非银行金融 2025 年 08 月 28 日 行业点评 浮动收益业务强劲，国寿 25H1 利润稳增、NBV 高增 强于大市（维持） 行情走势图 相关研究报告 【平安证券】行业半年度策略报告-非银行金融-高 质量发展引领价值重估，头部公司更具韧性——非 银金融行业 2025 年中期策略报告-强于大市 20250701 【平安证券】行业点评-非银行金融-国有险企长周 期考核再加强，助力长期稳健投资-强于大市 20250713 【平安证券】行业点评-非银行金融-人身险预定利 率再下调，分红险具备比较优势-强于大市 20250727 【平安证券】行业点评-非银行金融-新单量价双 升，友邦 25H1 业绩稳增-强于大市 20250822 证券分析师 | 王维逸 | 投资咨询资格编号 | | --- | --- | | | S1060520040001 | | | BQC673 | | | WANGWEIYI059@pingan.com.cn | | 李冰婷 | 投资咨询资格编号 | | | S1060520040002 | | | LIBINGTING419@pingan.com.cn | 寿险：业务结构优化、新业务负 ...

Investment Rating - The report maintains a "Buy" rating for both A-shares and H-shares of the company [1][7] Core Views - The company achieved an operating revenue of 239.24 billion RMB in the first half of 2025, a year-on-year increase of 2.1%, and a net profit attributable to shareholders of 40.93 billion RMB, up 6.9% year-on-year [4] - New business value (NBV) grew by 20.3% year-on-year to 28.55 billion RMB, indicating strong growth in new business segments [6] - The company is focusing on value creation and transformation, with a strategic emphasis on optimizing business structure and cost efficiency [7] Summary by Sections Financial Performance - The company reported a net profit of 40.93 billion RMB for H1 2025, with a return on equity of 7.8%, remaining stable year-on-year [4] - Total investment income increased by 4.2% to 127.51 billion RMB, contributing to the overall profit growth [4] Business Development - Premium income reached 525.09 billion RMB, a 7.3% increase year-on-year, driven by renewal business growth [5] - The new business value of 28.55 billion RMB reflects a significant improvement in margins and value rates [6] Investment Strategy - The total investment asset scale reached 7.1 trillion RMB, with stock assets increasing by 23.8% to 620.1 billion RMB, now accounting for 8.7% of total investments [6] - The company is actively exploring innovations in health and elderly care services, which are expected to enhance its core insurance business [7] Profit Forecast and Valuation - The report forecasts net profits of 104.3 billion RMB for 2025, with a projected PEV of 0.82 for A-shares and 0.44 for H-shares [8][7]

Core Viewpoint - The domestic life insurance industry is recognizing the necessity of developing participating insurance products as a response to declining interest rates and as a proactive change [1][2]. Group 1: Industry Transformation - The new "National Ten Articles" released in September 2024 emphasizes the promotion of product transformation and upgrading, supporting the development of floating income insurance [1]. - Participating insurance was previously dominant, accounting for over 70% of the domestic life insurance market before the market-oriented rate reform in 2013 [1]. - The return of participating insurance to the mainstream is not merely a regression but a necessary evolution of the life insurance industry in response to changing cycles [1]. Group 2: Market Conditions - Current conditions for promoting participating insurance are more favorable compared to a decade ago, with increased customer acceptance driven by demand for protection and wealth management [2]. - The sales force is becoming more professional, with tiered sales strategies allowing better communication of the product's guaranteed lower returns and flexible upper returns [2]. - Life insurance companies are placing greater emphasis on asset-liability management, involving investment teams in product development and sales processes, which facilitates promotion and investment of participating insurance funds [2]. Group 3: Customer-Centric Approach - Modern insurance companies are focusing on a customer-centric model, contrasting with the past emphasis on product yield alone, highlighting the importance of comprehensive service capabilities [2]. - The foundation of participating insurance remains long-term life insurance, aimed at addressing customer needs for retirement and wealth management [2]. - During the transformation, insurance companies are not solely focused on premium income but also on enhancing their teams and overall service capabilities to better meet customer demands [2].

