Investment Rating - The report maintains a "Positive" investment rating for the insurance industry [4][49]. Core Insights - The report highlights that the interest spread risk for life insurance companies is manageable, despite concerns in a low interest rate environment. The average net investment yield for six major listed insurance groups has decreased from 4.7% in 2020 to 3.6% in 2024, leading to pessimism regarding the interest spread (investment yield minus liability cost) [4][8]. - The sensitivity of net assets to interest rates varies significantly among companies, with China Life and China Pacific experiencing a 13.6% and 7% decline in net assets, respectively, under a 50 basis point interest rate drop scenario [16][21]. - The cost of new policies has effectively decreased, with major companies like China Life and China Pacific seeing a reduction of approximately 50 basis points in liability costs to 2.4-2.5% in 2024 [4][36]. - The report anticipates a turning point for the cost of existing policies post-2028, as high-cost premium cash flows will cease, and companies like Xinhua are increasing equity allocations to hedge against interest rate declines [4][39]. Summary by Sections Section 1: Interest Rate Sensitivity - Long-term interest rates impact life insurance companies' net assets through three main pathways: duration gap between assets and liabilities, the effect on contracts with Variable Fee Approach (VFA), and the ultimate discount rate applied to policy contracts [13][14]. - Under a stress scenario of a 50 basis point decline in interest rates, the net asset impacts for major companies were calculated, showing varying degrees of sensitivity [16][21][27]. Section 2: New Policy Liability Costs - The liability costs for new policies have significantly decreased, with the report noting that the maximum liability rates for traditional and participating insurance products have been lowered, leading to a reduction in the break-even liability cost for major insurers [36][37]. - The report provides a detailed analysis of the break-even liability costs for major insurers from 2021 to 2024, indicating a downward trend in these costs [38]. Section 3: Existing Policy Costs - The report discusses the potential turning point for existing policy costs, with expectations that high-cost premium cash flows will diminish after 2028, thus reducing liability costs [39][40]. - Xinhua Insurance is highlighted for its strategy of increasing equity exposure to mitigate risks associated with declining interest rates, achieving significant investment returns [39][41].

Core Viewpoint - The insurance sector is experiencing a positive market response, with major companies seeing significant stock price increases following the announcement of a reduction in the preset interest rate for traditional insurance products, which is expected to enhance the attractiveness of participating insurance products [1][1]. Group 1: Stock Performance - China Pacific Insurance (02601) increased by 5.14%, reaching HKD 33.56 [1] - China Property & Casualty Insurance (02328) rose by 2.86%, reaching HKD 16.93 [1] - New China Life Insurance (01336) grew by 2.72%, reaching HKD 48.38 [1] - Ping An Insurance (02318) saw a rise of 1.92%, reaching HKD 55.8 [1] Group 2: Regulatory Changes - The latest research value for the preset interest rate in the traditional insurance sector is 1.99%, which has triggered conditions for a rate reduction according to current regulatory policies [1] - The preset interest rate research value has been below the current level by 25 basis points for two consecutive quarters, activating the downward adjustment mechanism [1] - Major insurance companies are expected to announce preset interest rate reductions and complete product transitions by the end of August [1] Group 3: Industry Outlook - Dongwu Securities indicates that the reduction in preset interest rates will lead to a continued decrease in the cost of new business liabilities, improving the average cost of existing policies over time [1] - The stabilization and upward trend of long-term interest rates, along with a strong stock market, are expected to alleviate the pressure on the life insurance industry's interest spread [1] - Following the adjustment of preset interest rates, the guaranteed returns on participating insurance products will only be 25 basis points lower than traditional insurance, making them more attractive to customers [1] - An accelerated shift towards participating insurance products is anticipated, which will further relieve the rigid cost pressures faced by insurance companies [1]

