Core Insights - The report titled "2025-2031 China Catastrophe Insurance Industry Market Competition Landscape and Investment Potential Assessment" provides a comprehensive analysis of the catastrophe insurance industry in China, covering market development environment, operational status, competitive landscape, key enterprise performance, and future trends and investment forecasts [1] Group 1: Industry Overview - The report consists of twelve chapters, starting with an introduction to the catastrophe insurance industry and its overall operational status [1] - It includes a detailed analysis of the current state of the catastrophe insurance market and its competitive structure [1] Group 2: Global Development Analysis (2020-2024) - The report discusses the global catastrophe insurance industry's development from 2020 to 2024, including the types, principles, and functions of catastrophe insurance [3] - It provides insights into the global natural disaster trends and losses during this period, as well as the operational status of the global catastrophe insurance market [3] Group 3: China Development Analysis (2020-2024) - The report analyzes the development of the catastrophe insurance industry in China, identifying existing problems and providing suggestions for improvement [4] - It examines the economic performance of the catastrophe insurance sector, including underwriting and claims analysis [4] Group 4: Market Analysis (2020-2024) - The report evaluates the market development of catastrophe insurance in China, including regulatory conditions and intermediary development [4] - It also analyzes market equilibrium, demand, supply, and product coverage levels [4] Group 5: Competitive Landscape (2020-2024) - The report outlines the competitive landscape of the catastrophe insurance industry in China, including structural analysis and competitive strategies of key enterprises [6] - It features a SWOT analysis of major companies in the industry, such as China People's Insurance Company, China Pacific Insurance Company, and Ping An Insurance Company [7][9] Group 6: Future Trends and Investment Forecast (2025-2031) - The report forecasts the development trends of the catastrophe insurance industry in China from 2025 to 2031, including market demand and pricing trends [8] - It assesses the investment environment and potential returns in the catastrophe insurance sector for the upcoming years [8]

第一节 财产保险的内涵和职能 一、财产保险的含义 二、财产保险的特征 三、财产保险是一种社会的经济补偿制度 四、财产保险的职能和作用 第二节 农村财产保险介绍 一、农村财产保险的定义 二、农村财产保险的类型 三、财产保险的特点 四、农村财产保险发展历程 第三节 附加险介绍 一、附加农村牲畜死亡保险 二、附加人身意外死亡保险 三、附加人身意外伤残保险 四、附加意外暂停工作保险 五、附加住院保险 六、附加农村旅游，娱乐责任保险 本研究报告数据主要采用国家统计数据，海关总署，问卷调查数据，商务部采集数据等数据库。其中宏 观经济数据主要来自国家统计局，部分行业统计数据主要来自国家统计局及市场调研数据，企业数据主 要来自于国家统计局规模企业统计数据库及证券交易所等，价格数据主要来自于各类市场监测数据库。 报告目录： 第一章 农村财产保险相关概述 第二章 2020-2024年国农村财产保险所属行业的发展分析 智研咨询发布的《2025-2031年中国农村财产保险行业市场运行格局及未来趋势研判报告》共十二章。 首先介绍了农村财产保险行业市场发展环境、农村财产保险整体运行态势等，接着分析了农村财产保险 行业市场运行的现状，然后 ...

Core Viewpoint - The insurance industry has experienced significant capital inflows and profitability over the past 16 years, but there is a stark divide between companies that distribute dividends and those that do not, indicating a polarization in operational performance [2][3][14]. Group 1: Dividend Distribution in the Insurance Industry - From 2009 to 2024, the insurance industry has cumulatively distributed dividends amounting to 214.4 billion, with a total of 231 dividend distributions [7]. - The cumulative profit of the insurance industry over the same period is 606.4 billion, with a notable increase from 4 million in 2009 to 27.4 billion in 2024 [9]. - Only 35 out of 89 companies that have increased capital have distributed dividends, highlighting that 54 companies have not distributed any dividends despite significant capital inflows [10][11]. Group 2: Capital Inflows and Profitability - The insurance industry has seen a total of 325.3 billion in new shareholder capital over the past 16 years, with 249 instances of capital increases [8]. - The 35 companies that have distributed dividends accounted for 54% of the total new capital inflows, while the 54 companies that have not distributed dividends accounted for 46% of the inflows but have collectively incurred losses of 31.5 billion [13]. - The profitability of the 35 dividend-distributing companies reached 637.9 billion, surpassing the total profit of the entire industry, while the other 54 companies reported cumulative losses [13][14]. Group 3: Performance of Leading Companies - Among the companies with over 10 dividend distributions, notable performers include PICC Property and Casualty, Ping An Property & Casualty, and Taikang Property, with five companies having cumulative dividends exceeding their total shareholder contributions [17]. - The top ten companies in terms of cumulative dividends from 2009 to 2024 have been identified, showcasing the leaders in the industry [15][17]. - The industry is characterized by two camps: leading companies that have transitioned into a profit-sharing phase and others that continue to struggle with capital increases without returns [14].

