Core Insights - The insurance industry is increasingly focusing on the "travel and health" sector as a new avenue to cater to the aging population, integrating health protection, travel experiences, and quality living into a single offering [2][3]. Group 1: Company Developments - Xinhua Insurance has launched a new health and wellness travel base in Huizhou, enhancing its strategic layout in the health and wellness sector, leveraging the area's cultural and ecological value [2]. - The "Xinhua Yue" travel service network now covers 45 cities and 55 projects nationwide, aiming to provide a comprehensive travel network that integrates climate environment, medical health, and cultural entertainment [2][4]. Group 2: Market Trends and Policies - The market for health and wellness travel is being driven by government policies aimed at promoting the silver economy, with initiatives to develop travel and health destinations and integrate tourism with health services [3][5]. - The insurance industry is adopting a "light asset, heavy service" model, collaborating with hotels and third-party service providers to expand the number of wellness travel communities [4]. Group 3: Challenges and Solutions - The wellness travel industry faces challenges such as service standardization, emergency support, and talent supply, which are common across the industry [5]. - Xinhua Insurance plans to address these challenges through rigorous partner selection, ongoing project evaluations, and integrating various service areas to enhance consumer experiences [5]. Group 4: Future Outlook - The insurance travel sector is expected to see increased competition and a shift towards more refined services, driven by a growing demand from active elderly consumers [6]. - The industry is evolving from providing basic insurance coverage to creating a comprehensive "insurance + full lifecycle service" ecosystem, enhancing the quality of life for the aging population [6].

Core Viewpoint - Xinhua Life Insurance Co., Ltd. announced a cash dividend distribution of 0.67 RMB per share (including tax) for the first half of 2025, totaling 2.09 billion RMB [1][2]. Group 1: Dividend Distribution Details - The cash dividend of 0.67 RMB per share will be distributed to all A-share shareholders registered with China Securities Depository and Clearing Corporation Limited, Shanghai Branch, as of the close of trading on December 11, 2025 [6]. - The total cash dividend payout amounts to 2.09 billion RMB [1][5]. - The record date for the dividend is December 11, 2025, with the ex-dividend date and payment date both set for December 12, 2025 [4][1]. Group 2: Approval and Governance - The profit distribution plan was approved at the third extraordinary general meeting of shareholders held on October 31, 2025 [5]. - The board of directors of Xinhua Life Insurance Co., Ltd. guarantees the accuracy and completeness of the announcement, taking legal responsibility for any false or misleading statements [2].

Group 1 - FTSE Russell announced the new candidate stocks for the FTSE China 50 Index, which include China Aluminum (601600)(02600), Hansoh Pharmaceutical (03692), Huatai Securities (601688)(06886), JD Health (06618), and New China Life Insurance (601336)(01336) [1] - On December 3, FTSE Russell announced adjustments to the FTSE China 50 Index, FTSE China A50 Index, FTSE China A150 Index, FTSE China A200 Index, and FTSE China A400 Index, effective after the market close on December 19, 2025 [2] - The adjustments will include the addition of China Hongqiao (01378), CATL (300750)(03750), and Heng Rui Medicine (600276)(01276) to the FTSE China 50 Index, while removing CITIC Securities H-share (06066), Great Wall Motor H-share (02333), and Li Auto-W (02015) [2]

（文章来源：证券日报） 证券日报网讯 12月3日晚间，新华保险发布公告称，2025年半年度A股每股派发现金红利人民币0.67元 （含税），股权登记日2025年12月11日，除权除息日及现金红利发放日均为2025年12月12日。 ...

Core Insights - The long-term investment return assumption is a crucial parameter affecting the intrinsic value of life insurance companies, reflecting their expectations regarding capital market conditions and investment strategies. In 2024, most life insurance companies have lowered their long-term investment return assumption from 4.5% to 4.0% [9][11]. Investment Returns Analysis - From 2010 to 2024, listed life insurance companies had a total investment return that exceeded the long-term investment return assumption in only 5 out of 15 years, with the remaining 10 years showing negative deviations. The cumulative total investment return deviation for the industry is -0.38% [3][6][37]. - As of the first three quarters of 2025, the total investment return for the year is approximately 3.5%, slightly below the long-term investment return assumption of 4.0%. A strong performance in the fourth quarter could make 2025 the first year since 2020 to exceed the long-term investment return assumption [3][13]. Company-Specific Performance - In 2024, China Life's total investment return was 4.02%, while its comprehensive investment return was 5.94%, both exceeding the long-term investment return assumption of 4.0% [17][18]. - Ping An Life's total investment return for 2024 was 3.32%, with a comprehensive investment return of 7.25%, also above the long-term assumption [19][21]. - For 2024, Taikang Life's total investment return was 3.03%, while its comprehensive investment return was 7.33%, surpassing the long-term assumption [22][23]. - New China Life reported a total investment return of 3.56% and a comprehensive investment return of 6.84% for 2024, both exceeding the long-term assumption [24][25]. - PICC Life's total investment return was 3.70%, with a comprehensive investment return of 14.1%, significantly above the long-term assumption [28][29]. - AIA's estimated long-term investment return assumption for 2024 is 3.4%, which is below the 4.0% threshold, indicating a cautious outlook [30][33]. Summary of Deviations - The average deviation of total investment returns from long-term assumptions for the industry is -0.38%, while the average deviation for comprehensive investment returns is 0.66%. Companies like PICC Life and AIA show better performance with positive deviations [37][38].

