Core Viewpoint - The insurance industry is experiencing a decline in surrender rates, with a notable increase in the surrender of whole life insurance products and a decrease in universal insurance products. The overall surrender rate for 73 life insurance companies is projected to be around 1.86% in 2024, down from 2.4% in 2023, indicating a trend of improving business quality and customer retention [12][15][20]. Group 1: Surrender Rate and Scale - In 2024, 73 life insurance companies reported a cumulative surrender scale of nearly 1.8 trillion, with 4 companies exceeding 100 billion and 6 companies surpassing 60 billion [2][11]. - The surrender rate for the industry has shown a decline, with 2 companies exceeding 8%, 2 companies over 6%, and 3 companies above 4% [3][10]. - The median surrender rate for 2024 is 1.68%, a decrease of 0.73 percentage points from the previous year, while the average surrender rate is 1.86%, down 2.38 percentage points [17][20]. Group 2: Product Performance - The surrender scale for annuity insurance has significantly decreased, while the surrender scale for whole life insurance has increased, particularly for increasing whole life insurance and universal insurance products [11][30]. - Universal insurance products have the highest surrender scale, with many reaching their predetermined surrender periods, leading to increased consumer withdrawals [30][31]. - The trend of increasing surrenders in increasing whole life insurance products indicates a shift in consumer preferences, with some customers opting to cash out for short-term savings needs [32][33]. Group 3: Business Quality Improvement - The insurance industry has seen a substantial increase in net profits, with a year-on-year growth of 130%, surpassing 300 billion for the first time, attributed to favorable developments on both asset and liability sides [8][9]. - The improvement in business quality is reflected in the rising continuation rates and declining surrender rates among listed insurance companies and their subsidiaries [8][9]. - Approximately 70% of insurance companies have reported a decline in surrender rates, with nearly 50% having surrender rates below 2% [18][22].

Core Viewpoint - The article discusses the solvency adequacy ratios of various life insurance companies in China for the first half of 2025, highlighting the performance of 60 non-listed life insurance companies and the impact of recent regulatory changes on their financial health [1][17]. Solvency Adequacy Ratios - The solvency adequacy ratios for the top life insurance companies show significant variations, with Guoshou Pension leading at 1095.2%, followed by Xinhua Pension at 991.3% [2]. - A total of 57% of the companies reported an increase in their comprehensive solvency adequacy ratio compared to the previous quarter [23]. - Dingcheng Life is noted for having a solvency adequacy ratio below 120%, which raises concerns about its financial stability [18][20]. Regulatory Changes and Impact - The article mentions that the solvency management regulations introduced in 2021 include three key indicators: core solvency adequacy ratio, comprehensive solvency adequacy ratio, and risk rating [17]. - The recent adjustments in predetermined interest rates for various insurance products are expected to influence consumer behavior and company performance [9][11]. Investment and Capital Raising - Several insurance companies have initiated capital raising and bond issuance plans to enhance their solvency ratios, with a total of over 270 billion yuan in capital increases announced [27]. - Six insurance companies have received approval to issue bonds totaling nearly 200 billion yuan, which is crucial for maintaining solvency levels [26][29]. Market Trends - The article notes a trend of increased sales efforts for insurance products, particularly in light of declining interest rates, which may affect the attractiveness of certain insurance offerings [7][9]. - The comprehensive investment yield for many companies has improved, with 64% of surveyed companies reporting yields exceeding 2% [25].

