Investment Rating - The industry investment rating is "Outperform the Market" [7] Core Viewpoints - The report highlights that Xinhua Insurance achieved significant growth in its H1 2025 performance, with a year-on-year increase in life insurance premium income of 22.7% to 121.26 billion yuan and a net profit of 14.8 billion yuan, up 33.5% year-on-year [4] - The proposed interim cash dividend is 0.67 yuan per share, representing a 24.1% increase year-on-year, totaling approximately 2.09 billion yuan, which accounts for 14.1% of the net profit for H1 2025 [4] - The report emphasizes the strong growth in new business value (NBV) and the quality of business, with a notable increase in first-year premiums for long-term insurance [5] Summary by Sections Life Insurance Performance - In H1 2025, the first-year premium for long-term insurance reached 39.62 billion yuan, a year-on-year increase of 113.1%, with regular premium income at 22.53 billion yuan, up 64.9% [5] - The NBV for H1 2025 was approximately 6.18 billion yuan, reflecting a year-on-year growth of 58.4% [5] - The report indicates that the individual insurance channel is focusing on high-quality development, with a total of 133,000 agents and an average monthly qualified rate of 18.6% [5] Investment Strategy - The investment strategy includes a stable allocation to stocks and funds, with an increase in high-dividend OCI equity investments, achieving a good growth in investment returns [6] - High-dividend OCI equity investments reached 37.47 billion yuan, a 22.3% increase from the beginning of the year, with net investment income of 23.46 billion yuan, up 9.2% year-on-year [6] - The report suggests that the insurance sector has long-term allocation value, especially if the equity market continues to perform well, recommending attention to Xinhua Insurance and China Life [6]
非银行金融行业点评：资负双驱，新华25H1业绩高增、分红提升
Ping An Securities·2025-08-29 02:58