而在负债端，A股上市险企前三季度的新业务价值同比增幅亦均超过三成，银保渠道继续维持高增 长，成为新单保费增长的主要力量。 "上市险企负债端、资产端均有改善，估值仍有较大向上空间。"东吴证券首席战略官、非银金融首 席分析师孙婷团队表示。 归母净利再创新高 本文字数：2893，阅读时长大约4分钟 作者 | 第一财经 杨倩雯 权益市场的"慢牛"行情让上市险企的三季报归母净利润再次创下历史新高。 第一财经记者统计三季报数据发现， 前三季度A股五大上市险企共实现4260.39亿元的归母净利 润，在去年同期高增八成的历史高点上继续同比增长超过三成，已经超过了去年全年的归母净利， 再次创下历史新高。 其中，第三季度归母净利润更是同比增长近七成。 2025.11. 02 上市险企在三季报中均将净利高增的主要原因之一归结于投资收益的大涨。东吴证券数据显示，A股 上市险企前三季度总投资收益平均增长超过35%，其中第三季度增长近67%。资本市场的回暖、上 市险企对于权益资产的加仓以及新会计准则下更多权益资产被计入FVTPL（以公允价值计量且其变 动直接计入当期损益的金融资产）共同推动了投资收益的高增。 而在上市险企今年前三季度的归 ...

会计分类策略分化。 权益市场的"慢牛"行情让上市险企的三季报归母净利润再次创下历史新高。 第一财经记者统计三季报数据发现，前三季度A股五大上市险企共实现4260.39亿元的归母净利润，在去年同期高增八成 的历史高点上继续同比增长超过三成，已经超过了去年全年的归母净利，再次创下历史新高。其中，第三季度归母净利 润更是同比增长近七成。 上市险企在三季报中均将净利高增的主要原因之一归结于投资收益的大涨。东吴证券数据显示，A股上市险企前三季度总 投资收益平均增长超过35%，其中第三季度增长近67%。资本市场的回暖、上市险企对于权益资产的加仓以及新会计准则 下更多权益资产被计入FVTPL（以公允价值计量且其变动直接计入当期损益的金融资产）共同推动了投资收益的高增。 而在负债端，A股上市险企前三季度的新业务价值同比增幅亦均超过三成，银保渠道继续维持高增长，成为新单保费增长 的主要力量。 "上市险企负债端、资产端均有改善，估值仍有较大向上空间。"东吴证券首席战略官、非银金融首席分析师孙婷团队表 示。 归母净利再创新高 在三季报正式发布前，中国人寿、新华保险等多家上市险企已发布了"预喜"公告，因此上市险企三季度的亮眼业绩基本 ...

在人身险方面，中国太保寿险提供包括意外身故残疾、意外医疗、意外住院补贴、猝死身故残疾、交通 意外等。时间为2025年10月1日至12月31日，覆盖展会会前、会中、会后全周期。 在财产险方面，"进博保"一站式保险产品及服务则会为进博会的全球参展商、物流商、服务商提供包含 货物运输险、展会责任险、人员意外险在内的15款基础保障产品和4款特殊保障产品。 同时，自第二届进博会开始，中国太保在进博会官网设置保险服务专窗，为参会的特装展商提供线上展 览会责任险，覆盖所有特装搭建商及参展商的人员及责任保障。本届进博会预计将为1500余家参展商在 布展期、展览期及撤展期间提供场地财产、搭建人员安全以及公众责任等超150亿元风险保障。 随着进博会临近，配套的保险保障方案也随之出炉。 形式上仍然是汇聚"产、寿、健"的一站式综合保险保障方案和一体化风险管理服务。 第一财经记者11月2日从第八届进博会指定保险服务商中国太保处了解到，本届进博会整体保障方案的 保险保额将进一步从上一届的1.27万亿元升至1.28万亿元，形式上仍然是汇聚"产、寿、健"的一站式综 合保险保障方案和一体化风险管理服务。 据中国太保相关负责人介绍，此次进博会的 ...

