Zhong Guo Zheng Quan Bao·2025-09-11 20:36Core Insights - The new energy vehicle insurance sector is experiencing a turnaround, with some leading insurance companies achieving underwriting profitability for the first time [1][2] - Factors contributing to this profitability include improved pricing from data accumulation, increased premium scale diluting costs, enhanced collaboration with automakers to reduce claims costs, and refined management practices [1][3] Group 1: Company Performance - China Pacific Insurance reported over 5.3 million insured new energy vehicles and a premium income of 10.596 billion yuan, accounting for 19.8% of its total auto insurance premiums [2] - Ping An Insurance achieved a premium income of 21.7 billion yuan from 5.75 million new energy vehicles, marking a 46.2% year-on-year increase and a market share of 27.6% [2] - BYD Insurance turned a profit in the first half of 2025, reporting a net profit of 31.35 million yuan, recovering from a loss of 169 million yuan in 2024 [2] Group 2: Industry Trends - The comprehensive cost ratios for major insurers are declining, with China Life, Ping An, and China Pacific reporting ratios of 94.2%, 95.5%, and 95.3% respectively, down by 2.2, 2.6, and 1.8 percentage points year-on-year [3] - The rapid growth in the number of new energy vehicles is driving premium income, with household vehicle premiums increasing from 42% in 2020 to 67% in 2024 [3][4] - Despite profitability in some segments, commercial vehicle insurance remains unprofitable, with cost ratios exceeding 100% [4] Group 3: Future Outlook - The new energy vehicle insurance industry is expected to achieve profitability within the next three years, driven by lower repair costs, reduced claim rates, and improved pricing capabilities as data accumulates [6] - Regulatory measures and collaborative efforts among insurers and automakers are essential for enhancing pricing accuracy and optimizing product offerings [7][8] - Innovations in insurance products, such as mileage-based pricing and specialized coverage for unique risks associated with new energy vehicles, are being explored to meet diverse market needs [8]