国金非银舒思勤|保险行业2025年三季报总结:利润高弹性,寿险NBV高增,财险COR改善

国金证券研究所
Nov 05, 2025

摘要投资端大幅提升,2025Q3单季五家A股上市险企合计实现归母净利润2478亿元,同比+68%。2025年前三季度,五家A股上市险企合计实现归母净利润4260亿,同比+33.5%。Q3单季国寿、新华分别同比+91.5%、+88.2%领先同业,预计一是其FVPL股票+基金规模大且占比高,对权益市场弹性更强,二是权益配置风格均衡,对成长风格节奏把握较为精准,此外,利率上行国寿亏损合同转回减少当期费用...

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