Core Insights - The five major A-share listed insurance companies in China achieved a record net profit of 426.04 billion yuan in the first three quarters of 2025, marking a year-on-year increase of over 100 billion yuan and a growth rate of 33.5% [1][3] - The net profit for the third quarter alone saw a remarkable year-on-year growth of 68.3% [1][3] Financial Performance - China Life reported a net profit of 167.80 billion yuan for the first three quarters, up 60.5% year-on-year, with a third-quarter profit of 126.87 billion yuan, reflecting a 91.5% increase [3][4] - Ping An's net profit for the first three quarters was 132.86 billion yuan, a growth of 11.5%, with a third-quarter profit of 64.81 billion yuan, up 45.4% [3][4] - China Pacific Insurance achieved a net profit of 45.70 billion yuan, growing 19.3% year-on-year, with a third-quarter profit of 17.82 billion yuan, up 35.2% [3][4] - New China Life reported a net profit of 32.86 billion yuan, a 58.9% increase, with a third-quarter profit of 18.06 billion yuan, reflecting an 88.2% growth [3][4] - China Property & Casualty Insurance's net profit was 46.82 billion yuan, up 28.9%, with a third-quarter profit of 20.29 billion yuan, a 48.7% increase [3][4] Investment Performance - The significant increase in profits is attributed to a surge in investment income, with China Life reporting total investment income of 368.55 billion yuan, a year-on-year increase of 41.0% [5][6] - Ping An's investment portfolio achieved a non-annualized comprehensive investment return of 5.4%, up 1.0 percentage points year-on-year [6][7] - China Property & Casualty Insurance reported total investment income of 86.25 billion yuan, a 35.3% increase [6][7] - New China Life's annualized total investment return was 8.6%, with a comprehensive investment return of 6.7% [7] Premium Growth - China Life's total premium income reached 669.65 billion yuan, a 10.1% increase, with all premium categories showing double-digit growth [8] - Ping An's new business value in life and health insurance was 35.72 billion yuan, up 46.2% year-on-year [8] - China Pacific Insurance's total premium income was 263.86 billion yuan, a 14.2% increase, with new business value growing by 7.7% [8]

Core Insights - The five major listed insurance companies in A-shares reported a significant increase in net profit for the first three quarters, achieving a total of over 420 billion yuan, representing a year-on-year growth of nearly 34% [1][2] Investment Performance - The five major insurance companies saw positive growth in net profit, with China Life, Ping An, PICC, China Pacific, and New China Life reporting net profits of 167.8 billion yuan, 132.9 billion yuan, 46.8 billion yuan, 45.7 billion yuan, and 32.9 billion yuan respectively, with year-on-year growth rates of 60.5%, 11.5%, 28.9%, 19.3%, and 58.9% [1][2] - In Q3 alone, China Life achieved a net profit of 126.9 billion yuan, marking a year-on-year increase of 91.5%, the highest among the five companies [1] Investment Strategy - The five major insurance companies increased their investment in the equity market, with total investment assets exceeding 20 trillion yuan by the end of Q3, showing growth from the beginning of the year [2][3] - China Life's investment assets reached 7.28 trillion yuan, up 10.2% from the start of the year, while Ping An's investment portfolio exceeded 6.41 trillion yuan, growing by 11.9% [2] Asset Allocation - Companies optimized their asset allocation in response to market conditions, increasing long-duration bond investments and focusing on undervalued, high-dividend, and growth-oriented equity investments [3][4] - China Ping An emphasized a disciplined approach to strategic asset allocation while flexibly adjusting tactical strategies to enhance long-term investment returns [3] New Business Value - The new business value in life insurance continued to improve, with China Life reporting a 41.8% year-on-year increase in new business value, while New China Life saw a 50.8% increase due to growth in first-year premiums and improved business quality [4][5] - The proportion of participating insurance products increased significantly, with China Life reporting a substantial rise in floating income-type business in first-year premiums [5] Property Insurance Performance - The comprehensive cost ratio for property insurance improved, leading to enhanced underwriting profits. For instance, PICC's property insurance achieved an underwriting profit of 14.9 billion yuan, a year-on-year increase of 130.7% [5]

