New China Life Insurance Co., Ltd. Class A · SSE:601336
New China Life Insurance Co., Ltd. Class A — FY2021 Earnings Presentation
27 slides from New China Life Insurance Co., Ltd. Class A's earnings presentation, Mar 29, 2022
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: 2021 Annual Results Announcement
NEW CHINA LIFE 2021 Annual Results Announcement 30 March 2022 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
CONTENTS Unit: RMB in millions OVERVIEW & LI Quan INSURANCE BUSINESS CEO & President FINANCIALS & YANG Zheng INVESTMENT Vice President & CFO GONG Xingfeng EMBEDDED VALUE Vice President, Chief Actuary & Board Secretary This document is for specific use only; the "Disclaimer" is an integral part of th
Slide 5: Overview
INSURANCE FINANCIALS & EMBEDDED OVERVIEW BUSINESS Unit: RMB INVESTMENT in millions VALUE OVERVIEW LI Quan This document is for specific use only; the "Disclaimer" is an integral part of this document. 3 This document is for specific use only; the "Disclaimer" is an integral part of this document.
Slide 6: Overview Business Performance
OVERVIEW Business Performance Unit: RMB in millions GWP rose Core business increased Embedded value grew Gross written 163,470 FYRP from long-term 21,764 Embedded 258,824 premiums value +2.5% insurance business +4.0% +7.6% Total assets increased Net profit stabilized Investment yield improved Total
Slide 7: Environmental & Social Responsibility
ENVIRONMENTAL & OVERVIEW SOCIAL RESPONSIBILITY National Strategy Social Responsibility Sustainable Development ◎ Devoted into social & national ◎ Rural Revitalization ◎ Green operation system development • invested a total of RMB9.7 million in Guizhou • practicing austerity and opposing waste， • inv
Slide 8: Future Prospect
OVERVIEW Future Prospect Volume-oriented Marketing-leading Agent-driven Trend of Industry Value & Marketing & Agent & Volume oriented Service-leading Technology-driven Develop- Old-age care & Life insurance Wealth management ment healthcare as the core Strategy Technological empowerment Professional
Slide 9: Insurance Business
INSURANCE FINANCIALS & EMBEDDED OVERVIEW BUSINESS INVESTMENTUnit: RMB in millions VALUE INSURANCE BUSINESS LI Quan This document is for specific use only; the "Disclaimer" is an integral part of this document. 7 This document is for specific use only; the "Disclaimer" is an integral part of this doc
Slide 10: Gross Written Premiums & Breakdown
INSURANCE Gross Written Premiums BUSINESS & Breakdown Unit: RMB in millions 2.5% 159,511 163,470 25.1% 5.0% 39,022 40,962 3.5% 7,525 5,646 -25.0% 71.5% 2021 3.5% 112,964 116,862 24.5% 4.7% 70.8% 2020 2020 2021 FYP from long-term Premiums from short- Renewal premiums insurance business term insurance
Slide 11: GWP Breakdown by Channels
INSURANCE GWP Breakdown by Channels BUSINESS Unit: RMB in millions 2.1% 2.5% 21.7% 1.8% 24.9% 119,832 117,399 73.3% 2021 1.5% 40,737 24.9% 39,729 2,383 2,901 73.6% Individual Insurance Bancassurance Group Insurance 2020 2020 2021 Individual Insurance Bancassurance Group Insurance 9 This document is
Slide 12: Individual Insurance Premiums
INSURANCE Individual Insurance Premiums BUSINESS Unit: RMB in millions FYP from long-term FYRP from long-term Premiums from short- Renewal premiums insurance business insurance business term insurance business -3.0% -4.5% 5.2% -41.0% 101,353 15,919 96,330 15,438 15,252 14,561 5,150 3,041 2020 2021 1
Slide 13: Individual Insurance Sales Team
INSURANCE Individual Insurance Sales Team BUSINESS Agent headcounts 389 -35.8% (thousand) 606 Monthly average number of 91 -28.9% qualified agents 128 (thousand) Monthly average 19.1% -4.7pt qualified rate 23.8% Monthly average comprehensive 2,725 4.1% productivity 2,617 per capita(RMB) 2020 2021 No
Slide 14: Bancassurance Premiums
INSURANCE Bancassurance Premiums BUSINESS Unit: RMB in millions FYP from long-term FYRP from long-term Premiums from short- Renewal premiums insurance business insurance business term insurance business 9.5% 26.7% -6.8% -51.9% 25,206 23,027 16,623 15,493 7,181 5,667 79 38 2020 2021 12 This document
