17家寿险公司新会计准则利源分析：息差收入对营业利润的贡献由负转正！

Core Viewpoint - The implementation of new accounting standards (IFRS 9 and IFRS 17) has significantly altered the profit structure of life insurance companies, emphasizing the distinction between insurance service and investment components, which enhances transparency for investors and regulators [4][5][6]. Group 1: Profit Structure Analysis - The profit structure of 17 life insurance companies under the new accounting standards shows a total operating profit of CNY 333.66 billion for 2024 [4][12]. - The contribution of net asset investment income to operating profit is approximately CNY 43.0 billion, accounting for 12.9% [5][13]. - The insurance contract service margin amortization amounts to CNY 207.02 billion, contributing 62.0% to operating profit [5][13]. - Interest income for 2024 is estimated to be CNY 137.82 billion, contributing 41.3% to operating profit, a significant recovery from a -19.5% contribution in 2023 [5][14]. - Operating deviation is recorded at -CNY 6.71 billion, contributing -2.0% to operating profit [5][14]. Group 2: New Accounting Standards Impact - The new accounting standards require life insurance companies to distinctly separate insurance service income from investment components, leading to a more accurate reflection of operational results [6][9]. - The new standards enhance the measurement of contract service margins, allowing for adjustments based on future service provisions, thereby reducing the potential for profit manipulation [9][10]. - The total investment income is calculated as the sum of interest income, investment income, fair value changes, and rental income from investment properties, minus credit impairment losses and other asset impairment losses [10]. Group 3: Regulatory Developments - The new accounting standards were introduced by the Ministry of Finance in 2017 and revised in 2020, with full implementation expected for listed insurance companies in 2023 [4][5]. - The 17 companies implementing these standards represent 75% of the total assets in the life insurance industry [4].