证券时报·2025-10-31 00:11Core Viewpoint - The profitability of major listed insurance companies in China has reached a record high, with a significant increase in net profit for the first three quarters of 2025 compared to the previous year, driven by strong investment returns and stable performance in the liability sector [1][3][4]. Group 1: Profit Performance - The five major listed insurance companies achieved a total net profit of 426.04 billion yuan in the first three quarters of 2025, an increase of over 100 billion yuan, representing a growth rate of 33.5% compared to the same period last year [1][6]. - In the third quarter alone, the net profit of these companies grew by 68.3% year-on-year, showcasing a remarkable performance [2][4]. - Individual company performances include: - China Life: 167.80 billion yuan, up 60.5% [3][6]. - New China Life: 32.86 billion yuan, up 58.9% [3][6]. - China Pacific: 45.70 billion yuan, up 19.3% [3][6]. - China Ping An: 132.86 billion yuan, up 11.5% [3][6]. - China Property: 46.82 billion yuan, up 28.9% [3][6]. Group 2: Investment Returns - The primary driver of the strong profit performance is the significant increase in investment returns, with companies actively increasing their equity investments to capitalize on favorable market conditions [7][8]. - China Life reported total investment income of 368.55 billion yuan, a year-on-year increase of 41.0% [7]. - China Ping An's investment portfolio achieved a non-annualized comprehensive investment return rate of 5.4%, up 1.0 percentage points year-on-year [7]. - New China Life reported an annualized total investment return rate of 8.6% for the first three quarters [8]. Group 3: Liability Sector Stability - The stability in the liability sector has also contributed to the overall performance, with China Life achieving total premiums of 669.65 billion yuan, a growth of 10.1% [9]. - New business value for Ping An's life and health insurance segment increased by 46.2% [9]. - The shift towards floating income products is expected to enhance investment strategies and improve future profitability [9].