Core Insights - The five major listed insurance companies in China reported a total operating income of 23,739.81 billion RMB for the first three quarters of 2025, representing a 13.6% increase compared to the same period in 2024. The net profit reached 4,260.39 billion RMB, a year-on-year growth of 33.54% [1][3] Group 1: Company Performance - China Life Insurance maintained its leading position in the life insurance sector with a premium growth of 25.9%, achieving a net profit of 1,678.04 billion RMB, up 60.5% [3][4] - Ping An Insurance reported an operating income of 8,329.40 billion RMB, with a net profit of 1,328.56 billion RMB, reflecting an 11.5% increase [3][4] - China Pacific Insurance achieved a net profit of 457 billion RMB, a growth of 19.3%, with an operating income of 3,449.04 billion RMB [3][4] - New China Life Insurance saw a significant net profit increase of 58.0%, totaling 328.57 billion RMB, with a premium growth of 28.3% [3][4] - China Property & Casualty Insurance reported a net profit of 468.22 billion RMB, up 28.9%, with an operating income of 5,209.90 billion RMB [3][4] Group 2: Premium Growth and Channels - The life insurance sector is experiencing a recovery, with total premiums and new business premiums showing double-digit growth across multiple companies [4][6] - China Life achieved total premiums of 6,696.45 billion RMB, a 10.1% increase, with renewal premiums growing by 10.0% [4][6] - New China Life reported a 59.8% increase in first-year premiums for long-term insurance [4][6] - The bancassurance channel has become a significant growth driver, with China Pacific Insurance's bancassurance premiums reaching 583.10 billion RMB, up 63.3% [6][7] Group 3: Investment Performance - All five companies highlighted significant increases in investment income as a key driver of profit growth, benefiting from a recovering capital market [10][11] - China Life's total investment income reached 3,685.51 billion RMB, a 41.0% increase, with an investment return rate of 6.42% [10][11] - Ping An's investment portfolio exceeded 6.41 trillion RMB, with a non-annualized comprehensive investment return rate of 5.4% [10][11] - China Property & Casualty Insurance reported total investment income of 862.50 billion RMB, a 35.3% increase [10][11] Group 4: Asset Growth - The total assets of the five major insurance companies reached 27.82 trillion RMB, an 8.3% increase from the end of 2024 [12][13] - Ping An's total assets amounted to 13.65 trillion RMB, a 5.3% increase, while China Life's total assets reached 7.42 trillion RMB, growing by 9.6% [12][13]

A 股证券代码：601336 A 股证券简称：新华保险 编号：2025-060 H 股证券代码： 01336 H 股证券简称：新华保险 重要内容提示： 本次会议是否有否决议案：无 新华人寿保险股份有限公司 2025年第三次临时股东大会决议公告 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。 一、 会议召开和出席情况 （一）股东大会召开的时间：2025 年 10 月 31 日 （二）股东大会召开的地点：北京市朝阳区建国门外大街甲 12 号新华保险大厦 （三）出席会议的普通股股东及其持有股份情况： | 1、出席会议的股东和代理人人数 | 535 | | --- | --- | | 股股东人数 其中：A | 534 | | 境外上市外资股股东人数（H 股） | 1 | | 2、出席会议的股东所持有表决权的股份总数（股） | 1,678,638,399 | | 其中：A 股股东持有股份总数 | 1,410,368,079 | | 股） 境外上市外资股股东持有股份总数（H | 268,270,320 | | 3、出席 ...

FANGDA PARTNERS http://www.fangdalaw.com 中国北京市朝阳区光华路一号 电子邮件 E-mail: email@fangdalaw.com 北京嘉里中心北楼 27 层 电 话 Tel.: 86-10-5769-5600 邮政编码：100020 传 真 Fax: 86-10-5769-5788 27/F，North Tower, Beijing Kerry Centre 1 Guanghua Road, Chaoyang District Beijing 100020, PRC 上海市方达（北京）律师事务所 关于新华人寿保险股份有限公司 2025 年第三次临时股东大会的法律意见书 致：新华人寿保险股份有限公司 上海市方达（北京）律师事务所（以下简称"本所"）是具有中华人民共和国 境内法律执业资格的律师事务所。根据相关法律顾问协议，本所指派律师出席新 华人寿保险股份有限公司（以下简称"公司"）2025 年第三次临时股东大会（以下 简称"本次股东大会"），并就本次股东大会的召集和召开程序、参与表决和召集 会议人员的资格、表决程序和表决结果等有关事宜出具本法律意见书。 本法律意见书 ...

