深度丨五大险企首季业绩分化，新准则“放大”波动效应

Core Viewpoint - The performance of five A-share listed insurance companies in the first quarter of 2025 shows two main keywords: differentiation and volatility [1][2]. Performance Analysis - All five listed insurance companies reported growth in insurance service revenue, with an overall increase of 3.6%. The total net profit attributable to shareholders reached 841.76 billion yuan, a year-on-year increase of 1.4% [2][4]. - Profit growth rates varied significantly among companies, with one company experiencing a 40% increase, while two others reported a decline in net profit. Additionally, two companies saw a decrease in net assets [2][4]. - The volatility in profits and net assets is exacerbated by the new accounting standards implemented in 2023, which have intensified the impact of market fluctuations on insurance companies' financials [2][6]. Profitability Differentiation - On the liability side, listed insurance companies achieved stable growth. In Q1 2025, the total insurance service revenue was 4,098.71 billion yuan, a 3.6% year-on-year increase. China Pacific Insurance and New China Life reported net profit declines of 26.4% and 18.1%, respectively [4][6]. - China Life's net profit growth is attributed to significant improvements in insurance service performance, which offset the negative impact from investments [5][6]. - The fluctuation in net profit is largely influenced by the fair value changes of trading financial assets, with China Ping An reporting a loss of 21.80 billion yuan in fair value changes, compared to a gain of 34.49 billion yuan in the same period last year [6][9]. Net Asset Volatility - Some insurance companies also experienced fluctuations in net assets. For instance, China Pacific Insurance's net assets decreased by 9.5% to 263.61 billion yuan, while New China Life's net assets fell by 17% to 79.849 billion yuan [9][10]. - The new accounting standards have made net asset volatility more pronounced, with a significant correlation between net profit and capital market performance [7][10]. Measures to Mitigate Financial Report Volatility - Insurance companies are adopting various strategies to enhance the stability of their financial reports, including improving asset-liability matching and optimizing product structures [11][12]. - China Life has reported efforts to extend asset duration and manage liability duration effectively, reducing the gap from over 2 years to 1.5 years [12]. - The industry is also exploring innovative investment methods, with a notable increase in equity investments and long-term equity stakes [13].