证 券 研 究 报 告 负债端"反内卷"政策成效显著，投资端表现分化 ——保险行业2025年中报综述 证券分析师： 罗钻辉 A0230523090004 孙冀齐 A0230523110001 2025.9.16 核心观点：负债端"反内卷"政策成效显著，投资端表现分化 www.swsresearch.com 证券研究报告 2 ◼ 利润表现分化，EV稳步增长。1H25 A股上市险企归母净利润yoy+3.7%至1782亿元，受投资表现及金融资产会计分类、利率波动等因素影响， 上市险企利润增速位居-23.5%至1103.5%区间；从利源结构来看，1H25 A股上市险企保险服务业绩、投资业绩合计分别达1310.50/928.45亿元， 占税前利润比重分别达58.0%/41.1%，利源结构相对均衡。截至6月末，上市险企EV较24年末增速位居2.6%-18.4%区间，表现稳健。 ◼ 负债端"反内卷"政策持续显效，NBV、COR表现亮眼。1）人身险方面，多数险企NBVM同比改善驱动NBV延续高增态势。A股上市险企 1H25合计实现NBV754.22亿元，同比增长30.5%，上市险企1H25NBV增速位居14.0%-58.4% ...

Core Insights - The insurance sector experienced a decline of 0.94% on September 16, with China Pacific Insurance leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Company Performance - China Life Insurance (601628) closed at 38.77, down 0.31% with a trading volume of 155,200 shares and a turnover of 601 million yuan [1] - China Pacific Insurance (601601) closed at 36.26, down 2.00% with a trading volume of 408,400 shares and a turnover of 1.486 billion yuan [1] - China Ping An (601318) closed at 56.62, down 1.24% with a trading volume of 685,700 shares and a turnover of 3.894 billion yuan [1] - New China Life Insurance (601336) closed at 61.30, down 1.43% with a trading volume of 242,300 shares and a turnover of 1.487 billion yuan [1] - China Reinsurance (601319) closed at 8.07, down 0.98% with a trading volume of 733,800 shares and a turnover of 593 million yuan [1] Fund Flow Analysis - The insurance sector saw a net outflow of 1.541 billion yuan from institutional investors, while retail investors had a net inflow of 978 million yuan [1] - The detailed fund flow for major companies shows that: - China Life Insurance had a net outflow of 69.03 million yuan from institutional investors [2] - China Pacific Insurance had a net outflow of 2.53 billion yuan from institutional investors [2] - China Ping An experienced a net outflow of 761 million yuan from institutional investors [2] - New China Life Insurance had a net outflow of 329 million yuan from institutional investors [2] - China Reinsurance had a net outflow of 1.287 million yuan from institutional investors [2]

Core Viewpoint - The phenomenon of "policy transfer," common in car and long-term insurance sales, is increasingly appearing in the short-term health insurance sector, indicating a shift in consumer behavior and insurance marketing strategies [1][2]. Group 1: Policy Transfer in Short-Term Health Insurance - Policy transfer allows customers to switch their insurance responsibilities and premiums to another company before their current policy expires, with the potential to waive the 30-day waiting period [2][3]. - Various short-term health insurance products, such as China Pacific Insurance's "Jin Yi Bao" and ZhongAn Insurance's "Zhong Min Bao," currently support policy transfers, reflecting a competitive market [2][3]. Group 2: Conditions and Complexity of Policy Transfer - Different insurance products have specific conditions for policy transfer, such as the requirement for the previous policy to be active and the absence of claims [3]. - The policy transfer process is more complex than direct purchasing, requiring customers to submit health disclosures and specific coverage details, which increases operational costs for insurance companies [3][4]. Group 3: Changing Consumer Demand and Market Dynamics - The demand for health insurance is evolving, with consumers favoring products that cover external medications and special medical services, driven by changes in medical insurance payment methods [3][4]. - Insurance brokers are actively promoting policy transfers as a strategy to retain existing customers and increase commissions through the sale of more comprehensive high-end health insurance products [3][4].

