Core Insights - The overall net profit of 73 life insurance companies reached 185.8 billion yuan in the first half of the year, representing a year-on-year increase of approximately 25% [1] - Among the 73 companies, 52 reported profits totaling 190 billion yuan, while 21 companies incurred losses amounting to 4.27 billion yuan [1][3] Profitability Overview - The top five profitable companies are: 1. Ping An Life Insurance Co., Ltd. with a net profit of 50.6 billion yuan 2. China Life Insurance Co., Ltd. with 40.33 billion yuan 3. China Pacific Life Insurance Co., Ltd. with 20.66 billion yuan 4. Taikang Life Insurance Co., Ltd. with 15.99 billion yuan 5. New China Life Insurance Co., Ltd. with 14.33 billion yuan [3][4][5] - 11 companies reported net profits of over 1 billion yuan, while 36 companies had profits below 1 billion yuan [3][5] Losses Overview - The companies with the highest losses include: 1. Hengqin Life Insurance Co., Ltd. with a loss of 839 million yuan 2. Bank of China Samsung Life Insurance Co., Ltd. with a loss of 543 million yuan 3. Aixin Life Insurance Co., Ltd. with a loss of 384 million yuan [7][8] Industry Trends - The increase in profitability is attributed to adjustments in product pricing and business structure, with a focus on reducing rigid liability costs and improving investment returns due to a recovering capital market [9][10] - The new business value has improved due to optimized business structures and cost reduction measures, with first-year premium income from regular premium products increasing by 25.5% year-on-year [10] Future Outlook - The insurance industry is expected to see continued improvement in both liability and asset sides, driven by high growth in new single premiums and a recovering macroeconomic environment [10]

Core Viewpoint - The overall performance of A-share listed insurance companies in the first half of 2025 is stable, with revenue growth across the board, but varying business development trends among companies, with New China Life Insurance showing higher growth than its peers [1][3] Revenue Performance - China Ping An leads the industry with a revenue of 500.76 billion yuan, but its year-on-year growth is only 1% - China People's Insurance Company (CPIC) reported a revenue of 324.01 billion yuan, with a growth rate exceeding 10% - New China Life Insurance's revenue is approximately 70 billion yuan, with a year-on-year growth rate of 26% [1][3] Profitability Analysis - Except for China Ping An, all listed insurance companies experienced varying degrees of profit growth, with New China Life Insurance's net profit and net profit excluding non-recurring items both exceeding 33% - China Ping An's net profit declined by 8.8%, and net profit excluding non-recurring items slightly decreased by 0.9% due to capital market fluctuations and a one-time impact from the consolidation of Ping An Good Doctor [3][5] Embedded Value Growth - All listed insurance companies saw growth in embedded value in the first half of the year, with China Ping An and New China Life Insurance showing faster growth rates of 8.20% and 8.10%, respectively [7][8] New Business Value - New business value for the listed insurance companies grew significantly, with CPIC's new business value increasing by over 70% on a comparable basis - The silver insurance channel has positively contributed to the growth of new business value, with CPIC's new business value from this channel increasing by 168.6% [8][9] Dividend Insurance Transformation - The transformation towards dividend insurance has begun to show results, with CPIC's premium income from dividend insurance growing by 40.94% year-on-year, accounting for 12.79% of total life and health insurance premiums [10][12] Single Premium Growth - The growth in new single premiums in the first half of the year was better than the same period last year, with New China Life Insurance leading with a growth rate of 100.5%, while China Ping An saw a decline of 6.1% [12][15] Cost Ratio Improvement - The comprehensive cost ratio, a key indicator of property insurance companies' operational efficiency, improved for CPIC, China Ping An, and China Taiping, indicating enhanced underwriting profitability [17][19] Non-Car Insurance Performance - Non-car insurance profitability is gradually improving, with CPIC's comprehensive cost ratio at 97.0%, down 0.3 percentage points year-on-year, while health insurance achieved a turnaround to profitability [20][21]

