HUAXI Securities·2025-08-29 11:11Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights steady growth in life insurance new business value (NBV) and improvements in property insurance underwriting [2][3][4] - The company achieved total revenue of 200.50 billion yuan in H1 2025, a year-on-year increase of 3.0%, with net profit attributable to shareholders reaching 27.88 billion yuan, up 11.0% year-on-year [2] - The report maintains previous profit forecasts, expecting revenue and net profit growth for 2025-2027 [6] Summary by Sections Life Insurance - In H1 2025, the company's life insurance NBV reached 9.54 billion yuan, a year-on-year increase of 5.6%, with a comparable growth of 32.3% [3] - The new premium income was estimated at 63.63 billion yuan, up 29.7% year-on-year [3] - The bank insurance channel saw a significant increase in NBV, reaching 3.60 billion yuan, a year-on-year growth of 156.0% [3] Property Insurance - The company reported original premium income of 112.76 billion yuan in H1 2025, a year-on-year increase of 0.9% [4] - The underwriting profit for property insurance was 3.55 billion yuan, up 30.9% year-on-year, with a combined ratio (COR) of 96.3%, improving by 0.8 percentage points [4] - The company effectively controlled costs and optimized the structure of its auto insurance business, leading to a COR improvement of 1.8 percentage points to 95.3% [4] Investment Performance - As of the end of H1 2025, the company's investment assets totaled 2,924.73 billion yuan, a 7.0% increase from the previous year [5] - The net investment income was 42.57 billion yuan, up 8.9% year-on-year, with a net investment yield of 1.7%, down 0.1 percentage points [5] - Total investment income was 56.89 billion yuan, a year-on-year increase of 1.5% [5] Financial Forecasts - The company expects revenues of 415.44 billion yuan, 421.88 billion yuan, and 438.16 billion yuan for 2025, 2026, and 2027 respectively [6] - The projected net profit attributable to shareholders for the same period is 45.46 billion yuan, 46.16 billion yuan, and 50.83 billion yuan [6] - The expected earnings per share (EPS) for 2025-2027 are 4.73 yuan, 4.80 yuan, and 5.28 yuan respectively [6]