Core Viewpoint - The 2024 life insurance industry has seen a decline in employee compensation and a historical low in the salary-to-premium ratio, indicating potential challenges in operational efficiency and profitability [2][14]. Group 1: Salary and Premium Ratio Analysis - In 2024, the total employee compensation in the life insurance industry was 108.5 billion yuan, a decrease of 4.6% year-on-year, with a salary-to-premium ratio of 3.4%, down 0.5 percentage points, marking a 15-year low [2][14]. - The "TOP7+1" companies (including major players like China Life and Ping An) had a salary-to-premium ratio of 3.3%, which is significantly lower than that of small and medium-sized insurance companies, which stood at 3.7% [17][18]. - The average salary-to-premium ratio for 70 life insurance companies over the past five years was 4.0%, with a median of 4.9%, and 11 companies exceeding 10% [5][28]. Group 2: Impact on Return on Equity (ROE) - The salary-to-premium ratio has a significant negative impact on a company's ROE, with each 1 percentage point increase in the ratio leading to a 0.37 percentage point decrease in ROE [24][25]. - The empirical model constructed to analyze this relationship included variables such as company size and channel type, confirming the negative correlation between salary-to-premium ratio and ROE [24][25]. Group 3: Historical Trends - The salary-to-premium ratio has shown a declining trend since 2018, with a notable acceleration in the decline for small and medium-sized insurance companies since 2019 [16][18]. - The ratio increased from 4.2% in 2010 to a peak of 5.3% in 2015, followed by a steady decline to the current levels [16][18]. Group 4: Employee Compensation Insights - The life insurance industry employed approximately 345,000 individuals in 2023, with an average compensation and benefits level of 330,000 yuan [10][22]. - The fluctuation in employee numbers has shown a slight decline, while average compensation has seen minor increases over recent years [10][22].

Core Insights - Several insurance companies in China, including China Pacific Insurance, China Life Insurance Group, and China Insurance, held meetings to summarize their performance in the first half of 2025 and outline key priorities for the second half [1] Group 1: Performance Overview - In the first half of the year, multiple insurance companies reported growth in asset scale and premium income [1] Group 2: Strategic Focus for the Second Half - Key priorities for the second half include enhancing the quality and efficiency of financial services to the real economy, strengthening asset-liability linkage, and accelerating digital transformation [1]

保险股 PCE-ROCE 估值体系探析:综合权益视角下 的全面价值 -- 新准则下保险股估值重构专题 保险 II | 行业总市值(亿元) | 31,730.16 | | --- | --- | | 行业流通市值(亿元) | 31,723.72 | 行业-市场走势对比 相关报告 证券研究报告/行业深度报告 2025年07月25日 增持(维持) 呼级· 报告摘要 r 分析师:葛玉翔 执业证书编号: S0740525040002 Email: geyx01@zts.com.cn 分析师:蒋咏 执业证书编号: S0740517090005 Email: jiangqiao@zts.com.cn 基本状况 1、《预计触发 阈值调整机制,提前调 足 50bps 预定利率水平》2025-07-19 2、《拉长考核期限,风物长宜放眼量 -- 《关于引导保险资金长期稳健投 资 进一步加强国有商业保险公司长 周期考核的通知》点评》2025-07-12 3、《未来三年视角下寿险利差压力几 何? -- 2025年下半年保险行业投 资策略报告》2025-07-10 益 OCI),也考虑 CSM 驱动的盈利能力,避免了 ROE 因 OC ...

保险股 PCE-ROCE 估值体系探析：综合权益视角下 的全面价值——新准则下保险股估值重构专题 评级： 增持（维持） 执业证书编号：S0740525040002 Email：geyx01@zts.com.cn 执业证书编号：S0740517090005 Email：jiangqiao@zts.com.cn | 上市公司数 | 6 | | --- | --- | | 行业总市值(亿元) | 31,730.16 | | 行业流通市值(亿元) | 31,723.72 | 1、《预计触发阈值调整机制，提前调 足 50bps 预定利率水平》2025-07-19 2、《拉长考核期限，风物长宜放眼量 ——《关于引导保险资金长期稳健投 资 进一步加强国有商业保险公司长 周期考核的通知》点评》2025-07-12 3、《未来三年视角下寿险利差压力几 何？ ——2025 年下半年保险行业投 资策略报告》2025-07-10 保险Ⅱ 证券研究报告/行业深度报告 2025 年 07 月 25 日 报告摘要 请务必阅读正文之后的重要声明部分 分析师：葛玉翔 分析师：蒋峤 持续低利率环境下，P/EV 估值体系面临挑战：1）内险企连续两 ...

