除国寿外，上市同业均全面切换新准则 Except for China Life, all listed peers have fully switched to the new standards.
国寿通过监管报备，将于2026年1月1日正式实施新准则，再此之前，A股年报基于旧准则披露，H股年报采用新准则。
China Life will officially implement the new regulations on January 1, 2026, after regulatory reporting. Before that, A-share annual reports will be disclosed based on the old regulations, and H-share annual reports will adopt the new regulations.
China Life will officially implement the new regulations on January 1, 2026, after regulatory reporting. Before that, A-share annual reports will be disclosed based on the old regulations, and H-share annual reports will adopt the new regulations.
> 除太平外，其余同业对新准则的关注度不高 > Except for Ping An, other peers have low attention to the new regulations.
太平在业绩发布会上阐述了新准则对公司发展战略的影响，其余同业均未对新准则发表任何观点。
Ping An elaborated on the impact of the new regulations on the company's development strategy at the performance release conference, while other peers did not express any opinions on the new regulations.
Ping An elaborated on the impact of the new regulations on the company's development strategy at the performance release conference, while other peers did not express any opinions on the new regulations.
> 部分同业新准则下仍关注营运利润 Under the new guidelines, some peers still focus on operating profit
新准则浄利润的主要波动项是投资收益，营运利润体系下投资收益稳定，营运利润平稳。平安、友邦和太保关注营运利润。
The main fluctuation item of net profit under the new guidelines is investment income. Under the operating profit system, investment income is stable, and operating profit is steady. Ping An, AIA, and PICC focus on operating profit.
The main fluctuation item of net profit under the new guidelines is investment income. Under the operating profit system, investment income is stable, and operating profit is steady. Ping An, AIA, and PICC focus on operating profit.
年报披露 Annual report disclosure
净利润普遍下滑，主要构成是承保利润，下滑受投资利润同比下降影响
Net profit generally declined, mainly due to the decline in underwriting profit, with the decline affected by the year-on-year decrease in investment profit.
主要受金融工具准则切换以及国内资本市场波动的影响，上市同业整体利润下降约两成。Mainly affected by the switch of financial instrument standards and the volatility of the domestic capital market, the overall profit of listed peers decreased by about 20%.
> 个别公司的承保利润呈现个性化表现 > Individual companies' underwriting profits show personalized performance.
人保、阳光的亏损合同和营运经验金额较大，不适用技术层面 “承保利润主要来自合同服务边际释放" 的结论。
Loss contracts and operating experience of PICC and Sunshine have a large amount, not suitable for the conclusion "underwriting profit mainly comes from contract service margin release" at the technical level.
Loss contracts and operating experience of PICC and Sunshine have a large amount, not suitable for the conclusion "underwriting profit mainly comes from contract service margin release" at the technical level.
除国寿、阳光外，其余上市同业均基本按照准则要求披露附表。亏损合同、营运经验等数据可通过加工附表获取。
Except for China Life and Sunshine, other listed peers basically disclose the appendix as required by the guidelines. Loss contracts, operating experience, and other data can be obtained by processing the appendix.
品质与经验 Quality and experience
Except for China Life and Sunshine, other listed peers basically disclose the appendix as required by the guidelines. Loss contracts, operating experience, and other data can be obtained by processing the appendix.
品质与经验 Quality and experience
保险服务收入：个别头部公司变动幅度较大，趋势平稳的结论是否仍成立
Insurance service revenue: Is the conclusion that individual top companies have large changes in trend still valid
结论依然成立。新准则收入随保险服务确认，在业务结构没有显著变化的情况下，保险服务稳定。国寿收入上升主要来自CSMSIACF㧐销比例的增加。据了解，国寿对CSM与IACF摊销比例进行技术处理，摊销速度加快；新华收入下降主要来自CSM摊销比例的下降。据了解，新华业务结构变化显著，健康险业务的CSM摊销金额同比下降。
The conclusion still holds. Under the condition that the revenue under the new rules is confirmed with insurance services and there is no significant change in business structure, insurance services remain stable. The increase in revenue of China Life mainly comes from the increase in the proportion of CSMSIACF㧐 sales. It is understood that China Life has made technical adjustments to the amortization ratio of CSM and IACF, accelerating the amortization speed; the decrease in revenue of New China mainly comes from the decrease in the amortization ratio of CSM. It is understood that there have been significant changes in the business structure of New China, and the amortization amount of CSM in health insurance business has decreased year-on-year.
