--- title: "壽險公司在估值和利潤率擴張的推動因素方面處於有利位置" type: "News" locale: "zh-HK" url: "https://longbridge.com/zh-HK/news/283793064.md" description: "生命保險公司在 2026 財年新業務保費（NBP）方面經歷了顯著增長，同比增長 15.7%，儘管由於全球不確定性，進入 2027 財年的勢頭不均。私營保險公司超越了 LIC，SBI Life 在 3 月份的個人 APE 增長中領先，達到了 8.5%。該行業的估值具有吸引力，隨着 GST 變更的正常化，VNB 利潤率預計將改善。然而，潛在的監管變更可能帶來風險，特別是對於 SBI Life，該公司保持着強勁的增長和利潤率。總體而言，零售保護和年金產品的增長預計將提升保險公司的回報比率" 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) --- # 壽險公司在估值和利潤率擴張的推動因素方面處於有利位置 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. ### 相關股票 - [7157.JP](https://longbridge.com/zh-HK/quote/7157.JP.md) - [7326.JP](https://longbridge.com/zh-HK/quote/7326.JP.md) ## 相關資訊與研究 - [SBI Ripple Asia completed the development of a token issuance platform based on the XRP Ledger](https://longbridge.com/zh-HK/news/282049641.md) - [啟德零售館今年第一季整體表現較去年同期錄得約四成增長](https://longbridge.com/zh-HK/news/286771739.md) - [美銀美林下調 MercadoLibre 評級至中性，利潤率擴張前景蒙陰](https://longbridge.com/zh-HK/news/286309945.md) - [資色榜｜小康人壽 “雙料冠軍”，6 家機構暗藏 “反常” 信號，誰是真正的投資能力領跑者？](https://longbridge.com/zh-HK/news/286887562.md) - [周延禮：保險業應把握長壽時代機遇](https://longbridge.com/zh-HK/news/287152845.md)