2025年中国 保险 公司哪家卖得好？根据最新披露的保费收入排名与销售业绩对比数据，在五大A股上 市险企中， 中国平安 以近1590亿元的健康险保费收入领跑，占据全市场近16%的份额，成为健康险卖 得最好的公司。 中国人寿 在人身险保费规模上稳居行业龙头。当前，各家保险公司正加速向"服务型产 品"转型，竞争核心已转向医疗康养生态与科技赋能的 综合 比拼。 Q:哪家保险卖得好 A:2025年中国保险公司健康险销售业绩对比显示，中国平安在此领域卖得最好，中国人寿则在人身险保 费规模上稳居行业龙头。核心数据支撑如下： ·行业整体概况：2025年，人身险和财产险公司的健康险业务累计实现保费收入9973亿元，距离万亿元 关口仅一步之遥。 ·头部企业集中度：五大上市险企实现健康险保费收入约4500亿元，约占健康险市场总保费的45%。 ·中国平安（健康险居首）：2025年实现健康险保费收入1590亿元，占健康险市场总保费的15.9%。其中 医疗险保费收入近734亿元，同比增长2.7%。 行业转型趋势补充细节： ·中国人寿：公司总保费达7298.87亿元，同比增长8.7%。其健康险业务总保费1202.21亿元，同比增长 0. ...

本报告导读： [Table_Report] 相关报告 25 年上市险企产寿险经营质态向好，盈利实现高增，分红稳定提升；银保成为 NBV 增长驱动，夯实资负质量将更为关键。 资负联动是经营关键，保险加服务成重点 [Table_Industry] 多元化保险 [Table_Invest] 评级： 增持 ——上市险企 2025 年年报综述 | [姓名table_Authors] | 电话 | 邮箱 | 登记编号 | | | --- | --- | --- | --- | --- | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | S0880515050001 | | | 李嘉木(分析师) | 021-38038619 | lijiamu@gtht.com | S0880524030003 | [Table_subIndustry] 细分行业评级 | | 唐关勇(分析师) | 021-38031032 | tangguanyong@gtht.com | S0880526030006 | | 股票研究 /[Table_Date] 2026.04.01 行 业 年 报 证 ...

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2026年3月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國人壽保險股份有限公司 呈交日期: 2026年4月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 02628 | 說明 | | | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 7,441,175,000 | RMB | | | 1 RMB | | 7,441,175,000 | | 增加 / 減少 (-) | | | | | | | RMB | | | | 本月底結存 | | | 7,441,175,000 | RMB | | | 1 RMB | | 7,441,175,000 | | 2. 股份分類 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance industry [1] Core Insights - The growth in life insurance premiums in January-February 2026 is driven by the "deposit migration" phenomenon, while property insurance premiums are growing slowly, with auto insurance under pressure and non-auto insurance growing rapidly. The report anticipates that the resonance of assets and liabilities will drive profit improvement in 2026 [2] Summary by Sections Premium Income - In January-February 2026, the cumulative premium income for the insurance industry reached 1,642.2 billion yuan, a year-on-year increase of 8.4%. The life insurance sector's original premium income was 1,310.8 billion yuan, up 9.7% year-on-year. The breakdown includes life insurance at 1,132.3 billion yuan (10.9% increase), health insurance at 172.4 billion yuan (3.1% increase), and accident insurance at 6.1 billion yuan (12.4% decrease) [3][4] - The report expects strong demand for insurance savings due to "deposit migration," while demand for protection products remains weak in the short term [3] Investment Contributions - New investment contributions from policyholders (mainly universal insurance) amounted to 238.9 billion yuan, a year-on-year increase of 16.8%. The growth is attributed to the continuous operation of universal insurance accounts during the companies' New Year business period [3] Property Insurance Performance - The cumulative original premium income for the property insurance sector in January-February 2026 was 331.4 billion yuan, a year-on-year increase of 3.5%, with a decline in growth rate of 1.2 percentage points compared to the same period in 2025. Auto insurance and non-auto insurance premiums were 141.8 billion yuan (-0.9% year-on-year) and 189.6 billion yuan (7.0% year-on-year), respectively [3] - Non-auto insurance's share of total property insurance premiums increased by 1.9 percentage points year-on-year, with liability and health insurance being the core growth drivers, showing year-on-year growth rates of 10.2% and 20.5%, respectively [3] Market Outlook - The report is optimistic about the valuation recovery of insurance stocks, driven by strong demand for insurance savings and stable interest rates. It highlights that the recent concerns from trading factors are the main reason for the divergence between the fundamental profit improvement and stock prices in the insurance sector [3] - The report recommends stocks such as China Ping An, China Pacific Insurance, New China Life, and China Life for investment [3]

