Core Insights - The insurance industry in China has shown significant improvement in new business value and comprehensive cost ratios in the first half of the year, driven by the surge in the bancassurance channel and a shift towards dividend insurance products [1][2][4]. Bancassurance Channel - The bancassurance channel experienced a remarkable recovery, with new single premium income reaching 1,525.47 billion yuan, a year-on-year increase of 76.19% [2]. - Major players like New China Life and China Life saw their new single premium income double, with growth rates of 150.3% and 111.1% respectively [2]. - The share of new single premium income from the bancassurance channel rose to 41.38%, an increase of 13.24 percentage points year-on-year [3]. New Business Value - The new business value rate for the bancassurance channel improved, with companies like China Ping An reporting a 9.7 percentage point increase to 28.6% [4]. - The average contribution of the bancassurance channel to new business value among listed insurance companies rose to 38.9%, up 8.4 percentage points year-on-year [4]. Shift to Dividend Insurance - Insurance companies have been transitioning from traditional products to dividend insurance, which has started to show results in the first half of the year [5][6]. - The proportion of dividend insurance in new single premium income has significantly increased, with companies like China Taiping reporting the highest share at 29% [6][7]. Property Insurance Sector - The comprehensive cost ratio for property insurance companies has improved, with a decrease of 0.8 to 2.6 percentage points, reaching levels around 95.2% to 96.3% for major players [8]. - The previously unprofitable new energy vehicle insurance segment has turned profitable, with China Ping An reporting a 46% increase in premium income and China Taiping indicating a significant rise in the share of new energy vehicle insurance premiums [9][10].

Core Insights - The overall net profit of 73 life insurance companies reached 185.8 billion yuan in the first half of the year, representing a year-on-year increase of approximately 25% [1] - Among the 73 companies, 52 reported profits totaling 190 billion yuan, while 21 companies incurred losses amounting to 4.27 billion yuan [1][3] Profitability Overview - The top five profitable companies are: 1. Ping An Life Insurance Co., Ltd. with a net profit of 50.6 billion yuan 2. China Life Insurance Co., Ltd. with 40.33 billion yuan 3. China Pacific Life Insurance Co., Ltd. with 20.66 billion yuan 4. Taikang Life Insurance Co., Ltd. with 15.99 billion yuan 5. New China Life Insurance Co., Ltd. with 14.33 billion yuan [3][4][5] - 11 companies reported net profits of over 1 billion yuan, while 36 companies had profits below 1 billion yuan [3][5] Losses Overview - The companies with the highest losses include: 1. Hengqin Life Insurance Co., Ltd. with a loss of 839 million yuan 2. Bank of China Samsung Life Insurance Co., Ltd. with a loss of 543 million yuan 3. Aixin Life Insurance Co., Ltd. with a loss of 384 million yuan [7][8] Industry Trends - The increase in profitability is attributed to adjustments in product pricing and business structure, with a focus on reducing rigid liability costs and improving investment returns due to a recovering capital market [9][10] - The new business value has improved due to optimized business structures and cost reduction measures, with first-year premium income from regular premium products increasing by 25.5% year-on-year [10] Future Outlook - The insurance industry is expected to see continued improvement in both liability and asset sides, driven by high growth in new single premiums and a recovering macroeconomic environment [10]

Investment Rating - The report maintains an "Outperform" rating for the insurance industry [5][6]. Core Insights - The insurance industry has shown resilience with a 4.9% year-on-year increase in net profit attributable to shareholders for listed insurance companies in the first half of 2025, driven by fluctuations in investment income and a diversified product structure [1][13]. - The industry is undergoing a transformation towards floating-type products, significantly boosting new business value (NBV) across major players [2][22]. - The property and casualty insurance sector has seen stable premium income and improved underwriting profits, with a 4.1% year-on-year growth in premium income [3][36]. Summary by Sections Investment Performance - Listed insurance companies reported varied investment income performance due to market fluctuations, with total investment returns for major companies ranging from 2.3% to 5.9% [4][49]. - The shift towards FVOCI equity assets has been notable, with significant increases in their proportion within financial assets for major insurers [4][53]. Life Insurance Sector - The life insurance sector has increased the proportion of floating-type products, leading to a substantial rise in NBV, with growth rates of 58.4% for New China Life and 39.8% for Ping An [2][22]. - The total insurance service income for five listed insurers reached 831.52 billion yuan, marking a 3.5% increase year-on-year [22][25]. Property and Casualty Insurance Sector - The property and casualty insurance sector achieved a total premium income of 607.90 billion yuan, reflecting a 4.1% increase year-on-year, with both auto and non-auto insurance segments showing growth [3][36]. - The combined ratio (COR) for major insurers improved, indicating better cost management and underwriting performance [3][46]. Investment Recommendations - The report suggests focusing on companies with strong business models and competitive advantages, such as China Pacific Insurance, and those with relatively low valuations like Ping An and China Taiping [4][59].

