【方正金融】保险2024年报业绩综述：DPS稳健增长，资产负债双线突破

方正证券研究2025-03-31

本文来自方正证券研究所于2025年3月30日发布的报告《保险2024年报业绩综述：DPS稳健增长，资产负债双线突破》，欲了解具体内容，请阅读报告原文。许旖珊 S1220523100003林宇轩 S1220524110001贾舒雅 (联系人)核心观点业绩概览：DPS稳健增长，资产负债双线突破2024年上市险企净利润增速好于预期，DPS维持稳健。新华保险（+201.1%）＞中国人寿（+108.9%）＞...

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(联系人)核心观点业绩概览：DPS稳健增长，资产负债双线突破2024年上市险企净利润增速好于预期，DPS维持稳健。新华保险（+201.1%）＞中国人寿（+108.9%）＞中国人保（+88.2%）＞中国太保（+64.9%）＞中国平安（+47.8%，OPAT+9.1%）＞中国财险（+30.9%）；DPS增速稳健：新华保险（+197.6%）＞中国人寿（+51.2%）＞中国人保（+15.4%）＞中国财险（+10.4%）＞中国太保（+5.9%）＞中国平安（+5.0%）。寿险：价值同比快速增长，银保渠道贡献提升NBV同比快速增长，25年增长有望延续。人保(+127%)＞新华（+106.8%，24同比23假设）＞太保(+57.7%) ＞平安(+28.8%)＞人寿(+24.3%)＞友邦(+18%，固定汇率)，得益于预定利率下调刺激居民挪储需求,保险产品竞争力提升，预计25年全年NBV增速有望延续。资产端：股基占比与OCI配置力度提升，投资收益明显改善①净投资收益率在利率下行周期仍有压力。A股5家上市险企平均净投资收益率平均3.63%/yoy-0.33pct。②总投资收益率边际改善： A股5家上市险企平均总投资收益率为5.63%，同比+3.06pct，预计主因3Q24权益市场出现阶段性机会，公允价值变动损益较去年同期大幅提升。24年上市公司加大OCI账户配置、股基占比提升，随市场回暖利润向上弹性充足。投资建议：资产端预期改善，估值与持仓仍在历史较低分位，继续推荐保险板块截至25/3/28，4大A股寿险24年平均静态PEV仅0.62倍，处于历史较低分位，下行风险小。强烈推荐：1）寿险：资产弹性大、负债端有望超预期的新华保险；经营稳健且业绩有望持续改善的中国平安；业绩稳健增长、经营质态改善的中国太保；业绩弹性充足的行业龙头中国人寿；2）财险：强烈推荐业务结构持续优化、利润有望改善的中国财险、中国人保；业绩高弹性低估值的众安在线。风险提示：有效人力复苏缓慢；寿财保单销售不及预期；长端利率大幅波动；权益市场波动；信用风险暴露。关联关系披露：2022年12月21日，方正证券发布《关于获准变更主要股东及实际控制人的公告》，根据上述公告，中国平安成为方正证券的实际控制人。根据《上海证券交易所上市规则》《上海证券交易所上市公司关联交易实施指引》规定，中国平安和平安银行是方正证券的关联方。正文如下以上为报告部分内容，完整报告请查看《保险2024年报业绩综述：DPS稳健增长，资产负债双线突破》。方正金融团队许旖珊方正证券研究所所长助理、金融首席分析师许旖珊：清华大学金融硕士、中央财经大学本科，全市场最年轻新财富上榜分析师之一，入行第4年新财富第五名，专注非银金融和资管行业研究。曾任上海申银万国证券研究所非银首席、总监。2022年新财富最佳分析师第五名、2022年水晶球最佳分析师第五名。林宇轩：覆盖保险。贾舒雅：覆盖保险、银行。上海财经大学保险硕士、上海对外经贸大学本科，3年保险研究及实习经验，曾任职于保险资管风险管理岗；对保险产品、渠道有深刻见解。张轩铭：覆盖金融科技、券商。中国人民大学经济学硕士、南开大学本科，2年券商研究及实习经验。","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 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