保险行业点评 万能险机制功能和定位迎来重构 2025 年 04 月 27 日 分析师：张凯烽 研究助理：李劲锋 执业证号：S0100524070006 执业证号：S0100124080012 邮箱：zhangkaifeng@mszq.com 邮箱：lijinfeng_2@mszq.com [Table_Author] 推荐 维持评级 ➢ 事件：2025 年 4 月 25 日，国家金融监督管理总局发布《关于加强万能型 人身保险监管有关事项的通知》（以下简称《通知》），就产品开发、保障水平、账 户管理、资金运用和销售行为等方面进行了规范和调整。 ➢ 产品管理：强化万能险保障属性，拉长万能险期限。1）万能险定义，产品 设计和开发规范化：《通知》明确万能险定义，通过四项特征（如名称含"万能 型"、保障功能、单独账户、最低收益保证）来正式确定万能险产品，引导万能险 产品设计规范化发展，有利于杜绝部分产品设计和功能"异化"，同时有望加强消 费者权益保护，减少相关产品误导。2）万能险机制的适用险种，同时引导产品 长期化：《通知》仅允许终身寿险、两全保险和年金保险设计为万能型，定期寿险 被剔除，同时保障期限不得低于 5 年。 ...

Investment Rating - The investment rating for the company is "Outperform the Market" [6][10]. Core Views - The company continues to deepen its "comprehensive finance + medical and elderly care" strategy, showing stable overall performance despite fluctuations in the investment sector. The operating profit attributable to the parent company grew by 2.4% year-on-year in Q1 2025, with earnings per share increasing by 3.3% to 2.16 yuan. However, the net profit attributable to the parent company decreased by 26.4% due to bond market volatility and the impact of the consolidation of Ping An Good Doctor, which resulted in a one-time impairment of 3.4 billion yuan [1][4]. Summary by Sections Insurance Business - The new business value (NBV) for life and health insurance saw a significant year-on-year increase of 34.9%, with individual insurance channels growing by 11.5% and agent productivity increasing by 14.0%. The bancassurance channel experienced a remarkable growth of 170.8% in NBV, while community finance channels reported a 171.3% increase in NBV [2]. Property and Casualty Insurance - The company achieved a property and casualty insurance premium income of 85.138 billion yuan in Q1 2025, marking a 7.7% year-on-year growth. The combined ratio improved by 3.0 percentage points to 96.6%. However, net profit for the property and casualty business decreased by 16.5% year-on-year, influenced by bond market fluctuations [3]. Financial Forecasts - The company maintains its profit forecasts for 2025 to 2027, expecting earnings per share (EPS) of 7.72, 8.57, and 9.26 yuan respectively. The current stock price corresponds to price-to-earnings (P/E) ratios of 0.60, 0.55, and 0.50 for the respective years [4][5].

证券研究报告·行业点评报告·保险Ⅱ 保险Ⅱ行业点评报告 从严监管万能险，推动进一步回归保障本源 2025 年 04 月 26 日 增持（维持） 投资要点 《中国人身险产品变迁历史与未来展 望系列报告（一）》 2025-04-23 《深化寿险代理人体制改革，佣金递 延与报行合一规范渠道发展》 2025-04-18 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 曹锟 执业证书：S0600524120004 caok@dwzq.com.cn 行业走势 -12% -6% 0% 6% 12% 18% 24% 30% 36% 42% 48% 2024/4/26 2024/8/25 2024/12/24 2025/4/24 保险Ⅱ 沪深300 相关研究 行业点评报告 图1：寿险公司总保费分险种结构历史变动情况 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2 ...

