中信建投证券研报指出，中国人寿持续深化资负联动，前三季度归母净利润在上年同期高基数上大幅增 长60.5%。公司深入推进产品和业务多元，积极落实预定利率与市场利率挂钩及动态调整机制，大力发 展浮动收益型业务，前三季度浮动收益型业务首年期交保费占比同比提升超45个百分点。今年以来，股 票市场回稳向好势头不断巩固，公司积极推进中长期资金入市，加大权益投资力度， 前瞻布局新质生 产力相关领域，投资收益同比大幅提升， 总投资收益率同比提升104个基点。长期来看公司作为头部险 企在监管引导行业高质量发展的政策环境下相对更为受益，竞争优势长期来看有望进一步凸显。预计公 司2025/2026/2027年的NBV增速分别为41.2%/11.5%/14. 1%，给予公司未来12个月目标价49.82元，维 持"买入"评级。 ...

公司前三季度归母净利润同比+60.5%至1678.04 亿元，NBV同比+41.8%，年化总投资收益率同比提升 104 个基点至6.42%。 简评 1. 整体业绩：归母净利润快速增长 核心观点 事件 公司持续深化资负联动，前三季度归母净利润在上年同期高基数上大幅增长60.5%。公司深入推进产品 和业务多元，积极落实预定利率与市场利率挂钩及动态调整机制，大力发展浮动收益型业务， 前三季 度浮动收益型业务首年期交保费占比同比提升超45 个百分点。今年以来，股票市场回稳向好势头不断 巩固，公司积极推进中长期资金入市，加大权益投资力度， 前瞻布局新质生产力相关领域，投资收益 同比大幅提升， 总投资收益率同比提升104个基点。长期来看公司作为头部险企在监管引导行业高质量 发展的政策环境下相对更为受益，竞争优势长期来看有望进一步凸显。 中国人寿披露2025 年三季度业绩 按"保险服务收入-保险服务费用-（分出保费的分摊-摊回保险服务费用）"口径计算，公司前三季度保险 服务业绩同比+75.6%至651.64 亿元，主要由于保险服务费用同比-20.3%至956.8 亿元。 3. 资产端：投资业绩亮眼，总投资收益率大幅提升受益 ...

Core Insights - The five major listed insurance companies in A-shares achieved a total operating income of 2.37 trillion yuan, a year-on-year increase of 13.6%, and a net profit attributable to shareholders of 426.04 billion yuan, growing by 33.5% compared to the same period last year [2][3] - In the third quarter alone, these companies reported a net profit of 247.8 billion yuan, marking a significant year-on-year growth of 68% [2][3] Investment Performance - The total investment income of the five major insurance companies reached 887.5 billion yuan in the first three quarters of 2025, reflecting a year-on-year increase of 35.64% [6] - As of September 2025, the total investment asset scale of these companies reached 20.26 trillion yuan [7] Life Insurance Sector - The new business value of life insurance maintained rapid growth, with notable increases in first-year premium income and business quality [8] - Companies are actively optimizing product structures and transitioning towards dividend insurance to balance interest rate risks and stabilize returns [8] Property Insurance Sector - The three major property insurance companies achieved a total premium income of 859.635 billion yuan, with a year-on-year growth of 3.8% [9] - The combined loss ratio for these companies improved, with respective ratios of 96.1%, 97%, and 97.6%, reflecting a year-on-year optimization [10]

8月27日晚间，中国人寿（601628.SH，2628.HK）发布2025年中期业绩报告。上半年，该公司新业务价 值达285.46亿元，较2024年同期重述结果同比提升20.3%，继续引领行业。浮动收益型业务实现强劲增 长，在首年期交保费中的占比较上年同期提升超45个百分点，业务结构转型实现突破。14个月保单持续 率达92.10%，同比提升0.6个百分点，发展基础更加牢固。新业务负债刚性成本进一步下降，费用投入 产出效率显著提升。 (编辑：钱晓睿) ...

北京商报讯（记者 胡永新）8月27日晚间，中国人寿保险股份有限公司（以下简称"中国人寿"）发布 2025年半年度报告。上半年，中国人寿新业务价值达285.46亿元，较2024年同期重述结果同比提升 20.3%，继续引领行业。浮动收益型业务实现强劲增长，在首年期交保费中的占比较上年同期提升超45 个百分点，业务结构转型实现突破。14个月保单持续率达92.10%，同比提升0.6个百分点，发展基础更 加牢固。新业务负债刚性成本进一步下降，费用投入产出效率显著提升。 ...

