◆监管之声 金融监管总局：批准友邦人寿、荷兰全球人寿在沪筹建保险资管公司 财经网×企业预警通App 6月18日，金融监管总局局长李云泽在2025陆家嘴论坛上表示，前两天，金融监管总局刚刚批准了友邦 人寿、荷兰全球人寿在沪筹建保险资管公司。 《关于支持上海国际金融中心建设行动方案》：推动保险机构进一步集聚上海 6月18日，国家金融监督管理总局、上海市人民政府印发《关于支持上海国际金融中心建设行动方 案》。《方案》明确，推动保险机构进一步集聚上海，对在沪机构授权等方式加大支持上海国际金融中 心建设力度。 ◆行业关注 保险资金长期投资改革试点加速推进 新增225亿元即将到位 备受关注的保险资金长期投资改革试点又取得新进展。新华保险和中国人寿拟各出资112.5亿元认购国 丰兴华鸿鹄志远三期私募证券投资基金1号。这意味着225亿元长期投资的新增保险资金即将到位。 险企年内新推出403款寿险产品分红险占比37% 今年以来，分红险在人身保险产品中占比显著提升，成为险企产品转型的重要方向。在市场和保险预定 利率下行的背景下，分红险"固定+浮动"的收益机制既能提供保证收益，又具备一定弹性，受到消费者 和险企双重青睐。监管政策也 ...

Investment Rating - The investment rating for Ping An Insurance is "Buy" (maintained) [1] Core Views - The report highlights that short-term performance is affected by bond market fluctuations, while the multi-channel development of life insurance shows significant results [4] - The first quarter of 2025 saw a net profit attributable to shareholders of 27.02 billion yuan, a year-on-year decrease of 26.4%, which aligns with expectations [4] - The report predicts a decline in new business value (NBV) for 2025, estimating it at 36.2 billion yuan, a year-on-year decrease of 9.5%, but a 27% increase on a comparable basis [4] Financial Performance Summary - In Q1 2025, the life insurance NBV was 12.89 billion yuan, flat year-on-year, but up 34.9% on a comparable basis [4] - The group's operating profit attributable to shareholders was 37.91 billion yuan, a year-on-year increase of 2.4% [4] - The report forecasts the group's net profit attributable to shareholders for 2025-2027 to be 135.4 billion, 148.5 billion, and 172.1 billion yuan, respectively, representing year-on-year growth of 7.0%, 9.6%, and 15.9% [4] Business Segment Insights - The report indicates that the life insurance business's NBV margin (based on first-year premiums) improved to 28.3%, up 11.4 percentage points year-on-year, driven by adjustments in product structure and individual insurance channel performance [5] - The property and casualty insurance segment reported a significant increase in underwriting profit, with a year-on-year growth of 755.5% [6] - The investment portfolio achieved a non-annualized comprehensive investment return of 1.3%, a year-on-year increase of 0.2 percentage points [6] Valuation Metrics - The current stock price is 51.33 yuan, with a market capitalization of 934.73 billion yuan [1] - The report provides a forecast for the price-to-embedded value (PEV) ratios for 2025-2027 at 0.61, 0.58, and 0.53 times, respectively [4] - The dividend yield (TTM) is noted at 4.94% [4]