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New China Life Insurance Co., Ltd. Class H
(1336)
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Rating:79Outperform
Price Target:
HK$45.00
â–¼(-8.61% Downside)
Action:Upgraded
Date:08/27/26
The score is driven primarily by strong recent financial performance and cash flow quality, plus very attractive valuation (low P/E and high dividend yield). Technicals add moderate support with positive momentum, but the overall rating is tempered by meaningful balance-sheet leverage and historical revenue volatility.
Positive Factors
Revenue and profit growth
The sharp TTM revenue rebound, combined with a solid net margin, indicates stronger operating scale and earnings capacity. If profitability remains supported, the company can generate more capital internally, reinforce its competitive position, and sustain investment across its insurance franchise.
Negative Factors
Meaningful leverage
Debt remains slightly higher than equity, creating a meaningful leverage burden despite improvement from 2025. This can reduce financial flexibility, increase sensitivity to weaker operating conditions, and amplify earnings pressure when investment returns or insurance results deteriorate.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue and profit growth
The sharp TTM revenue rebound, combined with a solid net margin, indicates stronger operating scale and earnings capacity. If profitability remains supported, the company can generate more capital internally, reinforce its competitive position, and sustain investment across its insurance franchise.
Read all positive factors
New China Life Insurance Co., Ltd. Class H (1336) vs. iShares MSCI Hong Kong ETF (EWH)
Market Cap
HK$163.68B
Dividend Yield7.99%
Average Volume (3M)5.58M
Price to Earnings (P/E)3.5
Beta (1Y)1.14
Revenue Growth44.36%
EPS Growth53.14%
CountryHK
Employees27,726
SectorFinancial
Sector Strength70
IndustryInsurance - Life
Share Statistics
EPS (TTM)21.85
Shares Outstanding1,034,107,300
10 Day Avg. Volume7,341,597
30 Day Avg. Volume5,576,980
Financial Highlights & Ratios
PEG Ratio0.12
Price to Book (P/B)1.36
Price to Sales (P/S)1.16
P/FCF Ratio1.00
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
HK$43.23Price Target Upside-12.22% Downside
Rating ConsensusModerate Sell
Number of Analyst Covering4
EPS Forecast (FY)10.62
Revenue Forecast (FY)HK$158.05B
New China Life Insurance Co., Ltd. Class H Business Overview & Revenue Model
Company Description
Headquartered in Beijing, China, New China Life Insurance Company Ltd. was established in 1996 to offer life insurance products and services to individuals and institutions throughout the People's Republic of China. Its operations are structured a...
How the Company Makes Money
New China Life Insurance primarily makes money through (1) insurance underwriting income, (2) fee-based income from certain policy types and services, and (3) investment income earned on the assets it manages.
1) Insurance underwriting (premium-b...
New China Life Insurance Co., Ltd. Class H Earnings Call Summary
Earnings Call Date:Mar 27, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:Apr 01, 2027
Earnings Call Sentiment Positive
The call conveyed a largely positive picture: the company reported record highs across assets, premiums, profit, EV and NBV with strong investment returns, marked improvement in persistency and a successful push into participating products and bancassurance. Management acknowledged challenges—solvency pressure from low long-term yields, potential margin effects from the shift to participating business, market/interest-rate uncertainty, and tighter regulatory requirements—but also described concrete mitigation steps (asset-liability matching, diversified investments, capital measures, technology and service investments). Given the scale and materiality of the reported achievements and clear management plans to address risks, the overall tone is constructive and growth-oriented.Positive Updates
Record Asset and Market Value Growth
Total assets reached close to RMB 1.9 trillion, up 12.2% year-on-year; total market value surpassed RMB 200 billion; share price delivered strong gains (management cited double-digit increases) reflecting improved investor confidence.
Negative Updates
Solvency Pressure from Low-Rate Environment
Although comprehensive solvency margin ratio remained above 200%, management highlighted periodic pressure from sustained downward shifts in long-dated government bond yields (750-day moving average), requiring active capital measures (internal generation, external replenishment, asset allocation optimization).
Read all updates
Q4-2025 Updates
Positive
Negative
Record Asset and Market Value Growth
Total assets reached close to RMB 1.9 trillion, up 12.2% year-on-year; total market value surpassed RMB 200 billion; share price delivered strong gains (management cited double-digit increases) reflecting improved investor confidence.
