Core Viewpoint - The insurance industry is undergoing a significant transformation, shifting from diversification to specialization, as regulatory policies tighten around non-insurance subsidiaries, leading to the exit of many such entities from the market [1][10]. Group 1: Company Actions - 21 small loan companies, including Chongqing Renbao Microfinance Company, have exited the industry, with Renbao Microfinance voluntarily applying for deregistration [2][3]. - China Pacific Insurance has deregistered three non-insurance subsidiaries this year, while Taikang Insurance Group has also reported the cancellation or transfer of over 20 non-insurance subsidiaries [1][3]. - Dajia Insurance Group is also divesting its non-insurance assets, such as the planned transfer of its third-party payment company [4]. Group 2: Industry Trends - As of June 2023, 36 insurance companies collectively held approximately 690 non-insurance subsidiaries, with an average investment exceeding 700 million yuan per subsidiary [6]. - The majority of these non-insurance subsidiaries are involved in sectors like healthcare, real estate, investment management, and technology [7]. - Regulatory policies have become increasingly stringent, leading to a rapid decline in the establishment of new non-insurance subsidiaries, with fewer than five being formed annually since 2022 [8]. Group 3: Regulatory Environment - The tightening of regulations aims to push financial institutions back to their core businesses and prevent regulatory arbitrage and financial risks [9][10]. - The regulatory framework has evolved to focus on risk isolation and efficient collaboration within the financial ecosystem, marking a strategic shift from quantity expansion to quality improvement in the financial sector [10][11].

2025年12月11日，国家金融监督管理总局泰安监管分局发布批复称，《中国人民财产保险股份有限公司 泰安市分公司关于邱家店镇营销服务部营业场所变更的请示》(泰人保财险发〔2025〕111号)收悉。经 审核，现批复如下： 二、中国人民财产保险股份有限公司泰安市分公司应按照有关规定及时办理变更及许可证换领事宜。 一、同意中国人民财产保险股份有限公司泰安市分公司邱家店镇营销服务部将营业场所变更为：泰山区 天宝镇天汶路天宝镇政府南侧90米党群政务大厅一楼自东向西第一间。 ...

（来源：福州新闻网） 经审理查明：2009年7月至2024年9月，被告人张孝礼利用担任中国人民财产保险股份有限公司董事会秘书局/监事会办公室主任、党委委员、副总裁、一 级资深专家等职务上的便利以及职权、地位形成的便利条件，直接或通过其他国家工作人员职务上的行为，为相关单位和个人在承揽保险业务、资金拨 付、人员入职、工作调整等方面谋取利益，非法收受财物共计折合人民币990万余元。 东营市中级人民法院认为，被告人张孝礼的行为构成受贿罪，数额特别巨大，应依法惩处。鉴于张孝礼归案后如实供述罪行，主动交代办案机关尚未掌握 的大部分受贿犯罪事实，认罪悔罪，受贿犯罪所得已全部退缴，依法可对其从轻处罚。法庭遂作出上述判决。 转自：福州新闻网 2025年12月19日，山东省东营市中级人民法院一审公开宣判中国人民财产保险股份有限公司原党委委员、监事会主席张孝礼受贿一案，对被告人张孝礼以 受贿罪判处有期徒刑十年六个月，并处罚金人民币一百万元；对张孝礼受贿犯罪所得予以没收，上缴国库。 ...

经审理查明：2009年7月至2024年9月，被告人张孝礼利用担任中国人民财产保险股份有限公司董事会秘 书局/监事会办公室主任、党委委员、副总裁、一级资深专家等职务上的便利以及职权、地位形成的便 利条件，直接或通过其他国家工作人员职务上的行为，为相关单位和个人在承揽保险业务、资金拨付、 人员入职、工作调整等方面谋取利益，非法收受财物共计折合人民币990万余元。 转自：北京日报客户端 中国人民财产保险股份有限公司原党委委员、监事会主席张孝礼受贿案一审公开宣判 2025年12月19日，山东省东营市中级人民法院一审公开宣判中国人民财产保险股份有限公司原党委委 员、监事会主席张孝礼受贿一案，对被告人张孝礼以受贿罪判处有期徒刑十年六个月，并处罚金人民币 一百万元；对张孝礼受贿犯罪所得予以没收，上缴国库。 东营市中级人民法院认为，被告人张孝礼的行为构成受贿罪，数额特别巨大，应依法惩处。鉴于张孝礼 归案后如实供述罪行，主动交代办案机关尚未掌握的大部分受贿犯罪事实，认罪悔罪，受贿犯罪所得已 全部退缴，依法可对其从轻处罚。法庭遂作出上述判决。 来源：山东高法 ...