Investment Rating - The report maintains a recommendation rating for the insurance industry [2][51][58] Core Insights - The insurance sector is expected to benefit significantly from the ongoing market risk appetite and the new public fund regulations, which will enhance performance benchmarks [1][6][51] - The first quarter of 2025 saw a comprehensive positive growth in new business value (NBV) for life insurance, with significant improvements in the liability structure [51][54] - The property and casualty (P&C) insurance sector experienced steady premium growth and a notable improvement in the combined operating ratio (COR) [51][54] - Investment performance varied among companies due to differing strategies, with a general increase in asset scale and a reduction in real estate exposure [51][54] Summary by Sections 1. Life Insurance Overview - The new business value (NBV) for listed insurance companies continued to grow, with notable increases: New China Life +67.9%, China Pacific Insurance +39.0%, China Ping An +34.9%, and China Life +4.8% [10][11] - The individual insurance channel transformation is deepening, with stable agent numbers and increasing productivity [13][16] - The efficiency of the bancassurance channel has significantly improved, supporting overall performance [16][17] 2. Property and Casualty Insurance Overview - The premium income growth for the "old three" P&C insurers was as follows: China Pacific Insurance +3.7%, Ping An Insurance +7.7%, and Taiping Insurance +1.0% [21][24] - The combined operating ratio (COR) for the "old three" insurers improved, with China Pacific at 94.5%, Ping An at 96.6%, and Taiping at 97.4% [27][30] 3. Investment Performance - The total investment assets of listed insurers showed steady growth, with China Life at 68,191.73 billion, Ping An at 59,200 billion, and China Pacific at 28,102.08 billion [31][36] - The annualized net investment yield for the first quarter was: Ping An 3.6%, China Pacific 3.2%, and China Life 2.6% [36][38] - The annualized total investment yield varied significantly, with New China Life at 5.7%, China Pacific at 4.0%, and China Life at 2.8% [38][42] 4. Profit and Net Asset Differentiation - The net profit growth rates for the first quarter were: China Re +43.4%, China Life +39.5%, New China Life +19.0%, China Pacific -18.1%, and Ping An -26.4% [45][50] - The net asset growth rates at the end of the first quarter were: China Life +4.5%, China Re +3.9%, Ping An +1.2%, China Pacific -9.5%, and New China Life -17.0% [50][53] 5. Investment Recommendations - The report suggests maintaining a positive outlook for the insurance sector, with life insurance product transformation expected to yield positive results and P&C insurance leaders likely to maintain their advantages [51][54][55] - The report highlights the potential for valuation recovery in the insurance sector due to supportive financial policies and improved market conditions [55][58]

Core Viewpoint - China Life Insurance reported a 4.8% year-on-year increase in new business value (NBV) for Q1 2025, with a net profit of 28.802 billion yuan, reflecting a 39.5% increase compared to the previous year [1][3]. Group 1: NBV and Agent Numbers - The NBV growth rate has slowed down, with a 4.8% year-on-year increase in Q1 2025, primarily due to an improvement in NBV margin. The new single premium reached 107.434 billion yuan, down 4.5% year-on-year, influenced by product structure adjustments and a decrease in customer demand [2]. - As of Q1 2025, the number of agents decreased to 596,000, a reduction of 19,000 from the end of 2024, indicating ongoing purging of the agent workforce. The proportion of floating income-type business in the first-year premium reached 51.72%, showing positive results from product transformation [2]. Group 2: Profit and Investment Performance - The company achieved a net profit of 28.802 billion yuan in Q1 2025, a 39.5% increase year-on-year, mainly due to the deepening of asset-liability linkage. Insurance service fees amounted to 27.583 billion yuan, a decrease of 13.438 billion yuan year-on-year, likely due to reduced medical insurance claims and a temporary rise in market interest rates [3]. - The annualized net and total investment returns were 2.60% and 2.75%, respectively, down 0.22 percentage points and 0.48 percentage points year-on-year. Net and total investment income were 44.25 billion yuan and 53.77 billion yuan, reflecting increases of 3.7% and decreases of 16.8% year-on-year, respectively, with net investment income benefiting from asset growth [3]. - As of Q1 2025, the company's net assets reached 532.51 billion yuan, a 4.5% increase from the end of 2024, driven by the temporary rise in interest rates [3]. Group 3: Investment Recommendations - The company maintains a "buy" rating, with projected net profits for 2025-2027 at 108.5 billion yuan, 122.6 billion yuan, and 141.6 billion yuan, corresponding to growth rates of 1.5%, 13.0%, and 15.5%, respectively. The stable liability side and greater flexibility on the asset side support this rating [4].