Investment Rating - The report maintains a "Buy" rating for the company, indicating a strong performance relative to the market [4][7]. Core Insights - The company has demonstrated impressive profit growth driven by investment performance, with a year-on-year increase in net profit of 116.7% for the first three quarters of 2024, reaching 20.68 billion yuan [4][7]. - The New Business Value (NBV) has significantly exceeded expectations, with a year-on-year increase of 79.2% in the first three quarters, building on a strong 57.7% growth in the first half of 2024 [5][7]. - The company has benefited from a rebound in the stock market, with total investment assets increasing by 20.3% year-on-year to 1.61 trillion yuan, and a notable rise in investment income [6][7]. Summary by Sections Market Data - Closing price as of October 30, 2024, is 47.77 yuan, with a price-to-book ratio of 1.7 and a dividend yield of 1.78% [2]. Financial Performance - For the first three quarters of 2024, the company achieved a net profit of 20.68 billion yuan, significantly surpassing expectations [4][7]. - The NBV growth rate of 79.2% in the first three quarters indicates strong demand and effective sales strategies [5][7]. Business Segments - Individual insurance channel new business premium increased by 13.5% year-on-year to 13.39 billion yuan, with a remarkable 57.5% growth in the third quarter [5][6]. - The bancassurance channel saw a staggering 292.9% increase in new business premiums in the third quarter, reaching 11.59 billion yuan [6]. Investment Analysis - The report projects an upward revision of profit forecasts for 2024-2026, with expected net profits of 21.71 billion yuan, 23.87 billion yuan, and 27.23 billion yuan respectively [7][8].

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company, with current prices at 47.77 RMB and 25.80 HKD respectively [2]. Core Insights - The company has demonstrated a significant increase in new business value (NBV), with a year-on-year growth of 79.2% in the first three quarters of 2024, driven by improved value rates and a favorable shift in product demand [6][7]. - The company's net profit for the first three quarters of 2024 reached 20.68 billion RMB, reflecting a year-on-year increase of 116.7%, attributed to a recovery in equity markets and improved investment performance [6][7]. - The report highlights a strategic focus on enhancing the individual insurance channel and optimizing product offerings, which is expected to support continued growth in NBV [7][8]. Summary by Sections Financial Performance - In the first three quarters of 2024, the company reported total revenue of 106.96 billion RMB, a 72.9% increase year-on-year, with a net profit of 20.68 billion RMB, up 116.7% [3][6]. - The annualized total investment return rate improved to 6.8%, an increase of 4.5 percentage points year-on-year, while the annualized comprehensive investment return rate rose to 8.1%, up 5.1 percentage points [6]. Business Segments - The individual insurance channel has seen a significant increase in first-year premium income, reaching 12.42 billion RMB, a 16.6% increase year-on-year, with a notable quarterly growth of 70.2% in Q3 2024 [4][5]. - The bancassurance channel experienced a decline in first-year premium income of 24.1% to 21.55 billion RMB, although the decline rate has narrowed compared to the previous half [5][6]. Future Outlook - The company is expected to continue its positive trajectory in NBV growth, supported by ongoing improvements in the quality of its sales force and deepening bancassurance partnerships [7][8]. - The projected net profit for 2024-2026 has been revised upwards to 24.3 billion, 25.9 billion, and 28.5 billion RMB respectively, reflecting a strong recovery and growth potential [8].

