1 2025年一季度 "13精"综合竞争力排名榜Top30 其实，分析一家保险公司， 单看保费或者单看利润 ，难免稍显片面。 为综合去看一家险企的经营情况，我们从风险、盈利、发展、规模等方面，选取了6项 指标，自2 0 1 6年推出《" 1 3精"综合竞争力排名榜》，至今已经连续发布六十四期。 此前，为引导险企重视消费者权益保护，我们还对综合竞争力的评价体系进行了一些调 整，其中主要一项是增加了服务能力维度，详见本文第5节。 六个方面 看险企综合实力 谁家竞争力最强 | / CESTE | 公司将前 | 等级 | | --- | --- | --- | | | 人保财险 | AAA | | | 太保财险* | AAA | | 3 | 平安产险* | AAA A A A | | - 4 | 国寿财产 | AAA | | | --- | --- | --- | --- | | ട | 英大财产** | AAA | | | 316 | 中华联合 | AA | | | 7 | 太平财险* | AA | | | 318 | 大地财产 | AA | | | ਰੇ | 众安财产* | AA | | | 3 10 | 阳光财 ...

Core Viewpoint - The article discusses the concept of break-even investment yield for new business value (VNB) and effective business value (VIF) in the life insurance industry, emphasizing their importance as indicators of company performance and potential investment returns [2][3][4]. Summary by Sections VNB Break-even Investment Yield - The VNB break-even yield is introduced as a key metric for assessing the effectiveness of new business in life insurance companies, calculated based on industry-standard mortality and morbidity rates [2]. - From 2017 to 2022, the VNB break-even yields of six listed life insurance companies in China showed relative stability, with the average investment yield assumption being around 5% [4]. - In 2023, companies adjusted their investment yield assumptions down from 5.0% to 4.5%, and the risk discount rate was lowered from 11% to 9% [4]. - The VNB break-even yield for 2024 is projected to decline further, with companies experiencing a decrease in yields ranging from 0.52% to 0.98% [8]. VIF Break-even Investment Yield - The VIF break-even yield is presented as an extension of the VNB concept, indicating the investment yield required to make the VIF zero [2]. - The effective business value (VIF) of listed companies has generally shown a downward trend after the investment yield assumption was lowered from 5.0% to 4.0% [12]. - The VIF break-even yields have been more stable compared to VNB, reflecting the weighted average of all existing business [15]. Trends and Comparisons - The VNB break-even yields of various companies from 2018 to 2023 generally exhibited an upward trend, attributed to increased industry competition and fixed costs not decreasing in line with new business premiums [8]. - The article highlights that the lowest VNB break-even yield in 2024 belongs to Ping An Life, while the highest yields were recorded by PICC Life and Xinhua Life [8]. - The effective business value (VIF) of companies has also been analyzed, with significant variations in decline rates among different companies, indicating differing impacts from market conditions and operational strategies [12][18]. Company Performance - The article provides a detailed comparison of the VNB and VIF break-even yields across six listed life insurance companies, showing fluctuations in their new business values and effective business values over the years [17][18]. - Notably, PICC Life consistently maintained the highest VNB break-even yield, while Ping An Life had the lowest across the analyzed period [17][18].

Core Insights - The article discusses the upcoming "50 People in Life Insurance Summit" organized by Guancha Finance, focusing on innovation and resilience in the insurance industry amidst challenges [4][11]. Agenda Overview - The summit will take place on September 12, featuring a full-day agenda that includes macroeconomic observations, regulatory trends, and discussions on the future direction of the insurance industry [6][10]. - Key topics include the impact of new accounting standards, asset-liability management, and the exploration of opportunities in the health insurance sector [7][11]. Attendee List - The summit will host prominent figures from the insurance industry, including former regulatory officials, executives from major insurance companies, and experts from consulting firms [8][9]. Forum Background - The second summit builds on the success of the first closed-door meeting held in 2024, expanding to an open format to foster broader discussions on industry challenges and innovations [10][11]. Participation Details - The participation fee for the closed-door meeting is set at 16,800 yuan per person, which includes a self-service lunch [13].

