A股市(shi)場(chang)首份上市(shi)險企半(ban)年(nian)(nian)報出(chu)爐。日前(qian)，中國人(ren)保(bao)率先披露，2021年(nian)(nian)上半(ban)年(nian)(nian)公司實現歸母凈利潤(run)168.84億元，同(tong)比增長34%；基本每股收(shou)益0.38元，同(tong)比增長34%。

　　公告(gao)顯示，中國人保業績(ji)增(zeng)長主要(yao)源(yuan)于兩大因素(su)：一是投資收益同(tong)(tong)(tong)比(bi)增(zeng)加，二是費(fei)用支(zhi)出同(tong)(tong)(tong)比(bi)下降。具體來看，財險業務發(fa)展穩(wen)定，行業龍(long)頭地位穩(wen)固，整體成本結構延續優(you)化態勢；同(tong)(tong)(tong)時，積極把握第(di)三方資管機會擴大規模，總投資收益有(you)所提升。

　　中國人(ren)保(bao)旗下(xia)人(ren)保(bao)財險(xian)(xian)業務上半年穩定發展，實現總(zong)保(bao)費收入2526.26億元(yuan)，同(tong)比(bi)增長(chang)2.6%，市(shi)場(chang)占有(you)率(lv)達(da)到34.3%，繼(ji)續(xu)保(bao)持財險(xian)(xian)行業龍頭地位(wei)；同(tong)時，通過優化成本管(guan)控，人(ren)保(bao)財險(xian)(xian)截至今年6月(yue)末(mo)的綜合(he)成本率(lv)同(tong)比(bi)下(xia)降(jiang)0.1個百(bai)分點至97.2%。

　　從業務結構來看，上半年(nian)，人保(bao)財險(xian)(xian)調結構成(cheng)效(xiao)顯著。受車(che)險(xian)(xian)綜合改革的持續影響，公(gong)司(si)上半年(nian)車(che)險(xian)(xian)保(bao)費(fei)(fei)收入1208億(yi)元，同(tong)比(bi)減少7.8%，車(che)險(xian)(xian)增(zeng)長跑輸主要競爭同(tong)業。同(tong)時，業務重心轉移到(dao)非(fei)車(che)險(xian)(xian)業務上，公(gong)司(si)上半年(nian)非(fei)車(che)險(xian)(xian)保(bao)費(fei)(fei)收入1311億(yi)元，同(tong)比(bi)增(zeng)長14.4%。這也(ye)是(shi)公(gong)司(si)非(fei)車(che)險(xian)(xian)保(bao)費(fei)(fei)規模首次超(chao)過車(che)險(xian)(xian)，非(fei)車(che)險(xian)(xian)業務占比(bi)大幅提升5.2個百分(fen)點至52%。

　　華創(chuang)證券分析認為，人(ren)保(bao)財(cai)險(xian)(xian)(xian)(xian)(xian)上半年(nian)非車險(xian)(xian)(xian)(xian)(xian)業(ye)務大幅(fu)增(zeng)(zeng)(zeng)長，主要歸(gui)功于意健險(xian)(xian)(xian)(xian)(xian)。上半年(nian)，公(gong)司加(jia)大惠(hui)民保(bao)業(ye)務拓展力度以(yi)及大力發展效益型個人(ren)業(ye)務，推(tui)動(dong)意健險(xian)(xian)(xian)(xian)(xian)保(bao)費(fei)(fei)同(tong)比(bi)增(zeng)(zeng)(zeng)長20.8%。同(tong)時，農險(xian)(xian)(xian)(xian)(xian)和責(ze)任險(xian)(xian)(xian)(xian)(xian)亦實現高(gao)速增(zeng)(zeng)(zeng)長，上半年(nian)保(bao)費(fei)(fei)分別同(tong)比(bi)增(zeng)(zeng)(zeng)長15.1%、18.5%，拉動(dong)非車險(xian)(xian)(xian)(xian)(xian)業(ye)務占(zhan)比(bi)提升(sheng)。此外(wai)，公(gong)司持續加(jia)強(qiang)風險(xian)(xian)(xian)(xian)(xian)管(guan)控，信(xin)(xin)用保(bao)證保(bao)險(xian)(xian)(xian)(xian)(xian)整體(ti)保(bao)費(fei)(fei)規(gui)模同(tong)比(bi)下降73%，其中融(rong)(rong)資(zi)信(xin)(xin)保(bao)業(ye)務規(gui)模同(tong)比(bi)大幅(fu)下降，非融(rong)(rong)資(zi)信(xin)(xin)保(bao)業(ye)務同(tong)比(bi)大幅(fu)增(zeng)(zeng)(zeng)長。

　　綜合調(diao)整之(zhi)下，人保(bao)(bao)(bao)財(cai)(cai)(cai)險承(cheng)保(bao)(bao)(bao)利(li)(li)潤出現微升，上(shang)半年(nian)，實(shi)現承(cheng)保(bao)(bao)(bao)利(li)(li)潤54.21億(yi)元(yuan)，同比增(zeng)長2.4%。對于人保(bao)(bao)(bao)財(cai)(cai)(cai)險下半年(nian)業績(ji)展(zhan)望，主流投行分析(xi)認為，隨(sui)著相關(guan)系(xi)數和(he)車(che)(che)均(jun)保(bao)(bao)(bao)費(fei)基數的變化，預計人保(bao)(bao)(bao)財(cai)(cai)(cai)險下半年(nian)的車(che)(che)險保(bao)(bao)(bao)費(fei)和(he)綜合成本率或略有修復(fu)，此(ci)外，受自然災害頻發影(ying)響，預計農險賠付支出和(he)承(cheng)保(bao)(bao)(bao)盈利(li)(li)水平(ping)或將明顯承(cheng)壓。

　　除(chu)負債端主要業(ye)(ye)務(wu)結(jie)構(gou)優(you)化(hua)外，投資(zi)(zi)業(ye)(ye)績亦表現(xian)不俗(su)。上半(ban)年(nian)(nian)，中國(guo)人保年(nian)(nian)化(hua)總投資(zi)(zi)收益率達到(dao)6.7%，同比提升1.2個百分點。截至今年(nian)(nian)6月末，中國(guo)人保保險(xian)資(zi)(zi)金投資(zi)(zi)資(zi)(zi)產約為1.11萬(wan)億(yi)元，第(di)三方資(zi)(zi)產管理規(gui)(gui)模(mo)達到(dao)5250億(yi)元，較(jiao)年(nian)(nian)初增長13.0%。其中，公司在年(nian)(nian)金與養(yang)老(lao)金業(ye)(ye)務(wu)方面積(ji)極把握發展機遇(yu)，管理資(zi)(zi)產規(gui)(gui)模(mo)較(jiao)年(nian)(nian)初增長29.1%。

　　上半年(nian)(nian)，中國(guo)人(ren)保(bao)持有的以市值計(ji)量的各類基(ji)金及股(gu)票投資明顯提升，對(dui)應市值從年(nian)(nian)初的1559億(yi)元提升至1805億(yi)元，增加200多(duo)億(yi)元，權益類投資占(zhan)比從年(nian)(nian)初的14.3%提升至16.3%。