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

Executive summary

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

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

• Supported national strategies, including inclusive finance, green finance, rural revitalization, and public welfare initiatives.

• 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.

• Revenue increased by 13.6% year-over-year to RMB 55.59 billion.

• NBV rose to RMB 3.9 billion, up 57.7% year-over-year; NBV margin based on first-year premium was 18.8%, up 12 percentage points.

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

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

Outlook and guidance

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

• Plans to enhance product competitiveness, launch new products, and further optimize training and team professionalism.

• Focus remains on high-quality growth, risk management, and strengthening core competitiveness amid a complex macro and industry environment.