Core Viewpoint - The report highlights the financial performance of major Chinese insurance companies in the first three quarters, showcasing significant growth in net profit and revenue across the sector [1]. Group 1: Net Profit Performance - China Life Insurance reported a net profit attributable to shareholders of 167.8 billion yuan, reflecting a year-on-year increase of 60.5% [1]. - Ping An Insurance achieved a net profit of 132.9 billion yuan, with an 11.5% year-on-year growth [1]. - China Pacific Insurance recorded a net profit of 45.7 billion yuan, marking a 19.3% increase compared to the previous year [1]. - New China Life Insurance reported a net profit of 32.9 billion yuan, showing a substantial year-on-year growth of 58.9% [1]. - China Insurance reported a net profit of 46.8 billion yuan, with a year-on-year increase of 28.9% [1]. Group 2: Revenue Performance - China Life Insurance's revenue reached 537.9 billion yuan, representing a year-on-year growth of 25.9% [1]. - Ping An Insurance's revenue was 832.9 billion yuan, with a year-on-year increase of 7.4% [1]. - China Pacific Insurance reported revenue of 344.9 billion yuan, reflecting an 11.1% year-on-year growth [1]. - New China Life Insurance achieved revenue of 137.3 billion yuan, marking a 28.3% increase compared to the previous year [1]. - China Insurance's revenue stood at 520.9 billion yuan, with a year-on-year growth of 10.9% [1].

Core Insights - The five major listed insurance companies in A-shares reported a significant increase in net profit for the third quarter of 2025, driven primarily by a rising capital market and improved investment performance [1][2][3] Group 1: Financial Performance - The total net profit for the five major listed insurance companies reached approximately 4260.39 billion yuan in the first three quarters of 2025, marking a year-on-year increase of 33.54% [2] - In the third quarter alone, the net profit amounted to about 2478.47 billion yuan, reflecting a substantial year-on-year growth of 68.34% [2] - Notable individual performances include China Life and New China Life, with third-quarter net profit growth rates of 91.5% and 88.2%, respectively [1][2] Group 2: Investment Performance - Investment income for China Life rose to 3685.51 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 41.0% [2] - The overall performance of the capital market, with the Wind All A-Share Index rising approximately 19.46% in the third quarter, significantly contributed to the improved investment results [3] Group 3: Business Operations - The new business value for life insurance showed substantial growth, with China Ping An's new business value increasing by 46.2% and China Life's by 41.8% in the first three quarters of 2025 [3] - The comprehensive cost ratio for property insurance companies improved, with Ping An's ratio at 97.0%, down 0.8 percentage points year-on-year, indicating profitability in underwriting [3] Group 4: Market Dynamics - The volatility in performance of listed insurance companies is attributed to the implementation of new accounting standards and increased investment in equity assets, which amplify the impact of market fluctuations on profits [5][6] - The shift to fair value accounting has led to a direct correlation between market performance and net profit, with higher equity asset allocations resulting in greater profit variability [5][6]

智通财经APP讯，中国人寿(601628.SH)发布2025年三季度报告，该公司前三季度营业收入为5378.95亿 元，同比增长25.90%。归属于上市公司股东的净利润为1678.04亿元，同比增长60.50%。归属于上市公 司股东的扣除非经常性损益的净利润为1679.53亿元，同比增长60.50%。基本每股收益为5.94元。 ...

Core Insights - A-share insurance companies in China reported strong net profit growth for the first three quarters of the year, with a total net profit of 426.04 billion yuan, representing a year-on-year increase of 33.5% [1] - China Life Insurance led the sector with a net profit of 167.80 billion yuan, a significant increase of 60.5% compared to the previous year [1] - The robust performance is attributed to high investment returns and a favorable comparison to last year's high profit base [1] Investment Performance - China Life achieved total investment income of 368.55 billion yuan, up over 40%, with an investment return rate of 6.42% [2] - New China Life reported an annualized total investment return rate of 8.6% and a comprehensive investment return rate of 6.7% [2] - China Ping An's insurance fund investment performance improved significantly, with a non-annualized comprehensive investment return rate of 5.4%, an increase of 1.0 percentage points year-on-year [2] - China Pacific Insurance focused on long-term bond investments and increased equity holdings to optimize its investment structure [2] Business Performance - A-share insurance companies experienced significant growth in life insurance business, with China Life reporting total premiums of 669.65 billion yuan, a 10.1% increase [3] - China Life's new premium income reached 218.03 billion yuan, growing by 10.4% [3] - China Pacific Insurance's life insurance segment achieved a service income of 19.79 billion yuan, up 18.2%, with a new business value growth of 76.6% [3] - New China Life emphasized enhancing market competitiveness and reported steady growth in long-term premium business [3] Property Insurance Performance - The property insurance sector showed improved underwriting profits and a decrease in comprehensive cost ratios [4] - China Property & Casualty Insurance reported an underwriting profit of 14.87 billion yuan, a 130.7% increase, with a comprehensive cost ratio of 96.1%, down 2.1 percentage points [4] - China Ping An's property insurance segment achieved a premium income of 256.25 billion yuan, a 7.1% increase, with a comprehensive cost ratio of 97.0%, improving by 0.8 percentage points [4] - China Pacific Insurance's property insurance reported a premium income of 160.21 billion yuan, a slight increase of 0.1%, with a comprehensive cost ratio of 97.6%, down 1.0 percentage point [4]

