Core Viewpoint - The insurance industry is playing a crucial role in promoting the green transformation of the economy and society under the "dual carbon" strategy, with listed insurance companies leading the way in green upgrades across products, services, investments, and operations [2]. Group 1: Green Insurance Development - Listed insurance companies in China have made significant progress in the field of green insurance, with the five major A-share insurers providing a total of 496.24 trillion yuan in green insurance coverage across key areas such as clean energy and carbon sink protection [3]. - China Ping An reported a total premium income of 629.3 billion yuan from sustainable insurance by the end of 2024, with green insurance premiums reaching 58.6 billion yuan, marking a nearly 57% year-on-year increase [3]. - China Pacific Insurance has also been active in climate change response and environmental pollution management, offering approximately 147 trillion yuan in green insurance coverage and developing over 30 innovative insurance products [3][4]. Group 2: Green Investment Initiatives - The five major listed insurers have collectively surpassed 1 trillion yuan in green investment, focusing on sectors such as energy conservation, clean energy, and ecological environment upgrades [4]. - China Life has invested nearly 535 billion yuan in green projects, including over 300 billion yuan in green bonds, and has initiated ESG-focused financial asset management plans exceeding 2 billion yuan [5]. - The insurance sector is utilizing a dual approach of "insurance + investment" to effectively manage environmental and social risks while directing resources towards green industries, thereby supporting the low-carbon transition of the economy [5].

Core Viewpoint - The insurance industry is undergoing a significant transformation with the "exit of the supervisory board," as many companies are abolishing this governance structure to enhance efficiency and adapt to new regulatory requirements [2][4]. Group 1: Changes in Governance Structure - As of December 25, 2023, 13 insurance companies, including China Life and China Pacific Insurance, have announced the abolition of their supervisory boards, marking a profound change in the long-standing "three meetings and one layer" governance framework [2][3]. - The trend began with Japan's insurance company in April 2023, which was the first to announce the removal of the supervisory board, followed by state-owned insurance groups [2][3]. - By December 2023, major companies like China Life and New China Life had completed the necessary regulatory approvals to officially abolish their supervisory boards [3][4]. Group 2: Policy and Regulatory Drivers - The reform is driven by the new Company Law effective July 2024, allowing state-owned companies to replace supervisory boards with audit committees, which can enhance governance efficiency [4]. - The China Banking and Insurance Regulatory Commission issued a notice in December 2024, clarifying that financial institutions can establish audit committees to perform the functions of supervisory boards [4]. Group 3: Motivations Behind the Reform - The primary motivations for abolishing supervisory boards include the need to reduce costs, improve efficiency, and address issues of overlapping functions and formalized supervision [4]. - The transition is not seen as a reduction in oversight but rather a restructuring of the supervisory system, with audit committees taking over the responsibilities of the supervisory boards [4]. - The industry anticipates that this reform will enhance compliance and risk management capabilities, contributing to the high-quality development of the insurance sector [4].

Core Viewpoint - The board of directors of China People's Insurance Group Co., Ltd. convened a meeting to discuss and approve various resolutions, including compensation plans for executives and the appointment of a new chief compliance officer [1][2][5][8]. Group 1: Meeting Overview - The fifth board of directors' fourteenth meeting was held on December 30, 2025, in Beijing, with all 11 directors present, ensuring the meeting's legality and effectiveness [1]. - The meeting was chaired by Chairman Ding Xiangqun and included attendance from supervisory board members and senior management [1]. Group 2: Compensation Resolutions - The board approved the compensation settlement plan for the group’s executives for the year 2024, which had been reviewed and approved by the remuneration committee prior to the meeting [2]. - A similar compensation settlement plan for the board members and supervisors for 2024 was also approved and will be submitted for shareholder review [5]. Group 3: Appointments and Policy Approvals - The board approved the appointment of Mr. Bai Feipeng as the company's legal director, chief compliance officer, and chief risk officer, with independent directors expressing their agreement [8][9]. - The board also approved the establishment of interim management measures for consumer rights protection and the revision of the consolidated management measures [11][12]. Group 4: Reports and Audits - The meeting included reports on the special audit results of the solvency risk management system for 2025 and various research reports on audit committee mechanisms and risk management [12].

