保险行业:投资再超预期 向后负债端股价影响或增强

中金公司
Nov 10, 2025

业绩回顾9M25 中资保险板块净利润、净资产普遍高增上市中资险企均已披露三季报,股市走强支撑险企净利润在高基数上继续同比高增、净资产环比提升。发展趋势新业务价值(NBV)延续高增速,对负债端展望乐观。9M25 中资寿险可比口径下NBV同比增速:人保寿+76.6%>平安+46.2%>国寿+41.8%>太保+31.2%;首年保费口径下平安/太保新业务价值率分别同比+7.6ppt/+1.7ppt至...

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