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中国平安(601318)1H25业绩点评:NBV和利润环比提速 财险COR显著改善
Xin Lang Cai Jing·2025-08-27 06:28

Core Insights - The company reported a net profit of 68.05 billion yuan for 1H25, reflecting a year-on-year decrease of 8.8%, while the net operating profit (OPAT) was 77.7 billion yuan, up 3.7% year-on-year [1][2] - The new business value (NBV) increased significantly by 39.8% year-on-year to 22.33 billion yuan, driven by improvements in the new business margin (NBVM) and a recovery in individual insurance sales [3][7] - The combined ratio (COR) improved to 95.2%, down 2.6 percentage points year-on-year, indicating better underwriting profitability in the property and casualty insurance segment [4][7] Financial Performance - The company's net profit for 1H25 was 68.05 billion yuan, down 8.8% year-on-year, but showed an increase of 8.2% in 2Q25 compared to the same quarter last year [1][2] - The OPAT for 1H25 was 77.7 billion yuan, with a year-on-year growth of 3.7%, and the dividend per share (DPS) increased by 2.2% year-on-year [2] - The underwriting profit for the property and casualty insurance segment reached 7.98 billion yuan, a significant increase of 126% year-on-year [2] Business Segments - The NBV growth of 39.8% in 1H25 was attributed to a strong performance in the bancassurance channel, with individual insurance and bancassurance NBV growing by 17% and 169% year-on-year, respectively [3] - The property and casualty insurance premium income rose by 7.1% year-on-year, with motor insurance and non-motor insurance premiums increasing by 3.6% and 13.8%, respectively [4] - The company’s investment income showed a mixed performance, with a non-annualized net investment return of 1.8% and a comprehensive investment return of 3.1%, reflecting a year-on-year decline of 0.2 percentage points and an increase of 0.3 percentage points, respectively [5] Strategic Initiatives - The company is enhancing its digital transformation through AI technologies, which have led to a reduction in operational costs, particularly in the auto insurance segment [6] - The total investment scale of the company reached over 6.2 trillion yuan by the end of 1H25, an increase of 8.2% from the beginning of the year, with a significant rise in stock investments [5][6] - The company aims to create a comprehensive financial service ecosystem, which is expected to improve customer engagement and profitability [6] Investment Outlook - The company maintains a strong investment recommendation, with expectations for steady growth in net profit, OPAT, and DPS driven by continuous growth in NBV and improvements in the property and casualty insurance segment [7] - Forecasts for net profit from 2025 to 2027 are 138.9 billion yuan, 149.6 billion yuan, and 160 billion yuan, with respective growth rates of 9.7%, 7.7%, and 6.9% [7]