COR与NBV持续向好，人保25Q3业绩稳增

Investment Rating - The industry investment rating is "Outperform the Market" [3] Core Insights - The report highlights that China People's Insurance Company (CPIC) has shown continuous improvement in COR (Claims and Operating Ratio) and significant growth in NBV (New Business Value), with a net profit of 46.822 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 28.9% [1] - The report emphasizes the strong performance of CPIC's property insurance segment, with a premium income of 443.182 billion yuan, a COR of 96.1%, and an underwriting profit of 14.865 billion yuan, reflecting a year-on-year increase of 130.7% [2] - The life insurance segment has also performed well, with a first-year premium income of 51.714 billion yuan, a year-on-year increase of 24.9%, and a comparable NBV growth of 76.6% [2] - Investment income has significantly increased, with total investment income reaching 86.25 billion yuan, a year-on-year growth of 35.3% [2] - The report suggests that leading insurance companies are likely to maintain premium growth and underwriting profitability above the industry average due to effective cost reduction and risk management strategies [2] Summary by Sections Property Insurance - CPIC's property insurance segment achieved a premium income of 443.182 billion yuan, with a year-on-year growth of 3.5% and a COR improvement of 2.1 percentage points [2] - The underwriting profit for this segment was 14.865 billion yuan, reflecting a year-on-year increase of 130.7% [2] Life Insurance - The first-year premium income for CPIC's life insurance segment was 51.714 billion yuan, with a year-on-year increase of 24.9% [2] - The long-term insurance first-year premium income was 32.568 billion yuan, showing a year-on-year growth of 33.8% [2] - The comparable NBV for this segment increased by 76.6% [2] Health Insurance - CPIC's health insurance segment reported a premium income of 50.602 billion yuan, a year-on-year increase of 15.1% [2] - The first-year premium income for long-term health insurance was 8.514 billion yuan, reflecting a year-on-year growth of 62.8% [2] Investment Performance - Total investment income for CPIC reached 86.25 billion yuan, with a year-on-year increase of 35.3% [2] - The annualized total investment return rate was 5.4%, an increase of 0.8 percentage points year-on-year [2]