Core Insights - Investment is a core capability for life insurance companies, especially in the era of participating insurance [1][16] - There are significant differences in investment capabilities among major life insurance companies [1][16] - The analysis focuses on eight major life insurance giants with over 100 billion in premiums, which have consistently reported their investment returns for the past ten years [1][16] Investment Returns Overview - The eight major life insurance companies have shown varying investment returns over the past decade, with data presented for each company from 2014 to 2025 [1][16] - The companies included are: China Life, Ping An, Taikang, China Pacific, Taiping, Xinhua, Zhongrong, and PICC [1][16] - The investment returns for these companies are calculated as actual investment returns from 2014-2021 and comprehensive investment returns from 2022-2025 [1][16] Ten-Year Investment Yield Rankings - The top three companies in terms of cumulative investment returns over nine and a half years are Taikang Life (74.5%), Ping An Life (72.6%), and PICC (71.0%) [5][20] - The annualized returns for these companies are 6.0%, 5.9%, and 5.8% respectively [5][20] - There is a notable difference of over 20 percentage points in cumulative investment returns among the companies [20] Performance Consistency - Over the past decade, no company has consistently ranked first or last; five companies have ranked first at some point, and five have ranked last [6][21] - Ping An and PICC have each ranked first three times, while Taikang has ranked first twice [6][21] - The average rankings indicate that Taikang, PICC, and Ping An generally perform better [7][24] Head-to-Head Comparisons - In one-on-one comparisons, Taikang and PICC have the highest win rates against other companies [10][25] - The win-loss records show Taikang winning against Ping An 6:4, and against PICC 7:3, among others [10][25] - China Life has the lowest win rate, winning only 20 out of 100 matchups against the other companies [10][25] Investment Scale Impact - There is a significant difference in investment returns between PICC and China Life, which may be attributed to China Life's larger investment scale [14][29] - PICC has outperformed China Life in eight out of ten years [14][29]

齐鲁晚报齐鲁壹点记者尚青龙 10月的青岛本该是遍地金黄、粮满仓廪的丰收画卷，但却因罕见的持续阴雨天气，导致土壤墒情严重过湿，农田渍涝风险陡 增。累计降水量较常年同期偏多三倍以上，玉米、大豆等秋粮作物出现大面积倒伏、霉变，轮式收割机械难以进地作业，粮食 晾晒受阻，秋收进度被迫推迟，广大种植户面临减产减收压力，秋粮安全保障迎来严峻考验。 人保财险青岛分公司主要负责人赴平度实地考察灾情，指导抢收、理赔工作 科技人力协同，精准高效查勘 定损速度决定救灾效率，科技成为制胜关键。人保财险青岛公司统筹调配全司资源力量，全面提速灾情查勘定损工作。截至11 月30日，累计出动理赔服务人员1500人次、查勘车辆750辆次，组建由农险骨干、一线查勘人员、乡镇协保员及农业专家组成的 多级联动查勘团队，科学精准核定秋粮总损失2444.97万元。同时投入150架次无人机搭建"空中巡查+地面核验"立体查勘体系， 结合卫星遥感、AI图像识别技术及"耘智保"农业保险APP，实现承保信息快速核对、受灾范围精准评估，查勘效率较传统模式 提升60%以上，定损精准度高达98%，为理赔提速奠定坚实基础。 面对突发灾情，人保财险青岛分公司迅速启动农业保险 ...

Core Viewpoint - The Central Economic Work Conference held on December 10-11, 2025, in Beijing, outlined key tasks for 2026, emphasizing the importance of expanding domestic demand, innovation-driven growth, social welfare, and risk prevention [1][15]. Group 1: Implementation of Conference Spirit - China People's Insurance Group promptly conveyed and implemented the spirit of the Central Economic Work Conference and the national financial system work conference [1][15]. - Subsidiary party committees held special meetings to focus on key tasks such as expanding domestic demand, innovation-driven growth, social welfare, and risk prevention [1][15]. Group 2: Strategic Focus Areas - The company aims to enhance its core functions and strengthen its main responsibilities to serve the overall governance of the Party and the modernization of China [2][16]. - Key focus areas include supporting domestic demand, fostering innovation, enhancing economic vitality, promoting cooperation in various fields, and ensuring social stability [2][16]. Group 3: Financial and Insurance Services - The company is committed to expanding the supply of quality life insurance products and supporting new employment forms through commercial insurance [3][17]. - There is a focus on innovation in technology insurance services and supporting rural revitalization strategies [3][17]. Group 4: Investment and Risk Management - The company emphasizes the integration of investment in physical assets and human capital, aligning investment management with broader economic and social development goals [4][18]. - A robust risk management framework is being developed to ensure the safety and stability of operations while addressing market and compliance risks [9][23]. Group 5: Digital Transformation and Innovation - The company is advancing digital transformation and exploring the application of artificial intelligence to enhance operational efficiency and service levels [25][26]. - There is a commitment to developing innovative financial products and services that meet diverse market needs [21][24]. Group 6: Regional and International Engagement - The company aims to play a significant role in the development of Hong Kong as an international financial center and to support local enterprises and infrastructure projects [14][27]. - Efforts are being made to enhance cross-border resource integration and contribute to the development of the Guangdong-Hong Kong-Macao Greater Bay Area [14][27].

