Core Viewpoint - The National Financial Regulatory Administration is set to implement a new regulation for non-auto insurance, focusing on improving the quality of non-auto insurance business and addressing issues such as irregular operations and irrational competition, effective from November 1, 2025 [2][3]. Group 1: Regulatory Changes - The new regulation aims to optimize assessment mechanisms, standardize product development and usage, manage premium income, enhance market supervision, and improve underwriting and claims services in the non-auto insurance sector [2]. - The regulation mandates that property insurance companies must adhere to principles of fairness, reasonableness, and adequacy in determining insurance rates, and must not set excessive fees that do not correspond to the services provided [3][4]. Group 2: Industry Response - Major insurance companies, including China Life Insurance, Ping An Property & Casualty, and Taiping Property Insurance, have established dedicated teams to implement the new regulatory requirements [2][6]. - The implementation of the "reporting and operation integration" policy is expected to curb irrational price competition and promote rational market behavior, leading to healthier industry development [5][7]. Group 3: Financial Performance and Challenges - Non-auto insurance has seen its share of total premium income rise from 26%-27% between 2013 and 2016 to over 50% currently, but profitability remains weaker compared to auto insurance [3]. - The regulation addresses issues such as high expense levels, underwriting losses, and high receivable premium rates that have emerged with the rapid expansion of non-auto insurance business [3][4]. Group 4: Implementation Strategies - Companies are required to adopt a "fee upon issuance" policy, ensuring that premiums are collected before issuing policies to mitigate receivable premium issues [4]. - The regulation emphasizes the need for insurance companies to enhance their internal controls and information systems to manage premium receivables effectively [4][6].

港交所消息：10月10日， 摩根大通 持有的 中国人保 集团H股多头头寸从10.70%降至9.55%。 ...

截图：国家金融监督管理总局官网 凤凰网财经讯 10月15日，据国家金融监督管理总局官网消息显示，中国人保财险惠州分公司因财务业务数据不真实，被罚款34万元。 时任中国人保财险惠州分公司总经理郭伟超，对上述违规行为负有责任，受到警告，并被罚款5万元。 | 序 | | 行政处罚 | | 行政处罚 | 作出决 | | --- | --- | --- | --- | --- | --- | | 를 | 当事人名称 | 决定书文 | 主要违法违规行为 | 内容 | 机关 | | | | 릉 | | | | | 1 | 中国人民财产 保险股份有限 | | | 罚款34 | | | | 公司惠州市分 | 惠金罚决 | | 万元 | 国家金 | | | 公司 | 字 | 财务业务数据不真实 | | 监督管 | | 2 | 郭伟超（时任 保险股份有限 | (2025) | | 警告并罚 | 总局惠 | | | 中国人民财产 | 4号 | | | 监管分 | | | | | | 款5万元 | | | | 公司惠州市分 | | | | | | | 公司总经理) | | | | | ...

证券研究报告 保险Ⅱ 分红型疾病险实际支付成本或将下降，险司打开产品创新空间 投资评级： 看好（维持） ——对《关于推动健康保险高质量发展的指导意见》的点评 投资要点： 2025 年 9 月 30 日，国家金融监督管理总局发布《关于推动健康保险高质量发展的 指导意见（金发〔2025〕34 号），内容包括了积极发展商业医疗险、加快发展商业 护理险失能险、稳步发展疾病保险，推动健康险和健康管理融合发展，促进健康产 业协同发展和规范各类经办承办服务等六条意见，涵盖了健康险的核心主要险种（医 疗，长护、失能和疾病）和配套产业服务。 联系人 我们认为"稳步发展疾病保险"中提到的"支持监管评级良好的保险公司开展分红 型长期健康保险业务"对上市保险公司影响较大： 行业点评报告 hyzqdatemark 2025 年 10 月 15 日 证券分析师 陆韵婷 SAC：S1350525050002 luyunting@huayuanstock.com 沈晨 SAC：S1350525090002 shenchen@huayuanstock.com 板块表现： 1、近年来长期疾病险新单销售情况不理想：从行业数据来看，人身险中健康险总 ...

