头部险企新能源车险率先盈利，行业整体扭亏还要等多久

Core Insights - The new energy vehicle insurance business, which previously caused losses for property insurance companies, is now turning profitable for some leading insurers [1][2] - Factors contributing to 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] - The industry is expected to reach a turning point in profitability within the next three years as pricing capabilities improve, repair costs decrease, and claim rates decline [1][4] 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 in the first half of 2025 [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%, with positive underwriting profit [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] Cost Structure and 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 growth, while insurers are implementing detailed management strategies to enhance profitability [3][4] - The structure of new energy vehicle insurance is changing, with household vehicle premiums increasing significantly, leading to a lower overall claims ratio compared to commercial vehicles [3] Industry Challenges - Despite some leading insurers achieving profitability, commercial vehicle insurance remains unprofitable, with cost ratios exceeding 100% [4] - The overall industry still faces challenges, including high repair costs, high claim rates, and insufficient pricing strategies, which contribute to ongoing losses [4][5] - Smaller insurers are cautious in entering the new energy vehicle insurance market due to limited data and experience, impacting their ability to price and manage risks effectively [5] Future Outlook - Experts predict that the new energy vehicle insurance sector may achieve industry-wide profitability in about three years, driven by scale effects, reduced repair costs, and improved data accumulation for pricing [5][6] - Collaborative efforts among insurers, automakers, and regulatory bodies are essential to enhance pricing accuracy, optimize product offerings, and lower repair costs [6][7] - Innovations in insurance products, such as flexible pricing models and specialized coverage for unique risks associated with new energy vehicles, are being explored to meet market demands [7]