Core Insights - The five major insurance companies in A-shares reported a strong performance in the first half of 2025, with a total net profit attributable to shareholders of 178.19 billion yuan, representing a year-on-year growth of 3.7% [1][2] Group 1: Net Profit Performance - Among the five companies, Xinhua Insurance showed the highest growth rate with a year-on-year increase of over 30%, while China Ping An experienced a decline of 8.8% [2] - The net profit figures for the five companies in the first half of 2025 are as follows: China Ping An (68.05 billion yuan), China Life (40.93 billion yuan), China Pacific Insurance (27.88 billion yuan), China Reinsurance (26.53 billion yuan), and Xinhua Insurance (14.80 billion yuan) [2] Group 2: New Business Value Growth - The new business value, which reflects the expected future earnings from newly sold policies, saw significant growth across the board, with all companies achieving over 20% increases [3] - Xinhua Insurance achieved a new business value of 6.18 billion yuan, up 58.4% year-on-year, while China Ping An's new business value grew by 39.8% [3] Group 3: Cost Ratio Improvement - The comprehensive cost ratios for the "old three" property insurance companies (China Re, Ping An Property, and China Pacific Property) generally decreased, leading to improved underwriting profits [5] - China Re's comprehensive cost ratio was 95.3%, the best level in nearly a decade, while Ping An Property's ratio was 95.2%, down 2.6 percentage points year-on-year [5] Group 4: Investment Income - As of June 30, 2025, the total investment assets of the five major insurance companies reached 19.73 trillion yuan, a year-on-year increase of 7.52% [7] - The total investment return rates showed divergence, with China Pacific and China Life experiencing declines of 0.4 and 0.3 percentage points, respectively, while Xinhua Insurance and China Re saw increases of 1.1 and 1 percentage points [7] Group 5: Market Outlook - Looking ahead, companies are optimistic about the A-share market and plan to focus on sectors such as technology innovation, consumer manufacturing, and advanced manufacturing for investment opportunities [8] - The emphasis will be on high-dividend stocks to provide stable cash flow and enhance long-term returns [8]

Core Viewpoint - China Life Insurance (601628)(02628) reported a 20% year-on-year increase in new business value (VNB) for the first half of the year, meeting expectations, primarily driven by a 179% increase in bank channel sales and a 9.5% increase in agent channel sales [1] Group 1 - The new business contract service margin (CSM) decreased by 31% year-on-year due to interest rate fluctuations, but the CSM balance increased by 1.6% year-on-year due to operational improvements [1] - The company declared an interim dividend of RMB 0.238 per share, representing a 19% year-on-year increase, which is considered a positive surprise [1] - The bank maintains its profit forecast and target price of HKD 26 for China Life, reiterating a "Buy" rating [1]

Core Insights - China Ping An's new business value (NBV) increased by 39.8% year-on-year in the first half of the year [1] - The new business contract service margin (CSM) turned to positive year-on-year growth during the same period [1] - The pre-dividend book value rose by 4.8% year-on-year [1] Financial Performance - The proportion of equity in asset allocation increased, contributing to a comprehensive return rate of 3.1%, up by 0.3 percentage points [1] - The comprehensive cost ratio for property insurance improved to 95.2%, a decrease of 2.6 percentage points [1] - Operating profit from asset management and financial empowerment businesses accelerated, marking another highlight [1] Analyst Rating - The firm reiterated a "Buy" rating for China Ping An, maintaining a target price of HKD 69 [1]

Core Insights - The insurance companies listed in Shanghai and Hong Kong are shifting focus from premium growth to the contribution of new business value (NBV) in their performance reports [2][3] - Major insurance firms reported double-digit growth in new business value for the first half of the year, indicating strong market acceptance [2][3] Group 1: New Business Value Growth - China Ping An's new business value reached 22.335 billion yuan, a year-on-year increase of approximately 39.8% [2] - China Life's new business value was 28.546 billion yuan, up 20.3% year-on-year [2] - China Pacific Insurance reported a new business value of 9.544 billion yuan, reflecting a 32.3% increase [2] - China People's Insurance saw a significant rise in new business value to 4.978 billion yuan, up 71.7% [2] - New China Life achieved a new business value of 6.181 billion yuan, with a year-on-year growth of 22.8% [2] - AIA Group's new business value was 2.838 billion USD, marking a 14% increase [2] Group 2: Market Performance and Investor Sentiment - Despite limited growth in net profit for most insurance groups, insurance stocks have performed exceptionally well, with some doubling in value [3] - The strong performance of new business value has garnered market recognition, but the sustainability of this growth throughout the year remains a concern [3][9] - The shift from focusing on premium scale to new business value is seen as a necessary evolution in the domestic life insurance market [4] Group 3: Strategic Initiatives and Future Outlook - China Ping An emphasizes the importance of new business value, attributing its growth to multi-channel strategies, product-service integration, and AI empowerment [5] - AIA Group's growth is driven by proven business models, digital transformation, and structural improvements in new markets [5] - China Pacific Insurance's new business value growth is supported by enhanced management and a focus on dividend insurance sales [7] - New China Life is optimizing its business structure and improving operational efficiency to sustain new business value growth [8] Group 4: Challenges and Considerations - The insurance industry is transitioning from a focus on premium figures to the underlying value of new business, which reflects future profitability [10] - The ability of insurance companies to maintain double-digit growth in new business value and improve value rates in the second half of the year is under scrutiny [11]