Core Viewpoint - The five major A-share listed insurance companies in China believe that the current equity market has strategic allocation value, despite market fluctuations and declining interest rates [1][3]. Group 1: Investment Performance - In 2021, the five major insurance companies achieved a total net profit of CNY 215.96 billion, with China Ping An, China Life, China Pacific Insurance, China Property & Casualty, and New China Life reporting net profits of CNY 101.62 billion, CNY 50.92 billion, CNY 26.83 billion, CNY 21.64 billion, and CNY 14.95 billion respectively [2]. - The investment yield for these companies remained around 5%, with New China Life achieving the highest total investment yield of 5.90% and China Property & Casualty having the highest net investment yield at 4.80% [2]. - The successful investment performance is attributed to a "barbell strategy," which involves combining two types of investment products with significantly different styles [2]. Group 2: Market Outlook - Insurance companies see the current market adjustment as a release of risks and an opportunity for long-term investment, with a belief that the equity market is showing strategic allocation value [3]. - The macroeconomic environment in 2022 is expected to support steady growth, providing a solid foundation for the equity market [3]. - Current market valuations are considered relatively low, with major indices like the Shanghai Composite Index and CSI 300 Index below the 30th percentile of their valuations over the past decade [3]. Group 3: Investment Strategy - The focus for future equity asset allocation will be on sectors aligned with national policy directions, such as carbon neutrality, digital economy, and healthcare [4][5]. - Companies are looking to capitalize on structural investment opportunities arising from traditional industries' valuation recovery and emerging strategic sectors like consumption upgrades and technological innovation [4][5]. - There is an emphasis on exploring investment opportunities in the Hong Kong market and diversifying equity investments [5].

伴随年报披露完毕，险企2021年投资收益也浮出水面。数据显示，五家A股上市险企2021年投资收 益率维持在5%上下，成为拉动险企净利润增长的重要渠道。其中，新华保险总投资收益率最高，为 5.90%；中国人保净投资收益率最高，为4.80%。 数据显示，截至2021年末，保险资金运用余额23.2万亿元，其中投资债券9.1万亿元，投资股票2.5 万亿元，投资股票型基金0.7万亿元，权益类资产配置仍有较大提升空间。多家上市险企表示，当下权 益市场已具备战略配置价值，根据其披露信息，碳中和、大健康等赛道有望获得更多关注。 多险企投资收益率高于5% 2021年，五大A股上市险企合计实现归母净利润2159.58亿元，同比降低14.41%。其中，中国平 安、中国人寿、中国太保、中国人保、新华保险分别实现归母净利润1016.18亿元、509.21亿元、268.34 亿元、216.38亿元、149.47亿元。 投资收益仍是险企净利润的重要来源。数据显示，五家险企2021年的投资收益率维持在5%上下。 其中，新华保险总投资收益率最高，为5.90%；中国人保净投资收益率最高，为4.80%。具体来看，中 国人保、中国平安、中国太保、中 ...

Core Viewpoint - Insurance funds are significant institutional investors in the capital market, but the investment yield of major listed insurance companies in A-shares has decreased due to low long-term interest rates and market volatility, with future equity asset allocation expected to focus on sectors like consumption, technology, and new energy [1][2][4]. Group 1: Investment Performance - In the first half of the year, the total investment yield of the five major insurance companies decreased by 15.7% year-on-year, totaling 252.43 billion yuan [2][3]. - The total investment yield rates for the five major insurance companies as of June were: China Life Insurance at 5.5%, China Pacific Insurance at 4.21%, New China Life at 4.2%, China Taiping at 3.9%, and Ping An Insurance at 3.1%, all showing a decline compared to the previous year [2][3]. - The total investment assets of the five major insurance companies reached 13.56 trillion yuan, an increase of 6.57% from the beginning of the year [2]. Group 2: Future Investment Strategy - Insurance companies are optimistic about the strategic value of equity markets in the second half of the year, with expectations of economic resilience and gradual recovery driven by infrastructure investment [4][6]. - The focus for future investments will be on sectors such as consumption, technology, new energy, and healthcare, with a positive outlook on equity investments [6][7]. - Regulatory bodies have encouraged insurance funds to invest more in equity assets, emphasizing the importance of long-term investments to support the real economy [4][5]. Group 3: Investment Principles - Insurance companies are advised to prioritize principles over rigid plans, focusing on asset-liability matching and employing a barbell strategy to balance stable fixed-income investments with riskier assets [7]. - A diversified investment portfolio is recommended to achieve long-term stable returns across cycles [7].

