Core Viewpoint - Minsheng Securities maintains a "recommended" rating for Sunshine Insurance (06963), projecting total operating revenue and net profit growth from 2025E to 2027E, with a focus on stable growth in life insurance and optimization in property insurance [1][2]. Life Insurance - Sunshine Life achieved total operating revenue of 33.05 billion yuan in the first three quarters of 2025, a year-on-year increase of 14.0%, with net profit at 5.25 billion yuan, up 3.4% [1]. - Insurance service revenue was 12.91 billion yuan, growing by 4.3%, while investment income reached approximately 18.23 billion yuan, a significant increase of 24.7% [1]. - The company reported an investment return rate of 1.41% for the quarter, with solvency ratios of 133.5% for core solvency and 194.0% for comprehensive solvency as of the end of September [1]. Property Insurance - Sunshine Property achieved total operating revenue of 38.89 billion yuan in the first three quarters of 2025, reflecting a year-on-year growth of 2.5%, with net profit soaring by 81.9% to 1.66 billion yuan [2]. - Insurance service revenue was 36.09 billion yuan, a slight increase of 0.4%, while investment income was approximately 2.54 billion yuan, up 45.0% [2]. - The significant rise in net profit was attributed to improved investment returns and a decrease in natural disasters compared to the previous year, leading to a reduction in the comprehensive cost ratio [2]. Investment Sector - The combined investment income from Sunshine Life and Property for the first three quarters of 2025 totaled 20.76 billion yuan, marking a year-on-year increase of 26.8% [3]. - As of the first half of 2025, the proportion of FVTPL stocks in Sunshine Insurance's stock assets was 29.1%, while FVOCI stocks accounted for 70.9%, significantly higher than peers [3]. - The company’s strategy of classifying a large portion of stocks as FVOCI resulted in unrealized gains not fully reflected in net profit, as only dividends were included in current investment income [3].
民生证券：维持阳光保险“推荐”评级 人身险负债端整体稳健 投资端表现亮眼