●诊断性影像必要性证书（CON）政策减少了低价值医疗服务的使用，同时不影响高价值服务。 ●新冠疫情期间，返校政策对疫情的影响相对温和，返校使得新冠感染率有所上升，且这一上升在 低收入县和新冠患病率较高的县中更为明显。 声明：本系列文章基于原期刊目录和摘要内容整理而得，仅限于读者交流学习。如有侵权，请联系 删除。 期刊介绍： 《Journal of Health Economics》（《健康经济学杂志》）是一本专注于健康和医疗保健经济学领域 的学术期刊。该期刊成立于1982年，它涉及的主题包括健康服务的生产和供应、健康服务的需求和 利用、健康服务的融资、健康的决定因素（包括健康投资和风险健康行为）、疾病不良后果、需求 者、供应者和其他卫生保健机构的行为模型、政策干预的评估以及卫生政策的效率和分配等方面。 该刊每年发行6期，平均每期发表文章10篇左右，2024年影响因子为3.4。 本期看点： 健康信念 ●不同受访者在信念不精确性的程度上存在显著差异，而这种差异在很大程度上无法通过标准人口 统计特征来解释。在新冠疫情背景下，那些认为防护可以降低负面健康结果的主观概率，而且还能 减少不精确性程度的人，更倾向于采取更为 ...

Regulatory Dynamics - Seven departments are promoting long-term funds from government investment funds and insurance companies to focus on future manufacturing, information, materials, and other sectors under controllable risks [5][9] - Two departments announced the resumption of value-added tax on interest income from newly issued government bonds and financial bonds starting August 8 [6] - The China Insurance Asset Management Association may be renamed to include banking insurance asset management [8] - Hainan encourages increasing the proportion of loans to the manufacturing sector and developing multi-level capital markets and industrial insurance [9] - Shanghai's seven departments issued measures to promote the joint development of medical insurance and commercial insurance, supporting innovative drugs and medical devices [10][11] Company Dynamics - Hongkang Life increased its stake in Zhengzhou Bank to 14.03% by acquiring 675,000 shares [17] - Hongkang Life also increased its stake in Honghua Wisdom Energy by acquiring 458,000 shares [18] - Ping An Insurance increased its stake in Postal Savings Bank by acquiring 9.357 million shares [19] - Sunshine Life reduced its stake in Victory Shares to 4.72% by selling 0.5% of its shares [20] - Taiping Life's investment in China Power Construction has turned profitable after two years, with a 3.5 billion yuan investment [22] - China Life, along with other partners, established a 5 billion yuan equity investment fund in Hebei [23] - TaiKang Life is leading a consortium to acquire three shopping centers for 16 billion yuan [24] - Zhongyou Life reported insurance business revenue of 118 billion yuan in the first half of the year, with two listed companies targeted for investment [25][26] Industry Dynamics - 58 non-listed life insurance companies reported a combined net profit of 28.6 billion yuan in the first half of the year, a year-on-year increase of 242% [44] - 76 property insurance companies achieved a net profit of over 9.2 billion yuan in the first half of the year, with significant growth attributed to improved underwriting and investment returns [45] - The five major listed insurance companies announced a total dividend of 907.89 billion yuan for 2024, a year-on-year increase of 20.21% [46] - 143 insurance companies disclosed their solvency reports, with five companies failing to meet standards [47][48] - Four problematic insurance companies faced severe penalties, including license revocation and operational bans [49] - *ST Tianmao is likely to voluntarily delist, marking the third such case this year [50] - Citigroup reported that policies promoting the high-quality development of commercial health insurance in Shanghai will benefit companies like Heng Rui Pharmaceutical [51] Product and Service Innovations - Sunshine Life launched the "Beautiful Life" silver-haired product system, enhancing coverage for the elderly [59] - The first "loan + insurance" climate loan product was launched in Chengdu, integrating banking and insurance services [60]

