非上市财险公司三季度交答卷！业绩超预期，多家险企“翻身”扭亏

Core Viewpoint - The property insurance industry has shown significant improvement in profitability during the first three quarters of the year, with over 90% of non-listed property insurance companies reporting profits, indicating a recovery trend in the sector [1][2]. Group 1: Profitability and Performance - In the first three quarters, 71 out of 77 non-listed property insurance companies achieved profitability, representing over 90% [2]. - The total net profit for these companies reached 13.714 billion yuan, more than doubling from 6.503 billion yuan in the same period last year [2]. - Several companies that were previously in a loss position, such as BYD Insurance and others, successfully turned their losses into profits [2]. Group 2: Losses and Challenges - Despite the overall positive trend, six companies remain in a loss position, with Qianhai Insurance reporting a net loss of 64 million yuan, the largest among them [3]. - Qianhai Insurance's comprehensive cost ratio reached 228.93%, indicating that operational costs significantly exceeded premium income, and it has been rated as a C-class company in terms of solvency [3]. Group 3: Cost Management and Investment - The improvement in profitability is attributed to rising investment returns and optimized comprehensive cost ratios across the industry [4]. - The total investment income for property insurance companies has seen a significant year-on-year increase, while the comprehensive cost ratio has also improved due to better cost management practices [4]. Group 4: Regulatory Changes and Market Opportunities - The implementation of the "report and act in unison" policy for non-auto insurance is expected to further reduce business costs and improve market order [5][6]. - This policy aims to enhance the quality of business and risk management among insurance companies, potentially leading to a more favorable cost structure in the long term [6]. Group 5: Market Concentration and Competition - The property insurance market continues to exhibit a high concentration, with the top companies dominating the insurance business income [7]. - China Life Insurance and China Pacific Insurance together accounted for 37.99% of the total insurance business income of the 77 non-listed companies, highlighting the "Matthew Effect" where larger companies gain more market share [7]. - Smaller insurance companies are encouraged to adopt specialized and technological approaches to differentiate themselves and compete effectively in a challenging market environment [8].