NCI disclosed its first-quarter report: Investment income becomes a highlight again, and Honghu Phase II is ready for action

On April 29, NCI disclosed its Q1 2025 report.

The announcement shows that in Q1 2025, NCI's operating income was 33.4 billion yuan, a year-on-year increase of over 26%; the net profit attributable to shareholders of the parent company was 5.882 billion yuan, a year-on-year increase of 19%.

The quarterly report also indicated that NCI's investment income in Q1 this year approached the 10 billion yuan mark, significantly boosting net profit.

In addition, NCI also announced that it will invest another 10 billion yuan to subscribe to the Honghu Phase II private equity fund, further expanding the scale of long-term stock investments.

Significant Premium Growth

According to Zhitang, NCI's premium growth in Q1 this year was very strong.

Data shows that in Q1 2025, the company achieved original insurance premium income of 73.218 billion yuan, a year-on-year increase of 28.0%; the first-year premium for long-term insurance was 27.236 billion yuan, a year-on-year increase of 149.6%.

Among them, the first-year regular premium for long-term insurance was 19.471 billion yuan, a year-on-year increase of 117.3%; the first-year lump-sum premium income for long-term insurance was 7.765 billion yuan, a year-on-year increase of 298.4%.

In Q1, the individual insurance channel achieved premium income of 44.553 billion yuan, a year-on-year increase of 11.9%; the first-year premium for long-term insurance was 12.017 billion yuan, a year-on-year increase of 131.5%; the group channel achieved premium income of 1.776 billion yuan, a year-on-year increase of 18.6%.

Investment Income Highlights

As of the end of March 2025, the company's investment assets amounted to 1.69 trillion yuan.

In Q1 2025, NCI's annualized total investment return rate was 5.7%; the annualized comprehensive investment return rate was 2.8%.

The company's report shows: NCI's investment income in Q1 this year approached the 10 billion yuan mark.

Combining publicly available information: Since the beginning of this year, NCI has successively increased its stake in listed companies such as Hangzhou Bank (A-shares) and Beijing Enterprises (H-shares).

Another 10 Billion Yuan Investment in Stocks

On the same day that NCI disclosed this quarterly report, it announced that the company plans to invest no more than 10 billion yuan (inclusive) to subscribe to the shares of a private equity fund initiated by Guofeng Xinghua (Beijing) Private Fund Management Co., Ltd.

Guofeng Xinghua is a private investment platform established by NCI and China Life to invest in the secondary market. This subscription will further enhance NCI's participation in long-term investment pilot projects for insurance funds in stocks.

In addition, by the end of 2024, NCI's investment in high-dividend OCI-type equity instruments increased from 5.370 billion yuan at the beginning of the year to 30.640 billion yuan, an increase of 470.6%.

It can be seen that NCI is ramping up its investments in China's equity market