The conclusion still holds. Under the condition that the revenue under the new rules is confirmed with insurance services and there is no significant change in business structure, insurance services remain stable. The increase in revenue of China Life mainly comes from the increase in the proportion of CSMSIACF㧐 sales. It is understood that China Life has made technical adjustments to the amortization ratio of CSM and IACF, accelerating the amortization speed; the decrease in revenue of New China mainly comes from the decrease in the amortization ratio of CSM. It is understood that there have been significant changes in the business structure of New China, and the amortization amount of CSM in health insurance business has decreased year-on-year.
净利润：除友邦外，其余同业普遍下降，主要来自投资收益下滑，符合预期
Net profit: except for the Bank of England, the net profits of other peers have generally decreased, mainly due to the decline in investment income, in line with expectations
受金融工具准则切换以及国内资本市场波动的影响，同业净利润普遍下降。
Due to the switch of financial instrument standards and the volatility of the domestic capital market, the net profits of peers have generally decreased.
2022年大部分同业的资产端以旧准则计量注，权益市场对财务投资收益影响小，投资收益较高；2023年财务投资收益以新准则计量，权益市场暴露增加，加之当年权益不利变动，对投资利润同比带来显著压力。(投资利润数据参见附录1)此外，友邦的投资环境与国内同业存在明显差异，其投资利润的大幅上升为净利润增长提供强劲动能。
In 2022, most peers measure the asset side under the old standards, with little impact of equity market on financial investment income, resulting in higher investment income; in 2023, financial investment income is measured under the new standards, with increased exposure of equity market, coupled with unfavorable equity changes in the same year, bringing significant pressure on investment profits compared with the previous year. (For investment profit data, see Appendix 1). In addition, the investment environment of the Bank of England differs significantly from that of domestic peers, and its substantial increase in investment profits provides strong momentum for net profit growth.
In 2022, most peers measure the asset side under the old standards, with little impact of equity market on financial investment income, resulting in higher investment income; in 2023, financial investment income is measured under the new standards, with increased exposure of equity market, coupled with unfavorable equity changes in the same year, bringing significant pressure on investment profits compared with the previous year. (For investment profit data, see Appendix 1). In addition, the investment environment of the Bank of England differs significantly from that of domestic peers, and its substantial increase in investment profits provides strong momentum for net profit growth.
*注：除太平、平安外，同业均选择2022年投资收益数据不追溯新准则 2022 - 2023
*Note: Except for Taiping and Ping An, all peers choose not to retrospect the 2022 investment income data under the new criteria 2022 - 2023
*Note: Except for Taiping and Ping An, all peers choose not to retrospect the 2022 investment income data under the new criteria 2022 - 2023
\section*{界喵态巫 承保利润：半数公司平稳，国寿、新华的变动主要来自
\section*{Boundary Cat Witch Underwriting Profit: Half of the companies remain stable, with the main changes in China Life and New China Life coming from
\section*{Boundary Cat Witch Underwriting Profit: Half of the companies remain stable, with the main changes in China Life and New China Life coming from
1
一般而言，承保利润主要来自合同服务边际 (CSM) 摊销。
Generally, underwriting profit mainly comes from the amortization of the Contractual Service Margin (CSM).
国寿/新华的承保利润随CSM推销变动而上升/下降;
The underwriting profits of China Life/PICC are on the rise/fall with the changes in CSM sales;
The underwriting profits of China Life/PICC are on the rise/fall with the changes in CSM sales;
太平、平安、太保和友邦CSM摊销稳定，承保利淨随营运经验偏差小幅波动。
The amortization of CSM of Ping An, Tai Ping, PICC and CPIC is stable, and the net underwriting profits fluctuate slightly with operating experience variances.
The amortization of CSM of Ping An, Tai Ping, PICC and CPIC is stable, and the net underwriting profits fluctuate slightly with operating experience variances.
