Summary of Xinhua Insurance Conference Call Company Overview - **Company**: Xinhua Insurance - **Industry**: Insurance Key Points 2024 Operational Performance - Xinhua Insurance reported steady progress in overall operational performance for 2024, with significant improvements in premium scale, investment returns, and value growth, enhancing profitability [3] - The company optimized its contact business, maintaining sufficient financial capacity, and improving business quality and retention rates despite a complex external environment [3] Strategic Focus for 2025 - In 2025, Xinhua Insurance will focus on comprehensive development of scale and value, simultaneous enhancement of organizational teams, and product transformation [4][5] - The investment strategy will leverage long-term and strategic capital advantages to capture quality assets and strengthen asset-liability linkage [4] Investment Strategy - Xinhua Insurance plans to increase its allocation to equity investments, gradually accumulating positions in undervalued, high-concentration industry projects, particularly in Hong Kong stocks [4][6] - The company aims to manage risks associated with low long-term interest rates by investing in stable, high-quality long-term assets and collaborating with brokers [4][9] Risk Management - The asset duration is over eight years, while the liability duration is approximately 14.4 years, prompting a focus on asset-liability matching management to reduce duration gaps and mitigate interest spread loss risks [4][16] - The company will support Vanke in optimizing its debt structure through negotiations and closely monitor the real estate sector's fundamentals and policy effects [4][11] Sales and Market Challenges - The "opening red" campaign exceeded expectations across all channels, but the individual insurance channel faces challenges due to a decline in manpower [4][13] - The company will fully address market challenges to meet targets and prepare for an early start in 2026 [13] Regulatory Impact - The adjustment of the traditional insurance preset interest rate to 2.5% may affect product design and sales strategies, with the company planning to adapt accordingly [14][15] Talent and Team Development - Xinhua Insurance has implemented reforms in organizational structure and talent training to enhance grassroots management and improve the quality of the agent team [17][18] - The focus will be on high-quality additions to the agent team, with innovative recruitment methods to boost marketing capacity [18] Distribution Channels - The bancassurance channel remains crucial for scale and value contribution, with ongoing efforts to expand bank partnerships and enhance distribution capabilities [19] Dividend Policy - The company plans to maintain a stable dividend policy, considering shareholder expectations and business conditions [20] Challenges in Participating in Dividend Insurance - Xinhua Insurance faces challenges in promoting dividend insurance due to low familiarity among agents, but plans to enhance training and support for successful sales [21] Growth Potential - As a high-elasticity asset, Xinhua Insurance's asset side shows high growth potential, with liabilities growing faster than the industry average [22] Conclusion - Xinhua Insurance is positioned for long-term performance growth, with a focus on strategic investments, risk management, and enhancing its distribution channels, making it a key player in the insurance industry [22]

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1][6]. Core Views - The company has achieved significant growth in premium income during the "opening red" period of 2025, with a reported original insurance premium income of RMB 39.45 billion, representing a year-on-year increase of 32% [2][5]. - The company is benefiting from a series of reforms across various channels and product lines, leading to a substantial improvement in business scale and quality [2][6]. - The forecast for earnings per share (EPS) has been raised, with expected EPS for 2024, 2025, and 2026 being RMB 7.97, RMB 8.21, and RMB 8.89 respectively, compared to previous estimates of RMB 6.31, RMB 7.26, and RMB 8.07 [2][6]. Summary by Sections Premium Income Performance - The company reported a premium income of RMB 39.45 billion for January 2025, marking a 31.98% increase year-on-year, the highest growth rate since 2021 [5]. - The company has implemented a "short-term promotion" strategy since 2019, which has significantly improved the level of premium income [5]. Product Structure Optimization - The company is continuously optimizing its product structure to enhance value contribution and competitiveness, launching new products such as dual protection annuities with critical illness coverage [4]. - The company is focusing on diversifying its product offerings to reduce reliance on single products, which is expected to drive premium income during the "opening red" period [3][4]. Channel Development - The company has introduced the "XIN Generation" team-building plan to enhance the quality of its individual insurance channel, resulting in improved performance metrics such as agent retention rates and productivity [4]. - As of mid-2024, the company has seen a notable improvement in the quality of its agency force, with a monthly average of 139,000 agents and a monthly average productivity increase of 28.3% year-on-year [4].

Investment Rating - The investment rating for the company is "Outperform the Market" (maintained) [1] Core Views - The company has achieved significant growth in premium income during the "opening red" period of 2025, with a reported original insurance premium income of RMB 39.45 billion, representing a year-on-year increase of 32% [2][5] - The company is benefiting from a series of reforms across various channels and product lines, leading to a substantial improvement in business scale and quality [2][6] - The forecast for earnings per share (EPS) has been raised, with expected EPS for 2024, 2025, and 2026 at RMB 7.97, 8.21, and 8.89 respectively, compared to previous estimates of RMB 6.31, 7.26, and 8.07 [2][6] Summary by Sections Premium Income Performance - The company reported a premium income of RMB 39.45 billion for January 2025, marking a 31.98% increase year-on-year, the highest growth rate since 2021 [5] - The company has implemented a "short-term promotion" strategy since 2019, which has significantly improved the level of premium income [5] Product Structure Optimization - The company is continuously optimizing its product structure to enhance value contribution and competitiveness, launching new products such as dual protection annuities with critical illness coverage [4] - The company is focusing on diversifying its product offerings to reduce reliance on single products, which is expected to drive premium income during the "opening red" period [3][4] Channel Development - The company has introduced the "XIN Generation" team-building plan to enhance the quality of its individual insurance channel, resulting in improved performance metrics such as agent retention rates and productivity [4] - As of mid-2024, the company has 139,000 individual insurance agents, with a monthly average qualified agent count of 27,000, reflecting a year-on-year increase of 19% in productivity [4]