温情守护，无碍视听。人保寿险营业网点不断增加特色设施，让残障人士"看得到""听得清""用得顺"。在"视觉辅助"方面，部分网点配备《盲文业务指 南》、盲文签名卡等，用另一种语言诠释投保、保全、理赔等保险业务流程，为视障人士提供清晰指引。在听觉障碍与表达辅助方面，配备业务办理指南、 消费者权益保护折页等丰富资料，并配置手写板等工具，确保听障人士能够准确获取金融服务信息、便捷表达需求。同时，开通"绿色通道"，通过优化流 程、简化手续、提供一对一专属服务等方式，让残障人士在办理业务时更顺畅，切实感受到金融服务的便捷与温暖。 专属服务，暖心相伴。除硬件设施优化外，人保寿险同样还注重为残障人士提供温暖人心的"软服务"，让金融消保服务不止于"无障碍"，更在于"有温 度"。针对行动不便、无法临柜的消费者，"上门服务"解烦忧。工作人员提前沟通确认业务需求，携带便携式设备上门办理，避免消费者往返奔波。针对心 智障碍人群投保困难等痛点，为其量身定制关爱星星年金保险，打造"保险+信托+服务"的创新服务模式——"关爱星星"项目，以实际行动传递关爱与守护。 此外，各级机构面向残障人士积极开展金融教育活动，走进爱心组织机构等，普及金融知识 ...

12月15日，中国人保集团党委召开扩大会议，传达学习中央经济工作会议精神，结合全国金融系统 工作会议要求，研究部署中国人保贯彻落实措施。中国人保集团党委书记、董事长丁向群主持会议并讲 话。 会议指出，中国人保要切实把思想认识统一到中央经济工作会议精神特别是习近平总书记重要讲话 精神上来。要对标对表，切实发挥好保险功能，进一步做深做实金融"五篇大文章"，加力支持重点领 域，全面提升服务实体经济的质效。要服务内需主导，助力释放居民服务消费潜力，助力完善促进消费 的制度机制，助力增强居民消费能力与意愿。要服务创新驱动，更好服务科技创新与产业创新的深度融 合，助力完善新型举国体制，助力分散科技活动风险，助力建设国际科创中心，助力壮大耐心资本。要 服务对外开放，拓展国际循环，提升中国海外利益保护能力，保障出口"稳外贸"，保障海运安全"强韧 性"，保障海外利益"促开放"。要服务协调发展，发挥机构网络布局广的优势，积极服务乡村全面振 兴，积极服务提高中小城市和县城承载能力，积极服务区域联动发展。要服务"双碳"引领，助力绿色转 型成为经济主体的自觉行动，在产业端帮助企业锁定未来的碳成本，在治理端服务减污、扩绿，在生活 端助力 ...

Overall Review - The insurance sector has experienced an overall increase, with A-shares and H-shares showing differentiated performance [1][7] - The fundamental performance indicates high value growth, with investment driving continued net profit growth [1][7] Financial Performance - For Q1-Q3 2025, the net profit growth year-on-year shows significant increases: China Life +60.5%, New China Life +58.9%, China Pacific Insurance +50.5%, PICC +28.9%, Taikang +19.3%, and Ping An +11.5% [2][9] - In Q3 2025 alone, the net profit growth year-on-year is led by China Life +91.5%, China Pacific Insurance +91.4%, and New China Life +88.2% [2][9] - The net asset changes from the beginning of the year show China Life +22.8%, PICC +16.9%, and China Pacific Insurance +12.3%, while Taikang saw a decline of -2.5% [2][9] Investment Logic - Insurance company profits are derived from underwriting profits and investment profits, with underwriting profits influenced by premium income and operational costs [3][10] - The investment profit is primarily affected by investment yield and liability cost rate, with the former being more variable due to market conditions [3][10] - The improvement in underwriting profits is driven by better product structures, channel efficiency, and cost control [3][10] Historical Stock Selection Logic - The stock selection logic for insurance companies has evolved through four phases over the past decade, with a focus on value growth from 2015-2019, short-term catalysts from 2020-2023, and a systemic revaluation of value in 2024 [5][13][14] - Since 2025, the systemic revaluation of value has continued, with H-shares of New China Life, PICC, and China Life leading the market [5][14] Future Outlook - The macroeconomic and capital market environment is expected to transition from a downward economic cycle with improving capital market conditions to a favorable economic cycle with a recovering capital market [6][15] - The focus will remain on net profit as a key indicator, with the importance of liability indicators represented by NBV expected to increase [6][15]

2025年12月12日，沧州金融监管分局发布批复称，《关于中国人民健康保险股份有限公司河北分公司沧 州中心支公司变更营业场所的请示》(冀人保健康发〔2025〕77号)收悉。经审核，现批复如下： 一、同意中国人民健康保险股份有限公司沧州中心支公司将营业场所变更为：河北省沧州市高新区吉林 大道国际机器人产业"双创"平台PPP公共设施建设项目1#楼1701。 二、中国人民健康保险股份有限公司河北分公司应按照有关规定及时办理变更及许可证换领事宜。 ...

