<p>新华保险股份有限公司 H 股（(HK:1336)）已召开第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
<h3>复活节促销 - 70% 折扣 TipRanks</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以便做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领导者的投资组合，使用智能投资者精选</li>
</ul>
<p>新华保险股份有限公司在最新的财报电话会议中传达了一个充满信心、以增长为导向的信息，背后是资产、保费、利润、内嵌价值和新业务价值的创纪录高位。管理层承认低利率、市场波动和更严格的监管带来的持续压力，但概述了明确的策略来管理偿付能力、保护利润率并维持增长势头。</p>
<h2>资产扩张和市场重新评级的记录</h2>
<p>总资产接近人民币 1.9 万亿元，同比增长 12.2%，凸显了公司的规模和资产负债表的实力。管理层还强调，总市值现已超过人民币 2000 亿元，股价录得双位数增长，表明投资者对公司转型的信心有所改善。</p>
<h2>保费增长和收入规模扩大</h2>
<p>公司报告的毛保费为人民币 1959 亿元，强劲增长 14.9%，显示出对保护和储蓄产品的坚实需求。营业收入达到人民币 1578 亿元，同比增长 19%，得益于新业务的强劲增长，FYRP 增长 36.7%，长期业务的首年保费激增 48.9%。</p>
<h2>盈利能力、内嵌价值和新业务价值激增</h2>
<p>净利润跃升至人民币 363 亿元，令人印象深刻的增长 38.3%，反映出强劲的承保和投资表现。内嵌价值增长 11.4% 至人民币 2878 亿元，而新业务价值激增 57.4% 至人民币 98 亿元，使新业务价值（NBV）利润率提升至 16.2%，标志着产品组合更健康和新销售经济状况改善。</p>
<h2>投资回报在行业中名列前茅</h2>
<p>总投资收入达到人民币 1043 亿元，约增长 31%，实现总投资收益率 6.6%，比去年增长 0.8 个百分点。管理层还提到调整后的投资回报约为 6.9%，使公司在行业中名列前茅，体现了多元化资产配置的回报。</p>
<h2>持续性改善和降低退保率</h2>
<p>保单质量指标显著增强，13 个月持续率提高至 97.1%，25 个月持续率上升至 93.3%，增加了 7.1 个百分点。同时，退保率降至仅 1.5%，支持更稳定的长期现金流，并增强公司新业务价值的可持续性。</p>
<h2>参与型产品转型的突破</h2>
<p>向参与型产品的转型获得了真正的动力，参与型首年保费在 2025 年达到人民币 119 亿元，几乎是去年水平的 12 倍。参与型产品在定期缴费业务中的比例持续季度上升，第四季度达到约 77%，标志着产品战略向更灵活的带利产品的结构性转变。</p>
<h2>银保渠道成为关键增长引擎</h2>
<p>银保渠道表现突出，银行首年保费攀升至人民币 379 亿元，增长约 52%，总银行保费达到人民币 721 亿元，增长 40%。来自银保的新业务价值大约增长 110% 至人民币 52.7 亿元，银行渠道对新业务价值的贡献超过传统个人代理渠道，重塑了公司的分销结构。</p>
<h2>服务、技术和 ESG 的进展</h2>
<p>管理层强调持续投资于服务和数字能力，指出其服务生态系统现已覆盖超过 400 万人，96% 的保单服务请求在一分钟内完成。公司正在推出 11 个 AI 大型模型代理和数字人使者，同时继续扩大绿色金融投资，总额约为人民币 751 亿元，并获得了杰出 ESG 案例奖。</p>
<h2>低利率环境下的偿付能力管理</h2>
<p>尽管综合偿付能力充足率仍安全地高于 200%，但公司面临来自持续低长期国债收益率的结构性压力，这些收益率用于监管计算。管理层概述了一套工具，包括更强的内部资本生成、潜在的外部资本补充和更精确的资产配置优化，以保持偿付能力的稳健而不牺牲增长。</p>
<h2>参与型转型带来的新业务价值利润率风险</h2>
<p>向参与型产品的战略转型存在压缩新业务价值利润率的风险，因为此类产品通常与传统的保证储蓄产品具有不同的利润特征。管理层承认这种潜在的拖累，但强调通过严格的产品设计、谨慎定价和积极管理参与型业务来平衡量的增长与价值的保护。</p>
<h2>对利率和股市波动的暴露</h2>
<p>公司仍然面临利率和股市的短期波动，尤其是在增加对股票和其他主动资产类别的配置以提高回报时。管理层对中长期前景表示信心，并强调严格的资产负债匹配和多元化投资组合是管理更高敏感度的关键工具，这种敏感度伴随着更多面向市场的投资。</p>
<h2>2026 年增长的高基数效应</h2>
<p>在 2024 年至 2025 年期间，公司在大多数指标上实现了高单位数到双位数的增长，预计由于基数的提高，2026 年的头条百分比增长将更难以维持。因此，管理层引导投资者关注增长的质量和价值，而不仅仅是追求数量，标志着在强劲的追赶阶段后采取更为严谨的扩张策略。</p>
<h2>监管收紧与消费者保护</h2>
<p>运营环境正受到政策一致性、银行保险实践和产品标准等更严格规则的重塑，特别强调消费者保护。管理层指出，这些变化将增加合规要求，并可能限制某些激进的销售或产品策略，但他们也看到这些变化与公司推动更高质量、更透明业务的方向一致。</p>
<h2>管理再投资和利差风险</h2>
<p>历史上，公司在低利率时代面临负利差和再投资风险，这些仍然是重要的关注领域。为了减轻这些风险，新中国人寿正更多地投资于其他综合收益投资、私募股权和股票等替代资产，并通过结构化投资组合来减少久期错配，平滑未来的再投资需求。</p>
<h2>指导：2026 年稳健、高质量增长</h2>
<p>对于 2026 年，管理层的目标是基于 2025 年大约 1.9 万亿人民币资产、1959 亿人民币保费、2878 亿人民币的企业价值和 363 亿人民币净利润的强劲基线，实现稳健、高质量的增长。战略优先事项包括扩大参与型终身险、年金和健康产品，加深银行保险和互联网渠道，收紧资产负债匹配，保持资本充足性，并加速人工智能驱动的生产力提升，同时保持服务标准和持续性高。</p>
<p>新中国人寿的财报电话会议描绘了一家保险公司在重新回到增长和价值创造轨道上果断前行的图景，同时对未来的宏观、监管和产品组合风险保持透明。对于投资者而言，强劲的当前指标、严谨的资本和风险管理，以及围绕参与型产品和银行保险的清晰战略的结合，提供了一个引人注目的——但并非无风险的——长期故事。</p>

新华保险

<p>新华保险（New China Life Insurance Co., Ltd.）在其第四季度财报电话会议中报告了强劲的增长，强调资产、保费和利润创下历史新高。总资产达到人民币 1.9 万亿元，毛保费增长 14.9%，达到人民币 1959 亿元。净利润激增 38.3%，达到人民币 363 亿元，而投资收入增长 31%。公司正向参与型产品转型，并在银行保险渠道上实现了显著增长。管理层仍然专注于在低利率和市场波动中保持偿付能力，并制定了管理风险和维持增长的策略</p>

