Regulatory Voice - The State Council issued an opinion on September 4 to guide insurance institutions in developing insurance products for sports events and sports injuries [1] Industry Focus - On September 4, the China Insurance Industry Association released the first set of comprehensive insurance demonstration clauses and supporting underwriting and claims service guidelines for major technical equipment and new materials, marking a significant step in advancing technology insurance and supporting the national manufacturing strategy [1] - Five major A-share listed insurance companies, including China Ping An, China Life, China Pacific Insurance, China People’s Insurance, and New China Life, reported a total revenue of 1,333.86 billion yuan for the first half of 2025, a year-on-year increase of 4.89%, and a net profit attributable to shareholders of 178.19 billion yuan, up 3.72%. Despite revenue growth, net profit showed a mixed performance with four companies increasing and one decreasing. All five companies plan to steadily increase equity asset allocation, focusing on high-dividend value stocks and growth sectors to enhance long-term returns and smooth earnings [1] Financial Personnel - Bai Kai is proposed to be appointed as the Deputy General Manager of China Taiping Insurance Holdings, having previously served as Vice President of China Life Insurance [2] Leadership Changes - China Reinsurance Group announced a leadership change with Zhuang Qianzhi, the former Vice Secretary of the Party Committee and President, set to take over as Party Secretary and proposed Chairman, pending governance and regulatory approval [3] - Li Shihong has been approved to serve as the Chairman of Guobao Life Insurance, as confirmed by the Sichuan Financial Regulatory Bureau on September 1 [4]

9月5日，中国人保跌0.94%，截至发稿，报8.39元/股，成交6.28亿元，换手率0.21%，总市值3710.39亿 元。中国人保股价已经连续5天下跌，区间累计跌幅6.57%。 资料显示，中国人民保险集团股份有限公司位于北京市西城区西长安街88号1至13层,香港中环干诺道中 148号粤海投资大厦15楼，成立日期1996年8月22日，上市日期2018年11月16日，公司主营业务涉及中国 人民保险集团股份有限公司是一家主要提供保险产品的投资控股公司。公司及其子公司通过六大分部运 营:财产保险分部,健康保险分部,人寿保险分部,资产管理分部,总部分部,以及其他分部。财产保险分部分 部为公司及个人提供财产保险产品,包括机动车辆险、农业保险、财产保险和责任保险。健康保险分部 提供健康和医疗保险产品。人寿保险分部分部提供人寿保险产品,包括分红、两全、年金及万能人寿保 险产品等。主营业务收入构成为：财产保险84.43%，人寿保险9.77%，健康保险5.20%，总部及其他 4.17%，资产管理0.49%。 从基金十大重仓股角度 风险提示：市场有风险，投资需谨慎。本文为AI大模型自动发布，任何在本文出现的信息（包括但不 限于个 ...

Core Viewpoint - The insurance industry is experiencing a turning point in the profitability of new energy vehicle (NEV) insurance, with some companies reporting positive results after years of losses due to high claim rates and costs associated with NEVs [1][5]. Group 1: Market Dynamics - The NEV insurance sector has evolved from being a secondary option for consumers to a primary choice, but it has faced challenges such as high claim rates and costs [2][4]. - In 2024, the insurance industry covered 31.05 million NEVs, generating premium income of 140.9 billion yuan, but reported an underwriting loss of 5.7 billion yuan, indicating ongoing financial struggles [4]. Group 2: Profitability Signals - Recent reports from listed insurance companies for the first half of 2025 indicate a shift towards profitability in NEV insurance, with China Ping An achieving a 49.3% increase in NEV insurance coverage and a 46.2% rise in premium income [5]. - China Pacific Insurance reported that NEV insurance premiums accounted for 19.8% of its total auto insurance premiums, up from 14.1% the previous year, signaling a growing market share [5]. Group 3: Strategic Changes - The transition from "passive underwriting" to "active management" in NEV insurance is attributed to improved data collection, refined pricing models, and collaboration with manufacturers [6]. - The insurance industry has seen over 50% growth in NEV premiums annually since 2021, with household vehicle premiums growing significantly [6]. Group 4: Policy and Regulatory Support - Regulatory bodies have issued guidelines to enhance the quality and management of NEV insurance, focusing on reducing repair costs and improving service levels [7][8]. - The establishment of a risk-sharing mechanism aims to address the challenges of high claim rates and improve the insurability of NEVs [8]. Group 5: Innovation and Product Development - Insurance companies are innovating products to meet diverse market needs, including introducing new insurance models and addressing emerging risks associated with advanced driver-assistance systems (ADAS) [9]. - The introduction of "basic + variable" insurance products and "battery separation" models aims to better cater to the unique risks of NEVs [9]. Group 6: International Expansion - Companies are expanding NEV insurance offerings internationally, with China Pacific Insurance launching projects in Hong Kong and Thailand as part of its global strategy [10]. - The internationalization of NEV insurance is seen as an opportunity to enhance service offerings alongside vehicle sales abroad [10]. Group 7: Challenges in International Markets - The expansion into international markets faces challenges such as high repair costs, lack of local data for risk assessment, and differences in regulatory environments [11]. - Companies must navigate varying local regulations and establish effective partnerships to ensure successful operations in foreign markets [11].

