New China Life Insurance Co., Ltd. Class A · SSE:601336
New China Life Insurance Co., Ltd. Class A — FY2023 Earnings Presentation
25 slides from New China Life Insurance Co., Ltd. Class A's earnings presentation, Mar 27, 2024
Slide 1: Overseas Regulatory Announcement
Hong Kong Exchanges and Clearing Limited and The Stock Exchange of Hong Kong Limited take no responsibility for the contents of this announcement, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in relia
Slide 2: 2023 Annual Results Announcement
NEW CHINA LIFE 2023 Annual Results Announcement 28 March 2024 Beijing, China
Slide 3: Disclaimer
Disclaimer These materials are for information purposes only and do not constitute or form part of an offer or invitation to sell or issue or the solicitation of an offer or invitation to buy or subscribe for securities of New China Life Insurance Company Ltd. (the "Company”) or any of its holding
Slide 4: Contents: Reform & Development
Reform & Development CONTENTS Value Growth Future Prospect This document is for specific use only; the "Disclaimer" is an integral part of this document. 2
Slide 5: Intensify Top-level Design, Highlight High-quality Development
Reform & Intensify Top-level Design, Development Highlight High-quality Development NCI initiated professional and market-oriented reform, and explored models of high-quality development on the path of financial development with Chinese characteristics. Define Development Position Improve Systems an
Slide 6: Support Real Economy, Serve National Strategies
Reform & Support Real Economy, Development Serve National Strategies NCI actively served national development strategies with focus on five major areas: technology finance, green finance, inclusive finance, pension finance and digital finance. Invested RMB920 billion Invested RMB240 billion Invested
Slide 7: Fulfill Social Responsibilities of A State-controlled Enterprise
Reform & Fulfill Social Responsibilities Development of A State-controlled Enterprise NCI supported rural revitalization and built a unique public welfare model of “insurance products + public welfare platforms + volunteer services” to fulfill social responsibilities. Rural Charitable Public Welfare
Slide 8: Take A Customer-centered Approach, Improve Customer Service
Reform & Take A Customer-centered Approach, Development Improve Customer Service Staying committed to “people-oriented” finance, NCI proactively fulfilled insurance responsibilities, and provided comprehensive products and service for 31.986 million individual and 83,000 institutional customers. Sci
Slide 9: Build up Brand Power, Manifest Brand Value
Reform & Build up Brand Power, Development Manifest Brand Value Moody’s Ratings Fitch Ratings Fortune Insurer Financial Strength (IFS) Insurer Financial Strength (IFS) Ranking 478 in Fortune 500 Rating at “A2” Rating at “A” (Strong) Basic Credit Assessment (BCA) Rating at “A3” Forbes Financial News
Slide 10: Contents: Value Growth
Reform & Development CONTENTS Value Growth Future Prospect This document is for specific use only; the "Disclaimer" is an integral part of this document. 8
Slide 11: NBV Grew Greatly
Value Growth NBV Grew Greatly Unit: RMB in millions NBV Margin FYP Used to Calculate NBV NBV (like-for-like basis) (like-for-like basis) +2.5% +65.1% NBV Margin (FYP) NBV Margin (APE) 3,999 13.7% 43,838 44,941 10.0% 2,423 8.9% 5.5% 2022 2022 2023 2022 2023 2023 Notes: 1. The Company prudently lowere
Slide 12: Premiums Increased Steadily
Value Growth Premiums Increased Steadily Unit: RMB in millions Core business grew stably. Renewal premiums remained a solid contributor. +1.7% 163,099 165,903 +5.4% 38,805 40,900 4,557 3,733 24.7% 2.3% +1.3% 119,737 121,270 73.1% 2022 2023 FYP from long-term Premiums from short- Renewal premiums ins
Slide 13: Term Structure Improved
Value Growth Term Structure Improved Unit: RMB in millions Regular Premiums with Payment FYRP to FYP Ratio Increased Periods of 10-year or More Grew +11.6pt 35,000 70.0% 57.6% 12.7% 30,000 46.0% 50.0% 25,000 23,538 30.0% 2,888 20,000 17,861 10.0% 2,563 15,000 +31.8% -10.0% 10,000 -30.0% 5,000 0 -50.
