New China Life Insurance Past Earnings Performance
Past criteria checks 5/6
New China Life Insurance has been growing earnings at an average annual rate of 19.5%, while the Insurance industry saw earnings growing at 11.2% annually. Revenues have been declining at an average rate of 32.6% per year. New China Life Insurance's return on equity is 29.9%, and it has net margins of 49.1%.
Key information
19.45%
Earnings growth rate
19.45%
EPS growth rate
| Insurance Industry Growth | -3.00% |
| Revenue growth rate | -32.59% |
| Return on equity | 29.86% |
| Net Margin | 49.13% |
| Next Earnings Update | 27 Aug 2026 |
Recent past performance updates
Recent updates
Narrative Update • Jul 02
601336: Wider Revenue Contraction Will Likely Pressure Margins Despite Upcoming Dividend
Analysts have reduced their price target for New China Life Insurance to CN¥40.44 from CN¥45.53 as they factor in softer revenue expectations, a lower projected profit margin, a higher assumed future P/E and an updated discount rate. What's in the News for New China Life Insurance Shareholders at the 26 June 2026 annual general meeting approved a 2025 final dividend of RMB 2.06 per share (inclusive of tax), totaling approximately RMB 6,426 million, to be paid on 7 August 2026.
Narrative Update • Jun 18
601336: Dividend Policy And Higher Margins Will Support Future Share Price Upside
Analysts have made a small upward adjustment to their price target for New China Life Insurance to CN¥66.61 from CN¥66.52, citing updated assumptions for the discount rate, revenue trends, profit margins, and future P/E as supporting factors. What's in the News for New China Life Insurance On June 10, 2026, New China Life Insurance reported receiving a shareholder proposal from Central Huijin Investment Ltd.Narrative Update • Jun 04
601336: Dividend Policy Will Support Attractive Margins And Future Upside Potential
Analysts have trimmed their CN¥ price targets on New China Life Insurance, citing slightly higher discount rate assumptions, softer projected revenue trends and only modest changes in expected profit margin and future P/E levels. What's in the News Board meeting scheduled for 29 April 2026 to consider and approve the first quarter results for the period ended 31 March 2026, with plans to publish those results and address other corporate matters.Narrative Update • May 17
601336: Dividend And Margin Reset Will Shape Fairly Balanced Outlook
Analysts have trimmed their price target for New China Life Insurance to CN¥66.52 from CN¥67.40, citing updated assumptions that include a lower discount rate, softer revenue growth expectations, slightly higher profit margins, and a modestly higher future P/E multiple. What's in the News A board meeting is scheduled for March 27, 2026 to consider the 2025 annual results for the company and its subsidiaries, the publication of those results, and the distribution of a final dividend (Key Developments).Narrative Update • Apr 24
601336: Dividend Proposal And Margin Reset Will Shape Balanced Outlook
Analysts now set their price target for New China Life Insurance at CN¥67.40, down from CN¥69.84. This reflects adjusted assumptions around fair value, revenue trends, profit margin expectations and a slightly higher future P/E multiple.
New Narrative • Apr 17
Ageing China And Bancassurance Expansion Will Support Stronger Long Term Earnings Quality
Catalysts About New China Life Insurance New China Life Insurance provides life insurance, health protection and related financial services to individuals and institutions in China. What are the underlying business or industry changes driving this perspective?Narrative Update • Apr 08
601336: Governance Reform And 2025 Dividend Proposal Will Support Bullish Outlook
Analysts have trimmed their price target for New China Life Insurance slightly to around CN¥69.84 from about CN¥69.99, reflecting updated assumptions on discount rates, revenue trends and profit margins, alongside a lower implied future P/E multiple. What's in the News Proposed ordinary final dividend of RMB 2.06 per share for the year ended 31 December 2025, with payment scheduled for 7 August 2026, subject to approval (company announcement).New Narrative • Apr 03
Rising Bancassurance Dependence And Long Liabilities Will Erode Earnings Stability
Catalysts About New China Life Insurance New China Life Insurance Company provides life insurance, health protection, pension and wealth management products and related services in China. What are the underlying business or industry changes driving this perspective?Narrative Update • Mar 25
