行业研究 证 券 研 究 报 告 保险行业周报（20251208-20251212） 四家险企拟新发债合计 142 亿，险资举牌再 推荐（维持） 添一例 本周行情复盘：保险指数上涨 2.41%，跑赢大盘 2.49pct。保险个股表现分化， 平安+3.1%，众安+2.26%，阳光+1.93%，太保+1.68%，新华+1.45%，友邦+0.89%， 国寿-0.22%，太平-1.34%，人保-1.47%，财险-2.75%。10 年期国债收益率 1.84%， 较上周末-1bp。 本周动态： 人身险标的 PEV 估值： A 股：国寿 0.87x、平安 0.77x、新华 0.75x、太保 0.62x。 H 股：平安 0.72x、太保 0.53x、新华 0.51x、国寿 0.5x、阳光 0.35x、太平 0.35x、 友邦 1.45x、保诚 1.07x。 财险标的 PB 估值：财险 1.24x、人保 A1.2x、人保 H0.86x、众安 1.1x、中国再 保险 0.58x。 （1）北京商报：12 月 12 日，监管发布了 5 个批文批复险企发债，共涉及 4 家 险企，合计发债规模不超过 142 亿元。中英人寿同日获批发行不 ...

Investment Rating - The report maintains an "Outperform" rating for the insurance industry [1][85]. Core Insights - The insurance sector is experiencing improvements in both liability and asset sides, benefiting from a recovery in the capital markets [1][85]. - The report highlights that the new business value (NBV) for life insurance continues to show positive growth, with varying performance in new policies across different companies [3][12]. - The property and casualty (P&C) insurance sector is seeing improvements in the combined operating ratio (COR) due to reduced disaster losses and strategic adjustments [38][56]. - The recovery in equity markets is driving an increase in net profit growth for insurance companies [68][80]. Summary by Sections Life Insurance: NBV Continues to Improve, New Policy Performance Varies - The NBV growth for listed life insurance companies in 9M2025 shows a positive trend, with year-on-year growth rates as follows: PICC Life (+76.6%), New China Life (+50.8%), Ping An Life (+46.2%), China Life (+41.8%), and Taikang Life (+31.2%) [8][17]. - In Q3 2025, the NBV growth rates for major companies were: Ping An Life (+58.3%) and Taikang Life (+29.4%), indicating a further increase compared to Q2 2025 [9][12]. - New policy premium growth varied among companies, with New China Life (+59.8%) and PICC Life (+33.8%) leading, while Ping An Life (+2.3%) showed minimal growth [17][24]. Property and Casualty Insurance: Improved COR Due to Reduced Disaster Losses - The P&C insurance sector's premium income growth in 9M2025 was as follows: Ping An P&C (+7.0%), PICC P&C (+3.5%), and Taikang P&C (+0.1%) [44][49]. - The COR for P&C insurance companies improved year-on-year, with PICC P&C at 96.1%, Ping An P&C at 97.0%, and Taikang P&C at 97.6% [61][67]. Investment: Recovery in Equity Markets Boosts Net Profit Growth - The annualized total investment return rates for 9M2025 were: New China Life (8.6%), China P&C (7.2%), and PICC (7.2%) [74][80]. - The net profit growth for listed insurance companies in 9M2025 was led by China Life (+60.5%) and New China Life (+58.9%), with all companies reporting positive growth [80][81]. Investment Recommendations - The report recommends maintaining an "Outperform" rating for the insurance industry, highlighting potential growth in NBV and improvements in COR for P&C insurance [85]. - Key stock recommendations include China P&C, PICC, New China Life, and Ping An, based on their expected performance and market positioning [85].