A股五大上市险企2023年中期业绩集体亮相。8月29日，北京商报记者统计发现，2023年上半年，中国 平安、中国人寿、中国太保、中国人保、新华保险五大A股上市险企合计归母净利润1341.88亿元，按可 比口径同比增长9.97%，日均赚约7.41亿元，去年同期日均赚6.74亿元。 中国人寿副总裁刘晖在该公司2023年中期业绩发布会上表示，近期研判了市场形势，股票市场方面，当 前的估值水平已经低于历史均值，下半年随着稳定经济政策落地，经济会持续恢复，股票市场的机会大 于风险。 业内人士分析认为，以寿险板块为例，寿险产品预定利率下调，刺激了市场需求，为今年上半年人身险 市场上行奠定了基础。随着保险业资产负债两端持续复苏，保险业复苏势头下半年预计还会延续。 盈利表现分化 仅两家实现正增长 今年上半年，保险市场再迎变局，监管引导人身险公司降低负债成本、车险"二次综改"实施、监管规范 车险市场秩序等。在此背景下，各家公司盈利表现颇受市场关注。 记者统计发现，上半年A股五大上市险企净利润表现有所分化，具体表现为"两升三降"。其中，新华保 险上半年净利润同比增长8.6%至99.78亿元；中国人保上半年净利润同比增长8.7%至 ...

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].

Core Viewpoint - The recent approval for China Taiping's subsidiary to establish a private equity fund management company marks a significant advancement in the long-term investment reform pilot for insurance funds, indicating an acceleration in insurance capital entering the market [2][4]. Group 1: Investment Reform Pilot - The long-term investment reform pilot for insurance funds has seen three batches of approvals, with a total scale of 222 billion yuan (approximately 31.5 billion USD) [4][5]. - The first batch was approved in October 2023, with China Life and Xinhua Life jointly investing 50 billion yuan [4]. - The second batch, initiated in January 2025, allowed several insurance companies to participate with a total scale of 520 billion yuan [5]. - The third batch, approved in March 2025, included additional participants with a total scale of 600 billion yuan [5]. Group 2: Investment Strategies and Trends - Insurance funds are increasingly favoring large-cap blue-chip stocks and high-dividend yielding companies, reflecting a shift towards stable and well-governed investment targets [7][9]. - The types of funds being established are diversifying, with both company-type and contract-type funds being utilized, enhancing the flexibility and standardization of fund management [7][8]. - The investment focus includes sectors such as finance, energy, public infrastructure, and new energy transitions, aligning with national economic development goals [9]. Group 3: Market Participation and Trends - Insurance capital has been actively participating in the stock market, with a notable increase in stock holdings, reaching a market value of 2.65 trillion yuan (approximately 375 billion USD) in the first quarter of 2024 [2][12]. - The number of equity stakes taken by insurance funds has surged, with 22 instances recorded in 2024 alone, surpassing the total for the previous year [11][12]. - The sectors attracting the most investment include public utilities and banking, characterized by stable returns and high dividend yields [11][12].

Core Viewpoint - The implementation of the new Company Law in China has led insurance companies to abolish their supervisory boards, transitioning towards a more streamlined and efficient governance model [1][3][4] Group 1: Changes in Governance Structure - China People's Property Insurance Company announced the abolition of its supervisory board following the approval of its revised articles of association [1] - Other insurance companies, including China Pacific Insurance and Taikang Insurance, have also announced the removal of their supervisory boards, with their supervisory functions being transferred to the audit committee of the board [2][4] - The new Company Law allows state-owned companies to establish an audit committee composed of directors to exercise the powers of the supervisory board, eliminating the need for a supervisory board [3] Group 2: Role of the Audit Committee - The audit committee, typically composed of independent directors, is responsible for reviewing financial information, overseeing internal and external audits, and evaluating internal controls [4] - The shift from a supervisory board to an audit committee is expected to enhance decision-making efficiency and reduce internal coordination complexities [4] - However, potential challenges include information asymmetry and time constraints faced by independent directors in fulfilling their supervisory roles [4] Group 3: Implications for Corporate Governance - The removal of the supervisory board raises questions about maintaining effective oversight and balancing decision-making efficiency with power checks [4] - As more insurance companies adjust their governance structures in line with the new Company Law, the industry will gain insights into creating a more scientific and efficient corporate governance system [4]

