西部证券：一季度人身险新业务价值增长仍然较快财产险成本率显著优化

智通财经2025-05-07

智通财经APP获悉，西部证券发布研报称，2025年一季度保险公司业绩较好，表现为人身险新业务价值增长仍然较快，财产险成本率显著优化，利润增速在整体高基数下仍然保持了相对平稳，净资产受利率波动的负面影响也基本落地。一季度以来利好政策频出，稳楼市股市、推动中长期资金入市、试点险资黄金投资、渠道改革进一步加码、养老金融高质量发展等方面，均有利于保险公司的降本增效、提质扩量。西部证券主要观点如下：负债端...

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href=http://www.zhitongcaijing.com/content/detail/1290077.html><strong>智通财经</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>智通财经APP获悉，西部证券发布研报称，2025年一季度保险公司业绩较好，表现为人身险新业务价值增长仍然较快，财产险成本率显著优化，利润增速在整体高基数下仍然保持了相对平稳，净资产受利率波动的负面影响也基本落地。一季度以来利好政策频出，稳楼市股市、推动中长期资金入市、试点险资黄金投资、渠道改革进一步加码、养老金融高质量发展等方面，均有利于保险公司的降本增效、提质扩量。西部证券主要观点如下：负债端...</p>\n\n<a href=\"http://www.zhitongcaijing.com/content/detail/1290077.html\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"LU2488822045.USD","symbol_name":"ALLIANZ CHINA HEALTHY LIVING \"AT\" (USD) 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first quarter was still rapid, and the cost ratio of property insurance was significantly optimized","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"02328":0.9,"002673":1},"content_text":"智通财经APP获悉，西部证券发布研报称，2025年一季度保险公司业绩较好，表现为人身险新业务价值增长仍然较快，财产险成本率显著优化，利润增速在整体高基数下仍然保持了相对平稳，净资产受利率波动的负面影响也基本落地。一季度以来利好政策频出，稳楼市股市、推动中长期资金入市、试点险资黄金投资、渠道改革进一步加码、养老金融高质量发展等方面，均有利于保险公司的降本增效、提质扩量。西部证券主要观点如下：负债端经营质量进一步优化，高质量发展初见雏形人身险方面，新业务价值保持较高增速，增速在4.8-67.9%的区间，价值率明显攀升。良好表现主要得益于银保渠道量价齐升，费用成本受报行合一影响大幅下降、销售规模阵痛期后显著高增；此外代理人渠道以分红险为代表的产品结构持续优化，预定利率下降也带来了成本改善。财产险方面，保费收入延续正增，综合成本率显著改善，龙头效应持续强化。投资端收益率分化，FVOCI资产承压2025年一季度，债券市场利率有所回升，A股市场维持震荡走势，结构分化显著。年化总投资收益率新华(+5.70%)>太保(+4.00%)>国寿(+2.75%)；综合投资收益率平安(+5.20%)领先，预期部分高股息持仓贡献较大，新华则受市场波动拖累(+2.80%)。上市险企计入FVOCI的债权资产价值有所下降，权益工具基本稳定，高股息资产预计仍是主要配置方向之一。坚定看好保险股在经济复苏周期下的修复弹性2025年一季度上市险企NBV增速均值超35%，成本优化带来的盈利改善已经显现，叠加经济复苏和政策支持，利差压力或将持续缓解，当前估值修复动能充足。资产端：权益市场回暖直接增厚险企投资收益，久期拉长下险企固收资产再配置压力减轻，利率触底企稳与权益市场震荡上行行情共振，推动“股差益”对“利差损”形成有效对冲。负债端：人身险定价利率下调倒逼产品结构优化，分红险将迎来发展机遇，渠道改革优化营销成本，共同带动行业成本下降和价值率改善，上市寿险公司有望凭借规模效应、品牌优势和客户粘性，保持长期领先地位。财险方面龙头优势稳固，加之2025年赔付压力缓解，成本率有望保持较好水平，推动盈利持续增长。今年的主线在于经营质量优化和顺周期修复，应当关注负债端改革成效优、资产端弹性相对较好的公司，板块β弹性有望释放。个股关注权益弹性较大、负债增长显著的新华保险(601336.SH)，经营成本较低、地产风险缓释的中国平安(601318.SH)，改革深入、渠道质量较优的中国太保(601601.SH)，政策红利下盈利能力明显提升的中国财险(02328)。风险提示权益市场大幅波动、监管周期趋严、转型进度显著不及预期。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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西部证券：一季度人身险新业务价值增长仍然较快 财产险成本率显著优化

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西部证券：一季度人身险新业务价值增长仍然较快财产险成本率显著优化