智通财经网·2025-05-07 09:04Core Viewpoint - The report from Shenwan Hongyuan indicates that the performance of A-share insurance companies in Q1 2025 was impacted by rising long-term interest rates and market volatility, leading to a decline in total investment returns and a mixed profit performance across the sector [1][2]. Group 1: Profit Performance - A-share insurance companies achieved a total net profit of 841.76 billion yuan in Q1 2025, representing a year-on-year growth of 1.4%, which was below expectations of 7.9% [2]. - The contribution to profit from insurance services, investment performance, and other pre-tax profits was 75.5%, 16.7%, and 7.8% respectively [2]. - Total investment returns decreased by 11% year-on-year due to significant negative contributions from fair value changes amid stock and bond market pressures [1][2]. Group 2: New Business Value (NBV) Performance - The NBV growth rate for listed insurance companies in Q1 2025 ranged from 4.8% to 67.9%, continuing a growth trend [3]. - New business volume increased by 2.9% year-on-year to 246.84 billion yuan, with growth rates for individual companies varying between -19.5% and 130.8% [3]. - Factors affecting performance included adjustments in preset interest rates, product structures, commission rates, and the fluctuating focus on financial products [3]. Group 3: Property Insurance Performance - The premium growth rate for the "old three" major property insurers was between 1.0% and 7.6% in Q1 2025, with the combined ratio (CR3) decreasing by 0.6 percentage points to 63.8% [4]. - The combined operating ratio (COR) improved more than expected, with notable reductions for major insurers such as PICC and Ping An [4]. Group 4: Investment Yield and Asset Allocation - The annualized total investment yield for listed insurance companies in Q1 2025 varied, with New China Insurance at 5.7% (up 1.1 percentage points) and China Life at 2.75% (down 0.48 percentage points) [5]. - The proportion of FVOCI (Fair Value Through Other Comprehensive Income) assets increased for most insurers, reflecting a strategic shift in asset allocation amid market conditions [5]. Group 5: Recommended Stocks - The report recommends stocks including New China Insurance (601336.SH), PICC (601319.SH), China Property Insurance (02328), China Taiping (601601.SH), Ping An (601318.SH), and China Life (601628.SH) as potential investment opportunities [6].