北京市通商律师事务所 关于新华人寿保险股份有限公司 2024 年第二次临时股东大会之法律意见书 致：新华人寿保险股份有限公司 根据《中华人民共和国公司法》(以下简称"《公司法》")、《中华人民共和 国证券法》(以下简称"《证券法》")、《上市公司股东大会规则》(以下简称"股 东大会规则")等相关法律、法规以及《新华人寿保险股份有限公司章程》(以下 简称"公司章程")、《新华人寿保险股份有限公司股东大会议事规则》(以下简称 "股东大会议事规则")的规定，北京市通商律师事务所(以下简称"通商")接受新 华人寿保险股份有限公司(以下简称"公司")的委托，指派律师出席公司 2024 年 第二次临时股东大会(以下简称"本次股东大会")，对公司本次股东大会的召集、 召开程序、出席会议人员资格、召集人的资格和表决程序等事项发表法律意见。 本所及经办律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则(试行)》等规定及本法律意见书出具日 以前已经发生或者存在的事实，严格履行了法定职责，遵循了勤勉尽责和诚实 信用原则，进行了充分的核查验证，保证本法律意见所认定的事实真实、准确、 完整，所 ...

Summary of Conference Call Records Company and Industry Overview - The conference call pertains to a listed insurance company, specifically focusing on its performance and strategies in the insurance industry. Key Points and Arguments Company Performance - The company reported strong performance in the first half of the year, receiving positive recognition from various stakeholders, indicating a continuation of its growth trajectory [1] - As of September, the company capitalized on favorable market conditions, significantly enhancing its investment returns and improving asset-liability management capabilities [2] Financial Metrics - The company's new business value saw a year-on-year increase of 79.2%, reaching a historical high, with profits amounting to 20.7 billion, reflecting a 116.7% increase [3] - The premium income from the core channels reached 97.8 billion, a 1.3% increase year-on-year, with first-year premium income from the seven-channel model growing by 18.8% [4] Investment Performance - Total assets increased to 1.6 trillion, a 20% rise from the previous year, with an annualized total investment return of 6.8% and a comprehensive investment return of 8.1% [5] - The company emphasized its investment capabilities, indicating a significant growth in investment performance despite potential challenges in the fourth quarter [6] Risk Management - The company has strengthened its risk management framework, particularly in managing liabilities and ensuring compliance with regulatory standards [3][11] - The focus on enhancing risk management capabilities has led to improved financial metrics across various dimensions, including premium income and profitability [3] Strategic Initiatives - The company is actively pursuing a professionalized sales force and has implemented new policies to enhance resource allocation towards market institutions [1][2] - There is a strong emphasis on improving customer service systems, with a focus on the core "Xinhua Zun" service model [2] Future Outlook - The management expressed cautious optimism for 2024, anticipating continued growth but acknowledging potential challenges in maintaining high growth rates due to market conditions [9][10] - The company plans to maintain a focus on traditional insurance products while gradually introducing new offerings to adapt to market demands [10][29] Regulatory Environment - The company is adapting to regulatory changes, particularly the "Bao Ying He Yi" policy, which aims to enhance the quality of development in the insurance sector [21][22] - The management highlighted the importance of compliance and proactive adjustments to business strategies in response to regulatory guidance [21] Marketing and Sales Strategy - The company is reforming its agent recruitment and training processes to enhance the quality of its sales force, focusing on attracting high-performing agents [23][24] - There is a commitment to improving the efficiency of marketing strategies and ensuring that the sales team is well-equipped to meet market demands [24] Additional Important Content - The company is focusing on enhancing its asset-liability management to mitigate risks associated with interest rate fluctuations and ensure long-term sustainability [11][34] - The management acknowledged the need for continuous improvement in operational efficiency and resource allocation to support growth initiatives [22][39] This summary encapsulates the key insights and strategic directions discussed during the conference call, reflecting the company's performance, challenges, and future outlook in the insurance industry.

Investment Rating - The investment rating for the company is "Outperform the Market" [1] Core Views - The company reported a significant increase in net profit, with a year-on-year growth of 116.7% for the first three quarters, amounting to 20.7 billion yuan, and a net profit of 9.6 billion yuan for Q3 alone, compared to a loss of 440 million yuan in the same period last year [3] - The increase in investment income is attributed to the rise in the capital market, with the company having a higher proportion of equity assets compared to its peers, leading to a 19.4% increase in total investment assets to 1.6067 trillion yuan [5] - The company is expected to maintain its strategic direction and enhance its core competitiveness through reforms focused on customer-centricity, product competitiveness, and technological empowerment [5] Summary by Sections Financial Performance - The company achieved a net profit of 20.7 billion yuan in the first three quarters, with a Q3 net profit of 9.6 billion yuan, marking a significant recovery from the previous year's loss [3] - The weighted ROE increased to 21.0%, up by 12.5 percentage points year-on-year [3] - The net asset value was reported at 91 billion yuan, showing a decrease of 13.4% from the beginning of the year but a slight increase of 1.1% from mid-year [3] Insurance Business - The new business value (NBV) increased by 79.2% year-on-year in the first three quarters, with a notable 195.4% increase in Q3 [4] - The company is focusing on enhancing individual insurance channels and promoting regular premium products, with significant growth in first-year premiums for long-term insurance [4] Investment Performance - The annualized total investment return rate reached 6.8%, an increase of 4.5 percentage points year-on-year, while the annualized comprehensive investment return rate was 8.1%, up by 5.1 percentage points [5] - The company maintains a low valuation, with a projected price-to-embedded value (PEV) ratio of 0.65-0.7 for 2024, indicating a reasonable value range of 55.42-59.68 yuan per share [5] Market Comparison - The company's stock has outperformed the market indices, with an absolute increase of 2.9% over one month, 44.5% over two months, and 60.2% over three months [1]

