Goldman Sachs research reports pointed out that in the first half of 2024, new china life insurance (01336) had a 15% allocation of equities and equity funds in its investment assets, at the high end of its strategic asset allocation range. Although the new fund's yield and the possible pressure on net investment yield from existing high-yield assets reaching maturity, the company has increased the allocation of assets recognizing fair value into other comprehensive income assets and gradually reduced the proportion of amortised cost assets. The bank believes that the new china life insurance liability term is approximately 14 years, while the investment asset term is around 8 years, and the company has taken measures to prevent further widening of the term mismatch.

In terms of sales outlook, new china life insurance expects traditional whole life products to remain its flagship products in 2025, while the company will strive to improve the proportion of dividend products and health insurance products. The downward trend in agent numbers narrowed in the second half of 2024, with expectations of stabilization in 2025. In the bancassurance channel, new china life insurance will focus on providing customized support to different banks to achieve growth.

The report also mentioned that new china life insurance has not yet made a decision on the dividend policy for 2024, emphasizing the need to provide investors with stable returns while balancing solvency and regulatory requirements. The bank has set its target price at HK$22 / RMB 25.5, corresponding to 0.6 times and 0.8 times the 2025 expected price-to-book ratio. Rated as "neutral".