Core Insights - The 2026 Maoming Marathon, sponsored by China People's Insurance, is set to take place on January 18, 2026, emphasizing the theme of "Mountain and Sea" [22][23]. - The event aims to create a collective declaration of persistence and breakthrough, welcoming participants for both speed and scenic enjoyment [22]. Event Overview - The marathon is branded as not just a running event but an immersive experience that captures the charm of Maoming [22]. - Participants are encouraged to document their experiences through photos and writings, contributing to the collective memory of the event [22]. Sponsorship and Partnerships - China People's Insurance is the main sponsor of the marathon, highlighting its commitment to community engagement and health promotion [24][25]. - The event has various partners, including Maoming Cultural Tourism Development Co., Ltd and Guangdong Sunion Chemical & Plastic Co., Ltd, indicating a collaborative effort to enhance the event's profile [26][32].

白飞鹏，52岁，现为中国人保发法律合规部总经理，高级经济师。白飞鹏曾任人保财险法律部副总经 理，内蒙古自治区分公司副总经理；中国人保法律合规部副总经理。白飞鹏亦兼任中国保险学会法律专 业委员会委员，中国保险资产管理业协会法律合规专业委员会副主任委员，中国保险行业协会法律合规 专业委员会副主任委员，中国人保公益慈善基金会理事。白飞鹏拥有清华大学法学博士学位。 12月30日，中国人保（601319）发布公告称，该公司审议通过了关于聘任白飞鹏为公司法律总监、首席 合规官、首席风险官的议案。 ...

证券日报网讯 12月30日，中国人保发布公告称，公司第五届董事会第十四次会议审议通过《关于集团 公司负责人和其他高级管理人员2024年度薪酬清算方案的议案》等多项议案。 （文章来源：证券日报） ...

Core Insights - In 2025, the Huizhou Regulatory Bureau disclosed a total of 8 fines involving 6 banks, 3 insurance companies, and 16 related personnel, with a cumulative penalty of 4.345 million yuan [1] Banking Sector - Zhuhai Huaren Bank was fined a total of 1.2 million yuan, with individual fines of 300,000 yuan imposed on its Huizhou branches for serious violations of prudent operation rules in loan business [3][5] - Guangdong Longmen Rural Commercial Bank was fined a total of 950,000 yuan for violations, including 650,000 yuan for improper charging and 300,000 yuan for serious violations in loan operations [4][5] - Ping An Bank was fined a total of 950,000 yuan, with 350,000 yuan for its Huizhou branch and 600,000 yuan for another branch due to serious violations of prudent operation rules [5] - Industrial and Commercial Bank of China was fined 5,000 yuan for mismanagement leading to the loss of a financial license [6] - Guangfa Bank was fined 200,000 yuan for serious violations in loan business [7] - Shanghai Pudong Development Bank was fined 350,000 yuan for serious violations in credit business [8] Insurance Sector - Sunshine Property Insurance was fined 160,000 yuan for refusing to fulfill compensation obligations as per the insurance contract [9] - Fude Life Insurance was fined 120,000 yuan for falsely listing expenses, with an additional 20,000 yuan penalty for its insurance department manager [10][11] - China People's Property Insurance was fined 340,000 yuan for untrue financial data, with a 50,000 yuan penalty for its branch manager [12]

Group 1 - The company announced that its 14th meeting of the 5th Board of Directors will be held on December 30, 2025, at the China Pacific Insurance Building in Beijing [1][3] - The meeting approved the appointment of Mr. Bai Feipeng as the company's General Counsel, Chief Compliance Officer, and Chief Risk Officer, with prior review by the Board's Nomination and Compensation Committee [1][3] - Mr. Bai Feipeng, aged 52, is currently the General Manager of the Legal Compliance Department and holds a senior economist title [1][3] Group 2 - Mr. Bai has previously served as the Deputy General Manager of the Legal Department at PICC Property and Casualty and as the Deputy General Manager of the Inner Mongolia Branch [1][3] - He is also a member of the Legal Professional Committee of the China Insurance Society and serves as the Deputy Director of the Legal Compliance Professional Committee of the China Insurance Asset Management Association [1][3] - Mr. Bai holds a Ph.D. in Law from Tsinghua University [1][3]

