Core Viewpoint - The "New National Ten Articles" released by the State Council aims to strengthen regulation, prevent risks, and promote high-quality development in the insurance industry over the next 5 to 10 years, marking a significant policy direction for the sector [1] Industry Performance - As of the end of Q2 2025, the insurance industry's asset scale reached 39.22 trillion yuan, with a year-on-year growth of 9.2% [2] - The total insurance premium income amounted to 3.74 trillion yuan, reflecting a 5.3% increase compared to the same period in 2024 [2] - Insurance companies' claims and payouts reached 1.3 trillion yuan, showing a notable growth of 9% year-on-year, outpacing premium growth [2] Social Welfare Services - The insurance sector has enhanced its role in social welfare, particularly in disaster relief, with 20.5 billion yuan paid out during extreme weather events in 2025 [3] - The urban catastrophe insurance program has provided risk protection for 64.39 million households, amounting to 22.36 trillion yuan in coverage [3] - Technological advancements have improved risk reduction services, with significant outreach for disaster warnings to millions of clients [3] Health Insurance Development - The urban commercial medical insurance, known as "惠民保," has seen significant growth, with 615.9 million participants in Shenzhen and over 22 billion yuan in claims paid [4] - The commercial health insurance sector has also expanded, with claims reaching 405.2 billion yuan in 2024 and long-term health insurance reserves exceeding 2.5 trillion yuan [4][5] Support for the Real Economy - The insurance industry is aligning with national strategies by enhancing risk protection in technology innovation and green development [6][7] - Insurance services for technology activities provided coverage of nearly 24 trillion yuan in the first half of 2025 [6] - Green insurance products have seen a 23.9% increase in risk coverage, with over 126.35 trillion yuan provided [7] Investment in Strategic Areas - Insurance companies are increasing investments in strategic sectors, with China Life establishing a fund focused on high-demand industries like AI and advanced manufacturing [8] - New China Life's investment in national strategic areas surpassed 1.21 trillion yuan, reflecting a 54% year-on-year increase [8] Industry Reform and Transformation - The insurance sector is undergoing significant reforms in pricing mechanisms and product structures to enhance quality and efficiency [10][11] - The introduction of floating yield insurance products has led to a 33% share of new life insurance products in the first half of 2025 [11] - The insurance intermediary market is also experiencing a contraction, with a 11.7% decrease in the number of professional intermediary institutions in Jilin province [11] Future Outlook - The insurance industry is expected to continue leveraging its long-term advantages to contribute to the construction of a financial strong nation and support modernization efforts in China [12]

Core Insights - The application of artificial intelligence (AI) in China's insurance industry is experiencing a qualitative leap, transitioning from conceptual exploration to industrial implementation in the first half of 2025 [1] - Intelligent transformation is becoming the core driving force for the industry's upgrade, fundamentally changing traditional insurance business models [1] Group 1: Underwriting and Claims Processing - The underwriting process is undergoing deep transformation with AI, addressing long-standing challenges in processing unstructured data [1] - Ping An Property & Casualty has achieved an intelligent issuance rate of 81.2% in car insurance, reducing average processing time to under one minute [1] - ZhongAn Insurance's cloud core system "Wujieshan" generated 6.699 billion policies in the first half of the year, with an automated underwriting rate of 99% [1] - Claims processing has seen significant improvements, with Ping An's "111 Fast Claim" service achieving a 59% share of instant claims, and injury claims automated processing rate reaching 55% [1][2] Group 2: Customer Service and Risk Assessment - China Life's digital underwriting system has an intelligent review rate of 95.8%, and its new intelligent customer service has an accuracy rate exceeding 95% [2] - Sunshine Insurance's remote service has achieved a 65% automation rate in the entire process, with an 82% satisfaction rate for intelligent services [2] - ZhongAn's "Lingxi Platform" deployed nearly 110 intelligent robots, handling 450 million calls in the first half of the year [2] - Ping An's anti-fraud system intercepted losses of 6.44 billion yuan, a 6% year-on-year increase [2] Group 3: Strategic Development and Future Outlook - Many insurance companies are elevating AI to a core strategic level, with China Pacific Insurance emphasizing "AI+" as a key strategy [3] - The insurance industry is transitioning from "scale-driven" to "efficiency-driven" and "value-driven" models due to the deep integration of AI technology [3] - The intelligent transformation is not only enhancing operational efficiency and reducing costs but also paving new paths for high-quality development in the insurance sector [3]

