第二张兼业保险代理牌照 ②业务无限制 网点限制为代理营业机构 金融监管总局 同意 中国邮政 经营保险代理业务 ①继邮储银行后 1 金融监管总局 同意 中国邮政经营保险代理业务 今 日 ， 金 融 监 管 总 局 官 网 发 布 《 关 于 中 国 邮 政 集 团 有 限 公 司 经 营 保 险 代 理 业 务 的 批 复》，此消息一出，引起业内的关注... 其中，也有不少人表示，邮政不是一直可以经营保险业务，为何才有许可证？ 此次的批复背后，确实有几件事儿，值得关注。 一是，这是 时隔2年，金融监管总局直接批复 的一家保险中介机构。 二是，此次中国邮政获批经营保险代理业务，属于 兼业保险代理机构，也是金融监管总 局成立以来，直接批复的首个保险兼业代理公司。 三 是 ， 经营 保 险代 理 业 务 的 范围， 与其他 兼 业 机构 一 致 ， 包 括 车 险 、 责 任 险 等 财 险 业 务，和寿险、意健险等。 但是，需要注意的是， 批复文件中提到代理保险业务的网点范围为代理营业机构！ 这一点，与大家关心的邮政网点，不是一直代理保险业务么，有很大关系，详见后文。 四是，批复文件中，首次提及要求邮政集团不断提升 ...

Group 1 - The core viewpoint of the article highlights the steady growth and development of Jintai Property Insurance Co., Ltd., which is a state-owned enterprise controlled by the Chengdu State-owned Assets Supervision and Administration Commission, established in January 2011 with a registered capital of 3.188 billion yuan [2] - In 2024, the company achieved a premium income of 2.96 billion yuan, representing a year-on-year growth of 5.4%, and a total profit of 63.808 million yuan, reflecting a year-on-year increase of 25.3% [2] - The company has a service network covering nine provinces and cities, including Sichuan, Guizhou, Shaanxi, and Chongqing, with over 140 branches, achieving full coverage in Sichuan [2] Group 2 - Jintai Insurance is committed to enhancing financial service levels and capabilities, focusing on specialized operations to improve core competitiveness while consolidating traditional businesses like auto insurance and actively developing agricultural insurance, credit guarantee insurance, liability insurance, and health insurance [2] - The company aims to provide various risk guarantees amounting to 51.3 trillion yuan for the real economy and social welfare in 2024, fulfilling its mission as a state-owned financial insurance institution [2]

Core Viewpoint - The company reported strong financial performance in Q3 2025, with net profit and net assets showing significant year-on-year growth, aligning with market expectations [1][2]. Performance Review - Q3 2025 net profit increased by 91.5% year-on-year to 15.81 billion yuan, while net profit for the first nine months of 2025 rose by 50.5% to 40.27 billion yuan [1]. - Net assets grew by 12.3% from the beginning of the year to 289.9 billion yuan [1]. Development Trends - The overall premium growth rate remained stable, with original premium income in Q3 2025 increasing by 3.0% year-on-year to 119.9 billion yuan, and for the first nine months, it rose by 3.5% to 443.18 billion yuan [1]. - The combined cost ratio (CoR) improved significantly, with the overall CoR for the first nine months decreasing by 2.1 percentage points to 96.1% [1]. - Non-auto insurance premium income showed higher growth, with health insurance premiums increasing by 11.5% year-on-year in Q3 2025 [1]. Investment Performance - The total investment return rate for the first nine months of 2025 increased by 0.8 percentage points to 5.4%, contributing to the high growth in net profit and net assets [2]. - The solvency ratio improved by 8.7 percentage points to 244% [2]. Business Expansion - The company is focusing on overseas business development, with plans for 30% of incremental premiums over the next five years to come from international operations [2]. - The company has made organizational arrangements to support its overseas business strategy, which is expected to enhance valuation [2]. Profit Forecast and Valuation - The company is currently trading at 1.5x and 1.3x P/B for 2025 and 2026 estimates, respectively [2]. - EPS estimates for 2025 and 2026 have been raised by 25% and 7% to 2.14 yuan and 1.89 yuan, respectively [2]. - The target price has been increased by 23% to 19.1 HKD, indicating a slight downside of 0.9% from the current stock price [2].

