Xin Lang Cai Jing·2025-11-25 10:27Core Viewpoint - The company continues to deepen the asset-liability linkage, with a significant increase of 60.5% in net profit attributable to shareholders in the first three quarters compared to the same period last year [1] - The company actively promotes product and business diversification, implementing a mechanism for linking preset interest rates with market rates and dynamic adjustments, significantly increasing the proportion of floating income business [1][5] - The company benefits from a stable and improving stock market, increasing equity investments and achieving a substantial rise in investment income, with total investment return rate increasing by 104 basis points year-on-year [1][5] Financial Performance - The net profit attributable to shareholders for the first three quarters increased by 60.5% to 167.804 billion yuan, primarily driven by investment income [2][3] - The new business value (NBV) grew by 41.8%, with new single premium income rising by 10.4% to 218.034 billion yuan, indicating balanced business development across life insurance, annuity insurance, and health insurance [3][4] - The company's net assets attributable to shareholders reached 638.682 billion yuan, up 22.5% from the end of the previous year [3] Liability Side - The company has seen a significant increase in the proportion of floating income business, with first-year premium income from this segment rising by over 45 percentage points year-on-year [4][5] - The new business liability's rigid costs have decreased significantly, improving the efficiency of expense input-output [3][4] Asset Side - The total investment income for the first three quarters increased by 41.0% to 368.551 billion yuan, with the total investment return rate rising to 6.42% [4][5] Investment Outlook - The company is expected to benefit from regulatory guidance for high-quality industry development, enhancing its competitive advantage in the long term [1][5] - The estimated growth rates for NBV in 2025, 2026, and 2027 are projected to be 41.2%, 11.5%, and 14.1% respectively, with a target price of 49.82 yuan for the next 12 months [5]