智通财经APP获悉，新华保险(01336)涨超3%，截至发稿，涨2.89%，报49.8港元，成交额2.25亿港元。 国信证券指出，新华保险业绩高增的核心驱动力在于投资端表现优异，受益于前三季度资本市场回暖， 公司投资收益在去年高基数上继续实现同比大幅增长。负债端延续高质量增长态势，新业务价值(NBV) 在前三季度实现同比50.8%的高速增长，为未来利润释放奠定坚实基础。值得一提的是，为应对预定利 率下调带来的挑战，公司自二季度起坚定推动分红险转型，并将其作为各渠道业务发展的重点。 消息面上，近日，新华保险公布2025年前三季度业绩，营业收入为1372.52亿元，同比增长28.3%；归属 于母公司股东的净利润为328.57亿元，同比增长58.9%；基本加权平均每股收益10.53元。前三季度，公 司实现原保险保费收入1,727.05亿元，同比增长18.6%；长期险首年保费收入545.69亿元，同比增长 59.8%；长期险首年期交保费收入349亿元，同比增长41.0%；长期险首年趸交保费收入196.69亿元，同 比增长109.2%；续期保费收入1,146.2亿元，同比增长5.9%，持续发挥"压舱石"作用。 ...

政策市场双驱动：三十载积淀，推出财富管理焕新力作 在利率下调，人口老龄化进程加速的大环境下，家庭财产该如何实现有效配置，已成为当前居民的热门话 题。消费者对专业化、长期化财富管理服务的需求不断升温，希望通过安全稳健的金融产品为个人和家庭的幸福 生活提供长期财务支撑。 从供给端看，政策层面持续为保险行业指明方向，国务院《关于加强监管防范风险推动保险业高质量发展的 若干意见》（"新国十条"）明确提出"满足人民群众多样化养老保障和跨期财务规划需求，支持浮动收益型保险发 展"，推动行业从单一风险保障向"养老规划+健康管理+资产配置"综合服务转型。 在政策与市场的双重驱动下，深耕行业三十年的新华保险凭借深厚积淀成为"分红险"创新发展的核心参与 者。2000年推出第一款保额分红产品，2001年推出国内第一款分红重疾险，长期以来，新华保险不仅为客户提供 优质的定制化风险管理计划，还凭借专业的投资能力为客户的收益稳定性提供坚实支撑。值此三十年司庆，新华 保险回归初心，整合政策红利、市场需求与自身经营优势，隆重推出盛世荣耀庆典版终身寿险（分红型）（以下 简称"盛世荣耀庆典版"），助力消费者实现人生财富的科学配置。 产品核心价值 ...

以下文章来源于阿尔法工场金融家 ，作者金妹妹 继去年同期创下历史新高后，今年年中保险业内曾预计，由于"高基数效应"的存在，头部险企业绩或同比下滑。 但结果完全相反。 阿尔法工场金融家 . 追踪保险银行业圈内动态，剖析最新风向，分享有料、有价值的"内行人"洞察见解。 导语：秉持不同策略的巨头，能否在收益与稳健之间，找到一种新平衡？ 最近发布的三季报显示，中国人寿(601628.SH)、中国平安 ( 601318.SH ) 、中国人保 ( 601319.SH ) 、中国太保 ( 601319.SH ) 和新华保险 ( 601336.SH ) 五家上市险企，今年前三季度合计实现归母净利润4260亿元，同比增长33.5%，已超过2024年全年水平。其中，第三季度单季利 润2478亿元，同比暴增68.3%。 来自资本市场的浮盈，成为本轮利润增长的最主要来源。数据显示，五大险企的投资收益对利润贡献普遍超过六成。 本轮"修复性行情"中，沪深300指数三季度上涨18%。对于资金体量庞大、负债久期长的保险公司而言，这样的行情堪称"天时"。险资普遍抓住 了这波行情，集体上调权益投资比例，除了传统上对银行的偏好，他们更押注科技成长 ...

在去年同期高增长的基础上，A股五大上市险企再次交出亮眼答卷。 据《国际金融报》记者统计，中国人寿、中国人保、中国平安、中国太保、新华保险在2025年前三季度 合计实现归母净利润4260.39亿元，同比增长33.5%，超过去年全年净利润总额（3476亿元）。 | | A股五大上市险企归母净利润一览(亿元) | | | | --- | --- | --- | --- | | 公司名称 | 2025年前三季度 | 2024年前三季度 | 増速 | | 中国平安(集团) | 1328. 56 | 1191. 82 | 11. 5% | | 中国人寿 | 1678. 04 | 1045. 23 | 60. 5% | | 中国人保(集团) | 468. 22 | 363. 31 | 28. 9% | | 中国太保(集团) | 457 | 383. 1 | 19. 3% | | 新华保险 | 328. 57 | 206. 8 | 58. 9% | | 合计 | 4260. 39 | 3190. 26 | 33. 5% | （王莹制表） 拆解三季报不难发现，在投资端，上市险企积极把握市场机会，加大权益资产配置力度，投资收益实 ...

