New China Life Insurance Company (601336) Q2 2024 earnings summary

Executive summary

• Achieved strong growth in H1 2024: NBV up 57.7%, revenue up 13.6%, and net profit up 11.1% year-over-year.

• Investment assets exceeded RMB 1.44 trillion, with annualized total investment yield at 4.8% and comprehensive yield at 6.5%.

• Focused on high-quality development, digital transformation, and customer-centric service enhancements.

• Supported national strategies in inclusive finance, green finance, and rural revitalization, impacting millions.

• Embedded value grew to RMB 268.37 billion, up 7.1% from year-end 2023.

Financial highlights

• Net profit reached RMB 11.1 billion, up 11.1% year-over-year.

• Total investment income was RMB 31.6 billion, up 43.3%; comprehensive investment income was RMB 42.6 billion, up 51.8%.

• Interim cash dividend of RMB 0.54 per share proposed, totaling RMB 1.685 billion.

• Total assets reached RMB 1,494.68 billion, up 6.5% from year-end 2023.

• Basic and diluted EPS were both RMB 3.55, up 10.9% year-over-year.

Outlook and guidance

• Will deepen customer-centric, professional, and market-oriented transformation in the second half.

• Plans to launch multiple new products, enhance product innovation, and accelerate digital and service ecosystem upgrades.

• Committed to building a first-class comprehensive modern insurance company and strengthening risk management.