Core Insights - The insurance sector experienced a 2.0% increase on October 15, with Xinhua Insurance leading the gains [1] - The Shanghai Composite Index closed at 3912.21, up 1.22%, while the Shenzhen Component Index closed at 13118.75, up 1.73% [1] Insurance Sector Performance - Xinhua Insurance (601336) closed at 67.87, with a rise of 3.62% and a trading volume of 443,600 shares [1] - China Pacific Insurance (601601) closed at 36.90, up 2.50%, with a trading volume of 620,100 shares [1] - Ping An Insurance (601318) closed at 57.81, increasing by 2.35%, with a trading volume of 837,000 shares [1] - China Life Insurance (601628) closed at 40.70, up 1.80%, with a trading volume of 193,500 shares [1] - China Reinsurance (601319) closed at 8.22, with a slight increase of 0.61% and a trading volume of 1,016,700 shares [1] Capital Flow Analysis - The insurance sector saw a net inflow of 1.014 billion yuan from institutional investors, while retail investors experienced a net outflow of 660 million yuan [1] - Major capital inflows and outflows for specific companies include: - Ping An Insurance: 6.46 billion yuan net inflow from institutional investors, with a 13.49% share [2] - China Pacific Insurance: 213 million yuan net inflow from institutional investors, with a 9.41% share [2] - Xinhua Insurance: 127 million yuan net inflow from institutional investors, with a 4.27% share [2] - China Life Insurance: 28.87 million yuan net inflow from institutional investors, with a 3.69% share [2] - China Reinsurance: 708,600 yuan net outflow from institutional investors, with a -0.09% share [2]

Core Viewpoint - The National Financial Supervision Administration of Neijiang has approved the relocation of the business premises of China People's Life Insurance Co., Ltd. Zizhong County Branch to a new address [1] Group 1 - The new business location is specified as: No. 201, Building 14, 188 Chunlan North Road, Shuinan Town, Zizhong County, Sichuan Province [1] - The company is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

Summary of China Pacific Insurance Conference Call Company Overview - **Company**: China Pacific Insurance (中国人保) - **Date**: October 14, 2025 Key Points Industry Insights - The standardization of auto insurance is expected to regulate market competition, improve the situation of internal competition, and implement fee-based issuance, which will help improve cash flow and financial stability for property insurance companies, alleviate premium receivable pressure, and reduce claims disputes [2][3][5] - The recent non-auto insurance policy aims to lower premium scale assessment requirements, enforce fee-based issuance, and promote standardization, which is anticipated to have a positive impact on the entire property insurance industry [3] Financial Performance - For the first half of 2025, China Pacific Insurance's combined cost ratio was 95.3%, better than expected, attributed to a decrease in natural disasters, strict regulations, and internal reforms [2][5] - The full-year target for the combined cost ratio is set at 96% for auto insurance and 99% for non-auto insurance, with further room for improvement in the second half of the year [5] Claims Management - The company has strengthened process control, litigation resources, and pricing management in claims handling, achieving significant results in reducing claims through enhanced anti-fraud measures [2][6] New Energy Vehicle Insurance - In the first half of 2025, new energy vehicle insurance accounted for 19% of total auto insurance premium income, with a market share of 34%, leading the industry [2][7] - The company maintains a competitive edge despite the entry of manufacturers like BYD into the insurance market, as these new entrants face limitations in flexibility and data management [8] Product Development and Strategy - The "Car and Driver Everything" model aims to develop personal non-auto insurance business by creating precise customer profiles and expanding product pricing factors, leading to a 77% generation rate for additional products sold with vehicles [2][9] - The company is focusing on optimizing product structures and cost control, particularly in health insurance, to improve profitability [10][16] Investment Strategy - China Pacific Insurance is gradually reducing its fund allocation and increasing its stock proportion to enhance investment yield stability and respond to market changes [4][12] - The company plans to continue increasing its allocation to high-dividend stocks, which are categorized into classic dividends, cyclical industries, and potential dividends [14] Sales Channels - The bancassurance channel has shown strong performance, with a 70% increase in premium income in August 2025, indicating a recovery in sales following the switch in preset interest rates [15][18] - The company has established strong partnerships with major banks, which has contributed to the growth of the bancassurance channel [18] Dividend Policy - The dividend policy aims to maintain stable growth in dividends, with a 19% increase in the first half of the year, and expectations for continued stable growth throughout the year [19] Challenges and Future Outlook - The agricultural insurance segment saw a slight decline in premium income, attributed to policy adjustments and local government financial pressures, but is expected to rebound in the second half of the year [11] This summary encapsulates the key insights and strategic directions of China Pacific Insurance as discussed in the conference call, highlighting its performance, market positioning, and future outlook.

