01336 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的任何損失承擔任何責任。 NEW CHINA LIFE INSURANCE COMPANY LTD. 2025年第四次臨時股東大會表決結果 及 委任董事 會議召集、召開和出席情況 新華人壽保險股份有限公司（「本公司」）2025年第四次臨時股東大會（「本次會議」）於2025 年12月24日在中國北京市朝陽區建國門外大街甲12號新華保險大廈以現場會議形式召 開。 本次會議由本公司董事會（「董事會」）召集，由本公司董事長楊玉成先生主持。本次會議 以現場投票和網絡投票（僅適用於本公司A股股東）相結合的方式進行表決。香港中央證券 登記有限公司（本公司H股股份過戶登記處）被本公司委任為本次會議的監票人。 本次會議的召集、召開符合相關中國法律法規、《香港聯合交易所有限公司證券上市規 則》（「上市規則」）以及《新華人壽保險股份有限公司章程》（「《公司章程》」）的規定。本公司 在任董事11人，出席11人；本公司在任監事4人，出席4人； ...

| | 股证券代码：601336 | | | | | | --- | --- | --- | --- | --- | --- | | | | | H H | | | | | | | | 股证券简称：新华保险 股证券简称：新华保险 | 公告编号：2025-068 | | | 股证券代码： | | | | | | | | 01336 | | | | | A H | | | | | | 新华人寿保险股份有限公司 2025年第四次临时股东大会决议公告 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。 重要内容提示： 本次会议是否有否决议案：无 一、 会议召开和出席情况 (一) 股东大会召开的时间：2025 年 12 月 24 日 (二) 股东大会召开的地点：北京市朝阳区建国门外大街甲 12 号新华保险大厦 (三) 出席会议的普通股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 505 | | --- | --- | | 其中：A 股股东人数 | 504 | | 股） 境外上市外资股股东人数（H | 1 ...

FANGDA PARTNERS http://www.fangdalaw.com 中国北京市朝阳区光华路一号 电子邮件 E-mail: email@fangdalaw.com 北京嘉里中心北楼 27 层 电 话 Tel.: 86-10-5769-5600 邮政编码：100020 传 真 Fax: 86-10-5769-5788 27/F，North Tower, Beijing Kerry Centre 1 Guanghua Road, Chaoyang District Beijing 100020, PRC 上海市方达（北京）律师事务所 关于新华人寿保险股份有限公司 2025 年第四次临时股东大会的法律意见书 致：新华人寿保险股份有限公司 上海市方达（北京）律师事务所（以下简称"本所"）是具有中华人民共和国 境内法律执业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席新 华人寿保险股份有限公司（以下简称"公司"）2025 年第四次临时股东大会（以下 简称"本次股东大会"），并就本次股东大会的召集和召开程序、参与表决和召集 会议人员的资格、表决程序和表决结果等有关事宜出具本法律意见书。 本法律意见书 ...

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。 A股证券代码：601336 A股证券简称：新华保险 编号：2025-069 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 第九届董事会第一次会议决议公告 新华人寿保险股份有限公司（以下简称"公司"）于 2025 年 12 月 12 日以书 面方式向全体董事发出第九届董事会第一次会议（以下简称"会议"）通知和材料， 会议于 2025 年 12 月 24 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，公司监事及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。 全体董事一致推举龚兴峰董事主持本次会议，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《关于选举公司第九届董事会董事长的议案》，同意选举杨 玉成先生担任公司第九届董事会董事长。 表决情况：同意 9 票 ...

证券之星消息，12月24日保险板块较上一交易日下跌0.75%，新华保险领跌。当日上证指数报收于 3940.95，上涨0.53%。深证成指报收于13486.42，上涨0.88%。保险板块个股涨跌见下表： | 代码 | 名称 | 主力净流入（元） | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601628 中国人寿 | | -3241.29万 | -5.39% | -3497.42万 | -5.81% | 6738.71万 | 11.20% | | 601319 中国人保 | | -4198.21万 | -8.61% | -272.27万 | -0.56% | 4470.49万 | 9.17% | | 601601 中国太保 | | -5793.48万 | -6.86% | 3043.07万 | 3.60% | 2750.41万 | 3.26% | | 601336 新华保险 | | -6775.42万 | -5.33% | 2695.52万 | 2.12% ...

