Core Viewpoint - Goldman Sachs updated its profit forecasts for China Taiping, raising the net profit predictions for 2025 to 2027 by 9% to 16%, primarily reflecting better-than-expected performance from core subsidiaries, partially offset by increased losses in other businesses [1] Group 1 - The forecast for book value has been increased by 1% to 3% [1] - The value of new business (VONB) predictions has been raised by 9% to 13%, mainly due to improved profit margins following product repricing last year and this year [1] - Goldman Sachs raised the target price for China Taiping from HKD 11.8 to HKD 12.6, reflecting the increase in profit forecasts, but maintained a "sell" rating [1]

中国太平 20250911 摘要 中国太平银保业务与银行支行深度合作，倾向于与头部公司合作，尤其 看重其在一二线城市的网点能力和在三四线城市的医康养服务优势。 2024 年中国太平 NPV 增速显著，NPV margin 提升迅速，2025 年继 续保持核心队伍优势和经营效率。 中国太平在代理人渠道转型分红险方面，注重队伍稳定，疫情期间未大 幅裁员，而是加强考核。通过增员、提高收入和积极性来巩固队伍。个 险渠道通过定价利率下降及费用倒逼实现价值增长，严格管控运营费用， 提高产品定价。 尽管新业务合同服务边际同比下降，但整体合同服务边际余额仍稳健增 长，得益于前期合同存量释放利润。公司优化产品结构、提升客户满意 度及加强续期管理，有效增加存量合同贡献。 中国太平在精算假设和财务测算上相对保守，CSM 含金量更高。2025 年分红险转型坚决，超过 90%的长单新单为分红险。分红险价值主要体 现在未来超额收益分给客户，影响名义价值率，且期限较短，投资收益 率和折现率假设更实际。 Q&A 在银保渠道落实报行合一和 1+3 合作限制取消之后，中国太平对银保渠道的 发展策略是怎样的？ 上半年（2025 年），中国太平在银 ...

Core Viewpoint - The strategic cooperation agreement between Eastern Airlines Wuhan and China Taiping's three institutions in Hubei aims to enhance local services and explore innovative "insurance + aviation" service models for better travel and insurance experiences in the region [1][2]. Group 1: Strategic Cooperation - The partnership is a practical extension of the strategic cooperation framework between the two groups, focusing on resource sharing and complementary advantages [1]. - The collaboration is expected to deepen local services and align with the shared philosophy of serving the people [1]. Group 2: Service Innovation - The cooperation aims to create a more convenient, efficient, and comprehensive service experience for enterprises and residents in Hubei [1]. - Both parties will focus on insurance product innovation to enhance the travel experience for airline passengers and promote insurance products through aviation service scenarios [2]. Group 3: Economic Impact - The partnership is anticipated to contribute to the economic and social development of Hubei, improving the quality of life for residents [1]. - The collaboration seeks to explore value in areas such as financial and aviation service integration, risk management, employee welfare, and market expansion in Hubei [1].

二、太平人寿保险有限公司应按照有关规定及时办理变更及许可证换领事宜。 2025年9月8日，国家金融监督管理总局上饶监管分局发布批复称，《关于太平人寿保险有限公司玉山支 公司变更营业场所地址的请示》(太平寿上饶〔2025〕5号）材料收悉。经审核，现批复如下： 一、同意太平人寿保险有限公司玉山支公司将营业场所变更为：江西省上饶市玉山县博士大道南侧星辰 嘉苑1号商铺、2号商铺、3号商铺、4号商铺（部分区域）。 ...

