--- title: "寿险公司在估值和利润率扩张的推动因素方面处于有利位置" type: "News" locale: "zh-CN" url: "https://longbridge.com/zh-CN/news/283793064.md" description: "生命保险公司在 2026 财年新业务保费（NBP）方面经历了显著增长，同比增长 15.7%，尽管由于全球不确定性，进入 2027 财年的势头不均。私营保险公司超越了 LIC，SBI Life 在 3 月份的个人 APE 增长中领先，达到了 8.5%。该行业的估值具有吸引力，随着 GST 变更的正常化，VNB 利润率预计将改善。然而，潜在的监管变更可能带来风险，特别是对于 SBI Life，该公司保持着强劲的增长和利润率。总体而言，零售保护和年金产品的增长预计将提升保险公司的回报比率" datetime: "2026-04-23T00:39:25.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/283793064.md) - [en](https://longbridge.com/en/news/283793064.md) - [zh-HK](https://longbridge.com/zh-HK/news/283793064.md) --- # 寿险公司在估值和利润率扩张的推动因素方面处于有利位置 Life insurers recorded a strong expansion in new business premiums (NBP) in FY26, although growth momentum remains uneven heading into FY27 amid global uncertainties and regulatory factors. NBP grew 15.7 per cent year-on-year (Y-o-Y) in FY26, compared with 5.1 per cent growth in FY25. In March 2026 alone, NBP rose 23.5 per cent Y-o-Y. Annual premium equivalent (APE) increased 14.5 per cent Y-o-Y during the year, with private insurers growing faster at 14.9 per cent compared to 13.9 per cent for Life Insurance Corporation (LIC). Among private players, SBI Life recorded individual APE growth of 8.5 per cent Y-o-Y in March, followed by Axis Max Life at 6.9 per cent. LIC posted 9.9 per cent growth, while ICICI Prudential Life (IPRU Life) and HDFC Life saw marginal declines of 0.9 per cent and 0.3 per cent, respectively. For FY26, Axis Max Life led with 18.7 per cent growth, followed by SBI Life at 13.1 per cent. HDFC Life grew 7.7 per cent, while IPRU Life saw a decline of 1.2 per cent. SBI Life retained market leadership in individual APE with a 16.5 per cent share in March. Despite a strong March performance, growth in the fourth quarter (Q4) lagged the third quarter (Q3). GST 2.0 changes provided some support, but geopolitical instability weighed on overall momentum. Return-guarantee products are expected to remain attractive due to a spread of over 100 basis points between government security yields and deposit rates. Valuations across the sector, ranging from 0.6 to 2.1 times FY27 price-to-embedded value (P/EV), appear attractive compared to historical levels. As the impact of GST changes normalises, value of new business (VNB) margins are expected to improve. Potential regulatory changes, such as the introduction of mandatory open architecture for banks, could pose risks, particularly for SBI Life. While recent draft norms by the Reserve Bank of India have not mandated open architecture, any such move could impact bancassurance-led models. SBI Life has maintained mid-teen growth with VNB margins of 26–28 per cent and a return on embedded value (RoEV) of around 19 per cent, supported by a low-cost structure and strong distribution. ICICI Prudential Life reported VNB growth of 10.9 per cent in FY26, aided by improved product mix and cost efficiencies, though overall volumes remained muted. HDFC Life saw a 2 per cent growth in FY26, with a decline in VNB in Q4. The company indicated that demand may remain weak in the near term. Growth in retail protection and annuity products is expected to improve return ratios across insurers. A better product mix, particularly a shift away from unit-linked insurance plans (ULIPs), along with recovery in volumes and margins, could support valuation upgrades across the sector. ### 相关股票 - [7157.JP](https://longbridge.com/zh-CN/quote/7157.JP.md) - [7326.JP](https://longbridge.com/zh-CN/quote/7326.JP.md) ## 相关资讯与研究 - [过渡期结束！多家保险公司披露影响](https://longbridge.com/zh-CN/news/286105199.md) - [资色榜｜小康人寿 “双料冠军”，6 家机构暗藏 “反常” 信号，谁是真正的投资能力领跑者？](https://longbridge.com/zh-CN/news/286887562.md) - [周延礼：保险业应把握长寿时代机遇](https://longbridge.com/zh-CN/news/287152845.md) - [一边停发一边热推 联名信用卡 “失宠” 了吗](https://longbridge.com/zh-CN/news/286840144.md) - [39 万亿险资一季度股票投资占比创近年新高，市场波动下如何排兵布阵](https://longbridge.com/zh-CN/news/286673063.md)