Core Viewpoint - The insurance industry is shifting its focus from scale and speed to service and internationalization, as highlighted by the recent statements from industry leaders like Yang Yucheng of Xinhua Insurance during the "14th Five-Year Plan" preparation phase [4][11]. Industry Overview - The domestic life insurance sector has transitioned from rapid growth to a period of slowing growth over the past five years, with premium income rising from 3.10 trillion yuan in 2019 to 3.54 trillion yuan in 2023, reflecting a compound annual growth rate of 3.4%, significantly down from 12.2% in 2019 [5][6]. - The low interest rate environment has compressed profit margins, with the yield on ten-year government bonds fluctuating between 2.5% and 3.0% since 2020, compared to approximately 3.6% from 2014 to 2018, impacting the profitability of savings-type products [5]. Market Dynamics - The competition in the insurance market has intensified, leading to a vicious cycle of "interest rate competition, cost subsidies, and declining value rates," with new business value rates for major listed insurers dropping to 15%-26% in 2024, down from previous years [6][8]. - Regulatory measures are increasingly guiding the industry back to its core risk protection functions, with a focus on enhancing service capabilities and value creation [7][10]. Strategic Shifts - The "15th Five-Year Plan" is seen as a critical period for insurance companies to reassess their business focus, emphasizing the importance of service in the insurance operating system [7][10]. - Major state-owned insurers are adjusting their product strategies to prioritize protection and service capabilities, moving away from a sole focus on short-term financial returns [10][11]. Internationalization Efforts - The internationalization of state-owned insurance companies is no longer exploratory but has entered a strategic implementation phase, driven by both policy support and market demand [13][15]. - Different paths are being taken by major players: for instance, PICC aims for overseas business to account for 30% of its total growth within five years, while China Life and Xinhua are adopting a more cautious approach by focusing on asset investments abroad [14][15]. Future Outlook - The next five years will see competition in the insurance industry shift from a focus on product rates and scale to a comprehensive competition based on service capabilities, risk pricing abilities, and international perspectives [17]. - The ability to effectively implement service and internationalization strategies will be crucial for determining market positions and enhancing the global competitiveness of the Chinese insurance industry [17].

2025年12月18日，国家金融监督管理总局永川监管分局发布批复称，《新华人寿保险股份有限公司重庆 分公司关于荣昌支公司经营场所变更的请示》（新保渝字〔2025〕62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重庆分公司荣昌支公司将营业场所变更为：重庆市荣昌区昌州街道 向阳路170号2-1至2-5及168号附29号。 二、新华人寿保险股份有限公司重庆分公司应按照有关规定及时办理变更及许可证换领事宜。 ...

自2025年上线以来，"空中柜面"在显著降低运营成本的同时，真正实现了服务优化与风险控制的统一。 该服务通过流程线上化与服务集约化，持续节约可观成本，并将这些资源被重新投入至服务优化与技术 升级中，进一步反哺客户体验，形成"客户满意–公司提质"的良性循环，推动消费者权益保护落到实 处、见到长效。 新华保险积极响应国家发展数字金融、普惠金融的号召，依托"空中柜面"项目，将消费者权益保护与服 务便捷性深度融合，通过数字化转型为客户带来高效、安全、有温度的保单服务新体验。这一创新举措 赢得了市场认可，成功获评"2025金柿奖·中国保险消费者权益保护样本"。 数字技术打破时空限制，保险服务实现普惠通达 新华保险推出的"空中柜面"，顾名思义借助视频交互、人脸识别、电子签名等数字技术，打破传统服务 对物理网点的依赖，让客户不论身在何处、使用何种设备，都能平等享受专业保单服务。尤其对于老年 人、行动不便人群等特殊群体，系统操作简便、服务接入"零门槛"，真正推动保险服务走向普惠通达， 助力实现"普惠金融最后一公里"，切实保障每一位消费者的公平交易权与受尊重权。 在服务过程中，"空中柜面"运用了"远程交互+智能防控"数字新技术 ...