Summary of Conference Call for China Insurance (China Life & China Property Insurance) Industry Overview - **Insurance Sector**: The overall performance of the insurance industry in 2025 is under scrutiny, with specific focus on car insurance, non-car insurance, and agricultural insurance sectors. Key Points Car Insurance - **Improvement in Operations**: Despite an increase in claims ratio due to inflation, the expense ratio has significantly decreased, leading to an overall improvement in operational conditions year-on-year [1][5] - **Growth Rate**: The annual growth rate for car insurance is projected to be around 3% to 4% [5] - **Regulatory Changes**: New energy vehicle insurance policies have been adjusted, with the self-increasing coefficient range raised from 1.35 to 1.4, affecting approximately 20% of new energy vehicle policies [4][12] Non-Car Insurance - **Policy Implementation**: The "reporting and pricing integration" policy for non-car insurance will be implemented starting November 1, aimed at reducing internal competition and enhancing industry standards [1][7] - **Performance Metrics**: Non-car insurance premium growth is expected to maintain a rate of 8% to 10% when excluding the impact of agricultural product price index insurance [3] - **Cost Improvement**: The implementation of the new policy is anticipated to improve the expense ratio by at least 1 percentage point in the following year [9] Agricultural Insurance - **Current Trends**: Agricultural insurance has shown a negative growth of approximately 3% in the first nine months of 2025, but a growth of about 8% when excluding the price index insurance impact [17][18] - **Future Outlook**: With increased government focus on food security and policy enhancements, agricultural insurance is expected to maintain a rapid growth trajectory [2][18] Investment Strategy - **Equity Investments**: Since 2025, the company has been increasing its equity positions, with a focus on traditional sectors such as banking and telecommunications [1][25] - **Bond Market Performance**: The impact of the underperforming bond market in Q3 was minimal due to a lower allocation in trading bonds and shorter durations [1][5] Profitability and Reserves - **Profitability Challenges**: The insurance industry faced significant profitability pressures in the first half of 2025, but improvements are expected in the second half, particularly in critical illness and health insurance [21][20] - **Reserve Adjustments**: The company has increased its reserve ratios across various categories to address the rising claims from new energy vehicles and personal injury cases [23][24] Dividend Policy - **Stable Dividend Guidance**: The group maintains a dividend payout of no less than 30%, with property insurance at no less than 40%. If 2025 profits perform well, dividends are expected to increase [27] Health Insurance - **Growth in Health Insurance**: Health insurance has shown stable growth, particularly through internet channels, with a focus on enhancing service quality and expanding product offerings [29][30] - **Future Development**: The company plans to strengthen its health management subsidiary to provide better services and integrate medical resources [32] Risk Management - **Effectiveness of Risk Reduction Measures**: The implementation of risk reduction measures has significantly minimized losses from natural disasters, with losses from multiple typhoons in Guangdong controlled to under 1 billion yuan [35] Regulatory Environment - **Impact of Regulatory Changes**: The "anti-involution" policy is expected to benefit leading companies by slightly increasing market share while maintaining overall stability [34] This summary encapsulates the key insights and developments discussed during the conference call, highlighting the strategic direction and operational performance of China Insurance in 2025.

证券之星消息，10月14日保险板块较上一交易日上涨2.83%，新华保险领涨。当日上证指数报收于 3865.23，下跌0.62%。深证成指报收于12895.11，下跌2.54%。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) | | | --- | --- | --- | --- | --- | --- | --- | | 601336 | 新华保险 | 65.50 | 5.34% | 62.09万 | | 40.89 Z | | 601319 | 中国人保 | 8.17 | 4.34% | 200.18万 | | 16.22 乙 | | 601601 | 中国太保 | 36.00 | 3.09% | 78.83万 | | 28.31亿 | | 601318 | 中国平安 | 56.48 | 2.50% | 102.29万 | | 57.58 Z | | 601628 | 中国人寿 | 39.98 | 2.07% | 22.55万 | | 9.01亿 | 从资金流向上来看，当日保险板块主力资金净流入1.13亿元，游资资金净流出2.95亿元，散户资金净流入 ...

Core Viewpoint - The National Financial Regulatory Administration is set to implement a new regulation for non-auto insurance, focusing on improving the quality of non-auto insurance business and addressing issues such as irregular operations and irrational competition, effective from November 1, 2025 [1][2]. Summary by Sections Regulatory Changes - The new regulation aims to optimize assessment mechanisms, standardize product development and usage, manage premium income, enhance market supervision, improve underwriting and claims services, and leverage industry organizations for support [1][2]. Non-Auto Insurance Market Insights - Non-auto insurance accounted for 50.77% of total premium income in the first eight months of 2025, with health insurance at 14.88%, agricultural insurance at 10.83%, and liability insurance at 8.24% [2]. - The share of non-auto insurance in total premium income has increased from 26%-27% between 2013 and 2016 to over 50% currently, although profitability remains weaker compared to auto insurance [2]. Fee Structure and Management - The regulation mandates that property insurance companies must set insurance rates based on fairness, reasonableness, and adequacy, and establish a mechanism for periodic rate review and dynamic adjustment [3]. - To address premium receivables, the regulation requires a "fee-for-policy" approach, ensuring that policies are issued only after premium payment is received [4]. Industry Response - Several insurance companies, including China Life and Ping An Property & Casualty, have established task forces to implement the new regulation, emphasizing the importance of transitioning from a focus on scale and speed to quality and efficiency [7][8]. - The implementation of "reporting and operation in unison" is expected to curb irrational price competition and promote rational market behavior, enhancing service quality and product competitiveness [5][6].