中国人保-2025 年业绩稳健；新指引为关键关注点

March 26, 2026 02:06 PM GMT PICC P&C reported full-year 2025 earnings of Rmb40.4bn, up 25% y-y, in line with our estimate, driven by increase in both underwriting and investment results. BV was up a solid 10.9% and full-year ROE rose 1.7ppts, to a very healthy 14.7%. Gross investment yield was up a small 0.1ppt, to 5.8% for the year. Capital remained adequate in the year. Strong auto CoR, improved 1.5ppts, to 95.3% – in line with our 95.2% estimate and materially ahead of guidance at 96-97%. This is also be ...