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  保险业经营具有显著顺周期特性,随着经济复苏,基本面改善已在进行中。

  在“开门红”保费不及预期的情况下,上市险企一季度的业绩将会如何?

  综合业内分析师近期的预测,一季报寿险保费表现将分化,新业务价值(NBV)总体将回归平稳增长;相对而言,由于大灾减少等因素,一季度上市产险公司承保利润整体显著改善的趋势则更为确定。近日,人保财险(中国财险,02328.HK)发布预计一季度净利润将同比提升80%~100%的预增公告,印证了关于产险一季报的预测。

  “保险业经营具有显著顺周期特性,随着经济复苏,基本面改善已在进行中,未来负债端和投资端都将显著改善。”东吴证券首席战略官、非银金融首席分析师孙婷在研报中表示。

  财产险承保利润有望显著改善

  人保财险近日发布了一季报业绩预增公告,根据初步测算,2025年一季度净利润同比将大增约80%~100%。

  作为中国人保集团内的最大业务板块,人保财险的净利润预增直接推高了中国人保(601319.SH;01339.HK)一季度的净利润预期。

  在此背景下,中国人保亦发布业绩预增公告称,预计一季度实现归母净利润116.52亿元~134.45亿元,同比增长30%~50%。

  截至4月15日,中国人保也是目前A股上市险企中唯一发布了一季报盈利预增公告的。不过,第一财经查看去年一季报发现,中国人保彼时呈现同比23.5%的跌幅,在A股上市险企中跌幅较大,因此也使得今年一季度的基数相对较低。

  对于盈利预增的原因,人保财险表示,承保利润和投资收益的增长共同促成了今年一季度的净利润大增。“公司优化费用投入,改善业务结构,推进风险减量服务,加之大灾损失同比减少,承保利润同比增幅较大。同时,在保持流动性安全边际的基础上,本公司适度增配具有长期价值的优质权益类资产。受益于一季度资本市场整体回暖,本公司配置结构的优化放大了市场上涨的正向效应,总投资收益同比增幅较大。”人保财险称。

  事实上,得益于外部巨灾赔付影响减少以及内部降赔控费初步显效,业内分析师普遍预计,一季度上市财险公司综合成本率将显著改善,推动净利润表现超预期。

  财险公司的综合成本率由赔付率及费用率组成。综合业内分析师观点,从赔付率角度而言,去年一季度因冻雨等灾害影响,财险赔付压力较大。根据国家应急管理部数据,2025年一季度,国内重大自然灾害损失同比明显减少,这将利好财险公司赔付支出的下降,使得综合成本率同比降低,改善承保利润。

  而从费用率角度来看,上市财险公司近年来持续优化业务结构,推动风险减量与降本增效,这在2024年已经取得显著效果。第一财经统计发现,人保财险、太保产险、平安财险三家A股上市财险公司2024年的费用率均呈现一定程度的下降,下降幅度在0.8个百分点至1.9个百分点。业内分析师普遍认为,这一趋势将在2025年得到延续。

  寿险保费分化,NBV回归平稳增长

  相对于上市财险公司一季度综合成本率普遍改善的一致趋势,上市寿险公司在“开门红”期间的人身险保费呈现出不同的走势。

  华创证券数据显示,在2025年这一分红险转型首年,“开门红”成绩分化。前两个月,寿险原保险保费收入累计1.02万亿元,同比下降3.5%。但环比来看,累计保费降幅有所收窄。其中,太保寿险实现累计保费690亿元,同比增长9.1%;新华保险(601336.SH;01336.HK)则为511亿元,同比增长29.1%;两者均与行业趋势分化明显,或体现产品与定价策略差异性。上述两家寿险公司保费的较高增长延续到3月。根据最新发布的一季度保费公告,太保寿险及新华保险前3个月的保费增幅分别为9.3%及28%。

