中国人寿 20251211 摘要 险资偿付能力受新 K1 系数规则影响，浮盈贡献低于浮亏惩罚，不利于 鼓励投资。虽然长期持有三年以上股票有折扣，但短期内投资行为仍受 报表利润驱动，卖出再买回规避系数需考虑监管意图和操作成本。 中国人寿三季度偿付能力下降主要受利率曲线变化和权益投资占比增加 影响。预计明年利率下降仍可能影响净资产，但负债评估曲线企稳后总 体情况或有所改善。 中国人寿长债投资维持中性灵活配置策略，十年期以上长债占比约 40%，不会过度拉长久期。行业内部分中小保险公司可能因前期长债配 置不足而加大配置力度。 中国人寿银保渠道新单增长显著，预计 2026 年增速可能在 30-50%之 间。公司对银保渠道的考核由分公司主导，价值目标与新单增速预计基 本持平。 中国人寿致力于维持分红水平稳健且向好，即使市场波动较大，也尽量 保持 35%以上的分红率。公司将坚持稳定且向好的 DPS 增长策略，为 股东提供稳定回报。 Q&A 最近监管部门对险资入市的节奏进行了调整，特别是上周五发布的系数调整政 策。请问这次系数调整对中国人寿的影响如何？是否有具体测算过其绝对金额 和受益股票的情况？ 在长债投资策略上，我们一直 ...

大鱼测评第1503篇原创 随着近两年市场利率下降，保险预定利率来到了固定利益型产品2%和分红型产品1.75%水平，两者利率差仅为0.25%的情况下，各家保险公司储蓄类产品 的重心来到分红险产品上，老牌保险公司们也不例外。 作为内地保险市场上体量最大的"老七家"——中国人寿，平安人寿，太保寿险，泰康人寿，新华保险，太平人寿和人保寿险，今年总共推出了15款分红型 增额终身寿险，其中太保寿险产品最多，总共有5款分红型增额终身寿险，其余6家公司每家以1-2款产品为主。 目前可查询数据中，15款中，演示预定利率最高的两款分别是太保寿险的鑫福相伴传世版3.75%，和新华保险的盛世荣耀庆典版3.9%，其余已知数据的， 基本为3.5%演示利率。 今天我们就来盘一盘，在同样的保底预定利率和不同演示预定利率下的"老七家"15款产品，实际利益到底表现如何，我们以30岁女性年交10万为例，来具 体看一下趸交、5年交、6年交和10年交的数据情况，每家保险公司我们挑选各缴费期下最好的1款产品放入对比表。 涉及的15款产品有： 中国人寿-鑫越传家庆典版 中国人寿-臻耀传家2025 平安人寿-一生中意福享版 太平人寿-国威一号 平安人寿-盛 ...

【大河财立方 记者 孙凯杰 秦龙 杨萨 文 朱哲 洪昊旸 摄影】冬藏蓄势启新程，险资活水润中原。 截至目前，河南累计引入保险资金已突破万亿元大关，头部保险资管机构持续加码布局，彰显对中原大地发展潜力的坚定信心。此次对接会由河南省发展 和改革委员会、国家金融监督管理总局河南监管局、中共河南省委金融委员会办公室联合主办，郑州航空港经济综合实验区管理委员会承办，河南日报社 大河财立方、科技金融广场协办。 力度加码 河南累计引入保险资金突破万亿元大关 保险资金是天然的耐心资本、长期资本，是推动地方经济社会高质量发展的重要力量。 河南省发展改革委一级巡视员刘琦表示，省委、省政府始终高度重视引入保险资金，省发展改革委、河南金融监管局、省委金融办已经牵头开展了两 次"险资入豫"产融对接活动，建立项目储备机制、畅通融资对接渠道，拓宽合作布局领域，优化险资运用环境。各家保险资管机构充分发挥保险资金期限 长、规模大的优势，为河南重大项目建设和重点产业发展提供了长期稳定的资金保障，为全省经济社会高质量发展作出了重要贡献。 河南金融监管局党委书记、局长向恒在致辞中提到，近年来，河南金融市场保持平稳健康发展态势，保险业充分发挥"两器" ...

