2025 年 09 月 04 日 中国平安(601318.SH) 寿险 NBVM 延续增长，财险 COR 显著改善 ■事件：公司披露 2025 半年报，实现归母净利润 680.47 亿元（YoY- 8.8%），归母营运利润 777.32 亿元（YoY+3.7%）；公司寿险及健康险 业务 NBV 达 223.35 亿元（YoY+39.8%）。 ■NBVM 持续提升，多渠道发展成效显著。2025H1，公司寿险及健康 险业务实现归母营运利润 524.35 亿元（YoY+2.5%）；新单保费同比- 7.2%，标准保费口径 NBVM 同比+9.0pct 至 30.5%，带动 NBV 同比+39.8% 至 223.35 亿元，主要得益于预定利率下调、报行合一实施、产品结 构优化等影响。渠道方面，2025H1 个险渠道 NBV 同比+17.0%，人均 NBV 同比+21.6%；银保渠道 NBV 达 59.72 亿元，同比+168.6%；银保 渠道、社区金融服务及其他等渠道贡献寿险 NBV 的 33.9%。 ■COR 大幅改善，新能源车险承保盈利。2025H1，公司财险业务实现 保险服务收入 1656.61 亿元，同比+2. ...

Core Viewpoint - China Pacific Insurance (CPIC) reported its 1H25 performance, which met expectations, showing improvements in net profit and net asset growth compared to previous quarters [1][2]. Financial Performance - The company's net profit attributable to shareholders reached 27.89 billion, with a year-on-year increase of 11.0% [1] - The new business value (NBV) was 9.54 billion, reflecting a year-on-year growth of 32.3% on a comparable basis [1][2] - The net profit for 2Q25 showed a significant year-on-year increase of 36.5%, driven by rising equity markets and declining interest rates [1] - The company's net assets stood at 281.9 billion, down 3.3% year-to-date but up 6.9% quarter-on-quarter [1] Business Segments - The NBV growth continued at a rapid pace, with a notable increase in the proportion of participating insurance products, which accounted for 42.5% of new single premium [2] - The company’s individual insurance and bank insurance new premium saw a year-on-year decline of 7.7% and an increase of 95.6%, respectively [2] - The property and casualty insurance premium income grew by 0.9% year-on-year, with motor insurance up 2.8% and non-motor insurance down 0.8% [2] - The combined ratio (COR) improved to 96.3%, a decrease of 0.8 percentage points year-on-year, indicating better underwriting performance [2] Investment Performance - The non-annualized net, total, and comprehensive investment yields were 1.7%, 2.3%, and 2.4%, respectively, showing a year-on-year decline [3] - The company’s stock and fund investments increased by 11.0% and 16.1% year-to-date, outpacing the growth of total investment assets [3] - The proportion of stock investments included in other comprehensive income (OCI) rose by 4 percentage points to 33.8% [3] Future Outlook - The company is expected to maintain strong growth in net profit and NBV, with projected net profits of 52.1 billion, 56.8 billion, and 61.3 billion for 2025-2027, reflecting growth rates of 15.9%, 9.0%, and 8.0% respectively [3] - The current stock price corresponds to a P/EV multiple of 0.65, 0.61, and 0.57 for 2025-2027 estimates [3]

Core Viewpoint - The company achieved a net profit of 24.5 billion yuan in H1 2025, reflecting a year-on-year increase of 32.3%, driven by improved cost management and investment performance [1][2]. Group 1: Financial Performance - In H1 2025, the company reported original premium income of 323.3 billion yuan, up 3.6% year-on-year, with a combined ratio (COR) of 94.8%, down 1.4 percentage points [1]. - The total investment yield (unannualized) increased by 0.2 percentage points to 2.6% year-on-year, benefiting from structural opportunities in the equity market and bond market [2]. - The company plans to distribute a mid-term dividend of 0.24 yuan per share (before tax) [1]. Group 2: Cost Management and Underwriting - The improvement in COR was significantly driven by optimized expense management, with the expense ratio decreasing by 3.1 percentage points to 23% [1]. - The loss ratio increased by 1.7 percentage points to 71.8%, influenced by factors such as the rising proportion of new energy vehicles and increased compensation standards [1]. - Non-auto insurance segments, excluding agricultural insurance, experienced premium growth, while agricultural insurance faced a decline due to regulatory changes [1]. Group 3: Investment Strategy - As of H1 2025, the company's investment assets rose by 5.2% to 711.5 billion yuan, with an increased allocation to bonds and stocks [2]. - The bond allocation increased by 2.7 percentage points to 41.1%, while the stock allocation rose by 2 percentage points to 9.2% [2]. - The company expects to maintain a favorable COR level and achieve continued year-on-year optimization, particularly in the context of the development of new energy vehicle insurance [2].