证券研究报告 资负双轮驱动利润增长，上市险企增配二级权益1.5万亿元 保险行业2025年年报综述 证券分析师： 罗钻辉 A0230523090004 孙冀齐 A0230523110001 2026.3.31 核心观点 www.swsresearch.com 证券研究报告 2 ◼ 资产负债双轮驱动A股险企2025年归母净利润合计yoy+22.4%。2025年A股险企归母净利润合计达4253亿元， yoy+22.4%，高基数下依然实现稳步提升；从利源结构来看，保险服务业绩/投资业绩yoy+19.7%/39.3%至2570/3012亿 元，税前利润贡献占比分别达46.9%/55.0%，结构相对均衡。其中，4Q25多数上市险企利润表现阶段性承压，A股险企归 母净利润yoy-102.6%至-7.48亿元，主要受资本市场波动叠加3Q25以来险企持续提升二级市场权益配置规模影响。 ◼ NBV增速亮眼，COR整体延续稳中向好态势。人身险量价齐升，A股险企NBV合计yoy+35.8%至1267亿元；其中，新单保 费合计yoy+11.1%至6962亿元，NBVM(使用NBV/新单近似估计)yoy+3.3%至18.2%，"报行合一 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance sector [1] Core Insights - The insurance industry is expected to see improvements in liability quality and increased equity allocation in investments [1] - The overall net profit of listed insurance companies increased significantly by 26.6% in 2025, driven by enhanced investment returns, although there was a decline in Q4 net profits due to short-term market fluctuations [4][11] - The average dividend yield for listed insurance companies is high, with several companies exceeding 5% [4][21] Summary by Sections 1. Net Profit and Dividend Returns - The net profit of listed insurance companies reached CNY 457.5 billion in 2025, a 26.6% increase year-on-year, with notable growth from companies like Taiping, which saw a 222.6% increase [11][12] - The average dividend payout ratio for listed insurance companies remained stable at 26.2%, with Taiping showing a significant increase of 251% in dividends per share [21][23] 2. Life Insurance - New business premiums and NBV (New Business Value) growth were driven by the bancassurance channel, with companies like Sunshine and Xinhua seeing over 40% growth in new premiums [4][6] - The average contribution of bancassurance to new business premiums increased to 39.1%, up by 7.7 percentage points year-on-year [4][6] 3. Property and Casualty Insurance - Premium income remained stable, with slight variations in the structure of insurance types; for instance, PICC and Ping An saw premium growth of 3.3% and 6.6% respectively [4][6] - The average combined ratio for listed property and casualty insurers improved to 98.1%, indicating profitability in underwriting [4][6] 4. Investment - Investment assets for listed insurers grew by 13% year-on-year, with a notable shift towards equities and funds, increasing their share to 14.4% [4][6] - The average total investment return rose to 5.4%, supported by a strong stock market performance [4][6] 5. Liability Side Improvements - The report indicates a positive trend in the liability side, with expectations for a gradual decrease in liability costs due to sustained market demand for savings products [4][6] - The insurance sector's valuation remains low, with PEV ratios between 0.54-0.77 and PB ratios between 0.95-1.60, highlighting potential investment value [4][6]