【文/羽扇观金工作室】 2025年中期业绩季落下帷幕，五家A股上市保险集团交出的"成绩单"显示出一个鲜明趋势：保险资金正 成为权益市场最坚定的增量资金来源。 新华保险的投资策略转变尤为典型。该公司大幅增加高股息OCI类权益投资，半年内增配68.26亿元。在 新会计准则框架下，通过OCI账户配置高股息股票，不仅能获得稳定现金流，还能有效平滑业绩波动。 这一策略选择反映出险资投资理念的深刻变化：从单纯追求资本增值向综合考虑股息收益、资产负债匹 配等多维度目标转变。 中国人保在权益投资领域展现出明确的战略导向。数据显示，该集团A股投资规模较年初激增26.1%， 权益资产占比从3.7%跃升至5.4%。 值得注意的是，人保集团并非简单的规模扩张，而是将投资重心聚焦于"符合国家战略导向、长期经营 业绩稳健"的优质标的。该公司明确表示，将通过定向增发、举牌收购、战略投资等多元化方式，深化 与被投企业的产业协同效应。 中国人寿的权益投资策略更加激进，半年内新增权益资产配置超过1500亿元，股票投资占比从7.58%大 幅提升至8.70%。这一配置比例的快速提升，反映出该公司对当前权益市场估值合理性的判断。 该公司明确提出"积极 ...

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].

行业研究 保险Ⅲ 2025 年 09 月 04 日 证监会审核华创证券投资咨询业务资格批文号：证监许可（2009）1210 号 推荐（维持） 新单成本平均同比下降 65bps | 华创证券研究所 | | --- | | 证券分析师：陈海椰 | 证券分析师：徐康 | | --- | --- | | 邮箱：chenhaiye@hcyjs.com | 电话：021-20572556 | | 执业编号：S0360525070004 | 邮箱：xukang@hcyjs.com | | | 执业编号：S0360518060005 | 基于内含价值敏感性分析表，我们对上市险企的人身险业务（其中人保是寿险口径） 进行打平收益率测算，以此衡量综合负债成本。 资料来源：各公司公告，华创证券测算 证 券 研 究 报 告 25H1 上市险企人身险成本盘点 资料来源：各公司公告，华创证券测算 根据业绩期披露时间节点，我们将形成每年两次的人身险成本跟踪报告，历史系统 性梳理及相关理论与定义见此前外发报告《负债成本盘点：利差风险收敛或持续驱动估 值回升》。 上市险企平均人身险新单成本同比下降 65bps。截至 2025H1，基于内含价值敏 ...

二、接此批复文件后，上述5个营销服务部应立即停止一切经营活动，于15个工作日内向昭通金融监管 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，昭通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昭通市分公司关于撤 销中国人民财产保险股份有限公司水富支公司太平乡营销服务部等五家机构的请示》（昭人保财险发 〔2025〕98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水富支公司太平乡营销服务部、中国人民财产保险股份有 限公司威信县支公司麟凤营销服务部、中国人民财产保险股份有限公司威信县支公司罗布营销服务部、 中国人民财产保险股份有限公司威信县支公司长安营销服务部、中国人民财产保险股份有限公司威信支 公司双河营销服务部。 ...

Core Viewpoint - The A-share market has seen a general decline in insurance stocks, with major companies experiencing significant drops in their stock prices [1] Group 1: Stock Performance - China Pacific Insurance (601601) decreased by 2.54%, with a total market capitalization of 362.3 billion and a year-to-date increase of 13.76% [2] - China Insurance (601319) fell by 2.24%, holding a market cap of 366.6 billion and a year-to-date increase of 11.35% [2] - New China Life Insurance (601336) dropped by 2.13%, with a market capitalization of 193.5 billion and a year-to-date increase of 28.68% [2] - China Life Insurance (601628) saw a decline of 1.81%, with a market cap of 1,106.8 billion and a year-to-date decrease of 5.52% [2] - Ping An Insurance (601318) decreased by 1.04%, with a market capitalization of 1,035.4 billion and a year-to-date increase of 11.74% [2] Group 2: Market Signals - A MACD golden cross signal has formed, indicating potential upward momentum for some stocks in the insurance sector [2]

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].

总体来看，投资端方面，上半年上市险企稳步增配权益资产，五大上市险企股票投资占比均有所提升。 截至2025年6月30日，中国平安股票投资占比为10.5%，较上年同期提升2.9个百分点；中国人寿占比为 8.70%，同比提高1.12个百分点；新华保险占比为11.6%，同比提高1.4个百分点；中国人保占比为 5.4%，同比提高1.7个百分点；中国太保占比为9.7%，同比提高0.4个百分点。 转自：经济参考报 新华财经北京9月4日电（记者庞昕熠） 随着2025年上半年业绩陆续披露，A股五大上市险企"资产配置 图"显现，其中全员权益资产配置比例均有所增长。数据显示，上半年险资整体股票配置比例显著提 升，保险资金在低利率与资产荒挑战下，正瞄准"以股息补票息"。业内人士指出，险资入市步伐有望持 续，权益配置有望保持稳中有升的态势，未来三年每年规模或超6000亿元。部分头部险企管理层表示， 未来将关注高股息策略与成长板块布局。 上半年险企增配权益资产 五大上市险企中四家归母净利润同比增长，增速居前的险企财务数据显示，其在投资端"收获颇丰"。 A股五大险企均已公布2025年上半年业绩，从归母净利润来看，新华保险同比增长33.5% ...

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].