Jin Rong Shi Bao·2025-05-08 02:04Core Viewpoint - The performance of five 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%, but with significant divergence among the companies, indicating a "three up, two down" pattern [1][2]. Group 1: Performance Overview - China Life Insurance achieved a net profit of 288.02 billion yuan, up 39.5% year-on-year [2] - China Pacific Insurance reported a net profit of 96.27 billion yuan, down 18.13% year-on-year [2] - China Ping An's net profit was 270.16 billion yuan, a decrease of 26.4% year-on-year [2] - China People's Insurance saw a net profit of 128.49 billion yuan, up 43.36% year-on-year, driven by both underwriting and investment performance [2][3]. Group 2: New Business Value Growth - The new business value for China People's Insurance grew by 31.5% year-on-year [4] - New business value for China Life Insurance increased by 4.8% year-on-year [4] - New business value for Ping An's life and health insurance reached 128.91 billion yuan, up 34.9% year-on-year, with a new business value rate of 32.0%, an increase of 10.4% [4] - New business value for China Pacific Insurance was 57.78 billion yuan, up 11.3% year-on-year [4] - New business value for New China Life Insurance surged by 67.9% year-on-year, supported by rapid growth in first-year premium income [4]. Group 3: Distribution Channel Trends - The growth in new business value is attributed to three common trends: improved efficiency in agent channels, explosive growth in bancassurance channels, and significant results from the transformation of the life insurance industry [5]. - The bancassurance channel for New China Life Insurance saw a premium income of 268.89 billion yuan, up 69.4% year-on-year [5]. - The agent channel for Ping An's life and health insurance business reported a new business value growth of 11.5% year-on-year [5]. Group 4: Property Insurance Performance - In property insurance, premium income showed positive growth, with China People's Insurance achieving 1,804.21 billion yuan in premium income, up 3.7% year-on-year [7]. - The comprehensive cost ratio for China People's Insurance improved to 94.5%, down 3.4% year-on-year [7]. - The comprehensive cost ratio for Ping An Property & Casualty was 96.6%, optimized by 3.0 percentage points year-on-year [7]. - The improvement in comprehensive cost ratios is attributed to reduced disaster claims and ongoing cost-cutting measures [7][8].