此前，我们已经分析过寿险公司的保费增速和利润情况，相关链接详见文末~ 今日，再来看看各家寿险公司的偿付能力充足率情况吧！ 60家非上市寿险公司 目前，除上市险企及其子公司，以及部分持续多年不披露相关数据的公司外，各家保险 公司2025年上半年偿付能力报告，已经披露完毕。 毕竟，在利率下行的背景下，包括终身寿险、年金险等在内的人身险产品，预定利率也 将在9月初全面下调。 2025年上半年 偿付能力排名榜 | | | | | 综合偿体能力充足率核心偿付能力充足率 | | | | --- | --- | --- | --- | --- | --- | --- | | | | 2025.06 | 环比 | 2025.06 | 环比 | | | 1 | 国寿养老 | 1095.2% ↑ 44pt | | 1077.0% ↑ 43pt | | | | 2 | 新华养老 | 991.3% | J-656pt | 971.9% | J-645pt | A | | m | 恒安标准养老 | 782.7% | ↓-6pt | 753.4% | J-4pt | BB | | ব | 国民养老 | 603.7% | ↓-10pt | ...

Core Viewpoint - The reinsurance industry in 2024 is experiencing a decline in premium income while showing significant growth in net profit and investment returns, indicating a shift in operational dynamics and regulatory impacts [2][4][11]. Group 1: Reinsurance Industry Performance - The reinsurance industry reported a premium income of 226.4 billion yuan in 2024, a year-on-year decrease of 2.6% [2][11]. - The net profit for the reinsurance industry reached 5.42 billion yuan, reflecting a year-on-year increase of 37.2%, with total investment income at 11.3 billion yuan, up 16.9% [4][12]. - The return on equity (ROE) for the reinsurance sector was 5.4%, an increase of 1.1 percentage points year-on-year, but still significantly lower than the ROE of life insurance (18.7%) and property insurance (8%) [5][16]. Group 2: Risk Structure in Reinsurance - Among the 13 secondary risk indicators for minimum capital in the reinsurance industry, premium and reserve risk accounted for the highest proportion at approximately 27%, followed by counterparty default risk at 20% and loss occurrence risk at 11% [7][22]. - The dominance of premium and reserve risk is attributed to the fact that property insurance constitutes about two-thirds of the reinsurance business [22]. Group 3: Comparative Analysis with Original Insurance Industry - The total investment return rate for the reinsurance industry was 3.1%, lower than the life insurance industry's 3.5% but on par with the property insurance industry's 3.1% [17]. - The comprehensive investment return rate for reinsurance was 5.6%, higher than that of property insurance (5.5%) but lower than life insurance (7.5%) [18]. Group 4: Rankings of Reinsurance Companies - The rankings of reinsurance companies based on premium income, net profit, ROE, total investment return, and comprehensive investment return were provided, highlighting the performance of major players in the industry [9][25][28][29][30][31].

Core Viewpoint - The company's value rate in life and health insurance business significantly improved in Q1, driving NBV growth of 34.9% year-on-year, with strong performance from bancassurance and community financial service channels [1][9] - The quality of the property insurance business improved significantly, with the combined cost ratio decreasing by 3.0 percentage points to 96.6%, leading to substantial growth in underwriting profit [1][5] - On the asset side, the company increased its allocation to high-dividend stocks, and the performance of OCI stocks in Q1 was impressive, contributing to an improvement in overall investment return rates year-on-year [1][6] Financial Performance - The company reported a 2.4% year-on-year increase in operating profit to 37.91 billion yuan in Q1, with life and health insurance business operating profit up 5.0% to 26.86 billion yuan [2][3] - The net profit attributable to shareholders decreased by 26.4% year-on-year to 27.02 billion yuan, primarily due to a fair value loss of 21.8 billion yuan in Q1, compared to a fair value gain of 34.49 billion yuan in the same period last year [3] Life and Health Insurance - The NBV for life and health insurance increased by 34.9% year-on-year to 12.89 billion yuan, driven by an improvement in the NBVM by 10.4 percentage points to 32.0% [3][4] - The first-year premium used to calculate NBV decreased by 19.5% year-on-year to 45.59 billion yuan [3] Multi-Channel Development - The company has effectively built a multi-channel professional sales capability, with significant results from various channels [4] - The agent channel saw a 14.0% year-on-year increase in per capita NBV, despite a high base from the previous year [4] - The bancassurance channel experienced a remarkable 170.8% year-on-year increase in NBV [4] Property Insurance - The underwriting profit for the property insurance business increased by 755.5% year-on-year to 2.76 billion yuan, driven by a 3.0 percentage point decrease in the combined cost ratio to 96.6% [5] - Insurance service revenue for the property insurance business increased by 0.7% year-on-year to 81.15 billion yuan, with original insurance premium income rising by 7.7% to 85.14 billion yuan [5] Asset Management - The overall investment return rate improved year-on-year, primarily driven by OCI stocks [6][7] - The company's investment portfolio reached over 5.92 trillion yuan, an increase of 3.3% from the beginning of the year [7] - The allocation to high-dividend stocks was increased, with the scale of other equity instruments growing rapidly [7] Other Business Segments - The banking business reported a 5.6% year-on-year decrease in net profit to 8.17 billion yuan, mainly due to a 13.1% decline in operating income [8] - The asset management business saw a 19.2% year-on-year increase in net profit to 1.09 billion yuan [8] - The financial empowerment business reported a net loss of 2.87 billion yuan, with a significant impact from one-time gains and losses related to the consolidation of Ping An Health [8] Investment Recommendation - The company is viewed positively for its long-term investment value, with a current valuation at a low level and sufficient margin of safety [9] - The estimated growth rates for NBV in 2025, 2026, and 2027 are projected at 23.0%, 14.1%, and 13.9%, respectively [9]