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新华保险(601336):资负两端表现优异,分红增长超预期
SINOLINK SECURITIES· 2025-03-28 02:30
Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5][12]. Core Insights - The company reported a significant increase in net profit attributable to shareholders, with a year-on-year growth of 201% to 26.2 billion RMB, and a substantial increase in dividends by 198% [3][5]. - The New Business Value (NBV) grew by 107%, driven by improved margins and a favorable shift in premium structure [2][3]. - The report highlights a strong performance in both individual and bancassurance channels, with NBV growth of 37.2% and 516% respectively [4][5]. Performance Summary - The company's net profit for 2024 reached 26.2 billion RMB, with Q4 alone contributing 5.55 billion RMB, a turnaround from a loss of 0.83 billion RMB in the same period last year [3]. - The total dividend for the year was 2.53 RMB per share, with a payout ratio of 30.1% [3][5]. - The NBV growth was attributed to a margin improvement of 7.9 percentage points to 14.6%, despite a 5% decline in first-year premiums [3][4]. Financial Metrics - The company's total revenue for 2024 is projected at 132.6 billion RMB, with a growth rate of 85.27% [10]. - The expected earnings per share (EPS) for 2024 is 8.41 RMB, reflecting a significant recovery from the previous year's EPS of 2.79 RMB [10][11]. - The Price to Earnings (P/E) ratio for A shares is projected to be 6.11 for 2024, indicating a favorable valuation compared to historical levels [10][11]. Investment Outlook - The report anticipates that the company's NBV growth rate for Q1 could exceed 50%, with expectations for double-digit growth throughout the year [5]. - The asset allocation strategy shows a higher equity exposure compared to peers, suggesting potential benefits from market recovery [5]. - The current Price to Embedded Value (PEV) ratios for A/H shares are 0.56 and 0.29 respectively, positioning the company favorably within historical ranges [5].
新华保险去年净赚262亿!偿付能力充足率出现“双下降”
Nan Fang Du Shi Bao· 2025-03-28 02:03
新华保险在年报中表示,2024年,公司充分发挥保险资金"耐心资本、长期资本、战略资本"优势,全面 优化资产配置,持续提升投资管理能力,精准研判,审时度势,适度增加公开市场股债投资,积极布局 长期持有型底仓资产,实现良好投资收益。 记者留意到,"提升投资业绩"是新华保险2024年的发展目标之一。2023年12月,70后"券商老将"杨玉成 正式出任新华保险新一任董事长。此后,公司经历一系列改革,"强投资"便是其中一项重要内容。在 2023年新华保险的年报发布会上,杨玉成曾表示:"2024年新华保险将致力于改善公司业绩、增厚投资 收益,并在三个方向发力。一是做长,坚持长期投资、价值投资,稳健有序地配置长期资产、超长期资 产和持有型资产,实现稳定收益。二是做宽,丰富投资品种、投资策略,特别是要加大符合国家战略、 新经济特征和新质生产力方向的投资,包括新基建、新能源等,分享新质生产力发展的红利,增厚投资 收益。三是做深,加强投研,全面构建投研能力体系建设,巩固提升公司的资源能力建设,着力加强分 行业、产业的投研一体化建设。深度研究、深度挖掘,捕捉优质资产,实现超额收益。" 投资端的优异表现带动新华保险2024年业绩增长 ...
