> 数据图表如何才能中国财险新准则下利源拆分2025-5-3中国财险新准则下利源拆分◼ 新准则下同期基数较高是拖累ROE的核心因素• 根据我们搭建的新准则财险ROE框架（平均承保杠杆*承保利润率+总投资收益率*平均投资杠杆+其他收益）*（1-实际税率），1Q25中国财险ROE为4.3%，可比口径同比上升1.8个pct.。中国财险新准则ROE驱动因素分析（境内会计准则）ROE驱动分析（单位：百万元）保险服务收入综合成本率平均承保杠杆承保利润投资资产投资收益率（非年化）平均投资杠杆总投资收益其他收益利润总额所得税实际税率净利润权益上年末权益ROE业绩贡献承保业绩税前贡献投资业绩税前贡献1Q231H239M232023A1Q241H249M242024A1Q25107,520224,368346,038457,203113,843235,841364,306485,223120,74195.7%96.4%97.9%97.6%97.9%96.8%98.2%98.5%94.5%0.48 4,6221.01 8,1051.56 7,3792.04 11,0730.48 2,3510.99 7,6201.51 6,4431.99 7,0850.46 6,653574,089596,845596,662601,297603,712641,835652,502675,900698,8961.3%2.5%2.7%3.5%0.8%2.2%4.4%5.4%1.1%2.6 7,446-45911,609-2,1012.6 14,720-43822,387-3,1542.6 15,751-1,06622,064-2,6782.6 20,498-2,65128,919-3,6902.6 4,899-4256,826-9552.6 13,807-1,15820,270-2,8132.6 27,290-1,80631,926-5,1762.6 34,629-2,32739,388-6,1972.6 7,604-72613,532-2,220-18.1%-14.1%-12.1%-12.8%-14.0%-13.9%-16.2%-15.7%-16.4%9,508227,116217,2604.3%1Q2339.8%64.1%19,233227,659217,2608.6%1H2336.2%65.8%19,386226,480217,2608.7%9M2333.4%71.4%25,229230,388217,26011.3%2023A38.3%70.9%5,871239,214230,3882.5%1Q2434.4%71.8%17,457247,845230,3887.3%1H2437.6%68.1%26,750253,109230,38811.1%9M2420.2%85.5%33,190258,051230,38813.6%2024A18.0%87.9%11,312270,244258,0514.3%1Q2549.2%56.2%24数据来源：公司公告，中泰证券研究所，本表根据境内会计准则制作，季报披露境内会计准则，年报和中报按照国际会计准则披露，两者存在一定差异中泰证券综合其他
