新华保险 20251124 摘要 新华保险已构建全国性机构布局，股权结构呈现多元集中且国有资本深 度参与的特点，中央汇金和香港中央结算有限公司合计持股超 62%，国 有法人合计持股超 14%。管理团队由内部培养和外部引入相结合，保障 战略传承与资管优化并重。 2023 年新华保险营收和归母净利润因新准则切换大幅波动，但 2024 年营收达 1,325 亿元，同比增长 85.3%；归母净利润达 262.3 亿元， 同比增长超 200%。新业务价值在连续四年下跌后于近两年回升，内涵 价值也重回上升趋势。 新华保险负债端发展历程经历了康典、万峰、李全和杨玉成四个时期， 各阶段侧重不同，从确立战略布局到转向保障型产品，再到加快个险增 员和分红险转型，体现了公司战略的演进。 新华保险大力推动分红险转型，2025 年上半年分红险占比达 15.1%， 长期险首年保费增速显著提升至 46.3 亿元。分红险的保底加浮动特征 预计将降低负债端成本压力，并有望在新华保险的强劲投资能力下占据 领先地位。 Q&A 新华保险的公司概述和发展历程是怎样的？ 新华保险成立于 1996 年 9 月，由 15 家发起股东，包括东方集团、宝钢集团 ...

本报记者 冷翠华 业内人士认为，在监管政策引导、险企大力推动等因素的共同作用下，经过一段时间的市场培育，目前 消费者对分红险的接受度持续提高。整体来看，预计明年一季度人身险公司负债端表现良好。其中，上 市人身险公司明年一季度的新单和新业务价值都有望保持两位数增长。 销售重心已转移 新华保险近日发布公告显示，今年前10个月，该公司累计原保险保费收入约为1819.7亿元，同比增长 17%；同时，中国太保旗下的太平洋寿险前10个月累计原保险保费收入约为2413.22亿元，同比增长 9.9%。 由此可见，发布了相关数据的上市人身险公司前10个月保费收入增长较为稳健。另据记者了解，目前多 家保险公司2025年销售目标已达成或基本达成，正陆续启动各渠道2026年开局销售工作。 某人身险公司相关负责人对《证券日报》记者表示："目前公司的新单标准保费已超过年度销售目标的 95%，续期保费已超过96%。"另一家人身险公司相关负责人则表示，各渠道已全面完成2025年的销售 目标，2026年开局销售工作已于11月18日正式启动。 从时间维度来看，受去年人身险产品预定利率下调、分红险产品相对复杂等因素影响，今年1月份，人 身险公司未 ...

Group 1 - The China Securities and Insurance Index (399966) increased by 0.97% as of November 20, 2025, with notable gains from stocks such as First Capital Securities (up 5.61%) and Dongfang Securities (up 3.01%) [1] - Sunshine Life Insurance, a subsidiary of Sunshine Insurance, signed a fund contract with two companies and plans to expedite the filing process for the pilot fund [1] - Dongwu Securities highlighted that market demand remains strong, with a reduction in the preset interest rate and transformation of dividend insurance expected to optimize liability costs, alleviating pressure from interest margin losses [1] Group 2 - The Insurance Securities ETF closely tracks the China Securities and Insurance Index, which selects securities from the insurance sector based on the China Securities 800 Index, providing investors with diverse investment options [2] - As of October 31, 2025, the top ten weighted stocks in the China Securities and Insurance Index accounted for 62.44% of the index, including major companies like China Ping An and CITIC Securities [2]

来源：中国银行保险报 朱艳霞 在利率持续下行、经济周期波动加剧的背景下，分红险正从"可选项"变为"必选项"，行业全面转向分红 险已成发展共识。随着上市险企三季报陆续披露，这一趋势更加明显：分红险产品在上市险企新单保费 中的占比显著提升，成为人身险公司业务转型的核心方向。 孙汉杰强调，分红险的经营本质是一场"马拉松"，需关注长期收益，保持定力。 "今年9月人身险预定利率切换后，公司业务重心全面转向分红险，分红险销售占比大幅提升。"近日， 平安人寿总经理助理、总精算师孙汉杰在接受《中国银行保险报》记者采访时表示。 分红险经营本质是一场"马拉松" 华泰证券近日发布研报称，今年分红险的销售情况好于早前预期，有望在明年推动保险公司负债端保持 有韧性的增长。个险渠道有望重回新单保费正增长，银保渠道高增长势头或将持续。 孙汉杰指出，长期看，经济周期、市场利率、投资市场等均会影响到保险公司的产品结构，而当前阶 段，推动浮动收益的分红产品更加契合行业发展。 这一趋势亦与国际经验相呼应。美国、日本、英国等保险市场在利率下行期均加强了各类利率敏感型保 险产品的推动，扩大分红、投连等浮动收益型产品的占比来降低利率风险。 "与普通型产 ...