7月24日，中国太平保险集团在上海召开2025年年中工作会议。 上半年，中国太平坚决落实中央各项决策部署，扎实推进"防风险、强管理、促发展、保安全"走深走 实，高质量发展稳步向前，业务发展稳中有进。服务金融"五篇大文章"成效明显。科技保险保费收入增 长7.3%，科技领域存量投资规模698.8亿元。绿色保险保费增长17.4%，绿色领域存量投资规模583.6亿 元。城乡居民大病保险覆盖人群超3700万人，惠民保覆盖超1000万人，长护险覆盖1400万人。农险保费 增长33.9%，为小微企业提供风险保障超1.1万亿元。截至6月底，中国太平集团总资产达1.7万亿元，较 年初增长6.4%。管理投资资产2.5万亿元，较年初增长0.4%。总保费收入1556.7亿元，增长2.6%。 会议强调，要深入学习领会、全面准确贯彻习近平新时代中国特色社会主义思想，继续落实好"五个坚 持"的总体要求，推动"防风险、强管理、促发展、保安全"各项工作落地见效，全面完成年度工作目 标，为"十四五"圆满收官和"十五五"稳健开局奠定坚实基础。 会议指出，下半年要做好五个方面重点工作。全面加强党的领导，抓牢党建工作；加快重点业务转型， 坚定不移推进 ...

近日，中央农村工作领导小组通报了2024年度中央单位定点帮扶工作成效考评情况。在参与考评的中央 单位中，中国人民保险集团、中国人寿保险集团、中国太平保险集团3家中央金融保险企业再次获 得"好"的最高等次。 近年来，作为服务民生的重要金融力量，保险业聚焦产业、就业、教育、医疗、金融服务等关键环节， 从资产负债两端持续发力，在定点帮扶地区写下了成色十足的"民生答卷"。 保险不仅是风险管理工具，更是服务共同富裕的有力抓手。从"输血"到"造血"、从"帮扶"到"共建"，更 多"保险力量"在广袤的乡土上生根发芽、开花结果。 （文章来源：经济日报） 在广西龙州县、天等县和湖北郧西县、丹江口市4个定点帮扶地区，中国人寿以金融为笔、产业为墨， 绘就出一幅幅鲜活的乡村振兴图景。2024年，中国人寿累计投入帮扶资金4.43亿元，招商引资超7.63亿 元；通过培训"三支队伍"6275人次、开展消费帮扶近9800万元等措施，有效增强了地方内生发展动力。 中国人寿还构建起覆盖保险、投资、信贷等多种功能的一揽子帮扶体系。数据显示，2024年公司在涉农 人身保险方面承保2.7亿人次，农险业务为1665万户次农户提供6784亿元风险保障，将" ...

证券研究报告 | 行业点评报告 2025 年 07 月 23 日 保险持仓显著回升，券商持仓仍严重欠配 非银金融 25Q2 重仓持股分析及板块最新观点 总量研究/非银行金融 25Q2 非银板块整体持仓占比明显上行，券商、保险板块持仓比例分别为 0.90%、 1.54%，环比分别上行 0.36pct、0.63pct。 推荐（维持） 行业规模 | | | 占比% | | --- | --- | --- | | 股票家数（只） | 91 | 1.8 | | 总市值（十亿元） | 6285.3 | 6.7 | | 流通市值（十亿元） | 6005.1 | 7.1 | 行业指数 % 1m 6m 12m 绝对表现 10.4 13.9 58.1 相对表现 3.3 5.5 40.9 资料来源：公司数据、招商证券 -20 0 20 40 60 80 Jul-24 Nov-24 Mar-25 Jul-25 (%) 非银行金融 沪深300 相关报告 1、《向内沉淀，向外突破—证券行 业 2025 年 中 期 策 略 报 告 》 2025-07-10 2、《保险行业 2025 年 5 月保费收入 点评—寿险高增驱动行业保费回暖， 财 ...