  寿险的分化不仅体现在公司之间,也体现在渠道之间。多名行业分析师表示,预计一季度个险渠道新单保费增长将承压,而银保渠道在NBV增长中将承担更重要的角色。

  国泰海通研究显示,预计一季度上市险企个险新业务增长整体承压,主要由于前期客户需求消耗过多,产品策略转向分红险而短期客户接受程度不及预期,以及强化费用管控导致。方正证券同样预计个险渠道将有所承压,而银保渠道将延续快速增长,背后的原因是:一方面银行客户天然的储蓄需求和保险产品匹配度较高,而同类竞品收益率振幅加剧,因此银保客户对保险产品需求较强。同时,银行为稳定中间业务收入,对保险产品销售的重视程度持续提升;另一方面,在报行合一、上市险企产品结构优化、缴费期限拉长等贡献下,银保渠道新业务价值率将继续提升,将共同推动银保渠道新业务价值快速增长。

  尽管银保渠道等多元化渠道被业内认为将成为一季度上市险企NBV增长的重要贡献者,但由于个险渠道新单承压,并且上市险企的新业务价值在去年全年经历了较高增长,叠加上市险企在2024年年报中再次下调了精算假设,因此业内预计今年一季度上市险企的新业务价值将回归更平稳的增速。

  方正证券预计,一季报A股上市险企NBV平均同比增速约为17.2%;华创证券则表示,均衡量价增长,考虑预定利率下调、代理人报行合一及结构优化,上市险企整体一季度NBV增速或在10%左右。而去年一季度,A股上市险企NBV的同比增长率普遍在20%~80%的区间内。

  投资表现取决于配置结构

  和相对稳定的负债端相比,投资端的波动近年来已成为影响上市险企净利润走势的最重要因素之一,这在新会计准则之下更为明显。

  人保财险就将投资收益增幅较大列为一季度净利润大幅预增的主要推动力之一。孙婷分析称,第一季度沪深300、上证综指分别累计下跌1.2%及0.5%,虽略弱于2024年同期的分别上升3.1%及2.2%,但以成长风格为主的结构性行情或有助于提升公司基金持仓收益。同时,恒生指数上涨15.3%,远好于2024年同期的下跌3.0%,预计也利好公司相关投资回报。

  针对A股上市险企一季度的整体投资业绩,业内分析师则认为与资产配置结构有关。

  在权益投资方面,方正证券分析称,一季度权益市场表现不及上年同期,可能使得险企单季度投资收益预计同比承压。但得益于港股上涨显著,预计港股持仓占比更高的公司,投资收益将优于同业。华创证券亦认为,一季度权益市场成交活跃,人工智能、人形机器人等板块受资金热捧,整体呈现以科技为主的结构性行情,险资哑铃型结构配置或有望把握结构性行情,同时险资港股举牌等信号亦有望分享港股红利收益。

  在债券投资方面,一季度长端利率波动上行,十年期国债到期收益率季度末为1.81%,较2024年底上行14个基点。国泰海通证券非银团队认为,长端利率阶段性改善,预计利好保险公司长期资产配置而短期公允价值变动对利润贡献有所降低。

  从上市险企的金融资产分类来看,部分用以交易而非长期持有的债券会被分类为以公允价值计量且其变动计入当期损益的金融资产(FVTPL),该分类在长端利率下行、险企重视债券波段机会的背景下更为突出。一季度,长期利率反弹背景下,债券价格下跌,则这部分交易盘债券浮亏或带来短期业绩压力。根据华创证券数据,2024年末,A股上市险企债券投资中FVTPL占比在14%~20%。占比不同,则债市下跌对于险企投资收益及净利润的影响程度也会不同。但长期来看,利率波动上行或带来债券配置盘机会,也将缓解利差损风险。

  对于上市险企投资端的展望,分析师普遍认为,受益于我国经济向好趋势,以及增量资金入市等政策推动,预计保险公司投资端也将迎来改善。

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