Core Viewpoint - China Taiping is transforming into a dividend insurance leader, focusing on high-quality development and leveraging its strong capital structure to enhance profitability and growth potential [1][3]. Group 1: Life Insurance - The company is leading the transformation towards dividend insurance, with a continuous release of CSM (Contractual Service Margin) profits [1]. - In 2023, new business value (NBV) is recovering, although growth rates are fluctuating due to policy impacts; the new business value rate is second only to Ping An in the industry [1]. - The distribution channel is primarily agent-based, with ongoing reforms leading to improved performance; the bancassurance channel is optimizing both volume and price, driven by network expansion and enhanced policy quality [1]. - The premium structure remains dominated by traditional insurance, but dividend insurance accounts for 87.1% of first-year premiums, significantly higher than peers, indicating a positive shift in cost structure [1]. Group 2: Property Insurance - The property insurance business is mainly concentrated domestically, accounting for 86% of total operations, with steady growth driven by auto and non-water insurance [2]. - Domestic combined operating ratio (COR) is improving, gradually narrowing the gap with the top three players in the property insurance sector [2]. - Internationally, the property insurance segment, primarily in Hong Kong and Macau, is experiencing slower growth, with noticeable COR fluctuations [2]. - Reinsurance business has seen a reduction in scale this year, but the central COR has improved significantly [2]. Group 3: Asset Management - The asset management segment is experiencing steady growth, primarily driven by insurance premium inflows, with total managed assets exceeding HKD 2.65 trillion by mid-2025 [2]. - Net investment returns are declining due to interest rate impacts, with total investment returns showing significant volatility [2]. - The allocation structure is increasingly favoring bonds, maintaining a leading position compared to listed peers; equity allocation is also rising, placing the company at the median level within the industry [2]. Group 4: Investment Recommendations - The company's push for dividend insurance transformation is expected to reduce rigid costs from existing policies, alleviating pressure from declining interest rate spreads [3]. - The capital market's improved activity since last year presents opportunities for the company to capitalize on equity asset allocations, potentially leading to excess returns [3]. - The company is primarily focused on life insurance, with a projected PEV (Price-Embedded Value) valuation method indicating an expected target price of HKD 22.6, with a recommendation rating of "Buy" [3].

Investment Rating - The report gives a "Buy" rating for Xinhua Insurance (601336.SH) [5] Core Views - Xinhua Insurance's high equity investment ratio is expected to continue contributing to earnings elasticity as the capital market trends upward. The transformation of dividend insurance on the liability side, accelerated development of the bancassurance channel, and reforms in the individual insurance channel may help maintain the company's leading position. Coupled with significant dividend advantages, the company is expected to enhance profitability through dual efforts on both asset and liability sides [1][5] Summary by Sections Company Overview - Xinhua Insurance, established in September 1996, is one of the first batch of joint-stock insurance companies in China. It was listed on both the Hong Kong and Shanghai stock exchanges in December 2011, becoming the first A+H listed life insurance company in China. The company has shifted its focus towards dividend insurance in recent years [18][19] Liability Side: Four-Stage Evolution Towards High-Quality Transformation - The company has undergone four stages of evolution: 1. **2011-2016**: Implemented the "1-3-2" strategic layout focusing on customer-centricity and leveraging urbanization and aging opportunities. 2. **2016-2018**: Shifted towards value-oriented strategies, emphasizing regular premium and protection-type products. 3. **2019-2023**: Focused on channel expansion and scale-oriented growth. 4. **2024-Present**: Under new leadership, the company is enhancing professional market-oriented reforms and accelerating the transformation of dividend insurance [37][40][54] Asset Side: High Elasticity in the Equity Market - Since 2018, Xinhua Insurance has increased its allocation to equity assets, with a high equity investment ratio compared to peers. The company has actively responded to regulatory encouragement for long-term capital market participation, leading to a significant increase in equity investments. The company’s equity investment ratio ranks first among listed insurance companies [2][77] Profit Forecast and Valuation Outlook - The report forecasts Xinhua Insurance's operating revenue to reach 159.4 billion yuan in 2025, with a growth rate of 20.3%. The net profit attributable to shareholders is expected to be 37.1 billion yuan, reflecting a growth rate of 41.3% [12][3] Key Assumptions - The report anticipates a slowdown in premium growth in 2026 due to high base effects, with the bancassurance channel expected to maintain high growth rates. The new business value (NBV) is projected to grow significantly, supported by the transformation of dividend insurance and the ongoing recovery of the individual insurance channel [11][12]

