Core Insights - The article highlights the significant growth in the profitability of property insurance companies in the first three quarters of 2025, with a net profit increase of 53.5% year-on-year, reaching a historical high of 778.3 billion yuan [11][12] - The improvement in profitability is attributed to both underwriting and investment performance, with the underwriting profit margin rising by 1.04 percentage points to 2.59% and the total investment return rate increasing by 0.78 percentage points to 3.23% [13][14] Profitability Analysis - The median total investment return rate for property insurance companies in the first three quarters of 2025 is reported at 2.56%, with a simple average of 3.02% and a weighted average of 3.23% [3][16] - A total of 14 companies achieved total investment returns exceeding 4.0% [3][16] - The median underwriting profit margin is -0.01%, with a weighted average of 2.59%, indicating that larger companies tend to have higher underwriting profit margins [5][22] Company Performance Rankings - The article provides a ranking of the top ten property insurance companies based on net profit and return on equity (ROE) [6][23][24] - The top three companies in net profit are: 1. People's Insurance Company: 336.3 million yuan 2. Ping An Property Insurance: 155.5 million yuan 3. Taiping Property Insurance: 87.7 million yuan [27] Profitability Grouping - Companies are categorized based on their profitability from underwriting and investment: - Group 1: Both underwriting and investment profitable (e.g., People's Insurance, Ping An Property) - Group 2: One profitable, one unprofitable but overall profitable (e.g., Taikang Online) - Group 3: One profitable, one unprofitable but overall unprofitable - Group 4: Both unprofitable [8][26] Investment Return Distribution - The distribution of total investment returns shows a left-skewed negative distribution, with 39 companies reporting a comprehensive investment return rate lower than the previous year [15][16] - The highest total investment return rate recorded is 22.77% by Fubon Property [19][33]

大家保险 成立6年首换"一把手" ①控股方坐镇 保险保障基金董事长 吉昱华兼任公司党委书记 ②大家保险集团 ③持股5家险企 保险保障基金余额超2.7千亿 1 大家保险 党委书记首次变更 保险保障基金董事长兼任 1. 首次变更！吉昱华兼任大家保险集团党委书记... 简历 2024年末资产超万亿 但保障基金三次退股未果 为何，这件事儿引起关注呢？ 吉昱华，1975年生，现任中国保险保障基金有限责任公司党委书记、董事长、董 事。曾任中国银行保险监督管理委员会政策研究局副局长、办公厅副主任。 今日，有一则关于大家保险集团的人事变动，引起业内的广泛关注！ 据财新报道，保险保障基金董事长吉昱华，已经于2025年1 0月，兼任大家保险集团的党 委书记一职。 一是，大家保险集团，成立于2019年，受让了原AB集团旗下的寿险和财险公司。 自从成立至今，大家保险集团的董事长和党委书记，一直是是原AB接管组的组长何肖 锋。 也就是说，这是大家保险集团党委书记的首次变更。 二是，保险保障基金作为大家保险集团的股东，也是控股股东，持有公司98.23%的股 权。 按照惯例，保险公司的党委书记，待相关程序履行完毕，还将出任公司的董事长一职 ...

Core Insights - The average total investment return for life insurance companies in the first three quarters of 2025 is 3.5%, an increase of 1.2 percentage points year-on-year. The comprehensive investment return is 6.1%, up by 0.2 percentage points year-on-year. The recovery of the capital market is a key factor contributing to this increase [10][12][16]. Investment Return Analysis - The simple average total investment return for life insurance companies in the first three quarters of 2025 is 3.7%, while the weighted average is 3.5% and the median is 3.0%. Eight companies have a total investment return exceeding 5% [3][18][21]. - The simple average comprehensive investment return for life insurance companies in the first three quarters of 2025 is 3.0%, with a weighted average of 6.1% and a median of 2.8%. Nine companies have a comprehensive investment return exceeding 5% [6][27]. Ranking of Investment Returns - The top ten life insurance companies by total investment return for the first three quarters of 2025 are as follows: 1. Junlong Life: 12.21% 2. Beijing Life: 6.36% 3. Xiaokang Life: 6.02% 4. Dehua Insurance: 5.70% 5. Guofu Life: 5.26% 6. Hongkang Life: 5.25% 7. Caixin Life: 5.13% 8. Xingfu Life: 5.03% 9. Dongwu Life: 4.95% 10. Great Wall Life: 4.65% [23][30]. - The top ten life insurance companies by comprehensive investment return for the first three quarters of 2025 are as follows: 1. Ping An Life: 13.39% 2. Junlong Life: 11.22% 3. Xiaokang Life: 10.92% 4. Xinhua Insurance: 10.57% 5. Great Wall Life: 6.07% 6. Taibao Health: 5.33% 7. China Life: 5.27% 8. Huagui Life: 5.23% 9. Ping An Pension: 5.05% 10. Guofu Life: 4.91% [30][44]. Factors Influencing Returns - The increase in investment returns is attributed to the recovery of the capital market, with the Shanghai Composite Index rising by 12.2% year-on-year at the end of the third quarter last year and 15.8% year-on-year at the end of the third quarter this year, significantly enhancing the returns on equity investments for life insurance companies [10][12][16]. - The difference between total investment return and comprehensive investment return is influenced by the reclassification of assets and the definitions used in calculating these returns [12][15]. Historical Context - Over the past two years, the comprehensive investment return for life insurance companies has shown a significant increase, with the total investment return for the industry reflecting a median of 3.7% and a maximum of 5.7% [37][43].