人保、阳光的营运经验偏差及亏损合同占比高，承保利润波动剧烈。
The operating experience variances and high proportion of loss contracts of PICC and Sun Life lead to dramatic fluctuations in underwriting profits.
新业务贡献是合同服务边际增长的主要动能，太平排名中上。
The new business contribution is the main driver of the marginal growth of contract services, ranking high in the Ping An list.
摊销比例方面，国寿、新华有异动，其余同业较为稳定。
In terms of amortization ratio, China Life and New China have seen changes, while the rest of the industry remains stable.
CSM摊销比例很大程度上决定了保险服务收入、承保利润、合同服务边际等新准则关键财务业绩。
The CSM amortization ratio largely determines key financial performance under the new guidelines, including insurance service revenue, underwriting profit, and contract service margins.
The CSM amortization ratio largely determines key financial performance under the new guidelines, including insurance service revenue, underwriting profit, and contract service margins.
新准则披露透明，通过调节摊销比例来调控财务业绩的行为，会随着市场对新准则理解的深入而逐步消失。
The new guidelines for disclosure transparency, which adjust the amortization ratio to regulate financial performance, will gradually disappear as the market deepens its understanding of the new guidelines.
The new guidelines for disclosure transparency, which adjust the amortization ratio to regulate financial performance, will gradually disappear as the market deepens its understanding of the new guidelines.
注：1.合同服务边际余额均为直保合同口径。2.新业务贡献占比=新业务CSM/期初CSM
Note: 1. The marginal balance of contract services is based on direct insurance contract criteria. 2. The proportion of new business contribution = new business CSM / initial CSM
Note: 1. The marginal balance of contract services is based on direct insurance contract criteria. 2. The proportion of new business contribution = new business CSM / initial CSM
CHINA TAIPING
新业务亏损：新华、人保、太保新业务亏损占比较高，受利率下行影响多家公司同比恶化
New business losses: New business losses of Xinhua, PICC, and Taiping new business account for a relatively high proportion, and the impact of declining interest rates has worsened compared to the same period last year
新华
人保
受利率下行影响，2023年同业新业务普遍承压，多数同业新业务亏损占比上涨。 2023 上半年太寿的新业务亏损占比
Due to the impact of the downward interest rate, the new business of the same industry in 2023 is generally under pressure, and the proportion of losses in most new businesses of the same industry is increasing. In the first half of 2023, the proportion of new business losses of Taishou
Due to the impact of the downward interest rate, the new business of the same industry in 2023 is generally under pressure, and the proportion of losses in most new businesses of the same industry is increasing. In the first half of 2023, the proportion of new business losses of Taishou
人保亏损合同占比大幅下降，主要来自业务结构优化。
The proportion of loss-making contracts of PICC has dropped significantly, mainly due to the optimization of business structure.
The proportion of loss-making contracts of PICC has dropped significantly, mainly due to the optimization of business structure.
期交新业务规模显著增加
The scale of new business in the period is significantly increased
The scale of new business in the period is significantly increased
| 2023年度结果 | 太平 | 平安 | 国寿 | 太保 | 新华 | 人保 | 阳光 | 友邦 |
| 新业务CSM | 143.6 | 389.5 | 未披露 | 117.3 | 61.7 | 156.0 | 未披露 | 494.2 |
注：红字部分基于经济假设调整前口径NBV测算，太平、平安、太保、新华均在年报披露中采用2022年经济假设计量2023年NBV以展示同比数据。
Note: The red part is based on the economic assumption adjustment before the calculation of NBV, and Taiping, Ping An, Taibao, and Xinhua all use the 2022 economic assumption quantity to calculate the 2023 NBV in the annual report disclosure to show year-on-year data.
Note: The red part is based on the economic assumption adjustment before the calculation of NBV, and Taiping, Ping An, Taibao, and Xinhua all use the 2022 economic assumption quantity to calculate the 2023 NBV in the annual report disclosure to show year-on-year data.
> 平安、太保的新业务CSM与NBV较为接近，太寿、新华、人保和友邦的新业务CSM显著高于NBV。
> The new business CSM and NBV of Ping An and Taibao are relatively close, while the new business CSM of Taishou, Xinhua, PICC, and AIA are significantly higher than NBV.
