Core Viewpoint - The article highlights the significant improvement in the new business value and comprehensive cost ratio of listed insurance companies in China during the first half of the year, driven by the explosive growth of the bancassurance channel and a shift towards dividend insurance products [2]. Bancassurance Channel Explosion - The bancassurance channel saw a remarkable recovery, with new single premium income reaching 1,525.47 billion yuan, a year-on-year increase of 76.19% [4]. - Major players like New China Life and China Life reported over 100% growth in this channel, with increases of 150.3% and 111.1% respectively [4]. - The share of new single premium income from the bancassurance channel rose to 41.38%, up 13.24 percentage points year-on-year [5]. Improvement in New Business Value Rate - The new business value rate for the bancassurance channel improved, with companies like China Ping An seeing a 9.7 percentage point increase to 28.6% [6]. - The average contribution of the bancassurance channel to new business value among listed insurers rose to 38.9%, an increase of 8.4 percentage points year-on-year [6]. Shift to Dividend Insurance - Insurance companies have been transitioning from traditional products to dividend insurance since last year, with significant progress noted in the first half of this year [8]. - Companies like China Pacific and China Life have seen dividend insurance account for over 50% of their new single premium income [8]. - The overall proportion of dividend insurance in total premium income is expected to increase further as the industry pushes for this product type [9]. Profitability of New Energy Vehicle Insurance - The comprehensive cost ratio for property insurance companies improved, with reductions of 0.8 to 2.6 percentage points [11]. - New energy vehicle insurance has turned profitable, with China Ping An reporting a 46% increase in premium income and positive underwriting profits [12]. - China Pacific also reported that new energy vehicle insurance accounted for 19.8% of its auto insurance premiums, indicating a positive trend in profitability [12].

Investment Rating - The industry investment rating is "Recommended" with expectations of exceeding the benchmark index by more than 5% in the next 3-6 months [24]. Core Insights - The average new business cost for listed insurance companies has decreased by 65 basis points year-on-year as of H1 2025, driven by adjustments in preset interest rates and the integration of individual insurance channels [2][12]. - The VIF breakeven yield for listed insurance companies is estimated to be in the range of 2.21% to 3.39%, while the NBV breakeven yield is between 1.5% and 2.89% [2]. - The report indicates that the quality of liability management in the insurance industry is gradually improving, with a potential slowdown in the speed of convergence of "interest spread gains" [12]. Summary by Sections New Business Cost Analysis - The average new business cost for listed insurance companies has shown a significant decline, with a decrease of 61 basis points quarter-on-quarter and 65 basis points year-on-year [2]. - The report anticipates that as new business continues to flow in, the existing cost may trend downward [2]. Breakeven Yield Metrics - The VIF breakeven yield for major insurance companies is as follows: China Life (2.43%), Ping An (2.51%), China Pacific (2.21%), New China Life (3.00%), China Re (3.39%), and Sunshine Insurance (2.80%) [3][10]. - The NBV breakeven yield for the same companies is: China Life (1.50%), Ping An (1.73%), China Pacific (1.76%), New China Life (2.68%), China Re (2.89%), and Sunshine Insurance (2.30%) [11]. Investment Recommendations - The report recommends the following order of preference for investment: China Pacific Insurance, China Life H, China Re H, and Sunshine Insurance H. If the equity market continues to outperform expectations, New China Life H is also recommended; if there are signs of recovery in the real estate sector, Ping An is recommended [12].

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. reported a stable performance in the first half of 2025, with total revenue of CNY 200.5 billion, a year-on-year increase of 3.0%, and net profit attributable to shareholders of CNY 27.9 billion, up 11.0% [2] Group 1: Financial Performance - The total revenue for the first half of 2025 reached CNY 200.5 billion, reflecting a 3.0% year-on-year growth [2] - Net profit attributable to shareholders was CNY 27.9 billion, marking an 11.0% increase compared to the previous year [2] Group 2: Asset Management - As of June 30, 2025, the total assets under management reached CNY 3.77 trillion, a 6.5% increase from the end of 2024 [2] - Investment assets amounted to CNY 2.92 trillion, growing by 7.0% year-on-year [2] - Bond investments constituted 62.5% of total investment assets, up 2.4 percentage points from the previous year [2] - Equity investments, including stocks and equity funds, accounted for 11.8% of investment assets, increasing by 0.6 percentage points [2] Group 3: Investment Strategy - The company adheres to a "long-term, value, and stable investment" philosophy, optimizing asset allocation and enhancing investment management capabilities [3] - In a low interest rate environment, the company utilizes a dividend strategy to mitigate risks associated with declining investment returns [3][4] - The focus is on high-dividend companies with strong cash flow and stable earnings, particularly in sectors like telecommunications, banking, and non-ferrous metals [4] Group 4: Risk Management and Innovation - The company emphasizes risk control and innovation in its investment strategies, having established a comprehensive research framework since 2011 [5] - The "dividend value strategy" involves a three-tier filtering process: high dividend yield, low valuation, and high quality [5] - The company has seen rapid growth in equity and asset securitization businesses, actively seizing opportunities in the ABS market [5] Group 5: Future Outlook - China Pacific Insurance plans to enhance its capabilities in navigating interest rate cycles while increasing allocations to new fixed-income products like ABS and REITs [6] - The company aims to capitalize on national strategic policies and focus on high-dividend state-owned enterprises that meet "China's special valuation" standards [6] - There is a commitment to building a customer-driven asset management ecosystem, particularly for pension assets, to support a comprehensive solution of "insurance + investment + services" [6]