10月A股市场呈现分化格局，沪指累计涨1.85%，深证成指累计跌1.1%，创业板指累计跌1.56%。11月如何寻找机会？截至发稿，10余家券商公 布了11月月度投资组合，涉及材料、信息技术、消费等多个领域。 | 중 전 1 1 | | | | --- | --- | --- | | 推荐个股 | 券商名称 | | | 协创数据、立高食品、中国巨石、力星股份、沪电股份、蓝黛科技 | 财通证券 | 海尔智家、牧原股份 | | 伊利股份、金山办公、圆通速递、北京利尔、金银河、沪硅产业 | 东兴证券 | 中国神华、邮储银行、美格智能、浙江仙通、派克新材、精智达 | | 紫金矿业、中际旭创、中国石油、顺络电子、上海临港 | 光大证券 | 杭叉集团、三一重工、奥来德、争光股份、海尔智家 | | 国会加盟 | 蓝特光学、铜冠铜箔、牧原股份、海康威视、国博电子、云铝股份 | | | 紫金矿业、当升科技、中际旭创、宁波银行、中国广核、阳光电源 | 国信训学 | 东方证券、工业富联 | | 震裕科技、华明装备、西麦食品、珠海冠宇、卓易信息、新易盛 | 品制度 | 江淮汽车 | | 中国太保、中微公司、金风科技、华新水泥、上海银行 ...

Core Viewpoint - China Pacific Insurance (CPIC) reported its 9M25 performance, which met expectations, showing a year-on-year increase in net profit and new business value (NBV) [1][2] Financial Performance - The company's net profit attributable to shareholders for 9M25 was 45.7 billion, representing a year-on-year increase of 19.3% [1] - The NBV for the same period was 15.35 billion, with a year-on-year growth of 31.2% on a comparable basis [1] - The net profit for Q3 25 alone was 17.8 billion, reflecting a year-on-year increase of 35.2% [1] - The company's net assets at the end of 9M25 were 284.2 billion, down 2.5% from the beginning of the year, primarily due to bond devaluation [1] Business Growth and Structure - The NBV growth rate for 9M25 was 31.2%, with a slight decline from 1H25's 32.3% due to high base effects [2] - The new business value margin (NBVM) was 17.0%, up 1.1 percentage points year-on-year, attributed to an increase in the proportion of single premium products [2] - The agent channel's new premium income decreased by 1.9% year-on-year, but the proportion of participating insurance in new regular premium income rose to 58.6% [2] - The bancassurance channel saw new single and regular premium income grow by 52.4% and 43.6% year-on-year, respectively [2] Investment Performance - The total investment scale of the company's insurance funds exceeded 2.97 trillion, an increase of 8.8% from the beginning of the year [3] - The non-annualized net investment yield was 2.6%, while the total investment yield was 5.2%, reflecting a year-on-year decrease of 0.3 percentage points and an increase of 0.5 percentage points, respectively [3] - The fair value through other comprehensive income (FVOCI) equity scale increased by 18.5% compared to the beginning of the year, indicating a shift towards high-dividend assets in a low-interest-rate environment [3] Future Outlook - The company is expected to maintain strong growth in NBV and stable investment returns, with projected net profits of 55.4 billion, 60.2 billion, and 64.7 billion for 2025-2027, representing growth rates of 23.2%, 8.6%, and 7.6% respectively [3]

