Core Insights - The investment trends of listed insurance companies are gaining attention as they significantly increase their equity asset allocations, reflecting a positive outlook on the A-share market [1][2][3] Group 1: Investment Trends - As of the end of Q2 2025, five A-share listed insurance companies held over 1.8 trillion yuan in stock assets, an increase of over 400 billion yuan, representing a growth rate of 28.7% compared to the end of the previous year [1][2] - The equity asset allocation ratios for major insurance companies have increased, with China Life, Ping An, China Pacific, and China Property & Casualty reaching 13.6%, 12.6%, 11.8%, and 10.7% respectively, marking an increase of 0.9 to 2.7 percentage points from the previous year [2][3] - New China Life has the highest stock allocation ratio among listed insurers at 18.6%, despite a slight decrease of 0.2 percentage points from the previous year [2] Group 2: Investment Performance - The investment income of several listed insurance companies has significantly increased due to the recovery of the capital market, contributing to net profit growth [4][5] - In H1 2025, China Life reported total investment income of 127.5 billion yuan, a year-on-year increase of 4.2%, while China Property & Casualty and New China Life saw increases of 42.7% and 43.3% respectively [4] - New China Life's net profit grew by 33.5% in H1 2025, attributed to substantial investment performance improvements, with total investment income reaching 453 billion yuan, an increase of approximately 137 billion yuan [5] Group 3: Future Outlook - Insurance companies are optimistic about the equity market's future, with strategies focusing on enhancing equity asset allocations and optimizing investment structures [6][7] - The management of China Ping An expressed confidence in the stability and potential of the domestic equity market, highlighting opportunities in emerging industries such as artificial intelligence and advanced manufacturing [6] - China Pacific's management emphasized a balanced asset allocation strategy, combining long-term bonds with innovative high-quality assets to improve long-term investment returns [7]

Core Insights - The low interest rate environment is reshaping investment strategies for insurance companies, prompting a shift towards equity investments, particularly high-dividend assets [1][5][6] - As of June 30, 2023, the total investment assets of five major A-share listed insurance companies reached 19.73 trillion yuan, reflecting a year-on-year growth of 7.52% [2][4] - The performance of investment returns varied among companies, with China Life achieving a total investment return rate of 3.29%, while China Pacific Insurance saw a decline of 0.4 percentage points to 2.3% [2][4] Investment Strategy Adjustments - Insurance companies are increasingly focusing on equity investments to enhance returns, with China Ping An's equity investment ratio rising to 10.5% from 7.6% year-on-year [4][6] - The emphasis on high-dividend stocks is becoming a key part of investment strategies, as these assets provide stable cash flow and align with the long-term investment needs of insurance funds [5][6][7] - Companies are also exploring diverse asset classes, including innovative high-quality assets like ABS and public REITs, to optimize their portfolios [8] Market Outlook - The outlook for the capital market is optimistic, with expectations of continued recovery in A-shares and a focus on sectors such as technology innovation and advanced manufacturing [4][5] - China Life is particularly optimistic about the Hong Kong stock market, which has shown strong recovery and offers valuable investment opportunities in new economy and high-dividend assets [9] Unique Investment Trends - A notable trend is the phenomenon of insurance companies investing in each other, with China Ping An acquiring stakes in China Pacific Insurance and China Life, guided by principles of reliability, growth potential, and sustainable dividends [7] - The establishment of private equity funds by insurance companies indicates a strategic move towards long-term investments in stable and well-governed companies [7]