证券研究报告·行业深度报告·保险Ⅱ 保险Ⅱ行业深度报告 保险行业 2025 年年报回顾与展望：负债端增 量提质，投资端加大权益配置力度 增持（维持） [Table_Tag] [投资要点 Table_Summary] 2026 年 03 月 31 日 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 -8% -3% 2% 7% 12% 17% 22% 27% 32% 37% 42% 2025/3/31 2025/7/30 2025/11/28 2026/3/29 保险Ⅱ 沪深300 相关研究 《保险行业 1-2 月月报：寿险开门红 表现强劲，车险保费增长短期承压》 2026-03-28 《保险行业偿付能力监管体系介绍》 2026-03-22 东吴证券研究所 1 / 44 请务必阅读正文之后的免责声明部分 ◼归母净利润大幅增长，分红回报稳中向好。1）受投资收益提升带动，上 市险企 2025 年归母净利润合计增长 26.6%，但 Q4 单季归母净利润普遍 下滑，我们预计主要 ...

26 年 1-2 月保费稳健，险企业绩持续向好带动保险估值修复 [Table_Industry] 保险 | | | ——保险行业 2026 | 年 1-2 | 月保费数据点评 | [Table_Invest] 评级： | 增持 | | --- | --- | --- | --- | --- | --- | --- | | [姓名table_Authors] | 电话 | 邮箱 | | 登记编号 | | | | 刘欣琦(分析师) | 021-38676647 | liuxinqi@gtht.com | | S0880515050001 | | | | 李嘉木(分析师) | 021-38038619 | lijiamu@gtht.com | | S0880524030003 | [Table_subIndustry] | | | 唐关勇(分析师) | 021-38031032 | tangguanyong@gtht.com | | S0880526030006 | | | 本报告导读： 26 年 1-2 月"存款搬家"和开门红推动人身险保费增长，财险保费小幅增长，非车 险占比进一步提升。 险企业绩持续向好，看好保 ...

证券研究报告 保险 险资 2025 大幅增配红利/成长股 华泰研究 2026 年 3 月 30 日│中国内地 动态点评 保险 增持 (维持) | 李健，PhD | 研究员 | | --- | --- | | SAC No. S0570521010001 | lijian@htsc.com | | SFC No. AWF297 | +(852) 3658 6112 | | 于明汇* | 联系人 | | SAC No. S0570124070107 | yuminghui@htsc.com | | | +(86) 21 2897 2228 | 行业走势图 (8) 4 16 28 40 Mar-25 Jul-25 Nov-25 Mar-26 (%) 保险 沪深300 资料来源：Wind，华泰研究 史新高。从投资收益角度看，2025 年净投资收益率仍面临一定压力，但是 股市表现强劲，行业平均总/综合收益率达到 5.0%/5.6%的高位，与 2024 25 年险资大幅增配红利/成长股 2025 年保险公司持续增配高息股，主要上市公司平均 FVOCI 股票配置比例 同比上升 2.5pcts 至 5.4%，共增配 6338 ...

丨证券研究报告丨 [Table_scode 公司研究丨点评报告丨中国人寿（ Msg1] 601628.SH） [Table_Title] 中国人寿 2025 年年报点评：大幅增配权益资产， 银保产能快速释放 报告要点 [Table_Summary] 1）保险行业盈利能力受资产配置比例、负债成本和保费增速决定，国寿增配权益、保费稳健增 长，预期盈利能力和规模都将稳定改善；2）"存款搬家"对保险而言逻辑顺畅，叠加行业格局 趋于集中，看好行业中长期盈利能力改善以及估值重估；3）短期市场贝塔是主要扰动，国寿作 为纯寿险公司，具备行业第一梯队的敏感性及弹性，贝塔回暖时将显著受益，目前公司估值 0.69 倍 PEV，维持"买入"评级。 分析师及联系人 [Table_Author] 吴一凡 谢宇尘 SAC：S0490519080007 SAC：S0490521020001 SFC：BUV596 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 [Table_scodeMsg2] 中国人寿（601628.SH） cjzqdt11111 [Table_Title 中国人寿 2025 ...