炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源 | 独角金融 作者|郑理 近日，瑞泰人寿保险有限公司（下称"瑞泰人寿"）新任总经理任职资格获批，蔡廉和受瑞泰人寿外资股 东耆卫人寿保险（南非）有限公司（下称"耆卫人寿"）聘任，成为该公司"新帅"。早在2024年8月，市 场就有消息称，耆卫人寿或将提名蔡廉和拟任总经理，监管批复最终在12月5日落地，结束了总经理人 选近2年空悬状态。 此次人事落地，标志着瑞泰人寿核心管理层完成新一轮更替。早在2024年8月，吴德生已履新该公司董 事长。随着蔡廉和正式上任，这家中外合资寿险公司"一二把手"均已就位。 保险公司高管的稳定与专业匹配，是公司战略延续性和经营稳健性的重要保障。而从2024年开始，瑞泰 人寿高管团队密集变更，同时管理层重组，发生在公司业绩承压、投资收益率下滑的背景之下。核心高 管配齐后，能否带领公司扭转局面，成为行业关注的焦点。 1 总经理空缺近两年终落地， 精算专家执掌跨界经验丰富 新任总经理蔡廉和（英文名：CAI LIAN HE），加拿大籍，拥有理学学士学位，不仅是一位资深的精算 专家，且兼具中国精算师与北美精算师资质、中国 ...

新总经理获批，高管换血 登录新浪财经APP 搜索【信披】查看更多考评等级 来源：观潮财经 总精出身的保险公司总经理又添一人。 瑞泰人寿新任总经理任职资格获批，蔡廉和受瑞泰人寿外方股东耆卫集团聘任，成为该公司新一任操盘 手。此外，去年8月，该公司董事长也发生更迭，吴德生履新该公司董事长。至此，该公司"一二把 手"更替告一段落。 瑞泰人寿作为一家成立20年的老寿险公司一直未引发外界关注，一则因为规模小，保费不足20亿元，尚 未稳定持续盈利；二则其高管团队相对稳定，少有人事变动信息。但从2023年以来，这家老公司正在发 生一系列巨大变化。 2024年年底至今，该险企两位原副总经理、一位审计责任人、总经理助理、财务负责人等重要高管陆续 调整，其中两位离任副总在职时间均超10年。 当下，随着市场环境的剧烈变化，险企在选任总经理时更偏向于财务、精算、投资出身的高管，且目前 已占有相当比例。这与上个十年，营销线出身干部任总裁的主基调不同。随着干将蔡廉和的加盟，变动 中的瑞泰人寿未来将交出怎样的答卷，值得关注。 01 今日，金融监管总局官网公告，蔡廉和正式获批出任瑞泰人寿总经理。至此，瑞泰人寿在上一任总经理 离任近2年后，该 ...

Core Viewpoint - Xinhua Life Insurance Co., Ltd. reported a total original insurance premium income of 172.705 billion yuan for the period from January 1, 2025, to September 30, 2025, representing a year-on-year growth of 19% [1] Group 1 - The company aims to continuously promote the value growth, structural optimization, and quality enhancement of its insurance business [1] - Xinhua Life is accelerating the transformation of its dividend insurance products and is focused on the quality development of its branch institutions [1] - The company plans to strengthen its marketing team and channel construction [1]

Core Viewpoint - Xinhua Insurance (601336) has seen a significant stock price increase of over 6%, currently trading at 49.5 HKD, following the announcement of expected net profit growth for the first three quarters of 2025 [1] Financial Performance - The company anticipates a net profit attributable to shareholders between 29.986 billion to 34.122 billion CNY for the first three quarters of 2025, representing a year-on-year growth of 45% to 65% [1] - The growth in performance is attributed to the company's deepened reforms, enhanced insurance business value and operational quality, transformation of dividend insurance, and optimized asset allocation [1] Investment Insights - According to Founder Securities, Xinhua Insurance's New Business Value (NBV) and premium growth are rapid, with profits and Return on Equity (ROE) reaching historical highs [1] - The NBV is expected to maintain its current growth rate due to the integration of reporting and operations, as well as the reduction in preset interest rates [1] - The company's equity allocation is significantly higher than its peers, suggesting that profit growth may continue to rise with market recovery [1]

Core Viewpoint - Xinhua Life Insurance Co., Ltd. expects a significant increase in net profit for the first three quarters of 2025, projecting a rise of 45% to 65% compared to the same period in 2024, driven by strategic reforms and a positive outlook on the Chinese economy [1][2][4]. Financial Performance Summary - The estimated net profit attributable to shareholders for the first three quarters of 2025 is projected to be between 29.986 billion and 34.122 billion RMB, an increase of 9.306 billion to 13.442 billion RMB compared to 2024 [4][5]. - The estimated net profit excluding non-recurring gains and losses is expected to be between 28.998 billion and 33.141 billion RMB, reflecting an increase of 8.285 billion to 12.428 billion RMB year-on-year [5]. Previous Year Comparison - In the same period of 2024, the net profit attributable to shareholders was 20.680 billion RMB, and the net profit excluding non-recurring items was 20.713 billion RMB [6]. - The total profit for 2024 was reported at 23.281 billion RMB, with a basic and diluted earnings per share of 6.63 RMB [6]. Strategic Initiatives - The company emphasizes a customer-centric strategy, focusing on enhancing market competitiveness and deepening professional, market-oriented, and systematic reforms [2]. - Xinhua Life is committed to high-quality, sustainable development, optimizing asset allocation, and increasing investments in quality assets to withstand low-interest-rate challenges [2].