Core Viewpoint - The life insurance industry has experienced a significant increase in net profits and investment returns in the first three quarters of 2025, with an annualized investment return rate averaging nearly 5% [1][2][10]. Group 1: Profit Growth - In the first three quarters of 2025, the net profit of 72 life insurance companies reached 461.96 billion, an increase of approximately 176.5 billion compared to the same period last year, representing a year-on-year growth of nearly 6.2% [5][6]. - The net profit has already surpassed the total for the entire year of 2024, driven by the growth in both new business value and investment returns [7][11]. Group 2: Investment Returns - The annualized investment return rate for life insurance companies in the first three quarters of 2025 was 4.96%, an increase of nearly 1.3 percentage points compared to the same period last year [11][10]. - If the investment return rate increases by 1 percentage point, the investment income could potentially grow by 320 billion, based on the 32.6 trillion fund utilization balance of life insurance companies in the first half of 2025 [11][9]. Group 3: Performance of Listed Insurance Companies - The total investment income of five listed insurance companies exceeded 880 billion in the first three quarters of 2025, an increase of 230 billion year-on-year [15][17]. - Among these, China Life's total investment income was approximately 360 billion, an increase of 106.5 billion, while Ping An's total investment income was around 200 billion, an increase of about 45 billion [17][20]. Group 4: Sources of Investment Income - The growth in investment income is primarily attributed to realized gains from trading, as net investment returns have declined due to falling interest rates on bonds [22][20]. - The trading activity in the third quarter was notable, with insurance companies exiting 166 listed companies and entering 179 new positions, indicating a high level of trading activity [28][29]. Group 5: Long-term Investment Strategies - Insurance companies are increasingly leveraging their long-term capital advantages to invest in sectors such as energy and telecommunications, with significant allocations made through funds like the Honghu Fund [31][30]. - The regulatory environment has also supported long-term investments, with pilot programs expanding to 222 billion, allowing for greater investment flexibility [31][32]. Group 6: Future Outlook - The investment return rates for insurance companies are expected to stabilize and potentially recover by the end of 2025, driven by increased investment activities and favorable market conditions [33][34].

Core Insights - The insurance industry has seen a significant profit increase, with 72 life insurance companies reporting a total profit of 461.96 billion, surpassing the entire profit of the previous year by approximately 176.5 billion, marking a year-on-year growth of nearly 62% [6][10][12] - Major insurance companies like China Life and Ping An have achieved record profits, with China Life exceeding 165.5 billion and Ping An surpassing 105.5 billion [26][20] - Approximately 70% of insurance companies have an investment return rate exceeding 3%, with the overall industry investment return rate increasing by nearly 1 percentage point [10][12][20] Profit Rankings - In the profit rankings for the third quarter of 2025, the top seven companies are China Life, Ping An Life, Taiping Life, New China Life, Taikang Life, Taiping Life, and PICC Life, with China Life and Ping An Life both achieving record profits [26][20] - The profit of China Life reached 165.5 billion, while Ping An Life's profit was 105.5 billion, both showing significant year-on-year increases [26][20] Investment Returns - The increase in profits is largely attributed to improved investment returns, with 54 out of 72 companies reporting investment returns exceeding 3% [12][10] - The average investment return rate for the industry has risen by nearly 1 percentage point, contributing significantly to profit growth [12][10] Business Growth - The insurance business income for the 72 companies grew by approximately 12%, indicating strong consumer demand for long-term products [17][15] - The number of loss-making companies has significantly decreased, and the total loss amount has also dropped, suggesting a positive trend in the industry [19][20] Loss-Making Companies - Despite the overall positive trend, some companies continue to report losses, with notable cases including Dingcheng Life, which has not disclosed its data, and Changsheng Life, which reported insufficient solvency [38][40] - Changsheng Life's investment return rate decreased significantly, contributing to its losses [43][40]

