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New China Life Insurance

DB:NCL
Snowflake Description

Excellent balance sheet with proven track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
NCL
DB
CN¥137B
Market Cap
  1. Home
  2. DE
  3. Insurance
Company description

New China Life Insurance Company Ltd. provides life insurance products and services to individuals and institutions in the People’s Republic of China. The last earnings update was 27 days ago. More info.


Add to Portfolio Compare Print
  • New China Life Insurance has significant price volatility in the past 3 months.
NCL Share Price and Events
7 Day Returns
-4.7%
DB:NCL
2.3%
DE Insurance
-0%
DE Market
1 Year Returns
4%
DB:NCL
8.2%
DE Insurance
-11.5%
DE Market
NCL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
New China Life Insurance (NCL) -4.7% -21.2% -0.6% 4% 39.9% 87%
DE Insurance 2.3% -3.1% 6% 8.2% 38.4% 57%
DE Market -0% -3.3% 2.1% -11.5% 8.9% 8.1%
1 Year Return vs Industry and Market
  • NCL underperformed the Insurance industry which returned 8.2% over the past year.
  • NCL outperformed the Market in Germany which returned -11.5% over the past year.
Price Volatility
NCL
Industry
5yr Volatility vs Market
Related Companies

NCL Value

 Is New China Life Insurance undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of New China Life Insurance to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for New China Life Insurance.

DB:NCL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 14 analysts.
= Stable Book Value * Return on Equity
= CN¥27.73 * 13.8%
CN¥3.84
Book Value of Equity per Share Weighted future Book Value estimates from 12 analysts. CN¥27.73
Discount Rate (Cost of Equity) See below 5.4%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for DB:NCL
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.725 (1 + (1- 25%) (15.41%))
0.872
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.87
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.872 * 5.96%)
5.43%

Discounted Cash Flow Calculation for DB:NCL using Excess Returns Model Model

The calculations below outline how an intrinsic value for New China Life Insurance is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

DB:NCL Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (13.8% – 5.43%) * CN¥27.73)
CN¥2.33
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CN¥2.33 / (5.43% - 0.23%)
CN¥44.92
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CN¥27.73 + CN¥44.92
CN¥72.65
DB:NCL Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:NCL represents 0.08107x of SHSE:601336
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.08107x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (CNY) x Listing Adjustment Factor
= CN¥ 72.65 x 0.08107
€5.89
Value per share (EUR) From above. €5.89
Current discount Discount to share price of €4.06
= -1 x (€4.06 - €5.89) / €5.89
31.1%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price New China Life Insurance is available for.
Intrinsic value
31%
Share price is €4.06 vs Future cash flow value of €5.89
Current Discount Checks
For New China Life Insurance to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • New China Life Insurance's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • New China Life Insurance's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for New China Life Insurance's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are New China Life Insurance's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:NCL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CNY CN¥2.78
SHSE:601336 Share Price ** SHSE (2019-05-22) in CNY CN¥50.02
Germany Insurance Industry PE Ratio Median Figure of 6 Publicly-Listed Insurance Companies 12.93x
Germany Market PE Ratio Median Figure of 422 Publicly-Listed Companies 20.26x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of New China Life Insurance.

DB:NCL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= SHSE:601336 Share Price ÷ EPS (both in CNY)

= 50.02 ÷ 2.78

18x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • New China Life Insurance is overvalued based on earnings compared to the DE Insurance industry average.
  • New China Life Insurance is good value based on earnings compared to the Germany market.
Price based on expected Growth
Does New China Life Insurance's expected growth come at a high price?
Raw Data
DB:NCL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 18x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts
16.8%per year
Germany Insurance Industry PEG Ratio Median Figure of 5 Publicly-Listed Insurance Companies 3.16x
Germany Market PEG Ratio Median Figure of 271 Publicly-Listed Companies 1.49x

*Line of best fit is calculated by linear regression .