近日，A股5家上市险企2025 年半年报全部披露。 作为重要的耐心资本，上市险企的投资动向颇受关注。上半年，5大上市险企积极响应险资入市政策。截至二季度末，5大险企股票投资金额合计达 18464.29亿元，较年初增加4118.58亿元，增幅近三成。 另外，上半年5家险企投资业绩飘红， 合计实现总投资收益3673.77亿元，同比增长近9%；其中中国人寿（601628.SH)以1275.06亿元收益居首，占比超3 成。 细分来看，各家险企的总投资收益率分化明显。新华保险（601336.SH)以 5.9%的年化总投资收益率领跑行业，中国人保（601319.SH)以5.1%紧随其后， 同比上升1个百分点。相比之下，中国人寿总投资收益率3.29%，保持稳健水平。中国太保（601601.SH)的总投资收益率则降至2.3%，为五家最低。 中国平安（601318.SH)并未在半年度报告中披露总投资收益率情况，但其2025 年上半年保险资金投资组合实现非年化综合投资收益率3.1%，同比上升0.3 个百分点。 "平安投资策略并非孤立的，而是公司资产匹配的核心环节，要做到与负债端匹配。"中国平安联席CEO郭晓涛向时代财经表示，平安 ...

Core Viewpoint - The overall performance of A-share listed insurance companies in the first half of 2025 is stable, with revenue growth across the board, but varying business development trends among companies, with New China Life Insurance showing higher growth than its peers [1][3] Revenue Performance - China Ping An leads the industry with a revenue of 500.76 billion yuan, but its year-on-year growth is only 1% - China People's Insurance Company (CPIC) reported a revenue of 324.01 billion yuan, with a growth rate exceeding 10% - New China Life Insurance's revenue is approximately 70 billion yuan, with a year-on-year growth rate of 26% [1][3] Profitability Analysis - Except for China Ping An, all listed insurance companies experienced varying degrees of profit growth, with New China Life Insurance's net profit and net profit excluding non-recurring items both exceeding 33% - China Ping An's net profit declined by 8.8%, and net profit excluding non-recurring items slightly decreased by 0.9% due to capital market fluctuations and a one-time impact from the consolidation of Ping An Good Doctor [3][5] Embedded Value Growth - All listed insurance companies saw growth in embedded value in the first half of the year, with China Ping An and New China Life Insurance showing faster growth rates of 8.20% and 8.10%, respectively [7][8] New Business Value - New business value for the listed insurance companies grew significantly, with CPIC's new business value increasing by over 70% on a comparable basis - The silver insurance channel has positively contributed to the growth of new business value, with CPIC's new business value from this channel increasing by 168.6% [8][9] Dividend Insurance Transformation - The transformation towards dividend insurance has begun to show results, with CPIC's premium income from dividend insurance growing by 40.94% year-on-year, accounting for 12.79% of total life and health insurance premiums [10][12] Single Premium Growth - The growth in new single premiums in the first half of the year was better than the same period last year, with New China Life Insurance leading with a growth rate of 100.5%, while China Ping An saw a decline of 6.1% [12][15] Cost Ratio Improvement - The comprehensive cost ratio, a key indicator of property insurance companies' operational efficiency, improved for CPIC, China Ping An, and China Taiping, indicating enhanced underwriting profitability [17][19] Non-Car Insurance Performance - Non-car insurance profitability is gradually improving, with CPIC's comprehensive cost ratio at 97.0%, down 0.3 percentage points year-on-year, while health insurance achieved a turnaround to profitability [20][21]

中 泰 证 券 研 究 所 专 业 ｜ 领 先 ｜ 深 度 ｜ 诚 信 ｜ 证 券 研 究 报 告 ｜ 2Q25保险资金重仓流通股深度跟踪 ——重点加仓通信&银行，新进集中银行&医药 2 0 2 5 . 9 . 3 葛玉翔 证券分析师执业证书编号：S0740525040002 邮 箱：geyx01@zts.com.cn 蒋峤 证券分析师执业证书编号：S0740517090005 邮 箱：jiangqiao@zts.com.cn 1 摘要：重点加仓通信&银行，新进集中银行&医药 ◼ 持续低利率环境下，险资再配置收益率面临考验，2H23以来鼓励长期资金入市政策渐次落地 C O N T E N T S • 5月，金监总局李局长提出将股票投资的风险因子进一步调降10%；6月《关于进一步贯彻落实新保险合同会计准则的通 知》进一步加强对企业实施新保险合同会计准则的指导。7月，财政部拉长部分经营效益类指标的考核方式。2Q25末股 票投资在险资资金运用余额占比为8.8%，余额环比1Q25末提升8.9%，明显加仓。险资配置非标产品随着产品到期逐步 被替代为标准化金融产品，股票作为关键少数类资产占比稳步提升。1H25产寿险合计增 ...

