【东吴非银 | 新华保险-2025年一季报点评】新单保费、NBV、净利润均表现亮眼

孙婷非银金融研究2025-04-30

投资要点事件：新华保险公布2025年一季报。1）营业收入334亿元，同比+26.1%。2）归母净利润58.8亿元，同比+19.0%。3）净资产798亿元，较年初-17.0%。4）加权ROE 6.68%，同比+1.71pct。我们认为一季度归母净资产下降较多主要是因为：1）一季度利率回暖，FVOCI类债券公允价值下降导致资产减少。2）负债准备金采用移动平均曲线导致保险合同准备金增加。寿险：个险、银保...

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