7月21日，太平财产保险有限公司发布公告显示，经国家金融监督管理总局任职资格核准，李可东已于2025年7月 12日正式履职太平财险董事长。这一任命早在今年4月28日太平财险第八届董事会第十次会议上已审议通过，如今 监管批复正式落地，标志着太平系重要子公司完成掌舵人更替。 值得注意的是，就在三天前的7月18日，李可东刚刚获准担任太平养老保险股份有限公司董事长。这位保险老将同 时执掌太平集团旗下财险与养老两大核心业务板块，引发行业高度关注。 值得关注的是，李可东在7月18日刚刚获得监管批复，正式出任太平养老保险股份有限公司董事长，这一职位同样 经过公司股东大会和董事会决议，并获国家金融监督管理总局核准。 从信保老将到太平核心高管 同时掌舵太平集团两大核心子公司 根据太平财险公告，李可东的任命经公司第八届董事会第十次会议审议通过，并于2025年4月28日形成决议。国家 金融监督管理总局于7月12日正式核准其任职资格，至此，李可东成为太平财险新一任"掌门人"。 从履历来看，李可东的职业生涯横跨政府、央企与金融领域。公开资料显示，李可东1967年11月出生，硕士研究 生学历，毕业于北京航空航天大学飞行器结构力学专业，获 ...

Group 1: Market Performance - The Hong Kong stock market indices collectively rebounded, with the Hang Seng Index rising by 1.33%, the Hang Seng China Enterprises Index increasing by 1.51%, and the Hang Seng Tech Index gaining 1.65% [1] - The SaaS sector saw significant gains, with companies like Huilyang Technology rising by 15.56%, Yika by 10.11%, and Kingdee International by 7.27% [1] - The stablecoin concept also surged, highlighted by Yaocai Securities rising by 16.93% and Huajian Medical increasing by 20.41% following the U.S. House of Representatives passing a bill to establish a legal framework for stablecoins [1] Group 2: Sector Performance - Gold and non-ferrous metal stocks experienced a broad increase, with Lingbao Gold rising by 6.24% and China Molybdenum by 3.96% as spot gold prices rose above $3340 per ounce [2] - Major financial sectors, including Chinese brokerage and insurance stocks, also saw gains, with Xingsheng International up by 7.41% and China Life by 5.13% [2] Group 3: Automotive and Related Sectors - The automotive sector, including lithium battery and Tesla-related stocks, showed strong performance, with Tianqi Lithium rising by 5.82% and NIO increasing by 4.62% [3] - Other consumer sectors such as film, tobacco, and food stocks also performed well, with companies like Simoer International rising by 4.99% [3] Group 4: Declining Sectors - Sectors such as cosmetics, aviation, and luxury goods saw declines, with China Eastern Airlines dropping by 2.72% [3] - Notably, Chuangmeng Tiandi experienced a significant drop of 30.12%, despite expectations of turning a profit in the first half of the year [3]

Group 1 - Zhao Feng increased his holdings in consumer electronics, advertising, banking, insurance, and electric power sectors during Q2 [3][4] - Major new positions include Xiaomi Group, Focus Media, Luxshare Precision, Hangzhou Bank, China Taiping, and Shenma Electric Power [4] - The top three holdings by market value as of Q2 2025 are Tencent Holdings, CATL, and Xiaomi Group-W [4] Group 2 - Zhao Feng's strategy involved reducing positions in high-valuation and uncertain-profitability stocks while increasing positions in lower-valuation stocks with high free cash flow returns [6][7] - Zhao Feng believes the equity market's positive foundation remains solid, with potential recovery in corporate profitability due to structural economic adjustments [7] - High-dividend companies continue to attract capital, as their static dividend yields exceed risk-free rates, making them scarce assets [7][8] Group 3 - Fu Pengbo's Q2 holdings showed significant changes, focusing on sectors with high market sentiment [9][10] - New positions include Xinyisheng, increased stakes in Cambrian Technology, Giant Star Technology, and Luxshare Precision, while reducing positions in Tencent, CATL, China Mobile, and others [10][11] - The top three holdings by market value for Fu Pengbo are Shenghong Technology, Tencent Holdings, and CATL [11] Group 4 - Fu Pengbo's strategy for Q2 emphasized electronic, internet technology, precision manufacturing, and pharmaceutical sectors [12] - The PCB industry saw significant gains, leading to an increased allocation in Fu Pengbo's portfolio, while traditional energy companies saw a decrease in net value contribution [12] - Fu Pengbo plans to assess existing holdings' operational status and future development while actively seeking industries and companies with upward trends in sentiment [12]