Core Insights - The net profit of non-listed property and casualty insurance companies in Q2 2025 increased significantly by 75% year-on-year, reaching a total of 9.25 billion yuan [11][14] - The improvement in net profit is attributed to both underwriting and investment performance, with the underwriting profit margin rising by 0.80 percentage points to 2.11% and the total investment return rate increasing by 0.34 percentage points to 1.61% [11][14] Summary by Sections Profitability Metrics - The median total investment return rate for non-listed property and casualty insurance companies in Q2 2025 was 1.47%, with a simple average of 1.83% and a weighted average of 1.61% [17][14] - The distribution of total investment returns showed a negatively skewed distribution, with 18 companies achieving returns over 2.0% [19][21] Underwriting Performance - The median underwriting profit margin for non-listed property and casualty insurance companies was -0.43%, while the weighted average was 2.11%, indicating that larger companies tend to have higher underwriting profit margins [21][6] - Approximately 45% of the companies reported profitable underwriting [21][7] Company Grouping Based on Profitability - Companies were categorized into four groups based on their underwriting and investment profitability: - Group 1: Both underwriting and investment profitable (35 companies) - Group 2: One profitable, one unprofitable but overall profitable (33 companies) - Group 3: One profitable, one unprofitable but overall unprofitable (8 companies) - Group 4: Both underwriting and investment unprofitable (no companies) [8][9] Rankings and Performance - The top ten non-listed property and casualty insurance companies by net profit were listed, with China Life Property, Yingda Property, and China United leading the group [28][23] - The top ten companies by return on equity (ROE) included Fubon Property and Zhonghui Mutual, with Fubon achieving an ROE of 51.8% [31][25] Investment Return Rankings - Fubon Property led the total investment return rankings with a remarkable 22.15% return [34][19] - The overall investment return rates of various companies were detailed, highlighting the performance of both profitable and unprofitable entities [34][19]

Core Viewpoint - The non-listed property insurance companies achieved a net profit of 92.5 billion yuan in the first half of 2025, marking a significant increase of 75% year-on-year, driven by improved investment returns and reduced cost ratios [6][7][9]. Group 1: Profit Performance - 68 out of 76 non-listed property insurance companies reported profits, with a total profit exceeding 90 billion yuan [1][6]. - China Life Property Insurance ranked first with a net profit of 24.28 billion yuan, a year-on-year increase of 6.83 billion yuan [18][20]. - Other major companies like Yingda and China United also saw profit growth, contributing to the overall positive trend in the industry [13][21]. Group 2: Investment Returns and Cost Ratios - Investment returns increased significantly, with over 60% of companies reporting a decrease in cost ratios [9][12]. - The average investment return rose from 1.27% in the first half of 2024 to 1.59% in the first half of 2025, an increase of approximately 0.32 percentage points [10][12]. - The comprehensive cost ratio improved, with 64% of companies reporting a decrease, leading to enhanced underwriting profits [12][26]. Group 3: Companies Turning Profitable - 15 companies turned losses into profits, primarily due to reduced claims ratios and improved investment returns [24][26]. - Companies like Yongcheng Insurance and Ansheng Tianping saw significant improvements in their comprehensive cost ratios, contributing to their turnaround [26][31]. Group 4: Loss-Making Companies - Eight companies reported losses, with Qianhai United leading the loss list at 0.51 billion yuan, continuing a trend of consecutive losses [28][31]. - The high comprehensive cost ratio of 244% for Qianhai United indicates ongoing challenges in managing underwriting losses [31][35].

