合计净利润超840亿元 上市险企一季度"成绩单"亮眼 业务结构优化 投资收益大增 ◎记者 韩宋辉 何奎 实习生 林铭溱 2025年一季度，A股五大上市险企交出一份稳中有进、颇有亮点的"成绩单"，合计实现净利润超840亿 元，同比实现增长；同时，上市险企业绩结构得到改善，费差益对公司业绩贡献有所上升。 有市场人士认为，展望2025年全年，保险公司负债和资产两端均有望实现同比改善。负债端，受代理人 高质量转型和新业务价值率改善等影响，寿险新业务价值（NBV）有望延续向好；资产端，随着国内 利好政策的不断出台，资本市场回暖有利于险企的投资业绩表现。 2025年第一季度，在内外部环境考验之下，A股五大上市险企业绩总体保持稳中有进，合计实现归属于 母公司股东的净利润约841.76亿元，同比增长约1.4%。 中国人寿利润规模位居首位。中国人保业绩增速最快，净利润同比增长43.4%。具体而言，中国人寿、 中国平安、中国人保、中国太保、新华保险分别实现净利润约288.02亿元、270.16亿元、128.49亿元、 96.27亿元和58.82亿元。 保险公司业绩主要依靠利差，投资收益依旧是左右险企业绩的"胜负手"。对于业绩大幅 ...

记者 姜鑫 "2025年保险"开门红"不红了吗？"有不少保险从业人员发问。 国家金融监督管理总局（下称"金融监管总局"）披露的行业数据显示，2025年一季度，人身险行业保费 规模仅达到与去年持平的水平。 截至2025年4月30日，A股上市险企披露一季度报数据显示，仅新华人寿保险股份有限公司（下称"新华 保险"）和中国太平洋保险（集团）股份有限公司（下称"中国太保"）实现了新单保费的正增长。 除了消费需求不足的原因外，上述情况也与保险行业主动调整产品结构有关，因此，部分上市险企的新 业务价值增长明显。 值得注意的是，银保渠道成了拉动一季度上市险企人身险保费增长的力量。 银保渠道放光彩 金融监管总局的数据显示，2025年一季度，保险行业共实现人身险保费1.79万亿元，同比增长0.24%； 其中寿险保费为1.38万亿元，同比微降0.99%，健康险保费3782亿元，同比增长4.80%。 相比于行业整体的缓慢增长，受益于较大规模的续期推动，几家头部上市险企的保费增速更为乐观。 新华保险是上市险企中增速较快的一家。2025年一季度，新华保险实现原保险保费收入732.18亿元，同 比增长28.00%；长期险首年保费为272 ...

非银行金融 2025 年 04 月 30 日 行业点评 NBV 高增、投资分化，新华 25Q1 利润稳增 强于大市（维持） 行情走势图 相关研究报告 【平安证券】行业深度报告-非银行金融-险资举牌 研究暨 2024 年报分析：风起资产端-强于大市 20250403 【平安证券】行业点评-非银行金融-优化险资权益 资产监管比例，发挥"耐心资本"优势-强于大市 20250409 【平安证券】行业点评-非银行金融-深化个险营销 体制改革，头部险企具备高质量发展优势-强于大市 20250420 【平安证券】行业点评-非银行金融-规范万能险经 营，推动行业健康发展、回归保障本源-强于大市 20250427 证券分析师 事项： 新华保险发 布 2025 年一季报 ， 一季度实现归母净利润 58.82 亿 元 （YoY+19.0%），归母净资产 798.49 亿元（较上年末-17.0%）。 平安观点： 行 业 报 告 股票投资评级: 强烈推荐 （预计 6 个月内，股价表现强于市场表现 20%以上） 推 荐 （预计 6 个月内，股价表现强于市场表现 10%至 20%之间） 中 性 （预计 6 个月内，股价表现相对市场表现在± ...

