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） 中期報告 2025 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 www.newchinalife.com NEW CHINA LIFE INSURANCE COMPANY LTD. 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 New China Life Insurance Company Ltd. 1. 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. 本公司第八屆董事會第三十六次會議於2025年8月28日審議通過了《2025 年中期報告》。會議應出席董事11人，親自出席董事11人。 3. 本公司2025年中期財務報告未經審計。 4. 本公司擬向全體股 ...

Core Insights - The application of AI in the domestic insurance industry is entering a new phase of large-scale implementation, with major companies focusing on cost reduction and efficiency enhancement across the entire business chain [1][2][3] AI Integration in Business Processes - AI technology is transforming core insurance processes from manual to intelligent-driven, significantly improving service efficiency and customer experience [2] - In underwriting and customer service, AI has enhanced operational efficiency, with automated underwriting rates reaching 95.8% and customer service response accuracy exceeding 95% [3][4] Cost Control and Risk Reduction - AI applications in customer service and auditing have substantially reduced labor costs, with companies like ZhongAn Insurance utilizing over 100 active AI robots, achieving 4.5 billion calls in the first half of the year [4][5] - Enhanced AI risk control capabilities have led to significant reductions in fraud losses, with Ping An Insurance intercepting fraud claims worth 6.44 billion yuan, a year-on-year increase of 6% [5] Future Development and Strategic Direction - Several listed insurance companies have identified AI as a long-term strategic direction, with China Pacific Insurance focusing on building an enterprise-level AI capability system [7][8] - The integration of AI is expected to drive innovation in personalized products, health management services, and investment capabilities, with Ping An's investment return rate rising to 3.1% [7][8]

Core Viewpoint - The company reported strong financial performance for the first half of 2025, with significant year-on-year growth in revenue and net profit, outperforming major competitors in the insurance sector [1][2]. Financial Performance - The company achieved operating revenue of 70.041 billion yuan, representing a year-on-year increase of 26.0% [1]. - The net profit attributable to shareholders was 14.799 billion yuan, up 33.5% year-on-year, while competitors like PICC, Taiping, China Life, and Ping An reported growth rates of 16.9%, 11.0%, 6.9%, and a decline of 8.8%, respectively [1]. - The new business value (NBV) reached 6.182 billion yuan, reflecting a robust year-on-year growth of 58.4% [1]. Business Quality and Growth - The company reported original insurance premium income of 121.262 billion yuan, a year-on-year increase of 22.7% [2]. - First-year premiums for long-term insurance surged to 39.622 billion yuan, up 113.1% year-on-year, while first-year regular premium income for long-term insurance reached 25.528 billion yuan, increasing by 64.9% [2]. - The individual life insurance business maintained a 13-month persistency rate of 96.2%, up 1.2 percentage points year-on-year, and a 25-month persistency rate of 92.5%, up 6.9 percentage points year-on-year [2]. - The individual insurance channel had a workforce of 133,000, a decrease of 2.5% from the end of 2024, but the average monthly performance of agents improved [2]. Investment Performance - The company reported an annualized total investment return of 5.9%, an increase of 1.1 percentage points year-on-year, while the annualized net investment return was 3.0%, down 0.2 percentage points year-on-year [3]. - The asset allocation included 50.6% in bonds (up 2.1 percentage points from the previous year), 11.6% in stocks (up 10.2 percentage points), and 7.0% in funds (down 4.9 percentage points) [3]. - High-dividend OCI equity instruments increased to 37.466 billion yuan, a growth of 22% from the beginning of the year [3]. Investment Recommendation - The investment rating is maintained at Buy-A, with projected EPS for 2025-2027 at 8.80 yuan, 11.47 yuan, and 11.72 yuan, respectively [3]. - The company is assigned a 0.8x P/EV for 2025, with a corresponding six-month target price of 70.91 yuan [3].

