Core Viewpoint - China Pacific Insurance achieved a net profit of 46.82 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 28.9% [1] Financial Performance - The company reported a total investment income of 86.25 billion yuan, which is a year-on-year increase of 35.3% [1] - The annualized total investment return rate was 5.4%, up by 0.8 percentage points compared to the previous year [1] - The underwriting profit from property and casualty insurance reached 14.87 billion yuan, showing a significant year-on-year growth of 130.7% [1] Business Outlook - The company is expected to benefit from a dual improvement in assets and liabilities, with a positive outlook on valuation expansion [1] - The property and casualty insurance segment is recognized as a market leader, with expectations for continued long-term concentration in the industry [1] - The health insurance business is experiencing strong growth and improving quality, with an increasing share that is anticipated to contribute to future profits [1]
研报掘金丨长江证券:中国人保财险业务是当之无愧市场龙头,看好后续资产负债双击空间