比亚迪财险首个完整经营年度即保费翻倍、盈利近亿元车企入局新能源车险带来哪些改变？

每日经济新闻02-04

近日，比亚迪财险公布2025年第四季度偿付能力摘要（审计前），去年实现保险业务收入28.71亿元，同比翻倍增长；净利润从2024年的-1.69亿元增长至2025年的9362.40万元。　　净利润转正得益于承保端大幅改善。从“三率”表现来看，该公司综合成本率实现大幅优化，由2024年的308.81%降低至2025年的102.49%，距离承保盈利仅一步之遥。综合费用率从74.88%快速压降至...

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What changes did car companies bring about when they entered the new energy auto insurance industry?","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"81211":0.6,"EVS.SI":0.6,"01211":1.95,"BYDDY":1.95,"002594":1.95,"HYDD.SI":0.6},"content_text":"近日，比亚迪财险公布2025年第四季度偿付能力摘要（审计前），去年实现保险业务收入28.71亿元，同比翻倍增长；净利润从2024年的-1.69亿元增长至2025年的9362.40万元。\n　　净利润转正得益于承保端大幅改善。从“三率”表现来看，该公司综合成本率实现大幅优化，由2024年的308.81%降低至2025年的102.49%，距离承保盈利仅一步之遥。综合费用率从74.88%快速压降至5.21%，规模效应带来费用摊薄效果显著；同时综合赔付率从233.92%稳步降至97.28%。\n　　业内将比亚迪财险的快速盈利，归因为母公司比亚迪的产业协同。一方面，通过有效的成本控制和精准的风险定价，实现了业务收入迅速增长和赔付率有效管理；另一方面，凭借直销模式减少中间环节的成本，提升服务效率。\n　　在新能源车险整体承保承压的背景下，比亚迪财险的业绩表现与经营模式引发行业对新能源车险盈利路径的重新审视。《每日经济新闻》记者注意到，一些车主在社交平台吐槽比亚迪车险理赔慢、服务差，保费相较其他平台无明显优势甚至更高等体验不佳情况。快速扩张的比亚迪财险，能否在售后服务上跟上业务步伐值得关注。\n　　2023年5月，比亚迪汽车工业有限公司完成对易安财险的全资收购，随后将其更名为深圳比亚迪财产保险有限公司（简称比亚迪财险）；当年7—9月，又斥资将其注册资本从10亿元增至40亿元，为布局新能源车险市场做好准备。\n　　自2024年5月正式开展新能源车险业务以来，比亚迪财险保费规模呈爆发式增长。2025年上半年该公司保险业务收入达13.98亿元，已超过2024年全年水平，实现净利润3134.59万元，一举扭转2024年亏损1.69亿元的局面，成为业内少数运营不久即盈利的“车企系”财险公司。\n　　从全年数据看，2025年公司实现保险业务收入28.7亿元，较2024年的13.51亿元同比翻倍增长，业务规模实现跨越式扩张；全年净利润达9362.40万元。记者注意到，比亚迪财险净利润转正的核心支撑，来自承保端“三率”的显著优化。\n　　2025年，比亚迪财险综合成本率降至102.49%，较2024年308.81%的高位显著回落。其中，综合赔付率为97.28%，而综合费用率仅为5.21%，大幅低于行业平均水平。\n　　业内分析认为，比亚迪财险的快速盈利，离不开与母公司比亚迪在新能源汽车领域的深厚产业协同优势。\n　　近日，全球各大车企集团陆续公布2025年销量数据，比亚迪以全年460.2万辆的成绩首次进入全球车企集团销量前五；在新能源汽车领域，比亚迪继续保持全球领先地位，连续四年位居全球新能源销量榜首。\n　　比亚迪财险也因此获得稳定且庞大的客户来源。从其业务结构看，2025年车险业务占比超过99%，2025年车险签单保费达28.36亿元，业务规模的快速扩张不仅摊薄固定成本，更为风险定价提供充足数据基础。\n　　直销模式则是其成本控制的关键。不同于传统财险公司依赖中介渠道的模式，2025年比亚迪财险签单保费全部来自直销渠道，手续费及佣金占比为0%，彻底绕开传统代理、经纪渠道的高昂费用。此外，2025年比亚迪财险与比亚迪汽车工业有限公司累计发生13次重大关联交易，金额超4.16亿元。\n　　尽管业绩表现亮眼，但在业务快速扩张背后，比亚迪财险仍面临多重挑战。记者注意到，部分车主在社交平台反馈，比亚迪车险存在理赔慢、服务响应不及时等问题。