Xin Lang Cai Jing·2025-09-08 12:04Core Insights - The five major listed insurance companies in A-shares, including China Life, Ping An, China Pacific, China Property, and New China Life, reported a total net profit of 178.1 billion yuan, reflecting a slight year-on-year increase of over 6 billion yuan [1] Group 1: Performance Overview - China Life achieved total premiums of 525.088 billion yuan, a year-on-year growth of 7.3%, with total assets surpassing 7.29 trillion yuan and net profit attributable to shareholders reaching 40.931 billion yuan, up 6.9% [2] - Ping An reported a net profit of 68.047 billion yuan, a year-on-year decline of 8.8%, with total premiums at 50.0076 billion yuan, a growth of 1.0%, and total assets of 1.351 trillion yuan [2] - China Property's original insurance premium income was 454.625 billion yuan, up 6.4%, with a net profit of 26.530 billion yuan, a 16.9% increase, and total assets of 1.88 trillion yuan [2] - China Pacific's total operating revenue was 200.496 billion yuan, with total premiums of 193.470 billion yuan, a year-on-year increase of 13.1%, and net profit of 27.885 billion yuan, up 11.0% [2] - New China Life, the smallest among the five, reported original insurance premium income of 121.262 billion yuan, a growth of 22.7%, with a net profit of 14.799 billion yuan, up 33.5% [2] Group 2: New Business Value Growth - New business value (NBV) saw significant growth, with Ping An's NBV for life and health insurance reaching 22.335 billion yuan, a year-on-year increase of 39.8% [3] - China Property's life insurance NBV grew by 71.7% year-on-year on a comparable basis [3] - New China Life's NBV also showed strong growth, indicating the industry's transformation success [3] Group 3: Underwriting Profit Improvement - Overall, underwriting profitability has significantly improved across companies, with China Property achieving underwriting profit of 11.699 billion yuan, a year-on-year increase of 53.5% [4] - China Ping An's auto insurance combined cost ratio improved to 95.5%, a 2.6 percentage point enhancement compared to the previous year [4] - Companies are actively expanding into the new energy vehicle insurance market, with Ping An's new energy vehicle insurance premium income growing by 46.2% year-on-year [4] Group 4: Strategic Directions and Future Outlook - Companies plan to focus on liability side strategies in the second half of the year, despite challenges in individual insurance business [5] - China Life aims to enhance product diversification and marketing system reform to support high-quality development [5] - Ping An intends to deepen its "comprehensive finance + medical care and elderly care" strategy, leveraging technology to shift service models [5] - China Property emphasizes accelerating the professional development of sales personnel and innovating specialty products [5] - New China Life aims to strengthen its core life insurance business while expanding its service ecosystem [5] - Companies are responding to national policies by increasing equity market allocations to capitalize on market recovery [5]