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： ●宽带互联网接入使年轻群体（1985年至1995年出生）的精神障碍患病率提高了0.08个标准差单 位，但对年长个体（1974年至1984年出生）没有影响。这种负面影响主要出现在生命早期（20岁之 前）接触互联网的群体中。 ●关联寻求行为偏好与生活质量优于财富的相对偏好，共同解释了长期护理保险参保率偏低的现 象。 ●美国劳动所得税抵免（EITC）政策总体上促进了代际健康流动性的提升，特别是向上的健康流动 性。 作者 ●疗养院工资补贴使人员配 ...

Regulatory Dynamics - Five departments are promoting the implementation of a long-term care insurance system, supporting the inclusion of qualified medical and nursing institutions as designated service providers [6] - As of the end of September, the cumulative balance of three social insurance funds reached 9.85 trillion yuan, with total income of 6.69 trillion yuan and total expenditure of 6.04 trillion yuan for the first nine months [7] - The Financial Regulatory Bureau announced that the fourth set of life tables will be implemented starting January 1, 2026, which includes various tables for different insurance products [9] - The Financial Regulatory Bureau supports domestic insurance companies in issuing "sidecar" insurance-linked securities in the Hong Kong market [10] - The Financial Regulatory Bureau expects insurance premium income to reach 6 trillion yuan this year [24] Company Dynamics - Ping An Life increased its stake in China Merchants Bank H-shares to 18.02% [30] - China Life plans to invest 2 billion yuan in a private equity investment plan focusing on semiconductors, digital energy, and smart electric vehicles [31] - China Life reported a strong growth of 41.8% in new business value for the first three quarters [32] - China Ping An's net profit attributable to shareholders grew by 45.4% year-on-year in the third quarter [33] - China Reinsurance achieved a net profit of 51.97 billion yuan, a significant increase of 131.49% year-on-year [39] - AIA Group's new business value rose by 25% to 1.476 billion USD in the third quarter [40] Industry Dynamics - The five major insurance companies in A-shares collectively earned over 426 billion yuan in net profit for the first three quarters, a year-on-year increase of 33.5% [53][54] - The first report on reinsurance business in China showed that the ceded business exceeded 200 billion yuan, covering 14 countries and regions [55] - The insurance industry is expected to see a gradual stabilization or decrease in premium rates for new energy vehicle insurance in the short to medium term [26] - The insurance sector is exploring a comprehensive grading system for insurance models to reduce costs across the entire lifecycle of vehicles [26] - The comprehensive expense ratio of the property insurance industry reached a 20-year low, while the comprehensive cost ratio hit a 10-year low in the first nine months of this year [27]

Core Viewpoint - China Ping An's overall business performance showed significant improvement in the first three quarters of 2025, with steady growth across its core business segments [1][4]. Financial Performance - The group reported a net profit attributable to shareholders of 132.9 billion yuan, a year-on-year increase of 11.5% [4]. - Total assets reached 13.65 trillion yuan, growing by 5.3% since the beginning of the year, while net assets increased by 6.2% to 986.4 billion yuan [4]. - Operating revenue for the first three quarters was 832.9 billion yuan, up 7.4%, with Q3 revenue alone at 332.9 billion yuan, reflecting an 18.7% year-on-year growth [4]. - Operating profit attributable to shareholders was 116.3 billion yuan, a 7.2% increase, with Q3 showing a remarkable 45.4% growth year-on-year [4]. Business Segment Performance - The three core business segments—life and health insurance, property insurance, and banking—achieved an operating profit of 116.1 billion yuan, a 1.6% increase [6]. - Life and health insurance contributed 78.77 billion yuan (67.7% of total), property insurance 15.07 billion yuan (13.0%), and banking 22.22 billion yuan (19.1%) [6]. - The investment portfolio of insurance funds exceeded 6.41 trillion yuan, growing by 11.9% since the beginning of the year [7]. Solvency and Investment Returns - As of Q3 2025, the solvency ratios for Ping An Life and Ping An Property remained healthy, well above regulatory requirements [9]. - The annualized comprehensive investment return rate was 5.4%, an increase of 1.0 percentage points year-on-year [10]. Life and Health Insurance Business - New business value in life and health insurance reached 35.72 billion yuan, a significant increase of 46.2% year-on-year [13]. - The new business value rate improved to 30.6%, up 9.0 percentage points year-on-year [16]. - The number of personal customers approached 250 million, with a 2.9% increase since the beginning of the year [14]. Property Insurance Business - Property insurance achieved a premium income of 256.25 billion yuan, a 7.1% increase, with auto insurance premiums at 166.12 billion yuan, up 3.5% [21]. - The comprehensive cost ratio improved to 97.0%, a reduction of 0.8 percentage points, marking the best performance since 2020 [23]. Healthcare and Elderly Care Services - Health insurance premium income was nearly 127 billion yuan, with medical insurance premiums close to 58.8 billion yuan, reflecting a 2.6% growth [25]. - The company has expanded its elderly care services, covering 85 cities and serving nearly 240,000 clients [26]. Financial Empowerment and AI Capabilities - Ping An is leveraging vast data resources to enhance its AI capabilities, with a database containing 30 trillion bytes of data covering nearly 250 million personal customers [27]. - AI applications have improved operational efficiency, with 94% of life insurance policies being underwritten in seconds [29]. Future Outlook - Looking ahead, Ping An aims to maintain strategic focus on its core financial business while deepening its dual strategy of "comprehensive finance + healthcare" and driving digital transformation [30].

