New China Life Insurance Company (601336) Q4 2024 earnings summary

Executive summary

• Gross written premiums increased by 2.8% year-over-year to RMB170.5 billion, with total assets up 20.6% to RMB1.69 trillion.

• Net profit attributable to shareholders surged 201.1% year-over-year to RMB26.2 billion, and new business value (NBV) more than doubled, up 106.8% to RMB6.25 billion.

• Comprehensive investment yield rose by 5.9 percentage points to 8.5%, reflecting improved investment performance.

• Embedded value (EV) grew 3.2% year-over-year to RMB258.4 billion, driven by strong NBV and investment gains.

Financial highlights

• FYRP from long-term insurance business increased 15.6% year-over-year to RMB27.2 billion.

• ROE improved by 17.94 percentage points to 25.88% in 2024.

• Total cash dividend distributed reached RMB7,893 million, with a final cash dividend per share of RMB1.99.

• Renewal premiums accounted for 75% of gross written premiums, supporting stable core business growth.

Outlook and guidance

• Plans to deepen "customer-centric" reform and transformation, enhance high-level and high-quality development, and implement innovation-driven strategies.

• Focus on expanding insurance service supply, optimizing regional development, and strengthening investment management.