2025年保险行业年报综述：全年资负两端向好Q4利润受投资扰动

内容目录一、务现投收改善动润增分稳健长 41、利：家市受资端化比+22 42、同务际普现正长 53、资：润增利率行净产现好增长 64、红：DPS同提股息具配价值 6二、源析保服业绩遍长投业表现化 6三、险：NBV延高，新全增、Margin普遍升 7四、险保收增分化，COR整表优异 131、费车稳增非车表分化 132、COR：行一费改善动COR14五、产：级益比提，总/合资率普向好 16六、资议 19风险示 19图表目录图表1：上险归利润况 4图表2：上险总收益比量比 4图表3：上险归运利（元） 5图表4：上险寿运利（元） 5图表5：合服边销比较稳定 5图表6：税营利成 5图表7：合服边遍实正长 5图表8：上险净表现 6图表9：利对资影响 6图表10：上险分表现 6图表11：新则，险公业归分析 7图表12：新则，险公业归分析 7图表13：上险企NBV表现 8图表14：上险企NBVMargin表现 8图表15：上险新保费现 8图表16：上险内价值现 9图表17：内价变分析 9图表18：上险个渠道NBV10图表19：上险个渠道单费 10图表20：代人模本稳定 11图表21：代人能持高位 11图表22：上险银渠道NBV12图表23：上险银渠道单费 12图表24：上险银渠道占大提升 12图表25：上险与业财保收情况 13图表26：上险与业车保收情况 13图表27：上险与业非险费入况 13图表28：上险财分险保收情（元） 14图表29：上险财保费占情况 14图表30：上险车保费元） 14图表31：人财家车占持提升 14图表32：上险综成本、付与用率 15图表33：上险车综合本拆分 15图表34：上险分种COR情况 15图表35：人财季度COR16图表36：保公投资产现 16图表37：上险资配置构 16图表38：上险资配置构 17图表39：上险债配置况 17图表40：上险股与基配情况 18图表41：上险投收益对比 18一、财务表现：投资收益改善驱动利润高增，分红稳健增长1、净利润：五家上市险企受资产端催化同比+222025年五家A+22.4Q4录得净亏损7亿（上年同期+286亿荡叠加险企权益配置大幅提升影响。2025年上市险企归母净利润增速排序分别为：太平+220.9>国寿+44.1>新华国险+25.5光+15.7公司受于年市场好太平还受益于新旧准则切换产生的税收一次性影响，公司重新计提了递延所得税资产，25H2利润表中所得税费用较24H260318价值重估损益后，调整后净利润同比+22.5。单季来看，Q4利润排序分别为：太保+17.4>新华-38.2>平-74.1>国-9.4中国亏损2亿国（亏损37亿要受Q4市场调沪深00季5010-1图表1：上市险企归母净利润情况亿元20242025同比2025ROE2024Q42025Q4同比中国平安1,266.11,347.86.514.074.319.2-74.1中国平安（营运利润）1,218.61,344.210.313.9134.2181.535.3中国人寿1,069.41,540.844.127.924.1-137.3同比减少161亿中国太保449.6535.119.018.066.578.117.4中国太保（营运利润）344.3365.26.112.379.180.51.7新华保险262.3362.838.334.955.534.3-38.2中国人保428.7466.58.816.165.4-1.8同比减少67亿中国财险（净利润）331.9403.121.414.864.40.4-99.4中国财险321.6403.825.514.8友邦保险68.462.3-8.814.9友邦保险（营运利润）66.171.48.017.0中国太平84.3270.6220.932.6阳光保险54.563.115.710.5各司告 ：平港、邦美元图表2：上市险企总投资收益同比增量对比亿元中国平安中国太保中国人保中国人寿新华保险25Q125Q225Q325Q425Q125Q225Q325Q425Q125Q225Q325Q425Q125Q225Q325Q425Q125Q225Q325Q4总投资收益-156109455-364-4251257-607747100-120-1091601,021-2877264180-73利息收入41492295878732-310232218-154-3投资收益366748117286629911972494-181972876391581156317513公允价值变动-563-13352-545-134-16149-76-25225-77-319-149355-436-501-27-64减值损失2-32-4-2-2-1-223-14-268-528-20各司告 ：安值失包银等务，此算不虑科目正营运偏差与投资绩好驱动营运利润正增2025年安太集归营运润别比+10.3+6.1寿险、太保寿险、友邦保险归母营运利润分别同比+2.9、+4.8全正增长，主要受益于投资向好及营运偏CSMVFA续增；邦增长要益于合服边际放比长10.6，投业少5.1。图表3：上市险企归母营运润亿元） 图表4：上市险企寿险营运润亿元）

中国太保 中国平安2024 2025

12.0%10.3%6.1%10.3%6.1%8.0%6.0%4.0%2.0%0.0%

0

太保寿险 平安寿险 友邦2024 2025 同比增速

9.0%8.0%4.8%8.0%4.8%2.9%7.0%6.0%5.0%4.0%3.0%2.0%1.0%0.0%各司告 各司告 ：邦美元图表5：合同服务边际摊销例为稳定 图表6：税前营运利润构成9.6%9.4%9.2%9.0%8.8%8.6%8.4%8.2%8.0%

2024 2025中国平安 友邦保险

16.9%7.8%42.8%68.7%72.8%16.9%7.8%42.8%68.7%72.8%36.8%2.1%73.1%-0.7%2024202520242025平安寿险 友邦保险61.2%24.5%8.4%其他收费、收益及开支