Summary of the Insurance Industry Conference Call Industry Overview - The insurance industry showed stable growth in the first half of 2025, with profits slightly increasing. All listed insurance companies, except for China Ping An, achieved positive growth, with total net assets increasing by 1.2% [1][2][22]. Key Points Financial Performance - The overall performance of the insurance industry in the first half of 2025 met expectations, confirming a recovery in profits. The net profit growth ranged from -8.8% for China Ping An to positive growth for other companies, with total net assets reaching 2.19 trillion yuan [2][22]. - New business value (NBV) showed strong momentum, with growth rates between 20% and 65%, primarily driven by accelerated sales through bank insurance channels and improved value rates [2][4]. Investment Performance - Under new accounting standards, investment performance became the dominant factor for profitability. Companies like Xinhua and PICC saw significant increases in the proportion of investment performance to pre-tax profits, while China Pacific and Ping An remained focused on insurance service performance [1][3]. - Net investment income for the five listed insurance companies increased by 6% year-on-year, totaling 285.2 billion yuan, with total investment income rising by 9% to 367.4 billion yuan [8][9]. Distribution Channels - The individual insurance agent channel continued to decline, with a 3.5% decrease in the number of agents. However, the average MVA (Market Value Added) per agent improved significantly [5]. - The bank insurance channel saw an increase in efficiency, with its share of total premiums rising by 11% to 110% year-on-year. The new single value rate in this channel ranged from 12% to 29% [5]. Property Insurance - The growth rate of original premium income in property insurance slowed down, but the comprehensive cost ratio improved significantly. The growth rate for auto insurance slowed, while new energy vehicle insurance maintained rapid growth, with Ping An and PICC reporting increases of 49.3% and 36%, respectively [6][7]. Asset Allocation - The allocation of assets among insurance companies showed a trend towards increasing OCI (Other Comprehensive Income) equity. The proportion of bond assets remained high, with the highest being China Pacific at 76.5% and the lowest being PICC at 49.7% [10][11][14]. - Stock and fund asset allocations saw double-digit growth for several companies, with Ping An leading in new stock proportions at 45% [12]. Future Outlook - The outlook for insurance stocks is positive, with expectations of recovery in valuations due to low interest rates and reduced costs. The potential for increased sales of rights-based products and the impact of economic recovery are also highlighted [22][23]. Recommendations - Focus on companies with low operating costs and valuations, such as China Pacific; those with significant equity returns like Xinhua; and those with good dividend yields and undervaluation like China Ping An and China Taiping [23].

Core Insights - Insurance funds have significantly increased their presence in the A-share market, with nearly 800 companies listed among the top ten shareholders as of June 2025, and over 280 stocks being increased in the second quarter alone [2][3] - The total investment scale of insurance funds reached 36 trillion yuan by the end of the second quarter of 2025, with stock investments amounting to 3.07 trillion yuan, a net increase of approximately 640 billion yuan compared to the previous quarter [2][3] Group 1: Investment Trends - The seven major A+H listed insurance companies have a combined investment scale of 21.85 trillion yuan, accounting for 60.30% of the total industry [2] - The stock investment scale of these companies reached 2.05 trillion yuan, with a net increase of 431.3 billion yuan, representing 67.39% of the industry's net increase [3] - Insurance funds are increasingly allocating to equity assets due to declining risk-free returns, with different companies showing varied strategies in their asset allocation [4][5] Group 2: Company-Specific Actions - China Ping An saw the largest increase in stock investment, with a net increase of 211.9 billion yuan, raising its proportion by 2.9 percentage points [4] - China Life's stock investment increased by 119.1 billion yuan, with a 1.1 percentage point rise in proportion [4] - Sunshine Insurance has the highest stock investment proportion among the seven companies at 14.1%, with a 23.9% increase [4] Group 3: Sector Preferences - As of mid-2025, insurance funds have allocated nearly 1 trillion yuan to high-dividend other comprehensive income (OCI) stocks, with a significant increase in the proportion of OCI stocks in their portfolios [6] - The top five sectors for insurance fund holdings include banking, transportation, communication, real estate, and utilities, with the media, communication, and utilities sectors seeing the largest increases in holdings [6] Group 4: Market Dynamics - Insurance funds have engaged in 30 "block trades" since the beginning of 2025, with the banking sector being the most active [8] - The shift in accounting standards is expected to influence the stability of insurance companies' net profits, prompting a greater focus on OCI asset allocation [9] - Recent policy changes have encouraged insurance companies to invest more in the A-share market, with a target of 30% of new premiums allocated annually [10]