Core Insights - China Pacific Life Insurance (CPIC) is undergoing a transformation aimed at high-quality development, focusing on optimizing business quality and structure, which has led to positive growth indicators in recent years [1][2] Group 1: Business Performance - In the first three quarters of 2022, CPIC achieved insurance business revenue of 189.739 billion yuan, a year-on-year increase of 4.4%, with new business revenue growing by 31.0% [1] - The company reported a significant improvement in key operational metrics, including a 7.5 percentage point increase in the 13-month policy continuation rate [1] - Following the release of the Q3 report, CPIC's A-shares and H-shares saw notable price increases, reflecting positive market feedback [1] Group 2: Transformation Strategy - The transformation strategy, termed "Long Voyage Action," emphasizes channel transformation, focusing on professionalizing and digitizing the marketing team while enhancing the recruitment and training processes [3] - CPIC is committed to a customer demand-oriented approach in its bancassurance model, developing competitive products tailored to different strategic banking partners [3] - The company has successfully navigated challenges during the transformation, with marketing agent productivity and bancassurance channels showing rapid growth [3] Group 3: Product and Service Innovation - CPIC is enhancing its "insurance + pension + health" ecosystem to meet changing customer demands, particularly in the context of an aging population [4][5] - The company aims to provide comprehensive services throughout the customer lifecycle, integrating personalized insurance products with health management and medical services [5][6] - CPIC has launched a new business model combining insurance products with community-based elder care and professional services, branded as "Core Vitality Service" [6] Group 4: Market Positioning and Future Outlook - The health and elder care market is identified as a future trillion-yuan sector, with CPIC focusing on building core competencies for long-term success [7] - The company has developed a comprehensive product line addressing all-age pension needs and has established 13 elder care community projects across 11 cities [7] - CPIC's health management services have reached 22 million customers, and it has introduced innovative offerings such as immune cell storage services for high-net-worth clients [7] Group 5: Social Responsibility and Community Engagement - CPIC actively participates in key areas of public welfare, including long-term care insurance and "benefit insurance," covering over 1 billion people across various projects [9] - The company has provided significant support during the COVID-19 pandemic, with cumulative insurance coverage exceeding 1.7 trillion yuan and compensation exceeding 23 million yuan [9] - CPIC's initiatives reflect its commitment to social responsibility and enhancing public welfare through comprehensive insurance solutions [9]

日前，2023年中央一号文件发布。在现代农业发展和乡村振兴中，农业保险的作用正得到越来越充 分的发挥。 作为一家负责任的险企，中国太保持续发挥专业优势创新产品服务，科技赋能助力农业生产经营， 农险保障已经覆盖种植业、养殖业、林业等多个领域，推进农业保险扩面、增品、提标，探索农产品价 格指数保险、收入保险，稳步扩大"保险+期货"试点，开发一揽子三农风险解决方案，服务农民、农 村、农业整体风险保障需求……中国太保持续助推乡村振兴的深度和广度，为农业现代化注入了强劲动 能。 助力"种业振兴" 多措并举呵护春耕 近日，中国太保产险苏州分公司成功推出"种业无忧"综合保险保障服务项目，为常熟市种业有限公 司提供了近4000万元的风险保障，为保险助力"种业振兴"提供了有力补充。 长期以来，种业具有投入大、环节多、周期长等特点，在研发育种、制种繁种、生产加工、推广销 售等环节均面临不同程度风险。为了进一步助力种业振兴，中国太保产险苏州分公司积极发挥主业优 势，经过多轮调研考察，围绕种业产业特点及发展需要，探索设计了种业全产业链的一揽子综合保险保 障服务方案。该方案具体包括了"种"无忧、"财"无忧、"运"无忧、"责"无忧、以及 ...

Core Viewpoint - China Pacific Insurance (CPIC) has consistently upheld its commitment to being a responsible insurance company, engaging in various social welfare initiatives to enhance public well-being and support vulnerable groups [1]. Group 1: Social Responsibility Initiatives - CPIC has made continuous contributions to society, including donations to children's welfare institutions for 27 consecutive years, building over 60 Hope Primary Schools, and protecting the "Three Rivers Source" public welfare forest [1]. - The Taibao Blue Public Welfare Foundation focuses on public welfare in the field of cognitive disorders, promoting awareness and care for affected groups through various initiatives [1]. Group 2: Specific Programs and Donations - In April 2022, CPIC's Pacific Health Insurance donated 2 million yuan to establish the "Taibao Blue Star Anxin Autism Special Fund," aimed at supporting children with autism and their families [1]. - On April 2, 2023, which marks the 16th "World Autism Awareness Day," Taibao Blue Public Welfare launched the "Star Children" dream painting program, including various activities to nurture the artistic potential of children with autism [1][2]. Group 3: Call to Action - CPIC has issued a public invitation for individuals and organizations to join the "Guarding Stars" initiative, encouraging collective efforts to provide warmth and support to children with autism [2]. Group 4: Event Timeline - The collection period for artwork from children with autism is from now until March 15 [3].