合同服务边际摊销投资服务业绩各司告 ：销例摊销/销础算 各司告2、合同服务边际：普遍实现正增长CSM15.513.413.34.3>3.3>太保3.2>安-0.8,平负长计要发生保等设整影业看受率下转型负久缩等合影，寿太的增合服边分负长8.0。图表7：合同服务边际普遍实现正增长CSM余额（亿元）20242025H12025较年初较H1新业务CSM（亿元）20242025同比中国平安7,3137,3327,251-0.8-1.1中国平安3543673.6中国人寿7,4257,5477,6843.51.8中国人寿577531-8.0中国太保3,4213,4643,5303.21.9中国太保1851997.7新华保险1,7591,7721,8173.32.6新华保险1101198.0中国人保1,1271,2621,27913.41.3中国人保25130220.2人保寿险9261,0311,04512.91.3人保寿险14217422.8人保健康20223123416.01.3人保健康11012816.8友邦保险56261464915.55.8友邦保险779118.7中国太平2,0782,1322,1674.31.6中国太平197110-44.2阳光保险50956157613.32.7各司告 ：平港、邦美，国人为保险人健简总3、净资产：利润高增叠加利率上行，净资产实现较好增长2025年A五上险净资同+10.7受利润增，即利上行债准金放来可损的N图表8：上市险企净资产表现亿元20242025Q12025H12025Q1-32025较年初较Q3末中国平安9,2869,3979,4409,86410,0047.71.4中国人寿5,0975,3255,2366,2585,95216.8-4.9中国太保2,9142,6362,8192,8423,0213.76.3新华保险9627988341,0051,11515.911.0中国人保2,6872,7932,8513,1413,09015.0-1.6中国财险2,5792,7022,7832,8992,86010.9-1.3友邦保险4054054326.8中国太平71174295233.9阳光保险621558582-6.3各公司公告注：太平为港元，友邦为美元图表9：利率对净资产的影响亿元中国平安中国太保中国人寿新华保险中国人保中国太平阳光保险OCI债权公允价值变动-1223-576-1182-233-115-322-121可转损益的保险合同金融变动86818170554124234-7利率对净资产的影响-355-396-477-1799-88-128期初归母净资产9,2862,9145,0979622,687711621利率下降对当年净资产增速的影响-4-14-9-190-12-21各司告 ：平港元4、分红：DPS同比提升，股息率具备配置价值DPS续长太、寿、保增超期上市企股红速分红例：平251、163、（1.71.7财25937.2.22.910034.新.96.5303596.4（346DPSA/HH4.5H4.1图表10：上市险企分红表现元每股分红分红比例（新准则）2025股息率202320242025同比增速202320242025同比A股H股中国平安2.432.552.705.937.337.936.4-1.5pct4.75.2中国人寿0.430.650.8631.726.317.215.7-1.5pct2.33.9中国太保1.021.081.156.529.230.230.30.1pct3.14.1新华保险0.852.532.737.930.430.123.5-6.6pct4.36.5中国人保0.160.180.2222.230.318.620.92.3pct2.94.6中国财险0.490.540.6825.944.336.237.51.3pct5.2友邦保险1.611.751.9310.036.935.234.0-1.2pct2.3中国太平0.300.351.23251.417.414.916.31.4pct5.9阳光保险0.180.190.190.055.440.134.6-5.5pct5.8各司告、 ：平友为元平安友、保红例营润口径二、利源分析：保险服务业绩普遍增长，投资业绩表现分化降费增效背景下保险服务费用增速放缓，保险服务业绩普遍增长。2025年平安、太保、人保、太平、阳光、国寿、新服务业绩分别同比+3、+2、+9-19+14，国寿高增长主要源于利率上行部分亏损合同318COR、+34、+30+20，安阳光负长。图表11：新准则下，保险公司业绩归因分析亿元平安太保人保阳光20242025增速20242025增速20242025增速20242025增速保险服务收入（A）5512559522795288935377570766406512保险服务费用（B）-4491-45331-2431-25204-4928-52727-585-6064其他（C）-36-5141-14-12-13-75-64-15-1-228保险服务业绩（D=A+B+C）985101233493562374372-15443-19承保财务损益(E）-1717-17965-904-101012-421-4486-117-17146投资收益合计（F）27372783211971402178139181320325324投资业绩（G=E+F）1020986-329339334392470208682-5利润总额（披露）1705185695566611970674568171-12保险服务贡献率57.854.562.853.953.049.966.461.1投资贡献率59.953.152.759.555.663.0106.0115.1其他贡献率-17.6-7.7-15.5-13.4-8.5-12.9-72.4-76.2各司告 ：①他（C）包分保分和摊保服费用；②资益计包利收、利支、允值变、资收益、值失科目图表12：新准则下，保险公司业绩归因分析亿元国寿新华太平20242025增速20242025增速20242025增速保险服务收入（A）20822141347850351,1131,1231保险服务费用（B）-1805-1487-18-316-3171-864-8680其他（C）4-5-233-3-424-28-14-49保险服务业绩（D=A+B+C）280649132159181142202409承保财务损益(E）-2093-258223-608-77828-607-522-14投资收益合计（F）30813866257911034316656680投资业绩（G=E+F）9881284301822554058146150利润总额（披露）11521816582814054422133451保险服务贡献率24.335.756.544.799.571.8投资贡献率85.870.764.763.026.443.6其他贡献率-10.1-6.4-21.2-7.7-25.9-15.4各司告 ：①他（C）包分保分和摊保服费用；②资益计包利收、利支、允值变、资收益、值失科；③太为元三、寿险：NBV延续高增，新单全面增长、Margin普遍提升MarginNBV2025NBV33.8+64.5、+57.4+48.239.329-41，margin0.6pctNBV+22.5NBV+15.0Q4NV-714.9NBV205Q4NBV-26.5NBV主要由公将2025非传险风贴从8.5至7.5。图表13：上市险企NBV表现累计NBV（亿元）2024Q12025Q1同比2024H12025H1同比2024Q1-32025Q1-3同比20242025同比中国平安95.6128.934.9159.8223.439.8244.4357.246.2285.3369.029.3中国人寿4.8237.3285.520.341.8337.1457.535.7中国太保41.657.839.072.195.432.3117.0153.531.2132.8186.140.1新华保险67.939.061.858.450.862.598.457.4中国人保69.688.226.7115.4156.235.4人保寿险31.539.449.826.576.650.282.363.8人保健康30.338.426.865.173.913.4友邦保险（固定汇率）13.215.013.024.928.414.036.643.118.048.055.215.0友邦保险（实质汇率）13.315.012.824.628.415.636.243.119.347.155.217.1中国太平55.167.822.991.095.95.3阳光保险27.240.147.251.576.448.2单季度NBV（亿元）2024Q12025Q1同比2024Q22025Q2同比2024Q32025Q3同比2024Q42025Q4同比中国平安95.6128.934.964.294.447.084.6133.958.341.011.7-71.4中国太保41.657.839.030.637.723.244.958.129.415.832.6106.4友邦保险（固定汇率）13.215.013.011.613.415.111.714.826.511.412.05.4友邦保险（实质汇率）13.315.012.811.313.418.911.614.827.111.012.09.7各司告 ：平港，邦美；色单格非比径中人人保康人寿简加总图表14：上市险企NBVMargin表现寿险margin2024H12025H1同比20242025同比中国平安17.326.18.8pct18.523.44.8pct中国人寿14.817.72.9pct15.719.53.8pct中国太保14.715.00.4pct16.619.83.2pct新华保险18.814.9-3.9pct14.616.21.5pct中国人保11.112.21.1pct14.115.91.8pct人保寿险11.312.10.8pct10.714.33.6pct人保健康10.912.31.4pct18.818.3-0.5pct友邦保险（固定汇率）54.357.73.4pct54.958.53.6pct友邦保险（实质汇率）53.957.73.8pct54.558.54.0pct中国太平18.521.63.1pct20.721.30.6pct阳光保险13.921.17.2pct16.816.90.1pct各司告 ：国保人健与保险简加总图表15：上市险企新单保费表现累计（亿元）2024Q12025Q1同比2024H12025H1同比2024Q1-32025Q1-3同比20242025同比中国平安566456-19.5922856-7.2138614182.3154015792.5中国人寿11241074-4.5160316130.61975218010.4214223419.3中国太保32842429.249963026.371685219.079991314.3新华保险126291130.8212424100.537458155.242661744.9中国人保455453-0.562772415.476692320.581797919.8人保寿险253224-11.635041318.044254823.847257722.3人保健康20222913.527831212.332337516.134640316.5友邦保险24266.945498.7687510.9869510.2累计（亿元）2024Q12025Q1同比2024H12025H1同比2024Q1-32025Q1-3同比2024 2025同比中国太平3033122.7477 4790.6阳光保险196190-3.0306 45147.3单季（亿元）2024Q12025Q1同比2024Q22025Q2同比2024Q32025Q3同比2024Q42025Q4同比中国平安566456-19.535640012.346456221.1154 1624.9中国人寿11241074-4.547853812.537256852.5167 160-3.7中国太保32842429.217120720.92172222.183 61-26.5新华保险126291130.88613456.0163157-3.752 36-30.0中国人保455453-0.517227157.513819843.552 579.5人保寿险253224-11.69618995.79313545.729 29-0.5人保健康20222913.576839.1466339.122 2722.5友邦保险24266.9212310.9222615.318 