<p>New China Life Insurance Co., Ltd. Class H ((HK:1336)) has held its Q4 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>新华保险股份有限公司 H 股（(HK:1336)）已召开第四季度财报电话会议。请继续阅读会议的主要亮点。</p>
</div><h3>Easter Sale - 70% Off TipRanks</h3>
<div class="lb-trans"><h3>复活节促销 - 70% 折扣 TipRanks</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
</ul>
<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以便做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领导者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>New China Life Insurance Co., Ltd. used its latest earnings call to deliver a confident, growth-focused message underpinned by record highs in assets, premiums, profits, embedded value and new business value. Management acknowledged ongoing headwinds from low interest rates, market volatility and tighter regulation, but outlined clear strategies to manage solvency, protect margins and sustain momentum.</p>
<div class="lb-trans"><p>新华保险股份有限公司在最新的财报电话会议中传达了一个充满信心、以增长为导向的信息，背后是资产、保费、利润、内嵌价值和新业务价值的创纪录高位。管理层承认低利率、市场波动和更严格的监管带来的持续压力，但概述了明确的策略来管理偿付能力、保护利润率并维持增长势头。</p>
</div><h2>Record Asset Expansion and Market Re‑Rating</h2>
<div class="lb-trans"><h2>资产扩张和市场重新评级的记录</h2>
</div><p>Total assets climbed close to RMB 1.9 trillion, up 12.2% year on year, underscoring the company’s growing scale and balance-sheet strength. Management also highlighted that total market value has now exceeded RMB 200 billion and that the share price has recorded double‑digit gains, suggesting improved investor confidence in the turnaround.</p>
<div class="lb-trans"><p>总资产接近人民币 1.9 万亿元，同比增长 12.2%，凸显了公司的规模和资产负债表的实力。管理层还强调，总市值现已超过人民币 2000 亿元，股价录得双位数增长，表明投资者对公司转型的信心有所改善。</p>
</div><h2>Premium Growth and Revenue Scale-Up</h2>
<div class="lb-trans"><h2>保费增长和收入规模扩大</h2>
</div><p>The company reported gross written premiums of RMB 195.9 billion, a robust 14.9% increase that points to solid underlying demand for protection and savings products. Operating revenue reached RMB 157.8 billion, up 19% year on year, supported by strong gains in new production as FYRP grew 36.7% and first-year premiums from long-term business surged 48.9%.</p>
<div class="lb-trans"><p>公司报告的毛保费为人民币 1959 亿元，强劲增长 14.9%，显示出对保护和储蓄产品的坚实需求。营业收入达到人民币 1578 亿元，同比增长 19%，得益于新业务的强劲增长，FYRP 增长 36.7%，长期业务的首年保费激增 48.9%。</p>
</div><h2>Profitability, Embedded Value and NBV Surge</h2>
<div class="lb-trans"><h2>盈利能力、内嵌价值和新业务价值激增</h2>
</div><p>Net profit jumped to RMB 36.3 billion, an impressive 38.3% rise that reflects both strong underwriting and investment performance. Embedded value rose 11.4% to RMB 287.8 billion while new business value soared 57.4% to RMB 9.8 billion, lifting the NBV margin to 16.2% and signaling healthier product mix and improved economics of new sales.</p>
<div class="lb-trans"><p>净利润跃升至人民币 363 亿元，令人印象深刻的增长 38.3%，反映出强劲的承保和投资表现。内嵌价值增长 11.4% 至人民币 2878 亿元，而新业务价值激增 57.4% 至人民币 98 亿元，使新业务价值（NBV）利润率提升至 16.2%，标志着产品组合更健康和新销售经济状况改善。</p>
