while the average number of high-performing agents increased by 4% [5]. - The first-year premium for long-term insurance through individual channels grew by 17.2% to 13.72 billion yuan [5]. Market Position - The company’s bancassurance channel saw a 14.3% decline in first-year premiums, but the decline is narrowing [6]. - Total new business decreased by 4.6% to 42.59 billion yuan, with long-term first-year premiums down by 5.1% [6]. Investment Strategy - The company is actively transforming its long-term business and optimizing product offerings to enhance value contribution [9]. - The report anticipates good growth in NBV for 2025, supported by improved team quality and deepened bancassurance cooperation [9]. Financial Projections - The projected net profit for 2025 is 22 billion yuan, with a slight adjustment from previous estimates [10]. - The company’s total assets are expected to grow from 1.4 trillion yuan in 2023 to 2.1 trillion yuan by 2027 [11].

事件：新华保险披露2024 年业绩，DPS 增长大超预期。2024 年公司实现归母净利润262 亿元/ yoy+201.1%，4Q24 55.5 亿元，较4Q23 -8.3 亿元大幅改善。公司年度DPS 2.53 元/ yoy+197.6%，分红率 30.1%，较23 年水平相当。旧假设下实现NBV 62.53 亿元/（24 年新假设对比23 年旧假设） yoy+106.8%；NBVM（首年保费）14.6%/ yoy+7.9pct。24 年公司实现净/总/综合投资收益率 3.2%/5.8%/8.5%，yoy 分别-0.2/+4.0/+5.9pct。 假设下调带来的影响边际减弱，EV 稳中有升。24 年公司基于宏观环境以及长期利率走势的综合考量， 再次下调非投资连结型寿险资金的未来年度每年投资回报率假设50bp 至4.0%；RDR 下调50bp 至8.5%。 2023 年投资回报率降低50bp，NBV 敏感度-86%；2024 年投资回报率降低50bp，NBV 敏感度-49.1%， 假设下调带来的影响边际减弱。24 年新假设下公司EV 2,584 亿元，同比23 年旧假设增长3.2%，稳中有 升。 投资收益大幅 ...

3月27日，新华保险揭晓了其2024年的业绩答卷，与众多上市险企一道，交出了一份亮丽的成绩单，见证了一个保险行业难得的丰收年。 数据显示，2024年，新华保险原保险保费收入1,705亿元，总资产达到1.69万亿元，归属于母公司股东的净利润262.29亿元，三项指标均创下历史新高；一年 新业务价值62.53亿元，同比增长106.8%；综合投资收益率8.5%，同比大幅提升5.9个百分点。 2024年对新华保险而言，为关键转折年。在经历一段时期的挑战后，这家老牌保险公司迫切需要一场胜利来重申其市场地位。2024年标志着董事长杨玉成自 2023年12月上任以来的首个完整财年，他的首份成绩单确实令人瞩目：公司不仅抓住了市场机遇，实现了投资收益的显著反弹，还优化了业务结构，使得 2025年的保费增长势头强劲。 然而，仔细审视年报，不难发现一些隐忧。尽管业绩看似向好，但综合收益总额仍未能扭正，资产减值风险依旧如影随形。特别是公司持有的中国金茂和万 科相关的债权投资计划，这些潜在的减值风险在业绩的光环下被暂时掩盖。随着2024年的完美收官，新华保险如何在整装待发的同时确保行稳致远，仍是其 面临的重大挑战。 此外，新华保险还通 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [1]. Core Insights - The company achieved significant year-on-year profit growth, with a net profit of 26.23 billion yuan, representing a 201.1% increase [4][8]. - The company maintained a stable dividend payout ratio of 30.1%, with an annual dividend of 2.53 yuan per share, up 197.6% year-on-year [4][8]. - The new business value (NBV) reached 6.25 billion yuan, a year-on-year increase of 106.8% [4][7]. Financial Performance - In 2024, the company's operating revenue was 132.56 billion yuan, up 85.3% year-on-year, while insurance service revenue slightly decreased by 0.5% to 47.81 billion yuan [4][10]. - The weighted average return on equity (ROE) was 25.9%, an increase of 17.9 percentage points year-on-year [4]. - The net investment yield was 3.2%, a slight decrease of 0.2 percentage points year-on-year, while the total investment yield increased by 4.0 percentage points to 5.8% [4][8]. Business Development - The company continues to strengthen its individual insurance channel, with a focus on high-performing agents, achieving a monthly average productivity of 0.81 million yuan per agent, up 41% year-on-year [5]. - The individual insurance channel's first-year premium for long-term insurance reached 13.72 billion yuan, a year-on-year increase of 17.2% [5]. - The company is actively transforming its silver insurance business, with a total new business decline of 4.6% to 42.59 billion yuan, but the decline is narrowing compared to previous quarters [6]. Valuation and Forecast - The report adjusts the company's net profit forecasts for 2025 and 2026 to 22 billion yuan and 27.5 billion yuan, respectively, and introduces a new forecast for 2027 at 30.6 billion yuan [9]. - The A/H share prices correspond to a price-to-earnings value (PEV) of 0.59 for A-shares and 0.31 for H-shares in 2025 [9][10].

业绩简评 3 月 27 日，公司披露 2024 年年报，归母净利润同比+201%、每股 分红同比+198%、NBV 增长 107%、CSM 较年初增长 4.1%。 经营分析 利润、分红均实现超预期增长。2024 年公司归母净利润同比+201% 至 262 亿，其中 Q4 55.5 亿元（上年同期-8.3 亿元）。归母净资产 分别较年初、Q3 末-8.4%、+5.7%。末期分红 1.99 元，全年分红 2.53 元，同比增长 198%，分红比例达 30.1%。CSM 较年初+4.1%。 Margin 改善驱动 NBV 高速增长，假设调整后 EV 仍实现增长。① 假设下调后（投资收益率 4%、风险贴现率 8.5%），NBV 仍实现 106.8% 增长，其中首年保费同比-5.0%，margin 提升 7.9pct 至 14.6%。 原保费口径，新单保费同比-4.6%，主要受趸交压降 33.2%，缴期 结构大幅优化，长期险首年期交占首年保费比例提升 12.6pct 至 70.1%。②假设调整后 EV 增长 3.2%，贡献分别为 NBV（2.5%）、EV 预期回报（6.6%）、运营偏差（1.9%）、投资偏差（8.1%） ...