Investment Rating - The investment rating for the company is "Outperform the Market" [3][9]. Core Views - The company has shown significant improvement in its financial performance, with a 116.7% year-on-year increase in net profit attributable to shareholders, reaching 9.6 billion yuan [1]. - The company's total revenue for the first three quarters reached 51.37 billion yuan, reflecting a 72.9% year-on-year growth [1]. - The company has successfully optimized its channel transformation measures, leading to a 72.9% increase in insurance service revenue, totaling 106.96 billion yuan [1]. - The new business value growth rate reached 79.2%, driven by improved business quality and a reduction in the surrender rate to 1.3% [1]. - The company has implemented various reforms in its individual insurance channels, resulting in a 1.3% increase in premium income, with first-year premiums for long-term insurance growing by 18.8% [1]. - The company has diversified its product structure in its bancassurance business, achieving a positive growth rate in premium income, with long-term insurance first-year premiums increasing by 6.3% [1]. - The investment income has significantly improved, with an annualized total investment return of 6.8% and a comprehensive investment return of 8.1%, marking a 5.1 percentage point increase from the previous year [1]. Financial Forecasts - The company is expected to achieve earnings per share (EPS) of 6.31, 7.26, and 8.07 yuan for the years 2024, 2025, and 2026 respectively, up from previous estimates of 4.35, 5.36, and 5.99 yuan [1][2]. - The price-to-embedded value (P/EV) ratios are projected to be 0.54, 0.50, and 0.46 for the years 2024, 2025, and 2026 respectively [2][7].

1、公司上述报告的编制和审议程序符合法律、行政法规、中国证券监督管 理委员会和《公司章程》的规定； 2、公司上述报告内容真实、准确、完整地反映了公司的实际情况； 3、在提出本意见前，监事会未发现参与公司上述报告编制和审议的人员有 违反保密规定的行为。 A股股票代码：601336 A股股票简称：新华保险 编号：2024-049号 H股股票代码： 01336 H股股票简称：新华保险 新华人寿保险股份有限公司 第七届监事会第四十八次会议决议公告 新华人寿保险股份有限公司监事会及全体监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。 新华人寿保险股份有限公司（以下简称"公司"）于 2024 年 10 月 18 日以电 子邮件方式向全体监事发出第七届监事会第四十八次会议（以下简称"会议"） 通知和材料，会议于 2024 年 10 月 30 日在北京市以现场方式召开。会议应到监 事 4 人，现场出席监事 3 人，监事余建南因公务原因未能亲自出席会议，委托监 事长刘德斌代为出席会议并表决。公司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 ...

