Core Viewpoint - China Life Insurance Company expects a significant increase in net profit for the first three quarters of 2025, projecting a range of approximately 156.79 billion to 177.69 billion yuan, representing a year-on-year growth of about 50% to 70% compared to the same period in 2024 [1] Group 1: Performance Forecasts - China Life is the third listed insurance company to announce a profit increase for the third quarter [1] - People's Insurance Company of China (PICC) anticipates a net profit of 26.75 billion yuan for the first three quarters, with an expected increase of 40% to 60% year-on-year [1] - New China Life Insurance forecasts a net profit between 29.99 billion and 34.12 billion yuan, expecting a year-on-year increase of 45% to 65% [1] Group 2: Reasons for Performance Increase - Reason One: Enhancing the supply-side structural reform of insurance through the "Five Major Articles" in finance, focusing on value creation and efficiency improvement [2] - China Life emphasizes its role as an economic stabilizer and is committed to deepening product and business diversification [2] - PICC aims to optimize management and enhance strategic layout in key areas, leading to significant growth in underwriting profits [2] - New China Life focuses on improving market competitiveness and advancing high-quality, sustainable development [2] Group 3: Investment Strategies - Reason Two: Actively promoting long-term capital market investments, resulting in a substantial increase in investment returns [3] - China Life adheres to long-term, value, and stable investment principles, enhancing investment portfolio stability and long-term return potential [3] - PICC is increasing its allocation to high-quality equity assets while maintaining liquidity safety margins [3] - New China Life is optimizing asset allocation to counter low-interest rate challenges, solidifying its long-term return foundation [3] - All three companies benefited from the capital market's rise in the first three quarters, leading to significant growth in net profits [3]

证券研究报告 中国人寿 (601628 CH/2628 HK) 业绩预增：前三季度归母净利润同比 增长 50%~70% 我们预计，中国人寿三季度 NBV 有望保持增长。一方面，在预定利率下调 和报行合一的推动下，NBV 利润率或同比有所改善。继 2024 年 9 月 1 日/10 月 1 日传统险/分红险预定利率下调为 2.5%/2.0%后，今年 9 月 1 日传统险/ 分红险预定利率下调为 2.0%/1.75%，预定利率连续下调有助于降低负债成 本，抬高 NBV 利润率。另一方面，2024 年 4 月监管取消了一家银行网点只 能销售三家保险公司产品的"一对三"限制，大公司得以迅速扩张银行网点。 今年上半年，国寿包含银保在内的其他渠道的 NBV 同比增速高达 179%左 右（可比口径），我们预计银保高增长趋势在三季度有望延续。全渠道看， 公司三季度 NBV 有望稳健增长。 盈利预测与估值 华泰研究 公告点评 2025 年 10 月 20 日│中国内地/中国香港 保险 公司发布 3Q25 业绩预增公告：预计公司 2025 年前三季度归母净利润同比 增长 50%~70%。我们估算，三季度单季度归母净利润或同比增长 ...

A股三季报加速披露，多家保险公司业绩超预期，中国人寿前三季度归母净利润预计同比增长 50%-70%，其中Q3单季同比增长75%-106%，在去年高基数下实现再次高增长；此前新华保险亦发布业 绩预增公告，归母净利润同比增幅达45%以上，保险板块整体业绩预期向好。 有分析表示，四季度市场风格有开始向低估值蓝筹切换的迹象，A股保险股当前估值仍处低位，但业绩 增速在全行业中相对较高，配置价值凸显，随着资负两端基本面持续向上，保险股估值中枢有望进一步 提升。 （文章来源：每日经济新闻） ...