Investment Rating - The report assigns a "Buy" rating for China Taiping (00966.HK) with a target price of HKD 22.6 [1][6][9] Core Views - China Taiping is positioned as a leader in the transformation towards participating insurance, with a strong potential for valuation recovery. The company is actively pushing for this transformation, which is expected to reduce rigid costs from new policies and alleviate the pressure from declining interest rates [8][9][10] Financial Performance - The projected insurance service revenue for 2024 is HKD 22,024 million, with a year-on-year growth of 18.8%. The net profit attributable to shareholders is expected to reach HKD 8,432 million, reflecting a significant year-on-year increase of 36.2% [2][3] - The earnings per share (EPS) for 2024 is forecasted at HKD 2.35, with a price-to-earnings (P/E) ratio of 7.8 [2][3] Business Segments Life Insurance - China Taiping's life insurance segment is a key driver, contributing approximately 80% of the net profit. The new business value (NBV) has started to recover in 2023, with a year-on-year increase of 23% to HKD 6.8 billion in 2025H1 [6][32] - The company has a robust channel structure, primarily through individual agents, with a significant shift towards participating insurance, which accounted for 29% of the new business in 2025H1 [32][52] Property and Casualty Insurance - The domestic property and casualty insurance business is gradually improving, with a combined ratio (COR) of 95.5% in 2025H1, indicating a year-on-year improvement [59][60] - The overseas property and casualty insurance segment, primarily in Hong Kong and Macau, has shown slower growth, contributing 14% to the overall property and casualty business [67] Asset Management - The asset management segment has seen steady growth, with total managed assets exceeding HKD 2.65 trillion as of 2025H1. The investment performance has been influenced by interest rates, with a focus on equity allocations expected to yield strong beta opportunities [6][9][10] Valuation and Estimates - The report utilizes the Present Value of Embedded Value (PEV) method for valuation, predicting an embedded value per share (EVPS) of HKD 56, 64.6, and 74.1 for 2025, 2026, and 2027 respectively. The current dynamic PEV is estimated at 0.33x for 2025 and 0.28x for 2026, with a target PEV of 0.35x for 2026 [9][10]

Core Viewpoint - The insurance market is undergoing a significant structural transformation, with dividend insurance emerging as a key focus due to the prolonged low interest rate environment, making it a preferred choice for both insurance companies and customers [1][2][3]. Market Trends - The acceptance of dividend insurance has notably increased in recent years, driven by declining market interest rates, with the 2024 premium income for dividend life insurance projected at 765.874 billion, reflecting a year-on-year growth of 4.12% [1][2]. - The shift towards dividend insurance has become a consensus in the industry, as it offers guaranteed returns and potential growth, making it an essential choice for customers [2][3]. Product Mechanism - Dividend insurance combines guaranteed benefits with the potential for shared dividends, providing coverage for various risks such as survival, death, and disability [4][5]. - The sources of dividends include "interest spread," "mortality spread," and "expense spread," with interest spread being the primary contributor to dividend surplus [5]. Investment Strategy - The investment capability of insurance companies is crucial for the competitiveness of dividend insurance. Companies like Ping An Life are enhancing their investment strategies to achieve competitive returns while supporting the real economy [6]. - Ping An Life employs a unique "three warehouse" investment strategy to balance short, medium, and long-term investment goals, which helps maintain a favorable dividend level [6]. Regulatory Impact - New regulations regarding dividend insurance are reshaping the market landscape, encouraging companies to adjust their business strategies and increase their focus on dividend insurance [7][8]. - The implementation of these regulations aims to promote sustainable development in the industry, favoring companies with strong operational stability and investment capabilities [8]. Consumer Guidance - Consumers are advised to conduct self-assessments before purchasing dividend insurance, ensuring their needs align with the product's characteristics and understanding the long-term commitment required [7]. - The new regulations also emphasize the importance of transparency in dividend distribution, guiding consumers to make informed decisions based on the historical performance and stability of insurance companies [7][8].