Core Viewpoint - The investment yield of non-listed life insurance companies in Q2 2025 shows signs of stabilization, with a weighted average total investment yield of 1.98%, an increase of 0.06 percentage points year-on-year, despite the declining trend of the 10-year government bond yield [2][14]. Group 1: Investment Yield Overview - The comprehensive investment yield for non-listed life insurance companies in Q2 2025 is 2.67%, a decrease of 2.14 percentage points year-on-year, while the Shanghai Composite Index yield is 2.76% [4][14]. - The simple average total investment yield for non-listed life insurance companies in Q2 2025 is 2.14%, with a weighted average of 1.98% and a median of 2.04%. Six companies have total investment yields exceeding 3% [4][24]. - The simple average comprehensive investment yield is 2.54%, with a weighted average of 2.67% and a median of 2.29%. Thirteen companies have comprehensive investment yields exceeding 3% [6][30]. Group 2: Investment Yield Formula Breakdown - The total investment yield for the life insurance industry can be simplified into a weighted average of fixed income, equity, and liquidity management asset yields, expressed as: rinv = fixedpro × fixedrinv + equitypro × (equityrinv + Risk) + cashpro × cashrinv [10][17]. - The asset allocation for listed insurance companies serves as an industry anchor, with fixed income assets accounting for 75%, equity assets for 20%, and liquidity management assets for 5% [18][19]. - The estimated risk premium for equity stock selection is 3.80%, and the total investment yield for the life insurance industry in H1 2025 is calculated to be 2.67% [11][19]. Group 3: Recent Trends and Changes - The stabilization of the total investment yield in Q2 2025 is primarily attributed to a significant recovery in equity asset returns, despite ongoing pressure on fixed income yields [19]. - The analysis of investment yield differences over the years indicates that the changes in equity asset investment yields are the main contributors to the variations in total investment yields [11][19]. - The classification of assets and the implementation of new accounting standards have influenced the reported yields, with companies transitioning from held-to-maturity (HTM) to available-for-sale (AFS) classifications [20][22]. Group 4: Rankings of Investment Yields - The top ten non-listed life insurance companies by total investment yield in Q2 2025 include: 1. Junlong Life Insurance: 4.67% 2. Beijing Life Insurance: 3.65% 3. Lianan Life Insurance: 3.22% 4. Xingfu Life Insurance: 3.08% 5. Guomin Pension: 3.01% 6. Caixin Life Insurance: 3.00% 7. Xiaokang Life Insurance: 2.96% 8. Hongkang Life Insurance: 2.95% 9. Huagui Life Insurance: 2.94% 10. Everbright Yongming: 2.89% [27][28]. - The top ten non-listed life insurance companies by comprehensive investment yield in Q2 2025 include: 1. Changcheng Life Insurance: 6.82% 2. Xiaokang Life Insurance: 5.53% 3. Everbright Yongming: 5.10% 4. Zhongying Life Insurance: 4.32% 5. Huagui Life Insurance: 4.23% 6. Junlong Life Insurance: 4.08% 7. Guomin Pension: 3.62% 8. Lujiazui Guotai: 3.36% 9. Guofu Life Insurance: 3.35% 10. Caixin Life Insurance: 3.34% [34][35].

Core Viewpoint - The article discusses the implementation of the second phase of the solvency regulatory framework in China's insurance industry, focusing on the concept of future policy surplus as a key indicator of a company's future profitability [1][2]. Group 1: Future Policy Surplus - The future policy surplus is introduced under the second phase of solvency regulations and is crucial for assessing a company's future profitability [1]. - The future policy surplus is defined as the difference between accounting reserves and solvency reserves, adjusted for potential tax provisions and cash value guarantees [2]. - As of 2024, the future policy surplus for 66 insurance companies is projected to be 2.26 trillion, accounting for 8.8% of total assets, a decrease of approximately 150 billion from the end of 2022 [14]. Group 2: Impact of Accounting Standards - Starting in 2023, insurance companies began implementing the new accounting standard IFRS 17, which affects how insurance reserves are reported [3]. - The article highlights the importance of consistency in reporting deferred tax liabilities (DTL) and actual capital across different accounting standards [7][8]. - Companies that do not maintain consistency in their reporting may face challenges in validating their solvency reports [9]. Group 3: Analysis of Companies - The article provides a detailed analysis of various insurance companies, noting that the future policy surplus varies significantly among them, with some companies like AIA Life exceeding 15% of total assets [14]. - The article identifies that companies with a high proportion of participating insurance products tend to have lower future policy surplus compared to traditional insurance products [16]. - The future policy surplus for major players like China Life and Ping An has shown a noticeable decline, attributed to their historical focus on participating insurance products [15]. Group 4: Factors Influencing Future Policy Surplus - The decline in future policy surplus can be attributed to several factors, including a high proportion of participating insurance, adjustments in risk premiums, and changes in actuarial assumptions [19]. - Conversely, an increase in future policy surplus may result from a lower proportion of participating insurance and the successful generation of new business [19][22]. - The article emphasizes that the future policy surplus is a critical indicator but does not fully reflect a company's overall asset-liability management (ALM) status [16].