</div><h2>Investment Returns Among Industry Leaders</h2>
<div class="lb-trans"><h2>投资回报在行业中名列前茅</h2>
</div><p>Total investment income reached RMB 104.3 billion, representing roughly 31% growth and delivering a total investment yield of 6.6%, up 0.8 percentage points from the prior year. Management also cited an adjusted investment return of about 6.9%, placing the company among the top performers in the sector and illustrating the payoff from diversified asset allocation.</p>
<div class="lb-trans"><p>总投资收入达到人民币 1043 亿元，约增长 31%，实现总投资收益率 6.6%，比去年增长 0.8 个百分点。管理层还提到调整后的投资回报约为 6.9%，使公司在行业中名列前茅，体现了多元化资产配置的回报。</p>
</div><h2>Improved Persistency and Lower Surrenders</h2>
<div class="lb-trans"><h2>持续性改善和降低退保率</h2>
</div><p>Policy quality indicators strengthened meaningfully, with the 13‑month persistency ratio improving to 97.1% and the 25‑month ratio climbing to 93.3%, a 7.1 percentage-point increase. At the same time the surrender rate dropped to just 1.5%, supporting more stable long-term cash flows and enhancing the sustainability of the company’s new business value.</p>
<div class="lb-trans"><p>保单质量指标显著增强，13 个月持续率提高至 97.1%，25 个月持续率上升至 93.3%，增加了 7.1 个百分点。同时，退保率降至仅 1.5%，支持更稳定的长期现金流，并增强公司新业务价值的可持续性。</p>
</div><h2>Breakthrough in Participating Product Transition</h2>
<div class="lb-trans"><h2>参与型产品转型的突破</h2>
</div><p>The pivot toward participating products gathered real momentum, with participating first-year premiums reaching RMB 11.9 billion in 2025, nearly 12 times last year’s level. The share of par products in regular-pay business continued to rise quarter by quarter and reached around 77% in the fourth quarter, marking a structural shift in product strategy toward more flexible, with-profits offerings.</p>
<div class="lb-trans"><p>向参与型产品的转型获得了真正的动力，参与型首年保费在 2025 年达到人民币 119 亿元，几乎是去年水平的 12 倍。参与型产品在定期缴费业务中的比例持续季度上升，第四季度达到约 77%，标志着产品战略向更灵活的带利产品的结构性转变。</p>
</div><h2>Bancassurance Emerges as Key Growth Engine</h2>
<div class="lb-trans"><h2>银保渠道成为关键增长引擎</h2>
</div><p>The bancassurance channel delivered standout results as first-year premiums through banks climbed to RMB 37.9 billion, up about 52%, and total bank premiums hit RMB 72.1 billion, a 40% increase. New business value from bancassurance jumped roughly 110% to RMB 5.27 billion, and the bank channel’s contribution to NBV surpassed that of the traditional individual agent channel, reshaping the company’s distribution mix.</p>
<div class="lb-trans"><p>银保渠道表现突出，银行首年保费攀升至人民币 379 亿元，增长约 52%，总银行保费达到人民币 721 亿元，增长 40%。来自银保的新业务价值大约增长 110% 至人民币 52.7 亿元，银行渠道对新业务价值的贡献超过传统个人代理渠道，重塑了公司的分销结构。</p>
</div><h2>Advances in Service, Technology and ESG</h2>
<div class="lb-trans"><h2>服务、技术和 ESG 的进展</h2>
</div><p>Management emphasized ongoing investment in service and digital capabilities, noting that its service ecosystem now covers more than four million individuals and that 96% of policy service requests are completed within one minute. The company is rolling out 11 AI large‑model agents and digital human ambassadors while continuing to expand green finance investments, which total about RMB 75.1 billion, and has been recognized with an outstanding ESG case award.</p>