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [3][26]. Core Viewpoints - The insurance industry experienced a total premium income of 52,146 billion yuan from January to September 2025, reflecting a year-on-year increase of 8.8% but a quarter-on-quarter decline of 0.9 percentage points. The life insurance sector's premium income was 31,708 billion yuan, with a year-on-year growth of 12.7% [7][8]. - The report highlights that the life insurance sector is facing challenges due to a decline in sales attributed to the adjustment of the preset interest rate, which has led to a cooling in sales in September 2025 [7][8]. - The property insurance sector showed improved performance, with a total premium income of 13,712 billion yuan from January to September 2025, marking a year-on-year increase of 4.9% [7][8]. Summary by Sections Industry Overview - The life insurance sector's cumulative growth has slowed, impacting overall premium growth. The health and accident insurance segments have shown growth, with health insurance premiums reaching 8,427 billion yuan (up 2.4% year-on-year) and accident insurance at 760 billion yuan (up 3.3% year-on-year) [7][8]. - The total assets of the insurance industry reached 40.4 trillion yuan by the end of September 2025, a year-on-year increase of 12.5% [7][8]. Life Insurance Companies - Life insurance companies reported a total premium income of 38,434 billion yuan, with a year-on-year increase of 10.5%. However, September saw a decline in life insurance premiums by 4.6% year-on-year [7][8]. - The report notes that the adjustment of the preset interest rate has had a short-term impact on sales, particularly in September [7][8]. Property Insurance Companies - The property insurance sector's premium income showed a year-on-year increase of 4.9%, with car insurance accounting for 50% of the total premiums [7][8]. - The report indicates that the recent regulatory changes in non-auto insurance are expected to enhance cost efficiency in the industry, benefiting leading companies [7][8].

Summary of China Life Insurance Conference Call Company Overview - **Company**: China Life Insurance - **Focus**: Insurance products and investment strategies for 2026 Key Points Product Strategy for 2026 - The product strategy will focus on diversified participating insurance, including whole life insurance, participating annuities, and participating retirement annuities [2][4] - The plan is to launch large-scale products first, followed by 10-year premium payment products [2][4] - The individual insurance channel's share of participating insurance is expected to increase due to a decrease in the preset interest rate [2][7] Distribution Channels - The bancassurance channel is projected to maintain high growth rates, becoming a significant driver for business development [2][5][13] - Collaboration with major banks and financial institutions will be deepened to expand business mechanisms [2][13][14] Investment Strategy - The proportion of equity investments increased significantly in the first three quarters, with a potential for further growth, but caution is advised regarding style switching and market rhythm [2][16] - A high dividend portfolio is targeted, with a required dividend yield of 4.5% and an annualized total return of no less than 6% over a three-year rolling period [2][17] Individual Agent Development - The quality of the personal agent team is being enhanced through strict assessments and improved recruitment standards [2][9][10] - The core team has shown stable performance, with increased productivity and income, leading to improved retention rates [2][10][11] Health Insurance Outlook - The insurance product structure is balanced, with approximately one-third in savings insurance, health insurance, and other types [2][11] - Long-term prospects for health insurance are positive, although short-term growth may be limited due to policy constraints [2][11][12] Regulatory and Market Considerations - The company is preparing for the 2026 business landscape by gathering market feedback and training agents [4][5] - The focus will be on risk management and preventing interest rate risks while increasing the share of participating insurance [8][11] Future Projections - The company maintains confidence in the growth of both scale and value for 2026, supported by the performance of individual and bancassurance channels [5][6] - The expected range for domestic interest rates is between 1.6% and 2.1%, influencing fixed-income strategies [3][25] Capital Management - Currently, the company has a sufficient solvency margin and is flexible regarding capital replenishment plans [28] - The dividend strategy aims for stability and growth, rather than direct linkage to net profit fluctuations [28] Conclusion - China Life Insurance is strategically positioning itself for 2026 with a focus on diversified products, strong distribution channels, and a robust investment strategy while maintaining a balanced approach to risk management and regulatory compliance [2][4][5][6][11][28]