公司深入践行"以客户为中心"的战略导向，持续完善"保险+服务+投资" 三端协同的高质量、可持续发展模式，从产品、渠道、队伍、生态、运营、科技 等多维度同步发力，深化体系化、专业化、市场化改革，致力于公司规模价值双 提升、品质结构双优化的高质量发展。 上述累计原保险保费收入数据未经审计，提请投资者注意。 | A股证券代码：601336 | A股证券简称：新华保险 编号：2025-061号 | | --- | --- | | 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 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 2025 年 1 月 1 日至 2025 年 10 月 31 日期间累计原保险保费收入为人民币 18,197,302 万元，同比增长 17%。 ...

智通财经APP讯，新华保险(01336)公布，该公司于 2025 年 1 月 1 日至 2025 年 10 月 31 日期间累计原保 险保费收入为约人民币1819.73亿元，同比增长 17%。 ...

Core Viewpoint - The company, Xinhua Insurance, reported a cumulative original insurance premium income of approximately RMB 181.973 billion from January 1, 2025, to October 31, 2025, representing a year-on-year growth of 17% [1] Group 1 - The cumulative original insurance premium income for the specified period is approximately RMB 181.973 billion [1] - The year-on-year growth rate of the insurance premium income is 17% [1]

Core Viewpoint - Xinhua Insurance reported a cumulative original insurance premium income of 181.973 billion yuan for the period from January to October 2025, representing a year-on-year growth of 17% [1] Company Summary - The cumulative original insurance premium income for Xinhua Insurance from January to October 2025 is 181.973 billion yuan [1] - The year-on-year growth rate of the original insurance premium income is 17% [1]

Core Viewpoint - Xinhua Insurance (601336.SH) reported a total original insurance premium income of RMB 181.973 billion from January 1, 2025, to October 31, 2025, representing a year-on-year growth of 17% [1] Group 1 - The total original insurance premium income for the specified period is RMB 181.973 billion [1] - The year-on-year growth rate of the insurance premium income is 17% [1]

Group 1 - The core point of the article is that Xinhua Insurance (601336.SH) reported a cumulative original insurance premium income of RMB 181.973 billion from January 1, 2025, to October 31, 2025, representing a year-on-year growth of 17% [1]

根據中華人民共和國財政部《企業會計準則第 25 號——原保險合同》（財會〔2006〕3 號）及《保險 合同相關會計處理規定》（財會〔2009〕15 號），新華人壽保險股份有限公司（「公司」）於 2025 年 1 月 1 日至 2025 年 10 月 31 日期間累計原保險保費收入為人民幣 18,197,302 萬元，同比增長 17%。 公司深入踐行"以客戶為中心"的戰略導向，持續完善"保險+服務+投資"三端協同的高質量、可 持續發展模式，從產品、渠道、隊伍、生態、運營、科技等多維度同步發力，深化體系化、專業化、 市場化改革，致力於公司規模價值雙提升、品質結構雙優化的高質量發展。 上述累計原保險保費收入數據未經審計，提請投資者注意。 承董事會命 新華人壽保險股份有限公司 楊玉成 董事長 保費收入公告 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分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。 中國北京，2025年11月12日 於本公告日期，本公司董事長、執行董事為楊玉成；執行董事為龔興峰；非執行董 ...

Core Viewpoint - The implementation of the new accounting standards in the insurance industry, particularly the FVOCI category, is significantly impacting the asset allocation strategies of insurance companies [1][2][4]. Group 1: Accounting Standards and Implementation - The FVOCI (Fair Value Through Other Comprehensive Income) category will be fully implemented by January 1, 2026, replacing the previous four-category model with a three-category system [2][4]. - The new classification system includes FVOCI, FVTPL (Fair Value Through Profit or Loss), and AC (Amortized Cost) [2][4]. - Non-listed insurance companies must implement the new standards by the specified date, while some companies like China Ping An have already adopted them since 2018 [4]. Group 2: Impact on Profitability - Investment income is crucial for insurance companies, with total investment income contributing significantly to net profit for major players like China Life and China Ping An, with ratios reaching 192% and 194% respectively in the first half of 2025 [8]. - The choice between FVOCI and FVTPL for equity assets can greatly influence profit volatility, with FVOCI potentially offering a more stable profit profile for companies with long-term liabilities [11]. Group 3: Asset Allocation Trends - As of mid-2025, the proportion of equity assets classified under FVOCI has increased for major insurance companies, with China Life's FVOCI equity assets rising by 10.6 percentage points to 22.6% [12]. - The increase in FVOCI equity allocation is attributed to a low-interest-rate environment and a shortage of alternative investments, making FVOCI stocks a short-term substitute for bonds [15]. - In the bond category, the FVOCI proportion has also seen increases, with China Life's bond assets under FVOCI rising by 1.8 percentage points to 87.3% [16]. Group 4: Strategic Considerations - Different insurance companies have varying requirements regarding profit volatility, leading some to prefer a higher allocation to FVOCI assets while others may favor FVTPL for potential higher returns [17]. - The classification of assets is not standardized across the industry, allowing companies to tailor their strategies based on their specific operational needs and investment capabilities [17].

