新准则下寿险公司新业务利润率分析，这是一个比新业务价值率更好用的指标，因为他能告诉你，每100元保费当中大概有多少能形成利润！

Core Viewpoint - The article emphasizes the importance of the new business profit margin as a more effective indicator for assessing the profitability of life insurance companies compared to the new business value ratio, particularly under the new insurance contract standards [1][6][10]. Summary by Sections New Business Profit Margin - The new business profit margin is calculated using the formula: New Business Profit Margin = (Current Initial Recognition of Insurance Contract Service Margin - Initial Recognition of Loss) / Present Value of Future Cash Inflows from Insurance Contracts [1][10]. - The 2024 new business profit margin for the life insurance industry (12 companies combined) is 8.2%, an increase of 1.2 percentage points year-on-year [3][18]. Company-Specific Profit Margins - In 2024, Taiping Life has the highest new business profit margin at 11.8%, followed by Zhongyou Life at 11.5%, and Taibao Health at 10.4% [4][17]. - For Ping An Life, the new business value ratio is 22.7%, while the new business profit margin is 8.7%, indicating that the latter is a more accurate reflection of profitability [5][22]. Comparison with New Business Value Ratio - The article discusses the limitations of the new business value ratio, which can be misleading as it does not accurately reflect the profit margin due to its calculation method [6][7]. - The new business value ratio is defined as the ratio of new business value to the first-year premium, which can lead to inflated perceptions of profitability when compared to other industries' sales net profit margins [7][24]. Financial Data Insights - The present value of new business premium income for China Life in 2024 is 812.1 billion yuan, making it the largest in terms of premium scale [12]. - The article provides detailed financial data for 2024, including estimates of future cash inflows and the impact of loss contracts on the overall profit margin [9][11]. Conclusion - The implementation of new insurance contract standards has enriched the financial disclosures of life insurance companies, allowing for a more nuanced analysis of profitability through the new business profit margin [6][10].