整体业绩分化明显：债市波动加大，投资分化导致净利润波动加大。主要上市险企中国人寿/中国平安/中国太保/中国人保/新华保险1Q25 归母净利润分别同比+39.5%/-26.4%/-18.1%/+43.4%/+19.0%，分化较为明显，其中国寿、人保和新华一季度净利润同比高增，太保和平安则阶段性承压。上市险企净利润的分化主要来自于新会计准则带来的波动以及资产匹配方面策略不同导致的阶段性差异。IFRS9...
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