国泰海通证券研究·2025-11-10 15:07Core Viewpoint - The insurance industry is experiencing significant growth in new business value (NBV) for life insurance and improvements in the combined ratio (COR) for property insurance, driven by investment income, leading to enhanced profitability and a positive outlook for leading insurance companies [1][2]. Group 1: Life Insurance NBV Growth - The life insurance sector has shown robust growth in NBV for the first three quarters of 2025, with notable increases from major players: China Pacific Insurance (31.2%), China Life (41.8%), China Ping An (46.2%), New China Life (50.8%), China Re (76.6%), and AIA (19.3%) [2]. - The growth is attributed to an increase in new policies and an improvement in the new business value rate [2]. Group 2: Property Insurance COR Improvement - The property insurance sector has seen a continued improvement in the combined ratio for the first three quarters of 2025, with China Re at 96.1% (-2.1pt), Ping An Property at 97.0% (-0.8pt), and China Pacific Property at 97.6% (-1.0pt) [2]. - This improvement is due to better catastrophe claims management and enhanced cost control measures [2]. Group 3: Investment Income and Profitability - Investment income has significantly boosted net profit for listed insurance companies, with growth rates for net profit in the first three quarters of 2025 as follows: China Life (60.5%), New China Life (58.9%), China Re (50.5%), China Ping An (28.9%), China Pacific (19.3%), and China Life (11.5%) [2]. - The contribution of investment service performance to profit improvement is substantial, with New China Life (51.5%), China Life (50.9%), and China Re (49.5%) leading in this regard [3]. Group 4: Net Asset Improvement - The overall net asset improvement for listed insurance companies in the first three quarters of 2025 is as follows: China Life (22.8%), China Re (16.9%), China Ping An (6.2%), New China Life (4.4%), and China Pacific (-2.5%) [3]. - Changes in net assets are primarily influenced by variations in other comprehensive income and retained earnings, with the current profit, especially from TPL asset investment income, playing a crucial role in enhancing net assets [3]. Group 5: Future Outlook - The life insurance sector is expected to see continued improvement in liability costs, with market share further concentrating among leading companies [4]. - The property insurance sector is anticipated to maintain improved underwriting profitability under the combined insurance model [4]. - The importance of active management capabilities in investment strategies is expected to rise, with insurance companies likely to adjust bond allocations based on interest rate changes and enhance equity allocations under long-term market policies [4].