Core Viewpoint - The profitability of major A-share listed insurance companies in China has reached a record high, with a significant increase in net profit for the first three quarters of 2025 compared to the same period last year, driven by strong investment returns and stable performance in the liability sector [1][3]. Group 1: Profitability Highlights - The five major A-share listed insurance companies achieved a total net profit of 4260.39 billion yuan in the first three quarters of 2025, an increase of over 100 billion yuan, representing a growth rate of 33.5% compared to the previous year [1][4]. - In the third quarter alone, the net profit of these companies grew by 68.3% year-on-year, showcasing a remarkable performance [1][4]. - Individual company performances include China Life with a net profit of 1678.04 billion yuan (up 60.5%), New China Life with 328.57 billion yuan (up 58.9%), and China Ping An with 1328.56 billion yuan (up 11.5%) for the first three quarters [2][4]. Group 2: Investment Performance - The increase in profitability is primarily attributed to substantial growth in investment returns, with companies actively increasing equity investments to capitalize on favorable market conditions [5][6]. - China Life reported total investment income of 3685.51 billion yuan, a year-on-year increase of 41.0%, with an investment return rate of 6.42% [5]. - China Ping An's investment portfolio achieved a non-annualized comprehensive investment return rate of 5.4%, up 1.0 percentage points year-on-year [5]. Group 3: Liability Sector Stability - The liability side of the business has also shown strong performance, with China Life's total premium income reaching 6696.45 billion yuan, a growth of 10.1% [7]. - New business value for Ping An's life and health insurance segment increased by 46.2%, indicating robust growth in new business [7]. - The shift towards floating income products is expected to enhance investment strategies and improve future profitability for insurance companies [7].

Core Insights - China Life Insurance reported a significant business development breakthrough in the first three quarters of 2025, with comprehensive improvements in operational quality and market leadership [1] Financial Performance - Total premium income reached 669.645 billion yuan, representing a year-on-year growth of 10.1% [1] - New single premium income was 218.034 billion yuan, with a year-on-year increase of 10.4% [1] - The total premium scale achieved a historical high for the same period, with total premiums, new single premiums, and renewal premiums all experiencing double-digit growth [1] Business Diversification - The company has made strides in diversifying its product offerings, with new single premium income contributions from life insurance, annuity insurance, and health insurance at 31.95%, 32.47%, and 31.15% respectively [1] - Strong growth in new business value was noted, with a 41.8% year-on-year increase compared to the same period in 2024 [1] Focus on Floating Income Products - The company has significantly developed floating income-type products, with their share in the first-year premium income increasing by over 45 percentage points compared to the previous year [1]

Core Viewpoint - China Life Insurance reported a net profit of 167.804 billion yuan for the first three quarters, marking a 60.5% increase compared to the same period last year, despite a high base from the previous year [1] Group 1: Financial Performance - The net profit attributable to shareholders for the first three quarters reached 167.804 billion yuan [1] - This represents a significant growth of 60.5% year-on-year [1] Group 2: Strategic Initiatives - The company has actively promoted the entry of medium to long-term funds into the market [1] - China Life is strategically positioning itself in new productivity-related sectors [1] - Continuous optimization of asset allocation structure has shown significant results [1]

Core Insights - China Life Insurance reported its performance for the first three quarters, highlighting its strategic focus on the elderly care sector through various product lines [1] Group 1: Business Development - The company is actively advancing its CCRC elderly care community, urban elderly apartments, and health tourism product lines, with a total of 19 institutional elderly care projects established across 15 cities by June 30, 2025 [1] - Four "Flexible Living" travel products have been launched to cater to the needs of elderly customers [1] Group 2: Digital Transformation - The China Life Insurance app has been revamped, achieving over 160 million registered users by mid-2025 [1] - More than 760 service counters have undergone renovations, and the one-stop online customer service has seen a 30.3% increase in user interactions year-on-year [1] Group 3: Customer Engagement - The company has provided warm elderly care services to over 10.11 million people through various online and offline touchpoints [1] - Events such as the "GuoShou 616 Customer Festival" and "Listening to Experts on Immunity" have reached over 51.49 million customers, enhancing the value-added services offered [1] - The brand continues to emphasize "simplicity, quality, and warmth" in its service offerings, reinforcing the "GuoShou Good Service" brand image [1]