交银国际研究 | 年结12月31日 | 2023 | 2024 | 2025E | 2026E | 2027E | | --- | --- | --- | --- | --- | --- | | 收入 (百万人民币) | 71,547 | 132,555 | 131,771 | 136,587 | 140,751 | | 同比增长 (%) | -33.8 | 85.3 | -0.6 | 3.7 | 3.0 | | 净利润 (百万人民币) | 8,712 | 26,229 | 23,506 | 24,875 | 26,066 | | 每股盈利 (人民币) | 2.79 | 8.41 | 7.53 | 7.97 | 8.35 | | 同比增长 (%) | -59.5 | 201.1 | -10.4 | 5.8 | 4.8 | | 前EPS预测值 (人民币) | | | 7.24 | 7.64 | 7.97 | | 调整幅度 (%) | | | 4.1 | 4.3 | 4.8 | | 市盈率 (倍) | 9.2 | 3.1 | 3.4 | 3.2 | 3.1 | | 每股内含价值 (人民币) | 80.29 | 8 ...

Investment Rating - The report maintains a "Buy-A" investment rating for the company, with a target price of 37.65 yuan over the next six months [3][6]. Core Views - The company reported a 3.9% year-on-year increase in insurance service revenue for Q1 2025, totaling 69.6 billion yuan, while the net profit attributable to shareholders decreased by 18.1% year-on-year to 9.6 billion yuan, primarily due to rising short-term interest rates and fluctuations in the equity market affecting fair value [1][2]. - The company's new business value (NBV) grew by 39% year-on-year on a comparable basis, driven by the growth in the bancassurance channel, with life insurance premiums increasing by 11.8% to 118.4 billion yuan [2][3]. - The company aims to enhance its fundamental performance through ongoing reforms and the implementation of the "North Star Plan" in 2025, projecting earnings per share (EPS) of 5.65 yuan, 6.34 yuan, and 7.19 yuan for 2025 to 2027 [3]. Summary by Sections Financial Performance - In Q1 2025, the life insurance segment generated 21 billion yuan in service revenue (YoY +0.6%), while the property insurance segment achieved 47.7 billion yuan (YoY +4.8%) [1]. - The overall premium income for property insurance reached 63.1 billion yuan (YoY +1.0%), with a combined cost ratio of 97.4%, reflecting a 0.6 percentage point improvement year-on-year [2]. Investment Returns - The company's total investment assets amounted to 2,810.2 billion yuan as of the end of Q1 2025, with a total investment return rate of 1.0%, down 0.3 percentage points year-on-year, largely due to the impact of rising short-term interest rates and equity market volatility [3]. Future Projections - The report forecasts the company's operating revenue to reach 449.75 billion yuan in 2025, with net profit attributable to shareholders projected at 54.39 billion yuan [4][12].

友邦保险集团首席执行官兼总裁李源祥表示： "我们经验丰富的管理团队致力构建长远、可持续的优质业务，并继续专注于执行我们的策略性优先任 务，让集团能够在环球资本市场波动的环境下取得佳绩，并把握亚洲这个全球最具吸引力的人寿及健康 保险市场的强劲基本增长动力。本人深信，友邦保险凭借雄厚的竞争优势，将继续为所有持份者缔造长 远、可持续的价值。" "友邦保险建基于2024年的卓越业绩，在2025年第一季保持增长势头，录得15亿美元的新业务价值，较 去年创新高的季度表现上升13%。我们能够持续及有规模地把握盈利性的新业务机遇，实有赖集团高度 多元化及强韧的业务模式，以及市场对友邦保险产品和服务与日俱增的需求。" "友邦保险的『最优秀代理』是我们增长策略的关键支柱，在2025年第一季所带来的新业务价值，占集 团整体超过75%。我们透过强劲和高质素的招聘持续提升我们的市场覆盖，支持整体活跃代理人数增长 8%。我们别树一帜的代理模式专注于建立长期客户关系，并由领先的数码平台所驱动，使得代理活跃 度及生产力进一步提升，同时保持多元化及具韧性的产品组合。" 友邦保险(01299)发布公告，于2025年第一季度，增长率按固定汇率基准 ...