证 券 研 究 报 告 资、负两端均表现亮眼，3Q25A股险企利润大增68% ——保险行业2025年三季报业绩综述 证券分析师： 罗钻辉 A0230523090004 孙冀齐 A0230523110001 2025.11.5 核心观点 ◼ 3Q25A股险企利润大增68%，投资业绩贡献税前利润增量的79%。前三季度A股上市险企合计归母净利润yoy+33.5%至 4260亿元，超出预期（我们预计yoy+14.3%）；其中，3Q25合计归母净利润yoy+68.3%至2637亿元，受益于险资入市持续 推进及有效把握权益市场投资机会，在高基数态势下业绩增速亮眼，机构增速分化主要受成长股配置策略及金融资产会计分类 等因素影响。从利源结构来看，前三季度保险服务业绩/投资业绩2241/3163亿元，yoy+18.2%/+61.9%，占税前利润的比重 为39.9%/56.3%，分别贡献税前利润增量的22.6%/79.2%。 ◼ 预定利率下调预期下，前三季度NBV延续高增态势。上市险企前三季度NBV增速位于18%-77%区间，依然延续高增态势。 从规模来看，前三季度A股上市险企新单合计yoy+14.2%至5578亿元，Q3新单合 ...

22025年前三季度寿险公司投资收益率排行榜：资本市场助力投资收益率上涨！但前期已做完资产重分类的公司，综合投资收 益率承压 先 说 结论： 1、 2025年前三季度寿险公司总投资收益率加权平均值为3.5%，同比提高了1.2个百分点。综合投资收益率为6.1%，同比提高了0.2个百分点。 近两年，寿险公司前三季度的综合投资收益率明显提升。除债券资产重分类的影响外，资本市场回暖是另一个关键因素。 去年三季度末，上证指数同比上涨12.2%；今年三季度末，同比涨幅达15.8%，显著提升了寿险公司权益类资产的配置收益。 2、 从寿险公司总投资收益率来看，2025年前三季度总投资收益率简单平均值为3.7%，加权平均值是3.5%、中位数也是3.0%。其中有8家公司总投资 收益率超过5%。 "13精"数据库第404周更新公告 2025年前三季度寿险公司总投资收益率排名前十： 从寿险公司综合投资收益率来看，2025年前三季度综合投资收益率简单平均值为3.0%，加权平均值是6.1%、中位数是2.8%。其中有9家公司综合投资收 益率超过5%。 本次，"13精"将聚焦寿险公司投资端，给出各家公司最新的投资收益率排行榜。 13精资讯- ...

Investment Rating - The report maintains a "Recommended" rating for the insurance sector, expecting the industry index to outperform the benchmark index by over 5% in the next 3-6 months [20]. Core Insights - The report indicates that the public fund holdings in the insurance sector have decreased, influenced by performance expectations for Q3. The overall non-bank financial holdings decreased by 0.17 percentage points, with the insurance sector's holdings dropping by 0.29 percentage points [3][4]. - The report highlights that major insurance companies like China Ping An and China Pacific Insurance have seen a reduction in their public fund holdings, while only a few companies like China Life and Sunshine Insurance experienced slight increases [4]. - The anticipated performance for Q3 shows significant growth for major insurers, with China Life's net profit expected to increase by 862 million yuan, and other companies like New China Life and PICC also showing positive growth [5]. Summary by Sections Overall Industry Performance - Non-bank financial holdings decreased by 0.17 percentage points, with insurance holdings at 1.1% and a decline of 0.29 percentage points [3]. - The report notes a general reduction in individual stock holdings within the insurance sector, with China Ping An maintaining the highest holding at 0.46%, despite a decrease of 0.09 percentage points [4]. Company-Specific Insights - China Life, New China Life, and PICC are projected to show substantial growth in net profit for Q3, with increases of 862 million yuan, 104 million yuan, and respective quarterly growth rates of +2094%, +174%, +151% for the quarter [5]. - The report suggests that the performance of the insurance sector is likely to remain strong in Q4 and throughout the year, contingent on the current activity levels in the equity market [8]. Investment Recommendations - For the short term, the report recommends considering stocks with performance elasticity, specifically New China Life, China Pacific Insurance, China Life, and China Taiping [9]. - For the long term, it suggests a focus on fundamental performance and valuation, recommending China Pacific Insurance, China Financial Insurance, and China Ping An [9].