年金基金、长周期考核、资产配置、有效边界 中国经济和资本市场正经历重大变化，逐渐迈入高质量发展的新阶段。为此，国家统筹 推动中长期资金落实长周期考核，近期人力资源社会保障部出台了年金基金长周期考核 相关的指导意见，对年金投资形成重大影响，对年金基金管理机构提出了更高要求。 一、 年金投资环境发生重大变化 摘要 中国经济步入新常态， 年金基金投资环境发生重大变化。 2 0 2 4年9月以来，相关部 委陆续出台政策，完善中长期资金入市配套机制，建立三年以上长周期考核制度， 推动追求长期业绩导向。 近期人社部出台指导意见，全面推进年金基金长周期考核 机制 ，以实现长期稳健收益，壮大耐心资本，支持资本市场高质量发展。 基于上述政策背景，本文通过历史分析、蒙特卡洛模型分析，得出如下结论： 为提高我国年金基金的运用效率，提高基金业绩水平，年金基金管理机构应积极响 应和落实长周期考核政策； 固定收益类资产的业绩贡献逐步下行，而权益资产的收 益贡献日益提升，投资管理人（以下简称"投管人"）需加强权益资产的投研水平 ； 年金基金近年来的战略资产配置有效边界往右下方移动，需要通过提高权益类资产 的配置来应对有效边界的下移，同时丰 ...

Core Viewpoint - The article emphasizes the integration of artificial intelligence (AI) in the reinsurance sector, highlighting the launch of "Rui Shu," an AI-driven solution by Taiping Reinsurance (China) Company, aimed at enhancing efficiency and addressing industry challenges [1][6]. Group 1: Industry Characteristics - Reinsurance has distinct characteristics, including high professional barriers due to the need for expertise in insurance, actuarial science, and law [3]. - The services provided in reinsurance are highly customized, making standardization and replication difficult [3]. - The industry faces stringent compliance requirements due to the regulatory nature of the financial sector [3]. - Efficiency bottlenecks exist as reinsurance processes often require extensive manual operations and collaboration among specialists [3]. Group 2: AI Integration and Solutions - "Rui Shu" combines large language models with specialized reinsurance knowledge to create an intelligent solution that includes intent understanding, knowledge reasoning, and decision generation [4]. - The intelligent contract assistant can generate complex reinsurance contracts of over 100,000 tokens with an accuracy rate exceeding 95%, significantly reducing the time required for contract preparation from days to minutes [4][5]. - The professional Q&A assistant addresses knowledge gaps faced by reinsurance professionals by integrating system knowledge, industry experience, and cutting-edge research into a comprehensive knowledge graph [4]. - The life insurance underwriting assistant enhances efficiency by breaking down workflows and dynamically optimizing processes, improving overall productivity by over 50% [5]. Group 3: Future Outlook - The reinsurance industry plays a crucial role in supporting the real economy and ensuring public welfare, with China's market needing improvements in professional capabilities and technological strength compared to developed countries [6]. - Taiping Reinsurance (China) Company aims to leverage AI to create a competitive advantage by integrating model capabilities, professional experience, and business scenarios [6]. - The company is committed to implementing the "Artificial Intelligence+" strategy to contribute to the construction of a strong financial nation [6].