207.8各司告 ：平港，邦美，国人为保康人寿简总NBVEVEV预计AC20253.5-201011.2图表16：上市险企内含价值表现亿元内含价值有效业务价值经调整后净资产20242025H12025较年初较年中20242025H12025较年初较年中20242025H12025较年初较年中中国平安14,22615,01315,0435.70.23,9964,1263,841-3.9-6.910,23010,88711,2029.52.9平安寿险8,3519,0349,28611.22.83,9964,1263,841-3.9-6.94,3554,9085,44525.010.9中国人寿14,01114,77814,6794.8-0.75,0335,2865,3125.50.58,9789,4929,3674.3-1.3中国太保5,6235,8896,1349.14.12,1672,2732,44913.07.73,4933,6553,7276.72.0太保寿险4,2254,4504,65510.24.62,1672,2732,44913.07.72,0592,1772,2067.21.3新华保险2,5842,7942,87811.43.06927407549.01.91,8922,0542,12412.23.4中国人保1,4981,6621,5956.5-4.04024724389.0-7.21,0971,1901,1575.5-2.8人保寿险1,1971,3061,2413.7-4.92222662387.0-10.79751,0391,0042.9-3.4人保健康30135735417.4-0.817920620011.6-2.712215115426.01.7友邦保险71673779711.28.238542146119.89.63313163351.36.2中国太平2,3422,5512,80619.810.051359558413.8-1.91,8291,9552,22221.513.6中国太平（归母）1,7461,9062,09520.09.9太平寿险2,0682,2362,44518.39.451359558413.8-1.91,5541,6411,86119.713.4太平寿险（归母）1,5531,6791,83618.39.4阳光保险1,1581,2851,2084.3-6.040345149021.58.5755834718-4.8-13.8阳光人寿9331,0629602.9-9.640345149021.58.5530611471-11.2-22.9各司告 ：平港，邦美，国人为保险人健的加总图表17：内含价值变动分析亿元国寿平安太保新华人保人保寿人保健太平寿阳光国寿平安太保新华人保人保寿人保健太平寿阳光期初内含价值1401114226562125841498119730120681158EV预期回报758508271156866521138565.43.64.86.05.75.46.96.74.9新业务价值创造458425209981798891108943.33.03.73.811.97.330.35.28.1假设及模型变动-74-13772-42-123-66-57-1110-0.5-1.01.3-1.6-8.2-5.5-19.0-0.50.9市场价值调整-962-104-45-2-30-6.9-0.7-0.8-0.1-0.20.2投资回报差异673298-2664-29-367-1154.82.1-0.52.5-2.0-3.02.2-9.9亿元国寿平安太保新华人保人保寿人保健太平寿阳光国寿平安太保新华人保人保寿人保健太平寿阳光股东分红-194-393-70-83-36-22营运偏差及其他9 145 16 69 -13-4-917840.11.00.32.78.60.3其他-1 77 85 32 0000230.00.51.51.20.00.00.00.02.0期末内含价值14679150436134287815951241354244512084.85.79.16.53.74.3各公司告 注：平港，保人健人保险单总20251）1550.061.4。5）32.210个险渠道：MarginNBVNBV10+31.525.5，margin+9.3pct+6.0pctNBV6.9①MarginMargin1.4pctmargin3.9pct3pct其新同比+39.3预计要于司大中短期统额身险销人健康同+269益互网健险速长互网长险年交费比增长77.友同+8.9、图表18：上市险企个险渠道NBV表现亿元NBVMarginNBV贡献20242025同比20242025同比20242025同比中国平安215.8238.210.424.430.86.4pct75.664.6-11.1pct中国人寿313.1393.025.525.735.09.3pct92.985.9-7.0pct中国太保96.5107.811.727.330.63.2pct72.757.9-14.7pct新华保险40.348.119.427.023.2-3.9pct64.448.8-15.5pct中国人保87.0110.026.433.239.66.4pct75.470.4-5.0pct人保寿险26.735.131.515.621.66.0pct53.142.6-10.5pct人保健康60.374.924.266.565.1-1.4pct92.6101.48.8pct友邦保险（固定汇率）37.842.7313.068.171.53.4pct78.877.5-1.4pct友邦保险（实质汇率）37.142.7315.367.671.53.9pct78.777.5-1.2pct中国太平54.858.66.920.622.01.4pct60.261.10.9pct阳光保险17.620.818.526.934.57.6pct34.127.3-6.8pct各司告 ：平港，邦美元图表19：上市险企个险渠道新单保费亿元新单保费新单保费贡献20242025同比20242025同比中国平安884.2773.9-12.557.449.0-8.4pct中国人寿1192.11095.1-8.155.746.8-8.9pct中国太保369.0369.10.046.240.4-5.7pct新华保险149.0207.539.335.033.6-1.4pct中国人保262.1277.65.932.128.3-3.7pct亿元新单保费新单保费贡献20242025同比20242025同比人保寿险171.3162.5-5.136.328.2-8.1pct人保健康90.8115.126.926.328.62.3pct友邦保险54.959.78.963.763.0-0.8pct中国太平284.3267.5-5.959.755.8-3.8pct阳光保险65.460.5-7.621.413.4-8.0pct各司告 ：平港，邦美，国人为保险人健简总2025（58.7（35.1万）（18.5万1.7）>133万）（.7万（-在54-5.4万-2634至2）1）1.4pct；2）13.24.6+22.0；3）40.0。