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 2025年第三次臨時股東大會表決結果 及 派發2025年中期股息 本次會議由本公司董事會（「董事會」）召集，由本公司董事長楊玉成先生主持。本次會議 以現場投票和網絡投票（僅適用於本公司A股股東）相結合的方式進行表決。香港中央證券 登記有限公司（本公司H股股份過戶登記處）被本公司委任為本次會議的監票人。 本次會議的召集、召開符合相關中國法律法規、《香港聯合交易所有限公司證券上市規 則》（「上市規則」）以及《新華人壽保險股份有限公司章程》（「《公司章程》」）的規定。本公司 在任董事11人，出席11人；本公司在任監事4人，出席4人；本公司董事會秘書出席了本 次會議；本公司高級管理人員列席了本次會議。 本公司於本次會議召開當日已發行股份總數為3,119,546,600股，其中A股及H股分別為 2,085,439,340股及1 ...

Core Points - The insurance sector experienced a decline of 2.14% on October 31, with China Pacific Insurance leading the drop [1] - The Shanghai Composite Index closed at 3954.79, down 0.81%, while the Shenzhen Component Index closed at 13378.21, down 1.14% [1] Insurance Sector Performance - China Life Insurance (601628) closed at 43.97, down 0.92%, with a trading volume of 218,700 shares and a transaction value of 970 million [1] - Ping An Insurance (601318) closed at 57.83, down 1.40%, with a trading volume of 572,500 shares and a transaction value of 3.33 billion [1] - China Property & Casualty Insurance (616109) closed at 8.44, down 2.99%, with a trading volume of 1,056,100 shares and a transaction value of 902 million [1] - New China Life Insurance (601336) closed at 67.81, down 4.36%, with a trading volume of 323,900 shares and a transaction value of 2.23 billion [1] - China Pacific Insurance (601601) closed at 35.50, down 5.96%, with a trading volume of 861,600 shares and a transaction value of 3.10 billion [1] Fund Flow Analysis - The insurance sector saw a net outflow of 498 million from main funds, while retail funds experienced a net inflow of 231 million [1] - Speculative funds had a net inflow of 267 million [1]

Core Viewpoint - Bank of America Securities reports that New China Life Insurance (1336.HK) achieved a net profit of 32.9 billion RMB in the first three quarters, representing a year-on-year growth of 59%, exceeding expectations [1] Financial Performance - The strong investment income growth in Q3 contributed to maintaining robust profitability despite a high base from the previous year due to fair value gains from stock market increases [1] - The net profit for the first three quarters reached 32.9 billion RMB, marking a significant increase compared to the same period last year [1] Earnings Forecast - Based on improved investment income forecasts, Bank of America Securities raised New China Life's earnings forecast for 2025 by 23% [1] - The earnings forecasts for 2026 and 2027 were adjusted upward by 1% to 2% [1] Target Price and Rating - The target price for New China Life was increased by 2% to 39 HKD [1] - The rating was reaffirmed as "Underperform," with the view that its valuation level is relatively high compared to peers [1]

Core Viewpoint - Bank of America Securities reports that New China Life Insurance (01336.HK) achieved a net profit of 32.9 billion RMB in the first three quarters, representing a year-on-year growth of 59%, exceeding expectations [1] Financial Performance - The strong investment income growth in the third quarter contributed to maintaining robust profitability, despite a high base from the previous year due to fair value gains from stock market increases [1] - The net profit for the first three quarters reached 32.9 billion RMB, marking a significant increase compared to the previous year [1] Earnings Forecast - Based on improved investment income forecasts, Bank of America Securities raised New China Life's earnings forecast for 2025 by 23% [1] - The earnings forecasts for 2026 and 2027 were adjusted upward by 1% to 2% [1] Target Price and Rating - The target price for New China Life was increased by 2% to 39 HKD [1] - The rating was reiterated as "underperform," with the view that its valuation level is relatively high compared to peers [1]

Investment Rating - The industry investment rating is "Outperform the Market" [4] Core Insights - Xinhua Insurance reported significant growth in profit and new business value (NBV) for Q3 2025, with a year-on-year increase in net profit of 88.2% and a total premium income of 172.7 billion yuan, reflecting an 18.6% increase [2][3] - The long-term insurance business is experiencing rapid growth, with first-year premiums reaching 54.57 billion yuan, a 59.8% year-on-year increase, although the growth rate is slowing compared to previous quarters [3] - The investment income continues to grow significantly, with a total investment income of 99.12 billion yuan for the first three quarters, marking a 40.3% increase year-on-year [3] Summary by Sections Industry Overview - The insurance sector is benefiting from a low-interest-rate environment, with strong demand for savings products and a competitive edge for major insurers [3] Financial Performance - For Q3 2025, Xinhua Insurance's net profit reached 18.06 billion yuan, a substantial increase of 88.2% year-on-year, while the total net profit for the first three quarters was 32.86 billion yuan, up 58.9% [2][3] Business Segments - Long-term insurance first-year premiums showed a significant increase, with a notable rise in individual insurance channels, which grew by 48.5% year-on-year [3] - The investment segment reported an annualized total investment return of 8.6%, up 1.8 percentage points year-on-year, indicating a robust performance in the capital markets [3] Market Outlook - The report suggests that if the equity market continues to improve, Xinhua Insurance and China Life are recommended for long-term investment due to their asset flexibility and stable dividend levels [3]

