保险业2025年三季报综述：资负共振，利润高增

Investment Rating - The report maintains an "Outperform the Market" rating for the insurance industry [4][5][40]. Core Views - The insurance industry has shown strong performance in the first three quarters of 2025, driven by a recovery in the capital market and improvements in both asset and liability sides [3][40]. - The investment business remains a key factor for valuation recovery, with a focus on optimizing product structures and enhancing operational efficiency [3][40]. - The industry is preparing for the 2026 "New Year" with strategic adjustments in response to regulatory changes and market conditions [3][40]. Summary by Sections Performance Overview - As of the end of Q3 2025, five listed insurance companies in A-shares achieved a total net profit of CNY 426.04 billion, a year-on-year increase of 33.5% [1][11]. - Major companies like China Life and New China Life reported net profit growth of 60.5% and 58.9%, respectively [1][11]. Life Insurance Sector - The new business value for life insurance companies continued to grow rapidly, with increases of 41.8% for China Life and 76.6% for New China Life [1][12]. - The adjustment of pricing rates and the optimization of product structures have contributed to improved profitability in the life insurance sector [18][21]. Property Insurance Sector - Property insurance companies reported stable premium income growth, with total premium income reaching CNY 859.64 billion, a year-on-year increase of 3.8% [26][28]. - The combined operating ratio (COR) for major companies improved, with China Life's COR at 96.1%, down 2.1 percentage points year-on-year [33][35]. Investment Performance - The investment yield for major insurance companies improved significantly, with New China Life achieving a total investment return rate of 8.6%, up 1.8 percentage points year-on-year [2][38]. - The allocation of assets has been optimized, with increased investments in long-term bonds and equity assets, benefiting from the capital market recovery [2][38]. Future Outlook - The insurance industry is expected to continue its growth trajectory, with a focus on enhancing the quality of products and services while navigating regulatory changes [3][40]. - Companies are advised to pay attention to China Life, China Ping An, and China Property Insurance as potential investment opportunities [3][40].