Revenue and Profit Performance - Revenue for the reporting period reached RMB 51,365 million, a 297.8% increase compared to the same period last year[3] - Net profit attributable to shareholders of the parent company for the reporting period was RMB 9,597 million, with a year-to-date increase of 116.7% to RMB 20,680 million[3] - Net profit attributable to parent company shareholders reached RMB 20,680 million for the first nine months of 2024, compared to RMB 9,542 million in the same period of 2023[28] - Total revenue for the first nine months of 2024 was RMB 106,956 million, a significant increase from RMB 61,855 million in the same period of 2023[28] - Basic and diluted earnings per share attributable to shareholders of the parent company for the reporting period were both RMB 3.08, with a year-to-date increase of 116.7% to RMB 6.63[4] - Basic earnings per share for the 9 months ended September 30, 2024, were RMB 6.63, compared to RMB 3.06 for the same period in 2023[29] - Diluted earnings per share for the 9 months ended September 30, 2024, were RMB 6.63, compared to RMB 3.06 for the same period in 2023[29] Investment Performance - The company's investment performance improved significantly due to the rise in the capital market, contributing to the increase in net profit[10] - Total investment assets reached RMB 1,606.706 billion as of September 30, 2024, with an annualized total investment yield of 6.8% and a comprehensive investment yield of 8.1%[23] - Fair value change gains amounted to RMB 41,985 million for the first nine months of 2024, compared to a loss of RMB 2,862 million in the same period of 2023[28] - Investment income increased to RMB 5,134 million for the first nine months of 2024, up from RMB 211 million in the same period of 2023[28] - Expected credit impairment losses on debt investments and other debt investments reduced net profit attributable to parent company shareholders by RMB 1,076 million for the first nine months of 2024[28] - Impairment losses on long-term equity investments reduced net profit attributable to parent company shareholders by RMB 853 million for the first nine months of 2024[28] Insurance Premiums - Original insurance premium income for the first nine months of 2024 was RMB 145.644 billion, a 1.9% increase year-over-year[19] - Long-term insurance first-year premium income for the first nine months of 2024 was RMB 34.147 billion, a 12.7% decrease year-over-year[19] - Renewal premium income for the first nine months of 2024 was RMB 108.226 billion, a 7.8% increase year-over-year[19] - Individual insurance channel premium income for the first nine months of 2024 was RMB 97.791 billion, a 1.3% increase year-over-year[22] - Bancassurance channel premium income for the first nine months of 2024 was RMB 45.309 billion, a 2.9% increase year-over-year[22] - Group insurance channel premium income for the first nine months of 2024 was RMB 2.544 billion, an 8.7% increase year-over-year[22] - Long-term insurance first-year premium income from the individual insurance channel for the first nine months of 2024 was RMB 12.415 billion, a 16.6% increase year-over-year[22] - Long-term insurance first-year premium income from the bancassurance channel for the first nine months of 2024 was RMB 21.553 billion, a 24.1% decrease year-over-year[22] - Long-term insurance first-year premium income from the group insurance channel for the first nine months of 2024 was RMB 179 million, an 84.5% increase year-over-year[22] Financial Position and Solvency - Core capital stood at RMB 144,045 million, with a core solvency adequacy ratio of 122.57% and a comprehensive solvency adequacy ratio of 225.20%[9] - Total assets increased by 18.8% to RMB 1,667,028 million compared to the end of the previous year[4] - Total assets increased to RMB 1,667,028 million as of September 30, 2024, compared to RMB 1,403,257 million at the end of 2023[25] - Insurance contract liabilities rose to RMB 1,330,767 million as of September 30, 2024, up from RMB 1,146,497 million at the end of 2023[26] - Total liabilities rose to RMB 1,575,961 million as of September 30, 2024, compared to RMB 1,298,165 million at the end of 2023[26] - Shareholders' equity decreased to RMB 91,067 million as of September 30, 2024, down from RMB 105,092 million at the end of 2023[27] Cash Flow and Liquidity - Operating cash flow for the year-to-date period was RMB 88,788 million, an 11.5% increase compared to the same period last year[3] - Net cash flow from operating activities for the 9 months ended September 30, 2024, was RMB 88,788 million, up from RMB 79,611 million in the same period in 2023[30] - Net cash flow from investing activities for the 9 months ended September 30, 2024, was negative RMB 167,357 million, compared to negative RMB 123,824 million in the same period in 2023[30] - Net cash flow from financing activities for the 9 months ended September 30, 2024, was RMB 80,177 million, up from RMB 43,553 million in the same period in 2023[31] - Cash and cash equivalents at the end of September 2024 were RMB 23,447 million, up from RMB 16,983 million at the end of September 2023[32] - Net increase in cash and cash equivalents for the 9 months ended September 30, 2024, was RMB 1,659 million, compared to a net decrease of RMB 603 million in the same period in 2023[32] Shareholder and Equity Information - The top shareholder, Central Huijin Investment Ltd., holds 31.34% of the company's shares[13] - Weighted average return on equity attributable to shareholders of the parent company was 10.6% for the reporting period and 21.0% for the year-to-date period[4] - Total comprehensive income attributable to minority shareholders for the 9 months ended September 30, 2024, was RMB 3 million, compared to RMB 2 million in the same period in 2023[29] - Total comprehensive income attributable to parent company shareholders for the 9 months ended September 30, 2024, was negative RMB 11,361 million, compared to negative RMB 2,620 million in the same period in 2023[29] Non-Recurring Items - Non-recurring gains and losses for the reporting period amounted to a loss of RMB 10 million, with a year-to-date loss of RMB 33 million[6]

A股股票代码：601336 A股股票简称：新华保险 编号：2024-048号 H股股票代码： 01336 H股股票简称：新华保险 新华人寿保险股份有限公司 第八届董事会第二十六次会议决议公告 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。 新华人寿保险股份有限公司（以下简称"公司"）于 2024 年 10 月 16 日以电 子邮件方式向全体董事发出第八届董事会第二十六次会议（以下简称"会议"） 通知和材料，会议于 2024 年 10 月 30 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，公司监事和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。 会议由董事长杨玉成主持，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 2024 年第三季度报告的议案》。 公司董事会审计与关联交易控制委员会已审议通过此项议案。 具体内容详见公司 ...

