Sou Hu Cai Jing·2025-11-03 11:57Group 1 - The five major listed insurance companies in A-shares reported a combined net profit of 426.04 billion yuan for the first three quarters of 2025, marking a year-on-year increase of 33.5%, surpassing the total for the previous year and setting a historical high [2] - The New Business Value (NBV) for life insurance continued to show significant growth, with all companies reporting increases of over 30% year-on-year, led by China Life and New China Life with increases of 76.6% and 50.8% respectively [2][5] - Investment income was a key driver for profit growth, with total investment income for the five major insurers increasing by over 35% year-on-year due to a bullish equity market [3][4] Group 2 - The annualized total investment return for New China Life reached 8.6%, an increase of 1.8 percentage points year-on-year, while other companies also reported investment returns exceeding 5% [4] - The strong growth in NBV was attributed to a significant increase in new single premium and product structure optimization, with most companies experiencing double-digit growth in new single premiums [5] - The insurance industry saw a decline in both loss and expense ratios in the property insurance sector, leading to a substantial improvement in underwriting profits [8] Group 3 - The recent regulatory adjustments in the insurance sector have led to a "rush" effect in new single premium demand before the implementation of new rate standards, with significant year-on-year increases in new single premiums for several companies [6] - The introduction of the "reporting and operation integration" for non-auto insurance is expected to further improve the comprehensive cost ratio in the property insurance sector [9][10] - The new regulatory framework aims to guide the industry towards high-quality development, focusing on risk pricing, cost control, and service capabilities [10]