Core Viewpoint - The insurance industry, particularly China Life Insurance Co., is focusing on high-quality transformation and reform to align with national development goals and enhance its role in serving the public and the economy [2][3]. Group 1: Business Development and Market Position - As of November 30, 2025, China Life's total premium income is expected to exceed RMB 700 billion, marking a significant breakthrough compared to the total premium income for 2024 [2]. - China Life has provided insurance services to over 600 million customers, with compensation payments exceeding RMB 160.9 billion in the first half of 2025, including over RMB 34 billion for health insurance [3][6]. - The company has actively participated in the construction of the third pillar of pension insurance, with individual pension premium income showing significant growth [3][5]. Group 2: Product Innovation and Customer Service - In the health insurance sector, China Life has launched various products addressing real health needs, including insurance for middle-aged and elderly individuals [4]. - The company is expanding its pension insurance offerings and has developed a diverse range of commercial annuity products to meet various retirement needs [5]. - China Life is transitioning from a "post-compensation" model to an "insurance + service" model, enhancing its health and elderly care service systems [5]. Group 3: Growth and Internal Dynamics - China Life emphasizes value creation and efficiency improvement as its core operational strategy, adapting to the increasingly diverse and personalized insurance needs of consumers [7]. - The company has diversified its product offerings and accelerated channel transformation, achieving a new business value growth of 41.8% in the first three quarters of 2025 [8][9]. - The total sales force reached 657,000 by September 30, 2025, with a focus on enhancing the quality and retention of its sales team [8]. Group 4: Long-term Investment Strategy - China Life is committed to long-term and value investment principles, aligning its investment strategies with national economic needs and regulatory guidance [11][12]. - The company has increased its equity investments significantly, with over RMB 380 billion added to its public market equity holdings by the third quarter of 2025 [12]. - China Life is also investing in strategic emerging industries and innovative asset classes, including technology and green transition projects, to enhance its investment portfolio [12][13].

以下为原文： 中国经济网北京12月11日讯 国家金融监督管理总局网站近日公布的河源监管分局行政处罚信息公开表显示，中国人寿保险股份有限公 司和平县支公司及相关责任人发生个人保险代理人涉刑案件。 国家金融监督管理总局河源监管分局给予中国人寿保险股份有限公司和平县支公司警告并处罚款1万元，对林海兰禁止10年内进入保险 业。 (责任编辑：华青剑) | 序号 | 当事人名称 | 主要违法违规行为 | 行政处罚内容 | 作出决定机 关 | | --- | --- | --- | --- | --- | | 1 | 中国人寿保险 | | 给予中国人寿 保险股份有限 | 国家金融监 | | | | | 公司和平县支 | | | | 股份有限公司 | 发生个人保险代理 | 公司警告并处 | 督管理总局 | | | 和平县支公司 | 人涉刑案件 | 罚款1万元, | 河源监管分 | | | 及相关责任人 | | 对林海兰禁止 | 局 | | | | | 10年内讲入保 | | | | | | 119 | | ...

保险是现代经济"减震器"和社会"稳定器"。一家寿险头部企业正通过自身实践，书写着守护人民美好生 活的时代答卷。 中国人寿保险股份有限公司（以下简称"中国人寿"，股票代码：601628.SH，2628.HK）12月9日公开披 露信息显示，截至2025年11月30日，该公司总保费超过7000亿元。这一里程碑式的数字，不仅是其经营 发展的辉煌成就，更是国有金融保险企业扎根中国大地、服务国家战略、守护民生福祉的生动诠释。 回溯征程，从"十四五"之初的2021年实现总保费6183.27亿元，历经2022至2024年总保费陆续跨越6400 亿元、6700亿元，一步一个脚印，踏浪前行，到2025年上半年实现总保费5250.88亿元，同比增长7.3% 的稳健攀升，再到前三季度总保费6696.45亿元、同比增长超10%的强劲势头，中国人寿用持续向好的 经营业绩，书写着头雁担当和向上发展的韧劲。7000亿保费背后，是亿万客户的信任与托付，更是中国 人寿始终与国家发展同频共振、与社会民生休戚与共，在服务"健康中国"建设、积极应对人口老龄化、 推动乡村全面振兴、赋能实体经济、践行慈善公益等领域的深耕细作与不懈坚守。 筑牢多层次风险" ...

转自：新华财经 在推进数字金融与智慧服务方面，公司强化科技赋能，积极丰富科技保险产品服务，今年已为重点领域 科技企业提供风险保障1.78亿元；依托"安心防"智慧防灾防损云平台，针对德宏洪涝、泥石流、台风等 多发灾害，及时向群众推送预警信息；推广"线上投保、线上查勘、线上理赔"全流程服务，让边疆群众 享受到高效便捷的保险服务。 未来，中国人寿财险德宏州中心支公司将继续秉持"一个国寿 一生守护"的经营理念，深度融入德宏州 沿边开放、乡村振兴、生态保护等发展大局，不断创新产品服务、深化央企担当，让"有一个美丽的地 方"更安全、更繁荣、更宜居。（罗洪涛） 编辑：赵鼎 在服务"三农"与乡村振兴方面，公司全面开展种植养殖保险、森林火灾保险、烟草种植保险等基础业 务，推出橡胶树风灾指数保险、咖啡价格指数保险等特色产品，破解边疆特色农业"靠天吃饭"的难题。 近六年，公司累计提供农业保险风险保障20亿元，支付赔款8851万元，有效助力农户稳定收益、产业持 续发展。 在支持沿边开放与实体经济方面，公司紧扣德宏"沿边自贸试验区"建设战略，重点服务边境贸易、特色 加工等支柱产业。近六年，公司已为辖区13家企业提供关税保证保险风险保障 ...