2025年9月2日，红河金融监管分局发布批复称，《中国人民财产保险股份有限公司红河州分公司关于撤 销中国人民财产保险股份有限公司弥勒支公司新哨营销服务部的请示》（红人保财险发〔2025〕78号） 收悉。经审核，现批复如下： 一、同意撤销中国人民财产保险股份有限公司弥勒支公司新哨营销服务部。 二、接此批复文件后，该营销服务部应立即停止一切经营活动，于15个工作日内向红河金融监管分局缴 回许可证，并按照有关法律法规要求办理相关手续。 ...

一、同意撤销中国人民财产保险股份有限公司个旧支公司蔓耗营销服务部。 二、接此批复文件后，该营销服务部应立即停止一切经营活动，于15个工作日内向红河金融监管分局缴 回许可证，并按照有关法律法规要求办理相关手续。 2025年9月2日，红河金融监管分局发布批复称，《中国人民财产保险股份有限公司红河州分公司关于撤 销中国人民财产保险股份有限公司个旧支公司蔓耗营销服务部的请示》（红人保财险发〔2025〕82号） 收悉。经审核，现批复如下： ...

来源：中国银行保险报 谭乐之 化率达16%，大模型对责任认定的准确率达99%，件均成本减低47%。阳光保险研发理赔服务机器人， 通过"智能应用+流程重塑"创新打造理赔服务场景的企微机器人，在提升服务效率的同时有效降低了服 务成本。 AI风控能力的强化成为提升管控能力、加强风险减量的关键。中国平安通过AI赋能保险风控能力提 升，强化了异常行为识别、智能风险评估与预警。上半年，平安产险反欺诈智能化理赔拦截减损64.4亿 元，同比增长6%。中国太保建立基于图像识别的车险理赔风控工具，有效甄别欺诈风险，破解理赔地 域差异难题，累计检出风险金额上千万元。中国太平聚焦六大"数字+"场景实施96个重点项目，打造AI 助手等大模型应用场景，风险地理信息系统实现常见气象灾害24小时实时预警，提前规避潜在风险。 2025年上半年，AI在国内保险业的应用进入规模化落地新阶段。中国人保、中国人寿、中国平安、中 国太保、新华保险、中国太平、阳光保险、众安保险等上市险企纷纷将AI作为核心战略抓手，围绕"降 本"与"增效"两大核心目标，在销售、理赔、风控、客服等全业务链条深化技术应用，AI正成为推动保 险业数字化转型、重塑行业价值链的关键 ...

Core Viewpoint - The insurance industry is shifting towards dividend insurance sales in response to the reduction in the predetermined interest rate, with major listed insurance companies reporting significant growth in this segment despite challenges posed by the new interest rate environment [1][9]. Dividend Insurance Sales Performance - In the first half of 2025, major insurance companies have set ambitious targets for dividend insurance sales, with many aiming for a 50% sales ratio [1]. - Taiping Life reported that dividend insurance accounted for 87.1% of first-year premium income in long-term insurance, while China Pacific Life's new premium income from dividend insurance rose to 42.5%, with agent channels contributing 51% [5][2]. - China Life, Ping An, and other leading insurers have also seen substantial increases in dividend insurance premiums, with Ping An leading at approximately 500 billion yuan, a 40.94% increase year-on-year [4][5]. Market Dynamics and Challenges - The recent adjustment in predetermined interest rates has led to a decrease in the maximum rate for dividend insurance from 2% to 1.75%, which may reduce the attractiveness of these products and increase sales difficulty [1][9]. - Despite this, insurance companies are optimistic about the potential for dividend insurance to become a mainstream product, with expectations for increased market share in the second half of the year [1][10]. Strategic Initiatives for Transformation - Companies are implementing various strategies to promote dividend insurance, including performance assessments, commission adjustments, and tailored product offerings [7][8]. - China Pacific Life has outlined a four-pronged approach to enhance its dividend insurance business, focusing on mindset shifts, differentiated channel strategies, regional adaptations, and resource allocation [7]. - New China Life has established a leadership group to drive the transformation towards dividend insurance, indicating a commitment to overcoming previous sales challenges [8]. Future Outlook - The insurance sector anticipates that the shift towards dividend insurance will accelerate, with companies planning to increase the supply and competitiveness of these products [9][10]. - Ping An has indicated that wealth and pension products will transition to dividend types, reflecting a broader industry trend towards flexible, floating-yield products in response to changing market conditions [11].