Core Viewpoint - The insurance industry is focusing on the development of floating income insurance products, particularly dividend insurance, as a key strategy for optimizing business structure and improving operational efficiency [1][2][3]. Industry Trends - Listed insurance companies have highlighted the importance of floating income insurance in their Q1 reports, indicating a shift towards dividend insurance to reduce rigid liability costs [2][4]. - China Life reported that the proportion of first-year premium income from floating income products reached 51.72%, a significant increase compared to the previous year [2]. - China Pacific Insurance noted that the new premium income from dividend insurance accounted for 18.2% of its new business, up 16.1 percentage points year-on-year [2]. Regulatory Environment - Since 2023, regulatory measures have been implemented to guide the insurance industry in optimizing liability costs, including lowering the maximum guaranteed interest rates for traditional and dividend insurance [4]. - The new "National Ten Articles" for the insurance industry, set to be released in September 2024, emphasizes the need for product transformation and supports the development of floating income insurance [3][4]. Market Dynamics - The shift towards floating income insurance is seen as both a necessary response to declining interest rates and a proactive change in strategy [3][5]. - The traditional insurance products have seen a decrease in guaranteed interest rates, making it more challenging to sell these products [3][4]. Company Strategies - Companies are increasingly focusing on enhancing their comprehensive service capabilities around dividend insurance, moving beyond just premium income to include customer service and professional sales teams [5][6]. - Insurers are prioritizing cash flow safety and stable profitability over aggressive premium growth, indicating a shift in focus towards sustainable development [6][7]. Performance Metrics - In Q1, the total premium income for life insurance companies was approximately 16,590 billion, showing a slight decline of about 0.3% year-on-year [6]. - New China Life Insurance reported a significant increase in premium income, with a 28% year-on-year growth in Q1, driven by a differentiated business approach [7].

Core Viewpoint - The company reported stable growth in insurance premiums for the first quarter of 2025, with total premiums reaching RMB 354.41 billion, a year-on-year increase of 5.0% [7] Financial Data - Total premiums for the first quarter of 2025 were RMB 354.41 billion, with renewal premiums at RMB 246.98 billion (up 9.7%) and new premiums at RMB 107.43 billion (down 4.5%) [7] - The company achieved a net profit attributable to shareholders of RMB 28.80 billion, representing a year-on-year growth of 39.5% [8] - Total assets reached RMB 6,976.39 billion, with investment assets at RMB 6,819.17 billion, both showing a growth of 3.1% compared to the end of 2024 [8] Business Performance - The company maintained a stable sales force of 646,000, with individual insurance sales personnel numbering 596,000 [7] - The new business value increased by 4.8% compared to the same period in 2024, reflecting effective management and strategic focus [7] - The company emphasized the diversification of product offerings and the development of floating income-type products, with first-year premium income from floating income products accounting for 51.72% of total first-year premium income [7] Investment Strategy - The company adopted a long-term investment perspective, focusing on stable and value-based investments, with total investment income for the first quarter reaching RMB 53.77 billion and an investment income rate of 2.75% [7] - The company continues to optimize its asset allocation in response to market conditions, particularly in the bond and equity markets [7] Regulatory Compliance - The board of directors and senior management confirmed the accuracy and completeness of the quarterly report, ensuring compliance with relevant regulations [2][3]

Core Viewpoint - China Life Insurance reported a net profit of RMB 28.802 billion for Q1 2025, representing a year-on-year increase of 39.5% due to enhanced asset-liability management and market interest rate changes [1] Financial Performance - Total investment income exceeded RMB 50 billion, reaching RMB 53.767 billion in Q1 2025 [2][7] - The net investment income was RMB 44.247 billion, with a net investment yield of 2.60% [7] Insurance Business Overview - Total premium income for Q1 2025 was RMB 354.409 billion, showing a year-on-year growth of 5.0% [3] - Renewal premiums amounted to RMB 246.975 billion, up 9.7% year-on-year, while new single premiums decreased by 4.5% to RMB 107.434 billion [3][4] - Short-term insurance premiums increased by 19.2% to RMB 41.494 billion [3] Product Development - The company emphasized the development of floating income insurance products, with first-year premiums for these products accounting for 51.72% of total first-year premiums, a significant increase from the previous year [5][6] Investment Strategy - The company adopted a long-term perspective for asset allocation, focusing on stable investments and taking advantage of rising bond market interest rates [8]