NCI releases mid-year performance report, with double-digit growth in revenue and profit｜Financial report insights

NCI released its mid-term performance report for 2024 on Thursday, showing double-digit year-on-year growth in both revenue and profit in the first half of this year, outperforming the market in major investment asset categories.

1) Key Financial Data:

Operating Income: RMB 55.591 billion, up 13.6% year-on-year;

Net Profit Attributable to Shareholders of the Parent Company: RMB 11.083 billion, up 11.1% year-on-year.

2) Business Data:

Original Insurance Premium Income: RMB 98.832 billion, with first-year premium income for long-term insurance at RMB 18.59 billion, of which the ten-year and above period premium income increased by 16.3% year-on-year;

Renewal Premium Income: RMB 77.671 billion, up 8.6% year-on-year;

Embedded Value: RMB 268.368 billion, up 7.1% from the end of the previous year;

New Business Value: RMB 3.902 billion, up 57.7% year-on-year.

Individual Life Insurance Business: 13-month persistency rate at 95.0%, up 5.8% year-on-year; 25-month persistency rate at 85.6%, up 6.6% year-on-year.

Surrender Rate: 0.9%, down 0.2% compared to the same period last year.

3) Investment Data:

Investment Scale: RMB 1.438991 trillion, up 7.0% from the end of the previous year;

Annualized Net Investment Yield: 3.2%, down 0.2% year-on-year;

Annualized Total Investment Yield: 4.8%, up 1.1% year-on-year;

Annualized Comprehensive Investment Yield: 6.5%, up 1.8% year-on-year.

NCI stated that in the first half of the year, the company actively and accurately seized opportunities in the stock and interest rate markets, focused on value investment and long-term investment, achieved good investment returns, and outperformed the market in major investment asset categories. In addition, in recent years, the company has continued to promote health and wellness initiatives. The interim report shows that NCI has established a comprehensive health and wellness service system consisting of "health and wellness communities, care and medical communities, leisure and vacation communities, and health management centers."

The company mentioned that in the second half of the year, it will firmly adhere to its strategic direction, continue to comprehensively deepen the professional and market-oriented reform with a focus on "customer-centric" approach, adhere to institutional management, strengthen systematic and refined management, accelerate the transformation and implementation of core achievements, especially in areas such as enhancing product competitiveness, optimizing and cultivating the team, empowering with technology, expanding brand influence, and diversifying the service ecosystem, to comprehensively enhance the company's core competitiveness