4）2.21.55绩率11.6，同提升0.7pt；月万C人力0.33万人比2.5比；月人综能1.12万元同比43。图表20：代理人规模基本稳定万人2022202320242025Q12025H12025Q32025较24年末较25Q3较25H1中国平安44.534.736.333.83435.435.1-3.3-0.83.2中国人寿66.863.461.559.659.260.758.7-4.6-3.3-0.8中国太保24.119.918.818.618.5-1.6-0.5新华保险19.715.513.6413.313.34-2.20.3人保寿险9.78.98.37.97.7-7.0-2.8中国太平39.123.522.622.516.7-26.3-25.8各公司公告图表21：代理人产能维持高位元/月/人人均新单人均NBV20242025同比增速20242025同比增速中国人寿15,90715,184-54,1785,44930中国平安23,41921,746-757146,69817中国太保33,42033,98724,3704,96314新华保险7,83211,200432,3022,96829人保寿险16,63816,95022,5913,65941各公司公告银保渠道：NBVNBVmargin2025NBV增速超100，光保寿超60，太同+5.7增较主受险转影。1）单：平与905035.5、41.415.7、+162.93.7，+209320margin5.7pct0.5pct0.4pct3pct-4.4pct10pct，NBV503525-30图表22：上市险企银保渠道NBV表现亿元NBVMarginNBV贡献20242025同比20242025同比20242025同比中国平安39.594.1138.020.124.54.4pct13.925.511.6pct中国人寿24.064.5169.38.011.03.0pct7.114.17.0pct中国太保33.367.4102.711.417.15.7pct25.136.211.2pct新华保险25.152.7110.210.113.93.8pct40.153.613.5pct中国人保29.649.767.67.99.91.9pct25.731.86.1pct人保寿险23.446.799.68.612.13.5pct46.656.810.2pct人保健康6.22.9-52.86.12.5-3.6pct9.54.0-5.6pct友邦保险（固定汇率）13.115.9322.041.945.43.5pct27.228.91.7pct友邦保险（实质汇率）13.015.9322.441.745.43.7pct27.628.91.3pct中国太平31.833.65.720.820.3-0.5pct34.935.00.1pct阳光保险28.747.264.614.213.8-0.4pct55.761.86.1pct各司告 ：平港，邦美，国人为保险人健简总，寿NBV体NBV-险NBV图表23：上市险企银保渠道新单保费亿元新单保费新单保费贡献期缴新单银保期缴占比20242025同比20242025同比20242025同比20242025同比中国平安196.4383.395.112.824.311.5pct121.7320.1162.962.083.521.5pct中国人寿299.0585.195.714.025.011.0pct187.8264.841.062.845.3-17.5pct中国太保290.7393.935.536.443.16.8pct108.7169.658.637.443.05.7pct新华保险249.2379.552.358.561.53.0pct138.7179.729.655.747.4-8.3pct中国人保374.4503.634.545.851.45.6pct168.1273.162.544.954.29.3pct人保寿险272.3385.041.457.766.89.0pct143.8239.166.352.862.19.3pct人保健康102.1118.616.229.529.5-0.1pct24.334.140.323.828.74.9pct中国太平158.2183.015.733.238.25.0pct153.9159.63.797.387.2-10.1pct阳光保险201.8340.969.065.975.69.7pct友邦保险31.235.112.536.337.00.8pct各司告 ：平港，邦美，国人为保险人健简总头部险企市占率大幅提升。报行合一后价值率提升，叠加1+3网点限制的放开，头部公司纷纷大力开拓银保渠道，在资源协同、品牌、服务等优势加持下，头部市占率提升趋势继续显现，2025年上市险企银保渠道市占率提升8.6pct至32.6，剔除阳光后（未披露数据）期缴新单市占率同比+10.0pct至34.0。展望后续，分红险转型考验险企长期投资能力，演示利率统一压降至3.5后，大型险企品牌、服务、渠道、资源协同等固有优势将更为凸显，预计头部集中趋势将继续深化。