DB:NCL PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 18x ÷ 16.8%

1.07x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • New China Life Insurance is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on New China Life Insurance's assets?
Raw Data
DB:NCL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CNY CN¥23.46
SHSE:601336 Share Price * SHSE (2019-05-22) in CNY CN¥50.02
Germany Insurance Industry PB Ratio Median Figure of 6 Publicly-Listed Insurance Companies 1.03x
Germany Market PB Ratio Median Figure of 576 Publicly-Listed Companies 1.78x
DB:NCL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= SHSE:601336 Share Price ÷ Book Value per Share (both in CNY)

= 50.02 ÷ 23.46

2.13x

* Primary Listing of New China Life Insurance.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • New China Life Insurance is overvalued based on assets compared to the DE Insurance industry average.
X
Value checks
We assess New China Life Insurance's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. New China Life Insurance has a total score of 2/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

NCL Future Performance

 How is New China Life Insurance expected to perform in the next 1 to 3 years based on estimates from 16 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
16.8%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is New China Life Insurance expected to grow at an attractive rate?
  • New China Life Insurance's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • New China Life Insurance's earnings growth is expected to exceed the Germany market average.
  • New China Life Insurance's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:NCL Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:NCL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 16 Analysts 16.8%
DB:NCL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 16 Analysts 11.8%
Germany Insurance Industry Earnings Growth Rate Market Cap Weighted Average 4.5%
Germany Insurance Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
Germany Market Earnings Growth Rate Market Cap Weighted Average 13.1%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
DB:NCL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below
All numbers in CNY Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:NCL Future Estimates Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 213,187 25,413 13,932 11
2020-12-31 190,322 19,967 11,130 13
2019-12-31 169,781 15,527 10,219 11
DB:NCL Past Financials Data
Date (Data in CNY Millions) Revenue Cash Flow Net Income *
2019-03-31 155,550 24,046 8,680
2018-12-31 152,169 13,768 7,922
2018-09-30 150,869 14,243 8,043
2018-06-30 149,739 16,207 7,945
2018-03-31 144,943 12,276 6,155
2017-12-31 143,262 7,865 5,383
2017-09-30 142,560 1,845 5,198
2017-06-30 134,244 -5,720 4,846
2017-03-31 133,632 -2,395 4,785
2016-12-31 144,342 7,330 4,942
2016-09-30 141,305 11,513 4,743
2016-06-30 140,841 12,859 5,182

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • New China Life Insurance's earnings are expected to grow by 16.8% yearly, however this is not considered high growth (20% yearly).
  • New China Life Insurance's revenue is expected to grow by 11.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
DB:NCL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below

All data from New China Life Insurance Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:NCL Future Estimates Data
Date (Data in CNY Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 4.43 5.40 3.25 15.00
2020-12-31 3.79 4.70 3.13 18.00
2019-12-31 3.27 3.77 3.00 13.00
DB:NCL Past Financials Data
Date (Data in CNY Millions) EPS *
2019-03-31 2.78
2018-12-31 2.54
2018-09-30 2.57
2018-06-30 2.54
2018-03-31 1.97
2017-12-31 1.73
2017-09-30 1.67
2017-06-30 1.55
2017-03-31 1.53
2016-12-31 1.58
2016-09-30 1.52
2016-06-30 1.67

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • New China Life Insurance is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess New China Life Insurance's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
New China Life Insurance has a total score of 3/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