Core Viewpoint - Southbound funds have reduced their holdings in China People's Insurance Group, indicating a potential shift in investor sentiment towards the company [1] Group 1: Southbound Fund Activity - On December 15, southbound funds reduced their holdings by 9.46 million shares of China People's Insurance Group (01339.HK) [1] - Over the past five trading days, there have been three days of net reductions, totaling 12.83 million shares [1] - In the last 20 trading days, there were 13 days of net increases, amounting to 22.53 million shares [1] - Currently, southbound funds hold 2.67 billion shares of China People's Insurance Group, representing 30.58% of the company's total issued ordinary shares [1] Group 2: Company Overview - China People's Insurance Group Co., Ltd. is a holding company primarily engaged in providing insurance products [1] - The company and its subsidiaries are involved in various insurance sectors, including property insurance, health insurance, life insurance, reinsurance, Hong Kong insurance, and pension insurance [1] - Property insurance includes products for both corporate and individual clients, such as motor vehicle insurance, agricultural insurance, property insurance, and liability insurance [1] - Health insurance encompasses health and medical insurance products [1] - Life insurance includes various life insurance products, such as participating, whole life, annuity, and universal life insurance [1] - Hong Kong insurance pertains to property insurance operations in Hong Kong [1] - Pension insurance covers corporate annuities and occupational annuities [1]

Core Viewpoint - The insurance sector is experiencing a significant upward trend, driven by multiple factors including market recovery, favorable asset conditions, and ongoing liability transformation [1][3][4]. Group 1: Market Performance - On December 15, insurance stocks collectively rose, with China Ping An increasing by over 5%, leading the sector alongside China Life, China Pacific Insurance, and New China Life [3][5]. - Year-to-date performance shows substantial gains for insurance stocks, with New China Life up over 45%, China Ping An up over 33%, China Pacific Insurance up over 19%, and China Life up over 12% [5][6]. Group 2: Regulatory and Policy Support - Recent favorable policies include a joint notice from the Ministry of Commerce, the People's Bank of China, and the financial regulatory authority aimed at boosting consumption through the development of various insurance products [3][4]. - The adjustment of risk factors for insurance companies' holdings, such as lowering the risk factor for certain index stocks, is expected to relieve solvency pressure and encourage long-term investment in the market [4][6]. Group 3: Future Outlook - Analysts predict that insurance stocks may enter a prolonged bull market, contingent on overall market conditions improving, which would enhance investment returns for insurance companies [6]. - International investment banks and domestic brokerages have recently issued "buy" and "overweight" ratings for several insurance stocks, indicating positive sentiment towards the sector's future performance [6].

Core Insights - The national medical insurance work conference emphasized the support for the development of commercial health insurance by 2026, aiming to establish a multi-tiered medical security system and promote the "医保+商保" one-stop settlement service for innovative drug products [1][4] Group 1: Policy and Implementation - The first edition of the "Commercial Health Insurance Innovative Drug Directory" includes 19 high-value drugs, focusing on advanced therapies and rare diseases, set to be implemented on January 1, 2026 [1][2] - The release of the directory marks a significant step for commercial health insurance in addressing the accessibility and affordability of innovative drugs, although challenges remain in translating the directory into marketable insurance products [2][3] Group 2: Challenges for Insurance Companies - Insurance companies face three main challenges: pricing, risk control, and compliance, particularly in obtaining accurate data from pharmaceutical companies and hospitals for effective pricing models [3][5] - The inclusion of Alzheimer's disease treatments in the directory raises concerns about adverse selection risks, necessitating strict eligibility review mechanisms to mitigate potential high payout risks [3][6] Group 3: Data Sharing and Settlement - The "医保+商保" one-stop settlement aims to break down data silos, facilitating data sharing to enhance claims processing and improve patient experience [4][5] - Concerns exist regarding the transparency of the settlement process, as a "black box" approach could hinder compliance with regulatory data reporting requirements [5][6] Group 4: Investment in Innovative Drugs - The policy encourages insurance funds to invest in the upstream of the pharmaceutical industry, positioning them as "patient capital" for innovative drug development [6][7] - Major insurance companies are already investing in health industry funds, supporting numerous innovative drug companies, although they remain cautious due to the high risks associated with drug development [7][8] Group 5: Future Outlook - There is potential for insurance companies to become shareholders in large pharmaceutical groups to mitigate investment risks, while maintaining a cautious approach towards smaller innovative firms [8]