【东吴非银 | 保险行业2025年三季报回顾】投资向好助推净利润超高增长,NBV增速继续提升

孙婷非银金融研究
Oct 31, 2025

投资要点1、前三季度上市险企归母净利润合计同比+33.5%,Q3单季同比+68.3%1)归母净利润:受投资收益提升带动,在高基数基础上继续超高增长。①前三季度各险企均实现两位数增长,其中国寿、新华增速最快,分别同比+60.5%、+58.9%,预计主要由于股票FVTPL占比较高。而平安增速最低,同比+11.5%。②Q3单季普遍高增长,国寿、新华同样领先同业,分别同比+91.5%、+88.2%。2)...

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