New China Life Insurance (01336) announces good news: It is expected that the annual net profit attributable to the parent company will increase by 175%-195% year-on-year to 23.958-25.7 billion yuan.

New China Life Insurance (01336) announced that, based on the company's preliminary calculations, the net profit attributable to the parent company's shareholders for the year 2024 is expected to be between 23.958 billion and 25.7 billion RMB, compared to the year 2023, an increase of 15.246 billion to 16.988 billion RMB, a year-on-year growth of 175% to 195%; the net profit attributable to the parent company's shareholders for the year 2024 after deducting non-recurring gains and losses is expected to be between 24.052 billion and 25.801 billion RMB, compared to the year 2023, an increase of 15.306 billion to 17.055 billion RMB, a year-on-year growth of 175% to 195%. The earnings per share for the year 2024 (basic and diluted) are expected to be between 7.68 and 8.24 RMB, an increase of 4.89 to 5.45 RMB compared to the year 2023, a year-on-year growth of 175% to 195%. The announcement stated that in 2024, the company actively promoted customer-centric strategic transformation and upgrade, adhered to professional, market-oriented, and systematic reform, and created a learning and service-empowering organization. In terms of system mechanisms, product development, customer service, ecological construction, technological empowerment, and investment research system, the company implemented a set of management strategies. The company's business structure and quality continued to optimize, and the results of connotative, high-quality development began to show. The company remains optimistic about the development of the Chinese economy, leveraging long-term capital, patient capital, and high-energy strategic capital advantages, actively serving the real economy, and focusing on financial "Five Major Initiatives". The company continues to enhance its investment management capabilities, strengthen its investment research system, and professional talent team building, and timely and moderately increase investments in the public market stocks and bonds. Influenced by various favorable factors such as significant policies in 2024, the capital market experienced a rebound and rise, leading to a significant growth in investment income for the year 2024, combined with optimization of the insurance business structure and scale growth, ultimately achieving a considerable increase in net profit for the year 2024 compared to the previous year.