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]