来源：证券时报网 作者：邓雄鹰 作为中长期资金代表机构，上市险企的投资动向受市场关注。2025年半年报显示，上市险企权益资产增 幅远超投资资产增幅，入市步伐明显。 据券商中国记者统计，截至二季度末，五家A股上市险企持有的股票资产金额超1.8万亿元，较上年末增 加超4000亿元，增幅达28.7%。受资本市场回暖等因素影响，多家上市险企投资收益明显增长，成为净 利增长的重要拉动力。 多位上市险企管理层表示，A股具备中长期配置价值，将稳步增加权益资产配置，不断优化权益投资策 略，增强投资业绩的稳定性。 权益资产占比提升，股票资产超1.8万亿 从上市险企持有的股票和基金合计金额来看，上市险企总体呈现较快增长。 截至2025年6月30日，中国人寿、中国平安、中国太保、中国人保的股票和基金配置比例分别达到 13.6%、12.6%、11.8%和10.7%，较去年末上升区间为0.9个百分点至2.7个百分点。新华保险股票和基金 配置比例较上年末减少0.2个百分点，但仍处历史和行业高位，达到18.6%。 从股票投资来看，五家A股上市险企持有的股票资产金额超1.8万亿元，较上年末增加超4000亿元。新华 保险、中国平安、中国太保、 ...

Core Insights - China People's Insurance Group Co., Ltd. reported a net profit attributable to shareholders of 26.53 billion yuan for the first half of 2025, representing a year-on-year increase of 16.9% [1] - The company plans to distribute a mid-year cash dividend of 0.75 yuan per 10 shares (tax included), which is a 19.0% increase compared to the previous year [1] Business Performance - The insurance service revenue for the first half of 2025 reached 280.25 billion yuan, up 7.1% year-on-year; original insurance premium income was 454.63 billion yuan, an increase of 6.4% [1] - The investment asset scale grew steadily, surpassing 1.7 trillion yuan as of June 30, 2025, reflecting a 7.2% increase since the beginning of the year [1] Segment Analysis - In the property insurance sector, the market share of PICC Property and Casualty stood at 33.5%, maintaining the industry lead; the comprehensive cost ratio was 95.3%, down 1.5 percentage points year-on-year [2] - In the life insurance sector, the new business value for PICC Life increased by 71.7% year-on-year; the proportion of regular premium income to original insurance premium income was 79.5%, up 0.9 percentage points [2] - The health insurance segment saw a 51.0% year-on-year growth in new business value; first-year regular premium income increased by 52.3%, with internet long-term insurance first-year regular premium income soaring by 110.6% [2] Investment Performance - The total investment income for China People's Insurance Group reached 41.478 billion yuan, a year-on-year increase of 42.7%; the annualized total investment return rate was 5.1%, up 1.0 percentage points year-on-year [2] Financial Strength - As of June 30, 2025, the total assets of China People's Insurance Group were 1,878.495 billion yuan, a 6.3% increase from the end of the previous year; net assets were 389.456 billion yuan, up 6.1% [2] - The comprehensive solvency adequacy ratio was 276%, and the core solvency adequacy ratio was 219%, indicating strong capital strength [2]

Core Insights - The investment trends of listed insurance companies are gaining attention as they significantly increase their equity asset allocations, reflecting a positive outlook on the A-share market [1][2][3] Group 1: Investment Trends - As of the end of Q2 2025, five A-share listed insurance companies held over 1.8 trillion yuan in stock assets, an increase of over 400 billion yuan, representing a growth rate of 28.7% compared to the end of the previous year [1][2] - The equity asset allocation ratios for major insurance companies have increased, with China Life, Ping An, China Pacific, and China Property & Casualty reaching 13.6%, 12.6%, 11.8%, and 10.7% respectively, marking an increase of 0.9 to 2.7 percentage points from the previous year [2][3] - New China Life has the highest stock allocation ratio among listed insurers at 18.6%, despite a slight decrease of 0.2 percentage points from the previous year [2] Group 2: Investment Performance - The investment income of several listed insurance companies has significantly increased due to the recovery of the capital market, contributing to net profit growth [4][5] - In H1 2025, China Life reported total investment income of 127.5 billion yuan, a year-on-year increase of 4.2%, while China Property & Casualty and New China Life saw increases of 42.7% and 43.3% respectively [4] - New China Life's net profit grew by 33.5% in H1 2025, attributed to substantial investment performance improvements, with total investment income reaching 453 billion yuan, an increase of approximately 137 billion yuan [5] Group 3: Future Outlook - Insurance companies are optimistic about the equity market's future, with strategies focusing on enhancing equity asset allocations and optimizing investment structures [6][7] - The management of China Ping An expressed confidence in the stability and potential of the domestic equity market, highlighting opportunities in emerging industries such as artificial intelligence and advanced manufacturing [6] - China Pacific's management emphasized a balanced asset allocation strategy, combining long-term bonds with innovative high-quality assets to improve long-term investment returns [7]