新华保险:2024年年报点评:业绩及股东回报全面超预期-20250328
ZHESHANG SECURITIES· 2025-03-28 01:35
证券研究报告 | 公司点评 | 保险Ⅱ 业绩及股东回报全面超预期 ——新华保险 2024 年年报点评 投资要点 业绩概览 2024 年,新华归母净利润 262.29 亿元,同比大幅增长 201.1%,加权 ROE 25.88%, 同比+17.94pt;寿险 NBV 为 62.53 亿元(新经济假设口径),同比+106.8%;拟派发末 期每股股息 1.99 元,连同中期分红,公司 2024 年全年分红总额达 78.93 亿元,同比 大增 197.6%,分红率 30.1%,公司业绩及股东回报全面超预期。 核心关注 1、NBV:新业务价值率大幅提升 2024 年,新华 NBV 的大增主要来自于新业务价值率的驱动,公司按首年保费计算的 新业务价值率提升 7.9pt,至 14.6%;公司新单保费小幅下降 5%,主要由于主动减少 银保渠道的趸交业务规模所致。 2、分渠道:银保 NBV 贡献超 40% (1)个险:2024 年末,代理人数量 13.6 万,同比-12.3%,月均绩优人力 1.55 万,同 比+4%,月均绩优率 10.9%,同比提升 2.3pt,月人均首年期交保费 0.81 万元,同比 显著提升 41%。 ( ...
新华保险(601336):投资收益高弹性,净利润历史新高
Guoxin Securities· 2025-03-28 01:15
Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a record high net profit of 26.23 billion yuan in 2024, representing a year-on-year increase of 201.1%, exceeding the upper limit of the earnings forecast [1] - The company’s operating revenue reached 132.56 billion yuan in 2024, a year-on-year growth of 85.3%, driven by a significant rebound in the capital market [1] - The new business value increased by 106.8% year-on-year to 6.25 billion yuan, indicating strong growth in business value [1] - The company has implemented systematic channel upgrades through the "XIN Generation" plan, resulting in a 41% year-on-year increase in monthly per capita productivity in the individual insurance channel [2] - The investment return rate reached 8.5%, with a significant improvement in total investment income, driven by dynamic asset allocation [3] Financial Performance Summary - In 2024, the company reported operating revenue of 132,555 million yuan, up 85.3% from 2023 [4] - The net profit attributable to the parent company for 2024 was 26,229 million yuan, reflecting a 201.1% increase compared to 2023 [4] - The diluted earnings per share (EPS) for 2024 is projected at 8.41 yuan, with forecasts for 2025 and 2026 at 8.28 yuan and 8.93 yuan respectively [4] - The company’s embedded value per share is expected to grow to 82.84 yuan in 2024, with further increases projected in subsequent years [4]
新华保险(601336):利润大增201% 资产、负债、分红表现均超预期
Xin Lang Cai Jing· 2025-03-28 00:27
利润及分红表现大超预期,股利支付率超30%。2024 年公司归母净利润yoy+201.1%至262.29亿元,超过 业绩预增公告增速上限(公告预计增速位于175%-195%);其中,4Q24 实现归母净利润55.49 亿元,同 比提升63.79 亿元。全年每股股息合计2.53 元,同比大增197.6%,股利支付率达30.1%,大超预期,对 应3 月27 日A/H 股收盘价股息率为4.9%/9.5%。 银保渠道NBVM 大幅优化,驱动NBV 大增516.5%。受"报行合一"影响,银保渠道新单yoy-14.3%至 249.19 亿元,但NBVM (使用NBV/新单估算)yoy+8.7pct 至10.1%,带动NBV 同比高增516.5%,NBV 贡献占比yoy+26.7pct 至40.1%。 投资表现大幅优化,积极布局险资入市。24 年公司实现净/总/综合投资收益率3.2%/5.8% /8.5%,yoy- 0.2pct/+4.0pct/+5.9pct。期末,公司投资资产规模yoy+21.9%至1.63 万亿元,现金及现金等价物/定存/债 券、债务及债权投资计划/股票、基金及股权计划/长股投/投资性房地产占比为 2 ...