Core Viewpoint - The insurance industry is shifting towards dividend insurance sales in response to the reduction in the predetermined interest rate, with major listed insurance companies reporting significant growth in this segment despite challenges posed by the new interest rate environment [1][9]. Dividend Insurance Sales Performance - In the first half of 2025, major insurance companies have set ambitious targets for dividend insurance sales, with many aiming for a 50% sales ratio [1]. - Taiping Life reported that dividend insurance accounted for 87.1% of first-year premium income in long-term insurance, while China Pacific Life's new premium income from dividend insurance rose to 42.5%, with agent channels contributing 51% [5][2]. - China Life, Ping An, and other leading insurers have also seen substantial increases in dividend insurance premiums, with Ping An leading at approximately 500 billion yuan, a 40.94% increase year-on-year [4][5]. Market Dynamics and Challenges - The recent adjustment in predetermined interest rates has led to a decrease in the maximum rate for dividend insurance from 2% to 1.75%, which may reduce the attractiveness of these products and increase sales difficulty [1][9]. - Despite this, insurance companies are optimistic about the potential for dividend insurance to become a mainstream product, with expectations for increased market share in the second half of the year [1][10]. Strategic Initiatives for Transformation - Companies are implementing various strategies to promote dividend insurance, including performance assessments, commission adjustments, and tailored product offerings [7][8]. - China Pacific Life has outlined a four-pronged approach to enhance its dividend insurance business, focusing on mindset shifts, differentiated channel strategies, regional adaptations, and resource allocation [7]. - New China Life has established a leadership group to drive the transformation towards dividend insurance, indicating a commitment to overcoming previous sales challenges [8]. Future Outlook - The insurance sector anticipates that the shift towards dividend insurance will accelerate, with companies planning to increase the supply and competitiveness of these products [9][10]. - Ping An has indicated that wealth and pension products will transition to dividend types, reflecting a broader industry trend towards flexible, floating-yield products in response to changing market conditions [11].

Core Viewpoint - The life insurance industry in the first half of 2025 has shown significant profit growth, with 73 companies reporting a total net profit of 185.8 billion, a year-on-year increase of approximately 37 billion, or 25% [10][12][13]. Group 1: Profit Growth and Performance - 52 out of 73 life insurance companies reported profits, while 21 incurred losses, indicating a positive trend in profitability [1][22]. - The net profit of major companies such as Ping An and China Life has significantly contributed to the overall profit increase, with Ping An reporting a net profit of 50.6 billion and China Life 40.3 billion [2][24]. - The industry has experienced three consecutive years of profit growth, reaching a new high that surpasses the same period in 2019 [10][12]. Group 2: Investment and Business Value - The increase in equity investment has led to a rise in investment returns, with the average investment yield for 73 companies rising to 4.22%, up from 3.59% year-on-year [16][18]. - The total amount directly invested in stocks by insurance companies exceeded 3 trillion, marking an increase of approximately 1 trillion compared to the previous year [18]. - New business value has also seen substantial growth, particularly in the bancassurance channel, with companies like China Life and Xinhua Insurance reporting over 100% growth in new single premiums [31][35]. Group 3: Company Rankings and Market Dynamics - The top six life insurance companies have shown robust performance, with significant increases in both premium income and new business value [23][28]. - Tai Kang Life has seen a notable profit increase, attributed to the implementation of new accounting standards and improved investment returns [38][40]. - AIA's new business value rate remains high at 58.6%, reflecting its strong market position and effective agent model [41]. Group 4: Losses and Challenges for Smaller Companies - Despite the overall positive trend, 21 companies reported losses, with many being smaller firms struggling with high liability costs and investment volatility [22][43]. - Companies like Heng Tai Life and Guo Lian Life have faced significant challenges, with declining investment yields contributing to their financial difficulties [49][50]. - The continuous losses among smaller firms highlight the need for capital strengthening and improved operational efficiency to enhance solvency [47][48].

