中国太保：一季度净利润下滑，银保渠道保费规模增长108%

Core Insights - China Pacific Insurance (601601.SH) reported a 1.8% year-on-year decline in operating revenue for Q1 2025, totaling 93.717 billion yuan, and a net profit decrease of 18.1%, amounting to 9.627 billion yuan [1] - The insurance service revenue reached 69.550 billion yuan, reflecting a 3.9% year-on-year growth, with life insurance service revenue at 20.980 billion yuan (up 0.6%) and property insurance service revenue at 47.741 billion yuan (up 4.8%) [1] Life Insurance Segment - In Q1 2025, the life insurance segment achieved a premium income of 118.422 billion yuan, marking an 11.8% increase year-on-year [2] - New business value for life insurance was reported at 5.778 billion yuan, up 11.3% year-on-year, with a comparable growth of 39.0% [1] - The proportion of new premium income from participating insurance products increased to 18.2%, a rise of 16.1 percentage points year-on-year, indicating a shift in product focus due to lower interest rates [1] Agency and Distribution Channels - The total number of insurance agents stabilized at 188,000, reflecting a 1.1% year-on-year growth, with a monthly average first-year premium per core agent at 83,000 yuan [2] - The new business scale through agency channels decreased by 15.2% year-on-year, while the bancassurance channel saw significant growth, achieving a premium income of 25.722 billion yuan, up 107.8% year-on-year [2] - New premium income from the bancassurance channel reached 20.114 billion yuan, a substantial increase of 130.7% year-on-year [2] Property Insurance Segment - The property insurance segment reported original premium income of 63.108 billion yuan, reflecting a 1.0% year-on-year growth, with motor insurance premiums at 26.833 billion yuan (up 1.3%) and non-motor insurance premiums at 36.275 billion yuan (up 0.7%) [2] - The insurance service revenue for property insurance was 47.741 billion yuan, representing a 4.8% year-on-year increase, with a combined underwriting cost ratio of 97.4%, down 0.6 percentage points year-on-year [2]