Core Viewpoint - The company has appointed Mr. Zhao Peng as the Chief Financial Officer, effective from October 17, 2025, following approval from the National Financial Supervision Administration [1] Group 1 - The fifth session of the company's board of directors approved the proposal to appoint Mr. Zhao Peng as the Chief Financial Officer during the meeting held on August 27, 2025 [1] - The company has received the qualification approval for Mr. Zhao Peng's appointment from the National Financial Supervision Administration [1] - Mr. Zhao Peng's tenure as Chief Financial Officer will commence on October 17, 2025 [1]

Core Insights - The insurance sector experienced a rise of 0.99% on October 23, with China Pacific Insurance leading the gains [1] - The Shanghai Composite Index closed at 3922.41, up 0.22%, while the Shenzhen Component Index closed at 13025.45, also up 0.22% [1] Insurance Sector Performance - China Life Insurance closed at 44.47, up 1.23% with a trading volume of 246,400 shares [1] - China Ping An closed at 58.75, up 0.93% with a trading volume of 503,500 shares [1] - China Taiping Insurance closed at 37.34, up 0.38% with a trading volume of 218,500 shares [1] - New China Life Insurance closed at 68.80, up 0.17% with a trading volume of 161,400 shares [1] Fund Flow Analysis - The insurance sector saw a net outflow of 31.05 million yuan from institutional investors and 145 million yuan from speculative funds, while retail investors contributed a net inflow of 176 million yuan [1] - China Ping An had a net inflow of 51.83 million yuan from institutional investors, while it faced a net outflow of 102 million yuan from speculative funds [2] - China Life Insurance experienced a net outflow of 55.30 million yuan from institutional investors, with a net inflow of 29.04 million yuan from speculative funds [2]

Report Industry Investment Rating No information provided in the report. Core Viewpoints - Listed insurance companies have implemented new accounting standards (IFRS 17 and IFRS 9) since 2023, while non - listed ones will implement them in 2026. It is estimated that after the remaining insurance companies implement the new standards in 2026, the re - classification scale of financial assets of affected insurance companies may account for about 20% [3][62]. - After the implementation of the new standards, more insurance assets may be classified into the FVTPL category, increasing the profit volatility of insurance companies. Insurance companies are more cautious about bank capital bonds and increase the allocation of ultra - long bonds. The proportion of insurance funds invested in bonds is rising [3][5][63]. Summary According to the Table of Contents 1. New Accounting Standards Gradually Implemented - IFRS 9 adjusts the classification of financial assets from "four - category" to "three - category": FVTPL, FVOCI, and AC. More assets may be classified into FVTPL, making insurance company profits more volatile. Insurance companies have an incentive to allocate more assets to AC or FVOCI [9][10]. - IFRS 17 changes the discount rate for traditional insurance reserves. Insurance companies can use the OCI option to reduce profit fluctuations, which may lead to significant differences in net profit under the old and new standards [12]. - From the operating data of insurance companies that have implemented the new standards in advance, there is an increase in net profit and a decrease in net assets [16]. - Among bond - issuing insurance companies, the financial investment of those that have implemented the new standards accounted for 74.4% of the total as of the end of 2024. It is estimated that the proportion of financial asset re - classification of the remaining insurance companies in 2026 may be about 20% [3][62]. 2. Changes in Insurance Institution Behavior 2.1 Insurance Asset Allocation Observation - As of the end of Q2 2025, the balance of insurance funds in use was 36.23 trillion yuan, with life insurance companies accounting for 90% [23]. - The proportion of bonds in the asset allocation of life and property insurance is increasing. As of the end of Q2 2025, the bond proportion of life insurance increased from 41% to 52%, with a balance of 16.9 trillion yuan; that of property insurance increased from 21% to 40%, with a balance of 0.95 trillion yuan [25]. - The investment proportion of life and property insurance in stocks is relatively stable, but the growth rate has accelerated since Q1 last year. In Q2 this year, the cumulative year - on - year growth rates of stock investment were 47.9% and 42.8% respectively [31]. 2.2 Insurance Secondary Market Observation 2.2.1 Bank - to - Bank - As of the end of August 2025, the total bond custody scale of insurance institutions in CCDC and SHCHE was 5033.311 billion yuan. Interest - rate bonds accounted for 77.9%, with local bonds accounting for 49.3% [34]. - Insurance has been increasing its allocation of local bonds. As of the end of August this year, the net increase in local bond custody was 3776 billion yuan, approaching last year's level. Insurance has been reducing its holdings of commercial bank bonds since March last year [39][58]. 2.2.2 Exchange - As of the end of September, the scale of corporate bonds held by insurance in SSE and SZSE was 931.8 billion yuan and 181.6 billion yuan respectively. After Q2 this year, the allocation of credit bonds by insurance has increased [52]. 3. Understanding the Impact of the New Standards - Insurance institutions will further increase their demand for ultra - long bonds due to stable premium income growth, the "Second - Generation Solvency" regulations guiding the passive allocation of fixed - income assets, and increased liability - side volatility under the new insurance contract standards [55]. - Under the new financial tool accounting standards, insurance will be more cautious about bank secondary and perpetual bonds that do not pass SPPI and are included in FVTPL [58]. 4. Summary - In 2026, after the remaining insurance companies implement the new accounting standards, the re - classification scale of financial assets of affected insurance companies may account for about 20% [3][62]. - After the implementation of the new standards, insurance company profits may become more volatile. Insurance will be more cautious about bank capital bonds and increase the allocation of ultra - long bonds. The proportion of bonds in insurance asset allocation is rising [5][63].