Investment Rating - The report maintains a "Buy-A" investment rating for the company [3][6]. Core Views - The company reported a significant increase in operating revenue and net profit for the first half of 2025, with operating revenue reaching 70.041 billion yuan (YoY +26.0%) and net profit attributable to shareholders at 14.799 billion yuan (YoY +33.5%) [1]. - The new business value (NBV) grew impressively by 58.4% to 6.182 billion yuan, indicating strong business performance and improved quality [1][2]. - The company's embedded value reached 279.394 billion yuan, reflecting an 8.1% increase from the end of the previous year [1]. Summary by Sections Financial Performance - For H1 2025, the company achieved original insurance premium income of 121.262 billion yuan (YoY +22.7%), with first-year premiums for long-term insurance at 39.622 billion yuan (YoY +113.1%) [1]. - The annualized total investment return rate was 5.9% (YoY +1.1 percentage points), while the annualized net investment return rate was 3.0% (YoY -0.2 percentage points) [2]. Business Quality Improvement - The individual life insurance business showed improvement with a 13-month persistency rate of 96.2% (YoY +1.2 percentage points) and a 25-month persistency rate of 92.5% (YoY +6.9 percentage points) [1]. - The company’s distribution channels saw enhancements, with the individual insurance channel having 133,000 agents, and the bancassurance channel contributing significantly to NBV [2]. Future Projections - The report forecasts EPS for 2025, 2026, and 2027 to be 8.80 yuan, 11.47 yuan, and 11.72 yuan respectively, with a target price of 70.91 yuan based on a 0.8x 2025 P/EV [3].

Group 1: Core Insights - The five major listed insurance companies in A-shares achieved a total net profit of 1781.92 billion yuan in the first half of 2025, averaging a daily profit of 9.84 billion yuan [1][4] - These companies announced significant cash dividends, with a total proposed dividend of approximately 293.36 billion yuan, led by China Ping An at 172.02 billion yuan [1][4] - The rise of participating insurance is becoming a new growth engine for the industry, with several companies reporting substantial increases in new premium income from participating insurance [1][7] Group 2: Financial Performance - The total operating revenue of the five major insurance companies reached 1.33 trillion yuan, a year-on-year increase of 4.89% [3] - New business value for life insurance companies saw explosive growth, with China Life and Ping An Life achieving new business values of 285 billion yuan and 223.35 billion yuan, respectively, reflecting year-on-year growth rates of 20.3% and 39.8% [5] Group 3: Participating Insurance Growth - The proportion of participating insurance in new business has significantly increased, with China Life reporting that over 50% of its new business premium comes from participating insurance [7][9] - New premium income from participating insurance for New China Life reached 182.69 billion yuan, a year-on-year increase of 24.9% [7] - The shift towards participating insurance is seen as both a response to the low interest rate environment and a long-term strategy for risk-sharing with customers [2][8] Group 4: Strategic Responses - Insurance companies are focusing on optimizing their product structures and enhancing the sales capabilities of their agents to adapt to the changing market conditions [10][11] - The adjustment in product sales strategies emphasizes understanding customer needs for risk protection and financial management, moving away from solely promoting high guaranteed returns [11]

Core Insights - The insurance sector experienced a slight increase of 0.16% on September 4, with China Life leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Insurance Sector Performance - China Life (601628) closed at 40.50, up 1.55% with a trading volume of 338,300 shares and a transaction value of 1.352 billion [1] - China Pacific Insurance (601601) closed at 37.92, down 1.86% with a trading volume of 514,200 shares and a transaction value of 1.945 billion [1] - New China Life (601336) closed at 62.81, down 0.91% with a trading volume of 227,100 shares and a transaction value of 1.421 billion [1] - China Ping An (601318) closed at 57.50, down 0.48% with a trading volume of 727,400 shares and a transaction value of 4.184 billion [1] - China Re (601319) closed at 8.47, down 0.12% with a trading volume of 925,100 shares and a transaction value of 777 million [1] Fund Flow Analysis - The insurance sector saw a net outflow of 194 million from institutional investors, while retail investors experienced a net outflow of 143 million [1] - Speculative funds recorded a net inflow of 337 million into the insurance sector [1] Individual Stock Fund Flow - China Life (601628) had a net inflow of 69.29 million from institutional investors, accounting for 5.12% of total transactions [2] - New China Life (601336) had a net inflow of 66.60 million from institutional investors, accounting for 4.69% of total transactions [2] - China Ping An (601318) experienced a net outflow of 192 million from institutional investors, representing 4.59% of total transactions [2] - China Pacific Insurance (601601) had a net outflow of 91.25 million from institutional investors, accounting for 4.69% of total transactions [2] - China Re (601319) had a net outflow of 46.37 million from institutional investors, representing 5.97% of total transactions [2]