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年7月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 中國人民財産保險股份有限公司 呈交日期: 2025年8月1日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | 其他類別 (請註明) | | 於香港聯交所上市 (註1) | | 否 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | N/A | 說明 | 內資股 | | | | | | | | | 法定/註冊股份數目 | | 面值 | | | 法定/註冊股本 | | | 上月底結存 | | | 15,343,471,470 RMB | | 1 | RMB | | 15,343,471,470 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 15,343,471,470 RMB | | 1 | RMB | | 15,343,471,470 | | 2. 股份 ...

内险股跌幅扩大，截止发稿，新华保险（601336）(01336)跌4.17%，报48.2港元；中国人寿（601628） (02628)跌3.52%，报21.95港元；中国太保（601601）(02601)跌3%，报30.7港元；中国财险(02328)跌 0.37%，报16.26港元。 东吴证券发布研究报告认为，预定利率的下调将推动保险公司新业务负债成本继续下降，伴随新业务对 存量的逐步稀释，存量平均成本也将逐步改善。预定利率调整后，分红险保底收益仅比传统险低25个基 点，且拥有浮动收益设计，对客户的吸引力更高，预计新单业务结构加速转向分红险，而分红险占比提 升将进一步缓解险企刚性成本压力。 消息面上，保险产品预定利率调降机制正式启动，各大保险公司紧锣密鼓地推进新老产品切换工作。中 国保险行业协会发布的最新数据显示，普通型人身保险产品预定利率研究值为1.99%，较上期下降14个 基点。这一数值已连续两个季度低于现行预定利率25个基点以上，触发了人身险业预定利率动态调整机 制。 ...

Core Viewpoint - The insurance sector is experiencing a decline in stock prices due to the initiation of a mechanism for adjusting the guaranteed interest rates of insurance products, leading to significant changes in the business landscape [1] Group 1: Stock Performance - As of the report, major insurance stocks have seen notable declines: Xinhua Insurance down 4.17% to HKD 48.2, China Life down 3.52% to HKD 21.95, China Pacific Insurance down 3% to HKD 30.7, and China Property & Casualty Insurance down 0.37% to HKD 16.26 [1] Group 2: Regulatory Changes - The China Insurance Industry Association has announced that the research value for the guaranteed interest rate of ordinary life insurance products is now 1.99%, a decrease of 14 basis points from the previous period [1] - This new rate has been below the current guaranteed interest rate by more than 25 basis points for two consecutive quarters, triggering the dynamic adjustment mechanism for life insurance guaranteed interest rates [1] Group 3: Market Implications - Dongwu Securities reports that the reduction in guaranteed interest rates will lead to a continued decrease in the liability costs of new business for insurance companies, while the gradual dilution of new business against existing business will improve the average cost of existing policies [1] - Following the adjustment of guaranteed interest rates, the minimum return on participating insurance is only 25 basis points lower than that of traditional insurance, making it more attractive to customers due to its floating return design [1] - It is anticipated that the structure of new business will accelerate the shift towards participating insurance, and the increased proportion of participating insurance will further alleviate the rigid cost pressures faced by insurance companies [1]

Group 1 - The latest scale of the Hong Kong Stock Connect Non-Bank ETF reached 12.707 billion yuan as of July 31, 2025, with a record high of 7.689 billion shares [1] - The ETF has seen continuous net inflows over the past 22 days, with a maximum single-day net inflow of 820 million yuan, totaling 7.468 billion yuan [1] - The ETF's net value increased by 85.25% over the past year, ranking 34th out of 2,943 index equity funds, placing it in the top 1.16% [1] Group 2 - The CSI Hong Kong Stock Connect Non-Bank Financial Theme Index includes up to 50 listed companies that meet the non-bank financial theme criteria, reflecting the overall performance of these companies [2] - The top ten weighted stocks in the index account for 78.19%, with China Ping An, AIA, and Hong Kong Exchanges and Clearing each exceeding 14% [2] - China Life Insurance received a net inflow of 1.114 billion HKD from southbound funds, with a cumulative net inflow of 7.828 billion HKD over the past 20 days [2] Group 3 - In the first half of 2025, life insurance companies' original premium income grew by 5.4% year-on-year, with a second-quarter growth rate of 16.3% [3] - Property insurance companies reported a premium income of 964.5 billion yuan, also reflecting a year-on-year growth of 5.1% [3] - The insurance industry faces significant interest spread loss risks, with a need to lower new single liability costs to alleviate pressure [3] Group 4 - The "interest spread loss" pressure is identified as the core reason for the valuation pressure on insurance stocks, with potential for valuation recovery if the risk converges [4] - The Hong Kong Stock Connect Non-Bank ETF is the first and only ETF tracking the non-bank index, with over 60% of its composition in insurance stocks [4]