Core Viewpoint - The non-listed life insurance companies in China experienced significant profit growth in the first half of 2025, with a total net profit of 29.34 billion, marking a year-on-year increase of approximately 236% [4][11][12]. Group 1: Profit Growth and Performance - In the first half of 2025, 59 non-listed life insurance companies reported a net profit of 29.34 billion, an increase of 20.6 billion compared to the same period last year [4][11]. - The leading company, Taikang Life, achieved a net profit of nearly 16 billion, setting a new record and reflecting a significant rise in investment returns [16][18]. - The number of loss-making companies decreased from 30 in 2024 to 21 in 2025, indicating improved overall profitability in the sector [11][12]. Group 2: Company-Specific Insights - Taikang Life's investment return rate rose to 1.8%, up by 0.42 percentage points year-on-year, contributing significantly to its profit increase [18][19]. - Zhongyou Life's new business value rate increased to 27.08%, although its net profit fell to 5.177 billion [20][21]. - Zhongxin Baosheng reported an investment return rate of 1.97%, up by 0.33 percentage points, indicating a positive trend in investment performance [22]. Group 3: Loss-Making Companies - Several companies, including Dingcheng Life, have reported continuous losses, with Dingcheng's net assets dropping to -264 million [25][26]. - The trend of losses is particularly pronounced among smaller insurance firms, which often struggle with investment stability and cost advantages compared to larger companies [29][30]. - The execution of old accounting standards has exacerbated the financial difficulties for some companies, leading to significant net asset declines [30].

Regulatory Dynamics - Five departments issued a notice prohibiting traffic safety coordination for unspecified vehicles, emphasizing risk control [5] - The State Council is exploring the inclusion of intelligent services and supportive devices related to long-term care into insurance payment coverage [6] - The Ministry of Human Resources and Social Security is considering a default investment model for personal pension systems to enhance product attractiveness [7] - The Medical Insurance Bureau published guidelines for immediate settlement of basic medical insurance funds [8] - The Financial Regulatory Administration emphasized sustainable development norms for urban commercial health insurance, focusing on inclusivity and market order [9] - The insurance industry saw a 5.04% increase in original premium income in the first half of the year, totaling 3.74 trillion yuan [10] Company Dynamics - Ping An Life increased its stake in China Merchants Bank to 16.10% [17] - Hongkang Life acquired 14.95 million shares of Zhengzhou Bank [18] - Sunshine Insurance plans to apply for full circulation of H-shares [19] - China Insurance announced a cash dividend of 0.117 yuan per A-share [20] - New China Life will distribute a cash dividend of 1.99 yuan per share, totaling 6.208 billion yuan [21] - Taiping Life established a private equity fund with a contribution of 4.999 billion yuan [22] - China Pacific Insurance plans to increase capital to its Hong Kong subsidiary by up to 1.5 billion HKD [23] - China Life Insurance reported a record premium income exceeding 100 billion yuan for the first half of the year [24] Industry Dynamics - Seven insurance institutions made it to the 2025 Fortune Global 500 list, with China Life ranking 45th and Ping An at 47th [52] - In June, Jiangsu province led the country in insurance premium income, totaling 375.7 billion yuan [53] - Nearly 1,800 insurance branches were closed this year, indicating a shift towards quality improvement and efficiency [54] - JPMorgan predicts a 15% average growth in net profit for major Chinese insurance companies in the first half of 2025 [55][56] - Dongwu Securities highlighted the growth potential for protection-type insurance products and the benefits of floating yield products [57] - Swiss Re remains optimistic about the recovery of life and health insurance premiums in China [58] - China Pacific Insurance launched its first overseas car insurance project for new energy vehicles in Thailand [59] Product and Service Innovations - Shenzhen launched a dedicated inclusive home insurance product called "Shenzhen Huijia Bao" [61] - Ant Insurance introduced a series of savings-type insurance products named "Changqian Bao" [62] - Zhongcai Life Insurance (Hong Kong) unveiled its first cross-border medical insurance product for the Greater Bay Area [64] - Taikang Home officially opened its 26th community facility, providing 1,550 elderly care units [65] - China Life's "Female Health" program aims to reach 2 million insured individuals in Shandong by the end of 2024 [66]