Core Insights - The People's Bank of China announced the winners of the "2024 Financial Technology Development Award," with China Pacific Insurance (CPIC) receiving two second-place awards for "AI+ Digital Empowerment Based on Large Models" and "Data Asset Management System Construction," and a third-place award for "Insurance Full-Scenario Application Database Innovation" [1] Group 1: AI+ Digital Empowerment - The "AI+ Digital Empowerment" project, jointly submitted by CPIC and Taibao Technology, focuses on leveraging cutting-edge AI technologies to address cost structure challenges and risks associated with digital upgrades in the insurance industry [2] - The project has achieved significant results, including personalized training for 180,000 agents through the "Gold Coach" program, processing over 400,000 claims annually with a 96% accuracy rate, and analyzing millions of images for fraud detection [2] - The project is set to launch in two phases in December 2023, covering four major areas and nine application scenarios, marking a transformative shift in traditional insurance practices [2] Group 2: Data Asset Management System - The "Data Asset Management System Construction" project aims to establish an enterprise-level data asset management framework through data governance and DCMM Level 5 certification [3] - The project involves clear division of responsibilities among CPIC Group, property and life insurance subsidiaries, and Taibao Technology, ensuring effective collaboration and implementation [3] - The initiative successfully created a standardized data asset management system across the group, addressing fragmented data management issues and enhancing data-driven operational capabilities [3] Group 3: Insurance Full-Scenario Application Database Innovation - The "Insurance Full-Scenario Application Database Innovation" project responds to the financial technology planning requirements set by the People's Bank of China, employing a strategy of tackling difficult challenges first [4] - The project introduced five innovations, including a heterogeneous transformation pre-assessment tool and distributed decision models, effectively addressing challenges related to Oracle adaptation and high-risk SQL identification [4] - As of December 2024, 329 systems have completed the transformation, producing books and patents, and providing practical pathways for the financial industry's innovation [4] Future Directions - CPIC plans to accelerate the implementation of its "AI+" strategy, focusing on deep AI applications and value transformation to reshape business processes and innovate models [4] - The company aims to establish a secure, efficient, and intelligent digital financial ecosystem, injecting new momentum into the high-quality development of the financial industry [4]

Core Insights - China Pacific Insurance (CPIC) reported a net profit of 45.7 billion yuan for the first nine months of 2025, reflecting a year-on-year increase of 19.3% [1] - The company's new business value (NBV) reached 15.35 billion yuan, up 31.2% year-on-year, indicating strong growth in insurance services [1][2] - The company's combined ratio (COR) improved to 97.6%, a decrease of 1.0 percentage points year-on-year, suggesting better underwriting performance [2] Financial Performance - The net profit for Q3 2025 was 17.8 billion yuan, showing a significant year-on-year increase of 35.2%, driven by capital market gains and improved insurance service performance [1] - The total net assets at the end of September 2025 were 284.2 billion yuan, down 2.5% from the beginning of the year, primarily due to bond devaluation [1] - The non-annualized net investment return was 2.6%, while the total investment return was 5.2%, reflecting a year-on-year decline of 0.3 percentage points and an increase of 0.5 percentage points, respectively [1][3] Product and Channel Performance - The NBV growth rate of 31.2% year-on-year was impacted by a high base from the previous year, with a slight decline in new single premium from agent channels [2] - The proportion of participating insurance in new regular premium increased to 58.6%, indicating a shift towards more profitable product lines [2] - The insurance premium income from non-auto insurance decreased by 2.6% year-on-year, while auto insurance premiums grew by 2.9% [2] Investment Strategy - The company's investment scale exceeded 2.97 trillion yuan, an increase of 8.8% from the beginning of the year, with a focus on high-dividend assets in a low-interest-rate environment [3] - The fair value of equity investments increased by 18.5% compared to the beginning of the year, indicating a strategic shift towards equities amid favorable market conditions [3] Future Outlook - The company is expected to maintain strong growth in NBV and underwriting profits, with projected net profits of 55.4 billion, 60.2 billion, and 64.7 billion yuan for 2025-2027, representing growth rates of 23.2%, 8.6%, and 7.6% respectively [3]

