Core Insights - Xinhua Insurance reported a significant increase in revenue and net profit for the first half of 2025, with operating income reaching 70.041 billion yuan, up 26.0% year-on-year, and net profit attributable to shareholders at 14.799 billion yuan, up 33.5% [1] Group 1: Business Performance - The company achieved a rapid growth in new business value (NBV), driven by a strong increase in new policy premiums, with total original insurance premium income at 121.262 billion yuan, up 22.7% year-on-year [2] - The first-year premium income for long-term insurance reached 39.622 billion yuan, a remarkable increase of 113.1%, with first-year regular and lump-sum premiums growing by 64.95% and 353.3% respectively [2] - The new business value for the first half of 2025 was 6.182 billion yuan, reflecting a year-on-year increase of 58.4% [2] Group 2: Product Development - Xinhua Insurance accelerated its transformation towards dividend insurance, with premium income from dividend insurance increasing by 24.9% year-on-year, and new single scale premiums soaring by 231,250.0% [2] - The company has diversified its dividend product offerings to cater to different customer segments, including products like the "Shengshi Glory Zhiwin" whole life insurance and "Xinhua Zunyu" whole life annuity insurance [2] Group 3: Distribution Channels - The individual insurance channel saw an increase in NBV to 3.105 billion yuan, up 11.69% year-on-year, with long-term insurance first-year premiums reaching 14.506 billion yuan, up 70.8% [3] - The number of new agents increased by nearly 20,000, a year-on-year growth of 182%, significantly enhancing the workforce [3] - The bancassurance channel achieved a historical breakthrough in NBV, reaching 3.267 billion yuan, up 137.08% year-on-year, with new policy premiums increasing by 150.3% [3] Group 4: Investment Strategy - As of June 2025, the company’s investment in bonds and stocks accounted for 50.6% and 11.6% respectively, with a strategic shift towards high-dividend OCI equity tools [4] - The investment in high-dividend OCI equity tools grew from 30.640 billion yuan at the beginning of the year to 37.466 billion yuan, an increase of 6.826 billion yuan [4] - The annualized comprehensive investment return rate for the investment portfolio was 6.3%, with an annualized total investment return rate of 5.9% and a net investment return rate of 3.0% [4]

作者 | 孙建楠 编辑 | 袁畅 作为国有大型保险机构中，权益投资特点最鲜明的机构之一，新华保险的投资动向颇令人关注。 8月29日晚间，新华保险正式披露半年报，"进取"的投资风格和不菲的上半年业绩，大大激励了投资者的情绪。 此时，回看新华保险在2025年内的涨幅，35.59%的涨幅，恰好于上半年的净利润增幅遥相呼应（下图）。 同时，伴随着新华保险半年报的公布，新华和国寿联合创设的千亿级险资私募鸿鹄基金的最新投资细节也被详细"披露"了 出来。 作为， 计划投资规模超1000亿的超级巨无霸，国内排名前五名的大型私募机构，鸿鹄一起已经挣了的良好回报，预计也会 激励保险业不断通过长期股票投资试点机制入场A股。 险资巨头的股市操盘细节，值得一看。 01 上半年怒挣148亿元 众所周知，新华保险的投资业务在内地险企中是有非常悠久的历史，且业绩弹性也一向非常充足。 而作为年内股价涨势"凶猛"的上市险企，新华保险的此份业绩中报可谓备受关注，其投资表现成为整个寿险行业的"风向 标"。 半年报显示： 新华保险上半年实现营业收入700.41亿元，同比增长25.99%；归母净利润147.99亿元，同比增长33.53%。 另外，新华保 ...