Core Viewpoint - The insurance companies listed in Hong Kong and Shanghai are shifting focus from premium growth to the contribution of new business value (NBV), which has shown significant double-digit growth in the first half of the year [1][2][3]. Group 1: New Business Value Growth - Major listed insurance companies reported substantial growth in new business value, with China Ping An's NBV reaching 22.335 billion yuan, up 39.8% year-on-year; China Life's NBV at 28.546 billion yuan, up 20.3%; China Pacific's NBV at 9.544 billion yuan, up 32.3%; and China Insurance's NBV at 4.978 billion yuan, up 71.7% [1]. - AIA Group reported a new business value of 2.838 billion USD, reflecting a 14% increase year-on-year [1]. - The growth in NBV is seen as a key indicator of the companies' performance and has garnered market recognition, although the sustainability of this growth throughout the year remains a concern [2][8]. Group 2: Market Performance and Investor Sentiment - Despite limited growth in net profit for most insurance groups, insurance stocks have performed exceptionally well, with some doubling in value since the market downturn in September [2][8]. - The market is increasingly valuing new business value as a more reliable indicator of a company's operational capability and future profitability, moving away from traditional metrics like premium size [9][10]. Group 3: Strategic Initiatives and Future Outlook - Companies are focusing on enhancing their business models, including digital transformation and AI integration, to drive new business value growth [4][5]. - China Pacific emphasized strengthening its management and sales capabilities, particularly in dividend insurance, which saw a significant increase in new premium income [5]. - New business value rates are critical for assessing the underlying value of insurance companies, and the ability to maintain double-digit growth in NBV will be crucial for future stock performance [10].

保险Ⅱ 新华保险 1H25 业绩点评： 投资利差大幅改善带动净利润超预期增长 新华保险（601336.SH） 证券研究报告/公司点评报告 2025 年 08 月 29 日 | 评级： | 买入（维持） | 公司盈利预测及估值 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | | | 指标 | 2023A | 2024A | 2025E | 2026E | 2027E | | | | 归母净利润（百万元） | 8,712 | 26,233 | 20,173 | 21,399 | 23,374 | | 分析师：葛玉翔 | | 增长率 yoy% | -59.5% | 201.1% | -23.1% | 6.1% | 9.2% | | 执业证书编号：S0740525040002 | | 每股收益（元） | 2.79 | 8.41 | 6.47 | 6.86 | 7.49 | | | | 每股净资产 | 33.68 | 30.85 | 33.69 | 38.90 | 44.64 | | Email：geyx01@zts.com.cn | | ...

Core Viewpoint - China Life's (02628) performance in the first half of the year is generally in line with expectations, with a net profit increase of 6.9% year-on-year, although there was a 31.2% decline in the second quarter, which was slightly better than expected [1] Financial Performance - The pre-tax profit decreased by 11.5% year-on-year, which aligns with expectations [1] - The new business value (NBV) on a comparable basis increased by 20.3%, while the actual disclosed NBV fell by 11.5% [1] - The comparable NBV for the next insurance segment rose by 9.5%, indicating better performance than anticipated [1] Business Strategy - The company is actively promoting the transformation towards dividend insurance, with over 50% of the first-year premium income from individual insurance coming from dividend insurance as of the end of June [1] Contractual Service Margin (CSM) - The CSM increased by 1.6% to 754.7 billion RMB from the beginning of the year, primarily driven by new business inflows and interest rate changes [1] - However, the new business CSM decreased by 31% year-on-year to 26.2 billion RMB, attributed to the impact of spot interest rate assessments under the Variable Fee Approach (VFA) and declining interest rates [1] Target Price Adjustment - The target price for H-shares has been raised by 24.1% to 24.33 HKD, considering the improvement in liquidity in the Hong Kong stock market, which may help narrow the company's discount [1]

该行指，国寿上半年可比口径/实际披露口径新业务价值分别同比升20.3%及跌11.5%，可比口径下个险 NBV同比升9.5%，新业务价值好于该行预期。公司积极推动分红险转型，截至6月末分红险保费占个险 首年期交保费比重超50%。上半年国寿CSM(合同服务边际)较年初升1.6%至7,547亿人民币，主要来自于 新业务流入和利率变化;但新业务创造CSM同比跌31%至262亿人民币，该行预计公司VFA(在IFRS17会 计准则下的"变动收费法"(Variable Fee Approach))合同受到即期利率评估影响、以及利率下行导致新业 务CSM同比下滑。 中金发布研报称，中国人寿（601628）(02628)上半年业绩基本符合预期，纯利同比增6.9%，对应次季 同比跌31.2%，略优于预期;税前利润同比降11.5%，符合预期。中金维持国寿今明两年盈测，续予"跑赢 行业"评级。考虑到港股流动性改善有助于公司折价收窄，将H股目标价上调24.1%至24.33港元。 ...