Minsheng Securities·2025-11-04 13:10Investment Rating - The report maintains a "Recommended" rating for China Pacific Insurance (601601.SH) [6] Core Views - The company reported a total revenue of 344.9 billion yuan for the first nine months of 2025, representing a year-on-year increase of 11.1%, and a net profit attributable to shareholders of 45.7 billion yuan, up 19.3% year-on-year [1] - The life insurance segment showed significant growth in new business value (NBV), which reached 15.35 billion yuan, a year-on-year increase of 31.2% [1][2] - The company is focusing on product transformation, particularly enhancing the sales capabilities of floating income products represented by dividend insurance, which is expected to continue driving value creation [1] Summary by Sections Life Insurance - The life insurance segment achieved a premium income of 263.86 billion yuan, up 14.2% year-on-year, with insurance service income of 63.98 billion yuan, a 2.6% increase [1] - The company is enhancing its product structure and service offerings, which is expected to sustain value growth [1][2] Distribution Channels - The individual insurance channel maintained stable manpower with an average of 181,000 insurance agents, while the core agent's monthly average first-year premium increased by 16.6% to 71,000 yuan [2] - The bancassurance channel saw a significant premium income of 58.31 billion yuan, up 63.3% year-on-year, driven by a focus on value and customer segmentation [2] Property Insurance - The property insurance segment reported a premium income of 160.21 billion yuan, a slight increase of 0.1% year-on-year, with auto insurance premiums at 80.46 billion yuan, up 2.9% [3] - The combined ratio improved to 97.6%, down 1.0 percentage points year-on-year, indicating enhanced profitability [3] Investment Performance - The net investment yield was 2.6%, down 0.3 percentage points year-on-year, while the total investment yield improved to 5.2%, up 0.5 percentage points [3] - The company’s investment assets increased by 8.8% from the beginning of the year, reaching 2,974.78 billion yuan [3] Financial Forecast - The company expects earnings per share (EPS) of 5.38, 5.75, and 6.16 yuan for 2025, 2026, and 2027 respectively, with price-to-earnings (P/E) ratios of 7, 6, and 6 times [4][5]