| A股股票代码：601336 | A股股票简称：新华保险 编号：2025-007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。 特此公告。 新华人寿保险股份有限公司董事会 2025 年 2 月 13 日 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 1 月 31 日期间累计原保险保费收入为人民币 3,944,898 万元，同比增长 32%。公司各 渠道业务达成良好，绩优人力持续增长，业务规模显著提升，公司改革创新、高 质量发展的成效日益显现。 上述原保险保费收入数据未经审计，提请投资者注意。 ...

Group 1 - The core point of the article is the establishment of Wanxin Jinshi (Xiamen) Housing Rental Equity Investment Partnership with a capital contribution of 1.6 billion yuan [1] - The business scope of the newly established enterprise includes private equity fund activities such as equity investment, investment management, and asset management [1] - The enterprise is co-funded by Xinhua Insurance and other investors, indicating a collaborative investment approach [1]

FF301 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: 2025年2月5日 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 | | 2. 股份分類 | 普通股 | 股份類別 | A | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | ...

| A股股票代码：601336 | A股股票简称：新华保险 编号：2025-006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 关于董事辞任的公告 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。 新华人寿保险股份有限公司（以下简称"本公司"）董事会于 2025 年 2 月 6 日收到董事何兴达先生的辞职函，何兴达先生因工作原因辞去本公司非执行董事、 董事会投资委员会主任委员、董事会审计与关联交易控制委员会及风险管理与消 费者权益保护委员会委员职务。 鉴于何兴达先生的辞任将导致本公司董事会的人数低于相关法律法规及《新 华人寿保险股份有限公司章程》（以下简称"《公司章程》"）的要求，何兴达先生 将继续履行董事及其在董事会专业委员会中的相关职责，直至新任董事的任职资 格获得监管机构核准，董事会人数满足相关法律法规及《公司章程》的要求。 何兴达先生确认其与本公司董事会并无意见分歧，亦无任何需要通知本公司 股东的事项。 本公司董事会对何兴 ...

A股股票代码：601336 A股股票简称：新华保险 编号：2025-005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 第八届董事会第二十九次会议决议公告 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 2025 年 1 月 17 日以电 子邮件方式向全体董事发出第八届董事会第二十九次会议（以下简称"会议"） 通知和材料，会议于 2025 年 1 月 24 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《关于权益投资项目的议案》。 表决情况：同意 10 票，反对 0 票，弃权 0 票。 二、审议通过了《关于 2024 年四季 ...

Core Viewpoint - Xinhua Insurance's stock price declined by 2.65% today, leading the A-share insurance sector in losses, despite a significant projected profit increase for 2024 [1] Financial Performance - Xinhua Insurance's estimated net profit for 2024 is projected to be between 23.958 billion and 25.700 billion RMB, an increase of 15.246 billion to 16.988 billion RMB compared to 2023, representing a year-on-year growth of 175% to 195% [1][2] - The estimated net profit excluding non-recurring items for 2024 is expected to be between 24.052 billion and 25.801 billion RMB, with a similar increase and growth rate as the overall net profit [1] - The projected earnings per share for 2024 is estimated to be between 7.68 and 8.24 RMB, an increase of 4.89 to 5.45 RMB compared to 2023, also reflecting a growth of 175% to 195% [1] Premium Income - Xinhua Insurance's cumulative original insurance premium income for 2024 is reported to be 170.511 billion RMB, showing a year-on-year growth of 2.8% [4] - In comparison, other major insurance companies such as China Life, China Pacific, and China Ping An reported premium income growth rates of 4.7%, 7.2%, and 4.4% respectively during the same period [4] - For 2023, the premium income growth rates for Xinhua Insurance and its peers were 1.7%, 4.3%, 6.9%, 4.1%, and 7.7% respectively, indicating Xinhua's continued lag in premium growth [4]

Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company is expected to achieve a significant year-on-year increase in net profit attributable to shareholders for 2024, estimated between 239.58 billion to 257.00 billion yuan, representing a growth of 175% to 195% compared to 2023 [3] - The company's performance in the stock and bond markets has been strong, with the Shanghai Composite Index and other indices showing improved performance compared to the previous year [4] - The company has a high allocation in stocks and funds, with 18.1% of its assets in these categories, which is above the industry average [5] - The expected dividend yield for 2024 is projected to be between 4.8% to 5.2% for A shares and 10.3% to 11.1% for H shares, indicating a stable dividend payout [5] Financial Data and Profit Forecast - The company's projected revenue for 2024 is approximately 91.54 billion yuan, with a year-on-year growth rate of 27.95% [7] - The net profit attributable to shareholders for 2024 is forecasted at around 24.60 billion yuan, reflecting a substantial increase of 182.35% compared to 2023 [7] - The earnings per share (EPS) for 2024 is estimated to be 7.89 yuan, with a projected increase in subsequent years [7] - The price-to-earnings (P/E) ratio for 2024 is expected to be 5.97, indicating a favorable valuation [7]