\n　　近日，一位投保比亚迪车险的车主在社交平台吐槽“小事故半年解决不了”的问题，引来更多车主纷纷诉说理赔经历。一位车主2日留言称：“同是比亚迪保险，去年10月份出险，到现在查询理赔流程还是一动不动。”“反馈个问题几天、一周没答复。”\n　　此外，也有车主称其保费相较其他平台无明显优势，甚至部分车型保费偏高。不过，车均数据的变化与部分车主的体感不同。2024年，比亚迪财险车均保费为4500元，2025年这一数据下降至4054.53元，同比下降近一成。有车险观察人士认为，规模优势不仅带来足够的车险保费体量，也为比亚迪财险实现精准的客户筛选与有效压低赔付率提供了充足空间。\n　　随着业务快速扩张，公司偿付能力指标也出现大幅下滑。截至2025年四季度末，比亚迪财险核心、综合偿付能力充足率分别为589.86%、589.95%，与上季度末相比，核心、综合偿付能力充足率分别下降66.56个、66.59个百分点。而2024年第四季度末，公司核心、综合偿付能力充足率分别为1173.66%、1173.83%。\n　　公司解释称，最低资本的增加是综合偿付能力下降的主要原因，其中，由于准备金风险以及巨灾风险的风险暴露增加，导致最低资本增加0.32亿元，增幅10.29%；由于权益类资产配比变动并叠加其他因素影响，导致市场风险最低资本上升0.5亿元，增幅13.97%。\n　　2024年比亚迪财险还没有权益投资，到了2025年，公司权益投资账面价值为5.97亿元。投资收益数据显示，2025年，公司投资收益率为2.81%，综合投资收益率为3.98%。\n　　比亚迪车险业务即将踏入盈利空间，为新能源车险行业传递积极信号。\n　　国信证券在近期研报中指出，截至2025年，新能源车险年保费规模已突破2000亿元且增速持续领跑整体车险市场。当前我国新能源车险市场呈现出典型的高增长与高亏损并存的特征。这种“高保费与高赔付”矛盾的背后，折射出传统车险产品与新能源汽车结构性特征之间的深刻错配。\n　　截至2024年末，我国保险行业共计承保新能源汽车3105万辆，对应保费收入1409亿元，并提供风险保障金额106万亿元。与此同时，行业承保亏损达57亿元，并且呈现连续亏损态势。\n　　当前，我国新能源车险处在从“被动承保”向“主动风险管理”转型、从“单点竞争”向“生态协同”演进的关键节点。未来只有车企、险企协同合作，才能破解当前定价与风险错配、服务体验不足等行业痛点，最终达成价值共创、互利共赢的市场格局。\n　　从头部机构发展进程看，新能源车险业务市场份额逐步稳定、已经实现承保盈利。2025年上半年，平安产险新能源车险原保险保费收入217亿元，同比增长46.2%，市场份额为27.6%，为新能源车主提供21万亿元风险保障；太保产险实现新能源车险原保险保费收入105.96亿元，在车险保费中的占比从上年同期的14.1%上升至19.8%。\n　　中国太保集团副总裁俞斌曾透露降低新能源车险业务综合成本率的做法：“一是和主机厂强化合作，加强生态合作，来降低赔付成本；二是利用数据做好风险控制、风险选择。”\n　　在业内看来，车企入局新能源车险，对解决当前新能源车险发展的困境是非常有利的。除比亚迪外，“车企系”财险公司还有大众、小米等参股成立的法巴天星财险。该公司于今年1月22日正式开业，开业后，聚焦新能源汽车保险领域，围绕新能源汽车生态深耕专属车险产品，并将持续优化理赔流程，切实提升车主服务体验。\n　　“比亚迪财险的商业模式理论上是成功的，从2025年经营数据上又得到了实践验证。”对外经贸大学保险学院教授王国军在受访时表示，没有完美的商业模式，比亚迪财险也需要在实践中不断完善，扬长避短。“无论是造车修车，还是汽车保险，客户永远是第一位的，慢待客户、掠夺客户，短期可能获益，但长期一定得不偿失。”\n\n\n海量资讯、精准解读，尽在新浪财经APP\n\n责任编辑：曹睿潼","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"2","news_tag":"dataReport","news_rank":0,"symbols":[],"gpt_button":0,"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; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2608518803","isCrawlerRequest":true}

比亚迪财险首个完整经营年度即保费翻倍、盈利近亿元 车企入局新能源车险带来哪些改变？

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比亚迪财险首个完整经营年度即保费翻倍、盈利近亿元车企入局新能源车险带来哪些改变？