NCL Past Performance

  How has New China Life Insurance performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare New China Life Insurance's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • New China Life Insurance's year on year earnings growth rate has been positive over the past 5 years.
  • New China Life Insurance's 1-year earnings growth exceeds its 5-year average (41% vs 1.2%)
  • New China Life Insurance's earnings growth has exceeded the DE Insurance industry average in the past year (41% vs 9.4%).
Earnings and Revenue History
New China Life Insurance's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from New China Life Insurance Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:NCL Past Revenue, Cash Flow and Net Income Data
Date (Data in CNY Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 155,550.00 8,680.00 12,156.00
2018-12-31 152,169.00 7,922.00 11,968.00
2018-09-30 150,869.00 8,043.00 12,058.00
2018-06-30 149,739.00 7,945.00 12,128.00
2018-03-31 144,943.00 6,155.00 12,718.00
2017-12-31 143,262.00 5,383.00 13,777.00
2017-09-30 142,560.00 5,198.00 13,648.00
2017-06-30 134,244.00 4,846.00 13,711.00
2017-03-31 133,632.00 4,785.00 13,532.00
2016-12-31 144,342.00 4,942.00 13,081.00
2016-09-30 141,305.00 4,743.00 13,238.00
2016-06-30 140,841.00 5,182.00 13,224.00
2016-03-31 146,624.00 6,971.00 12,975.00
2015-12-31 157,538.00 8,601.00 12,655.00
2015-09-30 166,115.00 8,725.00 12,299.00
2015-06-30 164,940.00 9,410.00 11,904.00
2015-03-31 153,210.00 8,470.00 11,594.00
2014-12-31 142,134.00 6,406.00 11,335.00
2014-09-30 147,702.00 6,797.00 11,060.00
2014-06-30 146,917.00 5,983.00 10,666.00
2014-03-31 146,438.00 4,517.00 10,411.00
2013-12-31 128,575.00 4,422.00 9,977.00
2013-09-30 110,504.00 4,559.00 9,734.00
2013-06-30 109,212.00 3,216.00 9,760.00
2013-03-31 110,159.00 3,630.00 9,733.00
2012-12-31 111,677.00 2,933.00 9,785.00
2012-09-30 115,636.00 2,854.00 9,815.00
2012-06-30 115,952.00 2,928.00 9,748.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • New China Life Insurance has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • New China Life Insurance used its assets more efficiently than the DE Insurance industry average last year based on Return on Assets.
  • New China Life Insurance's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess New China Life Insurance's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
New China Life Insurance has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

NCL Health

 How is New China Life Insurance's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up New China Life Insurance's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • New China Life Insurance is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • New China Life Insurance's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of New China Life Insurance's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from New China Life Insurance Company Filings, last reported 1 month ago.

DB:NCL Past Debt and Equity Data
Date (Data in CNY Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 73,205.00 21,130.00 25,084.00
2018-12-31 65,596.00 16,959.00 30,181.00
2018-09-30 66,620.00 37,314.00 32,158.00
2018-06-30 65,787.00 52,187.00 51,994.00
2018-03-31 65,501.00 29,929.00 21,896.00
2017-12-31 63,723.00 23,925.00 20,195.00
2017-09-30 63,618.00 36,776.00 27,156.00
2017-06-30 61,729.00 43,757.00 42,596.00
2017-03-31 61,608.00 55,870.00 32,765.00
2016-12-31 59,125.00 53,246.00 70,580.00
2016-09-30 59,764.00 42,350.00 30,210.00
2016-06-30 57,718.00 47,831.00 84,618.00
2016-03-31 57,247.00 38,090.00 35,806.00
2015-12-31 57,841.00 38,816.00 94,374.00
2015-09-30 54,088.00 28,542.00 26,859.00
2015-06-30 56,935.00 49,745.00 92,397.00
2015-03-31 53,946.00 57,769.00 24,402.00
2014-12-31 48,364.00 78,234.00 65,887.00
2014-09-30 46,821.00 53,393.00 18,342.00
2014-06-30 43,296.00 67,117.00 58,395.00
2014-03-31 40,877.00 57,861.00 39,173.00
2013-12-31 39,318.00 67,211.00 30,042.00
2013-09-30 39,800.00 67,950.00 18,031.00
2013-06-30 37,691.00 67,484.00 44,875.00
2013-03-31 37,416.00 62,282.00 29,227.00
2012-12-31 35,878.00 70,437.00 47,937.00
2012-09-30 34,482.00 72,734.00 32,607.00
2012-06-30 34,942.00 73,750.00 46,403.00
  • New China Life Insurance's level of debt (28.9%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (141.7% vs 28.9% today).
  • Debt is well covered by operating cash flow (113.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 10.8x coverage).
X
Financial health checks
We assess New China Life Insurance's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. New China Life Insurance has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