Core Viewpoint - The investment trends of listed insurance companies are gaining attention as they significantly increase their equity asset allocations, reflecting a positive outlook on the capital market and a strategic shift towards long-term investments [1][2][4]. Group 1: Investment Trends - As of the end of Q2 2025, five A-share listed insurance companies held over 1.8 trillion yuan in stock assets, an increase of over 400 billion yuan, representing a growth rate of 28.7% compared to the previous year [2][3]. - The proportion of equity assets has risen, with stock and fund allocations for major insurers like China Life, Ping An, and China Pacific reaching 13.6%, 12.6%, and 11.8% respectively, marking increases of 0.9 to 2.7 percentage points from the previous year [3][4]. - New China Life has notably increased its equity asset allocation, with its stock allocation rising from 7.9% to 11.1% over the past year, reflecting a strategic shift towards equities [4]. Group 2: Investment Returns - The recovery of the capital market has led to significant increases in investment returns for several listed insurance companies. For instance, China Life reported total investment income of 127.5 billion yuan, a year-on-year increase of 4.2% [5][6]. - China Pacific achieved a total investment income of 414.78 billion yuan, up 42.7% year-on-year, while New China Life's investment income rose by 43.3% to 452.88 billion yuan [5][6]. - China Pacific's net profit for the first half of 2025 reached 358.88 billion yuan, a 17.8% increase, driven by a substantial rise in investment income [7][8]. Group 3: Market Outlook and Strategy - The outlook for equity investments remains positive, with industry leaders emphasizing the stability and potential of the domestic equity market. Factors such as government support for capital markets and emerging industries are seen as key drivers [9][10]. - Companies are adopting flexible asset allocation strategies, focusing on sectors like technology, advanced manufacturing, and new consumption, while maintaining a cautious approach to risk management [10][11]. - The emphasis is on increasing allocations to long-term bonds and innovative assets, while also expanding equity investments in the public market and alternative assets to enhance long-term returns [11].

Core Viewpoint - The low interest rate environment is reshaping the investment strategies of major insurance companies in China, leading to a significant focus on equity investments, particularly high-dividend stocks, to enhance returns amidst challenging fixed-income yields [1][4][5]. Investment Performance - As of June 30, 2023, the total investment assets of five major A-share listed insurance companies reached 19.73 trillion yuan, reflecting a year-on-year growth of 7.52% [2]. - Investment returns have improved due to a recovering capital market, with China Pacific Insurance reporting an annualized total investment return of 5.1%, up 1 percentage point year-on-year [2]. Asset Allocation Strategies - Insurance companies are increasing their allocation to equity investments, with China Ping An's stock investment ratio rising to 10.5% from 7.6% year-on-year [3]. - China Life's equity financial assets increased by 156.5 billion yuan in the first half of the year, with stock assets reaching 620.14 billion yuan [3]. Focus on High-Dividend Stocks - In the current low interest rate environment, insurance companies are prioritizing high-dividend assets that provide stable cash flow and align with their long-term investment strategies [4][5]. - Companies like China Life and China Ping An are actively seeking opportunities in high-dividend stocks and growth sectors, emphasizing the importance of stable returns [5]. Unique Investment Phenomena - The trend of "insurance companies acquiring other insurance companies" has emerged, with China Ping An recently increasing its stakes in China Pacific Insurance and China Life [6]. - This strategy is guided by the "three Cs" principle: reliable operations, growth potential, and sustainable dividends [6]. Diversification of Assets - Insurance companies are maintaining a high proportion of fixed-income investments while also exploring innovative asset classes such as ABS and public REITs to enhance overall returns [7]. - China Life is focusing on overseas markets, particularly the Hong Kong stock market, which has shown strong recovery and offers valuable investment opportunities [8].

Core Viewpoint - The recent adjustment of the predetermined interest rate in the life insurance industry marks a significant historical moment, leading to a surge in insurance sales as companies prepare for the transition to new products that comply with the new rate standards [3][4][5]. Group 1: Impact of Predetermined Interest Rate Adjustment - The predetermined interest rate for ordinary life insurance products has been adjusted to 1.99%, marking the first reduction since the dynamic adjustment mechanism was implemented [4]. - Major insurance companies, including China Life and Ping An, have announced new maximum rates for their products: 2.0% for ordinary life insurance, 1.75% for participating insurance, and 1.0% for universal insurance [4][5]. - The end of the 2.5% interest rate era has led to a significant increase in sales activity, with reports of system overloads and agents working extended hours to accommodate the surge in demand [5][6]. Group 2: Product Strategy and Market Trends - Leading insurance companies are focusing on transforming their product offerings, particularly emphasizing participating insurance as a key growth area [9]. - The shift towards participating insurance is seen as a response to the changing market dynamics, with companies like China Life and Ping An highlighting their strategies to enhance product competitiveness and diversify offerings [8][9]. - Research indicates that participating insurance products are becoming more attractive due to their combined protection and income features, especially in a declining interest rate environment [9]. Group 3: Consumer Considerations - Consumers are advised to consider purchasing insurance products before the new rates take effect, as premiums are expected to rise significantly post-adjustment [10][11]. - For example, a popular children's critical illness insurance policy will see premiums increase from approximately 2,440 yuan to about 3,294 yuan, reflecting a potential rise of 15% to 35% in costs for various products [12]. - The adjustment in predetermined interest rates will lead to higher premiums and lower returns on investment-type products, prompting consumers to carefully evaluate their insurance needs and financial capabilities [13][14]. Group 4: Future Outlook for the Insurance Industry - Despite the rate adjustments, industry leaders remain optimistic about the future of the life insurance sector, citing opportunities for growth and innovation [15][16]. - The government is expected to play a supportive role in the industry's development, with new policies aimed at enhancing the quality and efficiency of insurance services [15]. - The life insurance sector is viewed as a critical component of wealth management for the middle class, providing essential protection and value-added services [16].