一、同意中国太保寿险甘肃分公司将张掖中心支公司营业场所变更为：甘肃省张掖市甘州区西二环路 112号华府天地1号A住宅楼2层202铺、3层302铺。 二、请中国太保寿险甘肃分公司持批复文件及相关资料于10日内至国家金融监督管理总局张掖监管分局 换领《保险许可证》，并按相关规定及时办理公告事宜。 2025年9月1日，国家金融监督管理总局张掖监管分局发布批复称，《中国太保（601601）寿险甘肃分公 司关于张掖中心支公司变更营业场所的请示》（甘太保寿〔2025〕271号）收悉。经审核，现批复如 下： ...

Core Viewpoint - China Pacific Insurance (CPIC) reported a steady performance in the first half of the year, with operating revenue and net profit attributable to shareholders reaching 200.5 billion yuan and 27.9 billion yuan, respectively, reflecting year-on-year growth of 3.0% and 11.0% [1] Group 1: Financial Performance - The company achieved a net profit growth rate of 11% and an embedded value increase of 4.7% to 588.9 billion yuan, with total managed assets growing by 6.5% to 3.77 trillion yuan [5] - Life insurance operating profit increased by 5.0%, with premium income rising by 13.1% and new business value growing by 32.3% [5] - Property insurance saw a profit increase of over 30% to 3.55 billion yuan, with the combined cost ratio improving by 0.7 percentage points to 96.4% [8] Group 2: Strategic Focus - The company emphasized a strategy of "seeking progress while maintaining stability," focusing on comprehensive reform and innovation to enhance quality and reasonable growth [2] - CPIC's life insurance division adopted a "Golden Triangle" development strategy, prioritizing customer-centric approaches and enhancing product offerings [6] - The company is actively pursuing five key financial initiatives: technology finance, green finance, inclusive finance, pension finance, and digital finance, aligning with national development goals [9] Group 3: Investment Strategy - As of mid-year, CPIC's managed assets reached 3.77 trillion yuan, with investment income growing by 8.9% to 42.6 billion yuan [13] - The company has strategically invested in sectors such as finance, transportation, infrastructure, and energy, while optimizing its equity investment portfolio [14] - CPIC has recognized the long-term value of domestic equity assets and is enhancing its investment strategies to improve the efficiency and quality of insurance fund utilization [14]

Core Viewpoint - The five major listed insurance companies in China reported significant growth in their investment portfolios and stock allocations as of June 30, 2025, reflecting a strategic shift towards long-term capital investment in equities [1][2][4]. Investment Performance - As of June 30, 2025, the total investment of the five major insurance companies reached 19.72 trillion yuan, a 7.52% increase from 18.34 trillion yuan at the end of 2024 [1]. - The total stock investment by these companies amounted to 1.846429 trillion yuan, marking a 28.71% increase from 1.434571 trillion yuan at the end of 2024 [2]. - China Ping An's stock investment reached 649.29 billion yuan, up 48.45% year-on-year, with a stock allocation ratio of 12.6% [2]. - China Life's equity financial assets accounted for 20% of its total investments, with stock and fund allocations of 620.14 billion yuan and 350.70 billion yuan, respectively [3]. Strategic Asset Allocation - Insurance companies are increasingly focusing on high-dividend value stocks and growth sectors such as technology and advanced manufacturing [4][6]. - The investment strategy emphasizes a balanced approach, maintaining a low duration gap between assets and liabilities while optimizing equity allocation [6][7]. - China Pacific Insurance is increasing its allocation to long-term interest rate bonds and innovative quality assets, including ABS and public REITs [7]. Market Response and Challenges - The insurance sector is responding to market volatility by employing strategies such as OCI accounts and FVOCI accounting classifications to mitigate the impact of market fluctuations on profits [4][8]. - Challenges include market volatility affecting solvency, accounting mismatches under new financial instrument standards, liquidity management, and the need for enhanced research capabilities in selecting high-dividend and growth stocks [8].