Core Viewpoint - The 20th China Insurance Innovation Forum, themed "Co-creation and Symbiosis," aims to address challenges and innovations in the insurance industry amidst an aging society, new regulatory policies, and the explosion of AI technology [1][3][41]. Group 1: Forum Overview - The China Insurance Innovation Forum, initiated in 2006, has evolved into an annual event that combines various forums focused on insurance product innovation, culture, and health care [3][43]. - The forum serves as a platform for discussing the insurance industry's challenges and innovations at a critical juncture, particularly as the 14th Five-Year Plan concludes and the 15th begins [3][43]. Group 2: Key Speakers and Insights - Notable speakers included former Vice Chairman of the China Insurance Regulatory Commission Wei Yingning, who emphasized the need for deeper integration, more vibrant innovation, and improved ecological systems within the industry [5][46]. - Liu Canfang, Chairman of Jiangsu Jiuzhou Investment Group, expressed a desire for collaboration in the integration of insurance and health care industries to contribute to high-quality development [8][48]. - Zhang Yingbin, the forum chairman, highlighted that future winners in the insurance sector will be those who understand customers, manage risks effectively, and integrate ecosystems [10][50]. Group 3: Research and Reports - He Zhiguang, Executive Chairman of the Insurance Health and Care Industry Alliance, released the "2025 Annual Research Report on China's Insurance Health and Care Industry," noting that insurance is becoming an effective tool for national development strategies [14][54]. - Chen Pojian, Chairman of Ruihua Health Insurance, discussed the opportunities and challenges posed by an aging society and called for more precise regulatory guidance for specialized health insurance companies [16][56]. Group 4: Industry Trends and Innovations - The forum addressed the digital transformation of life insurance marketing, emphasizing the need for a customer-centric service system and the integration of technology for precise marketing and efficient operations [27][67]. - Discussions included the impact of new accounting standards on insurance companies' revenue and profit measurement, necessitating timely adjustments in business strategies [22][62]. Group 5: Awards and Recognition - The 20th China Insurance Innovation Awards ceremony recognized outstanding contributions in brand building and product development within the insurance sector [40][80]. - The awards serve as a review of the industry's progress and commitment to high-quality transformation over the past year [40][80].

一、同意中国人民财产保险股份有限公司马关支公司夹寒箐镇营销服务部将营业场所变更为：云南省文 山壮族苗族自治州马关县夹寒箐镇夹寒箐村民委员会振兴路84号。 2025年12月15日，文山金融监管分局发布批复称，《关于中国人民财产保险股份有限公司马关支公司夹 寒箐镇营销服务部变更营业场所的请示》(文人保财险发〔2025〕117号)收悉。经审核，现批复如下： 二、中国人民财产保险股份有限公司马关支公司应按照有关规定及时办理变更及许可证换领事宜。 ...

Core Viewpoint - The insurance sector is experiencing a valuation recovery, driven by policy support and increasing consumer demand for health and wealth protection, with major companies like China Pacific Insurance, New China Life, and China Life seeing significant stock price increases, and China Ping An reaching a four-year high [1][2]. Policy Support - The strong rebound in the insurance sector is initiated by policy support, specifically the recent adjustment of risk factors for insurance companies' investment in stocks, which reduces capital occupation and enhances solvency ratios [2]. - The policy encourages insurance funds to invest in a stable and long-term manner, with a focus on holding positions for over three years, which is seen as a timely boost for the market [2]. - If insurance capital reallocates to equity assets, it could potentially unlock 550 billion to 600 billion yuan in long-term funds by 2026 [2]. Consumer Demand Shift - A report by Accenture indicates a structural shift in consumer focus towards health and wealth, with health concern rising from 78% in 2021 to 87% in 2025, and wealth concern increasing from 47% to 61% [4]. - This shift translates into a rigid demand for insurance products, with a notable preference for protection-oriented products such as dividend insurance, health insurance, and million medical insurance [4]. - Companies like China Ping An and China Pacific Insurance are adapting to these changes, with significant growth in their health insurance segments and overall profitability [4][5]. Valuation Recovery Logic - The insurance sector is expected to enter a golden development period, with investment logic shifting from "valuation repair of existing business" to "growth capability valuation premium," highlighting the advantages of leading companies [7]. - By 2026, the total assets of the insurance industry are projected to exceed 45 trillion yuan, with equity investment scale reaching 6 trillion yuan, making it a significant source of long-term capital in the A-share market [7]. - China Ping An is anticipated to lead the market due to its comprehensive industry chain layout, product innovation, and technological empowerment, with target prices being raised by multiple institutions [7].