新华保险(601336):利润大增201%,资产、负债、分红表现均超预期
Investment Rating - The investment rating for the company is "Buy" (maintained) [2] Core Views - The company's profit and dividend performance significantly exceeded expectations, with a year-on-year increase in net profit attributable to shareholders of 201.1% to 26.229 billion yuan, surpassing the upper limit of the previously announced growth forecast [5] - The company adjusted its investment return assumptions down by 50 basis points, maintaining positive growth in embedded value (EV), which increased by 3.2% year-on-year to 258.448 billion yuan [5][6] - The new business value (NBV) doubled, achieving 6.253 billion yuan in 2024, a year-on-year increase of 106.8%, exceeding expectations [6] Financial Performance - The company reported a total revenue of 132.555 billion yuan for 2024, with a year-on-year growth rate of 85.27% [9] - The net profit attributable to shareholders for 2024 is projected to be 26.229 billion yuan, reflecting a year-on-year growth of 201.07% [9] - The earnings per share (EPS) for 2024 is estimated at 8.41 yuan [9] Investment Analysis - The company achieved a net investment return of 3.2% and a total investment return of 5.8% in 2024, with a significant increase in investment assets by 21.9% year-on-year to 1.63 trillion yuan [7] - The price-to-embedded value (P/EV) ratio for 2025 is projected at 0.57x, indicating a favorable valuation [7] - The company has a high dividend payout ratio of 30.1%, with a total dividend of 2.53 yuan per share, representing a year-on-year increase of 197.6% [5][6]
新华保险发布2024年业绩报告 净利润创历史新高 增长超200%
Core Viewpoint - Xinhua Life Insurance Company reported significant growth in its 2024 annual report, achieving record highs in multiple financial metrics, including revenue, net profit, and total assets [1][2]. Financial Performance - Total revenue for 2024 reached 132.56 billion yuan, marking an 85.3% year-on-year increase [1]. - The net profit attributable to shareholders was 26.23 billion yuan, a remarkable increase of 201.1% compared to the previous year [1][7]. - Total assets grew to 1.69 trillion yuan, reflecting a 20.6% increase year-on-year [1]. Insurance Premiums - Original insurance premium income reached 170.51 billion yuan, up 2.8% year-on-year, setting a historical high [2]. - First-year premium income for long-term insurance was 27.22 billion yuan, increasing by 15.6% [2]. - Renewal premiums accounted for 75% of total premiums, with a 5.5% year-on-year growth [2]. Shareholder Returns - Xinhua Life Insurance initiated mid-term dividends for the first time, distributing a cash dividend of 0.54 yuan per share, totaling 1.685 billion yuan [1]. - The company plans to distribute a year-end cash dividend of 1.99 yuan per share, amounting to 6.208 billion yuan, leading to a total proposed dividend of 7.893 billion yuan, a 197.6% increase from the previous year [1]. Business Structure and Strategy - The company emphasized its commitment to life insurance and enhancing product competitiveness while optimizing health and wellness service ecosystems [4]. - Xinhua Life aims to leverage opportunities in health, retirement, and wealth management, focusing on regional development, talent growth, and channel specialization [4]. Sales Channels - Individual insurance channels generated 115.97 billion yuan in premium income, a slight increase of 0.3% [5]. - The company plans to implement the "XIN Generation" project to transform its sales team and enhance productivity [5]. Investment Performance - Investment income for 2024 was 16.31 billion yuan, a turnaround from a loss of 3.775 billion yuan in 2023 [9]. - The total investment scale reached 1.629 trillion yuan, with an overall investment return rate of 5.8% [8]. - The company increased its high-dividend equity investments significantly, growing from 5.37 billion yuan to 30.64 billion yuan, a 470.6% increase [9]. Market Engagement - Xinhua Life actively participated in the equity market, acquiring stakes in companies like Shanghai Pharmaceuticals and China National Pharmaceutical Group [9]. - The company co-established a 50 billion yuan private equity fund to invest in quality listed companies, supporting long-term capital market stability [10].