四是深化投资者陪伴与教育。通过多层次、多形式的投教内容与服务，人保公募基金引导投资者树立理 性投资、长期投资理念，帮助投资者应对市场波动，践行"长期正确"的资产配置策略。 专题：北京公募基金高质量发展系列活动 新时代、新基金、新价值 近日，在北京证监局指导下，北京证券业协会联合四十余家公募基金管理人、销售及评价机构与主流媒 体，共同启动"北京公募基金高质量发展系列活动"。本次活动以"新时代·新基金·新价值"为主题，聚焦 投资者教育与保护，推进行业转型升级，增强服务实体经济能力，助力北京打造金融高质量发展新名 片。 当前，我国公募基金行业正处于从"规模扩张"向"回报为王"转变的关键时期。2025年5月，证监会印发 《推动公募基金高质量发展行动方案》，进一步明确行业应以提升投资者获得感为核心，实现与国家战 略和人民财富管理需求同频共振。 一是强化投研核心能力建设。人保公募基金充分发挥保险资管背景优势，构建了以宏观、产业和信用研 究为支撑的投研体系，注重资产配置与风险控制协同，致力于实现持续稳健的投资回报。 二是持续优化指增产品布局。现已形成涵盖中证800、A500、红利低波等多类宽基指数的"基础层+创新 层"产品 ...

Core Viewpoint - The event aims to enhance public financial literacy and promote awareness of financial risks through various educational activities [2] Group 1: Event Overview - The 2025 Financial Education Promotion Week was officially launched on September 15, guided by the Shandong Regulatory Bureau of the National Financial Supervision Administration [2] - China People's Property Insurance Company Shandong Branch actively participated in the event, fulfilling its social responsibility in the insurance industry [2] Group 2: Educational Activities - The event focused on common financial risks and hot topics of public concern, utilizing multiple formats for financial knowledge dissemination [2] - A professional financial knowledge exhibition booth was set up by Shandong People's Insurance to educate the public on preventing illegal intermediaries and insurance fraud [2] - Interactive and engaging activities were introduced to enhance public participation and understanding of financial insurance policies and basic knowledge [2] Group 3: Broader Impact - The company initiated special activities for the 2025 Financial Education Promotion Week across its 16 municipal branches in the province [2] - Efforts were made to deliver financial risk prevention knowledge directly to rural and community areas, ensuring services are effectively implemented [2] - The initiative aims to contribute to a healthier and safer financial consumption environment [2]

Core Viewpoint - The article provides an analysis of the solvency ratios of various life insurance companies for the first half of 2025, highlighting the overall stability and changes in solvency levels across the industry [1][12]. Solvency Ratios - A total of 74 life insurance companies have disclosed their solvency ratios for the first half of 2025, with the comprehensive solvency adequacy ratio averaging 196.6% and the core solvency adequacy ratio at 134.3% [14][16]. - Among the companies, 51% reported an increase in their comprehensive solvency adequacy ratio compared to the previous quarter [16]. - The solvency ratios of major companies include: - PICC Pension: 1327.8% (down 30 points) - China Life Pension: 1095.2% (up 44 points) - New China Life Pension: 991.3% (down 656 points) [2][3]. Capital Increase and Debt Issuance - Since the beginning of 2025, 12 life insurance companies have announced plans to increase their registered capital by over 35 billion yuan [18][20]. - Additionally, six companies have received approval to issue capital supplement bonds totaling nearly 20 billion yuan [23]. - The issuance of bonds has exceeded 150 billion yuan since 2024, indicating a strong capital-raising trend in the industry [23]. Regulatory Actions - Huaxia Life Insurance has been penalized with the revocation of its business license due to significant violations, including the substantial inflation of solvency capacity [24][30]. - The article notes that only one company, Huaxia Life, has a risk rating of C, indicating serious solvency issues [25][29]. Investment Trends - The article discusses a shift towards dividend insurance products as traditional and participating insurance products see a decrease in guaranteed rates [7][10]. - The investment yield for life insurance companies has increased to an average of 4.22%, up from 3.59% in the previous year, reflecting improved asset allocation strategies [10]. Conclusion - The overall solvency of life insurance companies remains stable, with many companies increasing their capital and improving their investment strategies to adapt to changing market conditions [12][16].