<div class="lb-trans"><p>管理层强调持续投资于服务和数字能力，指出其服务生态系统现已覆盖超过 400 万人，96% 的保单服务请求在一分钟内完成。公司正在推出 11 个 AI 大型模型代理和数字人使者，同时继续扩大绿色金融投资，总额约为人民币 751 亿元，并获得了杰出 ESG 案例奖。</p>
</div><h2>Solvency Management in a Low-Rate Environment</h2>
<div class="lb-trans"><h2>低利率环境下的偿付能力管理</h2>
</div><p>While the comprehensive solvency margin ratio remains safely above 200%, the company faces structural pressure from persistently low long-term government bond yields used in regulatory calculations. Management outlined a toolkit that includes stronger internal capital generation, potential external capital replenishment and more precise asset-allocation optimization to keep solvency robust without sacrificing growth.</p>
<div class="lb-trans"><p>尽管综合偿付能力充足率仍安全地高于 200%，但公司面临来自持续低长期国债收益率的结构性压力，这些收益率用于监管计算。管理层概述了一套工具，包括更强的内部资本生成、潜在的外部资本补充和更精确的资产配置优化，以保持偿付能力的稳健而不牺牲增长。</p>
</div><h2>NBV Margin Risks from Participating Shift</h2>
<div class="lb-trans"><h2>参与型转型带来的新业务价值利润率风险</h2>
</div><p>The strategic move toward participating products carries the risk of compressing NBV margins because such products typically have different profit profiles compared with traditional guaranteed savings. Management acknowledged this potential drag but stressed ongoing mitigation efforts through disciplined product design, careful pricing and active management of the participating business to balance volume growth with value preservation.</p>
<div class="lb-trans"><p>向参与型产品的战略转型存在压缩新业务价值利润率的风险，因为此类产品通常与传统的保证储蓄产品具有不同的利润特征。管理层承认这种潜在的拖累，但强调通过严格的产品设计、谨慎定价和积极管理参与型业务来平衡量的增长与价值的保护。</p>
</div><h2>Exposure to Interest-Rate and Equity Volatility</h2>
<div class="lb-trans"><h2>对利率和股市波动的暴露</h2>
</div><p>The company remains exposed to short-term swings in interest rates and equity markets, especially as it increases allocations to equities and other active asset classes to enhance returns. Management voiced confidence in the medium- to long-term outlook and highlighted rigorous asset-liability matching and diversified portfolios as key tools to manage the higher sensitivity that comes with more market-facing investments.</p>
<div class="lb-trans"><p>公司仍然面临利率和股市的短期波动，尤其是在增加对股票和其他主动资产类别的配置以提高回报时。管理层对中长期前景表示信心，并强调严格的资产负债匹配和多元化投资组合是管理更高敏感度的关键工具，这种敏感度伴随着更多面向市场的投资。</p>
</div><h2>High Base Effects for 2026 Growth</h2>
<div class="lb-trans"><h2>2026 年增长的高基数效应</h2>
</div><p>After achieving high single- to double-digit increases across most indicators in 2024–2025, the company expects the elevated base to make headline percentage growth harder to sustain in 2026. As a result, management is guiding investors to focus on the quality and value of growth rather than simply chasing volume, signaling a more disciplined approach to expansion after a strong catch-up phase.</p>