Investment Rating - The investment rating for the company is "Buy" and is maintained [9]. Core Insights - The insurance business model is not affected by interest margin losses, and the implementation of a unified pricing model for non-auto insurance is beneficial for the overall profitability of the industry. The company has a solid fundamental and profitability outlook, with expectations for improved asset-liability dynamics and valuation upside due to increased regulatory oversight on market competition [2][6]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a net profit of 40.27 billion yuan, a year-on-year increase of 50.5%. The comprehensive cost ratio was 96.1%, a decrease of 2.1 percentage points year-on-year [6][9]. - Total investment income was 35.9 billion yuan, up 33% year-on-year, with an annualized total investment return rate of 5.4%, an increase of 0.8 percentage points [9]. Premium Income - The company reported stable growth in premium income, with property insurance premiums reaching 443.18 billion yuan, a year-on-year increase of 3.5%. Auto insurance premiums were 220.12 billion yuan, up 3.1%, while non-auto insurance premiums showed mixed results, with agricultural insurance premiums declining by 3.1% and health insurance premiums increasing by 8.4% [6][9]. Underwriting Profitability - The underwriting profitability has significantly improved, with a comprehensive cost ratio of 96.1%, down 2.1 percentage points year-on-year. The auto insurance cost ratio was 94.8%, a decrease of 2.0 percentage points, while the non-auto insurance cost ratio was 98%, down 2.5 percentage points [9]. Investment Strategy - The company has increased its allocation to equities, resulting in strong investment performance. The total investment income for the first three quarters was 35.9 billion yuan, with a notable investment return rate [9]. Solvency and Dividend Capacity - As of the third quarter, the company's core solvency adequacy ratio was 222.4%, an increase of 11.4 percentage points compared to 2024, significantly exceeding regulatory requirements. This high solvency ratio provides greater operational flexibility and supports future dividend distributions [9]. Market Outlook - The company is optimistic about the future asset-liability dynamics, as the insurance business model is insulated from interest margin losses, and the unified pricing model for non-auto insurance is expected to enhance industry profitability. The company is well-positioned with a robust fundamental outlook and potential for valuation improvement [2][6].

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - The report is optimistic about the dual improvement in assets and liabilities, highlighting the company's strong position in the property and casualty insurance market and the expected continued growth in the health insurance segment [2][12]. - The company achieved a net profit of 46.82 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 28.9% [6][12]. - The comprehensive cost ratio for property insurance improved to 96.1%, a decrease of 2.1 percentage points year-on-year, indicating enhanced underwriting profitability [12]. Summary by Sections Financial Performance - The company reported a net profit of 46.82 billion yuan, up 28.9% year-on-year [6]. - Total investment income reached 86.25 billion yuan, an increase of 35.3% year-on-year, with an annualized total investment return rate of 5.4%, up 0.8 percentage points [12]. - The property insurance premium income was 443.18 billion yuan, growing by 3.5% year-on-year, with auto insurance premiums at 220.12 billion yuan, up 3.1% [12]. Business Segments - The health insurance segment saw a significant increase in new business value, with a year-on-year growth of 76.6% [6][12]. - The health insurance segment achieved a recurring new single premium of 8.51 billion yuan, a growth of 62.8% year-on-year, while the life insurance segment also performed well with a 33.8% increase in recurring new single premiums [12]. Market Outlook - The report anticipates a continued upward trend in the concentration of the property insurance industry, with the company's underwriting capabilities expected to improve further [2][12]. - The health insurance business is expected to continue contributing positively to profits, with its share gradually increasing [2][12].