证券之星消息，9月3日保险板块较上一交易日下跌2.6%，中国太保领跌。当日上证指数报收于3813.56， 下跌1.16%。深证成指报收于12472.0，下跌0.65%。保险板块个股涨跌见下表： | 代码 | 名称 | 主力净流入 (元) | 主力净占比 游资净流入 (元) | | 游资净占比 散户净流入 (元) | | 散户净占比 | | --- | --- | --- | --- | --- | --- | --- | --- | | 601628 中国人寿 | | 1162.05万 | 1.32% | 2939.95万 | 3.35% | -4102.01万 | -4.68% | | 601336 新华保险 | | -4707.48万 | -3.46% | 4768.32万 | 3.50% | -60.84万 | -0.04% | | 601601 中国太保 | | -7783.76万 | -7.84% | 4247.59万 | 4.28% | - 3536.18万 | 3.56% | | 601319 中国人保 | | -8089.75万 | -12.10% | 3799.05万 | 5.68% | 4 ...

Core Viewpoint - Xinhua Insurance's stock price has shown a year-to-date increase of 33.72%, with a recent decline of 3.35% over the past 20 days, indicating volatility in its performance [1]. Financial Performance - As of June 30, 2025, Xinhua Insurance reported a net profit of 14.799 billion yuan, reflecting a year-on-year growth of 33.53% [2]. - The company has cumulatively distributed dividends amounting to 35.939 billion yuan since its A-share listing, with 13.913 billion yuan distributed over the past three years [3]. Shareholder Information - The number of shareholders for Xinhua Insurance decreased by 15.88% to 61,000 as of June 30, 2025, while the average number of circulating shares per person increased by 18.96% to 34,325 shares [2]. - As of June 30, 2025, Hong Kong Central Clearing Limited is the fourth-largest circulating shareholder, holding 60.5095 million shares, an increase of 6.6977 million shares from the previous period [3]. Stock Market Activity - On September 3, Xinhua Insurance's stock price fell by 2.03% to 63.80 yuan per share, with a trading volume of 695 million yuan and a turnover rate of 0.51% [1]. - The net outflow of main funds was 20.9114 million yuan, with large orders accounting for 25.85% of purchases and 27.85% of sales [1].

Core Viewpoint - The recent adjustment of the predetermined interest rates for various insurance products has highlighted the competitive advantage of participating insurance, encouraging consumers to reassess its value [1][2][3] Industry Trends - The maximum predetermined interest rate for ordinary insurance products is now 2.0%, for participating insurance it is 1.75%, and for universal insurance, it is 1.0% [1] - Participating insurance has seen significant growth, with China Life reporting that its floating income business accounted for over 50% of new premium income, reflecting a year-on-year increase of over 45 percentage points [1] - Ping An's participating insurance products accounted for approximately 40% of its new business in the first half of the year, while China Pacific Insurance reported a 42.5% share in its new premium income [2] Regulatory Impact - The regulatory environment has shifted to support participating insurance, with measures aimed at curbing short-term arbitrage and enhancing product pricing logic [2][3] - The adjustment in predetermined interest rates is seen as both an opportunity and a challenge, potentially increasing sales difficulty in the short term but enhancing the relative advantages of participating insurance in the long term [3] Market Dynamics - The low interest rate environment has made participating insurance more attractive, as it combines protection and returns, leading to a significant increase in its market share [2][5] - Despite the positive outlook, there are concerns about the sustainability of sales growth, as the recent surge in new business may not be long-lasting [6] Strategic Initiatives - Companies are forming dedicated teams to drive the transformation towards participating insurance, focusing on integrated sales strategies and management of participating accounts [3] - The insurance sector is recognizing the potential in health, pension, and wealth management markets, which are projected to be worth trillions, necessitating a transformation in technology, risk management, and product innovation [6]

随着五家A股上市险企2025年中期业绩报告的陆续披露，保险资金在上半年大幅增配股票等权益类 资产的动作引发市场关注。 据《金融时报》记者统计，截至2025年6月30日，五家A股上市险企股票投资规模近1.8万亿元，较 2024年末增加4053.56亿元，增配力度显著，彰显出保险资金作为中长期资金对股票市场的坚定信心与 积极布局姿态。 金融监管总局披露的数据也印证了这一趋势。据统计，截至今年二季度末，保险资金投向股票的余 额达3.07万亿元，较2024年四季度末的2.43万亿元增长约6400亿元，保险资金正以积极主动的姿态把握 股票资产的投资机遇。 中国人保：A股投资资产较年初增长26.1% 中国人保发布的半年报显示，今年上半年，中国人保加大资金入市力度，稳步提升股票投资资产规 模和占比。截至6月末，中国人保股票投资资产规模946.25亿元，较2024年末的602.49亿元增加343.76亿 元，在总投资资产中占比从3.7%提升到5.4%。 中国人保副总裁才智伟在业绩发布会上表示，截至6月末，中国人保A股投资资产规模较年初增长 26.1%，在总投资资产中占比提升了1.2%。 展望未来，才智伟表示，中国人保将持续丰 ...