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中国财险(02328.HK):承保表现亮眼 股票配置比例较年初+2PCT

Core Viewpoint - The company demonstrated strong performance in underwriting profit, with a year-on-year increase of 44.6% in the first half of 2025, driven by effective cost control and a favorable claims ratio [1][2]. Group 1: Financial Performance - In the first half of 2025, the company's net profit increased by 32.3% year-on-year to 24.455 billion yuan, with a second quarter net profit growth of 4.1% year-on-year to 13.143 billion yuan [1]. - Insurance service revenue rose by 5.6% year-on-year to 249.04 billion yuan, while the combined ratio (COR) improved by 1.4 percentage points to 94.8%, aligning with expectations [1]. - The underwriting profit reached 13.015 billion yuan, reflecting a significant year-on-year increase of 44.6% [1]. Group 2: Auto Insurance Segment - In the auto insurance segment, premium income and insurance service revenue increased by 3.4% and 3.5% year-on-year to 144.065 billion yuan and 150.276 billion yuan, respectively [1]. - The combined ratio for auto insurance improved by 2.2 percentage points to 94.2%, with the claims ratio rising by 1.9 percentage points to 73.1% and the expense ratio decreasing by 4.1 percentage points to 21.1% [1]. - The underwriting profit for auto insurance surged by 67.7% year-on-year to 8.726 billion yuan, contributing 67% to the total underwriting profit [1]. Group 3: Non-Auto Insurance Segment - Non-auto insurance premium income and insurance service revenue increased by 3.8% and 8.9% year-on-year to 179.217 billion yuan and 98.764 billion yuan, respectively [2]. - The combined ratio for non-auto insurance was 95.7%, with underwriting profit rising by 13.0% year-on-year to 4.289 billion yuan [2]. - The performance of various non-auto insurance segments varied, with health insurance premiums up by 7.9% and agricultural insurance down by 3.9% year-on-year [2]. Group 4: Investment Performance - The company achieved an annualized total investment return of 2.6%, a year-on-year increase of 0.2 percentage points, with total investment assets reaching 711.48 billion yuan, up 5.2% from the end of 2024 [3]. - The allocation of investment assets included 2.4% in cash, 59.8% in fixed income, and 26.1% in equity, with a 2 percentage point increase in equity allocation compared to the end of 2024 [3]. - The proportion of stocks and funds increased, with the stock allocation rising to 9.2% [3]. Group 5: Investment Outlook - The company raised its profit forecast for 2025-2027 to 36.852 billion yuan, 40.899 billion yuan, and 47.124 billion yuan, respectively, reflecting a positive outlook on profit growth driven by asset and liability reforms [4]. - The company maintains a "buy" rating, with a price-to-book ratio of 1.33x for 2025 [4].