Core Points - The approval from the Hetian Financial Regulatory Bureau allows China People's Property Insurance Company to change the business location of its marketing service department in Keke Ya Township [1] Group 1 - The new business location is specified as the fifth room on the right side of the People's Government of Keke Ya Township, located in Kutazairike Village, Hetian County, Xinjiang Uygur Autonomous Region [1] - The company is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

Core Viewpoint - The approval for the change of business location for China People's Property Insurance Company Limited's marketing service department in Xianbai Baza Town has been granted by the Hetian Financial Regulatory Bureau [1] Group 1 - The new business location is specified as the first room on the second floor next to the People's Government of Xianbai Baza Town, Hetian County, Xinjiang Uygur Autonomous Region [1] - The company is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

Core Viewpoint - The approval from the Hotan Financial Regulatory Bureau allows China People's Property Insurance Company to change the business location of its Moyu Marketing Service Department to a new address in Hotan, Xinjiang [1] Group 1 - The new business location is specified as: No. 12, First Floor, Building 1, South Side of National Highway 315, Moyu County, Hotan Prefecture, Xinjiang Uygur Autonomous Region [1] - The company is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

Core Viewpoint - The National Financial Supervision Administration of Putian has approved the relocation of the marketing service department of China People's Property Insurance Co., Ltd. in Hanjing District, Putian City [1] Group 1 - The marketing service department of China People's Property Insurance Co., Ltd. will change its business location to No. 202, First Floor, Baisha West Road, Baisha Town, Hanjing District, Putian City, Fujian Province [1] - The company is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