东吴证券研报指出，中国人寿前三季度归母净利润预计为1568亿元至1777亿元，预计同比增加523亿元 至732亿元，同比增长50%至70%。以此计算，三季度单季归母净利润约1159-1368亿元，同比增长 75%-106%。公告称，公司积极推进中长期资金入市，把握市场机会坚决加大权益投资力度，前瞻布局 新质生产力相关领域，持续优化资产配置结构，投资收益同比大幅提升。预计Q3利率上行或将带动公 司部分VFA业务转盈利，也对当期净利润产生利好影响。Q3末10年期国债到期收益率达1.86%，单季上 行21bps。看好公司作为寿险行业龙头的竞争优势，预计伴随公司个险营销转型的深入推进，队伍质态 和业绩表现将进一步提升。结合公司2025年前三季度经营情况，上调公司盈利预测至2025-2027年归母 净利润分别为1763/1781/1874亿元（前值为1075/1120/1205亿元），当前市值对应2025EPEV0.8x、 PB1.9x，维持"买入"评级。 ...

Core Insights - The insurance industry is experiencing significant profit growth, with increases ranging from 40% to 70% for several companies in their third-quarter reports [1][2][3] - The positive performance is largely attributed to a favorable stock market environment, which has encouraged insurance funds to increase their equity investments [1][5] Group 1: Company Performance - China Life Insurance expects a net profit of approximately RMB 156.79 billion to RMB 177.69 billion for the first three quarters of 2025, representing a year-on-year increase of about RMB 52.26 billion to RMB 73.17 billion, or 50% to 70% growth [2][3] - New China Life Insurance anticipates a net profit of RMB 29.99 billion to RMB 34.12 billion for the same period, marking a year-on-year surge of 45% to 65%, surpassing its entire 2024 net profit of RMB 26.2 billion [2][3][4] - China Pacific Insurance also projects a net profit increase of approximately 40% to 60% for the first three quarters of 2025, benefiting from the rising capital market [5][6] Group 2: Investment Strategies - Insurance funds have significantly increased their investments in the stock market, with a total balance exceeding RMB 3 trillion, up RMB 640 billion from the end of 2024 [1][7][9] - The banking sector remains the largest investment focus for insurance funds, accounting for 47.2% of the total market value of heavy-weight stocks held by these funds [7][9] - The shift towards equity assets is driven by a low-interest-rate environment and government policies encouraging long-term capital market participation, with bank stocks being favored for their stability and reliable dividends [9][10] Group 3: Market Trends - The A-share and Hong Kong markets have shown strong performance, prompting insurance funds to increase their equity market investments, resulting in substantial income [7][8] - Insurance companies have actively participated in IPOs, with significant investments in various sectors, including materials and technology [7][8]

Core Viewpoint - The performance of listed insurance companies is showing a positive trend, with major players like China Life, New China Life, and PICC Property & Casualty reporting significant profit increases, driven primarily by strong equity investments [1][3]. Group 1: Performance Highlights - China Life leads the market with a projected net profit increase of 50% to 70%, while other major insurers also report over 40% growth in net profit [1]. - The recovery of the A-share market since 2025 has provided substantial returns for insurance investment portfolios, significantly boosting investment income [1]. - Insurers are actively increasing their equity investments and strategically positioning themselves in new productivity sectors, contributing to notable growth in investment returns [1]. Group 2: Operational Strengths - The insurance sector is experiencing robust performance on the liability side, with steady operational management and structural optimization supporting profit growth [1]. - Despite a lack of widespread monthly premium data, available figures indicate overall growth in premium scale, with a shift towards dividend insurance and floating income products in response to reduced preset interest rates [1]. - The property insurance sector is also seeing significant improvements in underwriting profits through quality enhancement and efficiency measures [1]. Group 3: Future Outlook - Multiple brokerage firms maintain an optimistic outlook for the insurance sector, anticipating a "double hit" in valuation and performance due to "asset-liability resonance" [3]. - Continued policy support, including encouragement for insurance capital to enter the market and the establishment of long-term assessment mechanisms, is expected to bolster industry development [3]. - As of the second quarter of 2025, the total investment in stocks by life and property insurance companies has exceeded 3 trillion yuan, marking a significant increase and a high proportion of stock investments [3].