Group 1 - The core theme of the event organized by the China Life Insurance Shenzhen Branch is "Protecting Financial Rights and Supporting a Better Life," aimed at promoting public welfare and charity initiatives in the Luohu District [1] - The event included interactive activities such as a throwing game, distribution of consumer protection knowledge materials, and case studies to educate citizens about financial consumer protection [3] - The initiative specifically targeted vulnerable groups, including the elderly and youth, providing tailored education on recognizing financial fraud and promoting rational consumption [3] Group 2 - The public welfare activity effectively enhanced citizens' awareness of personal information and asset security, while also improving their ability to identify and resist various telecom and internet frauds [5] - The event contributed to creating a positive atmosphere for financial literacy, encouraging the public to learn, understand, and utilize financial knowledge [5]

证券之星消息，9月15日保险板块较上一交易日下跌0.87%，新华保险领跌。当日上证指数报收于 3860.5，下跌0.26%。深证成指报收于13005.77，上涨0.63%。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) | | --- | --- | --- | --- | --- | --- | | 601318 | 中国平安 | 57.33 | -0.61% | 54.68万 | 31.48 Z | | 601628 | 中国人寿 | 38.89 | -0.84% | 15.23万 | 5.95亿 | | 601601 | 中国太保 | 37.00 | -0.86% | 33.63万 | 12.47 Z | | 601319 | 中国人保 | 8.15 | -0.97% | 83.34万 | 6.80亿 | | 601336 | 新华保险 | 62.19 | -2.05% | 20.45万 | 12.82 乙 | 从资金流向上来看，当日保险板块主力资金净流出11.88亿元，游资资金净流入3.13亿元，散户资金净流 入8.75亿元。保险板块个股资金流 ...

本报记者 杨笑寒 据《证券日报》记者梳理，截至9月12日，已有5家保险资管机构披露了半年报。今年上半年，5家保险 资管机构合计实现营业收入77.88亿元，同比增长14.8%，合计实现净利润38.85亿元，同比增长30.7%。 受访专家表示，保险资管机构实现营收和净利同比双增，主要受投资收益提升、保险行业与资金持续发 展、监管引导拓宽投资渠道等因素推动。 外资持续加码布局 随着我国保险资管行业日益成熟，我国保险资管机构队伍持续壮大，外资也持续加码布局。 近日，保德信保险资产管理有限公司（以下简称"保德信资管"）获国家金融监督管理总局的开业批复。 另外，今年已有两家外资保险资管机构获批筹建。6月份，国家金融监督管理总局发布行政批复，同意 荷兰全球人寿保险集团筹建荷全保险资产管理有限公司，以及友邦人寿保险有限公司（以下简称"友邦 人寿"）筹建友邦保险资产管理有限公司（以下简称"友邦保险资管"）。 盘古智库（北京）信息咨询有限公司高级研究员江瀚对《证券日报》记者表示，多家外资参与的保险资 管机构今年获批筹建，体现了外资对我国保险市场巨大潜力和长期发展前景的看好。同时，我国保险市 场的开放程度和监管环境的持续优化，也为 ...

Core Viewpoint - The significant growth in the bancassurance channel's performance in the first half of 2025 is a common characteristic among the five major listed insurance companies in A-shares, driven by factors such as "reporting and banking integration," strong demand for wealth management, and the recovery of the "one-to-many" model in bancassurance [1][6]. Group 1: Performance Metrics - China Ping An's bancassurance channel NBV increased by 168.6% year-on-year [3] - China Life's new single premium in the bancassurance channel grew by 111.1% year-on-year [3] - China Pacific Insurance's new insurance business in the bancassurance channel rose by 95.6% [3] - New China Life's first-year premium for long-term insurance in the bancassurance channel surged by 150.3% [3] - China People's Insurance's NBV on a comparable basis increased by 107.7% year-on-year [3] Group 2: Factors Driving Growth - Three main factors are driving the significant growth in the bancassurance channel: 1. "Reporting and banking integration" enhances the business value of the bancassurance channel [6] 2. The low-interest-rate environment has led to strong demand for wealth management, with insurance products offering relative advantages over bank deposits [6] 3. The recovery of the "one-to-many" model has opened up growth opportunities [6] Group 3: Channel Strategy - The bancassurance channel is becoming a consensus among listed insurance companies, with significant increases in both the number of partnerships with banks and per capita productivity [3][4] - The diversification of bancassurance channels is a growing trend, with a focus on not only state-owned and joint-stock banks but also city commercial banks and rural commercial banks [4] - The insurance industry is shifting towards a multi-channel strategy, recognizing the need to cater to different customer segments through various distribution channels [8]