Core Points - The Ningxia Federation of Trade Unions has successfully implemented the "Love Protection" project, providing personal accident insurance to 35,000 new employment form workers, marking the first significant compensation payout of 180,000 yuan [1][2] - The project aims to enhance the risk protection network for workers, including truck drivers, couriers, and delivery personnel, by purchasing accident insurance with a coverage of 100 yuan per person [1] - The collaboration between the Ningxia Federation of Trade Unions and China Life Insurance has established a rapid response and coordinated service mechanism to ensure timely compensation and effective policy implementation [2] Group 1 - The first large compensation payout of 180,000 yuan was made to the family of a truck driver, demonstrating the effective implementation of the insurance policy [1] - The total investment for the insurance program was 3.5 million yuan, aimed at providing coverage for 35,000 new employment form workers [1] - The project has been recognized as one of the ten key initiatives for worker service by the Ningxia Federation of Trade Unions this year [1] Group 2 - The Ningxia Federation of Trade Unions has engaged in various outreach activities to promote the insurance program, including summer cooling initiatives and anti-fraud campaigns [2] - The insurance company has streamlined the claims process to ensure quick delivery of compensation to beneficiaries, reflecting an efficient service model [2] - Future plans include deepening cooperation with insurance institutions, enhancing policy promotion, and optimizing claims processes to strengthen the safety net for new employment form workers [2]

保险是现代经济"减震器"和社会"稳定器"。一家寿险头部企业正通过自身实践，书写着守护人民美好生 活的时代答卷。 中国人寿保险股份有限公司（以下简称"中国人寿"，股票代码：601628.SH，2628.HK）12月9日公开披 露信息显示，截至2025年11月30日，该公司总保费超过7000亿元。这一里程碑式的数字，不仅是其经营 发展的辉煌成就，更是国有金融保险企业扎根中国大地、服务国家战略、守护民生福祉的生动诠释。 回溯征程，从"十四五"之初的2021年实现总保费6183.27亿元，历经2022至2024年总保费陆续跨越6400 亿元、6700亿元，一步一个脚印，踏浪前行，到2025年上半年实现总保费5250.88亿元，同比增长7.3% 的稳健攀升，再到前三季度总保费6696.45亿元、同比增长超10%的强劲势头，中国人寿用持续向好的 经营业绩，书写着头雁担当和向上发展的韧劲。7000亿保费背后，是亿万客户的信任与托付，更是中国 人寿始终与国家发展同频共振、与社会民生休戚与共，在服务"健康中国"建设、积极应对人口老龄化、 推动乡村全面振兴、赋能实体经济、践行慈善公益等领域的深耕细作与不懈坚守。 筑牢多层次风险" ...

Investment Rating - The report indicates a positive long-term outlook for the insurance industry, suggesting a "Buy" rating for companies like China Ping An, China Life, and China Pacific Insurance [3][37]. Core Insights - The insurance industry has shown significant phase-specific excess returns but has underperformed the broader market for the year. The A-share market has rebounded significantly, with the overall A index up by 25.76% and the CSI 300 by 17.46% as of December 8, 2025. The insurance industry index increased by 18.17%, outperforming the CSI 300 by 0.71 percentage points but lagging behind the overall A index by 7.59 percentage points [8][10]. - Individual stock performance within the insurance sector has varied widely, with New China Life leading with a 40.73% increase, followed by Ping An at 25.93%, and others showing lower gains [10][19]. - The differences in stock performance are attributed to three main factors: investment and performance, liability side growth, and differences in index component weight and actual trading volume [13][24]. Summary by Sections Investment and Performance - The total investment return rates for listed insurance companies have significantly improved, with New China Life showing the most notable increase at 8.6% as of Q2 2025. Other companies like China Life and China Pacific reported returns of 6.4% and 5.2%, respectively [19][21]. - The insurance sector's total investment balance reached 36.12 trillion yuan, with stocks and funds accounting for 15.5% of this balance, marking a record high [14][16]. Liability Side - New single premium growth has been robust, particularly for New China Life, which reported a 55.2% year-on-year increase in new single premiums. Other companies like China Pacific and China Life also showed positive growth, albeit at lower rates [24][27]. - The adjustment of product pricing rates has positively impacted the new business value (NBV), with New China Life's NBV increasing by 50.8% year-on-year [24][28]. Index Component Weight and Trading Volume - The weight of the five major insurance companies in the CSI 300 index is concentrated, with Ping An holding the largest share at 2.59%. The actual trading volume of shares varies significantly among these companies, affecting their stock price elasticity [33][36]. - The actual trading market capitalization for these companies as of December 8, 2025, shows Ping An at 568.7 billion yuan, while New China Life and China Life have lower trading volumes of 47.7 billion yuan and 30.7 billion yuan, respectively [36][39].