Core Insights - The company reported a total operating revenue of 423.01 billion yuan for the first three quarters of 2025, reflecting a year-on-year increase of 7.8% [1] - Net profit surged by 50.5% to 40.27 billion yuan, driven by improved underwriting profits and investment performance [2] - The combined ratio improved by 2.1 percentage points to 96.1%, indicating enhanced operational efficiency [2] Revenue Breakdown - Insurance service revenue reached 385.92 billion yuan, up 5.9% year-on-year, with steady growth across quarters [1] - The company generated 220.12 billion yuan in auto insurance premiums, a 3.1% increase, while non-auto insurance premiums totaled 223.06 billion yuan, up 3.8% [1] - Notable growth was observed in health insurance (98.83 billion yuan, +8.4%) and liability insurance (31.67 billion yuan, +1.1%), while agricultural insurance faced a decline (52.19 billion yuan, -3.1%) [1] Profitability and Cost Management - Underwriting profit increased significantly by 130.7% to 14.87 billion yuan, with auto insurance contributing 11.73 billion yuan and non-auto insurance turning profitable at 3.14 billion yuan [2] - The company maintained a competitive edge with a combined ratio of 96.1%, outperforming peers such as Ping An and Taikang [2] - Total investment income rose by 33.0% to 35.9 billion yuan, with an investment yield of 5.4%, up 0.8 percentage points year-on-year [2] Future Outlook - The company is positioned as a leader in the property insurance sector, focusing on a new business model integrating insurance, risk reduction services, and technology [3] - Profit forecasts for 2025-2027 have been revised upwards to 50.3 billion, 58.9 billion, and 69 billion yuan respectively, reflecting strong growth potential [3] - The current stock price remains at historically low levels relative to projected price-to-book ratios for 2025-2027 [3]

Core Viewpoint - Cathay Pacific maintains a "Buy" rating for China Pacific Insurance (02328), with a target price of HKD 22.82 based on a P/B of 1.6x for 2025, driven by improved underwriting profits and investment performance [1] Group 1: Financial Performance - For the first three quarters of 2025, the company's net profit increased by 50.5% year-on-year, supported by underwriting profit of CNY 14.865 billion, up 130.7%, and total investment income of CNY 35.9 billion, up 33.0% [1] - As of Q3 2025, the company's net assets attributable to shareholders grew by 12.3% compared to the beginning of the year, indicating stable growth [1] - The EPS forecasts for 2025-2027 are maintained at CNY 2.14, CNY 2.40, and CNY 2.55, respectively, reflecting confidence in sustained profit growth driven by asset-liability resonance [1] Group 2: Premium Income and Loss Ratios - In the first three quarters of 2025, the company's property and casualty insurance premium income rose by 3.5% year-on-year, with motor insurance premiums increasing by 3.1% due to stable growth in vehicle ownership and recovery in average premiums [2] - Non-motor insurance premium income grew by 3.8%, primarily driven by growth in health insurance [2] - The combined ratio (COR) improved by 2.1 percentage points to 96.1%, attributed to reduced catastrophe claims and enhanced cost control, with Q3 COR estimated at 99.1% [2] Group 3: Investment Performance - The company achieved an annualized total investment return of 5.4% in the first three quarters of 2025, an increase of 0.8 percentage points year-on-year, benefiting from a rising capital market and optimized asset allocation [2] - The recovery in the equity market and significant improvement in expense ratios are seen as catalysts for the stock price [2]

Core Viewpoint - Pacific Securities maintains a "buy" rating for China Pacific Insurance (02328), projecting revenue growth and profit increases from 2025 to 2027, with significant performance in the first half of 2025 driven by underwriting and investment [1] Group 1: Revenue and Profit Performance - In the first half of 2025, China Pacific Insurance achieved original insurance premium income of 323.28 billion yuan, a year-on-year increase of 3.6%, and net profit attributable to shareholders of 24.45 billion yuan, up 32.3% year-on-year [1] - The company plans to distribute an interim dividend of 0.24 yuan per share [1] Group 2: Premium Growth and Channel Optimization - The company maintained a market share of 33.5%, with premium income from auto insurance rising by 3.4% to 144.07 billion yuan, while non-auto insurance segments like health insurance and corporate property insurance saw growth rates of 7.9% and 5.7%, respectively [1] - Direct sales channels have become increasingly important, with premium income from this channel growing by 11.3%, accounting for 43.5% of total premiums, reflecting strategic adjustments in channel transformation and cost efficiency [1] Group 3: Underwriting Profit and Cost Control - The company's combined ratio (COR) improved by 1.4 percentage points to 94.8%, the best mid-year performance in nearly a decade, primarily driven by cost management [2] - The auto insurance COR decreased by 2.2 percentage points to 94.2%, resulting in underwriting profit of 8.73 billion yuan, a year-on-year increase of 67.7% [2] Group 4: Investment Income and Asset Allocation - Total investment income for the first half of 2025 reached 17.26 billion yuan, a year-on-year increase of 26.6%, with an annualized total investment return of 2.6% [3] - The company has actively increased its equity asset allocation, with equity investments totaling 186.05 billion yuan, representing 26.1% of total investment assets, and stock investments amounting to 65.32 billion yuan, up 1.9 percentage points from the beginning of the year [3]