NCL Dividends

 What is New China Life Insurance's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.54%
Current annual income from New China Life Insurance dividends. Estimated to be 2.04% next year.
If you bought €2,000 of New China Life Insurance shares you are expected to receive €31 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • New China Life Insurance's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.43%).
  • New China Life Insurance's dividend is below the markets top 25% of dividend payers in Germany (3.86%).
Upcoming dividend payment

Purchase New China Life Insurance before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
DB:NCL Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 16 Analyst Estimates (S&P Global) See Below
Germany Insurance Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 4.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 3.2%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.9%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

DB:NCL Future Dividends Estimate Data
Date (Data in CN¥) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1.09 12.00
2020-12-31 1.01 14.00
2019-12-31 0.92 7.00
DB:NCL Past Annualized Dividends Data
Date (Data in CN¥) Dividend per share (annual) Avg. Yield (%)
2019-03-20 0.770 1.392
2018-08-02 0.520 1.147
2017-08-04 0.480 0.895
2016-06-27 0.280 0.619
2015-08-25 0.210 0.514
2015-06-11 0.210 0.432
2014-08-26 0.150 0.392
2014-05-09 0.150 0.685
2013-10-30 0.000 0.000
2013-08-27 0.000 0.000
2013-04-26 0.000 0.000
2013-04-15 0.000 0.000
2013-03-26 0.000 0.000
2012-08-29 0.090 0.369
2012-03-29 0.090 0.284

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • New China Life Insurance has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Dividend payments have increased, but New China Life Insurance only paid a dividend in the past 7 years.
Current Payout to shareholders
What portion of New China Life Insurance's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.6x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.3x coverage).
X
Income/ dividend checks
We assess New China Life Insurance's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can New China Life Insurance afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. New China Life Insurance has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

NCL Management

 What is the CEO of New China Life Insurance's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Zheng Yang
COMPENSATION CN¥0
AGE 48
TENURE AS CEO 0.3 years
CEO Bio

Mr. Zheng Yang has been Vice President of New China Life Insurance Company Ltd. since December 2016 and has been its Chief Financial Officer since February 28, 2017 and also serves as its Acting Chief Executive Officer since January 2019. Mr. Yang held position as Non-Executive Director of New China Asset Management Co., Ltd since December 2016. Prior to joining the New China Life Insurance Company Ltd., he served as an assistant General Manager, a Deputy General Manager and the General Manager of the finance department, the General Manager of the investment management department, the Chief executive financial officer and a Vice-President of the China Life Insurance Company Limited from July 2005 to August 2016. He possesses the qualifications of American Institute of Certified Public Accountants (AICPA) and British Association of Chartered Certified Accountants (ACCA). He serves as a Member of the eighth council of the Accounting Society of China, a Member of the National Technical Committee on Accounting Information of Standardization Administration of China, a Member of the third session of the China Insurance Solvency Regulatory Standard Committee and a Member of the International Financial Reporting Standards (IFRS) Interpretations Committee. He obtained a bachelor’s degree in engineering from Beijing University of Technology in 1993 and a master’s degree in business administration from Northeastern University in the United States in 2000.

CEO Compensation
  • Zheng's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Zheng's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure and age of the New China Life Insurance management team in years:

2.3
Average Tenure
48
Average Age
  • The tenure for the New China Life Insurance management team is about average.
Management Team

Zongjian Li

TITLE
Acting Chairman
AGE
58
TENURE
2.3 yrs

Zheng Yang

TITLE
Acting CEO
AGE
48
TENURE
0.3 yrs

Xingfeng Gong

TITLE
VP, Chief Actuary
AGE
48
TENURE
2.2 yrs

Kenneth Lee

TITLE
Joint Company Secretary
TENURE
0.8 yrs

Zhongzhu Wang

TITLE
GM of Discipline Inspection & Supervision Office and Employee Representative Supervisor
AGE
51
TENURE
8.3 yrs

Tao Bi

TITLE
Deputy GM of the Eastern Audit Center & Employee Representative Supervisor
AGE
43
TENURE
3.3 yrs
Board of Directors Tenure

Average tenure and age of the New China Life Insurance board of directors in years:

3.2
Average Tenure
50
Average Age
  • The tenure for the New China Life Insurance board of directors is about average.
Board of Directors