Core Viewpoint - The A-share insurance sector is increasing its equity asset allocation in response to low interest rates and asset scarcity, with a projected annual increase of over 600 billion yuan in equity investments over the next three years [1][7]. Group 1: Performance of Major Insurance Companies - Four out of five major listed insurance companies reported year-on-year growth in net profit for the first half of 2025, with notable increases from Xinhua Insurance (33.5% to 14.8 billion yuan), China Pacific Insurance (11% to 27.9 billion yuan), and China Life (6.9% to 40.9 billion yuan) [1][2]. - Xinhua Insurance achieved a remarkable 1842% increase in investment income, reaching 18.76 billion yuan, primarily due to increased capital gains from asset sales [2]. Group 2: Asset Allocation Trends - All five major insurance companies increased their stock investment ratios, with China Ping An's stock investment ratio rising by 2.9 percentage points to 10.5%, and Xinhua Insurance's increasing by 1.4 percentage points to 11.6% [2][3]. - The overall stock and fund allocation ratio for listed insurance companies increased by 1.3 percentage points to 13.9%, with a total increase of nearly 480 billion yuan in allocation [3]. Group 3: Future Investment Strategies - Insurance companies are focusing on high-dividend stocks and growth sectors for future investments, with expectations of a stable increase in equity allocations [6][7]. - China Life and China Ping An expressed optimism about the A-share market, emphasizing the importance of high-dividend stocks and sectors representing new productive forces [6][7]. Group 4: Market Conditions and Challenges - Despite the increased allocation to equity assets, the average net investment yield for listed insurance companies fell to 3.0%, approaching the rigid liability cost of around 3% [4][5]. - The demand for long-term stable yield assets is rising due to the characteristics of liabilities and the pressure from low interest rates [5][7].

Core Viewpoint - The overall performance of listed insurance companies in China shows a positive trend in premium income and cost management, with a focus on the growth of new energy vehicle insurance and international expansion strategies [1][3][4]. Group 1: Premium Income and Market Share - The combined premium income of China Life Insurance, Ping An Property & Casualty, and China Pacific Property Insurance reached 607.9 billion yuan, accounting for 63% of the market share [1]. - China Life Insurance reported a premium income of 323.28 billion yuan, a year-on-year increase of 3.6% [1][2]. - Ping An Property & Casualty achieved a premium income of 171.86 billion yuan, with a growth rate of 7.1% [1][2]. - China Pacific Property Insurance's premium income was 112.76 billion yuan, reflecting a 0.9% increase year-on-year [1][2]. Group 2: Cost Management and Profitability - The comprehensive cost ratios (COR) for the three companies generally decreased, indicating improved underwriting profitability [1]. - China Life Insurance's COR was 95.3%, down 1.5 percentage points year-on-year, marking the best level in nearly a decade [1]. - Ping An's COR improved by 2.6 percentage points to 95.2%, showing the most significant improvement [1]. - The average COR for the listed insurance companies was 96.1%, a year-on-year improvement of 1.5 percentage points, driven by reduced disaster claims and enhanced cost control [1]. Group 3: New Energy Vehicle Insurance Growth - New energy vehicle insurance is experiencing significant growth, with China Pacific's premium income from this segment reaching 10.596 billion yuan, increasing its share of total vehicle insurance premiums from 14.1% to 19.8% [3]. - The profitability of new energy vehicle insurance is improving, with several companies reporting underwriting profits in this area [3][4]. - China Life Insurance's market share in new energy vehicle insurance is 34.2%, surpassing that of traditional fuel vehicles by 2.7 percentage points [4]. Group 4: International Expansion Strategies - China Life Insurance has initiated a three-step strategy for international development, focusing on Hong Kong, Asia, and global markets, with successful entries into Thailand and other Southeast Asian countries [5]. - China Pacific has also accelerated its international strategy, forming partnerships with major new energy vehicle manufacturers to support their overseas expansion [5]. Group 5: Non-Vehicle Insurance Performance - The non-vehicle insurance business showed varied performance among the three companies, with China Life Insurance's non-vehicle premium income growing by 3.8% to 179.22 billion yuan [6]. - Ping An's non-vehicle premium income increased by 13.8%, with significant growth in health, agricultural, and accident insurance [7]. - The upcoming "reporting and operation integration" policy is expected to positively impact the non-vehicle insurance sector, promoting rational competition and improving underwriting capabilities [8].

