Investment Rating - The investment rating for the company is "Buy" (maintained) [3][8] Core Insights - The company's net profit for the first three quarters of 2025 increased by 50.5% year-on-year to 40.268 billion yuan, exceeding the expected growth range of 40%-60% [7] - The combined loss ratio (COR) improved significantly, with underwriting profit increasing by 183% year-on-year [7] - The company has effectively optimized its asset allocation, benefiting from the capital market's rise, leading to a substantial increase in total investment income [7][8] Financial Performance Summary - For the first three quarters of 2025, the company's original insurance premium income rose by 3.5% year-on-year to 443.182 billion yuan, while insurance service income increased by 5.9% year-on-year to 385.921 billion yuan [7] - The comprehensive cost ratio improved by 2.1 percentage points year-on-year to 96.1%, outperforming expectations [7] - The company’s annualized total investment return for the first three quarters increased by 0.8 percentage points year-on-year to 5.4% [8] Profit Forecast Adjustments - The profit forecasts for 2025-2027 have been raised to 48.116 billion, 49.883 billion, and 57.217 billion yuan respectively, from previous estimates of 36.852 billion, 40.899 billion, and 47.124 billion yuan [8] - The company’s price-to-book ratio (PB) for 2025 is projected at 1.31x, maintaining the "Buy" rating [8] Segment Performance - The company’s auto insurance service income for the first three quarters increased by 3.7% year-on-year to 227.632 billion yuan, with underwriting profit rising by 64.8% year-on-year to 11.729 billion yuan [11] - Non-auto insurance service income grew by 9.3% year-on-year to 158.289 billion yuan, with underwriting profit turning from a loss to a profit of 3.136 billion yuan [11]
中国财险（02328）：投资驱动利润增速亮眼，COR改善幅度超预期