二、中国人民财产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、同意中国人民财产保险股份有限公司武山支公司将营业场所变更为：甘肃省天水市武山县城关镇安 居路北侧阳光水岸A区15B#楼二层201号商铺。 2025年7月28日，国家金融监督管理总局天水监管分局发布批复称，《中国人民财产保险股份有限公司 天水市分公司关于武山支公司变更营业场所的请示》（天人保财险发〔2025〕22号）收悉。经审核，现 批复如下： ...

Core Insights - The insurance industry is actively responding to the severe rainstorm disaster in Beijing, with significant claims reported across various insurance sectors [1] Group 1: Claims and Loss Estimates - As of July 29, 15:00, the People's Insurance Company of China (PICC) Beijing branch received 603 car insurance claims, estimating losses at 8.501 million [1] - Home insurance claims, including rural housing insurance, totaled 205, with estimated losses of 215,800 [1] - Agricultural insurance claims amounted to 7, with estimated losses of 466,000 [1] Group 2: Disaster Response and Recovery Efforts - PICC Beijing branch mobilized all 19 partner rescue service providers for disaster relief efforts [1] - A total of 128 rescue vehicles were dispatched to affected areas, with specific allocations including 45 to Miyun, 7 to Huairou, 14 to Pinggu, and 62 to other regions [1] - The company expanded its emergency vehicle storage capacity by adding 2 new preservation sites in Miyun, accommodating up to 1,100 vehicles for rescue operations [1] Group 3: Agricultural Insurance Management - The company established a disaster handling hierarchy and defined personnel group arrangements for effective management [1] - A loss assessment standard was set, and a telephone survey was conducted on all insured policies to identify claims [1] - On-site inspections for reported claims were prioritized, with follow-ups planned for areas that were previously inaccessible due to road closures [1]

Core Viewpoint - China Pacific Insurance maintains a leading position in the property insurance sector, with a market share of 37.5% in 2024, significantly higher than its competitors [1] Group 1: Company Strengths - The company has a stable underwriting profit with a combined ratio below 100% for nearly 15 years, projected at 96.8% in 2024, outperforming the industry median of 102.8% [1] - Excellent cost control is evident, with a combined expense ratio approximately 7 percentage points lower than smaller competitors, aided by an increasing direct sales channel [1] - Strong shareholder backing from the Ministry of Finance, holding 68.98% of shares, provides long-term resource support and policy synergy [1] Group 2: Auto Insurance Business - Auto insurance, accounting for 55% of the company's revenue, is a key profit driver, contributing an underwriting profit of 9.285 billion yuan in 2024 [1] - The company excels in refined operational capabilities, with a 74.3% share of personal auto premiums and a renewal rate of 77.8%, which reduces claims risk [1] - The company leads in new energy vehicle insurance, with 11.59 million vehicles insured in 2024, a 57.3% increase, and premium income of 50.9 billion yuan, up 58.7% [1] - Policy reforms in non-auto insurance are expected to further enhance pricing power and reduce expense ratios by 1 percentage point [1] Group 3: Non-Auto Insurance Business - Non-auto insurance, making up 45% of the company's revenue, is projected to generate 240.7 billion yuan in premium income in 2024, with a CAGR of 10.9% over the past six years [2] - Despite a short-term underwriting loss of 3.572 billion yuan, structural optimization is underway, with profitable segments like health insurance and agricultural insurance contributing positively [2] - The agricultural insurance market share reached 42.7% in 2022, benefiting from government policies [2] Group 4: Investment Performance - The company shows resilience in its investment portfolio, with a total investment return rate of 5.2% in 2024, and a low volatility compared to peers [2] - The dividend CAGR from 2011 to 2024 is 12.8%, with an average dividend payout ratio of 36.5%, and a projected dividend of 0.54 yuan per share in 2024 [2] Group 5: Future Projections - The company is expected to continue leading the industry, with projected insurance service revenues of 508.3 billion yuan, 533.4 billion yuan, and 560.3 billion yuan for 2025-2027 [2] - Forecasted net profits for 2025-2027 are 38.3 billion yuan, 41.4 billion yuan, and 44.9 billion yuan, with corresponding EPS of 1.72 yuan, 1.86 yuan, and 2.02 yuan per share [2]