Bei Jing Shang Bao·2025-08-28 14:47Core Viewpoint - The performance of China's five major listed insurance companies in the first half of 2025 shows a slight increase in net profit, driven by a recovery in the capital market and strong growth in new business value for life insurance [1][3]. Group 1: Overall Performance - The five major listed insurance companies in A-shares achieved a total net profit of 178.19 billion yuan in the first half of 2025, averaging a daily profit of 984 million yuan, reflecting a slight year-on-year increase [1][3]. - China Ping An led the net profit among the five companies with 68.05 billion yuan, while New China Life Insurance recorded the highest growth rate at 33.53% [3][5]. - Other companies reported net profits of 40.93 billion yuan for China Life, 26.53 billion yuan for China Property & Casualty, and 27.88 billion yuan for China Taiping, with year-on-year growth rates of 6.93%, 16.94%, and 10.95% respectively [3][5]. Group 2: Investment Performance - The recovery of the capital market has significantly boosted investment income, with many insurance companies reporting a noticeable increase in total investment returns compared to the first half of 2024 [3][4]. - China Ping An achieved a non-annualized comprehensive investment return rate of 3.1%, up 0.3 percentage points year-on-year, while China Property & Casualty reported an annualized total investment return rate of 5.1%, an increase of 1 percentage point [4]. Group 3: Life Insurance New Business Value - The life insurance sector experienced significant growth in new business value, with China Property & Casualty achieving a new business value of 4.978 billion yuan, a growth rate of 71.7% [5][6]. - New China Life's new business value grew by 58% to 6.182 billion yuan, while Ping An Life and China Life reported new business values of 22.335 billion yuan and 28.546 billion yuan, both with over 20% year-on-year growth [5][6]. Group 4: Cost Optimization in Property Insurance - The comprehensive cost ratios of major property insurance companies continued to improve, with China Property & Casualty, Ping An Property & Casualty, and China Taiping reporting ratios of 95.3%, 95.2%, and 96.3% respectively, reflecting decreases of 1.5, 2.6, and 0.8 percentage points [7][8]. - The optimization of cost ratios is attributed to the application of technology to control expenses and improve business quality [7]. Group 5: Focus on New Energy Vehicle Insurance - The competition in the traditional auto insurance market is intensifying, leading companies to focus on the new energy vehicle insurance market, with China Property & Casualty reporting a 36.8% year-on-year increase in the number of new energy vehicles insured [8]. - Ping An Property & Casualty reported a 46.2% year-on-year increase in original insurance premium income from new energy vehicle insurance, amounting to 21.7 billion yuan, while also achieving underwriting profitability in this segment [8].