深度 | 中国平安负债端“量价齐升” 第三季度新业务价值同比增长110%

财中社10-22

10月21日，中国平安（601318）披露2024年三季报：1-9月，中国平安寿险及健康险业务实现新业务价值351.60亿元，同比大幅增长34.1%；实现归属于母公司股东的营运利润1138.18亿元，同比增长5.5%；实现归属于母公司股东的净利润1191.82亿元，同比增长36.1%。　　负债端实现“量价齐升”，推动营运利润恢复正增长，寿险一轮新的上升周期已经开启。叠加牛市环境下，投资端也在...

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165%-185%；新华保险预计2024年前三季度实现归母净利润为186.07亿元至205.15亿元，同比增长95%至115%。表面上看，中国平安的业绩似乎要逊色于同行，归母净利润增速的差别主要是两个原因：其一，中国平安的规模更大，要实现更高的增长本身就更难；其二，中国平安的投资配置策略相对保守，在当前股票市场牛市的环境下，业绩弹性要弱于中国人寿和新华保险。　　截至6月30日，中国平安股票和权益型基金的资产配置占比为8.5%，要低于中国人寿股票和基金（不包含货币市场基金）的配置比例11.74%，更明显低于新华保险的18.1%。　　中国平安资产端的配置只是没有同行那么激进，但在前三季度依然实现了较好的投资收益率。2024 年前三季度，面对复杂多变的市场环境，平安保险资金投资组合实现年化综合投资收益率5%，同比上升1.3个百分点，环比上半年提升0.8个百分点。　　负债端“量价提升”，新业务价值恢复高增长　　过去几年，代理人规模的下降一直是制约中国平安寿险业务增长的主要原因，目前来看，代理人规模的调整已经完成。截至9月末，中国平安个人寿险销售代理人数量 36.2 万人，比6月末提升2.2万人，比2023年末提升1.5万人。　　从效率来看，前三季度按标准保费计算的新业务价值率为31.0%，同比上升5.7个百分点。队伍产能大幅提升，前三季度代理人人均新业务价值同比增长54.7%。　　基于负债端量价提升，中国平安前三季度实现新业务价值351.60亿元，同比大幅增长34.1%。就第三季度而言，新业务价值同比更是大幅增长110%。在寿险新业务价值大幅增长和财险业务稳健增长的推动下，中国平安营运利润扭转了上半年负增长的局面，前三季度实现归母营运利润1138.18亿元，同比增长5.5%。其中，前三季度平安产险实现营运利润139.87亿元，同比增长39.7%。　　与净利润相比，营运利润更能体现险企的经营能力，因为净利润受短期投资端的影响非常大。由于中国平安的分红是锚定营运利润，营运利润的恢复性增长意味着在分红率不变的情况下，2024年的分红也会有同样的增长。外资也更看重险企的新业务价值和营运利润增长以及分红的稳定性，从AH价差看，中国平安为20%左右，而中国太保约为30%，新华保险为50%，中国人寿的AH价差最大约为65%，可见外资长期对中国平安业绩质量的认可度要更高一些。（文章来源：财中社）","kind":"news","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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