新华保险：NBV及净利润增速均环比提升

Investment Rating - The investment rating for the company is "Buy" (maintained) [6][8] Core Insights - The company reported a significant increase in NBV and net profit for the first half of 2024, with NBV reaching 3.902 billion yuan, a year-on-year growth of 57.7%, and net profit at 11.083 billion yuan, up 11.1% year-on-year [3][7] - The improvement in NBV growth is attributed to a notable enhancement in new business value rates, with the NBV margin increasing to 18.8%, up 12 percentage points year-on-year [7] - The company's total investment income rose by 43.3% to 31.61 billion yuan, driven by an increase in fair value changes [7] Financial Performance Summary - For 2024H1, the company achieved a NBV of 39.02 billion yuan, with a year-on-year increase of 57.7% [7] - The net profit for 2024H1 was 110.83 billion yuan, reflecting a year-on-year growth of 11.1% [7] - The company's annualized net, total, and comprehensive investment returns for 2024H1 were 3.2%, 4.8%, and 6.5%, respectively [7] - The expected net profit for 2024-2026 is projected to be 12.6 billion yuan, 14.1 billion yuan, and 16.4 billion yuan, with corresponding growth rates of 45%, 12%, and 16% [8]