根据相关法律法规和《新华人寿保险股份有限公司章程》的有关规定，马耀添先生将继续履行独立非执 行董事及其在董事会专业委员会中的相关职责，直至公司股东大会选举产生新任独立非执行董事，且新 任独立非执行董事任职资格获得监管机构核准。 新华保险（601336）(01336)公布，董事会于2025年12月3日收到公司董事马耀添先生的辞职函，因任独 立非执行董事时间已满六年，根据相关监管规定，马耀添先生向董事会提出辞去公司独立非执行董事、 董事会提名薪酬委员会委员及风险管理与消费者权益保护委员会委员职务。 ...

格隆汇12月3日丨新华保险(01336.HK)发布公告，董事会于2025年12月3日收到公司董事马耀添的辞职 函，因任独立非执行董事时间已满六年，根据相关监管规定，马耀添向董事会提出辞去公司独立非执行 董事、董事会提名薪酬委员会委员及风险管理与消费者权益保护委员会委员职务。 ...

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. 01336 獨立非執行董事辭任 新華人壽保險股份有限公司（「本公司」）董事會（「董事會」）於2025年12月3日收到本公司董 事馬耀添先生的辭職函，因任獨立非執行董事時間已滿六年，根據相關監管規定，馬耀 添先生向董事會提出辭去本公司獨立非執行董事、董事會提名薪酬委員會委員及風險管 理與消費者權益保護委員會委員職務。 根據相關法律法規和《新華人壽保險股份有限公司章程》的有關規定，馬耀添先生將繼續 履行獨立非執行董事及其在董事會專業委員會中的相關職責，直至本公司股東大會選舉 產生新任獨立非執行董事，且新任獨立非執行董事任職資格獲得監管機構核准。 馬耀添先生確認其與董事會並無意見分歧，亦無任何有關其辭任而須提請本公司股東垂 注的事項。董事會對馬耀添先生在任職期間所做出的貢獻表示衷心感謝！ 承董事會命 新華人壽保險股份有限公司 中國北京 ...

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之任何損失承擔任何責任。 海外監管公告 本公告乃新華人壽保險股份有限公司（「本公司」）依據《香港聯合交易所有限公司證券 上市規則》第 13.10B 條規定而作出。茲載列該公告如下，僅供參閱。 承董事會命 新華人壽保險股份有限公司 楊玉成 董事長 中國北京，2025年12月3日 於本公告日期，本公司董事長、執行董事為楊玉成；執行董事龔興峰；非執行董 事為楊雪、毛思雪、胡愛民和張曉東；及獨立非執行董事為馬耀添、賴觀榮、徐 徐、郭永清和卓志。 | H | A | | --- | --- | | 股证券代码： | 股证券代码：601336 | | 01336 | | | H | A | | 股证券简称：新华保险 | 股证券简称：新华保险 | | | 公告编号：2025-064 | 新华人寿保险股份有限公司 2025 年半年度权益分派实施公告 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 ...

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [22]. Core Insights - The insurance index rose by 0.21% this week, underperforming the market by 1.43 percentage points. Individual stock performances varied, with AIA up by 4.95% and China Pacific down by 3.5% [2]. - The report highlights that the risk associated with real estate investments by insurance companies is expected to be manageable, with a focus on the debt extension of Vanke [2][5]. - The report anticipates that while performance may fluctuate in the short term due to equity market trends, a growth trend is expected to continue into 2025, although 2026 may see performance pressure from investment factors [5]. Summary by Sections Market Performance - The insurance index's absolute performance over the last month is 0.8%, with a 6-month performance of 13.7% and a 12-month performance of 12.8% [8]. - The relative performance against the benchmark shows a 2.2% outperformance over one month, but underperformance of -5.5% over six months and -3.2% over twelve months [8]. Company Analysis - The report provides earnings per share (EPS) estimates for key companies, with China Life at 6.34 CNY for 2025E and China Pacific at 5.68 CNY for the same year. The price-to-earnings (PE) ratios for these companies are also provided, with China Life at 6.89x and China Pacific at 6.20x [11]. - The price-to-book (PB) ratios indicate that China Life has a PB of 1.97, while China Pacific has a PB of 1.12, both rated as "Recommended" [11]. Real Estate Investment Risk - The report analyzes the exposure of listed insurance companies to real estate investments, noting that the overall exposure remains relatively small compared to total investment assets. For instance, Ping An's real estate investment exposure is 3.5%, a decrease of 0.3 percentage points from the previous year [5]. - The report indicates that the increase in real estate investment exposure for China Pacific is primarily due to a rise in investment properties [5]. Long-term Outlook - The long-term outlook suggests that improvements in life insurance costs may drive valuation recovery, with a shift towards dividend insurance and easing solvency requirements expected to enhance long-term investment returns [5].