Core Viewpoint - The four major listed insurance companies in the A-share market have announced their mid-year profit distribution plans for 2025, with a total proposed dividend amount of approximately 29.336 billion yuan (including tax) [1][2]. Group 1: Profit Distribution Plans - China Ping An plans to distribute the highest dividend amount of 17.202 billion yuan [1]. - China Life intends to distribute a mid-term cash dividend of approximately 6.727 billion yuan [1]. - China Pacific Insurance plans to distribute cash dividends totaling about 3.317 billion yuan [1]. - New China Life Insurance aims to distribute approximately 2.090 billion yuan in cash dividends [1]. Group 2: Dividend Details - China Ping An's proposed mid-term dividend is 0.95 yuan per share, representing a year-on-year increase of 2.2% [1]. - China Life reported a net profit attributable to shareholders of 40.931 billion yuan for the first half of the year, with a proposed cash dividend of 0.238 yuan per share [1]. - China Pacific Insurance plans to distribute 0.75 yuan in cash dividends for every 10 shares, totaling approximately 3.317 billion yuan [1]. - New China Life's proposed cash dividend is 0.67 yuan per share, amounting to about 2.090 billion yuan, which represents 14.1% of its net profit attributable to shareholders [2]. Group 3: Management and Future Plans - China Pacific Insurance emphasizes the importance of market value management and aims for stable long-term growth in dividends [2]. - New China Life's management indicates that future dividend policies will consider regulatory guidelines, industry conditions, and shareholder expectations [2].

Core Insights - The low interest rate environment is reshaping investment strategies for insurance companies, prompting a shift towards equity investments, particularly high-dividend assets [1][5][6] - As of June 30, 2023, the total investment assets of five major A-share listed insurance companies reached 19.73 trillion yuan, reflecting a year-on-year growth of 7.52% [2][4] - The performance of investment returns varied among companies, with China Life achieving a total investment return rate of 3.29%, while China Pacific Insurance saw a decline of 0.4 percentage points to 2.3% [2][4] Investment Strategy Adjustments - Insurance companies are increasingly focusing on equity investments to enhance returns, with China Ping An's equity investment ratio rising to 10.5% from 7.6% year-on-year [4][6] - The emphasis on high-dividend stocks is becoming a key part of investment strategies, as these assets provide stable cash flow and align with the long-term investment needs of insurance funds [5][6][7] - Companies are also exploring diverse asset classes, including innovative high-quality assets like ABS and public REITs, to optimize their portfolios [8] Market Outlook - The outlook for the capital market is optimistic, with expectations of continued recovery in A-shares and a focus on sectors such as technology innovation and advanced manufacturing [4][5] - China Life is particularly optimistic about the Hong Kong stock market, which has shown strong recovery and offers valuable investment opportunities in new economy and high-dividend assets [9] Unique Investment Trends - A notable trend is the phenomenon of insurance companies investing in each other, with China Ping An acquiring stakes in China Pacific Insurance and China Life, guided by principles of reliability, growth potential, and sustainable dividends [7] - The establishment of private equity funds by insurance companies indicates a strategic move towards long-term investments in stable and well-governed companies [7]