Core Viewpoint - Life insurance serves multiple economic functions at both personal and national levels, providing income security, savings mechanisms, and contributing to national GDP [3][4][22]. Group 1: Economic Functions of Life Insurance at Personal Level - Life insurance provides income protection for dependents in the event of the policyholder's death, ensuring financial stability for families [7][8]. - It acts as a savings tool, with various life insurance products offering long-term savings benefits, although these are affected by inflation [14][17]. - Life insurance can also serve as collateral for loans, helping families manage debts such as mortgages after the policyholder's death [9][10]. Group 2: Economic Functions of Life Insurance at National Level - Life insurance contributes to national GDP by providing services that individuals value, which can be measured by the premiums paid [23][24]. - The industry generates income through various channels, including payments to policyholders, taxes, and salaries, which further supports the economy [25][26]. - Life insurance also plays a role in capital markets by providing long-term investments, which can help stabilize inflation and support infrastructure development [27][22].

Regulatory Dynamics - The three departments are exploring the construction of a forest insurance product system, including index insurance, yield insurance, income insurance, and liability insurance [7] - The Ministry of Commerce will increase support for export credit insurance and enhance the convenience of insurance services [8] - The Financial Regulatory Bureau has introduced new regulations for insurance company capital guarantee deposits [9] - In 2024, the compulsory traffic insurance premium income is projected to be 271.06 billion, with claims costs at 226.28 billion [10] - The Financial Regulatory Bureau has abolished 11 regulatory documents related to the insurance industry [11] - From January to July 2025, the insurance industry’s original premium income exceeded 4.2 trillion, with claims expenditures exceeding 1.5 trillion [12] - The Medical Insurance Bureau reported that from January to July 2025, the basic medical insurance fund income exceeded 1.68 trillion, with expenditures nearing 1.37 trillion [13] Company Dynamics - Ping An Life has made three significant investments in Agricultural Bank's H-shares within six months [20] - Minsheng Insurance increased its stake in Zheshang Bank's H-shares to 6.03% [21] - Hongkang Life raised its stake in Zhengzhou Bank's H-shares to 21.24% [22] - Hongkang Life also increased its stake in Honghua Smart Energy to 7.05% [23] - China Ping An plans to cancel 103 million A-shares [24] - China Life has established a venture capital fund with a registered capital of 1 billion [25] - Sunshine Life, along with Tencent and other partners, has set up an equity investment fund with an investment of approximately 22.43 billion [27] - AIA Life has established an equity investment fund in Tianjin with a total investment of 4.5 billion [28] - Guolian Life has set up a 1.22 billion fund to invest in new quality productivity and smart technology [29] - China Pacific Insurance reported a net profit of 27.885 billion for the first half of the year, a year-on-year increase of 11% [30] - China Taiping reported a net profit of 6.764 billion HKD for the first half of the year, a year-on-year increase of 12.2% [32] - New China Life's net profit for the first half of the year was 14.799 billion, a year-on-year increase of 33.5% [34] - China Life's net profit reached 40.931 billion for the first half of the year, a year-on-year increase of 6.9% [35] - China Insurance reported a net profit of 26.530 billion for the first half of the year, a year-on-year increase of 16.9% [36] - China Ping An's operating profit for the first half of the year was 77.732 billion, a year-on-year increase of 3.7% [38] - China Re reported total premium income of 103.835 billion for the first half of the year, with a net profit growth of 9.0% to 6.244 billion [41] Industry Dynamics - A total of 73 life insurance companies reported a combined net profit of 185.8 billion for the first half of the year, with a year-on-year increase of approximately 25% [64] - The first AIC equity investment fund that incorporates bank insurance funds has been established with a capital of 1 billion [65] - Another insurance asset private equity fund has completed registration [66]

Core Viewpoint - The second "Life Insurance 50 Summit" organized by Guancha Finance aims to explore innovative solutions and industry challenges, focusing on high-quality development in the insurance sector and fostering discussions among industry leaders and experts [4][11]. Agenda Framework - The summit will take place on September 12, from 9:00 AM to 5:00 PM, at Xijiao Hotel, featuring a series of discussions on macroeconomic observations, regulatory trends, and the future direction of the insurance industry [6][10]. - Key topics include the impact of new regulations, the role of AI in large state-owned enterprises, and the exploration of foreign investment paths in the financial sector [7]. Participant List - The summit will host notable figures such as former vice-chairman of the China Banking and Insurance Regulatory Commission, Chen Wenhui, and executives from major insurance companies like Ping An and Taikang Life [8][9]. Forum Introduction - The theme of the summit is "Resilient Growth: The Cornerstone of High-Quality Development in the Insurance Industry," focusing on case studies of industry upgrades driven by innovation and addressing structural challenges [11]. Participation Fee - The ticket price for the closed-door meeting is set at 16,800 yuan per person, which includes a self-service lunch [13].