Read all positive updates
Company Guidance
Management guidance for 2026 stresses steady, high‑quality growth that balances value and volume by doubling down on a customer‑centered strategy, accelerating the shift to participating whole‑life, annuity and health products, and pushing channel transformation across individual, bancassurance and Internet channels; key 2025 baselines they plan to build on include total assets ≈RMB1.9tn (+12.2%), GWP RMB195.9bn (+14.9%), EV RMB287.8bn (+11.4%), net profit RMB36.3bn (+38.3%), NBV RMB9.8bn (+57.4%) with NBV margin 16.2%, total investment income RMB104.3bn (6.6% yield), and comprehensive solvency margin >200%. Specific operational priorities are to grow participating sales (par FYP RMB11.9bn in 2025; Q4 par mix 77%), expand bancassurance (2025 bank FYP RMB72.1bn, long‑term FYP RMB37.9bn +52%, NBV RMB5.27bn +111%), sustain persistency (13‑month 97.1%, 25‑month 93.3%) and low surrenders (1.5%), optimize asset‑liability matching (including three pilot funds totalling RMB46.25bn and greater allocation to long‑term equity/PE/OCI), maintain capital adequacy via internal and external measures, and scale tech/AI (11 large models and digital ambassadors, target digital productivity ≈3,000 FTE via seven virtual employee roles) while preserving strong service metrics (one‑minute policy service 96%, paid >RMB42bn in maturities/annuities and RMB14.7bn in claims).New China Life Insurance Co., Ltd. Class H Financial Statement Overview
Summary
Income Statement
78
Positive
Balance Sheet
64
Positive
Cash Flow
82
Very Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 207.88B | 130.80B | 128.86B | 70.10B | 106.89B | 222.00B |
| Gross Profit | 192.53B | 130.80B | 128.86B | 70.10B | 96.72B | 207.41B |
| EBITDA | 59.87B | 44.65B | 29.88B | 67.84B | 99.86B | 17.29B |
| Net Income | 68.16B | 35.34B | 26.23B | 8.71B | 21.50B | 14.95B |
Balance Sheet | ||||||
| Total Assets | 1.96T | 1.90T | 1.69T | 1.40T | 1.26T | 1.13T |
| Cash, Cash Equivalents and Short-Term Investments | 34.83B | 44.69B | 38.46B | 21.81B | 393.24B | 418.90B |
| Total Debt | 164.79B | 214.41B | 31.10B | 21.02B | 10.86B | 11.04B |
| Total Liabilities | 1.83T | 1.79T | 1.60T | 1.30T | 1.15T | 1.02T |
| Stockholders Equity | 123.56B | 111.59B | 96.24B | 105.07B | 102.88B | 108.50B |
Cash Flow | ||||||
| Free Cash Flow | 225.90B | 152.64B | 95.19B | 89.46B | 87.60B | 70.59B |
| Operating Cash Flow | 227.92B | 154.09B | 96.29B | 91.55B | 89.39B | 73.85B |
| Investing Cash Flow | -140.57B | -135.31B | -141.77B | -156.65B | -90.47B | -106.53B |
| Financing Cash Flow | -97.24B | -14.35B | 62.03B | 69.29B | 2.84B | 35.24B |
New China Life Insurance Co., Ltd. Class H Technical Analysis
Negative
49.24
Price Trends
45.02
Negative
46.01
Negative
48.44
Negative
Market Momentum
-1.92
Positive
28.02
Positive
31.89
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For HK:1336, the sentiment is Negative. The current price of 49.24 is above the 20-day moving average (MA) of 41.69, above the 50-day MA of 45.02, and above the 200-day MA of 48.44, indicating a bearish trend. The MACD of -1.92 indicates Positive momentum. The RSI at 28.02 is Positive, neither overbought nor oversold. The STOCH value of 31.89 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for HK:1336.
New China Life Insurance Co., Ltd. Class H Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
79 Outperform | HK$163.68B | 3.54 | 38.57% | 7.99% | 44.36% | 53.14% | |
78 Outperform | HK$1.03T | 3.95 | 39.88% | 4.72% | 38.17% | 134.02% | |
77 Outperform | HK$60.95B | 1.89 | 33.37% | 7.25% | 18.51% | 293.61% | |
70 Outperform | HK$780.14B | 12.65 | 19.05% | 2.63% | 13.31% | 36.76% | |
70 Outperform | HK$320.14B | 6.67 | 13.91% | 6.89% | 9.37% | -11.20% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | HK$1.03T | 9.71 | 9.64% | 6.32% | -7.57% | -25.97% |
* Financial Sector Average
HK:1336
New China Life Insurance Co., Ltd. Class H
38.84
-6.86
-15.01%
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Ping An Insurance Company of China
49.74
-3.82
-7.13%
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AIA Group
75.40
-2.64
-3.38%
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China Pacific Insurance (Group) Co
26.22
-3.48
-11.71%
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China Life Insurance Co
23.88
0.30
1.26%
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China Taiping Insurance Holdings Co
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0.37
2.20%
New China Life Insurance Co., Ltd. Class H Corporate Events
New China Life Insurance Posts Weaker Nine-Month Profit Despite Asset Growth
Oct 30, 2026
New China Life Insurance reported unaudited third-quarter 2026 results under China Accounting Standards, with the board and key executives jointly vouching for the accuracy and completeness of the figures. The insurer’s total assets rose 6.2...
