New China Insurance's total investment yield in the first half of the year was 4.2%

time:2022-12-02 12:16:47 source:clevelanddrifters.com author:Individual stock analysis
New China Insurance's total investment yield in the first half of the year was 4.2%

New China Insurance (601336) realized a net profit of 5.187 billion yuan attributable to shareholders of the parent company in the first half of the year, down 50.8% year-on-year. Previously, the company has made a pre-reduction announcement on the decline in profit. It said that the main reason for the decline in profits was that, due to the high base of total profits in the same period last year, the current period was affected by the downturn in the capital market, and investment income decreased year-on-year. In the first half of last year, New China Insurance's net profit attributable to its parent increased by nearly 30% year-on-year, reaching 10.546 billion yuan. In the first half of this year, New China Insurance achieved a total investment income of 22.63 billion yuan, a year-on-year decrease of over 8 billion, and the annualized total investment yield was 4.2%, a year-on-year decrease of 2.3 percentage points. However, the total investment yield of New China Insurance in the first half of the year was still more than 0.5 percentage points higher than the overall rate of return of insurance capital of 3.66%. In the first half of the year, the company achieved a net investment income of nearly 24.9 billion yuan, a year-on-year increase of 16.4%, and an annualized net investment yield of 4.7%, a year-on-year increase of 0.2 percentage points. As of June 30, the investment assets of New China Insurance reached 1.14 trillion yuan, an increase of 5.3% over the end of the previous year. The company stated that in the first half of the year, in the face of severe challenges in the domestic capital market, the company’s asset allocation in major categories remained basically stable, actively allocated long-term assets under the guidance of strategic asset allocation, lengthened the asset-end duration, and flexibly carried out tactical asset allocation. , and actively seize market opportunities. New China Insurance stated that in the first half of the year, it maintained its strategic focus, deepened the "return to the origin", took multiple measures to promote high-quality development, and achieved "stable progress" in the overall operation. In the first half of the year, the company achieved a premium income of about 102.6 billion yuan, a year-on-year increase of 2.0%, and exceeded the 100 billion platform in the first half of the year for two consecutive years. In the first half of the year, the value of new business was 2.112 billion yuan, a year-on-year decrease of 48.4%. Among them, the premium income of the individual insurance channel was 69.552 billion yuan, a year-on-year decrease of 0.5%. The company actively explores the transformation of the marketing team, continues to carry out manpower clearance, and focuses on the development of high-performing manpower. As of June 30, the manpower of individual insurance agents was 318,000, the monthly average qualified manpower was 61,000, and the average monthly per capita comprehensive production capacity was 3,840 yuan, a year-on-year increase of 23.7%. The company's bancassurance channel strengthened cooperation with key channels, and various businesses maintained steady growth. In the first half of the year, the premium income was 31.195 billion yuan, a year-on-year increase of 7.8%. As of the end of June, the total assets of New China Insurance were 1.18 trillion yuan, an increase of 5.4% over the end of the previous year; the embedded value was about 258.9 billion yuan, a slight increase over the end of the previous year. New China Insurance believes that at present, the life insurance industry is still in the process of staged business bottom-up and in-depth transformation and adjustment, the business growth logic has changed, the pace of "customer-centric" transformation has been accelerated, and efforts have been made to shift from "homogenization" to "differentiation". Capability building and specialized division of labor and coordination”, the industry pattern shows the remarkable characteristics of fragmentation, cross-border participation and extensive cooperation. The "return" and "differentiation", "innovation" and "reform" of products and services have become the path choices for the reconstruction of the market value system. It said that 2022 is the first year for the official implementation of the 14th Five-Year Plan of New China Insurance. In the second half of the year, the company will continue to promote the high-quality transformation and development of the company in accordance with the business orientation of "stable scale and outstanding value".

(Responsible editor:Aviation stock)