Slide 14: Core Business of Individual Insurance Grew Steadily
Value Growth Core Business of Individual Insurance Grew Steadily Unit: RMB in millions FYP from Long-term Insurance Business Renewal Premiums +9.7% 11,707 10,672 103,836 102,469 649 598 Regular +9.8% 11,058 10,074 Single 2022 2023 2022 2023 This document is for specific use only; the "Disclaimer" is
Slide 15: High Performing Agents Contributed to Productivity Improvement
High Performing Agents Contributed to Value Growth Productivity Improvement Monthly Average Comprehensive Monthly Average Qualified Rate Productivity Per Capita（RMB） +0.8pt +94.4% 6,294 15.8% 15.0% 3,237 2022 2023 2022 2023 This document is for specific use only; the "Disclaimer" is an integral part
Slide 16: Bancassurance Channel Highlighted
Bancassurance Channel Highlighted Value Growth Competitive Advantages Unit: RMB in millions FYRP from Long-term Insurance Business Renewal Premiums +60.5% +18.1% 12,437 18,736 15,867 7,748 2022 2023 2022 2023 This document is for specific use only; the "Disclaimer" is an integral part of this docume
Slide 17: Build a New Ecosystem for Banking and Insurance Cooperation
Build a New Ecosystem for Banking and Value Growth Insurance Cooperation Optimize Channel Layout +15.2pt Stabilize cooperation, strengthen key breakthroughs and achieve rapid growth in important bank partners. 42.8% Focus on Regular Premium Business Optimize product supply, increase regular premium
Slide 18: Business Quality Improved Prominently
Value Growth Business Quality Improved Prominently 13-month Persistency Ratio 25-month Persistency Ratio +7.2pt +1.2pt 89.8% 82.6% 77.2% 78.4% 2022 2023 2022 2023 This document is for specific use only; the "Disclaimer" is an integral part of this document. 16
Slide 19: Investment Assets Grew Steadily
Value Growth Investment Assets Grew Steadily Unit: RMB in millions Investment Assets Investment Yield +15.4% Total Investment Yield 1.8% Net Investment Yield 3.4% 1,336,092 1,157,622 10% Key Index Performance 0% -4.5% -10% -11.7% -15.4% -20% Dec. 31, 2022 Dec. 31, 2023 2023 CSI 300 SSE Index Hang Sa
Slide 20: Well-managed Investment Portfolios
Value Growth Well-managed Investment Portfolios Type Controllable Credit Risk Investment assets 100% 100% Cash and cash equivalents 1.7% 1.5% • Implement a strict internal Term deposits 19.2% 19.7% credit and credit rating system Financial investments for counterparties Bonds 50.4% 41.6% Trust produ
Slide 21: Non-standard Assets with High Quality and Low Risk
Non-standard Assets with High Quality Value Growth and Low Risk Non-standard assets accounted for Existing non-standard assets1 with 11.7% of the total investment assets AAA ratings accounted for 98.6% Decreasing by 6.7pt The overall credit risk was limited Unit: RMB in millions Proportion change co
Slide 22: Solvency Capabilities Lay A Solid Foundation for Sound Development
Value Growth Solvency Capabilities Lay A Solid Foundation for Sound Development Core Solvency Margin Ratio Comprehensive Solvency Margin Ratio +16.48pt +40.23pt 278.43% 238.20% 157.01% 140.53% Regulatory bottom line requirement 100% Regulatory bottom line requirement 50% Dec. 31, 2022 Dec. 31, 2023
Slide 23: Contents: Future Prospect
Reform & Development CONTENTS Value Growth Future Prospect This document is for specific use only; the "Disclaimer" is an integral part of this document. 21
Slide 24: High-quality Development Led by Learning-oriented and Service-empowered Organization
High-quality Development Led by Learning- Future Prospect oriented and Service-empowered Organization Build a world-leading insurance company that is professional, market-oriented, modern and international. Strengthen Strategy Enhance Development Upgrade Service System Cultivate Brand Culture and Ad
Slide 25: Q&A Session
fib BR © NCI Q&A Session
New China Life Insurance Company — FY2023 Earnings Presentation on 6ix