Core Viewpoint - The implementation of the new accounting standards IFRS 9 and IFRS 17 in 2023 has significantly enhanced the transparency of insurance companies' financial statements, allowing for more accurate assessments of their operational performance and value. However, many analysts continue to rely on outdated valuation models, leading to underutilization of the valuable information provided by the new standards [1]. Group 1: New Valuation Paradigm Established by New Standards - The old accounting standards lacked transparency in the measurement of insurance liabilities and did not provide relevant information for value assessment. The new standards allow for direct value assessment of life insurance companies based on their financial statements [2][3]. - Under the new standards, the market value of insurance contract liabilities is composed of the present value of future cash flows, non-financial risk adjustments, and contract service margins, which enhances the valuation process [4]. Group 2: Market Value of Insurance Contract Liabilities - The market value of insurance contract liabilities is calculated as the sum of the present value of future cash flows, non-financial risk adjustments, and contract service margins, adjusted for tax rates [4][9]. - The valuation process involves assumptions about future cash flows and the investment of those cash flows in risk-free assets, which can complicate the assessment of long-term insurance contract liabilities [5][6]. Group 3: Equity Value of Life Insurance Companies - The equity value of life insurance companies is derived from the difference between the market value of assets and liabilities, which can be calculated using the economic balance sheet approach [11]. - The theoretical equity value is the sum of adjusted net assets and tax-adjusted contract service margins, with the new valuation metric P/CSE expected to replace traditional metrics like P/B and P/EV [11]. Group 4: Differences Between CSM Valuation and EV Valuation - CSM valuation is based on financial accounting information and is more reliable and transparent compared to EV valuation, which relies on non-GAAP measures [21][22]. - CSM valuation provides better comparability and market consistency, as it is based on IFRS standards adopted globally, while EV valuation varies significantly across different markets [23][24]. Group 5: Practical Considerations for CSM Valuation - CSM valuation may be affected by the discount rate curve used, which can lead to discrepancies in market value assessments [27]. - The measurement of non-financial risk adjustments and actuarial assumptions can also impact the CSM, necessitating careful analysis of these factors [28][29]. Group 6: Measurement of New Business Value - The new business value under CSM valuation should be adjusted to account for new business CSM, first-year losses, and profits from non-insurance contracts, ensuring a comprehensive assessment of the company's value creation [30].

Core Viewpoint - The life insurance industry in the first half of 2025 has shown significant profit growth, with 73 companies reporting a total net profit of 185.8 billion, a year-on-year increase of approximately 37 billion, or 25% [10][12][13]. Group 1: Profit Growth and Performance - 52 out of 73 life insurance companies reported profits, while 21 incurred losses, indicating a positive trend in profitability [1][22]. - The net profit of major companies such as Ping An and China Life has significantly contributed to the overall profit increase, with Ping An reporting a net profit of 50.6 billion and China Life 40.3 billion [2][24]. - The industry has experienced three consecutive years of profit growth, reaching a new high that surpasses the same period in 2019 [10][12]. Group 2: Investment and Business Value - The increase in equity investment has led to a rise in investment returns, with the average investment yield for 73 companies rising to 4.22%, up from 3.59% year-on-year [16][18]. - The total amount directly invested in stocks by insurance companies exceeded 3 trillion, marking an increase of approximately 1 trillion compared to the previous year [18]. - New business value has also seen substantial growth, particularly in the bancassurance channel, with companies like China Life and Xinhua Insurance reporting over 100% growth in new single premiums [31][35]. Group 3: Company Rankings and Market Dynamics - The top six life insurance companies have shown robust performance, with significant increases in both premium income and new business value [23][28]. - Tai Kang Life has seen a notable profit increase, attributed to the implementation of new accounting standards and improved investment returns [38][40]. - AIA's new business value rate remains high at 58.6%, reflecting its strong market position and effective agent model [41]. Group 4: Losses and Challenges for Smaller Companies - Despite the overall positive trend, 21 companies reported losses, with many being smaller firms struggling with high liability costs and investment volatility [22][43]. - Companies like Heng Tai Life and Guo Lian Life have faced significant challenges, with declining investment yields contributing to their financial difficulties [49][50]. - The continuous losses among smaller firms highlight the need for capital strengthening and improved operational efficiency to enhance solvency [47][48].