2025年半年报显示，因被全国社保基金一零八组合超越，自然人股东孔凤全在中国人保（601319）前十大股东中的排名进一步滑落至第7 位。在大型保险公司股权高度集中、前十大股东长期被大型机构投资者占据的格局下，孔凤全连续三年出现在中国人保前十大股东名单 中，是非常罕见的存在。 | | | | 前十名股东持股情况(不含通过转融通出借股份) | | | | | --- | --- | --- | --- | --- | --- | --- | | | | | | 持有有限售 | 质押、标记或 | | | 股东名称 | 报告期内增减 | 期末持股数量 | 比例(%) 条件股份数量 | | 冻结情况 | 股东性质 | | | | | | | 股份状态 | 数量 | | 财政部 | ー | 26,906,570,608 | 60.84 | - | ー | 一 国家 | | 香港中央结算(代理人)有限 | 676.850 | 8,705,830,403 | 19.69 | - | 未知 | – 境外法人 | | 公司 | | | | | | | | 社保基金会 | - | 5,605,582,779 | 12.68 | | ...

Group 1: Core Insights - The five major listed insurance companies in A-shares achieved a total net profit of 1781.92 billion yuan in the first half of 2025, averaging a daily profit of 9.84 billion yuan [1][4] - These companies announced significant cash dividends, with a total proposed dividend of approximately 293.36 billion yuan, led by China Ping An at 172.02 billion yuan [1][4] - The rise of participating insurance is becoming a new growth engine for the industry, with several companies reporting substantial increases in new premium income from participating insurance [1][7] Group 2: Financial Performance - The total operating revenue of the five major insurance companies reached 1.33 trillion yuan, a year-on-year increase of 4.89% [3] - New business value for life insurance companies saw explosive growth, with China Life and Ping An Life achieving new business values of 285 billion yuan and 223.35 billion yuan, respectively, reflecting year-on-year growth rates of 20.3% and 39.8% [5] Group 3: Participating Insurance Growth - The proportion of participating insurance in new business has significantly increased, with China Life reporting that over 50% of its new business premium comes from participating insurance [7][9] - New premium income from participating insurance for New China Life reached 182.69 billion yuan, a year-on-year increase of 24.9% [7] - The shift towards participating insurance is seen as both a response to the low interest rate environment and a long-term strategy for risk-sharing with customers [2][8] Group 4: Strategic Responses - Insurance companies are focusing on optimizing their product structures and enhancing the sales capabilities of their agents to adapt to the changing market conditions [10][11] - The adjustment in product sales strategies emphasizes understanding customer needs for risk protection and financial management, moving away from solely promoting high guaranteed returns [11]

Core Insights - The insurance sector experienced a slight increase of 0.16% on September 4, with China Life leading the gains [1] - The Shanghai Composite Index closed at 3765.88, down 1.25%, while the Shenzhen Component Index closed at 12118.7, down 2.83% [1] Insurance Sector Performance - China Life (601628) closed at 40.50, up 1.55% with a trading volume of 338,300 shares and a transaction value of 1.352 billion [1] - China Pacific Insurance (601601) closed at 37.92, down 1.86% with a trading volume of 514,200 shares and a transaction value of 1.945 billion [1] - New China Life (601336) closed at 62.81, down 0.91% with a trading volume of 227,100 shares and a transaction value of 1.421 billion [1] - China Ping An (601318) closed at 57.50, down 0.48% with a trading volume of 727,400 shares and a transaction value of 4.184 billion [1] - China Re (601319) closed at 8.47, down 0.12% with a trading volume of 925,100 shares and a transaction value of 777 million [1] Fund Flow Analysis - The insurance sector saw a net outflow of 194 million from institutional investors, while retail investors experienced a net outflow of 143 million [1] - Speculative funds recorded a net inflow of 337 million into the insurance sector [1] Individual Stock Fund Flow - China Life (601628) had a net inflow of 69.29 million from institutional investors, accounting for 5.12% of total transactions [2] - New China Life (601336) had a net inflow of 66.60 million from institutional investors, accounting for 4.69% of total transactions [2] - China Ping An (601318) experienced a net outflow of 192 million from institutional investors, representing 4.59% of total transactions [2] - China Pacific Insurance (601601) had a net outflow of 91.25 million from institutional investors, accounting for 4.69% of total transactions [2] - China Re (601319) had a net outflow of 46.37 million from institutional investors, representing 5.97% of total transactions [2]