核心观点 公司全面打造多渠道专业化销售能力，多渠道发展效果显著。代理人渠道方面，公司聚焦"做优、增 优、育优"三优平台，通过分人群推动队伍三优跃迁、产品创新和服务整合，进一步激发队伍生产力， 牵引队伍阶梯式向上发展，一季度人均NBV 在去年同期较高基数（24Q1 代理人人均NBV 同比 +56.4%）下仍同比+14. 0%，带动代理人渠道整体NBV 同比+11.5%。截至一季度末，平安寿险个人寿 险销售代理人数量为33.8 万人， 同比+1.5%，环比-6.9%。银保渠道方面，公司多措并举推动高质量发 展，一季度NBV同比+170.8%。在渠道合作方面，平安寿险坚持多元化布局，巩固国有大行合作，拓展 头部股份行、城商行等潜力渠道; 在网点经营方面，夯实标准化经营，持续提升产能; 在队伍发展方 面，严选增优，推进专业化赋能，加速打造绩优队伍; 在经营管理方面，优化内部管理，激发组织活 力，实现质效提升。社区金融服务渠道方面，网点和队伍保持高质量发展，一季度实现存续客户全缴次 继续率同比提升0.5个百分点，新业务价值同比+171.3%，客户经营价值持续突破。 公司寿险及健康险业务一季度价值率显著改善驱动NBV 同 ...

Investment Rating - The report assigns a "Buy" rating for China Ping An Insurance (2318 HK) with a target price of HKD 60.00, indicating a potential upside of 30.6% from the current price of HKD 45.95 [1][10]. Core Insights - The report highlights stable growth in operating profit attributable to the parent company, with new business value growth exceeding expectations. The operating profit after tax (OPAT) for Q1 2025 increased by 2.4% year-on-year, primarily driven by the life and health insurance segments [5]. - The new business value for Q1 2025 surged by 34.9% year-on-year, with significant contributions from various channels, particularly the bancassurance and community finance channels, which grew by 170.8% and 171.3% respectively [5]. - The comprehensive cost ratio for the property and casualty insurance segment improved significantly, with a year-on-year reduction of 3 percentage points to 96.6% [5]. - Investment income remained stable, with a year-to-date growth of 3.3% in investment assets and an annualized comprehensive investment return of 1.3% [5]. - The solvency ratio for the life insurance segment was robust at 163.7%, reflecting a 47.3 percentage point increase from the end of 2024 [5]. Financial Overview - Revenue projections for China Ping An Insurance show a steady increase from RMB 913,789 million in 2023 to RMB 1,153,545 million by 2027, with a compound annual growth rate (CAGR) of approximately 4.4% [4][11]. - Net profit is expected to fluctuate, with a forecast of RMB 120,657 million for 2025, down from RMB 126,607 million in 2024, but projected to rise to RMB 130,993 million by 2027 [4][11]. - The earnings per share (EPS) is projected to be RMB 6.63 in 2025, with a gradual increase to RMB 7.19 by 2027 [4][11]. - The price-to-earnings (P/E) ratio is forecasted to decrease from 9.2 in 2023 to 6.0 by 2027, indicating an attractive valuation [4][11]. Business Segment Performance - The life and health insurance segment is expected to see a slight recovery in premium income growth, with a forecasted increase of 1.0% in 2025 [6]. - The property and casualty insurance segment is projected to maintain a growth rate of 6.5% in premium income for 2025 [6]. - The new business value rate is anticipated to stabilize around 25.6% for 2025, reflecting a slight decrease from previous estimates [7]. Conclusion - The report maintains a positive outlook on China Ping An Insurance, emphasizing its strong market position, diversified business model, and potential for growth in new business value, supported by a solid financial foundation and attractive valuation metrics [5][11].