Core Viewpoint - Southbound funds have reduced their holdings in China People's Insurance Group (01339.HK) significantly, indicating a potential shift in investor sentiment towards the company [1]. Group 1: Shareholding Changes - On December 18, 2025, southbound funds reduced their holdings by 7.14 million shares, a decrease of 0.27% [2]. - Over the past five trading days, there have been reductions in holdings for four days, totaling a net decrease of 47.9965 million shares [1]. - In the last twenty trading days, there were ten days of reductions, with a cumulative net decrease of 30.277 million shares [1]. Group 2: Current Holdings - As of now, southbound funds hold 2.628 billion shares of China People's Insurance Group, which represents 30.11% of the company's total issued ordinary shares [1]. Group 3: Company Overview - China People's Insurance Group is a holding company primarily engaged in providing insurance products, including property insurance, health insurance, life insurance, reinsurance, Hong Kong insurance, and pension insurance [2]. - The property insurance segment includes products for both corporate and individual clients, such as motor vehicle insurance, agricultural insurance, property insurance, and liability insurance [2]. - The health insurance segment focuses on health and medical insurance products, while the life insurance segment includes various life insurance products such as participating, whole life, annuity, and universal life insurance [2].

Core Viewpoint - The "Hongbao Qingwan" central insurance enterprise party-building co-construction initiative was launched at the People's Insurance Company of China (PICC) Qingdao branch, aiming to enhance political leadership and service capabilities in the financial sector [1][3]. Group 1 - Eight insurance institutions, including PICC, China Life Insurance, and China Taiping Insurance, signed a party-building co-construction agreement [1][3]. - The co-construction agreement outlines six action items, including the creation of an "integrated" party-building community and a "service-oriented" development joint body [1][3]. - The initiative aims to achieve new heights in political leadership, a new pattern of integrated development, and new contributions to local services [1][3]. Group 2 - The co-construction is expected to facilitate resource linkage and efficient services, addressing the current issues of "dare not insure" and "cannot insure" in key economic sectors [1][3]. - The PICC Qingdao branch will serve as the rotating lead for the first year of this initiative [2][4].

Investment Rating - The report maintains a "Positive" investment rating for the insurance sector [11]. Core Insights - In the short term, investment yield is the dominant factor for valuation, while asset allocation ratio is the decisive factor for investment yield. In the medium to long term, the spread between the asset and liability sides of insurance is expected to improve due to policy and market changes, with sufficient long-term space in the industry leading to continuous improvement in ROE [3][9]. - Recommended stocks include China Life, New China Life, Ping An, and China Pacific Insurance as quality targets [3][9]. Summary by Sections 2025 Review - The insurance sector's performance was generally flat compared to the market, with the CSI 300 index rising by 15% and the Yangtze Insurance Index increasing by 14.5%, underperforming the market by 0.6 percentage points. Individual stocks like Ping An, New China Life, and China Pacific outperformed the market [6][23]. - The liability side is undergoing a transformation towards dividends, with new policy growth slightly slowing but value rates improving, driving new business value growth. The asset side performed well due to strong equity market performance, contributing to good total investment returns [6][23]. Investment Yield Analysis - The primary determinant of insurance companies' investment yield is asset allocation. As of Q3 2025, listed insurance companies had total investment assets exceeding 20 trillion yuan, indicating that investment yield is mainly influenced by asset allocation rather than significant and sustained alpha generation [6][39]. - Even in an extremely low-interest-rate environment, yields can remain above 2%, demonstrating that the risk of spread loss for listed insurance companies is minimal [6][39]. Pricing of the Insurance Sector - Over the past decade, expected investment yield has been the anchor for insurance industry valuation. The short-term valuation is primarily influenced by yield expectations, as the liability cost rate fluctuates less in the short term [7][71]. - The report emphasizes that the asset side, particularly equity assets, has a stronger influence on investment yield than the liability side, which has limited impact due to its long-term nature [7][71]. Future Demand and Market Dynamics - The report anticipates that insurance demand will remain high in 2026, driven by a significant amount of fixed deposits and wealth management products maturing. The comparative advantage of insurance products in terms of yield is expected to attract funds from fixed deposits without requiring an increase in risk appetite [8][84]. - The industry landscape is expected to continue improving, with leading listed insurance companies benefiting more from this trend [8][84].