Zhong Guo Zheng Quan Bao·2025-08-30 01:50Core Insights - The core viewpoint of the article highlights the strong performance of Xinhua Insurance in its 2025 semi-annual report, showcasing significant growth in key operational metrics, which has positively impacted its stock price [1][2]. Financial Performance - Xinhua Insurance reported a revenue of 70.04 billion yuan, a year-on-year increase of 26% [1] - The original insurance premium income reached 121.26 billion yuan, up 22.7% year-on-year [1] - The net profit attributable to shareholders was 14.8 billion yuan, reflecting a growth of 33.5% [1] - The new business value stood at 6.18 billion yuan, marking a substantial increase of 58.4% [1] Stock Market Performance - On August 29, Xinhua Insurance's A-share price hit a historical high, surpassing 70 yuan per share [1] - The A-share price has increased by over 40% this year, while the H-share price has more than doubled, rising over 100% [1] Strategic Development - The company has focused on systematic, professional, market-oriented, and refined management, transitioning towards customer-centric and high-quality development [2] - Xinhua Insurance has implemented a comprehensive framework to support long-term development, emphasizing its core life insurance responsibilities [2] Investment Management - The annualized total investment return rate was 5.9%, and the annualized comprehensive investment return rate was 6.3%, both above industry averages [3] - The company has adapted to a low-interest-rate environment by enhancing its investment management capabilities and optimizing asset allocation [3] Asset-Liability Management - Xinhua Insurance emphasizes the importance of asset-liability management to mitigate risks associated with interest rate fluctuations [4] - The company is focusing on long-term, cross-cycle asset matching while enhancing trading capabilities to capture market opportunities [4] Focus on Core Assets - The company is actively seeking new core assets as traditional fixed-income investments face diminishing safety margins due to declining interest rates [4][5] - Xinhua Insurance has invested 46.25 billion yuan in the establishment of the "Three-Phase Honghu Fund" and has increased its holdings in quality listed companies [5] Transformation of Participating Insurance - The company is pushing for a transformation in participating insurance to share risks and benefits with customers, thereby reducing the rigidity of liabilities [6] - The transformation has shown promising results, with a significant increase in the proportion of participating insurance premiums from individual channels [6] Future Outlook - Xinhua Insurance plans to continue optimizing its business structure and enhancing the value of its products, focusing on both protection and participating insurance products [7]