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2022-2025H中国太平CSM(百万港元)
2022-2025H中国太平CSM(百万港元)
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所属报告:
中国太平(0966.HK)-港股公司首次覆盖报告:分红险领航价值与弹性兼备-260310(25页).pdf
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2025年上市险企的CSM变动贡献度拆解(百万元)
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行业数据
2026-04-02
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2025H上市险企CSM较年初增速
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行业数据
2026-03-11
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2024年起经验差异正向贡献CSM(百万港元)
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行业数据
2025-12-19
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图表232025H1中国太平与上市同业CSM/净资产对
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行业数据
2025-11-12
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阳光保险CSM摊销(亿元)及摊销比率
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行业数据
2025-09-24
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阳光保险CSM(亿元)及同比
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行业数据
2025-09-24
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2024年上市险企CSM同比增速
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行业数据
2025-09-24
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太平人寿2019-2024年CSM复合增速达到+6.7%优于同业
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行业数据
2025-06-24
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分红险转型成为公司平抑净利润与净资产波动的核心抓手:一方面,公司提升分红险占比后,VFA模型下的投资收益与成本均可纳入合同服务边际(CSM)吸收,并随保险服务业绩逐年平稳释放,有效降低净利润波动;另一方面,分红险采用 VFA 计量方式,资产端投资收益来自基础项目公允价值变动,折现率变动带来的保险负债变动直接由 CSM吸收且不计入承保财务损益,投资服务业绩影响相互抵消,公允价值及折现率变动均在 CSM中体现,实现净资产波动的有效压降。从数据看,公司 CSM余额保持稳健,2025H1 太平人寿 CSM 余额较年初增速居同业前列,我们判断其增长部分由分红险销售驱动,因VFA计量的分红险可对冲相关变动,显著降低利率波动对公司的扰动。
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中国太平(0966.HK)-港股公司首次覆盖报告:分红险领航价值与弹性兼备-260310(25页).pdf
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中国太平核心指标预测
太平资管业务经营关键数据(单位:百万港元)
太平再保险业务结构(单位:百万港元)
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