经济观察报·2025-11-04 14:35Core Insights - The article emphasizes the importance of the "Scissor Gap" (SG) indicator, which measures the difference between the year-on-year growth of net profit attributable to shareholders and the year-on-year growth of New Business Value (NBV), indicating who is creating future value and who is realizing profits [1][2]. Financial Performance - In the first three quarters of 2025, the total net profit of five listed insurance companies reached 426.04 billion yuan, reflecting a year-on-year increase of 33.50%, with a significant third-quarter growth of 68.30% [4][6]. - The performance of these companies shows a divergence between profit growth and stock price movements, with some companies experiencing declines despite strong profit figures [2][4]. Profit and NBV Analysis - China Life and New China Life exhibited a positive SG, with net profit growth outpacing NBV growth, indicating a reliance on existing business profits [5][11]. - Conversely, Ping An and China Pacific displayed a negative SG, suggesting that while NBV is growing significantly, profit realization is lagging, which may indicate future potential as investments mature [5][11]. Investment Strategies - Investment returns are identified as the main driver of profit growth for listed insurance companies, with significant increases in total investment yields reported [6][9]. - Companies are optimizing their asset allocation and duration management to enhance investment returns, with China Life reporting a total investment return of 6.42% [6][9]. Channel Strategy - The article notes a shift in channel strategies from merely increasing manpower to enhancing productivity and customer value, with significant growth in new business value from bancassurance channels [7][10]. - The focus is on improving the quality of sales and customer retention rather than just expanding the sales force [7][10]. Future Outlook - The insurance industry is expected to benefit from a recovery in the economy, with potential improvements in both liability and investment sides [13]. - The current valuation of the insurance sector remains low historically, suggesting potential for upward revaluation as companies improve their net investment yields and maintain cost discipline [13].