NCI(SH:601336) Xin Lang Cai Jing·2025-03-28 00:27Core Insights - The company reported a significant increase in net profit and dividends, with a year-on-year growth of 201.1% to 26.229 billion yuan, exceeding the upper limit of the previously announced performance forecast [1] - The company adjusted its investment return and risk discount rate assumptions downward by 50 basis points, while maintaining a positive growth in embedded value (EV) [1] - The company achieved a new business value (NBV) of 6.253 billion yuan, reflecting a year-on-year increase of 106.8%, surpassing expectations [2] Group 1: Profit and Dividend Performance - The company's net profit for 2024 reached 26.229 billion yuan, a year-on-year increase of 201.1%, exceeding the forecast range of 17.5%-19.5% [1] - The total dividend per share was 2.53 yuan, representing a year-on-year increase of 197.6%, with a dividend payout ratio of 30.1% [1] - The dividend yield based on the closing prices on March 27 was 4.9% for A shares and 9.5% for H shares [1] Group 2: Investment and Economic Assumptions - The company lowered its non-investment-linked life insurance investment return assumption by 50 basis points to 4.0% and the risk discount rate by 50 basis points to 8.5% [1] - The embedded value (EV) increased by 3.2% year-on-year to 258.448 billion yuan, with a growth of 17.3% when excluding the impact of economic assumption changes [1] Group 3: New Business Value (NBV) and Sales Channels - The company achieved an NBV of 6.253 billion yuan in 2024, with a year-on-year growth of 106.8%, and an increase of 27.6 percentage points from the previous quarters [2] - New business sales in the fourth quarter showed a significant improvement, with a year-on-year increase of 140.7% to 5.17 billion yuan [2] - The NBV margin (NBVM) improved significantly, reaching 14.6%, driven by better channel structure and new business quality [2] Group 4: Individual Insurance and Sales Performance - The individual insurance channel's NBV grew by 37.2% year-on-year to 4.025 billion yuan, with new business and NBVM also showing positive growth [3] - The average performance of the sales force improved, with a year-on-year increase in the number of high-performing agents [3] - The bancassurance channel's NBV saw a substantial increase of 516.5%, despite a decline in new business sales [3] Group 5: Investment Performance - The company achieved net, total, and comprehensive investment returns of 3.2%, 5.8%, and 8.5%, respectively, with total investment assets growing by 21.9% year-on-year to 1.63 trillion yuan [4] - The allocation to stocks and funds increased year-on-year, indicating a proactive investment strategy [4] - The company raised its profit forecast for 2025-2027, reflecting strong market recognition of its high elasticity attributes [4]