鲁中网淄博4月25日讯 为进一步强化政企党建，助力乡村振兴，近日，平安产险济南中心支公司与济南市农业农村局、商河县人民政府、济南市革命老区建 设促进会等单位联合开展了"政企共建保险助力乡村振兴活动"活动。 济南市农业农村局、商河县人民政府、平安产险山东分公司、平安产险济南中心支公司、济南市革命老区建设促进会、商河县农业农村局、商河县畜牧兽医 事业发展中心、贾庄镇政府、沙河镇政府等相关领导出席活动。 济南市农业农村局党组副书记、副局长高振刚致辞，他表示，平安产险在商河县举办此次"政企共建保险助力乡村振兴"活动，意义深远。近年来,平安产险 济南中心支公司在业务不断发展的同时积极参与到乡村振兴的活动中，本次通过共建活动，主动了解和满足基层党委政府、当地人民群众的需求，积极探索 金融机构在支持乡村产业发展、巩固脱贫成果等方面的新路径。 商河县副县长王鹏代表商河县政府致辞，向长期以来关心和支持商河县发展，助力商河县党建工作、推动乡村事业共建共创的平安产险济南中心支公司致以 衷心感谢，并表示下一步将积极推动与平安产险的深度合作，通过签署共建合作协议等方式，把商河县打造为党建引领、乡村振兴的示范基地，产业蓬勃发 展的致富基 ...

Investment Rating - The investment rating for Ping An Insurance is "Buy" (maintained) [1] Core Views - The report highlights that short-term performance is affected by bond market fluctuations, while the multi-channel development of life insurance shows significant results [4] - The first quarter of 2025 saw a net profit attributable to shareholders of 27.02 billion yuan, a year-on-year decrease of 26.4%, which aligns with expectations [4] - The report predicts a decline in new business value (NBV) for 2025, estimating it at 36.2 billion yuan, a year-on-year decrease of 9.5%, but a 27% increase on a comparable basis [4] Financial Performance Summary - In Q1 2025, the life insurance NBV was 12.89 billion yuan, flat year-on-year, but up 34.9% on a comparable basis [4] - The group's operating profit attributable to shareholders was 37.91 billion yuan, a year-on-year increase of 2.4% [4] - The report forecasts the group's net profit attributable to shareholders for 2025-2027 to be 135.4 billion, 148.5 billion, and 172.1 billion yuan, respectively, representing year-on-year growth of 7.0%, 9.6%, and 15.9% [4] Business Segment Insights - The report indicates that the life insurance business's NBV margin (based on first-year premiums) improved to 28.3%, up 11.4 percentage points year-on-year, driven by adjustments in product structure and individual insurance channel performance [5] - The property and casualty insurance segment reported a significant increase in underwriting profit, with a year-on-year growth of 755.5% [6] - The investment portfolio achieved a non-annualized comprehensive investment return of 1.3%, a year-on-year increase of 0.2 percentage points [6] Valuation Metrics - The current stock price is 51.33 yuan, with a market capitalization of 934.73 billion yuan [1] - The report provides a forecast for the price-to-embedded value (PEV) ratios for 2025-2027 at 0.61, 0.58, and 0.53 times, respectively [4] - The dividend yield (TTM) is noted at 4.94% [4]

Investment Rating - The industry investment rating is "Recommended" with expectations of exceeding the benchmark index by more than 5% in the next 3-6 months [24]. Core Insights - The insurance industry saw a positive growth in premium income, with total original premium income reaching 21,745 billion yuan in the first quarter of 2025, reflecting a year-on-year increase of 0.9% [8][6]. - Life insurance premiums decreased by 1.0% year-on-year but showed a month-on-month increase of 2.5 percentage points, indicating a narrowing decline [8][6]. - Property insurance premiums increased by 4.2% year-on-year, driven primarily by non-auto insurance segments [8][6]. - The total assets of the insurance industry reached 37.84 trillion yuan by the end of March 2025, a 5.4% increase from the previous year [8][6]. - The report highlights a divergence in performance among listed companies, with New China Life and China Pacific Insurance achieving positive premium growth, while Ping An experienced a decline in new orders [8][6]. Summary by Sections Industry Overview - The insurance industry achieved a total original premium income of 21,745 billion yuan in Q1 2025, with life insurance contributing 13,832 billion yuan and property insurance contributing 3,867 billion yuan [8][6]. - The overall premium growth turned positive, primarily due to the narrowing decline in life insurance [8][6]. Life Insurance Companies - Life insurance companies reported original premium income of 16,590 billion yuan, with a year-on-year decrease of 0.3% [8][6]. - The decline in life insurance premiums is narrowing, with a month-on-month positive growth trend observed [8][6]. Property Insurance Companies - Property insurance companies recorded original premium income of 5,155 billion yuan, reflecting a year-on-year increase of 5.1% [8][6]. - The growth in property insurance is mainly attributed to non-auto insurance segments, with health insurance and liability insurance showing significant increases [8][6]. Asset Changes - As of March 2025, the total assets of the insurance industry reached 37.84 trillion yuan, with a net asset increase of 6% year-on-year [8][6]. Investment Recommendations - The report suggests that the overall underwriting profitability of the industry is improving, with expectations of continued growth in property insurance premiums [8][6].