Core Insights - The insurance sector experienced a slight increase of 0.03% on October 22, with Xinhua Insurance leading the gains [1] - The Shanghai Composite Index closed at 3913.76, down 0.07%, while the Shenzhen Component Index closed at 12996.61, down 0.62% [1] Insurance Sector Performance - Xinhua Insurance (601336) closed at 68.68, up 0.56% with a trading volume of 200,800 shares and a transaction value of 1.371 billion [1] - China Pacific Insurance (601601) closed at 37.20, down 0.35% with a trading volume of 250,500 shares and a transaction value of 934.7 million [1] - China Life Insurance (601628) closed at 43.93, down 0.14% with a trading volume of 232,600 shares and a transaction value of 1.021 billion [1] - China Ping An (601318) closed at 58.21, up 0.22% with a trading volume of 379,900 shares and a transaction value of 2.211 billion [1] - China Reinsurance (601319) closed at 8.67, up 0.23% with a trading volume of 633,400 shares and a transaction value of 548 million [1] Capital Flow Analysis - The insurance sector saw a net outflow of 259 million from institutional investors, while retail investors contributed a net inflow of 253 million [1] - Xinhua Insurance had a net inflow of 75.31 million from institutional investors, but a net outflow of 73.70 million from retail investors [2] - China Ping An experienced a significant net outflow of 168 million from institutional investors, while retail investors contributed a net inflow of 172 million [2] - China Life Insurance and China Pacific Insurance also saw net outflows from institutional investors, with retail investors offsetting some of these losses [2]

Core Viewpoint - China Life Insurance Company expects a significant increase in net profit for the first three quarters of 2025, projecting a range of approximately 156.79 billion to 177.69 billion yuan, representing a year-on-year growth of about 50% to 70% compared to 2024 [1] Group 1: Performance Forecasts - China Life is the third listed insurance company to announce a profit increase for the third quarter [2] - People's Insurance Company of China (PICC) anticipates a net profit of 26.75 billion yuan for the first three quarters, with a growth of 40% to 60% compared to 2024 [2] - New China Life Insurance expects a net profit between 29.99 billion and 34.12 billion yuan, with an increase of 9.31 billion to 13.44 billion yuan, reflecting a year-on-year growth of 45% to 65% [2] Group 2: Reasons for Profit Increase - The three insurance companies attribute their profit increases to two main factors [3] - The first factor is the optimization of financial operations and structural reforms in the insurance supply side, with a focus on value creation and efficiency improvement [4] - China Life emphasizes its role as an economic stabilizer and its commitment to enhancing sustainable development capabilities through diversified products and services [4] - The second factor is the proactive entry of medium- and long-term funds into the market, leading to a significant increase in investment returns [5] - China Life and PICC have both focused on long-term, value-oriented investments, enhancing their investment portfolios to improve stability and long-term returns [5] - Analysts expect that the overall positive performance of the equity market will further accelerate profit growth for listed insurance companies in the third quarter [5]

Core Insights - The implementation of the rural residents' mutual medical insurance in Tibet has significantly alleviated the financial burden of medical expenses for local families, preventing them from falling into poverty due to illness [1][5][6] - The insurance program integrates multiple layers of medical coverage, including basic insurance, major illness insurance, medical assistance, and mutual insurance, creating a comprehensive safety net for residents [1][4][5] Group 1: Impact on Families - The case of Tsering Dorji highlights how the mutual insurance allowed his family to afford a kidney transplant for his son, which would have otherwise been financially unfeasible [2][3] - The experience of Mianqiong demonstrates that her family only had to pay 6,000 yuan out of a total medical expense of 315,200 yuan for her mother's treatment, thanks to the layered insurance coverage [3][5] Group 2: Policy Implementation and Effectiveness - The mutual insurance program was launched in 2022 by China Life Insurance Company in the region, filling a gap in medical mutual insurance in Tibet [4][5] - The program has led to a significant reduction in the medical burden for residents, with 4,997 patients receiving a total of over 14.24 million yuan in claims, benefiting nearly 5,000 families [5][6] Group 3: Service Network and Technological Integration - China Life Insurance has established a four-tier service network across Tibet, ensuring that medical insurance services reach remote areas [6] - The integration of technology has streamlined the claims process, reducing the reimbursement time from 15 days to within 5 days, and achieving over 80% of claims settled instantly online [6][7] Group 4: Future Outlook - The company aims to continue enhancing the medical insurance framework in Tibet, contributing to the overall health and well-being of the population while supporting the region's socio-economic development [7]