中国保险业 2025 财年预览- 寿险新业务价值稳健，财险综合成本率改善；尽管四季度面临挑战，盈利与每股派息依然稳固-China Insurance FY25E Preview Life NBV Robust PC CoR Improved Earnings DPS Solid Despite Challenges in 4Q25

Vi e w p o i n t | 13 Feb 2026 18:25:31 ET │ 50 pages China Insurance FY25E Preview: Life NBV Robust; P&C CoR Improved; Earnings & DPS Solid Despite Challenges in 4Q25 CITI'S TAKE HK/China insurers' FY25E reporting season begins with AIA, Pru and ZhongAn on 19-March. For FY25E, we expect China life insurers to book very robust NBV LFL growth, with the top 3 CL/PA/CPIC at 38%/32%/28%, while we anticipate 35% for NCI (actual basis), 12% for Taiping Life and 70% for PICC Life. For the top 3 P&C insurers, we fo ...