Mei Ri Jing Ji Xin Wen·2025-10-21 12:59Core Viewpoint - Several listed insurance companies in China have announced significant profit increases for the first three quarters of 2025, driven primarily by substantial growth in investment income and effective asset-liability management [1][2][3]. Group 1: Profit Forecasts - China Life Insurance expects a net profit attributable to shareholders to increase by approximately 50% to 70%, amounting to between 1,567.85 billion and 1,776.89 billion yuan, compared to an increase of 522.62 billion to 731.66 billion yuan from the previous year [2]. - New China Life Insurance anticipates a net profit of 299.86 billion to 341.22 billion yuan, reflecting a year-on-year growth of 45% to 65% [3]. - PICC Property and Casualty expects a profit increase of about 40% to 60% [1]. Group 2: Investment Income Growth - The significant increase in investment income is attributed to a focus on value creation, enhanced asset-liability linkage, and a diversified product and business strategy [2][3]. - China Life has actively increased equity investments, taking advantage of a recovering stock market, which has led to a substantial rise in investment returns [2]. - New China Life has optimized its asset allocation to include high-quality assets that can withstand low-interest-rate challenges, contributing to its profit growth [3]. Group 3: Market Conditions and Trends - The A-share market has shown a mild upward trend, with the performance of dividend and growth sectors enhancing the profitability of insurance companies [4]. - The total investment balance of insurance companies exceeded 36 trillion yuan, with a year-on-year growth of 17.4%, indicating a strong investment environment [3]. Group 4: Regulatory Changes - The introduction of the "reporting and implementation" policy for non-auto insurance is expected to improve the underwriting performance of listed property insurance companies by regulating fee management and curbing irrational competition [5]. - Analysts note that the non-auto insurance sector has historically underperformed, and the new regulations may help reduce costs and improve overall performance [5].