金吾财讯 | 中信建投证券研报指出，保险行业迎来负债端、资产端双向改善格局，监管“报行合一”深化落地、分红险利率下调，有效规范行业竞争环境，叠加居民存款搬家、人口老龄化趋势，行业负债端增长动能充足。2026年一季度上市险企NBV增速显著提升，1-4月人身险原保费收入同比增长7.6%，银保、代理人渠道结构持续优化，期交业务占比稳步上行。财险板块同步改善，非车险监管规范化推动费用率优化，头部企业新能源车险实现承保盈利，出险率及赔付率呈现改善趋势。资产端方面，险企权益资产配置比例有所提升，4月以来沪深300指数累计上涨13.70%，显著优于去年同期，有望提振二季度险企盈利水平。目前上市险企PEV估值处于多年低位，估值充分反映市场悲观预期，安全边际充足。同时健康险、养老险政策持续加码，商业保险补充保障属性凸显，叠加行业负债成本优化、资产收益回暖，行业整体迎来业绩与估值修复机遇。
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.