Core Insights - The recent approval for China Taiping's subsidiary to establish a private equity fund management company marks a significant step in the long-term investment reform pilot for insurance funds, aimed at increasing their participation in the stock market [1][2][3] - The total approved pilot scale for insurance funds has reached 222 billion yuan, with participation from major insurance companies, indicating a broadening of the investment landscape [2][3] - The trend shows a shift towards investing in large-cap blue-chip stocks with stable dividends, reflecting a strategic focus on long-term capital deployment [4][6][7] Investment Reform Pilot - The pilot program for long-term investment by insurance funds has seen three batches of approvals, with a total scale of 222 billion yuan, including 500 billion yuan from the first batch and 1.12 billion yuan from the second batch [2][3] - The third batch, approved in March 2025, included 600 billion yuan, further expanding the scope of insurance fund participation in the capital market [3] Fund Management and Strategy - Taiping Asset aims to establish a robust fund management framework, emphasizing long-term performance evaluation and investment strategies tailored to insurance capital [2] - The types of funds have diversified, with a mix of company-type and contract-type funds being utilized, enhancing operational flexibility [4] Investment Preferences - Insurance funds are increasingly favoring investments in large, well-governed companies with stable operations and dividends, such as Yili Group and China Telecom [5][6] - The focus on sectors like finance, energy, and public infrastructure aligns with national economic development goals [6] Market Activity and Trends - There has been a notable increase in insurance capital's market activity, with 22 instances of shareholding increases reported this year, surpassing the total for the previous year [7][8] - The sectors attracting the most investment include public utilities and banking, characterized by high dividend yields and stable returns [7][8]

证券之星消息，8月11日保险板块较上一交易日下跌0.55%，新华保险领跌。当日上证指数报收于 3647.55，上涨0.34%。深证成指报收于11291.43，上涨1.46%。保险板块个股涨跌见下表： | 代码 | 名称 | 收盘价 | 涨跌幅 | 成交量(手) | 成交额(元) | | --- | --- | --- | --- | --- | --- | | 000627 | *ST天茂 | 1.52 | 4.83% | 67.71万 | 1.03亿 | | 601601 | 中国太保 | 36.88 | -0.05% | 22.50万 | 8.33亿 | | 601318 | 中国平安 | 58.47 | -0.12% | 43.19万 | 25.36 Z | | 601628 | 中国人寿 | 40.48 | -0.71% | 16.20万 | 6.571Z | | 616109 | 中国人保 | 8.17 | -1.09% | 76.47万 | 6.28 Z | | 601336 | 新华保险 | 62.58 | -1.57% | 27.61万 | 17.23亿 | 从资金流向上来看，当日保险板块主力 ...

随着新公司法的落地，保险公司纷纷宣布不再设立监事会，传统的"三会一层"架构正向更为精简高效的 治理模式过渡。 《金融时报》记者注意到，今年已有多家保险机构发布撤销监事会的公告，包括上市保险公司、外资财 险公司等。7月30日，中国太平洋保险（集团）股份有限公司发布第十届董事会第十五次会议公告，宣 布审议并通过了不再设立监事会相关事项的议案，由董事会审计与关联交易控制委员会行使监事会职 权。7月2日，大家保险集团发布公告称，不再设立监事会，监事会各监事已辞任。6月23日，泰康保险 发布公告宣布，公司不再设立监事会，第三届监事会各监事自动离任。早在今年4月16日，日本财险 （中国）最先发布公告称，撤销公司监事职位，并明确由董事会下的审计与风险管理委员会行使监事会 职责。 据了解，监事会成员主要包括股东代表和适当比例的公司职工代表，可行使检查公司财务；对董事、高 级管理人员执行职务的行为进行监督，对违反法律、行政法规、公司章程或者股东会决议的董事、高级 管理人员提出解任的建议；向股东会提出提案等权力。 2024年7月1日，新修订的《中华人民共和国公司法》正式实施。新公司法指出，国有独资公司在董事会 中设置由董事组成的 ...

Summary of Key Points from the Conference Call Industry Overview - The conference call focuses on the Chinese insurance industry, particularly life and property & casualty (P&C) insurance sectors, with insights into the expected performance for the first half of 2025 (1H25E) [1][2][3]. Core Insights and Arguments Life Insurance Sector - **Robust NBV Growth**: Life insurers in China are expected to report a robust new business value (NBV) growth of 18% to 43% year-over-year (yoy) in 1H25E, primarily driven by: - Strong momentum in the bancassurance channel as banks seek enhanced returns on maturing deposits [2][8]. - Margin expansion due to a pricing rate cap cut in Q3 2024 and expense rationalization across the agency channel [2][8]. - **Leading Companies**: - PICC Life is projected to lead with a 43% yoy NBV growth, followed by Ping An Life and New China Life at 39% each, and CPIC Life at 31% [2][8]. - Taiping Life and China Life are expected to have softer growth at 26% and 18% yoy, respectively, due to a focus on shifting towards par products [2][8]. Property & Casualty (P&C) Insurance Sector - **Improvement in CoR**: Traditional P&C insurers are anticipated to see a year-over-year improvement in the combined ratio (CoR) by 0.9 to 2.0 percentage points (ppt) in 1H25E, attributed to normalized natural catastrophe (NAT CAT) trends, with economic losses from catastrophes declining by 46% yoy to RMB 54 billion [3][9]. - **Top Players' Performance**: - The top three players, PICC P&C, Ping An P&C, and CPIC P&C, are expected to see CoR enhancements to 95.3%, 95.8%, and 96.1%, respectively [3][9]. Earnings Trends - **Diverging Earnings Growth**: Earnings trends are expected to diverge between life and P&C insurers in 1H25E: - P&C-focused players are forecasted to enjoy higher earnings growth, with PICC P&C and PICC Group expected to see net profit growth of 29% and 20% yoy, respectively [4][10]. - Life insurers are expected to have varied growth, with NCI leading at 25% yoy, followed by CTIH at 15%, while Ping An is projected to decline by 8% yoy [4][10]. Additional Important Insights - **Market Reactions and Ratings**: - China Life Insurance has been placed under a negative catalyst watch due to concerns that its 1H25E earnings growth may fall below expectations, with a forecasted modest growth of 5% yoy [25][26]. - Conversely, China Pacific Insurance and Ping An Insurance are under positive catalyst watches, with expectations of decent NBV growth and CoR improvements [27][29]. - **Investment Strategies**: - Analysts maintain a "Buy" rating for several companies, including China Life and China Pacific, citing strong brand recognition and growth potential from ongoing reforms in the life insurance sector [83][92]. Conclusion - The Chinese insurance industry is poised for significant growth in both life and P&C sectors in 1H25E, driven by strategic shifts in sales channels and improved operational efficiencies. However, earnings performance may vary significantly across different companies, highlighting the importance of careful stock selection in this sector.

