Shang Hai Zheng Quan Bao·2025-05-05 18:18Core Insights - The five major listed insurance companies in A-shares reported a net profit exceeding 840 billion yuan in Q1 2025, showing a year-on-year growth of approximately 1.4% [2] - The performance structure of these insurance companies has improved, with the contribution of fee-based profits increasing [1][2] Financial Performance - The total net profit for the five major listed insurance companies was approximately 841.76 billion yuan, with China Life leading at about 288.02 billion yuan, followed by China Ping An and China Pacific Insurance [2] - Investment income for these companies reached approximately 838.75 billion yuan, marking a significant recovery from previous losses, with both China Life and China Property & Casualty achieving over fourfold increases in investment income [2][5] Business Structure Optimization - The insurance service revenue for the five major companies showed positive growth, with total premium income increasing, particularly for China Life and China Pacific Insurance [5][6] - New business value (NBV) has generally improved, indicating effective management and product structure optimization, despite a decline in new single premium income for some companies [6][7] Property and Casualty Insurance Sector - The property and casualty insurance sector has seen stable premium income growth, with notable increases for companies like China Property & Casualty and Ping An Property & Casualty [7][8] - The comprehensive cost ratio for property and casualty insurance has improved, with significant reductions noted for major players, contributing to enhanced underwriting profit [7][8]