【方正金融】中国人保9M25业绩点评：COR边际大幅改善，人身险业务维持高增

市场资讯2025-10-31

（来源：金融贰叁事）正文部分事件：中国人保披露9M25业绩，符合预期。9M25公司归母净利润468亿元/ yoy+28.9%；3Q25 203亿元/ yoy+48.7%。COR 96.1%/ yoy-2.1pct；寿险NBV可比口径yoy+76.6%；总投资收益率5.4%/ yoy+0.8pct。净利润增长提速预计因巨灾减弱承保利润增厚以及投资收益提升。9M25公司实现归母净利润468亿元/ ...

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yoy+62.8%，健康险业务高速、高质量增长趋势延续。投资风格稳健，综合投资收益率提升。9M25末公司总投资资产规模1.83万亿，较年初增长11.2%；总投资收益率（未年化）5.4%/ yoy+0.8pct，公司适度加大长久期债券配置力度；加大具有长期成长潜力的投资标的布局并稳步扩大权益持仓规模；关注创新型品种投资机会，9M25实现总投资收益862.5亿元/ yoy+35.3%。投资建议：维持公司强烈推荐评级。公司各条线业务经营指标稳健，财险业务：COR维持行业较低水平，Q4预计因经营效率与费用管理能力持续提升边际改善，全年有望保持在96%-97%左右，公司利润增速有望持续提升。寿险业务：价值率因产品结构调整以及报行合一预计持续改善，人身险业务价值未来有望在健康险持续创新背景下维持增长。资产端：公司投资风格稳健，稳步扩大权益持仓规模，随权益市场持续回暖，投资收益有望进一步增厚。预计25-27年公司归母净利润541、570、589亿元，增速分别为+26.2%、+5.4%、+3.4%，当前股价对应25-27E的P/B倍数为1.36/1.28/1.20倍。风险提示：权益市场大幅波动、利率快速下行、大灾风险加剧。关联关系披露：中国人民保险集团股份有限公司是我司关联方，是我司的关联自然人直接或者间接控制的，或者由关联自然人担任董事、高级管理人员的除上市公司及其控股子公司以外的法人或其他组织。   方正金融团队  许旖珊方正证券研究所所长助理、金融首席分析师许旖珊：清华大学金融硕士、中央财经大学本科。曾任上海申银万国证券研究所非银首席、总监。2024年证券时报·新财富杂志最佳分析师入围、2022年新财富最佳分析师第五名、2022年水晶球最佳分析师第五名。林宇轩：覆盖保险。英国利兹大学经济学硕士，曾任职于上海申银万国证券研究所，5年新华保险董办经验。2022年新财富第五名团队核心成员、2022年水晶球第五名团队核心成员。贾舒雅：覆盖保险、银行。上海财经大学保险硕士、上海对外经贸大学本科，3年保险研究经验，曾任职于保险资管风险管理岗；对保险产品、渠道有深刻见解。张轩铭：覆盖金融科技、券商、多元金融。中国人民大学经济学硕士、南开大学本科。杨皓然：覆盖银行。上海财经大学金融硕士、管理学本科。\n\n\n海量资讯、精准解读，尽在新浪财经APP","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":"dataReport","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 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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