601336: Governance Overhaul And Dividend Decisions Will Shape Steady Outlook
Analysts have nudged their price target on New China Life Insurance to CN¥69.99, reflecting only minor tweaks to assumptions on discount rate, revenue trends, profit margin and future P/E. This signals a broadly steady view on the stock’s valuation.Narrative Update • Mar 10
601336: Governance Changes Will Shape Earnings Quality While Valuation Appears Balanced
Analysts have raised their price target for New China Life Insurance to CN¥69.99 from CN¥66.15, citing updated assumptions that include a slightly higher discount rate, a smaller projected revenue decline, a similar profit margin profile, and a modestly lower future P/E multiple. What's in the News New China Life Insurance received regulatory approval from the National Financial Regulatory Administration for amendments to its Articles of Association, as referenced in document Jin Fu No. 29 (Key Developments).Narrative Update • Feb 24
601336: Governance Restructuring Will Weigh On Earnings Quality And Valuation Multiples
Analysts have nudged their price target on New China Life Insurance slightly lower to CN¥66.15 from CN¥66.18, reflecting fine tuning to assumptions around discount rates, long term revenue trends, profit margins, and the stock's forward P/E multiple. What's in the News The National Financial Regulatory Administration approved amendments to New China Life Insurance's Articles of Association, including the abolishment of the Board of Supervisors, with changes based on laws, regulations, regulatory requirements and the company's governance practice, effective from the date of NFRA approval (Key Developments).Narrative Update • Feb 09
601336: Governance Overhaul And Capital Bonds Will Pressure Future Earnings Quality
Narrative Update Analysts have nudged their price target higher for New China Life Insurance, citing a slightly lower assumed discount rate, a modestly smaller implied revenue decline of about 13.33%, and a future P/E assumption of roughly 15.34x. Together these factors support a fair value estimate of about ¥66.18 compared with the prior ¥65.56.Narrative Update • Jan 25
601336: Governance Overhaul And Capital Bonds Will Weigh On Future Earnings Quality
Analysts have lifted their price target for New China Life Insurance to approximately ¥65.56 from around ¥64.45, citing updated assumptions on discount rates, fair value, and a modestly higher forward P/E multiple. What's in the News Regulator approval received for amendments to the Articles of Association, including the abolishment of the Board of Supervisors.Narrative Update • Jan 10
601336: Board Reshuffle And Capital Bond Issuance Will Undermine Future Earnings Quality
Analysts have lifted their fair value estimate for New China Life Insurance from ¥62.19 to ¥64.45, citing slightly lower discount rate assumptions and a modestly higher projected profit margin as the key drivers of the updated price target. What's in the News A special and extraordinary shareholders meeting is scheduled for December 24, 2025 in Beijing to vote on issuing domestic undated capital bonds, revising related party transaction rules, and electing the ninth session of the board of directors (Key Developments).Narrative Update • Dec 18
601336: Governance Overhaul And Lower Margins Will Pressure Future Earnings Sustainability
Analysts have modestly raised their price target for New China Life Insurance to approximately $62.19 from $59.25, reflecting a slightly lower perceived risk profile and higher expected valuation multiples, despite a weaker profit margin outlook. What's in the News Extraordinary shareholders meeting scheduled for December 24, 2025 in Beijing to consider key corporate matters and governance issues (company announcement) Board meeting on November 28, 2025 to finalize nominations for the ninth session of the board, including executive, non executive, and independent non executive director candidates, with most standing for re election (board meeting notice) EGM on October 31, 2025 approved amendments to the Articles of Association and the abolishment of the Board of Supervisors, indicating a major shift in the company oversight structure (EGM resolution) Shareholders approved an interim dividend of RMB 0.67 per share for the first half of 2025, payable in Hong Kong dollars to H share holders on December 12, 2025 (EGM resolution) Earnings guidance for January to September 2025 indicates projected net profit growth of 45% to 65 percent year on year, described as being driven by strategic reforms and stronger investment returns in a supportive capital market (company guidance) Valuation Changes The fair value estimate has risen modestly from CN¥59.25 to about CN¥62.19, implying a slightly higher expected intrinsic value for the shares.Narrative Update • Dec 04
