大家财险2025年保费破百亿，净利激增439%

Core Insights - In 2025, Dajia Insurance achieved a significant milestone with total premiums reaching 10.648 billion yuan, marking a substantial recovery in profitability with a net profit of 137 million yuan, a 439% increase from 25.46 million yuan in 2024 [1][3] Group 1: Underwriting Performance - The company turned a profit in underwriting, reducing its combined cost ratio from 102.99% in 2024 to 99.83% in 2025, indicating a shift towards self-sustaining operations rather than relying solely on investment income [3] - The combined loss ratio improved from 62.75% to 61.03%, while the combined expense ratio was controlled at 38.81%, showcasing effective cost management amidst competitive pressures in the non-auto insurance sector [3] Group 2: Premium Growth - Dajia Insurance reported a total signed premium of 10.573 billion yuan in 2025, with auto insurance premiums accounting for 6.518 billion yuan, approximately 61.6% of the total, remaining a key revenue driver [5] - Non-auto insurance business also showed growth, with the top five non-auto insurance products generating a total premium of 1.823 billion yuan, reflecting significant year-on-year improvement [5] Group 3: Investment Performance - The financial investment yield for 2025 was 2.74%, an increase from 2.01% in 2024, but the overall investment return rate declined from 3.92% to 2.71%, indicating challenges in asset utilization efficiency [5] - Total assets reached 15.14 billion yuan, but the company needs to enhance the efficiency of fund utilization, especially given the slim profit margins from underwriting [5] Group 4: Cash Flow Situation - Although the net cash flow from operating activities turned positive in Q4 2025, the total net cash flow for the year was still negative at -190 million yuan, although this was an improvement from -790 million yuan in 2024 [6][7] - The ongoing negative cash flow indicates that the company's financial reserves are still in a recovery phase [7] Group 5: Future Outlook - 2025 is seen as a pivotal year for Dajia Insurance, crossing the survival threshold, but the management's challenge will be to effectively utilize nearly 3 billion yuan in net assets to achieve a dual-driven growth model in both investment and underwriting for 2026 [8]