中国保险：阳光保险FY25：强劲的NBV动力；一次性税收收益提升净利润
Sunshine InsuranceFY25:StrongNBVmomentum;One-off tax gainliftednet profit Sunshine Insurance Group (6963 HK, NR)reportedFY25 results,with net profitrising16%YoY to RMB6.31bn, translating into an upliftof 27% YoY in 2H25.The increase wasmainlydue to aone-offdeferred income taxadjustment (-79.1% YoY),uponthe transitionto IFRS9&17. Pre-tax profitslid12% YoY to RMB7.1bn, with the2H25figuredown 16% YoY,asboth insuranceserviceand investment resultslaggedin contributions. Net asset valuewasRMB58.2bnin FY25, down6.3% YoY butup4.2% HoH. ROE was up1.6pct YoY to 10.5%.The dividendwas broadlystable atRMB0.19per share,implyingapayoutof 34.7%.NBVsurged 48.2% YoY to RMB7.6bn, sustaining strong momentum to 2H25 (+49% YoY) drivenbybancassurance (+65%YoY).CSMreleaseand balance stayedrobust, implying healthyfuture profit unlocking. Of which,CSM releasegrew 16.1% YoY to RMB4.7bnwhileCSMbalancerose13.3% YoY to RMB 57.6bn.Group/Life EVedged up4.3%/2.9% YoY, yetsequentiallyeaseddue toanegative investment experience varianceof RMB11.5bn (vs.RMB19.4bngainin FY24).P&Cposted a UW loss of RMB1.03bn as the CoR deterioratedby 2.4pct to 102.1%. This was dragged by the insurer’sproactivemanagement to increase China/HKInsurance Sector Nika MA(852) 3900 0805nikama@cmbi.com.hk Recent reports: 1. China Insurance-Dec Life and P&Cpremiumsmarginally improved,Feb 4,2026 (link) 2. China Insurance-Easing solvency riskfactors to steer insurance funds into long-term stockholdings, Dec 8, 2025 (link) 3.中国保险-股票投资风险因子拟再优化，险资长钱加速入市可期,May 8, 2025(link) Net profitliftedbyaone-off tax gain.Group net profitrose 15.7% YoY to RMB6.31bnin FY25(2H25: +26.5% YoY to RMB2.92bn), primarily bolstered by a one-off deferredincome tax benefit upon the transition to new accounting standards. Income tax expensedipped toRMB536mn, down 79.1% from RMB2.57bn in FY24.Insurance service resultsslid19.3% YoY to RMB4.3bn,dragged byP&C where itsinsuranceserviceexpense 4.ChinaInsurance:Raised cap forinsurer’sequity asset allocation couldunleash max. RMB 1.7tn to stock market,Apr 9,2025 (link) 5.ChinaInsurance-4Q24 insurancefunds:industry financial rate of returnextended rally in a five-quarter streak,Feb 25, 2025 (link) growth(+3.1%)outpaced insurance revenue (+0.2%).Net investment results fell 12.9%YoY to RMB7.5bn(Table),driven by a 33% decline in the Lifesegment. In FY25, Lifesegment’s net insurance finance income/expense (+54%) outgrew its interest and netinvestmentincome (+15%),whichcouldbe due to themirroring effect of the increasing 6. China Insurance-11/12M Monthly: Lifesales diverged during the jumpstart; P&Csoftened by non-auto slowdown, 21 Jan, NAVdeclined on FVOCI debtfairvalue losses.Net asset value(NAV)slid6.3% fromthe start of the yearto RMB58.2bn, due tofair value losses on FVOCI debt instrumentsamid a rising interest rate environment.The China’s 10-yeargovernment bond yield(CNGB10YR) rose 19bps to 1.87% by end-FY25, with2H25 yield edging up by21bps.This led to a fair value loss of RMB12.1bn on OCI debt securities (vs. a RMB16.2bngain in FY24), weighing on NAV. Insurance finance expenses from both insurance andreinsurance contracts reached RMB1.9bn in FY25, a sharp decline from RMB26.8bn in 7. China Insurance-10M24 Monthly: Lifepremiumretreated as expected,P&Cgrew with auto sales momentum, Nov 19, 2024 (link) 8. China Insurance-9M24 Monthly: Lifegrowth normalized with highlights; P&Cexpected to seebetter UW profit, Oct 21, 9. China Insurance-8M24 Monthly: Lifejumpedon top of low base;P&C topplayersrebounded in growth,Sep 23,2024 (link) Life:NBV momentumsustained in 2H; CSMreleaseremained robust.NBV surged48.2% YoY to RMB7.64bn, with momentum sustainedto 2H25 (+49.3%YoY).Bychannel, bancassurance led the growth (+65% YoY) in NBV, followed by group andothers (+53%) and agency (+20%). Channel mix for bancassurance/agency/group andothers was62%/27%/11%respectively.Total FYP jumped 47.3% YoYtoRMB45.1bn,withbancassurance contributing 76% in mix.NBV marginwas broadly flat at 16.9%.CSM release, thekeydriver of Life insurance revenue,grew 16.1% YoY toRMB4.7bn,marking a secondconsecutiveyear of double-digitgrowth.CSM balanceclimbed 13.3%YoY toRMB57.6bn,withtherelease ratesteadiedat7.6%.GroupandLife EVsaw 10. China Insurance-7M24 Monthly: Lifemomentum kept strong; P&C edged up byauto & non-auto rebounds, Aug 20, 2024(link) 11. China Insurance-Insurance funds:Life/P&C diverged in allocation; financialyields marginally recovered in 2Q, Aug14, 2024 (link) 12. China Insurance-6M24 monthly: Lifeprints better-than-expected onhigh base;P&C dragged by auto sales, Jul 23, 2024(link) P&C:CoR deteriorationby guarantee insurance loss; Core UW profit still healthy. InFY25,CoRworsenedby 2.4pct YoY to102.1%,with claims ratio up 3.3pctto 71.7%,partially offset by a 0.9pct improvement in the expense ratio to 30.4%. Guaranteeinsurance was the main culprit, recording a UW loss of RMB1.5bn with a CoR of 129%.Excluding guarantee insurance,P&CCoR wouldimprove 1pct YoY to 98.