Core Viewpoint - The low interest rate environment is reshaping investment strategies for insurance companies, leading to a significant focus on equity investments and high-dividend assets to enhance returns [1][5][6]. Investment Performance - As of June 30, 2023, the total investment assets of five major A-share listed insurance companies reached 19.73 trillion yuan, a year-on-year increase of 7.52% [3]. - Investment returns for several companies improved significantly in the first half of 2023, with China Life achieving a total investment return of 3.29%, while China Pacific Insurance saw a decline of 0.4 percentage points to 2.3% [3][4]. Asset Allocation Strategies - Insurance companies are increasing their allocation to equity investments, with China Ping An's stock investment ratio rising to 10.5% from 7.6% year-on-year [4]. - China Life's equity financial assets reached 1.43 trillion yuan, with stock assets increasing by 1.19 billion yuan [4]. Focus on High-Dividend Stocks - In the current low interest rate environment, insurance companies are prioritizing high-dividend stocks that provide stable cash flow and align with their long-term investment strategies [5][6]. - Companies like China Life and China Pacific Insurance are actively seeking opportunities in high-dividend and growth sectors, emphasizing the importance of stable returns [6][7]. Diversification of Assets - Insurance companies are exploring diverse asset classes beyond traditional fixed income, including innovative quality assets like ABS and public REITs [8]. - China Life is also focusing on overseas markets, particularly the Hong Kong stock market, which has shown strong recovery and offers valuable investment opportunities [9].

Core Viewpoint - The five major listed insurance companies in A-shares have significantly increased their stock investments, with a total increase of 411.86 billion yuan, representing a growth of 28.7% compared to the end of last year [1][6]. Group 1: Investment Performance - As of the end of the first half of the year, the total investment assets of the five A-share listed insurance companies reached 19.7 trillion yuan, an increase of 7.5% from the end of last year, accounting for 54.4% of the total insurance funds [2]. - The total investment return rates of various insurance companies showed a mixed performance, with China Pacific Insurance and China Life experiencing a year-on-year decline, while New China Life and China Reinsurance saw an increase of about 1 percentage point [4]. - The net investment return rates generally decreased by 0.1 to 0.25 percentage points, attributed to the decline in bond interest income in a low-interest-rate environment [6]. Group 2: Stock Investment Trends - The stock investment balance of the five major listed insurance companies reached 1.8 trillion yuan at the end of the first half, with an increase of 411.86 billion yuan, marking a growth of 28.7% [6]. - China Re and China Ping An saw stock investment increases of around 50%, while China Pacific Insurance and New China Life had smaller increases of 11% and 10.2%, respectively [6]. - New China Life had the highest proportion of stock investments in total investment assets at 11.6%, while China Ping An and China Pacific Insurance had lower proportions around 15% [6]. Group 3: Future Investment Strategies - Insurance companies plan to continue increasing their investments in the capital market, focusing on high-dividend stocks and growth stocks as part of their investment strategy [8][9]. - The companies expressed confidence in the capital market, citing regulatory support and favorable policies as key factors for optimism [8][9]. - The insurance companies are also participating in long-term investment pilot programs, with several funds already established to invest in stocks, focusing on companies with stable dividends and growth potential [11][12][13].