Investment Rating - The investment rating for the company is "Buy" and is maintained [6]. Core Views - The company achieved a net profit attributable to shareholders of 20.68 billion yuan, representing a year-on-year increase of 116.7%. The value of new business increased by 79.2% year-on-year [3][4]. - Investment income significantly improved, leading to a substantial enhancement in profit performance. The total investment return rate was 6.8%, with a comprehensive investment return rate rising to 8.1% [3][4]. - The quality of business continues to improve, with premium income reaching 145.644 billion yuan, a year-on-year growth of 1.9%. The first-year premium for long-term insurance increased by 12.3% to 24.747 billion yuan [4]. - The individual insurance new business maintained high growth, with a year-on-year increase of 18.8% in individual insurance premium income. The bancassurance new business also turned positive with a 3% year-on-year growth [4][5]. - The company is recommended for its high elasticity in the asset side, maintaining a similar level of prosperity despite the reduction in pricing rates on the liability side [5]. Summary by Sections Financial Performance - The company reported a net profit of 20.68 billion yuan for the first three quarters of 2024, a 116.7% increase year-on-year. The new business value grew by 79.2% [3][4]. - The total investment return rate was 6.8%, and the comprehensive investment return rate increased to 8.1% [3]. Business Quality - Premium income reached 145.644 billion yuan, up 1.9% year-on-year. The first-year premium for long-term insurance was 24.747 billion yuan, a 12.3% increase [4]. - The individual insurance new business premium increased by 18.8%, while bancassurance new business grew by 3% [4]. Market Position - The company is positioned as a leading player in the industry, with a focus on enhancing the quality of its business and improving its premium structure [5].

Investment Rating - The report maintains a "Buy" rating for New China Life Insurance [1] Core Views - New China Life Insurance reported a significant increase in net profit for the first nine months of 2024, reaching 20.68 billion yuan, a year-on-year growth of 116.7% [1] - The company's performance aligns with previous profit forecasts, driven by a rebound in the stock market and a substantial increase in total investment income [1] - The new business value (NBV) grew by 79.2% year-on-year, outperforming major competitors in the industry [1] Summary by Relevant Sections Earnings Forecast and Valuation - The forecasted net profit for 2024-2026 is adjusted to 20.6 billion, 13.5 billion, and 14.4 billion yuan respectively [1] - The expected growth rates for net profit are 136.5% in 2024, -34.3% in 2025, and 6.4% in 2026 [1] Business Performance - The insurance service revenue decreased by 10.2% year-on-year for the first nine months of 2024 [1] - The investment yield improved significantly, with total investment returns of 6.8% and comprehensive investment returns of 8.1%, both showing a year-on-year increase [1] - The company plans to enhance the proportion of FVOCI equity and debt instruments to better match assets and liabilities [1] Market Position - New China Life's NBV growth rate continues to outperform its listed peers, with a notable increase in long-term premium income [1] - The company has implemented reforms to enhance its market position, resulting in a 21.3% increase in ten-year and above premium income [1] - The distribution of new business contributions is balanced across individual insurance, bancassurance, and group insurance channels [1]

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: 2024年10月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 新華人壽保險股份有限公司 呈交日期: 2024年11月1日 FF301 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 01336 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 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 (-) | | | | | | | RMB | | | | 本月底結存 | | | 1,034,107,260 | RMB | | | 1 RMB | | 1,034,107,260 | | ...

证券研究报告 金融公司|公司点评|新华保险（601336） NBV 及净利润增速均处于同业领先水平 请务必阅读报告末页的重要声明 glzqdatemark1 2024年10月31日 证券研究报告 |报告要点 新华保险发布 2024 年三季报，前三季度公司实现归母净利润 206.8 亿元,同比增长 116.7%； NBV 同比增长 79.2%。公司的归母净利润及 NBV 增速均环比提升且处于同业领先水平。鉴于公 司资产端弹性更大，我们维持"买入"评级。 |分析师及联系人 SAC：S0590522100001 SAC：S0590524080001 刘雨辰 朱丽芳 请务必阅读报告末页的重要声明 1 / 5 金融公司|公司点评 glzqdatemark2 2024年10月31日 新华保险(601336) NBV 及净利润增速均处于同业领先水平 | --- | --- | |----------------------------|------------------| | | | | 行 业： | 非银金融 / 保险Ⅱ | | 投资评级： | 买入（维持） | | 当前价格： | 48.01 元 | | 基本数据 | ...

