新会计准则切换 人身险公司迎来盈利大年
Xin Lang Cai Jing·2026-02-09 00:10

Core Viewpoint - The insurance industry is experiencing a significant profit increase, with 57 non-listed life insurance companies reporting a combined net profit of 66.6 billion yuan in 2025, a year-on-year increase of over 150%, marking a record high for the sector [2][9]. Group 1: Profit Performance - Among the 57 non-listed life insurance companies, 47 reported profits, with 33 showing year-on-year net profit growth, while 6 turned losses into profits and 7 reduced their losses [2][9]. - Leading companies in profitability include Taikang Life and China Post Insurance, with net profits of approximately 27.2 billion yuan and 8.3 billion yuan, respectively [2][9]. - The industry saw a notable reduction in losses, with the highest loss in 2024 being 2.2 billion yuan, down to 500 million yuan in 2025 [3][10]. Group 2: Accounting Standards Impact - The shift to new accounting standards has been a key factor in the profit turnaround for many insurance companies, with the new standards allowing for more favorable asset classification and profit recognition [3][10]. - The new financial instrument standards have changed the classification of financial assets, enabling quicker reflection of asset price increases in current profits [3][10]. Group 3: Investment Performance - Investment returns have significantly contributed to the profit increase, with the average investment yield for the 57 companies reaching 4.65% in 2025, up from 4.26% in 2024 [4][11]. - Taikang Life reported a net profit of approximately 27.2 billion yuan in 2025, with an investment yield of 4.11%, an increase of 0.9 percentage points from 2024 [5][11]. Group 4: Premium Income Growth - The total premium income for the 57 non-listed life insurance companies reached 1.2 trillion yuan in 2025, reflecting a year-on-year growth of about 11% [6][13]. - Despite the overall growth, many smaller companies face challenges due to product transitions and competition, leading to a focus on maintaining cash flow stability rather than aggressive premium growth [6][13][14]. - Foreign and bank-affiliated insurance companies have achieved premium growth rates exceeding 20%, attributed to their strategic positioning and lower historical burdens [14].