Core Viewpoint - The report from Pacific Securities maintains a "Buy" rating for China Pacific Insurance (02328), projecting significant revenue and profit growth from 2025 to 2027, driven by strong performance in underwriting and investment [1] Group 1: Revenue and Profit Performance - In the first half of 2025, the company achieved original insurance premium income of 323.28 billion yuan, a year-on-year increase of 3.6% [1] - The insurance service income reached 249.04 billion yuan, up 5.6% year-on-year, while the net profit attributable to shareholders was 24.45 billion yuan, reflecting a 32.3% increase [1] - The company plans to distribute an interim dividend of 0.24 yuan per share [1] Group 2: Premium Growth and Channel Optimization - The company maintained a market share of 33.5%, with original premium income growing by 3.6% [1] - The auto insurance premium income increased by 3.4% to 144.07 billion yuan, while non-auto insurance segments like health insurance and corporate property insurance saw growth rates of 7.9% and 5.7%, respectively [1] - Direct sales channels have become increasingly important, with premium income from this channel rising by 11.3%, accounting for 43.5% of total income [1] Group 3: Underwriting Profit and Cost Control - The company's combined ratio (COR) improved by 1.4 percentage points to 94.8%, marking the best mid-year performance in nearly a decade [2] - The improvement in COR was primarily driven by cost management, with the comprehensive expense ratio decreasing by 3.1 percentage points to 23.0% [2] - The underwriting profit from auto insurance reached 8.73 billion yuan, a year-on-year increase of 67.7% [2] Group 4: Investment Income and Asset Allocation - The total investment income for the first half of 2025 was 17.26 billion yuan, a 26.6% increase year-on-year, with an annualized total investment return of 2.6% [3] - The growth in investment income was attributed to effective management of equity investments and improved bond spread income [3] - As of the end of the reporting period, equity investments accounted for 26.1% of total investment assets, with stock allocations increasing to 65.32 billion yuan, representing 9.2% of the total [3]

Core Viewpoint - China Pacific Insurance reported a net profit of 24.46 billion yuan for the first half of 2025, representing a year-on-year increase of 32.3%, driven by strong investment returns and underwriting profits [1][2]. Financial Performance - The company achieved total investment income of 17.26 billion yuan, up 26.6% year-on-year, with an annualized total investment return rate of 2.6%, an increase of 0.2 percentage points [1][2]. - Underwriting profit significantly improved, reaching 13.02 billion yuan, a year-on-year growth of 44.6% [1]. - The comprehensive cost ratio stood at 94.8%, a decrease of 1.4 percentage points year-on-year, indicating strong underwriting profitability [1][2]. Market Position - The company maintained a market share of 33.5%, leading the industry, with original premium income of 323.28 billion yuan, a growth of 3.6% year-on-year [1][2]. - The insurance service income was 249.04 billion yuan, reflecting a year-on-year increase of 5.6% [1]. Underwriting Improvement - The underwriting profitability showed significant improvement, with the expense ratio decreasing by 3.1 percentage points to 23% [2]. - The loss ratio increased by 1.7 percentage points to 71.8%, but the overall comprehensive cost ratio remained strong [2]. - Key insurance segments such as agricultural insurance, auto insurance, and liability insurance continued to show profitability improvements [2]. Investment Strategy - The company increased its equity allocation, with total investment income reaching 17.26 billion yuan, reflecting a strong performance [2]. - The stock allocation rose from 1.9% at the beginning of the year to 9.2%, while fund allocation slightly decreased by 0.1% to 5.3% [2]. Solvency and Dividend Capacity - As of the mid-year report, the core solvency adequacy ratio was 213.2%, up 2.2 percentage points from 2024, significantly exceeding regulatory requirements [3]. - A high solvency ratio provides the company with greater operational autonomy and supports future dividend distributions [3]. Industry Outlook - The commercial model of the property insurance sector is not affected by interest rate spreads, and while natural disasters may temporarily pressure industry profits, the company's solid fundamentals and profitability remain intact [3]. - The expectation is for continued improvement in both asset and liability sides, with a positive outlook on valuation growth due to increasing industry concentration [3].