At a new high in stock price, NCI's net profit in the first three quarters increased by nearly 60% year-on-year

On October 30, NCI's stock price reached a historic high.

On the same day, this life insurance giant disclosed its Q3 2025 report.

The announcement showed: In the third quarter of 2025, NCI's operating revenue was 67.211 billion yuan, a year-on-year increase of 30.8%, and the net profit attributable to the parent company was 18.058 billion yuan, a year-on-year increase of 88.2%.

In the first three quarters, the operating revenue was 137.252 billion yuan, a year-on-year increase of 28.3%, and the net profit attributable to the parent company was 32.857 billion yuan, a year-on-year increase of 58.9%.

The "performance" of the above core indicators can be described as strong.

Investment Yield Exposed

In recent years, the investment business of life insurance companies has been quite noteworthy, having a crucial impact on the entire financial statement.

NCI disclosed: As of the end of September this year, the company's annualized total investment yield was 8.6%; the annualized comprehensive investment yield was 6.7%, with total assets exceeding 1.8 trillion yuan, an increase of 8.3% compared to the end of the previous year.

Premium Income Continues to Grow

The announcement disclosed: In the first three quarters, the company achieved original insurance premium income of 172.705 billion yuan, a year-on-year increase of 18.6%; the first-year premium income for long-term insurance was 54.569 billion yuan, a year-on-year increase of 59.8%; the first-year regular premium income for long-term insurance was 34.9 billion yuan, a year-on-year increase of 41.0%.

During the reporting period, NCI's first-year lump-sum premium income for long-term insurance was 19.669 billion yuan, a year-on-year increase of 109.2%; renewal premium income was 114.62 billion yuan, a year-on-year increase of 5.9%, continuing to play a "ballast" role.

In addition, in the first three quarters, the company's surrender rate was 1.2%, a decrease of 0.1 percentage points compared to the same period last year; the 13-month and 25-month continuation rates for individual life insurance business continued to improve year-on-year; the growth of first-year regular premium and the continuous improvement of business quality contributed to a significant year-on-year increase of 50.8% in the company's new business value.

New business value (NBV) is an indicator that measures the future expected profits generated by an insurance company from selling new policies within a certain period. It reflects the net profit that the insurance company expects to generate in the coming years through the sale of new business.

Bank Insurance Channel Becomes a Highlight

Zhitang found: In the first three quarters, the bank insurance channel achieved first-year premium income for long-term insurance of 35.938 billion yuan, a year-on-year increase of 66.7%, of which the first-year regular premium income for long-term insurance was 16.832 billion yuan, a year-on-year increase of 32.9%.

In fact, the bank insurance channel often drives the growth of new business for insurance companies, especially in the sales of long-term insurance and regular premium.

Looking at the group channel, in the first three quarters, premium income was 2.968 billion yuan, a year-on-year increase of 16.7%, of which short-term insurance premium income was 2.603 billion yuan, a year-on-year increase of 14.0%.

For the group channel, it mainly refers to insurance companies providing group insurance products for employees or members through cooperation with enterprises, institutions, or organizations