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [5]. Core Insights - The company reported a net profit attributable to shareholders of 32.857 billion yuan for the first three quarters, representing a year-on-year increase of 58.9% [2][3]. - In Q3 alone, the net profit reached 18.06 billion yuan, up 88.2% year-on-year, driven by a high proportion of secondary equity allocation and precise grasp of growth style rhythm [3]. - The company’s annualized total investment return rate is 8.6%, an increase of 1.8 percentage points year-on-year, while the annualized comprehensive investment return rate is 6.7%, down 1.4 percentage points year-on-year [4]. Performance Summary - The net profit attributable to shareholders for the first three quarters was 32.857 billion yuan, with a growth of 58.9% year-on-year, and a Q3 profit of 18.06 billion yuan, up 88.2% year-on-year [3]. - The company’s net profit excluding non-recurring items for the first three quarters grew by 53.4% to 31.77 billion yuan, with Q3 alone showing a 76.1% increase to 16.92 billion yuan [3]. - The new business value (NBV) for the first three quarters increased by 50.8%, with new premiums rising by 55.2% [4]. Financial Projections - The company is expected to achieve a net profit of 40.461 billion yuan in 2025, with a growth rate of 54.26% [10]. - The projected price-to-earnings ratio (P/E) for A-shares in 2025 is 5.47, while the price-to-embedded value (P/EV) is estimated at 0.73 [10]. - The report anticipates positive growth in new premiums, driven by strong performance in the investment sector and a focus on dividend-increasing life insurance products [5].

Core Viewpoint - The professionalization and specialization of the agent workforce is a core proposition for the high-quality development of the life insurance industry in China, with Xinhua Insurance demonstrating significant reform achievements and growth momentum through its "XIN Generation" initiative [1][2]. Financial Performance - As of September 30, Xinhua Insurance reported operating income of 137.25 billion yuan, a year-on-year increase of 28.3%, and a net profit attributable to shareholders of 32.86 billion yuan, up 58.9%. The annualized comprehensive investment return rate was 6.7%, and total assets exceeded 1.8 trillion yuan, an increase of 8.3% from the end of the previous year [1]. Agent Workforce Transformation - The "XIN Generation" plan initiated in July 2024 aims to systematically restructure the professional positioning of agents, shifting from a focus on scale to performance excellence, and upgrading agents to "lifetime planners" for clients [2]. - Since the implementation of the "XIN Generation" plan, Xinhua Insurance has seen a significant improvement in agent quality and performance metrics, with over 30,000 new individual insurance agents added in the first three quarters of the year, a year-on-year increase of over 140% [2]. Marketing and Service Strategy - The insurance industry is undergoing a profound transformation driven by demographic changes, evolving customer demands, and stricter regulations, necessitating a shift from traditional marketing models [2]. - Xinhua Insurance's marketing reform focuses on creating a customer-centric and demand-driven system, with the "XIN Generation" initiative serving as a breakthrough in this transformation [1][2]. Ecosystem Development - The integration of "insurance + service + ecosystem" is becoming a key support for navigating the industry cycle, with a focus on creating comprehensive solutions rather than just risk management tools [4][6]. - Xinhua Insurance has developed a "ten ecological matrix" that enhances customer engagement and creates stable cash flow, with recent expansions in quality cooperative health communities [5][6]. Multi-Channel Growth - The strategic integration of products, services, and ecosystems has laid a solid foundation for value growth, with significant increases in new business value and premium income across various channels [7][8]. - In the first three quarters, Xinhua Insurance's individual insurance channel achieved a first-year premium income of 18.44 billion yuan, a year-on-year increase of 48.5% [8]. Reform Achievements - The release of nine major development achievements at the 22nd All-Channel Summit indicates that Xinhua Insurance's agent transformation is entering a phase of comprehensive implementation [9][10]. - These achievements include the establishment of a comprehensive product system, training framework, and service ecosystem, aimed at enhancing the overall quality and efficiency of the agent workforce [10][11].