上市险企2025年一季报综述：负债端表现亮眼，投资端和利润表现分化

Group 1 - The core viewpoint of the report indicates a divergence in net profit performance among listed insurance companies in Q1 2025, with China Life achieving a net profit of 28.802 billion yuan (YoY +39.5%), while China Ping An reported a decline of 27.016 billion yuan (YoY -26.4%) [1][12] - China Pacific Insurance's profit decreased significantly due to a 89.0% drop in fair value changes, while China Life's profit growth was primarily driven by a 32.8% reduction in insurance service fees [1][12] - New Business Value (NBV) growth remained strong across various insurance companies, with China Pacific Insurance leading at 39.0% YoY growth, followed by China Ping An at 34.9% [2][13] Group 2 - The property and casualty insurance sector showed significant improvement in combined operating ratio (COR) and underwriting profit, with China Re's COR at 94.5% (YoY -3.4pp) and underwriting profit of 6.653 billion yuan (YoY +183.0%) [2][26] - Investment yield performance varied, with net investment yield for China Ping An and China Pacific Insurance remaining stable, while China Life's yield decreased [3][37] - The report anticipates that the continuous reduction in life insurance preset interest rates and the implementation of "reporting and operation integration" will lower liability costs and support steady growth in NBV for the insurance sector in 2025 [6][44] Group 3 - The report highlights that the investment assets of major insurance companies have steadily increased, with China Life's investment assets reaching 6.82 trillion yuan, a 3.1% increase from the end of 2024 [3][37] - The annualized total investment yield for New China Life improved to 5.70% (YoY +1.10pp), while China Life and China Pacific Insurance experienced declines [5][38] - The report recommends several companies, including New China Life, China Pacific Insurance, China Re, China Ping An, and China Life, based on their performance and market conditions [6][44]