New China Life Shareholders Approve 2026 Interim Dividend and Board Authorization Changes
Oct 22, 2026
New China Life Insurance Company Ltd. held its first extraordinary general meeting of 2026 in Beijing, adopting both onsite and online voting for A share investors, with H share representation handled onsite. Attendance covered 1,827 shareholders ...
New China Life Insurance Updates 2026 Interim Dividend Terms for H Shareholders
Oct 22, 2026
New China Life Insurance Co., Ltd. has announced an updated interim dividend for the six months ended 30 June 2026, declaring RMB 0.73 per share for the financial year ending 31 December 2026. For H share investors in Hong Kong, the default payout...
New China Life Insurance Sets Board Meeting to Approve Q3 2026 Results
Oct 20, 2026
New China Life Insurance Company Ltd. has scheduled a board meeting for 30 October 2026 to review and approve the group’s third-quarter results for the nine months ended 30 September 2026. The board will also consider the publication of thes...
New China Life Insurance Sets Out Board and Committee Structure
Oct 16, 2026
New China Life Insurance Co., Ltd. has disclosed the current composition of its board of directors, led by chairman and executive director Yang Yucheng alongside one other executive director, six non-executive directors and four independent non-ex...
New China Life Insurance Gains Regulatory Approval for New Non-Executive Director
Oct 16, 2026
New China Life Insurance Company Ltd. has received regulatory ratification from the National Financial Regulatory Administration confirming the qualification of Mr. Huang Geng as a non-executive director for the ninth session of its board of direc...
New China Life Insurance Updates Schedule for 2026 Interim Dividend
Sep 28, 2026
New China Life Insurance Company Ltd., a leading Chinese life insurer listed in Hong Kong, focuses on providing life and health insurance as well as related savings products to a broad base of policyholders. Its H-share listing under stock code 01...
New China Life Insurance Sets October EGM and Timetable for 2026 Interim Dividend
Sep 28, 2026
New China Life Insurance Company Ltd. has called its first extraordinary general meeting of 2026 for 22 October in Beijing, where shareholders will vote on an interim profit distribution plan for 2026 and proposed amendments to the board’s a...
New China Life Insurance Strengthens Board with Regulatory Ratification of New Independent Director
Aug 28, 2026
New China Life Insurance Company Ltd. has received regulatory ratification from China’s National Financial Regulatory Administration confirming the qualification of Ms. Sau Fun Cheung as an independent non-executive director. Her term, begin...
New China Life Insurance Sets Out Board Line-up and Governance Committees
Aug 28, 2026
New China Life Insurance Company Ltd. has announced the current composition of its board of directors, listing Chairman and executive director Yang Yucheng, one additional executive director, several non-executive directors and a group of independ...
New China Life Insurance Reshapes Board Committees Ahead of Regulatory Approval
Aug 26, 2026
New China Life Insurance Company Ltd. has adjusted the composition of its board committees, electing director HUANG Geng to both the Strategy and ESG Committee and the Investment and Asset Liability Management Committee. The reshuffle clarifies th...
New China Life Insurance Sets Out Board Line-Up and Committee Roles
Aug 26, 2026
New China Life Insurance Company Ltd. has detailed the current composition of its board of directors, naming its chairman, executive directors, non-executive directors and independent non-executive directors, and clarifying that certain appointmen...
New China Life Insurance Declares Interim Dividend for First Half of 2026
Aug 26, 2026
New China Life Insurance Company Ltd. has declared an interim ordinary cash dividend of RMB 0.73 per share for the six months ended 30 June 2026, for the financial year ending 31 December 2026. The dividend, payable in Hong Kong dollars for H-shar...
New China Life Insurance Releases Unaudited 2026 Interim Results
Aug 26, 2026
New China Life Insurance Company Ltd. has released its unaudited interim results for the six months ended 30 June 2026, covering the performance of the company and its subsidiaries. The announcement is made in compliance with Hong Kong listing rul...
New China Life Insurance Schedules Board Meeting to Review Interim Results
Aug 14, 2026
New China Life Insurance Company Ltd. has scheduled a board meeting for 26 August 2026 in Beijing to review and approve interim results for the six months ended 30 June 2026. The board will also consider the publication of these results and the po...
New China Life names veteran strategist Liu Zhanpeng as employee director
Aug 12, 2026
New China Life Insurance Company Ltd., a major Chinese life insurer listed in Hong Kong, provides life insurance and related financial services across the mainland market. The company’s governance structure combines Party building functions,...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.