Core Insights - The life insurance industry in China has shown a significant recovery in net profits for the first half of the year, driven by business structure optimization, cost reduction measures, and improved investment returns [1][3]. Group 1: Profitability Overview - As of September 3, 73 life insurance companies reported a total net profit of 185.8 billion yuan, representing a year-on-year increase of approximately 25% [2][6]. - Out of these, 52 companies were profitable, collectively earning 190.08 billion yuan, while 21 companies reported losses totaling 4.27 billion yuan [2][3]. - Major profitable companies included Ping An Life, China Life, and China Pacific Life, each exceeding 10 billion yuan in net profit, with Ping An Life leading at 50.6 billion yuan [2][4]. Group 2: Losses and Challenges - The company with the highest loss was Hengqin Life, with a loss of 839 million yuan, followed by Bank of China Samsung Life and Aixin Life with losses of 543 million yuan and 384 million yuan, respectively [3][4]. - The competitive landscape is increasingly challenging for smaller insurance companies, which struggle against larger firms in terms of brand, capital, distribution channels, and talent [5][6]. Group 3: Strategic Adjustments - Companies are adjusting product pricing and business structures, including lowering product preset interest rates and promoting the transformation of dividend-type products, which has effectively reduced rigid liability costs [3][4]. - New business value has improved due to proactive optimization of business structures and cost reduction initiatives, with first-year premium income from regular premium products increasing by 25.5% year-on-year [4][5]. Group 4: Market Trends and Future Outlook - The "Matthew Effect" is evident, with the top seven life insurance companies accounting for over 80% of the industry's total net profit [5][6]. - Analysts expect continued improvement in the insurance industry's liability side, with a recovery in asset performance anticipated as macroeconomic conditions improve [6].

Core Viewpoint - The overall performance of listed insurance companies in China shows a positive trend in premium income and cost management, with a focus on the growth of new energy vehicle insurance and international expansion strategies [1][3][4]. Group 1: Premium Income and Market Share - The combined premium income of China Life Insurance, Ping An Property & Casualty, and China Pacific Property Insurance reached 607.9 billion yuan, accounting for 63% of the market share [1]. - China Life Insurance reported a premium income of 323.28 billion yuan, a year-on-year increase of 3.6% [1][2]. - Ping An Property & Casualty achieved a premium income of 171.86 billion yuan, with a year-on-year growth of 7.1% [1][2]. - China Pacific Property Insurance's premium income was 112.76 billion yuan, reflecting a 0.9% increase year-on-year [1][2]. Group 2: Cost Management and Profitability - The comprehensive cost ratios (COR) for the three companies generally decreased, indicating improved underwriting profitability [1]. - China Life Insurance's COR was 95.3%, down 1.5 percentage points year-on-year, marking the best level in nearly a decade [1]. - Ping An's COR improved by 2.6 percentage points to 95.2%, showing the most significant improvement [1]. - The average COR for the listed insurance companies was 96.1%, a year-on-year improvement of 1.5 percentage points, driven by reduced disaster claims and enhanced cost control [1]. Group 3: New Energy Vehicle Insurance Growth - New energy vehicle insurance is experiencing significant growth, with China Pacific's premium income from this segment reaching 10.596 billion yuan, increasing its share of total vehicle insurance premiums from 14.1% to 19.8% year-on-year [3][4]. - The profitability of new energy vehicle insurance is improving, with several companies reporting underwriting profits in this segment [3][4]. - China Life Insurance's share of new energy vehicle insurance in the domestic market is 34.2%, surpassing that of traditional fuel vehicles by 2.7 percentage points [4][5]. Group 4: International Expansion Strategies - China Life Insurance has initiated a three-step strategy for international development, focusing on Hong Kong and exploring other Asian markets, with successful entries into Thailand [5]. - China Pacific has also accelerated its international strategy, forming partnerships to support Chinese automakers in overseas markets [5]. - The export of Chinese new energy vehicles has surged, with 1.308 million units exported in the first seven months of the year, a year-on-year increase of 84.6% [4]. Group 5: Non-Motor Insurance Performance - Non-motor insurance business performance varied among the three companies, with China Life Insurance reporting a premium income of 179.22 billion yuan, up 3.8% year-on-year [6][7]. - China Pacific's non-motor insurance premium income decreased by 0.8% to 59.154 billion yuan, influenced by structural adjustments [6][7]. - Ping An's non-motor insurance premium income grew by 13.8% to 63.246 billion yuan, with significant growth in health and accident insurance [7]. Group 6: Regulatory Changes and Industry Outlook - The upcoming implementation of the "reporting and operation integration" policy is expected to shift the industry focus from scale competition to value cultivation [8]. - The new regulations aim to address issues such as high commission fees and receivable premium risks, which could enhance the underwriting capacity of the non-motor insurance sector [8]. - The policy is anticipated to positively impact the operating performance of non-motor insurance in 2025 and significantly improve it by 2026 [8].