Chang Jiang Shang Bao·2026-01-18 23:46Core Viewpoint - Xinhua Insurance has demonstrated robust growth in premium income and investment returns, driven by systematic reforms and strategic initiatives, positioning the company for high-quality development in the insurance sector [2][3]. Premium Income Growth - In 2025, Xinhua Insurance achieved a total original insurance premium income of CNY 195.9 billion, representing a 15% year-on-year increase [2][3]. - The company reported a significant increase in new business value by 50.8% in the first three quarters of 2025, with individual insurance channel productivity rising by 50% [2][4]. - The annual premium income growth of over 15% is notable compared to previous years, where growth rates were 15.5%, 2.5%, -0.2%, 1.7%, and 2.8% from 2020 to 2024 [3]. Business Structure and Performance - In the first three quarters of 2025, Xinhua Insurance's original insurance premium income reached CNY 172.7 billion, a year-on-year increase of 18.6% [4]. - The first-year premium income from long-term insurance was CNY 545.7 billion, up 59.8%, with first-year regular premium income growing by 41% [4]. - The company maintained a low surrender rate of 1.2%, down 0.1 percentage points from the previous year, indicating improved business quality [4]. Channel Performance - The individual insurance channel saw a 48.5% increase in first-year premium income, totaling CNY 184.4 billion [4]. - The bancassurance channel reported a 66.7% increase in first-year premium income, amounting to CNY 359.4 billion [5]. - The group insurance channel also experienced growth, with a 16.7% increase in premium income, reaching CNY 29.7 billion [6]. Investment Performance - Xinhua Insurance's investment income for the first three quarters of 2025 was CNY 40.4 billion, a staggering increase of 687.16% year-on-year [2][7]. - The company has increased its equity asset allocation significantly, with investment assets totaling CNY 1.77 trillion as of September 2025 [7]. - The annualized total investment return rate was 8.6%, contributing to a net profit of CNY 32.9 billion, up 58.88% [7]. Market Recognition - Xinhua Insurance's A-share price rose by 48.17% in 2025, increasing its market capitalization by nearly CNY 70 billion [2][8]. - As of January 16, 2026, the stock price continued to rise by 17.78%, with a total market capitalization exceeding CNY 229 billion [8].