Slide 15: Premiums of Major Products
INSURANCE Premiums of Major Products BUSINESS Unit: RMB in millions FYP from long-term Gross Written Premiums insurance business -6.0% 1.1% 19.5% 1.6% -18.8% 33.6% 60,381 60,039 60,724 56,746 17,963 18,250 44,123 14,307 36,909 10,350 10,709 8,405 Participating Health Traditional Participating Health
Slide 16: Business Quality
INSURANCE Business Quality BUSINESS Persistency ratio of individual Surrender rate life insurance business 0.5pt 89.9% 13-month 2.0% 1.5% 84.9% 25-month 83.8% 83.7% 2020 2021 2020 2021 This document is for specific use only; the "Disclaimer" is an integral part of this document. 14
Slide 17: Financials & Investment
INSURANCE FINANCIALS & EMBEDDED OVERVIEW BUSINESS Unit: RMB INVESTMENT in millions VALUE FINANCIALS & INVESTMENT YANG Zheng This document is for specific use only; the "Disclaimer" is an integral part of this document. 15 This document is for specific use only; the "Disclaimer" is an integral part o
Slide 18: Key Financial Indicators
FINANCIALS & Key Financial Indicators INVESTMENT Unit: RMB in millions Revenues Profits 7.9% 2.6% 23.4% Net profit 220,027 203,858 attributable to 14,947 4.6% 160,763 156,658 shareholders of 57,243 14,294 46,400 the Company Total revenues Net written premiums and Investment income policy fees Basic
Slide 19: Investment Performance
FINANCIALS & Investment Performance INVESTMENT Unit: RMB in millions Investment assets Total investment yield Net investment yield 12.1% 0.4pt -0.3pt 1,082,803 5.9% 4.6% 965,653 4.3% 5.5% 31 Dec. 2020 31 Dec. 2021 2020 2021 2020 2021 17 This document is for specific use only; the "Disclaimer" is an
Slide 20: Investment Portfolio
FINANCIALS & Investment Portfolio INVESTMENT As at 31 Dec. 2021 As at 31 Dec. 2020 Change Investment assets Proportion Proportion （pt） Investment Portfolio as at 31 Dec. 2021 Term deposits 15.6% 12.7% 2.9 1.4% Debt financial assets 53.3% 58.8% 5.4% -5.5 0.5% －Bonds 38.5% 40.4% -1.9 15.6% －Trust prod
Slide 21: Non-standard Investment Portfolio
FINANCIALS & Non-standard INVESTMENT Investment Portfolio Unit: RMB in millions As at 31 Dec. 2021 Proportion Amount Proportion Non-standard assets Change (pt) Non-standard Investment Portfolio Non-standard debt as at 31 Dec. 2021 investments 143,425 64.6% -10.5 －Trust products 83,733 37.7% -5.1 －De
Slide 22: Solvency
FINANCIALS & Solvency INVESTMENT Unit: RMB in millions Core Comprehensive solvency margin ratio solvency margin ratio Capital -24.93pt -25.75pt 277.84% 268.28% 31/12/2021 31/12/2020 Change 252.09% 243.35% Core 278,510 280,817 -2,307 capital Actual 288,510 290,817 -2,307 capital Minimum 114,448 104,6
Slide 23: Embedded Value
INSURANCE FINANCIALS & EMBEDDED OVERVIEW BUSINESS Unit: RMB INVESTMENT in millions VALUE EMBEDDED VALUE GONG Xingfeng This document is for specific use only; the "Disclaimer" is an integral part of this document. 21 This document is for specific use only; the "Disclaimer" is an integral part of this
Slide 24: Composition Analysis
EMBEDDED Composition Analysis VALUE Unit: RMB in millions 7.6% 258,824 240,604 2.7% 95,797 Value of In-force 93,313 Business 10.7% Adjusted Net 147,291 163,027 Worth 31 Dec. 2020 31 Dec. 2021 Note: Numbers may not be additive due to rounding. 22 This document is for specific use only; the "Disclaime
Slide 25: Analysis of Change
EMBEDDED Analysis of Change VALUE Unit: RMB in millions Analysis of change in EV from 31 Dec. 2020 to 31 Dec. 2021 19,342 88 (1,440) (3,101) 1,242 (4,336) (100) 258,824 545 5,980 240,604 EV at the Impact of Expected Operating Economic Operating Economic Capital Others Value Change EV at the beginnin
Slide 26: Value of New Business
EMBEDDED Value of New Business VALUE Unit: RMB in millions VNB Margin(APE) -34.9% 30.4% VNB Margin(FYP) 9,182 20.7% 5,980 19.7% 12.9% 2020 2021 2020 2021 Notes: 1. FYP= 100% * first year regular premiums+100% * first year single premiums +100% * premiums from short-term insurance business. 2. APE= 1
Slide 27: Thank you!
Thank you!
New China Life Insurance Company — FY2021 Earnings Presentation on 6ix