Core Viewpoint - The performance of the five major listed insurance companies in A-shares for the first half of the year was significantly influenced by investment returns, with a notable shift towards equity assets in response to a low interest rate environment [1][2]. Investment Performance - All five major insurance companies reported growth in investment assets ranging from 5.1% to 8.2% compared to the beginning of the year [2]. - Among these, A-share investments were a key component, with China Pacific Insurance reporting a 26.1% increase in A-share investment assets, raising its proportion in total investment assets by 1.2 percentage points [2]. - The net profit growth rates for the major insurers were as follows: New China Life Insurance at 33.53%, China Pacific Insurance at 10.95%, China Life Insurance at 6.93%, and China People’s Insurance at 16.94%, while China Ping An experienced a decline of 8.81% [1]. Asset Allocation Strategy - In response to the pressure on fixed-income asset yields, insurance companies are increasingly diversifying their asset allocations, focusing on high-dividend equity assets [1][3]. - China Pacific Insurance reported a total investment yield of 2.3% and a comprehensive investment yield of 2.4%, both down by 0.4 and 0.6 percentage points year-on-year, primarily due to declines in the fair value of fixed-income assets [2]. - Companies are actively exploring alternative assets, including convertible bonds, bond funds, and REITs, to mitigate reinvestment risks in a low-interest environment [3]. Focus on High-Dividend Stocks - Several insurance companies have increased their allocation to OCI (Other Comprehensive Income) stocks, with China People’s Insurance reporting a 60.7% increase in OCI stock investments, outperforming the CSI 300 Dividend Index by 7.8 percentage points [3]. - High-dividend stocks are viewed as a stabilizing factor for overall investment returns, especially in a declining interest rate environment [3]. Growth and Value Investment - The goal of constructing equity investment portfolios includes ensuring stable cash flows and capturing opportunities for excess returns through the identification of growth-oriented targets [4]. - Companies like China Life Insurance and China People’s Insurance are focusing on sectors such as technology innovation, advanced manufacturing, and new consumption for their equity investments [4].

Core Viewpoint - China Pacific Insurance (CPIC) is actively transforming its business structure in response to the declining preset interest rates in the life insurance sector, focusing on enhancing its dividend insurance products and expanding its presence in the new energy vehicle insurance market [2][3][4]. Group 1: Dividend Insurance Business - The company has implemented four key measures to drive the transformation of its dividend insurance business, resulting in a significant increase in new premium income [3][4]. - In the first half of the year, the new premium income for dividend insurance reached 10.128 billion yuan, a nearly 14-fold year-on-year increase, with the proportion of dividend insurance in new premium income rising to 42.5% [3][4]. - The company aims to further increase the proportion of dividend insurance by the end of the year, despite challenges posed by the recent adjustments in preset interest rates [4]. Group 2: New Energy Vehicle Insurance - In the first half of the year, the new energy vehicle insurance generated original premium income of 10.596 billion yuan, accounting for 19.8% of the total vehicle insurance premiums, an increase of 5.7 percentage points year-on-year [6]. - The new energy vehicle insurance has entered a profitable phase, with the comprehensive cost ratio for household vehicles being relatively favorable, while commercial vehicles face higher cost ratios [5][6]. - The company is focusing on two strategies to optimize costs: strengthening cooperation with manufacturers to reduce claims costs and utilizing data to enhance risk selection [6]. Group 3: Investment Strategy - CPIC has been steadily increasing its allocation to equity assets and alternative investments, with total investment assets reaching 2.92 trillion yuan, a 7% increase from the previous year [8]. - The company has adopted a dividend value strategy and is actively exploring new investment channels, including private securities, investment funds, and gold investments, to enhance the efficiency and quality of its asset management [8][9]. - The average investment return rate over the past decade stands at 4.70%, positioning the company favorably within the industry [10].

2025.08. 30 本文字数：1709，阅读时长大约3分钟 作者 | 第一财经 杨倩雯 今年上半年，上市险企均收获了不错的半年成绩单，中国太保也不例外。 半年报数据显示，中国太保（601601.SH；02601.HK）上半年归母净利润同比提升11.0%，营运利 润提升7.1%。 "经济长期向好的支撑条件和基本趋势没有改变，中国保险业正处于高质量发展的战略机遇期。"中国 太保总裁赵永刚在8月29日下午的半年业绩发布会上表示。在回答第一财经记者提问时，他用了稳健 增长来形容今年上半年的公司经营业绩。 事实上，稳健也一直是中国太保给外界的印象。在业绩发布会上，管理层亦用了至少14次"稳健"这个 词。 那么如何在低利率环境等复杂市场挑战下实现稳健增长？中国太保管理层在业绩发布会上从盈利、投 资等多个方面做出解答。 预计全年营运利润稳健增长 与一季度归母净利润同比下降18.1%相比，上半年末，中国太保归母净利润转变为正增长11%，显然 二季度的利润增速明显提升。 对此，中国太保副总裁、首席投资官、财务负责人苏罡在业绩发布会上解释了背后的主要原因。 在市场环境方面，二季度以来，市场利率环境有所缓和，一季度利率波动对T ...