就指标新业务CSM/NBV与平安进行同业交流，对经济假设调整前口径NBV与新业务CSM的关系进行研究：Conduct peer exchange with Ping An on the new business CSM/NBV of the new indicator, and study the relationship between the NBV based on economic assumption adjustment and the new business CSM:
太平
调整资本成本差异新业务CSM/NBV差异分析 Analysis of the difference between adjusted capital costs and new business CSM/NBV differences
太平、平安新业务CSM/NBV指标差异主要来自资本成本水平的不同。
The main difference between the CSM/NBV indicators of Taiping and Ping An's new business comes from the different levels of capital costs.
业务结构、价值体系下的主动管理行为等因素也会对新业务 CSMSNBV的大小关系产生影响，不同年份、不同公司之间差异的主导因素亦有不同。
Factors such as business structure, value system, and proactive management behavior will also affect the relationship between the new business CSM and NBV, and the dominant factors of differences between different years and different companies are also different.
Factors such as business structure, value system, and proactive management behavior will also affect the relationship between the new business CSM and NBV, and the dominant factors of differences between different years and different companies are also different.
新业务增速对比：人保新业务增速最快，响多数同业新业务CSM增速低于NBV增速
Comparison of new business growth rates: PICC has the fastest new business growth rate, with the CSM growth rate of most peer companies lower than the NBV growth rate.
单位：亿元 Unit: Billion Yuan
注：针对
Note: Regarding the year-on-year comparison of
Note: Regarding the year-on-year comparison of
人保新业务增速排名第一。一方面，长险新业务规模增长
PICC ranks first in the growth rate of new business. On the one hand, the scale of new business in life insurance has increased by
PICC ranks first in the growth rate of new business. On the one hand, the scale of new business in life insurance has increased by
| 项目 | CSMO | NBV | |||
| 成分 | 资本成本 | 不考虑 | 考虑 | ||
| 所得税 | 不考虑 | 考虑 | |||
| 计量 | 经济假设 | 无风险折现率 |
|
||
| 计量范围 | 长险盈利合同 | 全量合同 | |||
2023年国债即期利率下行，对新业务CSM增速造成不利影响。
The immediate interest rate of national bonds in 2023 fell, which had a negative impact on the growth rate of new business CSM.
NBV采用的投资收益率假设基于公司资产配置与预期收益率制定，不受短期利率波动影响。
The investment return rate assumption used by NBV is based on the company's asset allocation and expected return rate, and is not affected by short-term interest rate fluctuations.
The investment return rate assumption used by NBV is based on the company's asset allocation and expected return rate, and is not affected by short-term interest rate fluctuations.
蝟互而 附录2: 同业三种口径下投资收益率同比 Appendix 2: Year-on-year comparison of investment return rates under three different industry calibers.
注: 平安、太保综合投资收益剔除以公允价值计量且其变动计入其他综合收益的债权类投资的公允价值变动。
Note: The comprehensive investment income of Ping An and Taibao-Zhongheng is net of the fair value changes of debt investments whose changes are included in other comprehensive income.
Note: The comprehensive investment income of Ping An and Taibao-Zhongheng is net of the fair value changes of debt investments whose changes are included in other comprehensive income.
> 行业净投资收益率较为稳定。 The industry's net investment yield is relatively stable.
主要包含利息收入、股息、股红利、租金收入等稳定收益。
Mainly includes stable income such as interest income, dividends, stock dividends, and rental income.
Mainly includes stable income such as interest income, dividends, stock dividends, and rental income.
> 财务投资收益率多数同业同比下降。 The financial investment yield of most peers decreased year-on-year.
受准则切换与资本市场不利波动影响。 Affected by the switch of standards and adverse fluctuations in the capital market.
>太平综合投资收益率同比大幅上升。 The comprehensive investment yield of Taiping increased significantly year-on-year.
受2023年即期利率下行影响，债券的公允价值变动大幅增加综合投资收益。
Due to the decline in spot interest rates in 2023, the fair value change of bonds significantly increased comprehensive investment income.
Due to the decline in spot interest rates in 2023, the fair value change of bonds significantly increased comprehensive investment income.