FF301 股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年8月31日 狀態: 新提交 致： 香港交易及結算所有限公司 l. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | IH | | 於香港聯交所上市 (註1) | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01336 | 説明 | | | | | | | | | 法定/註冊股份數目 | | 面値 | | 法定/註冊股本 | | | 上月底結存 | | | 1,034,107,260 RMB | | 1 RMB | | 1,034,107,260 | | 增加 / 減少 (-) | | | | | IRMB | | | | 本月底結存 | | | 1,034,107,260 RMB | | 1 RMB | | 1,034,107,260 | | 2. 股份分類 | 普通股 | 股份類別 | | 於香港聯交所上市 (註1) | | ਵ | | | --- | --- | --- | - ...

Core Viewpoint - The "New National Ten Articles" released by the State Council aims to strengthen regulation, prevent risks, and promote high-quality development in the insurance industry over the next 5 to 10 years, marking a significant policy direction for the sector [1] Industry Performance - As of the end of Q2 2025, the insurance industry's asset scale reached 39.22 trillion yuan, with a year-on-year growth of 9.2% [2] - The total insurance premium income amounted to 3.74 trillion yuan, reflecting a 5.3% increase compared to the same period in 2024 [2] - Insurance companies' claims and payouts reached 1.3 trillion yuan, showing a notable growth of 9% year-on-year, outpacing premium growth [2] Social Welfare Services - The insurance sector has enhanced its role in social welfare, particularly in disaster relief, with 20.5 billion yuan paid out during extreme weather events in 2025 [3] - The urban catastrophe insurance program has provided risk protection for 64.39 million households, amounting to 22.36 trillion yuan in coverage [3] - Technological advancements have improved risk reduction services, with significant outreach for disaster warnings to millions of clients [3] Health Insurance Development - The urban commercial medical insurance, known as "惠民保," has seen significant growth, with 615.9 million participants in Shenzhen and over 22 billion yuan in claims paid [4] - The commercial health insurance sector has also expanded, with claims reaching 405.2 billion yuan in 2024 and long-term health insurance reserves exceeding 2.5 trillion yuan [4][5] Support for the Real Economy - The insurance industry is aligning with national strategies by enhancing risk protection in technology innovation and green development [6][7] - Insurance services for technology activities provided coverage of nearly 24 trillion yuan in the first half of 2025 [6] - Green insurance products have seen a 23.9% increase in risk coverage, with over 126.35 trillion yuan provided [7] Investment in Strategic Areas - Insurance companies are increasing investments in strategic sectors, with China Life establishing a fund focused on high-demand industries like AI and advanced manufacturing [8] - New China Life's investment in national strategic areas surpassed 1.21 trillion yuan, reflecting a 54% year-on-year increase [8] Industry Reform and Transformation - The insurance sector is undergoing significant reforms in pricing mechanisms and product structures to enhance quality and efficiency [10][11] - The introduction of floating yield insurance products has led to a 33% share of new life insurance products in the first half of 2025 [11] - The insurance intermediary market is also experiencing a contraction, with a 11.7% decrease in the number of professional intermediary institutions in Jilin province [11] Future Outlook - The insurance industry is expected to continue leveraging its long-term advantages to contribute to the construction of a financial strong nation and support modernization efforts in China [12]