券商中国·2025-10-14 01:26Core Viewpoint - The article discusses the expected performance growth of New China Life Insurance in the third quarter, highlighting a significant increase in net profit compared to the previous year, driven by market recovery and strategic reforms [1][2]. Group 1: Performance Expectations - New China Life Insurance anticipates a net profit of between 29.986 billion to 34.122 billion yuan for the first three quarters, representing a year-on-year increase of 9.306 billion to 13.442 billion yuan, or 45% to 65% growth [1]. - This projected profit marks a new high for the company in the same period and exceeds the total profit forecast for the entire year of 2024, which is 26.2 billion yuan [1]. Group 2: Growth Drivers - The company attributes its performance growth to reforms across three areas: overall reform, liability side, and asset side [2]. - Focus on enhancing market competitiveness and deepening professional, market-oriented, and systematic reforms has been emphasized [2]. - In the insurance business, the company is concentrating on value growth and quality improvement, accelerating the transformation of dividend insurance, and pursuing high-quality, intrinsic development [2]. Group 3: Investment Strategy - New China Life Insurance maintains a positive outlook on the future of the Chinese economy, leveraging its insurance funds as "long-term capital, patient capital, and strategic capital" [2]. - The company has actively responded to calls for insurance funds to enter the market, optimizing asset allocation to include high-quality core assets that can withstand low-interest rate challenges [2]. - The recovery of the Chinese capital market has significantly contributed to the company's investment income growth, leading to a substantial increase in net profit [2]. Group 4: Investment Performance - The company has notably increased its equity asset allocation, with the proportion of stock investments rising from 7.9% to 11.1% in 2024 [4]. - By mid-2023, the market value of the stocks held by the company reached 199.2 billion yuan, reflecting a 10.2% increase since the beginning of the year [4]. - The company plans to distribute a mid-term cash dividend of 0.67 yuan per share, totaling approximately 2.09 billion yuan, which accounts for 14.1% of the net profit [4].