Investment Rating - The report maintains an "Accumulate" rating for the insurance sector [1]. Core Insights - The report discusses the evolution of participating insurance in China, highlighting its significance in a low-interest-rate environment and the shift towards floating yield products, which are gaining traction among domestic investors [2][6]. Summary by Sections 1. What is Participating Insurance? - Participating insurance is a type of insurance that combines protection and investment, allowing policyholders to share in the insurer's surplus [12]. - The operational mechanism involves sharing profits derived from better-than-expected performance, with a minimum of 70% of the surplus distributed to policyholders [6][15]. 2. Historical Development of Participating Insurance in Mainland China - The development of participating insurance has seen significant fluctuations influenced by policy and market factors, with its market share peaking at 75% in 2010 before declining due to market reforms [6][45]. - Since 2024, regulatory policies have encouraged the development of floating yield products, marking a consensus in the industry towards transitioning to participating insurance [6][45]. 3. Current Transition of Participating Insurance - The report anticipates that the proportion of participating insurance will continue to rise, with over 50% of new policies in the first half of 2025 being participating insurance [6][45]. - The transition is expected to alleviate pressure from interest rate losses and enhance the reliability of the insurance sector's embedded value (EV) [6][45]. 4. International Experience - In mature markets, floating yield products dominate, with Hong Kong's participating insurance being a core component, accounting for 85% of new premiums in 2024 [2][6]. - The report suggests that the characteristics of participating insurance in Hong Kong, such as multi-currency support and a design of low guarantees with high floating returns, could serve as a model for the mainland market [2][6]. 5. Key Metrics for Evaluating Participating Insurance - The report outlines four key indicators for assessing the performance of participating insurance: 1. **Guaranteed Rate**: Currently set at 1.75%, which is lower than traditional insurance [23]. 2. **Demonstration Rate**: Reflects expected returns, with current rates around 3.5% to 4% [24]. 3. **Actual Yield**: The industry average is capped at 3.2%, with some companies exceeding this limit [27]. 4. **Dividend Realization Rate**: Increased by 11 percentage points to 62% in 2024, indicating improved management and expectation guidance [29].

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, indicating a positive outlook for the sector's performance relative to the overall market [3]. Core Insights - The strategic positioning of asset-liability management for insurance companies has been elevated, with the introduction of the "Insurance Company Asset-Liability Management Measures (Draft for Comments)" by the Financial Supervisory Authority [2]. - The draft emphasizes three main goals for asset-liability management: matching the term structure, cost-benefit matching, and liquidity matching, with insurance companies bearing primary responsibility and the authority overseeing compliance [2]. - The governance structure requires clear delineation of responsibilities for the board of directors and senior management, establishing an asset-liability management committee and department within insurance companies [2]. - The report highlights the importance of asset-liability management in mitigating interest spread risks, especially in a declining interest rate environment, and aims to enhance the risk warning mechanism for insurance operations [2]. Summary by Sections Regulatory and Monitoring Indicators - For property and casualty insurance companies, there are three regulatory indicators focusing on income-cost coverage and liquidity, all of which must not fall below 100% [5]. - For life insurance companies, four regulatory indicators are established, including effective duration gap and comprehensive investment income coverage, also requiring a minimum of 100% [5]. Valuation of Key Companies - The report provides a valuation table for key non-bank financial companies, including China Life, Ping An, and China Pacific Insurance, with metrics such as market capitalization and price-to-earnings ratios [6]. - For instance, China Life has a market capitalization of 115.02 billion RMB and a PE ratio of 7.66, while Ping An has a market capitalization of 119.24 billion RMB and a PE ratio of 9.02 [6]. Investment Recommendations - The report continues to recommend several major insurance companies, including China Life (H), Ping An (A/H), China Pacific Insurance, China People’s Insurance, New China Life, and China Property Insurance, while suggesting to pay attention to China Taiping [3].