Core Viewpoint - The insurance industry is witnessing a significant shift towards dividend insurance products as the main offerings for the "opening red" season in 2026, driven by market conditions and regulatory guidance [1][3][6]. Group 1: Product Launches - Xinhua Insurance launched its flagship product, the "Shengshi Glory Celebration Edition" whole life insurance (dividend type) on November 6 [1]. - Ping An Life introduced two dividend insurance products: "Ping An Yuxiang Jinyue (2026)" whole life insurance and "Ping An Yuxiang Jinyue" annuity insurance on November 8 [1]. - China Life launched the "Xinhongfu Pension Annuity Insurance" (dividend type) prior to these announcements [1]. - Taikang Life released the "Xinxiang Shijia 2026" insurance product on September 29, utilizing a dual mechanism of "fixed benefits + floating dividends" to mitigate market volatility risks [1]. Group 2: Market Trends - The structure of "opening red" products has significantly changed, with dividend insurance becoming the absolute market leader, especially among large insurance companies [2]. - The differentiation among products is becoming more pronounced, with features such as extended age limits for policyholders and integrated healthcare services [2]. - The "Shengshi Glory Celebration Edition" from Xinhua Insurance combines traditional product sales with a comprehensive product system focusing on retirement wealth, health care, and disability care [2]. Group 3: Industry Insights - The shift towards dividend insurance is attributed to three main factors: alleviating pressure from interest rate differentials, increasing attractiveness of floating yield products, and alignment with long-term investment characteristics of insurance funds [3]. - The sales performance of dividend insurance is expected to exceed earlier forecasts, potentially leading to resilient growth in the liability side of insurance companies in 2026 [3]. Group 4: Distribution Channels - The "reporting and operation integration" policy has led to tighter regulation of individual insurance channels, resulting in a notable decline in new individual premium income since September [4]. - In contrast, the bancassurance channel has shown strong growth, with significant increases in new business value (NBV) for major insurers [5][6]. - The bancassurance channel is expected to play a crucial role in the 2026 "opening red" season, driven by strong demand for stable wealth management products [6]. Group 5: Strategic Recommendations - Insurers are advised to balance business scale and value, enhance sales channel construction, and optimize product design and information disclosure to adapt to the current market environment [6][7]. - The integration of "product + service" is identified as a core strategy for enhancing the competitiveness of "opening red" products among leading insurers [7].

Core Viewpoint - Xinhua Insurance's stock has shown significant growth this year, with a year-to-date increase of 43.51% and a market capitalization of approximately 213.96 billion yuan [1] Financial Performance - For the period from January to September 2025, Xinhua Insurance reported a net profit attributable to shareholders of 32.857 billion yuan, representing a year-on-year growth of 58.88% [2] - The company has not generated any operating revenue during the same period [2] Shareholder Information - As of September 30, 2025, the number of shareholders for Xinhua Insurance increased to 81,900, a rise of 34.15% compared to the previous period [2] - The average number of circulating shares per shareholder decreased by 25.55% to 25,555 shares [2] Dividend Distribution - Since its A-share listing, Xinhua Insurance has distributed a total of 35.939 billion yuan in dividends, with 13.913 billion yuan distributed over the last three years [3] Institutional Holdings - As of September 30, 2025, Hong Kong Central Clearing Limited was the seventh-largest circulating shareholder, holding 36.448 million shares, a decrease of 24.0617 million shares from the previous period [3] - Huatai-PB CSI 300 ETF ranked as the tenth-largest circulating shareholder, holding 14.3148 million shares, down by 0.5893 million shares [3]