Investment Rating - The report maintains a "Buy" rating for the company [9][11]. Core Insights - The company's new business value (NBV) exceeded expectations with a growth of 35% year-on-year, driven by individual insurance and bancassurance channels [6][7]. - The net profit for Q1 2025 was 27.016 billion yuan, a decrease of 26.4% year-on-year, primarily impacted by fluctuations in the fair value of bonds and the consolidation of Ping An Health [6][9]. - The operating profit showed a stable performance with a year-on-year increase of 2.4% to 37.907 billion yuan [6]. Financial Performance Summary - As of March 31, 2025, the company's net asset per share was 51.61 yuan, and the debt-to-asset ratio was 89.84% [3]. - The total share capital was 18.21 billion shares, with 10.763 billion shares circulating in A-shares and 7.448 billion in H-shares [3]. - The company's investment assets grew by 3.3% year-to-date to 5.92 trillion yuan, with a net investment return of 0.9% and a comprehensive investment return of 1.3% [8]. Business Segment Analysis - The individual insurance segment's NBV grew by 11.5% year-on-year, despite a 19.5% decline in new single premiums [7]. - The bancassurance channel saw a significant increase in NBV by 170.8% year-on-year, benefiting from a low base and increased industry concentration [7]. - The property and casualty insurance segment reported a premium income growth of 7.7% year-on-year, with a combined ratio (COR) improvement to 96.6% [8]. Profit Forecast Adjustments - The profit forecast for 2025-2027 has been adjusted downwards to 127.279 billion yuan, 140.233 billion yuan, and 162.904 billion yuan respectively [9][10]. - The report indicates that the company's closing price corresponds to a price-to-embedded value (PEV) of 0.62x for 2025 [9].

Investment Rating - The report maintains a "Strong Buy" rating for the company, expecting it to outperform the benchmark index by over 20% in the next six months [2][20]. Core Insights - In Q1 2025, the company achieved a net operating profit of 37.9 billion yuan, a year-on-year increase of 2.4%, while the net profit attributable to shareholders was 27 billion yuan, a decrease of 26.4% year-on-year [2]. - The new business value (NBV) increased by 34.9% year-on-year to 12.9 billion yuan, driven by improvements in value rates [2]. - The combined ratio (COR) for property insurance improved to 96.6%, a decrease of 3 percentage points year-on-year, attributed to a reduction in disasters and ongoing risk clearance in guarantee insurance [2]. - The investment portfolio of insurance funds reached over 5.92 trillion yuan, with non-annualized net and comprehensive investment returns of 0.9% and 1.3%, respectively, remaining stable year-on-year [2]. - The report forecasts EPS for 2025-2027 to be 7.6, 8.1, and 9.1 yuan, respectively, with a target price of 65.6 yuan based on a projected PEV of 0.8 times [2]. Financial Summary - Total revenue for 2024 is projected at 1,028,925 million yuan, with a year-on-year growth rate of 12.6% [4]. - The net profit attributable to shareholders is expected to reach 126,607 million yuan in 2024, reflecting a year-on-year growth of 47.8% [4]. - The price-to-earnings ratio (P/E) is forecasted to decrease from 7.8 in 2024 to 6.0 by 2027 [4]. - The company’s total market capitalization is approximately 934.73 billion yuan, with a circulating market value of about 552.45 billion yuan [5].