为进一步深入践行"金融为民"理念，充分彰显保险行业的服务温度，中国太保寿险山东分公司于8月份在全辖范围内发起"寻找最美代言人"征集活动。此次 活动邀请公司客户、亲身感受过服务的亲历者以及广大市民朋友，分享与中国太保有关的暖心故事，借助真实案例生动展现保险所蕴含的独特价值。 值得一提的是，本次活动创新性地将保险故事与地域文化相结合。山东作为儒家文化发源地，"重信守诺"的精神源远流长，与中国太保"诚信天下"的企业理 念高度契合、相得益彰。活动将深入挖掘具有鲜明齐鲁特色的保险故事，通过这些故事展现齐鲁儿女与中国太保之间深厚的情谊，以及在诚信、责任等方面 的共同追求。 业内人士指出，此类活动通过真实客户故事的生动讲述，有力传递保险的价值，不仅极大地增强品牌的亲和力，让保险品牌更加贴近民众，也显著提升公众 对保险的认知和理解。这无疑是金融企业积极践行社会责任的一次有益尝试，为行业发展树立了良好的榜样。 联邦提 FB 版事項 6 详情请联系您的保险规划师 活动精心设置了三大主题，旨在更好地服务广大市民，全方位展现保险让生活更加美好的深刻价值与意义。其中，"保单类"主题聚焦于客户与中国太保之间 因保单而产生的故事；"服务类 ...

Core Viewpoint - The five major listed insurance companies in A-shares have distributed a total of 90.789 billion yuan in cash dividends for the year 2024, reflecting a year-on-year growth of 20.21%, indicating the industry's overall profitability and the increasing emphasis on investor returns under policy guidance [2][3]. Summary by Sections Dividend Distribution - The five major insurance companies have completed their dividend distributions for 2024, with a total payout of 90.789 billion yuan, marking a 20.21% increase from the previous year [2]. - New China Life Insurance's dividend plan stands out, with a cash dividend of 1.99 yuan per share, totaling 6.208 billion yuan, and a combined cash dividend of 7.893 billion yuan for 2024, showing a nearly 200% year-on-year increase [3]. - China Pacific Insurance distributed a cash dividend of 1.08 yuan per share, totaling 10.39 billion yuan, contributing to the overall dividend total of 86.318 billion yuan for the five companies [5]. Profitability and Financial Performance - The five major insurance companies reported a total investment income of 796.92 billion yuan for 2024, a year-on-year increase of 113.91%, and a net profit attributable to shareholders of 347.6 billion yuan, up 77.72% [5]. - The strong profitability provides a solid financial foundation for the increased dividends, with companies like Ping An maintaining a stable profit and market share, allowing for consistent shareholder returns [6]. Regulatory Environment and Strategic Implications - The implementation of the new "National Nine Articles" and the "Market Value Management Guidelines" has reshaped the dividend logic of insurance companies, linking dividend distributions to controlling shareholder reductions and refinancing access [2][7]. - The regulatory environment encourages companies to increase the frequency of dividends, which aligns with the policy direction and helps maintain a balance between dividend payouts and business development [2][6]. Divergence in Dividend Strategies - There is a notable divergence in dividend strategies among the five major insurance companies, with Ping An achieving a 13-year consecutive growth in dividends, while New China Life's dividends surged nearly 200% [5][6]. - The differences in dividend strategies may stem from varying short-term performance and long-term strategic positioning, with mature companies focusing on higher dividends and growth-stage companies prioritizing business expansion [6][8]. Challenges and Future Considerations - Despite the high growth in mid-term dividends, concerns about sustainability arise due to market competition and declining interest rates, which may necessitate a balance between dividends and capital adequacy [7][10]. - To transition mid-term dividends from an "encouragement policy" to a "common practice," further institutional support is needed, including tax incentives for long-term shareholders and improved profit adjustment mechanisms [9][10].