601336: Governance Restructuring And Dividend Payout Will Shape Future Earnings Sustainability
Analysts have modestly raised their price target on New China Life Insurance to CN¥59.25 from CN¥59.25, reflecting slightly higher discount rate assumptions while maintaining broadly unchanged views on long term revenue growth, profitability, and valuation multiples. What's in the News An upcoming special shareholders meeting is scheduled for October 31, 2025 in Beijing to vote on interim profit distribution, amendments to the Articles of Association, and the abolishment of the Board of Supervisors (Key Developments) The EGM on October 31, 2025 approved amendments to the Articles of Association and confirmed the abolishment of the Board of Supervisors, signaling a significant governance restructuring (Key Developments) The EGM on October 31, 2025 also approved an interim dividend of RMB 0.67 per share for the six months ended June 30, 2025, payable on December 12, 2025 to H share holders of record on November 20, 2025, with payment in Hong Kong dollars (Key Developments) The board has called a meeting for November 28, 2025 to nominate candidates for the ninth session of the board, including executive, non-executive, and independent non-executive directors, with most existing directors standing for re-election (Key Developments) A special shareholders meeting is scheduled for December 24, 2025 in Beijing, following the governance and board changes, to address additional corporate matters (Key Developments) Valuation Changes Fair Value Estimate: unchanged at CN¥59.25 per share, indicating no revision to the central valuation outcome.Narrative Update • Nov 20
601336: Future Dividend Risks Will Weigh Down Earnings Sustainability
Narrative Update: New China Life Insurance Analyst Price Target Revision Analysts have raised their price target for New China Life Insurance from ¥55.91 to ¥59.25. They cite improved revenue growth expectations and a slightly lower discount rate as key drivers behind the upward revision.Narrative Update • Nov 01
601336: Profit Margins Will Improve But Weaker Revenue May Pressure Returns
Analysts have raised their price target for New China Life Insurance slightly, increasing the fair value estimate from ¥55.34 to ¥55.91. This adjustment is attributed to modest improvements in the company’s profit margin and a lower discount rate, despite weaker revenue growth expectations.Narrative Update • Sep 17
Earnings Expected To Decline, But Long-Term Investments May Provide Stability
With both the future P/E ratio and discount rate remaining essentially unchanged, the consensus analyst price target for New China Life Insurance saw only a slight upward revision from CN¥54.30 to CN¥55.34. What's in the News Board approved interim cash dividend of RMB 0.67 per share, totaling approximately RMB 2,090 million for the first half of 2025, pending shareholder approval.Narrative Update • Sep 02
Earnings Expected To Decline, But Long-Term Investments May Provide Stability
The notable upward revision in New China Life Insurance's price target reflects improved revenue growth forecasts, despite a decline in net profit margin, resulting in a fair value increase from CN¥50.48 to CN¥53.03. What's in the News Board approved plan to distribute 2025 interim cash dividend of RMB 0.67 per share, totaling approximately RMB 2,090 million, pending shareholder approval.Narrative Update • Aug 06
Earnings Expected To Decline, But Long-Term Investments May Provide Stability
Despite a weaker revenue outlook, a significantly improved net profit margin has led analysts to raise their consensus price target for New China Life Insurance from CN¥46.54 to CN¥49.14. What's in the News Board agreed to nominate Mr. ZHANG Xiaodong as a candidate for non-executive director for the eighth session.
New Narrative • Feb 09
Earnings Expected To Decline, But Long-Term Investments May Provide Stability
Focus on traditional products may hinder innovation, impacting future revenue growth amid evolving market trends.Revenue & Expenses Breakdown
Revenue & Expenses Breakdown
How New China Life Insurance makes and spends money. Based on latest reported earnings, on an LTM basis.
