新华保险(01336.HK)年度净利微跌1.8%至142.94亿元 末期息1.39元
格隆汇 3 月 24日丨新华保险(01336.HK)公布截至2020年12月31日止年度业绩，公司总收益为人民币2038.58亿元，同比增长18.5%；税前利润为人民币154.91亿元，同比增长17.2%；归属于母公司股东的净利润142.94亿元，同比减少1.8%，基本每股收益为人民币4.58元。公司拟向公司全体A股股东及H股股东派发2020年度现金股利每股人民币1.39元(含税)，总计约人民币43.36亿元。
保险业务
2020年，公司实现总保费收入1,595.11亿元，同比增长15.5%，其中，长期险首年保费390.22亿元，同比增长53.7%；续期业务实现保费1,129.64亿元，同比增长6.8%。截至2020年末，公司内含价值达到2,406.04亿元，较上年末增长17.3%；一年新业务价值91.82亿元，同比下降6.1%。
个人寿险业务13个月继续率为89.9%，较2019年基本持平；25个月继续率为84.9%，较2019年下降1.3个百分点。退保情况改善，全年退保率为1.5%，同比降低0.3个百分点，退保金同比减少5.6%。
疫情影响下，传统渠道线下展业受阻，以长期年金和重疾险为代表的产品发展承压。截至2020年12月31日，续期保费占总保费的比例保持在70.8%的高位，奠定总保费持续增长坚实基础；长期险首年期交保费占长期险首年保费的比例为53.6%。险种结构方面，传统险和分红险长期险首年保费占长期险首年保费比例合计73.5%，健康险长期险首年保费占长期险首年保费比例为26.5%，占比较上年有所下滑。
资产管理业务
2020年，公司投资组合总投资收益率为5.5%，净投资收益率为4.6%。债权型金融资产投资方面，投资金额5,671.71亿元，在总投资资产中占比为58.8%，较上年末减少6.8个百分点。公司在积极把握利率阶段性机会，从战略配置角度大力度配置长久期地方债、国债等利率债品种的同时，灵活把握债券交易性机会，波段操作。另外，金融产品的配置继续围绕绝对收益目标，线上、线下调研相结合，把防范风险作为工作的重中之重，在风险可控的前提下择优配置优质资产。
股权型金融资产投资方面，投资金额2,062.90亿元，在总投资资产中占比为21.4%，较上年末增加2.7个百分点。2020年权益市场整体仍以结构性行情为主，分化加剧。公司权益类投资坚持价值投资、长期投资理念，自下而上优选行业和个股，积极把握结构性机会，并围绕低估值、高股息，持续挖掘港股市场这一价值洼地，不断增加配置力度。
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