Core Viewpoint - The investment trends of listed insurance companies are gaining attention as they significantly increase their equity asset allocations, reflecting a positive outlook on the capital market and a strategic shift towards long-term investments [1][2][4]. Group 1: Investment Trends - As of the end of Q2 2025, five A-share listed insurance companies held over 1.8 trillion yuan in stock assets, an increase of over 400 billion yuan, representing a growth rate of 28.7% compared to the previous year [2][3]. - The proportion of equity assets has risen, with stock and fund allocations for major insurers like China Life, Ping An, and China Pacific reaching 13.6%, 12.6%, and 11.8% respectively, marking increases of 0.9 to 2.7 percentage points from the previous year [3][4]. - New China Life has notably increased its equity asset allocation, with its stock allocation rising from 7.9% to 11.1% over the past year, reflecting a strategic shift towards equities [4]. Group 2: Investment Returns - The recovery of the capital market has led to significant increases in investment returns for several listed insurance companies. For instance, China Life reported total investment income of 127.5 billion yuan, a year-on-year increase of 4.2% [5][6]. - China Pacific achieved a total investment income of 414.78 billion yuan, up 42.7% year-on-year, while New China Life's investment income rose by 43.3% to 452.88 billion yuan [5][6]. - China Pacific's net profit for the first half of 2025 reached 358.88 billion yuan, a 17.8% increase, driven by a substantial rise in investment income [7][8]. Group 3: Market Outlook and Strategy - The outlook for equity investments remains positive, with industry leaders emphasizing the stability and potential of the domestic equity market. Factors such as government support for capital markets and emerging industries are seen as key drivers [9][10]. - Companies are adopting flexible asset allocation strategies, focusing on sectors like technology, advanced manufacturing, and new consumption, while maintaining a cautious approach to risk management [10][11]. - The emphasis is on increasing allocations to long-term bonds and innovative assets, while also expanding equity investments in the public market and alternative assets to enhance long-term returns [11].

Core Viewpoint - The low interest rate environment is reshaping the investment strategies of major insurance companies in China, leading to a significant focus on equity investments, particularly high-dividend stocks, to enhance returns amidst challenging fixed-income yields [1][4][5]. Investment Performance - As of June 30, 2023, the total investment assets of five major A-share listed insurance companies reached 19.73 trillion yuan, reflecting a year-on-year growth of 7.52% [2]. - Investment returns have improved due to a recovering capital market, with China Pacific Insurance reporting an annualized total investment return of 5.1%, up 1 percentage point year-on-year [2]. Asset Allocation Strategies - Insurance companies are increasing their allocation to equity investments, with China Ping An's stock investment ratio rising to 10.5% from 7.6% year-on-year [3]. - China Life's equity financial assets increased by 156.5 billion yuan in the first half of the year, with stock assets reaching 620.14 billion yuan [3]. Focus on High-Dividend Stocks - In the current low interest rate environment, insurance companies are prioritizing high-dividend assets that provide stable cash flow and align with their long-term investment strategies [4][5]. - Companies like China Life and China Ping An are actively seeking opportunities in high-dividend stocks and growth sectors, emphasizing the importance of stable returns [5]. Unique Investment Phenomena - The trend of "insurance companies acquiring other insurance companies" has emerged, with China Ping An recently increasing its stakes in China Pacific Insurance and China Life [6]. - This strategy is guided by the "three Cs" principle: reliable operations, growth potential, and sustainable dividends [6]. Diversification of Assets - Insurance companies are maintaining a high proportion of fixed-income investments while also exploring innovative asset classes such as ABS and public REITs to enhance overall returns [7]. - China Life is focusing on overseas markets, particularly the Hong Kong stock market, which has shown strong recovery and offers valuable investment opportunities [8].