Core Insights - Xinhua Insurance's stock reached a historical high, with A-shares rising 1.55% to 72.71 yuan and H-shares increasing 1.28% to 55.60 HKD, marking the highest closing prices since their respective listings [1] - The company has implemented a comprehensive reform strategy under new management, focusing on customer-centric, systematic, and market-oriented approaches, which have significantly improved operational performance and core competitiveness [1] Financial Performance - As of September 2025, Xinhua Insurance reported total assets of 1.83 trillion yuan, total premiums of 172.7 billion yuan, and net profits of 32.9 billion yuan, all reaching historical highs since the company's establishment [2] - The annualized total investment return rate stands at 8.6%, placing the company among the top in the listed insurance sector [2] - The company distributed a mid-term cash dividend of 2.09 billion yuan in 2025, reflecting a growth rate of 24.1%, with total cash dividends exceeding 38 billion yuan since its listing [2] Market Sentiment - In 2025, 91 research reports were published regarding Xinhua Insurance, with several institutions providing positive evaluations and recommending "buy" or "hold" ratings [3] - The new management's pragmatic approach and clear strategic positioning have led to improved operational performance and profitability, enhancing the company's overall strength [3] - The company's dividend yield is among the industry leaders, attracting investor interest due to its defensive attributes and upward potential [3]

Core Insights - The report analyzes the core challenges and strategic choices faced by the Chinese life insurance industry under the long-term downward trend of interest rates and the regulatory push for a "dynamic interest rate adjustment mechanism" [1] - It highlights the historical shift from traditional fixed-income products to floating-income products, particularly focusing on dividend insurance as a new growth point [1] - The report emphasizes the importance of understanding the relationship between interest rates, pricing, and product structure in navigating the current transformation logic [1] Summary by Sections Interest Rate and Pricing Relationship - The pricing of life insurance products, especially long-term savings and protection products, follows the principle of actuarial balance, where premiums are calculated based on the present value of insurance payouts divided by (1 - expense ratio) [3] - The predetermined interest rate is crucial as it represents the long-term return promised to customers and the company's liability cost [3] - Historical cases show that the global insurance industry has faced significant crises due to poor management of interest rate risks, leading to regulatory caps on predetermined interest rates to prevent systemic risks [3] Product Structure Evolution - The evolution of product structure in the Chinese life insurance market is closely linked to macroeconomic interest rate cycles and regulatory policy adjustments [6] - The regulatory environment has led to cyclical changes in product structure, with dividend insurance becoming mainstream during periods of low predetermined interest rates [3][6] Market Trends and Company Strategies - As of 2023, the downward adjustment of predetermined interest rates and the establishment of a dynamic adjustment mechanism have fundamentally impacted product structures, reducing the attractiveness of traditional fixed-income products [12] - Companies like Xinhua Insurance have seen a significant increase in the proportion of dividend insurance premiums, indicating a historical shift in product structure [10] - Major listed insurance companies are transitioning from strategic consensus to tactical execution, with differentiated paths based on their resource endowments [14] Future Growth Opportunities - The recent regulatory approval for dividend-type long-term health insurance, particularly critical illness insurance, is seen as a milestone for optimizing the industry's benefit structure and stimulating demand [17] - The potential market gap for critical illness insurance is significant, with estimates indicating a health protection gap of $143 billion in China by 2024 [19] - The development of dividend critical illness insurance is expected to follow successful models from Hong Kong, focusing on low guarantees and high dividends to address inflation concerns [20] Strategic Recommendations - Insurance companies should make clear strategic choices between low-risk, high-guarantee products for the mass market and high-risk, high-flexibility products for high-net-worth clients [22] - Enhancing long-term investment capabilities and integrating health/retirement ecosystems are essential for increasing product value and customer loyalty [23] - The transformation requires a systemic approach, considering regulatory requirements, customer needs, and economic trends, to establish a competitive advantage in the evolving market landscape [25]