Investment Rating - The report maintains an "Accumulate" rating for the insurance sector [1] Core Viewpoints - The China Banking and Insurance Regulatory Commission (CBIRC) has issued new regulations on universal life insurance, effective May 1, 2025, which will enhance the focus on protection and risk management in the industry [4] - The new regulations allow for adjustable minimum guaranteed interest rates for universal life insurance, primarily affecting new business while having no impact on existing policies [4] - The report highlights a decline in new premiums for universal life insurance, with a 2.8% year-on-year decrease, amounting to 578.7 billion yuan, which represents 13.8% of total life insurance premiums [4] - The average settlement interest rate for universal life insurance in March 2025 was 2.79%, down 60 basis points from the end of 2023 and 5 basis points from the end of 2024 [4] - The report suggests that the market's savings demand remains strong, and with ongoing regulatory guidance, the cost of liabilities is expected to gradually decrease, alleviating pressure from interest rate spreads [4] - The insurance sector is currently undervalued, with PEV ratios ranging from 0.50 to 0.81 and PB ratios from 0.89 to 1.96, indicating a historical low valuation [4] Summary by Sections Regulatory Changes - The CBIRC has implemented stricter regulations on the design and management of universal life insurance products, including a prohibition on developing products with terms shorter than five years and encouraging the development of long-term universal life insurance [4] - New investment regulations for universal life insurance funds have been introduced, including concentration limits and caps on non-standard investments [4] Market Performance - The report notes that the insurance sector's valuation is at historical lows, with the insurance index expected to outperform the benchmark by more than 5% in the next six months [4] - The report provides a detailed valuation and profit forecast for major listed insurance companies, indicating potential growth in earnings per share (EPS) and book value per share (BVPS) over the next few years [15]

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [1]. Core Insights - The company's operating profit remains robust, while the value of new business is growing rapidly. In Q1 2025, the company reported an operating profit of 379.1 billion RMB, a year-on-year increase of 2.4%, despite a decline in net profit due to pressures from various business segments [4][5]. Financial Performance Summary - In Q1 2025, the company achieved operating revenue of 232.8 billion RMB, a decrease of 5.2% year-on-year. The net profit attributable to shareholders was 270.2 billion RMB, down 26.4% year-on-year. The new business value reached 128.9 billion RMB, reflecting a significant year-on-year growth of 34.9% [4][7]. - The net investment return rate (non-annualized) was 0.9%, unchanged from the previous year, while the comprehensive investment return rate (non-annualized) increased by 0.2 percentage points to 1.3% [4][6]. Business Segment Analysis - **Life Insurance**: The quality of the sales team continues to improve, with the per capita new business value (NBV) increasing by 14%. The new business value rate improved by 11.4 percentage points to 28.3%, driving a 34.9% increase in NBV [5]. - **Property Insurance**: The comprehensive cost ratio improved by 3.0 percentage points to 96.6%, with property insurance service revenue slightly increasing by 0.7% to 81.15 billion RMB [6]. - **Investment Strategy**: The company actively managed interest rate risks, achieving a net investment return rate of 0.9% and a comprehensive investment return rate of 1.3% [6]. Profit Forecast and Valuation - The company is expected to maintain a positive trend in new business value (NBV) due to product structure optimization and enhanced service offerings. The forecasted net profit for 2025-2027 is 1550 billion RMB, 1721 billion RMB, and 1992 billion RMB respectively [7][8]. - The current A/H share prices correspond to a price-to-earnings value (PEV) of 0.65 for A-shares and 0.55 for H-shares, supporting the "Buy" rating [7].