Investment Rating - The report assigns a "Buy" rating for China Ping An Insurance (2318 HK) with a target price of HKD 60.00, indicating a potential upside of 30.6% from the current price of HKD 45.95 [1][10]. Core Insights - The report highlights stable growth in operating profit and an unexpected increase in new business value, with a 34.9% year-on-year growth in new business value driven by various channels [5][11]. - The report notes a significant decline in net profit, down 26.4% year-on-year, primarily due to investment losses and a one-time valuation drop from the consolidation of Ping An Good Doctor [5][11]. - The report emphasizes improvements in the comprehensive cost ratio for property and casualty insurance, which decreased by 3 percentage points year-on-year to 96.6% [5][11]. - The solvency position is strong, with a core solvency ratio of 163.7%, up 47.3 percentage points from the end of 2024 [5][11]. Financial Overview - Revenue is projected to grow from RMB 913,789 million in 2023 to RMB 1,057,335 million in 2025, reflecting a compound annual growth rate (CAGR) of approximately 7.5% [4][11]. - Net profit is expected to recover from RMB 85,665 million in 2023 to RMB 120,657 million in 2025, with a notable increase of 47.8% in 2024 [4][11]. - The report forecasts earnings per share (EPS) to be RMB 6.95 in 2024 and RMB 6.63 in 2025, with a projected price-to-earnings (P/E) ratio of 6.5 in 2025 [4][11]. Business Performance - The first quarter of 2025 saw a 2.4% year-on-year increase in operating profit after tax (OPAT), primarily from the life and health insurance segments, while property and casualty insurance and banking segments experienced declines [5][11]. - The new business value rate improved significantly, reaching 28.3%, an increase of 11.4 percentage points year-on-year, attributed to product structure optimization and cost reduction measures [5][11]. - The average daily trading volume of the stock is reported at 50.03 million shares, with a market capitalization of approximately HKD 924.92 billion [3][11].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The report highlights that the growth in new business value (NBV) is driven by the bancassurance channel, while investment volatility has pressured profit margins [2][3][5] - The company achieved a total revenue of 937.17 billion yuan in Q1 2025, a year-on-year decrease of 1.8%, and a net profit attributable to shareholders of 96.27 billion yuan, down 18.1% year-on-year [2] - The weighted average return on equity (ROE) was 3.5%, a decline of 1.1 percentage points year-on-year [2] Summary by Sections Life Insurance - In Q1 2025, the company’s life insurance segment reported a premium income of 1,184.22 billion yuan, an increase of 11.8% year-on-year, with a significant growth in new business value (NBV) of 57.78 billion yuan, up 11.3% year-on-year [3] - The bancassurance channel saw a premium income of 257.22 billion yuan, a remarkable increase of 107.8% year-on-year, with new premium income rising by 130.7% [3] Property Insurance - The property insurance segment recorded a premium income of 631.08 billion yuan in Q1 2025, reflecting a year-on-year growth of 1.0% [4] - The combined ratio (COR) improved to 97.4%, a year-on-year enhancement of 0.6 percentage points, attributed to reduced natural disaster losses and enhanced management controls [4] Investment Performance - The company’s investment assets totaled 28,102.08 billion yuan, growing by 2.8% compared to the end of the previous year [5] - The net investment yield was 0.8%, unchanged year-on-year, while the total investment return rate decreased by 0.3 percentage points to 1.0% [5] - Fair value changes in investments significantly declined to 1.655 billion yuan from 15.104 billion yuan in the previous year, impacting overall profit performance [5] Financial Forecast and Valuation - The report maintains previous profit forecasts, estimating revenues of 4,154 billion yuan, 4,219 billion yuan, and 4,382 billion yuan for 2025-2027 [6] - Expected net profits for the same period are projected at 455 billion yuan, 462 billion yuan, and 508 billion yuan [6] - The price-to-earnings value (PEV) ratios are forecasted to be 0.49, 0.46, and 0.43 for 2025-2027, respectively, supporting the "Buy" rating [6]