NCI(601336) 每日经济新闻·2025-03-28 15:11Core Viewpoint - In 2024, Xinhua Insurance achieved a record net profit of 26.229 billion yuan, marking a year-on-year increase of 201.1%, driven by a comprehensive development strategy and confidence in the Chinese economy [1][2] Financial Performance - Xinhua Insurance reported total premium income of 170.511 billion yuan, a 2.8% increase year-on-year, and a new business value of 6.253 billion yuan, up 106.8% [1] - The first-year premium value rate improved to 14.6%, an increase of 7.9 percentage points from 6.7% in 2023 [1] - The company’s investment scale exceeded 1.6 trillion yuan, growing by 21%, with total investment returns at 5.8% and comprehensive investment returns at 8.5%, both showing significant year-on-year growth [2] Strategic Focus - The company is prioritizing the transformation towards participating insurance products, aiming for at least 30% of new contracts to be in this category by 2025 [1][2] - Xinhua Insurance is balancing traditional and floating yield products to mitigate interest rate risk, focusing on products that require less reliance on interest rate spreads [2] - The company is enhancing its sales force's skills to ensure alignment with customer needs during the transition to participating insurance [3] Distribution Channels - The bancassurance channel contributed over 65% to the company's value, with a 12% year-on-year growth in premium income [4] - The company is committed to maintaining a stable and sustainable approach to its bancassurance channel, focusing on both scale and value [4] Investment Strategy - Xinhua Insurance has actively engaged in strategic investments, including acquiring stakes in various companies, which has positively impacted its investment operations [4][5] - The company emphasizes long-term and value-based investment strategies, aiming to enhance asset-liability management and ensure precise investment actions [5][6] - The 500 billion yuan pilot fund initiated with China Life has shown positive financial performance, enhancing capital efficiency and supporting the capital market [5][6]