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. has elected Lu Qiaoling as the vice chairman of its 10th board of directors, pending regulatory approval, with a term lasting until the current board's term ends [1] Group 1: Company Announcement - The board of directors of China Pacific Insurance has approved the election of Lu Qiaoling as the vice chairman [1] - The term of the newly elected vice chairman will commence upon the approval of the company's articles of association by regulatory authorities [1] Group 2: Lu Qiaoling's Background - Lu Qiaoling, born in March 1966, is currently a non-executive director at China Pacific Insurance and serves as a director at Huabao (Shanghai) Equity Investment Fund Management Co., Ltd. [2] - Lu has held various significant positions, including chief accountant at Hebei Petroleum and Chemical Supply and Marketing Corporation, and has extensive experience in auditing and finance within major state-owned enterprises [2] - Lu holds a master's degree and possesses senior accountant, certified public accountant, and auditor qualifications [3]

Core Insights - The five major listed insurance companies in China reported a total operating income of 23,739.81 billion RMB for the first three quarters of 2025, representing a 13.6% increase compared to the same period in 2024. The net profit reached 4,260.39 billion RMB, a year-on-year growth of 33.54% [1][3] Group 1: Company Performance - China Life Insurance maintained its leading position in the life insurance sector with a premium growth of 25.9%, achieving a net profit of 1,678.04 billion RMB, up 60.5% [3][4] - Ping An Insurance reported an operating income of 8,329.40 billion RMB, with a net profit of 1,328.56 billion RMB, reflecting an 11.5% increase [3][4] - China Pacific Insurance achieved a net profit of 457 billion RMB, a growth of 19.3%, with an operating income of 3,449.04 billion RMB [3][4] - New China Life Insurance saw a significant net profit increase of 58.0%, totaling 328.57 billion RMB, with a premium growth of 28.3% [3][4] - China Property & Casualty Insurance reported a net profit of 468.22 billion RMB, up 28.9%, with an operating income of 5,209.90 billion RMB [3][4] Group 2: Premium Growth and Channels - The life insurance sector is experiencing a recovery, with total premiums and new business premiums showing double-digit growth across multiple companies [4][6] - China Life achieved total premiums of 6,696.45 billion RMB, a 10.1% increase, with renewal premiums growing by 10.0% [4][6] - New China Life reported a 59.8% increase in first-year premiums for long-term insurance [4][6] - The bancassurance channel has become a significant growth driver, with China Pacific Insurance's bancassurance premiums reaching 583.10 billion RMB, up 63.3% [6][7] Group 3: Investment Performance - All five companies highlighted significant increases in investment income as a key driver of profit growth, benefiting from a recovering capital market [10][11] - China Life's total investment income reached 3,685.51 billion RMB, a 41.0% increase, with an investment return rate of 6.42% [10][11] - Ping An's investment portfolio exceeded 6.41 trillion RMB, with a non-annualized comprehensive investment return rate of 5.4% [10][11] - China Property & Casualty Insurance reported total investment income of 862.50 billion RMB, a 35.3% increase [10][11] Group 4: Asset Growth - The total assets of the five major insurance companies reached 27.82 trillion RMB, an 8.3% increase from the end of 2024 [12][13] - Ping An's total assets amounted to 13.65 trillion RMB, a 5.3% increase, while China Life's total assets reached 7.42 trillion RMB, growing by 9.6% [12][13]

Core Viewpoint - China Pacific Insurance reported strong financial results for the third quarter and the first three quarters of the year, indicating robust growth in both revenue and net profit [1] Group 1: Third Quarter Performance - The company achieved a revenue of 144.408 billion yuan in the third quarter, representing a year-on-year increase of 24.6% [1] - Net profit for the third quarter reached 17.815 billion yuan, showing a year-on-year growth of 35.2% [1] Group 2: Year-to-Date Performance - For the first three quarters, the company reported a total revenue of 344.904 billion yuan, which is an 11.1% increase compared to the same period last year [1] - The net profit for the first three quarters was 45.7 billion yuan, reflecting a year-on-year growth of 19.3% [1]