中国财险专题系列研究(七)：中国财险的ROE弹性测算

国联民生证券2025-07-05

投资建议：中国财险ROE有望稳中向好，进而或能支撑估值继续提升短期看，业绩增长有望驱动中国财险ROE提升，进而或能对估值形成支撑。从2025年全年业绩角度来看，对于负债端，随着“报行合一”推动费用率继续改善、中国财险主动优化业务结构及推动风险减量管理带动赔付率改善，公司有望达成全年“车险COR＜96%、非车险COR~99%”的目标，进而有望推动承保利润同比大幅增长。对于资产端，随着推动资本市场回稳...

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