47家非上市人身险公司去年实现盈利

Core Insights - The report reveals that 57 non-listed life insurance companies achieved a total insurance business revenue of 1.20 trillion yuan, marking a year-on-year growth of 12.0%, and a net profit of 666.24 billion yuan, which represents a significant increase of 162.4% [1] - The growth in insurance business revenue is attributed to operational model reforms, product structure adjustments, and a decrease in liability costs, while the net profit increase is driven by a recovering capital market, rising investment returns, and cost reductions from the "reporting and operation integration" policy [1][3] Revenue Performance - In 2025, major companies such as Taikang Life, China Post Life, and ICBC-AXA Life reported insurance business revenues exceeding 50 billion yuan, with figures of 238.66 billion yuan, 159.17 billion yuan, and 50.86 billion yuan respectively [2] - Out of the 57 companies, 42 reported a year-on-year increase in insurance business revenue, while 47 companies achieved profitability, totaling a net profit of 686.81 billion yuan, with 10 companies incurring losses amounting to 2.06 billion yuan [2] Profitability Analysis - The net profit of the leading companies includes Taikang Life, China Post Life, and China CITIC Prudential Life, with net profits of 271.59 billion yuan, 83.47 billion yuan, and 50.00 billion yuan respectively [2] - Experts indicate that the profitability growth is a result of overcoming market challenges through product structure and channel strategy adjustments, as well as optimizing asset allocation [2] Investment Returns - The average financial investment return rate for the 57 non-listed life insurance companies was 4.65%, reflecting a year-on-year increase of 0.35 percentage points, while the average comprehensive investment return rate was approximately 2.92%, showing a decline of 5.97 percentage points [4] - The disparity in investment return performance is attributed to accounting classification adjustments in bond investments and differences in market performance [4] Future Outlook - The predetermined interest rate for ordinary life insurance products has shown a declining trend, with the latest value at 1.89%, down from previous values of 2.34%, 2.13%, 1.99%, and 1.90% [5] - Experts suggest that insurance companies should reduce reliance on interest rate spreads and focus on value competition by developing dividend insurance and universal insurance, as well as leveraging technology for cost reduction and efficiency [5]