Core Viewpoint - The event successfully showcased the spirit and skills of employees in the insurance industry through sports competitions, enhancing team cohesion and employee engagement [1][3]. Group 1: Event Overview - The 2025 Linyi City Insurance Industry Employee Table Tennis and Badminton Competition was held on July 29, 2025, to enrich the cultural and sports life of insurance employees [1]. - Employees from the People's Insurance Company of China (PICC) Linyi branch actively participated in the badminton event, led by Li Nan [1]. Group 2: Performance Highlights - The PICC Linyi branch athletes demonstrated strong skills, with Li Nan and Liang Bo winning second place in men's doubles, and Li Nan and Xu Guanlan securing third place in mixed doubles [3]. - The team also achieved fourth place in mixed doubles with the pairing of Yao Yimei and Liang Bo, contributing to the overall second place in the team category for the competition [3]. Group 3: Impact on Employees - The competition provided a platform for employees to showcase their skills and foster communication, effectively enriching their cultural and sports life [3]. - Participants expressed their intention to translate the competitive spirit from the sports arena into their work, aiming to contribute more to the company's high-quality development [3].

Core Viewpoints - Recent announcements from various regions in China indicate a significant focus on establishing mother funds targeting sectors such as aerospace, new energy, new materials, intelligent manufacturing, digital economy, high-end manufacturing, and fashion light industry [2][5][29] - The establishment of the Central Enterprise Venture Capital Mother Fund marks a new phase in investment operations, with a total planned scale of 300 billion yuan, focusing on hard technology investments [5][6] - The recent policy initiatives from the central bank and other departments aim to enhance venture capital by introducing long-term funds and developing patient capital to accelerate the transformation of technological achievements [29][30] Fund Establishments - The Chengtong Science and Technology Investment Fund has completed its registration, with a total planned scale of 300 billion yuan and an initial scale of 100 billion yuan, focusing on hard technology investments [5][6] - The Zhejiang Zhanxing Industrial Relay Fund has been established with a target scale of 50 billion yuan, focusing on artificial intelligence, robotics, new energy vehicles, and new materials [2][12] - The Xiangxi Jin Furong Industrial Development Guidance Mother Fund has been launched with a total scale of 10 billion yuan, targeting ecological cultural tourism, specialty agriculture, and new energy industries [9][10] Policy Support - The People's Bank of China and six other departments have released 18 opinions to support the enhancement of industrial technology innovation capabilities and the resilience of supply chains [29][30] - Beijing's government has introduced measures to encourage local government and state-owned enterprise funds to invest in future industries, allowing for normal investment risks [32][33] - The Guangxi government plans to establish an artificial intelligence industry fund with a minimum scale of 100 billion yuan, focusing on enhancing financial support for AI-related enterprises [16][17] Investment Strategies - The Chengtong Fund aims to invest in leading technology enterprises and small to medium-sized enterprises in the industrial chain, with a focus on long-term investments [6] - The Nanjing Xinghe Investment Fund is set to focus on aerospace, new energy materials, intelligent manufacturing, and digital economy sectors, with a scale of 5 billion yuan [11][12] - The Anhui Huazhong Jianyuan Equity Investment Fund has been established with a focus on strategic emerging industries, including artificial intelligence and new energy vehicles, with an initial scale of 10 billion yuan [13][14] Market Trends - The establishment of various mother funds across different regions indicates a growing trend towards collaborative investment strategies that leverage government, enterprise, and market resources [2][5][12] - The recent fundraising activities, such as the over 45 billion yuan raised by Xincheng Capital for a new RMB merger fund, highlight the increasing interest in private equity investments despite market challenges [23][24] - The focus on hard technology and strategic emerging industries reflects a broader shift in investment priorities towards sectors that promise high growth potential and innovation [5][6][13]