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中国财险机动车辆险与非机动车辆险承保利润

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所属报告：

中国财险-港股公司研究报告-深度报告：财产险行业龙头资金运用风格稳健-231226（30页）.pdf

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保费收入逐渐多元化，2023H1 非车险承保利润首次占比超过车险。2022 年以前，车险始终构成公司保费收入最大部分，直至 2022 年，机动车辆险保费收入占比达55.6%。但随着公司探索多元化业务模式，增加保费收入渠道，公司非车险保费收入占比逐渐提升。从 2020 年以来，公司机动车辆险保费收入占比逐渐下滑，截至今年上半年，机动车辆险保费收入占比已从 2020 年的 61.3%下滑至 45.8%，下降幅度达15.5pct，即使是对比去年同期仍下降 0.7pct，非车险保费收入占比的提升可有效提升公司抗风险能力，避免因汽车市场波动给公司机动车辆险保费收入带来较大影响的风险。一般来说，上半年非车险保费收入都会高于车险，其原因主要为非车险业务具有较强季节性因素，如非车险中占比较高的农险业务，其业务保费主要来源为国家招标项目，而项目多发生在上半年，因此上半年非车险保费收入占比普遍较高，后续会逐渐下滑。截至 2023 年 11 月，车险占比已回升至 53.8%，但仍为达到去年年底水平，非车险占比 46.2%。从承保利润来看，2019 年至 2022 年机动车辆险始终为公司优质坚挺的利润来源，而同期非车险承保利润始终为负值。因为非车险具有较强季节周期性，上半年非车险承保利润一般表现好于全年，2023 年上半年公司非车险承保利润为 4879 亿元，占比达到 51.5%，也是首次占比超过车险业务承保利润。承保利润的多元化有利于增加公司经营的稳健性，面对市场更多的不确定时，有更多的空间保障公司健康发展。

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