Zongjian Li

TITLE
Acting Chairman
AGE
58
TENURE
0.3 yrs

Zhongzhu Wang

TITLE
GM of Discipline Inspection & Supervision Office and Employee Representative Supervisor
AGE
51
TENURE
3.2 yrs

Tao Bi

TITLE
Deputy GM of the Eastern Audit Center & Employee Representative Supervisor
AGE
43
TENURE
3.2 yrs

Xiangdong Liu

TITLE
Non-Executive Director
AGE
49
TENURE
8.6 yrs

Chengran Wang

TITLE
Chairman of Supervisory Board
AGE
59
TENURE
4.8 yrs

Wei Zheng

TITLE
Independent Non-Executive Director
AGE
44
TENURE
3.2 yrs

Xianglu Li

TITLE
Independent Non-Executive Director
AGE
69
TENURE
3.2 yrs

Kuzong Wu

TITLE
Non-Executive Director
AGE
47
TENURE
4.8 yrs

John Dacey

TITLE
Non-Executive Director
AGE
58
TENURE
4.8 yrs

Aimin Hu

TITLE
Non-Executive Director
AGE
45
TENURE
2.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
09. Apr 19 Buy Goldman Sachs Group, Investment Banking and Securities Investments Company 04. Apr 19 04. Apr 19 1,380,000 €4.85 €6,698,255
15. Jan 19 Buy BlackRock, Inc. Company 10. Jan 19 10. Jan 19 206,200 €3.06 €631,965
10. Jul 18 Sell Goldman Sachs Group, Investment Banking and Securities Investments Company 05. Jul 18 05. Jul 18 -7,345,100 €3.37 €-24,760,226
20. Jun 18 Buy Goldman Sachs Group, Investment Banking and Securities Investments Company 14. Jun 18 14. Jun 18 541,500 €4.15 €2,249,436
15. Jun 18 Sell Goldman Sachs Group, Investment Banking and Securities Investments Company 12. Jun 18 12. Jun 18 -104,600 €4.10 €-428,502
X
Management checks
We assess New China Life Insurance's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. New China Life Insurance has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

NCL News

Simply Wall St News

NCL Company Info

Description

New China Life Insurance Company Ltd. provides life insurance products and services to individuals and institutions in the People’s Republic of China. It operates through three segments: Individual Insurance Business, Group Insurance Business, and Other Business. The company also offers asset management, training, electronic commerce, and medical services; and invests in, develops, leases, and manages real estate properties. In addition, it is involved in the technological development and project investment activities. New China Life Insurance Company Ltd. was founded in 1996 and is headquartered in Beijing, the People’s Republic of China.

Details
Name: New China Life Insurance Company Ltd.
NCL
Exchange: DB
Founded: 1996
CN¥17,802,774,657
3,119,546,600
Website: http://www.newchinalife.com
Address: New China Life Insurance Company Ltd.
New China Insurance Tower,
A12 Jianguomenwai Avenue,
Beijing,
100022,
China
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
SHSE 601336 Domestic Shares Shanghai Stock Exchange CN CNY 16. Dec 2011
XSSC 601336 Domestic Shares Shanghai Stock Exchange - Shanghai - Hong Kong Stock Connect CN CNY 16. Dec 2011
SEHK 1336 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong Ltd. HK HKD 15. Dec 2011
DB NCL Foreign Shares-Foreign Listed Deutsche Boerse AG DE EUR 15. Dec 2011
SHSC 1336 Foreign Shares-Foreign Listed Stock Exchange of Hong Kong Limited - Shanghai - Hong Kong Stock Connect HK HKD 15. Dec 2011
SZSC 1336 Foreign Shares-Foreign Listed The Stock Exchange of Hong Kong - Shenzhen - Hong Kong Stock Connect HK HKD 15. Dec 2011
Number of employees
Current staff
Staff numbers
38,542
New China Life Insurance employees.
Industry
Life and Health Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 00:17
End of day share price update: 2019/05/22 00:00
Last estimates confirmation: 2019/05/21
Last earnings filing: 2019/04/26
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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 here.