Earnings and Revenue History
| Date | Revenue | Earnings | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 31 Mar 26 | 75,119 | 36,903 | 3,228 | 0 |
| 31 Dec 25 | 74,644 | 36,284 | 2,773 | 0 |
| 30 Sep 25 | 76,353 | 38,406 | -1,158 | 0 |
| 30 Jun 25 | 70,734 | 29,945 | 3,062 | 0 |
| 31 Mar 25 | 66,046 | 27,169 | 2,310 | 0 |
| 31 Dec 24 | 65,099 | 26,229 | 3,062 | 0 |
| 30 Sep 24 | 57,255 | 19,850 | 5,419 | 0 |
| 30 Jun 24 | 24,343 | 9,817 | 737 | 0 |
| 31 Mar 24 | 27,568 | 6,737 | 2,297 | 0 |
| 31 Dec 23 | 42,080 | 8,712 | 2,370 | 0 |
| 30 Sep 23 | 27,877 | 19,750 | 259 | 0 |
| 30 Jun 23 | 62,562 | 22,288 | 47 | 0 |
| 31 Mar 23 | 68,883 | 25,197 | -81 | 0 |
| 31 Dec 22 | 64,720 | 21,500 | 0 | 0 |
| 30 Sep 22 | 110,757 | 14,285 | 5,948 | 0 |
| 30 Jun 22 | 147,910 | 13,591 | 8,213 | 0 |
| 31 Mar 22 | 167,300 | 11,862 | 10,248 | 0 |
| 31 Dec 21 | 220,127 | 14,947 | 12,472 | 0 |
| 30 Sep 21 | 217,941 | 15,143 | 13,093 | 0 |
| 30 Jun 21 | 209,591 | 16,622 | 12,920 | 0 |
| 31 Mar 21 | 215,009 | 15,964 | 12,833 | 0 |
| 31 Dec 20 | 203,781 | 14,294 | 12,395 | 0 |
| 30 Sep 20 | 209,573 | 12,661 | 12,814 | 0 |
| 30 Jun 20 | 198,410 | 12,232 | 12,845 | 0 |
| 31 Mar 20 | 192,412 | 15,827 | 12,844 | 0 |
| 31 Dec 19 | 172,429 | 14,559 | 13,037 | 0 |
| 30 Sep 19 | 161,542 | 13,223 | 12,097 | 0 |
| 30 Jun 19 | 158,780 | 12,668 | 12,180 | 0 |
| 31 Mar 19 | 170,614 | 8,680 | 12,156 | 0 |
| 31 Dec 18 | 152,169 | 7,922 | 11,968 | 0 |
| 30 Sep 18 | 150,786 | 8,043 | 12,058 | 0 |
| 30 Jun 18 | 149,656 | 7,945 | 12,128 | 0 |
| 31 Mar 18 | 125,991 | 6,155 | 12,718 | 0 |
| 31 Dec 17 | 143,262 | 5,383 | 13,777 | 0 |
| 30 Sep 17 | 142,560 | 5,198 | 13,648 | 0 |
| 30 Jun 17 | 134,244 | 4,846 | 13,711 | 0 |
| 31 Mar 17 | 133,632 | 4,785 | 13,532 | 0 |
| 31 Dec 16 | 144,342 | 4,942 | 13,081 | 0 |
| 30 Sep 16 | 141,305 | 4,743 | 13,238 | 0 |
| 30 Jun 16 | 140,841 | 5,182 | 13,224 | 0 |
| 31 Mar 16 | 146,624 | 6,971 | 12,975 | 0 |
| 31 Dec 15 | 157,538 | 8,601 | 12,655 | 0 |
| 30 Sep 15 | 166,115 | 8,725 | 12,299 | 0 |
Quality Earnings: 601336 has high quality earnings.
Growing Profit Margin: 601336's current net profit margins (49.1%) are higher than last year (41.1%).
Free Cash Flow vs Earnings Analysis
Past Earnings Growth Analysis
Earnings Trend: 601336's earnings have grown by 19.5% per year over the past 5 years.
Accelerating Growth: 601336's earnings growth over the past year (35.8%) exceeds its 5-year average (19.5% per year).
Earnings vs Industry: 601336 earnings growth over the past year (35.8%) exceeded the Insurance industry 17%.
Return on Equity
High ROE: Whilst 601336's Return on Equity (29.86%) is high, this metric is skewed due to their high level of debt.
Return on Assets
Return on Capital Employed
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Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2026/07/08 17:32 |
| End of Day Share Price | 2026/07/08 00:00 |
| Earnings | 2026/03/31 |
| Annual Earnings | 2025/12/31 |
Data Sources
The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.
| Package | Data | Timeframe | Example US Source * |
|---|---|---|---|
| Company Financials | 10 years |
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| Analyst Consensus Estimates | +3 years |
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| Market Prices | 30 years |
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| Ownership | 10 years |
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| Management | 10 years |
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| Key Developments | 10 years |
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* Example for US securities, for non-US equivalent regulatory forms and sources are used.
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more.
Analysis Model and Snowflake
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Industry and Sector Metrics
Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on Github.
Analyst Sources
New China Life Insurance Company Ltd. is covered by 34 analysts. 8 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.
| Analyst | Institution |
|---|---|
| Mark William Kellock | Barclays |
| Linda Sun-Mattison | Bernstein |
| Michael Li | BofA Global Research |