10月19日，中国人寿预告前三季度预计实现归母净利1567.85-1776.89亿元，同比增幅在50-70%，实现高基数上的高增长。 参考近10年表现，国寿前三季度归母净利或有望创下历史新高。 此前不久，新华保险、人保财险也曾发布业绩预增公告，其中新华保险净利同比预增45-65%至299.86-341.22亿元，人保财险业增幅则在40-60%。 针对业绩高增，国寿方面表示公司聚焦价值创造与效益提升，持续深化资负联动，深入推进产品和业务多元，可持续发展能力进一步增强。 拆分资产负债两端表现，预计国寿本次利润"狂飙"，主要仍依靠资产端推动： 负债端，国寿上半年总保费创历史同期最好水平，但同比增幅仅为7.3%； 人身险行业前8个月保费整体增幅只在11%左右，虽保持较快增长，但较5成以上的利润变化仍有不小差距。 资产端，国寿指出今年以来股票市场回稳向好势头不断巩固，公司把握市场机会坚决加大权益投资力度，前瞻布局新质生产力相关领域，持续优化资产配置 结构，投资收益同比大幅提升。 三季度单季度，A股创业板指、科创50、深证成指、上证指数涨幅分别为50.4%、49.02%、29.25%、12.73%，预计国寿三季度利润大增 ...

变的是党建与治理的深度融合 中国人寿始终将党的建设作为根本性、全局性工作。近年来，该公司将党建工作深度融入公司治理体系，通过建立"党委前置研究"机制，确保党的方针 政策在战略决策中得到贯彻；通过"党建+"模式推动基层组织建设与业务发展同频共振。 中国人寿牢固树立党的一切工作到支部的鲜明导向，在实践中不断优化基层党支部建设。截至2025年10月，全系统共有各级党组织5888个，其中党委 399个，党总支30个，党支部5459个。全系统党员共6万余人，党员总数持续提升，组织基础不断夯实。营销员党员约1.8万人，全部纳入公司党支部管理。 践行"四抓落实"，开展"关键小事"调研攻关，打造机关、条线、基层、营销员"四个党建品牌"，评选"两优一先"、"四强"党支部、优秀党支部书记，创建红 旗党员示范岗、责任区、突击队、服务队，探索营销员党建工作模式。 面对新时代的挑战，中国人寿以党建引领锻造高质量发展的"红色引擎"，在助力乡村振兴、运营服务、抢险救灾等重大任务中，党员干部冲锋在前，展 现了国有企业的政治担当。 不变的是服务国计民生的使命 从1949年到2025年，中国人寿保险股份有限公司（以下简称"中国人寿"）已风雨兼程 ...

瑞银发布研报称，中国人寿(02628)发盈喜，料今年首三季税后净利润将同比升50%至70%，达1,570亿 至1,780亿元人民币，远高于市场预期;其中第三季税后净利润同比升75%至106%，主要因投资收入大幅 增长及保险服务业务复苏推动。基于盈喜、资产管理规模扩大及利率上升，该行将国寿2025至2027年税 后净利润预测分别上调79%、23%及24%;瑞银将国寿目标价由27.4港元升至29港元，维持"买入"评级。 该行估算首三季新业务价值(VNB)将同比增36%，相较上半年增幅为20%，反映第三季增长势头强劲。 股息方面，虽然预期全年税后净利润将表现强劲，但该行认为股息不会以同等幅度增长，因集团目标股 息稳定增长。假设股息提高10%至30%，H股股息收益率将达3.4%至4%。 ...

该行估算首三季新业务价值(VNB)将同比增36%，相较上半年增幅为20%，反映第三季增长势头强劲。 股息方面，虽然预期全年税后净利润将表现强劲，但该行认为股息不会以同等幅度增长，因集团目标股 息稳定增长。假设股息提高10%至30%，H股股息收益率将达3.4%至4%。 智通财经APP获悉，瑞银发布研报称，中国人寿(02628)发盈喜，料今年首三季税后净利润将同比升50% 至70%，达1,570亿至1,780亿元人民币，远高于市场预期;其中第三季税后净利润同比升75%至106%，主 要因投资收入大幅增长及保险服务业务复苏推动。基于盈喜、资产管理规模扩大及利率上升，该行将国 寿2025至2027年税后净利润预测分别上调79%、23%及24%;瑞银将国寿目标价由27.4港元升至29港元， 维持"买入"评级。 ...