Report Industry Investment Rating No information provided in the report. Core Viewpoints - Listed insurance companies have implemented new accounting standards (IFRS 17 and IFRS 9) since 2023, while non - listed ones will implement them in 2026. It is estimated that after the remaining insurance companies implement the new standards in 2026, the re - classification scale of financial assets of affected insurance companies may account for about 20% [3][62]. - After the implementation of the new standards, more insurance assets may be classified into the FVTPL category, increasing the profit volatility of insurance companies. Insurance companies are more cautious about bank capital bonds and increase the allocation of ultra - long bonds. The proportion of insurance funds invested in bonds is rising [3][5][63]. Summary According to the Table of Contents 1. New Accounting Standards Gradually Implemented - IFRS 9 adjusts the classification of financial assets from "four - category" to "three - category": FVTPL, FVOCI, and AC. More assets may be classified into FVTPL, making insurance company profits more volatile. Insurance companies have an incentive to allocate more assets to AC or FVOCI [9][10]. - IFRS 17 changes the discount rate for traditional insurance reserves. Insurance companies can use the OCI option to reduce profit fluctuations, which may lead to significant differences in net profit under the old and new standards [12]. - From the operating data of insurance companies that have implemented the new standards in advance, there is an increase in net profit and a decrease in net assets [16]. - Among bond - issuing insurance companies, the financial investment of those that have implemented the new standards accounted for 74.4% of the total as of the end of 2024. It is estimated that the proportion of financial asset re - classification of the remaining insurance companies in 2026 may be about 20% [3][62]. 2. Changes in Insurance Institution Behavior 2.1 Insurance Asset Allocation Observation - As of the end of Q2 2025, the balance of insurance funds in use was 36.23 trillion yuan, with life insurance companies accounting for 90% [23]. - The proportion of bonds in the asset allocation of life and property insurance is increasing. As of the end of Q2 2025, the bond proportion of life insurance increased from 41% to 52%, with a balance of 16.9 trillion yuan; that of property insurance increased from 21% to 40%, with a balance of 0.95 trillion yuan [25]. - The investment proportion of life and property insurance in stocks is relatively stable, but the growth rate has accelerated since Q1 last year. In Q2 this year, the cumulative year - on - year growth rates of stock investment were 47.9% and 42.8% respectively [31]. 2.2 Insurance Secondary Market Observation 2.2.1 Bank - to - Bank - As of the end of August 2025, the total bond custody scale of insurance institutions in CCDC and SHCHE was 5033.311 billion yuan. Interest - rate bonds accounted for 77.9%, with local bonds accounting for 49.3% [34]. - Insurance has been increasing its allocation of local bonds. As of the end of August this year, the net increase in local bond custody was 3776 billion yuan, approaching last year's level. Insurance has been reducing its holdings of commercial bank bonds since March last year [39][58]. 2.2.2 Exchange - As of the end of September, the scale of corporate bonds held by insurance in SSE and SZSE was 931.8 billion yuan and 181.6 billion yuan respectively. After Q2 this year, the allocation of credit bonds by insurance has increased [52]. 3. Understanding the Impact of the New Standards - Insurance institutions will further increase their demand for ultra - long bonds due to stable premium income growth, the "Second - Generation Solvency" regulations guiding the passive allocation of fixed - income assets, and increased liability - side volatility under the new insurance contract standards [55]. - Under the new financial tool accounting standards, insurance will be more cautious about bank secondary and perpetual bonds that do not pass SPPI and are included in FVTPL [58]. 4. Summary - In 2026, after the remaining insurance companies implement the new accounting standards, the re - classification scale of financial assets of affected insurance companies may account for about 20% [3][62]. - After the implementation of the new standards, insurance company profits may become more volatile. Insurance will be more cautious about bank capital bonds and increase the allocation of ultra - long bonds. The proportion of bonds in insurance asset allocation is rising [5][63].

Core Points - The approval from the Hetian Financial Regulatory Bureau allows China People's Property Insurance Company to change the business location of its marketing service department in Keke Ya Township [1] Group 1 - The new business location is specified as the fifth room on the right side of the People's Government of Keke Ya Township, located in Kutazairike Village, Hetian County, Xinjiang Uygur Autonomous Region [1] - The company is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

Core Viewpoint - The approval for the change of business location for China People's Property Insurance Company Limited's marketing service department in Xianbai Baza Town has been granted by the Hetian Financial Regulatory Bureau [1] Group 1 - The new business location is specified as the first room on the second floor next to the People's Government of Xianbai Baza Town, Hetian County, Xinjiang Uygur Autonomous Region [1] - The company is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