A股股票代码：601336 A股股票简称：新华保险 编号：2024-047号 H股股票代码： 01336 H股股票简称：新华保险 新华人寿保险股份有限公司关于 召开2024年第三季度业绩说明会的公告 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： 一、业绩说明会类型 新华人寿保险股份有限公司（以下简称"公司"）拟于 2024 年 10 月 31 日在 上海证券交易所网站（www.sse.com.cn）披露 2024 年第三季度报告。为了便于 广大投资者更全面深入地了解公司 2024 年第三季度业绩和经营情况，公司拟于 2024 年 10 月 31 日召开业绩说明会，就投资者普遍关心的问题进行交流。 二、业绩说明会召开的时间、地点 三、公司出席人员 公司高级管理人员。 四、投资者参加方式 投资者可于 2024 年 10 月 31 日 8:30-9:30 登 录 网 络 直 播 平 台 （https://s.comein.cn/AKiup）观看业绩说明会，公司将在网络直播平台上及时回 1 会议召 ...

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通告之內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容而產生或因倚 賴該等內容而引致之任何損失承擔任何責任。 董事會會議通告 承董事會命 新華人壽保險股份有限公司 楊玉成 董事長 中國北京，二零二四年十月十七日 新華人壽保險股份有限公司（「本公司」）董事會（「董事會」）謹此宣佈， 本公司將於二零二四年十月三十日（星期三）舉行董事會會議，藉以(其中包括) 考慮及批准本公司及其附屬公司截至二零二四年九月三十日止九個月之第三季 度業績及其發佈，以及處理其他事項。 於本通告日期，本公司董事長、執行董事為楊玉成；非執行董事為楊毅、何興達、楊 雪、胡愛民和李琦強；及獨立非執行董事為馬耀添、賴觀榮、徐徐和郭永清。 ...

普通决议事项 新华人寿保险股份有限公司 2024 年第二次临时股东大会 会议材料 二〇二四年十月十七日 北京 1/5 新华人寿保险股份有限公司 2024 年第二次临时股东大会议程 会议时间 ：2024 年 11 月 6 日（星期三）下午 14 点 30 分 会议地点 ：北京市朝阳区建国门外大街甲 12 号新华保险大厦 21 层 会议召集人：新华人寿保险股份有限公司董事会 议程内容 2/5 一、宣布会议开始及会议议程 二、审议议案 1. 关于 2024 年度中期利润分配方案的议案 2. 关于选举龚兴峰先生为第八届董事会执行董事的议案 三、回答股东提问 四、宣布出席会议股东及股东代理人人数、代表股份数 五、现场投票表决 六、休会、统计现场表决结果 七、宣布现场表决结果 议案一 关于 2024 年度中期利润分配方案的议案 各位股东： 新华人寿保险股份有限公司（以下简称"公司"）2023 年年度股东大会审 议通过了《关于 2024 年度中期利润分配相关安排的议案》，同意根据经审阅的 2024 年上半年财务报告，合理考虑当期业绩、资金状况及风控指标要求，在公 司 2024 年半年度具有可供分配利润的条件下，实施 202 ...

| A股股票代码：601336 | A股股票简称：新华保险 编号：2024-045号 | | --- | --- | | H股股票代码： 01336 | H股股票简称：新华保险 | 新华人寿保险股份有限公司 保费收入公告 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。 根据中华人民共和国财政部《企业会计准则第 25 号——原保险合同》（财 会〔2006〕3 号）及《保险合同相关会计处理规定》（财会〔2009〕15 号），新华 人寿保险股份有限公司（以下简称"公司"）于 2024 年 1 月 1 日至 2024 年 9 月 30 日期间累计原保险保费收入为人民币 14,564,370 万元。公司深入推进"以客 户为中心"的体制机制改革，加强队伍优增优育，业务结构和品质持续优化，长 年期期交业务发展较快，可持续发展能力进一步夯实。 上述原保险保费收入数据未经审计，提请投资者注意。 特此公告。 新华人寿保险股份有限公司董事会 2024 年 10 月 17 日 ...