新华保险2024年总资产、原保险保费收入、归母净利润均创历史新高
Cai Jing Wang· 2025-03-27 11:13
Core Insights - Xinhua Insurance reported record highs in key financial metrics for 2024, including original insurance premium income of 170.5 billion yuan, total assets of 1.69 trillion yuan, and net profit attributable to shareholders of 26.229 billion yuan [1] - The company achieved a new business value of 6.253 billion yuan, representing a year-on-year growth of 106.8% [1] - The comprehensive investment return rate improved significantly to 8.5%, an increase of 5.9 percentage points compared to the previous year [1] Financial Performance - In 2024, Xinhua Insurance's original insurance premium income reached 170.511 billion yuan, a year-on-year increase of 2.8% [1] - The first-year premium income for long-term insurance was 27.220 billion yuan, up 15.6% year-on-year, while the renewal premium accounted for 75% of total premiums [2] - The total investment scale was 1.629 trillion yuan, with a total investment return rate of 5.8% [2] Business Structure and Strategy - The proportion of first-year premium income from long-term insurance reached 70.1%, an increase of 12.6 percentage points year-on-year [2] - Xinhua Insurance is actively investing in health and elderly care industries, with 21 quality health and wellness communities established across 16 cities [2] - The company has implemented a customer-centric strategic transformation, resulting in improved business quality, with a 13-month persistency rate of 95.7% [3] Dividend Distribution - Xinhua Insurance plans to distribute a total cash dividend of 7.893 billion yuan for 2024, which is an increase of 197.6% compared to the previous year [3] - The company will pay a mid-term cash dividend of 0.54 yuan per share and a year-end cash dividend of 1.99 yuan per share [3]
新华保险(601336) - 新华保险:2024年度内部控制审计报告
2025-03-27 10:51
新华人寿保险股份有限公司 内部控制审计报告 二零二四年十二月三十一日 Deloitte. 内部控制审计报告 内部控制具有固有局限性,存在不能防止和发现错报的可能性。此外,由于情况 的变化可能导致内部控制变得不恰当,或对控制政策和程序遵循的程度降低,根据内 部控制审计结果推测未来内部控制的有效性具有一定风险。 WorldClass 智启非凡 内部控制审计报告(续) 德师报(审)字(25)第 S00087 号 (第1页,共2页) 新华人寿保险股份有限公司全体股东: 按照《企业内部控制审计指引》及中国注册会计师执业准则的相关要求,我们审 计了新华人寿保险股份有限公司(以下简称"新华保险")2024年12月31日的财务报告 内部控制的有效性。 一、 企业对内部控制的责任 按照《企业内部控制基本规范》、《企业内部控制应用指引》、《企业内部控制 评价指引》的规定,建立健全和有效实施内部控制,并评价其有效性是新华保险董事 会的责任。 二、 注册会计师的责任 我们的责任是在实施审计工作的基础上,对财务报告内部控制的有效性发表审计 意见,并对注意到的非财务报告内部控制的重大缺陷进行披露。 三、 内部控制的固有局限性 中国注册会 ...
新华保险(601336) - 新华保险:2024年度财务报表及审计报告
2025-03-27 10:51
财务报表及审计报告 2024年12月31日止年度 _ 新华人寿保险股份有限公司 财务报表及审计报告 2024年12月31日止年度 新华人寿保险股份有限公司 审计报告 德师报(审)字(25)第P00852号 (第1页,共6页) 新华人寿保险股份有限公司全体股东: 一、审计意见 我们审计了新华人寿保险股份有限公司(以下简称"新华保险")的财务报表,包括2024年12 月31日的合并及公司资产负债表,2024年度的合并及公司利润表、合并及公司股东权益变动 表和合并及公司现金流量表以及相关财务报表附注。 | 内容 | 页码 | | --- | --- | | 审计报告 | 1 - 6 | | 合并及公司资产负债表 | 7 - 8 | | 合并及公司利润表 | 9 - 10 | | 合并及公司股东权益变动表 | 11 - 14 | | 合并及公司现金流量表 | I ર - IE | | 财务报表附注 | 17 - 164 | | 补充资料 | I ୧ર | Deloitte. 我们认为,后附的新华保险的财务报表在所有重大方面按照企业会计准则的规定编制, 公允反映了新华保险2024年12月31日的合并及公司财务状况以及2 ...