Bei Jing Shang Bao·2025-04-29 14:02Core Viewpoint - The performance of the five major listed insurance companies in A-shares showed a mixed trend in Q1 2025, with a total net profit of 841.76 billion yuan, reflecting a year-on-year growth of 1.4% despite a slowdown in industry premium growth [1][3]. Performance Analysis - The five listed insurance companies achieved a total net profit of 841.76 billion yuan, with China Life, Ping An, and PICC each exceeding 100 billion yuan in net profit, amounting to 288.02 billion yuan, 270.16 billion yuan, and 128.49 billion yuan respectively. China Pacific and Xinhua Insurance reported net profits of 96.27 billion yuan and 58.82 billion yuan [3][4]. - The net profit growth exhibited a "three up, two down" pattern, with PICC showing a remarkable growth rate of 43.4%, followed by China Life and Xinhua Insurance at 39.5% and 19.0% respectively. Conversely, China Pacific and Ping An experienced declines in net profit [3][4]. Investment Performance - Investment performance significantly influenced the earnings of listed insurance companies, with varying investment returns reported. Ping An achieved a non-annualized comprehensive investment return rate of 1.3%, while Xinhua Insurance reported a 5.7% annualized total investment return. In contrast, China Pacific's total investment return was only 1.0%, down 0.3 percentage points year-on-year [3][4]. - The stock market showed resilience amidst volatility, while the bond market experienced significant fluctuations, impacting the investment strategies of various insurance companies [4]. New Business Value - Despite challenges in the investment sector, the overall performance of life insurance business remained robust, with all companies reporting rapid growth in new business value. Ping An's new business value reached 128.91 billion yuan, up 34.9%, while China Pacific's life insurance new business value grew by 11.3% to 57.78 billion yuan. China Life reported a 4.8% increase in new business value compared to the same period in 2024 [6][7]. Cost Efficiency in Property Insurance - The three major property insurance companies (PICC, Ping An, and China Pacific) reported improved comprehensive cost ratios in Q1 2025. PICC's comprehensive cost ratio was 94.5%, down 3.4 percentage points year-on-year, while Ping An's was 96.6%, down 3.0 percentage points, and China Pacific's was 97.4%, down 0.6 percentage points [10][11]. - The reduction in comprehensive cost ratios was attributed to optimized expense inputs, improved business structures, and a decrease in major disaster losses year-on-year, enhancing underwriting profits [10][11].