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长江证券:新华保险新业务价值实现高增,分红大幅增长

Changjiang Securities: New China Life Insurance achieves high growth in new business value, with a significant increase in dividends.

Breakings ·  Apr 1 07:44

Changjiang Securities' research report pointed out that New China Life Insurance (601336.SH) achieved a net income of 26.23 billion yuan in 2024, a year-on-year increase of 201.1%; new business value reached 6.25 billion yuan, a year-on-year increase of 106.8%. According to the 2024 profit distribution plan, considering the mid-term distributed dividends, New China plans to distribute a dividend of 2.53 yuan per share to all shareholders, a substantial increase of 197.6% year-on-year, corresponding to a dividend rate of 30.1%, leading the industry growth. Specifically, the investment performance has significantly improved, with the company's total investment return rate at 5.8%, performing well both horizontally and vertically; the comprehensive investment return rate has increased significantly to 8.5%, performing relatively well. The company has active management, and under the requirements of switching pricing rates and integrated reporting, the quality of business continues to improve, with a new business value rate of 14.6%, an increase of 7.9 percentage points compared to 2023, driving new business value growth to lead the industry. As a pure life insurance company, New China holds the highest equity position, with sensitivity and elasticity leading the life insurance sector, recommended as a quality beta asset allocation; while on the liability side, considering the base and development space, it is expected that future premiums and value performance will relatively improve.

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