Core Viewpoint - Minsheng Securities maintains a "recommended" rating for Sunshine Insurance (06963), projecting total operating revenue and net profit growth from 2025 to 2027, with a focus on stable growth in life insurance and optimization in property insurance [1] Group 1: Life Insurance - Sunshine Life achieved total operating revenue of 33.05 billion yuan in the first three quarters of 2025, a year-on-year increase of 14.0%, with net profit at 5.25 billion yuan, up 3.4% [1] - Insurance service revenue was 12.91 billion yuan, growing by 4.3%, while investment income reached approximately 18.23 billion yuan, a significant increase of 24.7% [1] - The company reported an investment return rate of 1.41% and maintained a core solvency ratio of 133.5% and a comprehensive solvency ratio of 194.0% as of the end of September [1] Group 2: Property Insurance - Sunshine Property achieved total operating revenue of 38.89 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 2.5%, with net profit soaring by 81.9% to 1.66 billion yuan [2] - Insurance service revenue was 36.09 billion yuan, a slight increase of 0.4%, while investment income was approximately 2.54 billion yuan, up 45.0% [2] - The significant rise in net profit was attributed to improved investment returns and a decrease in natural disasters compared to the previous year, leading to a reduction in the comprehensive cost ratio [2] Group 3: Investment Performance - The combined investment income from Sunshine Life and Property for the first three quarters of 2025 reached 20.76 billion yuan, an increase of 26.8% year-on-year [3] - As of the first half of 2025, the proportion of FVTPL stocks in Sunshine Insurance's stock assets was 29.1%, while FVOCI stocks accounted for 70.9%, significantly higher than peers [3] - The company’s strategy of classifying a large portion of stocks as FVOCI resulted in unrealized gains not fully reflected in net profit, as only dividends are counted as current investment income [3]

Core Viewpoint - Minsheng Securities maintains a "recommended" rating for Sunshine Insurance (06963), projecting total operating revenue and net profit growth from 2025E to 2027E, with a focus on stable growth in life insurance and optimization in property insurance [1][2]. Life Insurance - Sunshine Life achieved total operating revenue of 33.05 billion yuan in the first three quarters of 2025, a year-on-year increase of 14.0%, with net profit at 5.25 billion yuan, up 3.4% [1]. - Insurance service revenue was 12.91 billion yuan, growing by 4.3%, while investment income reached approximately 18.23 billion yuan, a significant increase of 24.7% [1]. - The company reported an investment return rate of 1.41% for the quarter, with solvency ratios of 133.5% for core solvency and 194.0% for comprehensive solvency as of the end of September [1]. Property Insurance - Sunshine Property achieved total operating revenue of 38.89 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 2.5%, with net profit soaring by 81.9% to 1.66 billion yuan [2]. - Insurance service revenue was 36.09 billion yuan, a slight increase of 0.4%, while investment income was approximately 2.54 billion yuan, up 45.0% [2]. - The significant rise in net profit was attributed to improved investment returns and a decrease in natural disasters compared to the previous year, leading to a reduction in the comprehensive cost ratio [2]. Investment Sector - The combined investment income from Sunshine Life and Property for the first three quarters of 2025 totaled 20.76 billion yuan, marking a year-on-year increase of 26.8% [3]. - As of the first half of 2025, the proportion of FVTPL stocks in Sunshine Insurance's stock assets was 29.1%, while FVOCI stocks accounted for 70.9%, significantly higher than peers [3]. - The company’s strategy of classifying a large portion of stocks as FVOCI resulted in unrealized gains not fully reflected in net profit, as only dividends were included in current investment income [3].

Investment Rating - The report maintains a "Recommended" rating for the company [3][4]. Core Insights - The company has shown robust growth in its life insurance segment, with total revenue reaching 33.05 billion yuan for the first three quarters of 2025, a year-on-year increase of 14.0%. Net profit was 5.25 billion yuan, up 3.4% [1]. - The property insurance segment also performed well, with total revenue of 38.89 billion yuan, a 2.5% increase year-on-year, and a significant net profit increase of 81.9% to 1.66 billion yuan [1]. - The investment income for the life and property insurance subsidiaries combined reached 20.76 billion yuan, a 26.8% increase year-on-year, indicating strong performance in the investment sector [2]. Summary by Sections Life Insurance Performance - Total revenue for the life insurance segment was 33.05 billion yuan, with insurance service revenue at 12.91 billion yuan, a 4.3% increase. Investment income was approximately 18.23 billion yuan, reflecting a 24.7% increase [1][2]. - The investment yield for the quarter was 1.41%, and the solvency ratios were robust, with core solvency at 133.5% and comprehensive solvency at 194.0% [1][12]. Property Insurance Performance - The property insurance segment reported total revenue of 38.89 billion yuan, with insurance service revenue at 36.09 billion yuan, a slight increase of 0.4%. Investment income surged to 2.54 billion yuan, a 45.0% increase [1][2]. - The reduction in natural disasters compared to the previous year contributed to a decrease in the comprehensive cost ratio, leading to a substantial increase in net profit [1]. Financial Projections - The company is projected to achieve total revenues of 95.88 billion yuan in 2025, with net profits expected to reach 7.06 billion yuan. Earnings per share (EPS) are forecasted at 0.61 yuan [4][29]. - The report anticipates continued growth in revenues and profits through 2027, with projected revenues of 105.38 billion yuan and net profits of 8.73 billion yuan [4][29].