图表24：上市险企银保渠道市占率大幅提升亿元银保新单市占率期缴新单市占率20242025同比20242025同比中国平安2.74.51.9pct3.48.14.7pct中国人寿4.16.92.8pct5.26.71.5pct中国太保4.04.70.7pct3.04.31.3pct新华保险3.44.51.1pct3.84.50.7pct中国人保5.16.00.9pct4.76.92.2pct人保寿险3.74.60.8pct4.06.02.0pct人保健康1.41.40.0pct0.70.90.2pct中国太平2.02.00.0pct4.03.6-0.3pct阳光保险2.84.01.3pct亿元银保新单市占率期缴新单市占率合计24.032.68.6pct24.134.010.0pct慧天，公公告 注各司行数口径存细差异四、财险：保费收入增速分化，COR整体表现优异1、保费：车险稳健增长，非车险表现分化受非险响年市险财原费速化2025财原费入排为（+6.7人保+3.）太（+2行整+3集中方，C3比-01pct至627表分主要非影响除安车增差异大同增在8-3.间行增为3.车保整持平非险比增分为平（15）人（3.）太-3.行整增为5.，R3比-.1pt至5.9险比+16.3驱太非险增主由别+3.9+3.4主受个信险影响，除此之外的非车险保费同比+2.4。3）人保财险非车险稳健增长，意健险、农险、责任险、企财险、其、+1.7。图表25：上市险企与行业财险保费收入情况累计（亿元） 2024Q12025Q1同比2024H12025H1同比2024Q1-32025Q1-3同比20242025同比人保财险 1,7401,8043.7312032333.6428344323.5538155583.3平安财险 7918517.7160417197.1239425627.0321834326.6太保财险 6256311.0113011400.9159816000.1203220360.2众安在线 718012.31521679.32552695.63343566.7行业 4,9055,1555.1917696455.113067137124.916907175703.9单季（亿元） 2024Q12025Q1同比2024Q22025Q2同比2024Q32025Q3同比2024Q42025Q4同比人保财险 174018043.71380.21428.63.5116311993.1109711262.6平安财险 7918517.7813.2867.26.67908446.98248695.4太保财险 6256311.0505.4508.90.7468460-1.84344360.4众安在线 718012.381.587.06.71031030.279879.9行业 490551555.14271.44489.65.1389040684.6384038580.5各公司公告、金融监管总局图表26：上市险企与行业车险保费收入情况累计（亿元）2024Q12025Q12024H12025H1同比2024Q1-32025Q1-3同比20242025同比人保财险6927173.5139414413.4213422013.1297430572.8平安财险5185373.7104810863.6160516613.5223323043.2太保财险2652681.35225362.87818053.0107311053.0行业214222344.3431145054.5654668364.4913794093.0单季（亿元）2024Q12025Q12024Q22025Q2同比2024Q32025Q3同比2024Q42025Q4同比人保财险6927173.57017243.27417612.78408562.0平安财险5185373.75305493.55575753.26286422.4太保财险2652681.32572684.22602693.42923013.0行业214222344.3216922714.7223523314.325912573-0.7各公司公告、金融监管总局图表27：上市险企与行业非车险保费收入情况累计（亿元）2024Q12025Q1同比2024H12025H1同比2024Q1-32025Q1-3同比20242025同比人保财险104710873.8172617923.8214922313.8240725003.9平安财险27331415.155663213.878890114.3985112814.5太保财险3603630.7609604-0.8817795-2.7959931-3.0行业276329215.7486551405.6652168765.4777081615.0单季（亿元）2024Q12025Q1同比2024Q22025Q2同比2024Q32025Q3同比2024Q42025Q4同比人保财险104710873.86797053.84234383.72582704.7平安财险27331415.128331812.523326915.619722715.2太保财险3603630.7248241-2.9208191-8.3143136-4.9行业276329215.7210322195.5165617364.9124912852.9各公司公告、金融监管总局图表28：上市险企财险分险种保费收入情况（亿元）中国财险20242025同比平安财险20242025同比太保财险20242025同比整体5,3815,5583.3整体3,2183,4326.6整体2,0122,0150.1机动车辆险2,9743,0572.8车险2,2332,3043.2车险1,0731,1053.0非车险2,4072,5003.9非车险9851,12814.5非车险939910-3.1意外伤害及健康险1,0121,0766.4责任保险2422430.1责任险2222313.9农险5495591.9健康保险18338225.2农险1931993.4责任险3763821.7意外伤害保险122健康险2032030.0企业财产险1691774.4农业保险10712516.3企财险78801.6信用保证险货运险其他险种51611903061.7保证保险-24其他243197-19.0货运险107其他险种354各公司公告图表29：上市险企财险保费市占率情况财险行业20242025同比车险行业20242025同比非车险行业20242025同比人保财险31.831.6-0.2pct人保财险32.532.5-0.1pct人保财险31.030.6-0.3pct平安财险19.019.50.5pct平安财险24.424.50.0pct平安财险12.713.81.1pct太保财险12.011.6-0.4pct太保财险11.711.70.0pct太保财险12.311.4-0.9pct众安在线2.02.00.1pctCR362.962.7-0.1pctCR368.768.70.0pctCR356.055.9-0.1pct各公司公告、金融监管总局图表30：上市险企车均保费元） 图表31：人保财险家自车占持提升-

