New China Life Insurance Company (601336) Q4 2023 earnings summary

Executive summary

• FY2023 premiums rose 1.7% YoY to RMB165.9bn; NBV was RMB3.024bn under revised valuation assumptions, or RMB3.999bn on a like-for-like basis, up 65.1%.

• Investment assets increased 15.4% to RMB1,336.1bn; total investment yield was 1.8% and net investment yield 3.4%.

Financial highlights

• Total premiums were RMB165.9bn, up 1.7% YoY; renewal premiums rose 1.3% to RMB121.3bn and long-term insurance FYP rose 5.4% to RMB40.9bn.

• Like-for-like NBV reached RMB3.999bn, up 65.1% YoY; reported 2023 NBV was RMB3.024bn under the revised valuation assumptions.

• Individual long-term insurance FYP rose 9.7% to RMB11.7bn; individual renewal premiums were RMB102.5bn.

Outlook and guidance

• Strategic priorities include customer-centered insurance supply, structural optimization, stronger asset-liability management, improved service quality and high-performing teams.

• Development aims include building a professional, market-oriented, modern and international insurance business, while strengthening branch offices, training and service systems.