Core Insights - The overall performance of five A-share listed insurance companies in the life insurance sector shows steady growth, with many institutions reporting double-digit increases in total premiums, new premiums, and renewal premiums [1][2]. Premium Growth - In the first three quarters, China Life achieved total premiums of 669.645 billion yuan, a year-on-year increase of 10.1%, marking a historical high for the same period; Taiping Life reported 263.863 billion yuan, up 14.2%; New China Life reached 172.705 billion yuan, up 18.6%; and PICC Life reported 116.963 billion yuan, up 21.1% [2]. - China Ping An did not disclose premium income data but reported a new business value of 35.724 billion yuan for its life and health insurance, a significant increase of 46.2% [2]. New Business Value - The new business value growth is attributed to the switch in the preset interest rate for life insurance products, with the industry entering a "2.0% era" starting September 1, 2025 [3]. - The quarterly data shows a divergence in premium growth rates among listed insurance companies, with China Life, PICC Life, and China Ping An showing rapid growth rates of 52%, 46%, and 21% respectively, while New China Life and Taiping Life reported declines of -4% and 2% [3]. Product Strategy Transformation - Listed insurance companies are actively transforming their product strategies, with a significant increase in the sales proportion of dividend insurance products. For instance, China Life reported that the proportion of floating income-type business in first-year premiums increased by over 45 percentage points compared to the previous year [4]. - Taiping Life disclosed that the proportion of dividend insurance in new premium income from agents further increased to 58.6% [4]. Performance of Bancassurance Channel - The bancassurance channel has shown remarkable performance, contributing significantly to premium income and business value growth. Taiping Life's bancassurance channel achieved scale premiums of 58.31 billion yuan, a year-on-year increase of 63.3% [5]. - New China Life's bancassurance channel reported premium income of 66.941 billion yuan, up 47.7%, with first-year premiums for long-term insurance increasing by 66.7% [5]. - China Ping An reported a 170.9% year-on-year growth in new business value from its bancassurance channel, contributing 35.1% to its overall new business value [5]. Agent Workforce and Productivity - The overall number of agents remains stable, with slight declines in the number of individual insurance sales agents for major companies. China Life has 607,000 agents, Ping An has 354,000, and Taiping Life has 181,000 [6]. - Despite the slight decline, the quality of the workforce is improving, with New China Life reporting a 50% year-on-year increase in per capita productivity [6].

证 券 研 究 报 告 保险行业月报（2025 年 1-9 月） 预定利率下调影响寿险，产险景气度环比提升 推荐顺序：中短期来看考虑业绩弹性，推荐新华保险、中国财险、中国人寿、 中国太平；长期结合基本面及估值性价比，推荐中国太保、中国财险、中国平 安。 ❑ 风险提示：政策变动，自然灾害加剧，长期利率持续下行，权益市场震荡。 ❑ 重点公司盈利预测、估值及投资评级 | | | | | EPS（元） | | | PE（倍） | | PB（倍） | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 简称 | 代码 | 股价（元） | 2025E | 2026E | 2027E | 2025E | 2026E | 2027E | 2025E | 评级 | | 中国太保 | 601601.SH | 35.43 | 5.68 | 6.15 | 6.81 | 6.24 | 5.76 | 5.20 | 1.13 | 推荐 | | 中国人寿 | 601628.SH | 43.43 | 6.34 | 4.10 | 4.74 | 6.85 ...

Core Viewpoint - The report from GF Securities indicates that listed insurance companies in China have shown significant growth in net profit for the first three quarters of 2025, driven by a rising equity market and improved investment performance. The trend is expected to continue into 2026 due to various factors including the expansion of dividend insurance and the optimization of non-auto insurance pricing [1][2]. Profit Performance - The net profit growth rates for listed insurance companies from Q1 to Q3 2025 are as follows: China Life (60.5%) > New China Life (58.9%) > China Property & Casualty (50.5%) > PICC (28.9%) > Taiping (19.3%) > Ping An (11.5%). The third quarter saw unexpected high growth due to the rising equity market and improved asset allocation [1][2]. - The annualized total investment returns for New China Life, Taiping, and China Life increased by 1.8 percentage points, 0.7 percentage points, and 1.0 percentage points respectively [1]. Net Asset Growth - The net asset growth rates for Q3 2025 compared to the mid-year report are as follows: New China Life (20.5%) > China Life (19.5%) > PICC (10.2%) > Ping An (4.5%) > Taiping (0.8%) [3]. Life Insurance Performance - The new business value (NBV) growth rates for the first three quarters of 2025 are: New China Life (+50.8% non-comparable basis) > PICC Life (+76.6%) > Ping An (+46.2%) > China Life (+41.8%) > Taiping (+31.2%). The growth in new policies is driven by a switch in the preset interest rate [4]. - The number of agents for China Life and Ping An increased by 2.5% and 4.1% respectively in Q3 [4]. Property and Casualty Insurance Performance - The premium growth rates for the first three quarters are: Ping An Property (7.1%) > PICC Property (3.5%) > Taiping Property (0.1%). The combined operating ratio (COR) for PICC Property (96.1%) is better than Ping An Property (97.0%) and Taiping Property (97.6%), with improvements attributed to reduced natural disaster losses and the implementation of unified reporting [5]. Investment Recommendations - The report suggests a positive outlook for the insurance sector, recommending active attention to stocks such as New China Life, China Life, China Taiping, China Pacific Insurance, and others [6].