"要不是有医疗互助保险，我真不敢想儿子现在会怎么样。"在西藏自治区拉萨市墨竹工卡县工卡镇 格桑村，次仁多吉想起为儿子治病的经历，声音里满是感慨。在几十公里外的唐加乡莫冲村，面琼同样 对这份保险充满感激。正是中国人保落地的城乡居民医疗互助保险，让当地家庭躲过了"因病返贫"的困 境。 在平均海拔4000米的"世界屋脊"，医疗保障是关系群众切身利益的"心头事"，更是筑牢民生底线 的"关键题"。为了把党中央的惠民政策送到高原群众身边，中国人保在墨竹工卡县落地了西藏自治区首 单城乡居民医疗互助保险，搭建起"基本医保+大病保险+医疗救助+互助保险"四重保障机制，让"看病 难、看病贵"的愁绪，渐渐被安心与希望取代。 亲历者说：医疗互助保险撑起家庭希望 "医疗互助保险就是瞄准基本医保、大病保险、医疗救助三重报销后，个人自付费用仍较高的群 体。比如，大病患者、长期治疗患者，通过医疗互助保险按比例再报销，精准解决'最后一公里'的费用 压力。"墨竹工卡县人力资源和社会保障局副局长强珍一语道破这项政策的核心价值。 2022年，中国人保集团旗下人保财险西藏分公司在墨竹工卡县落地了西藏自治区首单城乡居民医疗 互助保险，填补了西藏医疗互助 ...

二、接此批复文件后，中国人民财产保险股份有限公司应立即停止一切经营活动，于15个工作日内向大 庆金融监管分局缴回许可证，并按照有关法律法规要求办理相关手续。 一、同意撤销中国人民财产保险股份有限公司大庆市车商第二支公司。 2025年10月16日，国家金融监督管理总局大庆监管分局发布批复称，《关于撤销中国人民财产保险股份 有限公司大庆市车商第二支公司的请示》（庆人保财险发〔2025〕109号）收悉。经审核，现批复如 下： ...

2025年10月13日，国家金融监督管理总局吕梁监管分局发布批复称，《中国人民人寿保险股份有限公司 山西省分公司关于交城县支公司变更营业场所的请示》（人保寿险晋发〔2025〕164号）收悉。经审 核，现批复如下： 二、中国人民人寿保险股份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。 一、同意中国人民人寿保险股份有限公司交城县支公司将营业场所变更为：山西省吕梁市交城县307国 道北红旗路西东方家园商铺D6-D7。 ...

证券时报记者 邓雄鹰 10月21日，保险股再度集体拉升。10月14日以来，A股保险板块累计涨幅达9.1%，其中中国人寿A股涨超12%，H 股涨超15%。 近日新华保险、人保财险、中国人寿相继发布业绩预增公告，成为这轮保险股上涨的引擎。多位分析人士认为， 上市保险公司"业绩增长超预期"的重要原因，一是股市向好提升了保险资金投资收益，二是负债端产品转型加快 以及成本优化。 业绩超预期"引燃"行情 整体来看，前三季度业绩超预期是催化保险股行情的重要原因。 10月13日晚间，新华保险发布预增公告。经过初步测算，公司2025年前三季度归母净利润预计为299.86亿元至 341.22亿元，同比增长45%至65%。这是新华保险2024年前三季度归母净利润创同期历史新高后再创新高，且净利 润超过了2024年全年。 10月19日晚间，中国人寿公告，预计公司前三季度归母净利润约1567.85亿元至1776.89亿元，同比增长约50%到 70%。 10月16日晚间，中国人保旗下子公司人保财险在港交所发布公告称，预计公司前三季度净利润同比增长40%到 60%。 国信证券非银分析师认为，2025年以来，A股市场整体表现良好，保险公司投 ...

2025年10月16日，安阳金融监管分局发布批复称，《关于中国人民人寿保险股份有限公司相州支公司变 更营业地址的请示》（人保寿险豫安发〔2025〕91号）收悉。经审核，现批复如下： 二、中国人民人寿保险股份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。 一、同意中国人民人寿保险股份有限公司相州支公司将营业地址变更为：河南省安阳市林州市开元办政 东路南段185号紫云东区二期5幢108—2铺、109铺。 ...

2025年10月16日，安阳金融监管分局发布批复称，《关于中国人民财产保险股有限公司安阳市文峰支公 司地址变更的请示》（安人保财险发〔2025〕58号）收悉。经审核，现批复如下： 二、中国人民财产保险股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。 一、同意中国人民财产保险股有限公司文峰支公司将营业场所变更为：河南省安阳市文峰区中华路与德 隆街交叉口东北角安阳国际大酒店商业综合体1号楼第14层1—3号房间和18—22号房间。 ...

Core Viewpoint - The Yuxi Financial Regulatory Bureau has approved the relocation of the business premises for the Xinhua Marketing Service Department of China People's Property Insurance Co., Ltd. in Xinpingshi, Yuxi City, Yunnan Province [1] Group 1 - The new business location is specified as: No. 2, Gulin Road, Xinhua Township, Xinpingshi, Yuxi City, Yunnan Province [1] - The company is required to obtain a new license from the Yuxi Financial Regulatory Bureau within 10 days of receiving the approval [1] - The company must also handle related announcement matters as per regulations [1]