Core Viewpoint - The recent adjustment of the predetermined interest rate in the life insurance industry marks a significant historical moment, leading to a surge in insurance sales as companies prepare for the transition to new products that comply with the new rate standards [3][4][5]. Group 1: Impact of Predetermined Interest Rate Adjustment - The predetermined interest rate for ordinary life insurance products has been adjusted to 1.99%, marking the first reduction since the dynamic adjustment mechanism was implemented [4]. - Major insurance companies, including China Life and Ping An, have announced new maximum rates for their products: 2.0% for ordinary life insurance, 1.75% for participating insurance, and 1.0% for universal insurance [4][5]. - The end of the 2.5% interest rate era has led to a significant increase in sales activity, with reports of system overloads and agents working extended hours to accommodate the surge in demand [5][6]. Group 2: Product Strategy and Market Trends - Leading insurance companies are focusing on transforming their product offerings, particularly emphasizing participating insurance as a key growth area [9]. - The shift towards participating insurance is seen as a response to the changing market dynamics, with companies like China Life and Ping An highlighting their strategies to enhance product competitiveness and diversify offerings [8][9]. - Research indicates that participating insurance products are becoming more attractive due to their combined protection and income features, especially in a declining interest rate environment [9]. Group 3: Consumer Considerations - Consumers are advised to consider purchasing insurance products before the new rates take effect, as premiums are expected to rise significantly post-adjustment [10][11]. - For example, a popular children's critical illness insurance policy will see premiums increase from approximately 2,440 yuan to about 3,294 yuan, reflecting a potential rise of 15% to 35% in costs for various products [12]. - The adjustment in predetermined interest rates will lead to higher premiums and lower returns on investment-type products, prompting consumers to carefully evaluate their insurance needs and financial capabilities [13][14]. Group 4: Future Outlook for the Insurance Industry - Despite the rate adjustments, industry leaders remain optimistic about the future of the life insurance sector, citing opportunities for growth and innovation [15][16]. - The government is expected to play a supportive role in the industry's development, with new policies aimed at enhancing the quality and efficiency of insurance services [15]. - The life insurance sector is viewed as a critical component of wealth management for the middle class, providing essential protection and value-added services [16].

Core Viewpoint - The low interest rate environment is reshaping investment strategies for insurance companies, leading to a significant focus on equity investments and high-dividend assets to enhance returns [1][5][6]. Investment Performance - As of June 30, 2023, the total investment assets of five major A-share listed insurance companies reached 19.73 trillion yuan, a year-on-year increase of 7.52% [3]. - Investment returns for several companies improved significantly in the first half of 2023, with China Life achieving a total investment return of 3.29%, while China Pacific Insurance saw a decline of 0.4 percentage points to 2.3% [3][4]. Asset Allocation Strategies - Insurance companies are increasing their allocation to equity investments, with China Ping An's stock investment ratio rising to 10.5% from 7.6% year-on-year [4]. - China Life's equity financial assets reached 1.43 trillion yuan, with stock assets increasing by 1.19 billion yuan [4]. Focus on High-Dividend Stocks - In the current low interest rate environment, insurance companies are prioritizing high-dividend stocks that provide stable cash flow and align with their long-term investment strategies [5][6]. - Companies like China Life and China Pacific Insurance are actively seeking opportunities in high-dividend and growth sectors, emphasizing the importance of stable returns [6][7]. Diversification of Assets - Insurance companies are exploring diverse asset classes beyond traditional fixed income, including innovative quality assets like ABS and public REITs [8]. - China Life is also focusing on overseas markets, particularly the Hong Kong stock market, which has shown strong recovery and offers valuable investment opportunities [9].

Core Viewpoint - The five major listed insurance companies in A-shares have significantly increased their stock investments, with a total increase of 411.86 billion yuan, representing a growth of 28.7% compared to the end of last year [1][6]. Group 1: Investment Performance - As of the end of the first half of the year, the total investment assets of the five A-share listed insurance companies reached 19.7 trillion yuan, an increase of 7.5% from the end of last year, accounting for 54.4% of the total insurance funds [2]. - The total investment return rates of various insurance companies showed a mixed performance, with China Pacific Insurance and China Life experiencing a year-on-year decline, while New China Life and China Reinsurance saw an increase of about 1 percentage point [4]. - The net investment return rates generally decreased by 0.1 to 0.25 percentage points, attributed to the decline in bond interest income in a low-interest-rate environment [6]. Group 2: Stock Investment Trends - The stock investment balance of the five major listed insurance companies reached 1.8 trillion yuan at the end of the first half, with an increase of 411.86 billion yuan, marking a growth of 28.7% [6]. - China Re and China Ping An saw stock investment increases of around 50%, while China Pacific Insurance and New China Life had smaller increases of 11% and 10.2%, respectively [6]. - New China Life had the highest proportion of stock investments in total investment assets at 11.6%, while China Ping An and China Pacific Insurance had lower proportions around 15% [6]. Group 3: Future Investment Strategies - Insurance companies plan to continue increasing their investments in the capital market, focusing on high-dividend stocks and growth stocks as part of their investment strategy [8][9]. - The companies expressed confidence in the capital market, citing regulatory support and favorable policies as key factors for optimism [8][9]. - The insurance companies are also participating in long-term investment pilot programs, with several funds already established to invest in stocks, focusing on companies with stable dividends and growth potential [11][12][13].