上市险企一季度收益率表现分化

经济参考报2025-05-08

随着A股上市险企一季报披露完毕，行业业绩“全景图”逐渐显现。总体来看，今年一季度五大上市险企归母净利润合计同比微增1.4%，同时随着利率上行与权益市场波动，险企投资收益率表现分化。　　一季报显示，A股市场五大上市险企2025年一季度归母净利润合计同比增长1.4%，其中中国人保（601319.SH，01339.HK）、中国人寿（601628.SH，02628.HK）、新华保险（601336.SH，...

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href=http://finance.eastmoney.com/a/202505083398529839.html><strong>经济参考报</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>随着A股上市险企一季报披露完毕，行业业绩“全景图”逐渐显现。总体来看，今年一季度五大上市险企归母净利润合计同比微增1.4%，同时随着利率上行与权益市场波动，险企投资收益率表现分化。　　一季报显示，A股市场五大上市险企2025年一季度归母净利润合计同比增长1.4%，其中中国人保（601319.SH，01339.HK）、中国人寿（601628.SH，02628.HK）、新华保险（601336.SH，...</p>\n\n<a href=\"http://finance.eastmoney.com/a/202505083398529839.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":"LU0762541174.USD","symbol_name":"HSBC GIF MANAGED SOLUTIONS ASIA FOCUSED INCOME \"AM2\" (USD) 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differentiated","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"82318":0.6,"601318":0.6,"PNGAY":0.6,"02318":0.9,"HPAD.SI":0.6,"03145":0.6},"content_text":"随着A股上市险企一季报披露完毕，行业业绩“全景图”逐渐显现。总体来看，今年一季度五大上市险企归母净利润合计同比微增1.4%，同时随着利率上行与权益市场波动，险企投资收益率表现分化。　　一季报显示，A股市场五大上市险企2025年一季度归母净利润合计同比增长1.4%，其中中国人保（601319.SH，01339.HK）、中国人寿（601628.SH，02628.HK）、新华保险（601336.SH，01336.HK）归母净利润分别同比增长43%、39.5%和19%，中国太保（601601.SH，02601.HK）、中国平安（601318.SH，02318.HK）则分别同比下降18%和26%，其中中国平安利润下降一定程度受到平安好医生并表的一次性负面影响。　　上市险企归母净资产表现不一，总体来看，一季度末上市险企净资产合计较年初持平，其中中国人寿、中国平安和中国人保增长稳健，中国太保、新华保险分别较年初下降9.5%和17%。东吴证券研报分析认为，除由于利率上行导致FVOCI（以公允价值计量且其变动计入其他综合收益）债券价值减少外，两家公司还受到负债准备金采用移动平均曲线导致保险合同准备金增加的影响。　　2025年以来，各公司推动分红险转型，一季度保费增速有所放缓。一季度A股上市险企新单合计同比增长2.9%至2468.44亿元，各家险企增速位于-19.5%至130.8%区间。有行业分析认为，预计预定利率调整、产品结构调整、佣金调整及金融产品关注度的“此消彼长”四重因素阶段性影响规模表现。　　随着各险企改革成效渐显，行业代理人规模企稳、人均产能有所提高。数据显示，截至一季度末，中国人寿、中国平安和中国太保代理人规模分别为59.6万人、33.8万人、18.8万人，分别较年初下降3.1%、下降6.9%和基本持平。新业务价值（NBV）表现亮眼，新订单增速显著分化。上市险企一季度NBV增速位于4.8%至67.9%区间，延续增长态势。　　资产端收益率表现分化，多数险企FVOCI资产占比提升。今年一季度，长端利率阶段性上行，截至一季度末，十年期国债收益率较年初上行14个基点，权益市场总体呈现波动态势。在此背景下，结合上市公司一季报和统计数据来看，新华保险一季度年化总投资收益率为5.7%，同比增长1.1个百分点；中国太保为4.0%，同比下降1.2个百分点；中国人寿为2.75%，同比下降0.48个百分点。一季度年化综合投资收益率表现方面，新华保险为2.8%，同比下降3.9个百分点；中国平安为5.2%，同比增长0.8个百分点。申万证券研报统计显示，截至3月末，多数险企FVOCI资产占比提升。“在低利率环境下，通过FVOCI方式持有高股息股票资产，有助于通过‘以股息换利息’的方式缓解利差压力，同时也可以减小股市波动对利润表的影响，预计未来各险企会进一步提升FVOCI股票占比。”东吴证券非银金融行业首席分析师孙婷表示。（文章来源：经济参考报）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"need_login_tip":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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