<div class="lb-trans"><p>在 2024 年至 2025 年期间，公司在大多数指标上实现了高单位数到双位数的增长，预计由于基数的提高，2026 年的头条百分比增长将更难以维持。因此，管理层引导投资者关注增长的质量和价值，而不仅仅是追求数量，标志着在强劲的追赶阶段后采取更为严谨的扩张策略。</p>
</div><h2>Regulatory Tightening and Consumer Protection</h2>
<div class="lb-trans"><h2>监管收紧与消费者保护</h2>
</div><p>The operating environment is being reshaped by stricter rules around policy consistency, bancassurance practices and product standards, with a particular emphasis on consumer protection. Management noted that these changes will increase compliance demands and may limit certain aggressive sales or product strategies, but they also see alignment with the company’s push for higher-quality, more transparent business.</p>
<div class="lb-trans"><p>运营环境正受到政策一致性、银行保险实践和产品标准等更严格规则的重塑，特别强调消费者保护。管理层指出，这些变化将增加合规要求，并可能限制某些激进的销售或产品策略，但他们也看到这些变化与公司推动更高质量、更透明业务的方向一致。</p>
</div><h2>Managing Reinvestment and Spread Risks</h2>
<div class="lb-trans"><h2>管理再投资和利差风险</h2>
</div><p>Historically the company has faced negative interest spread and reinvestment risks in the low-rate era, and these remain important areas of focus. To mitigate them, New China Life is diversifying more into alternative assets such as other comprehensive income investments, private equity and equities, and is structuring portfolios to reduce duration mismatches and smooth future reinvestment needs.</p>
<div class="lb-trans"><p>历史上，公司在低利率时代面临负利差和再投资风险，这些仍然是重要的关注领域。为了减轻这些风险，新中国人寿正更多地投资于其他综合收益投资、私募股权和股票等替代资产，并通过结构化投资组合来减少久期错配，平滑未来的再投资需求。</p>
</div><h2>Guidance: Steady, High-Quality Growth in 2026</h2>
<div class="lb-trans"><h2>指导：2026 年稳健、高质量增长</h2>
</div><p>For 2026 management is targeting steady, high-quality growth built on the strong 2025 baseline of roughly RMB 1.9 trillion in assets, RMB 195.9 billion in premiums, RMB 287.8 billion in EV and RMB 36.3 billion in net profit. Strategic priorities include scaling participating whole‑life, annuity and health products, deepening bancassurance and Internet channels, tightening asset‑liability matching, maintaining capital adequacy and accelerating AI‑driven productivity gains while keeping service standards and persistency high.</p>
<div class="lb-trans"><p>对于 2026 年，管理层的目标是基于 2025 年大约 1.9 万亿人民币资产、1959 亿人民币保费、2878 亿人民币的企业价值和 363 亿人民币净利润的强劲基线，实现稳健、高质量的增长。战略优先事项包括扩大参与型终身险、年金和健康产品，加深银行保险和互联网渠道，收紧资产负债匹配，保持资本充足性，并加速人工智能驱动的生产力提升，同时保持服务标准和持续性高。</p>
</div><p>New China Life’s earnings call painted the picture of an insurer that has moved decisively back onto a growth and value-creation track while remaining transparent about the macro, regulatory and product-mix risks ahead. For investors, the combination of strong current metrics, disciplined capital and risk management, and a clear strategy around par products and bancassurance offers a compelling—but not risk-free—long-term story.</p>
<div class="lb-trans"><p>新中国人寿的财报电话会议描绘了一家保险公司在重新回到增长和价值创造轨道上果断前行的图景，同时对未来的宏观、监管和产品组合风险保持透明。对于投资者而言，强劲的当前指标、严谨的资本和风险管理，以及围绕参与型产品和银行保险的清晰战略的结合，提供了一个引人注目的——但并非无风险的——长期故事。</p>
</div>

新华保险在财报电话会议中传递出强劲的业绩转机信号