Investment Rating - The investment rating for the company is "Buy" with a target price indicating an expected return of over 20% within the next six months [4][11]. Core Insights - The company reported a significant turnaround in Q3 2024, achieving a net profit of 9.6 billion yuan, compared to a loss of 440 million yuan in the same period last year, resulting in a year-to-date net profit of 20.68 billion yuan, up 117% year-on-year [1]. - The investment performance was bolstered by strong stock and bond markets, leading to a substantial improvement in investment returns, with an annualized total investment return rate of 6.8%, up 4.5 percentage points year-on-year [1]. - The company experienced a notable increase in new business value, which grew by 79.2% year-on-year, indicating a high-quality development in the liability side [2]. Summary by Sections Financial Performance - In Q3 2024, the company achieved a net profit of 9.6 billion yuan, a significant recovery from a loss of 440 million yuan in Q3 2023 [1]. - For the first three quarters of 2024, the net profit reached 20.68 billion yuan, reflecting a 117% increase compared to the same period last year [1]. - The total investment income, including interest and fair value changes, amounted to 70.63 billion yuan, a 233.5% increase year-on-year [1]. Premium Income and New Business Value - The first-year premium income for long-term insurance reached 24.75 billion yuan in the first three quarters of 2024, up 12.3% year-on-year [2]. - The new business value saw a remarkable growth of 79.2% year-on-year, significantly outpacing the premium growth rate [2]. Distribution Channels - The individual insurance channel reported a first-year premium income of 11.98 billion yuan, an increase of 18.8% year-on-year, with improved productivity from the sales force [3]. - The bank insurance channel also showed positive growth, with a first-year premium income of 12.66 billion yuan, up 6.3% year-on-year, marking a recovery from a decline in the previous year [3]. Investment Outlook - The company is expected to benefit from further upward movements in equity markets, which could enhance investment returns [3]. - The current valuation stands at 0.6x PEV, indicating potential for valuation recovery [3].

Investment Rating - The report maintains an "Accumulate" rating with a target price of 61.40 CNY per share, corresponding to a 2024 P/EV of 0.70 times [2][3]. Core Views - The company achieved a net profit attributable to shareholders of 20.68 billion CNY in the first three quarters of 2024, a year-on-year increase of 116.7%, driven by a resonance between assets and liabilities [2][3]. - The strong recovery in new business value (NBV) and significant improvement in investment income due to the recovery of the equity market are highlighted as key factors for profit enhancement [2][3]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported a net profit of 20.68 billion CNY, with a quarterly net profit of 9.597 billion CNY in Q3, compared to a loss of 433 million CNY in the same period last year [2][3]. - EPS forecasts for 2024-2026 are maintained at 9.00, 9.54, and 10.28 CNY respectively [3]. New Business Value (NBV) - The NBV increased by 79.2% year-on-year in the first three quarters of 2024, with new policies growing by 11.9% year-on-year [3]. - The company experienced a significant increase in new policies in Q3, with a year-on-year growth of 162.8%, attributed to strong customer demand for insurance savings [3]. Investment Performance - Total investment assets reached 1.6 trillion CNY, a 20.3% increase from the beginning of the year, benefiting from stable cash flow from premium sales [3]. - The annualized total investment return rate improved to 6.8%, up 4.5 percentage points year-on-year [3]. Market Data - The stock price ranged from 27.92 to 51.73 CNY over the past 52 weeks, with a total market capitalization of 149.769 billion CNY [4]. - The company has a net asset value per share of 29.18 CNY, with a current price-to-book ratio of 1.6 [5].

Investment Rating - The report maintains a "Recommended" rating for the company with a target price of 59.66 CNY [1][2][3] Core Insights - The company achieved a year-on-year increase of 79.2% in net profit for the first three quarters of 2024, driven by significant investment flexibility and a doubling of net profit [1][2] - The new business value (NBV) saw a substantial increase, with a year-on-year growth of 79.2% in the same period, attributed to improved value rates and a recovery in new policy sales [1][3] - The company's total premium income reached 145.644 billion CNY, reflecting a year-on-year increase of 1.9% in Q3, with long-term insurance new policies showing a notable recovery [1][2] Financial Performance Summary - For the first three quarters of 2024, the company reported a total annualized profit of 206.8 billion CNY, marking a 116.7% increase year-on-year [1] - The comprehensive investment return rate improved to 6.8%/8.1%, with a year-on-year increase of 4.5 percentage points [1][2] - The company's investment assets reached 1.6 trillion CNY, with a significant portion allocated to equity investments, which outperformed peers [1][3] Business Growth Drivers - The report highlights that the recovery in the equity market has positively impacted the company's investment performance, contributing to the high growth in net profit [1][2] - The improvement in the liability side's premium environment is expected to further drive performance growth [1][3] - The company is projected to achieve earnings per share (EPS) of 7.9, 8.2, and 8.5 CNY for 2024, 2025, and 2026 respectively, indicating a strong growth trajectory [1][2]