Core Viewpoint - The insurance industry has seen a significant recovery in the dividend realization rate for participating insurance products in 2024, with many products achieving or exceeding 100% realization rates, contrasting with the general decline observed in the previous year [1][5]. Summary of 2024 Dividend Realization Rate Disclosure - As of September 2, 2024, 74 life insurance companies have disclosed the dividend realization rates for 3,319 participating insurance products, with an overall realization rate of 61.8%, an increase of 10.9 percentage points year-on-year [5][7]. - The increase in the dividend realization rate is primarily attributed to new products launched after the regulatory changes, which have a realization rate of 107.0%, compared to 54.3% for older products [7][8]. Factors Influencing Dividend Realization Rate - The realization rate is influenced by various factors, including the sales demonstration rate and the predetermined interest rate. Lower sales demonstration rates lead to higher realization rates under the same customer yield conditions [12][14]. - The average customer yield for participating insurance products in 2024 is 3.2%, remaining stable year-on-year, with new products yielding 3.1% and older products yielding 3.2% [18][20]. Evaluation of Life Insurance Companies' Dividend Strength - The evaluation of a life insurance company's dividend strength should consider long-term perspectives on realization rates, long-term investment returns, solvency ratios, and overall operational stability [23][25]. - Only 5 out of 38 companies met the criteria for having an average customer yield above 3.5% in 2024, indicating a competitive landscape [29]. Case Study: Zhongyi Life Insurance - Zhongyi Life Insurance reported a dividend realization rate of 88.8% for its participating insurance products in 2024, ranking among the top five companies in the analyzed group [31]. - The company has maintained a strong solvency ratio, with a core solvency ratio of 166% and a comprehensive solvency ratio of 212%, significantly above regulatory thresholds [32][36]. - Zhongyi Life's investment management arm has achieved an average total investment return of 5.56% over the past decade, showcasing its robust investment capabilities [36].

Core Viewpoint - The insurance industry is experiencing a significant recovery in the dividend realization rate for participating insurance products, with many new products launched in 2024 achieving or exceeding a 100% realization rate [1]. Group 1: Dividend Realization Rates - As of September 1, 2024, 73 life insurance companies have reported the dividend realization rates for 3,285 participating insurance products, with a notable increase in overall rates [2]. - The average dividend realization rate for new products launched after the regulatory notice on August 2, 2024, is 106.8%, while older products have an average realization rate of 53.8% [3][4]. - Despite older products not reaching a 100% realization rate, their customer yield stands at 3.2% [3]. Group 2: Selection Criteria for Participating Insurance Products - Consumers are advised to focus on companies with a long-term stable dividend policy and strong operational capabilities, especially in a low-interest-rate environment [4]. - The regulatory guidance emphasizes that companies with high risks and negative reserves must justify their dividend levels [4]. Group 3: Evaluation of Insurance Companies - The evaluation of life insurance companies' dividend strength should consider long-term realization rates, historical data, investment returns, solvency ratios, and overall operational stability [7]. - A company like AIA Life has demonstrated strong performance, with new products achieving a realization rate of 143.0%, significantly above the industry average [8][11]. Group 4: AIA Life's Performance - AIA Life's 90 older products have an average realization rate of 74.2%, outperforming the industry average of 53.8% by 20.6 percentage points [11]. - The company has maintained a robust solvency ratio of 410% and has received the highest AAA risk rating for four consecutive quarters [13]. - AIA Life's future surplus ratio is 21.9%, ranking first among the 37 companies analyzed, indicating strong future profitability potential [15].