Core Viewpoint - Insurance funds are increasingly becoming a significant presence in the A-share market, with substantial investments in various sectors and a notable shift towards equity assets as traditional fixed-income returns decline [2][4][11]. Group 1: Insurance Fund Presence and Investment Trends - As of June 2025, insurance funds are listed among the top ten shareholders in nearly 800 A-share companies, with over 280 stocks increased and more than 300 new positions established in Q2 [2][4]. - The total investment balance of insurance companies in stocks reached 3.07 trillion yuan, an increase of approximately 640 billion yuan from Q4 2024 [4]. - The seven major A+H listed insurance companies hold a combined investment total of 21.85 trillion yuan, accounting for 60.30% of the industry total [4]. Group 2: Investment Strategies and Asset Allocation - Insurance companies are focusing on balancing returns, duration, and cash flow due to the long-term nature of their liabilities, leading to a cautious approach towards risk [4][11]. - In a low-risk return environment, insurance funds are gradually increasing their allocation to equities, with varying strategies among different companies [4][5]. - The average dividend yield of stocks held by insurance funds is 2.30%, slightly down from previous periods due to rising stock prices [8]. Group 3: Specific Company Actions and Sector Preferences - China Ping An has seen the largest increase in stock investment, with a net increase of 211.9 billion yuan, while China Life and New China Life also reported significant increases [5]. - The top five sectors for insurance fund holdings include banking, transportation, telecommunications, real estate, and utilities, with media, telecommunications, and utilities showing the highest quarterly increases [8]. - Insurance funds have engaged in notable stock purchases, with China Life increasing positions in CITIC Bank and China Telecom, while reducing holdings in Sinopec [9][10]. Group 4: Regulatory Environment and Future Outlook - Recent regulatory changes have encouraged insurance companies to allocate more funds to the A-share market, with a target of 30% of new premiums to be invested annually [12]. - The overall market valuation is considered reasonable, with expectations for continued investment in technology, consumer manufacturing, and emerging markets [12].

Group 1 - The core viewpoint of the report is that China Taiping (00966) maintains a "buy" rating due to strong performance in the liability side and significant progress in transforming towards dividend insurance [1] - The new business value's sensitivity to interest rate changes has significantly decreased, indicating improved stability in earnings [1] - The target price for China Taiping has been raised from HKD 15 to HKD 20 based on a price-to-book ratio of 0.8, reflecting a positive outlook for the stock market [1] Group 2 - China Taiping's net profit for the first half of the year increased by 12.2% year-on-year, primarily driven by the performance of its insurance services [1] - The insurance service performance grew by 9.5% year-on-year, with balanced contributions from new business value growth channels [1] - The transition towards dividend insurance has shown significant results, and the improvement in the combined ratio (COR) for property and casualty insurance aligns with industry trends [1]

Core Viewpoint - The report from交银国际 maintains a "buy" rating for China Taiping (00966), highlighting strong performance in the liability side and significant progress in transitioning to dividend insurance, while noting room for improvement on the asset side [1] Financial Performance - China Taiping's net profit for the first half of the year increased by 12.2% year-on-year, with insurance service performance growing by 9.5% [1] - The contribution from new business value growth is balanced across channels, indicating effective strategies in place [1] Business Strategy - The transition towards dividend insurance has shown significant results, aligning with industry trends [1] - The improvement in the combined operating ratio (COR) for property and casualty insurance is consistent with the overall industry trajectory [1] Valuation and Target Price - The target price for China Taiping has been raised from HKD 15 to HKD 20, based on a price-to-book ratio of 0.8 [1]

Group 1 - The core viewpoint of the report indicates that China Taiping's net profit increased by 12.2% year-on-year, while pre-tax profit decreased by 38% [1] - The performance of the insurance service sector grew by 9.5% year-on-year, but investment performance declined [1] - The contribution from new business value growth channels was relatively balanced, with significant results from the transition to participating insurance [1] Group 2 - The combined ratio (COR) of property and casualty insurance improved, aligning with industry trends [1] - The firm maintains a "Buy" rating for China Taiping and keeps its profit forecast largely unchanged [1] - Due to the positive outlook in the stock market, the target price has been raised from HKD 15 to HKD 20 based on a price-to-book ratio of 0.8 [1]