Core Viewpoint - The appointment of Isler Renzo as the chairman of Sino-Italian Property Insurance marks a significant change following the company's transition from a joint venture to a wholly foreign-owned enterprise, attracting considerable market attention [2][11]. Group 1: Leadership Changes - Isler Renzo's appointment is seen as a new journey in his career, bringing extensive international insurance experience to Sino-Italian Property Insurance [3][4]. - The previous chairman, Yan Jiu, resigned after a brief tenure, leading to a transitional period managed by Roberto Leonardi, who provided international management experience during this time [6][12]. - The current executive team consists of nine members, with a mix of former Sinopec executives and externally recruited professionals, indicating a blend of local and international expertise [7][8]. Group 2: Company Transition and Performance - The transition to a wholly foreign-owned enterprise was completed in May 2024, with the Italian group, Generali, acquiring full ownership, which is a rare occurrence in the industry [11][12]. - Following the ownership change, the company has seen a notable improvement in performance, with premium income reaching 1.03 billion yuan in the first half of 2025, representing 61% of the total for 2024, and a net profit increase of 7.82% [12][13]. - The company aims to innovate its brand and product offerings to better integrate international resources with the Chinese market [12][19]. Group 3: Financial Performance and Challenges - In 2024, the company reported a premium income of 1.697 billion yuan, a 10.15% increase year-on-year, but faced a significant drop in net profit by 50.9% to 16 million yuan [12][19]. - The investment yield and comprehensive investment yield stood at 1.57% as of June 2025, with a three-year average of 3.9%, indicating a relatively strong investment performance [13]. - Despite improvements, the company continues to face challenges in underwriting profitability, particularly in its core auto insurance segment, which has shown inconsistent results over the past seven years [16][19]. Group 4: Market Position and Competition - The auto insurance segment remains crucial, contributing 43.4% of total premium income in 2024, but the company ranks 24th in profitability among 66 competitors in the auto insurance market [16][17]. - Non-auto insurance lines have also struggled with profitability, with several key products reporting losses in 2024, contrasting with previous years where they were profitable [19][20]. - The overall premium income for the company has seen a decline in the first half of 2025, primarily due to pressures in non-auto insurance segments, despite a growth in auto insurance premiums [22].

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其準確 性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容而產生或 因倚賴該等內容而引致之任何損失承擔任何責任。 新华人寿保险股份有限公司 NEW CHINA LIFE INSURANCE COMPANY LTD. 2025 年半年度报告摘要 （股票代码：601336） 海外監管公告 本公告乃新華人壽保險股份有限公司（「本公司」）依據《香港聯合交易所有限公司證券 上市規則》第 13.10B 條規定而作出。茲載列該公告如下，僅供參閱。 承董事會命 新華人壽保險股份有限公司 楊玉成 董事長 中國北京，2025年8月28日 於本公告日期，本公司董事長、執行董事為楊玉成；執行董事龔興峰；非執行董 事為楊雪、毛思雪、胡愛民和張曉東；及獨立非執行董事為馬耀添、賴觀榮、徐 徐、郭永清和卓志。 二〇二五年八月二十八日 1 一、重要提示 1.1 本半年度报告摘要来自半年度报告全文，为全面了解本公司的经营成果、财务状况及未来发展规 划，投资者应当到上海证券交易所网站仔细阅读半年度报告全文。 1.2 本公司董事会、监事会及董事、监事、高 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [5] Core Views - The company achieved a record high net profit of 26.23 billion yuan in 2024, representing a year-on-year increase of 201.1%, exceeding the upper limit of the earnings forecast [1] - The company’s operating revenue reached 132.56 billion yuan in 2024, a year-on-year growth of 85.3%, driven by a significant rebound in the capital market [1] - The new business value increased by 106.8% year-on-year to 6.25 billion yuan, indicating strong growth in business value [1] - The company has implemented systematic channel upgrades through the "XIN Generation" plan, resulting in a 41% year-on-year increase in monthly per capita productivity in the individual insurance channel [2] - The investment return rate reached 8.5%, with a significant improvement in total investment income, driven by dynamic asset allocation [3] Financial Performance Summary - In 2024, the company reported operating revenue of 132,555 million yuan, up 85.3% from 2023 [4] - The net profit attributable to the parent company for 2024 was 26,229 million yuan, reflecting a 201.1% increase compared to 2023 [4] - The diluted earnings per share (EPS) for 2024 is projected at 8.41 yuan, with forecasts for 2025 and 2026 at 8.28 yuan and 8.93 yuan respectively [4] - The company’s embedded value per share is expected to grow to 82.84 yuan in 2024, with further increases projected in subsequent years [4]