人保财险 太保财险 阳光财险 众安财险

76.0%74.3%74.7%74.3%74.7%73.1%73.2%71.4%70.4%69.6%74.0%73.0%72.0%71.0%70.0%69.0%68.0%67.0%2022 2023 2024 2025 2019 2020 2021 2022 2023 2024 2025各司告 中财业介PPT2、COR：报行合一下费用改善驱动COR优化，CORCOR（5.8-11pc6.8-.5pct97.51.3pc9.5图表32：上市险企综合成本率、赔付率与费用率COR2024Q12025Q1变动2024H12025H1变动2024Q1-32025Q1-3变动20242025变动人保财险97.994.5-3.4pct96.895.3-1.5pct98.296.1-2.1pct98.597.6-0.9pct中国财险96.294.8-1.4pct98.897.5-1.3pct中国平安99.696.6-3.0pct97.895.2-2.6pct97.897.0-0.8pct98.396.8-1.5pct中国太保98.097.4-0.6pct97.196.3-0.8pct98.797.6-1.1pct98.697.5-1.1pct众安在线97.995.6-2.3pct96.995.8-1.1pct赔付率2024H12025H1变动20242025变动费用率2024H12025H1变动20242025 变动人保财险70.772.31.6pct72.774.01.3pct人保财险26.123.0-3.1pct25.823.6-2.2pct中国财险70.171.81.7pct73.073.90.9pct中国财险26.123.0-3.1pct25.823.6-2.2pct中国平安70.669.2-1.4pct71.070.4-0.6pct中国平安27.226.0-1.2pct27.326.4-0.9pct中国太保69.669.5-0.1pct70.870.4-0.4pct中国太保27.526.8-0.7pct27.827.1-0.7pct众安在线61.054.7-6.3pct58.357.1-1.2pct众安在线37.240.93.7pct38.638.70.1pct各公司公告车险方面，报行合一深化费用率下降，带来COR同比改善。2025年中国财险、平安财险、太保财险车险COR分别为95.3、95.8、95.6，分别同比-1.5pct、-2.3pct、-2.6pct，主要受益于报行合一趋严费用率同比有所下降，但新能源车占比抬升，预计赔付率有所上升，其中中国财险赔付率同比+1.8pct至74.4。当前各险企新能源车险保费占比已提升至20以上，平安、人保、太保占比分别为22.8、22.1、22.6，随着新能源车险21条政策效能逐步释放，新能源车险盈利能力正稳步提升，平安2025年全年新能源车险业务实现承保盈利。图表33：上市险企车险综合成本率拆分综合成本率 综合赔付率 综合费用率20242025变动20242025变动20242025变动人保财险96.895.3-1.5pct72.674.41.8pct24.220.9-3.3pct中国平安98.195.8-2.3pct73.324.9中国太保98.295.6-2.6pct各公司公告非车表分国改善平与保比25年国险安险太保险车险COR分为100.8、98.9、99.9，同比分别-1.0pct、+0.1pct、+0.8pct。具体来看：1)中国财险：农险受上年同期大灾准备金使用等因素影响COR同比+2.2pct至101.9，大灾赔付好转叠加费用改善企财险同比-12.4pct至101.0，意健险加强费用管控COR同比-0.5pct至99.0，责任险COR同比-0.7pct至104.5、其他险同比-0.8pct至98.0。单季度来看，中国会计准则下，Q4单季COR为101.9，同比+2.5pct，其中车险COR同比-0.1pct至96.9，非车险COR同比+6.6pct至110.1，主要受台风麦德姆等灾害影响。2）太保财险：剔除个人信用保证保险业务影响后，COR同比-2.1pct至97.0，具体看，健康险（95.0，-9.3pct）、农险（103.2，同比+4.5pct）、责任险（102.3，-1.4pct）、企财险（94.-.7p3平安险非险比+01pct至989保险险出险比-11pt至9.7表较好责险+4.pct至10.8、健+6pct至994、运+5.8pt至98.图表34：上市险企分险种COR情况中国财险20242025变动平安财险20242025变动太保财险20242025变动整体98.897.5-1.3pct整体98.396.8-1.5pct整体98.697.5-1.1pct机动车辆险96.895.3-1.5pct车险98.195.8-2.3pct车险98.295.6-2.6pct非车险101.9100.8-1.0pct非车险98.898.90.1pct非车险99.199.90.8pct意外伤害及健康险99.599.0-0.5pct责任保险102.7106.84.1pct责任险103.7102.3-1.4pct农险99.7101.92.2pct健康保险93.499.43.6pct农险98.7103.24.5pct责任险105.2104.5-0.7pct意外伤害保险99.0健康险104.395.0-9.3pct企业财产险113.4101.0-12.4pct农业保险99.898.7-1.1pct企财险103.894.1-9.7pct其他险种98.898.0-0.8pct保证保险102.2货运险92.298.05.8pct各司告 ：国险H口，保险车险除人用证后COR下降2.1pct至97图表35：人保财险季度COR拆分累计2024Q12024H12024Q1-320242025Q12025H12025Q1-32025COR97.996.898.298.594.595.396.197.6车险COR96.496.896.894.294.895.3非车险COR97.3100.4101.297.098.1100.9单季2024Q12024Q22024Q32024Q42025Q12025Q22025Q32025Q4COR97.995.7100.999.594.596.197.7101.9车险COR97.597.096.096.9非车险COR102.1103.5100.0110.1中国人保、中国财险公司公告五、资产端：二级权益占比提升，总/综合投资收益率普遍向好，20251638.51322.911-17之间。图表36：保险公司投资资产表现亿元20242025H12025较2024年末增长较2025H1增长平安57,31462,02564,90013.24.6太保27,34529,24730,40011.23.9国寿66,11171,27274,23712.34.2新华16,29417,12518,41213.07.5人保16,41817,60719,01615.88.0太平15,62116,83317,43011.63.5中国财险6,7657,1157,60412.46.9阳光5,4865,9196,40216.78.2行业321,731349,500370,80115.36.1、公公、融总局 ：平港元1）1.0pct5pct8.6pct1.6pct2.2pct、2.3pct4pct0.7pct0.2pct1.6pct6.5pct4.0pct2pct2024年末提升241亿至505亿，并新增将杭州银行纳入长股投范围。图表37：上市险企资产配置结构中国平安中国太保中国人寿新华保险20242025H1202520242025H1202520242025H1202520242025H12025现金等价物及定期存款7.27.99.47.88.49.08.48.28.219.721.418.3债券投资61.760.855.060.162.461.059.059.057.452.150.649.6股票+基金11.813.820.311.612.013.812.213.616.918.318.120.6其中：股票+权益型基金10.012.619.111.311.813.4股票7.610.514.89.39.711.17.68.711.310.511.111.2基金4.13.45.62.32.32.74.64.95.77.87.09.4长股投3.53.12.70.80.40.54.64.54.11.92.43.6投资性房地产2.32.22.20.31.00.90.20.20.20.60.60.5中国平安中国太保中国人寿新华保险另类投资13.211.49.518.815.414.415.614.513.25.24.64.7其中：债权投资计划3.22.82.49.78.97.77.97.47.02.21.40.7其他0.40.70.90.60.30.40.00.00.00.50.50.9公公告 类资括标权股未上股优股永债新股票资剔了先股阳基中不括权基金；平他括入售券/出回证券图表38：上市险企资产配置结构中国太平中国人保中国财险阳光保险20242025H1202520242025H1202520242025H1202520242025H12025现金等价物及定期存款7.27.07.610.49.39.914.311.811.54.09.06.7债券投资74.576.576.149.049.748.338.441.140.757.753.352.2股票+基金13.012.716.68.910.713.312.714.516.513.315.114.8其中：股票+权益型基金13.315.114.8股票8.38.312.23.75.48.77.29.211.412.314.113.7基金4.74.34.45.35.34.65.45.35.11.00.91.2长股投1.91.60.710.29.89.39.99.79.61.91.91.8投资性房地产1.51.41.40.90.90.81.11.10.91.81.61.4另类投资4.84.43.420.619.618.522.921.019.821.319.123.0其中：债权投资计划3.93.52.7---4.64.13.63.43.83.5其他-2.9-3.6-5.80.00.00.00.80.90.90.00.00.0公公告 类资括标权股未上股优股永债新股票资剔了先股阳基中不括权基金；平他括入售券/出回证券FVOCI2025FVOCI7pctFVTPL70–90FVOCI5570图表39：上市险企债券配置情况太保新华国寿平安人保中国财险中国太平20242025202420252024202520242025202420252024202520242025政府债70.872.970.676.074.077.675.677.452.857.947.453.2金融债18.918.021.915.49.48.219.619.023.720.527.124.3企业债10.49.17.58.616.614.24.83.623.521.625.522.520242025202420252024202520242025202420252024202520242025FVPL16.714.715.114.514.410.716.614.316.715.219.314.923.218.4AC1.31.030.527.30.30.17.48.118.218.726.330.09.26.8FVOCI82.084.354.458.285.389.376.077.665.166.154.455.167.774.8各司告 ：安券平集团-安体量仍险债规大些平债分户含少非债权FVTPL573328864430TPLTPLOCIF