Investment Rating - The report maintains a "Recommended" rating for the insurance industry, indicating a positive outlook for the sector's performance in the coming months [6]. Core Insights - The insurance industry experienced a premium income of CNY 521.46 billion from January to September 2025, reflecting a year-on-year increase of 8.8%. However, the premium income in September alone was CNY 41.48 billion, showing a slight decline of 0.3% year-on-year [2]. - Life insurance premiums reached CNY 317.08 billion from January to September 2025, up 12.7% year-on-year, while September's premium income was CNY 19.62 billion, down 4.6% year-on-year. The decline in September was anticipated due to the scheduled switch in the predetermined interest rate [3]. - Health insurance premiums showed a modest increase of 0.2% year-on-year, totaling CNY 64.22 billion from January to September 2025. The September premium income was CNY 6.38 billion, down 2.1% year-on-year, attributed to fluctuations in high-cost medical treatments and policy adjustments [4]. - The auto insurance sector demonstrated steady growth, with premiums reaching CNY 683.6 billion, a 4.4% increase year-on-year, while non-auto insurance premiums were CNY 687.6 billion, up 5.4% year-on-year. The growth in auto insurance is supported by rising vehicle sales, particularly in the passenger and new energy vehicle segments [5]. Summary by Sections Life Insurance - The life insurance sector is expected to focus on dividend insurance, which remains attractive compared to traditional savings products. The long-term growth logic for dividend insurance is still intact despite recent fluctuations [7]. - The report highlights a recovery in new contributions to policyholder investment funds, with a significant year-on-year increase of 29.1% in September 2025, indicating a renewed interest from policyholders [4][7]. Health Insurance - The health insurance segment is undergoing a transformation, with traditional medical insurance facing adjustments while high-end medical insurance is still in the cultivation phase. Long-term factors such as aging population and health consumption upgrades are expected to support growth in this sector [4][7]. Property Insurance - The property insurance sector is anticipated to maintain stable growth, with leading companies focusing on refined pricing and claims management to enhance profitability. The overall premium income for property insurance is expected to grow steadily [7].

Core Viewpoint - Sunshine Insurance (06963) reported its Sunshine Property & Casualty Insurance's performance for the first three quarters of 2025, showing a revenue of approximately 38.8915 billion yuan and a net profit of about 1.656 billion yuan [1] Financial Performance - The total operating revenue for Sunshine Property & Casualty Insurance reached approximately 38.8915 billion yuan [1] - The net profit for the same period was around 1.656 billion yuan [1]

Core Viewpoint - Sunshine Insurance (06963) reported its performance for Sunshine Life for the first nine months of 2025, showing significant revenue and profit figures [1] Financial Performance - The company achieved an operating revenue of approximately 33.054 billion yuan [1] - The net profit for the same period was around 5.251 billion yuan [1]

Group 1 - The core point of the article is that Sunshine Insurance (06963) reported its life insurance subsidiary's performance for the first nine months of 2025, showing significant financial figures [1] Group 2 - The operating revenue of Sunshine Life Insurance is approximately 33.054 billion yuan [1] - The net profit for the same period is around 5.251 billion yuan [1]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Sunshine Insurance Group Company Limited 6963 公告 附屬公司截至2025年第三季度末之主要償付能力等指標 本公告乃陽光保險集團股份有限公司（「本公司」）根據證券及期貨條例（香港法例第571章） 第XIVA部之內幕消息條文及香港聯合交易所有限公司證券上市規則第13.09(2)條而發 出。 根據《保險公司償付能力監管規則(II)》（銀保監發[2021]51號）之規定，本公司附屬公司陽 光人壽保險股份有限公司（「陽光人壽」）和陽光財產保險股份有限公司（「陽光財險」）將於 2025年10月30日前在上述公司官方網站及中國保險行業協會網站披露其各自截至2025年 第三季度末之「償付能力報告摘要」（「第三季度償付能力報告摘要」）。為使本公司股東及 投資者更好地了解本公司2025年第三季度的財務情況，本公司董事會（「董事會」）謹請本 公司股東及投資者留意第三季度償付能力報告 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Sunshine Insurance Group Company Limited 6963 公告 陽光財險截至2025年9月30日止九個月之 未經審核財務數據及償付能力報表 本公告乃陽光保險集團股份有限公司（「本公司」）根據證券及期貨條例（香港法例第571章） 第XIVA部之內幕消息條文及香港聯合交易所有限公司證券上市規則第13.09(2)條而發 出。 本公司之附屬公司陽光財產保險股份有限公司（「陽光財險」）已在全國銀行間債券市場公 開發行資本補充債券。根據有關規定，在資本補充債券存續期內，陽光財險需在中國貨 幣網(www.chinamoney.com.cn)和中國債券信息網(www.chinabond.com.cn)按季度公開披露 其季度報告及償付能力報表。有關償付能力報表的詳情請參見陽光財險將適時在上述網 站披露的相關報告及本公司將適時在香港聯合交易所有限公司網站(www.hkexnews.hk)和 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 Sunshine Insurance Group Company Limited 上述陽光人壽截至2025年9月30日止九個月之未經審核財務數據未經本公司審計師審計或 審閱，本公司股東及潛在投資者於買賣本公司股份時務請審慎行事。 承董事會命 陽光保險集團股份有限公司 聯席公司秘書 6963 公告 陽光人壽截至2025年9月30日止九個月之 未經審核財務數據及償付能力報表 本公告乃陽光保險集團股份有限公司（「本公司」）根據證券及期貨條例（香港法例第571章） 第XIVA部之內幕消息條文及香港聯合交易所有限公司證券上市規則第13.09(2)條而發 出。 本公司之附屬公司陽光人壽保險股份有限公司（「陽光人壽」）已在全國銀行間債券市場公 開發行資本補充債券。根據有關規定，在資本補充債券存續期內，陽光人壽需在中國貨 幣網(www.chinamoney.com.cn)、中國債券信息網(www.chinabond.co ...