每经AI快讯，8月12日，港股保险股午后涨幅持续扩大，中国太保涨超5%，中国太平涨超4%。 ...

港股保险股午后涨幅持续扩大，中国太保涨超5%，中国太平涨超4%。 ...

Investment Rating - The report maintains a "Positive" investment rating for the insurance industry [4][49]. Core Insights - The report highlights that the interest spread risk for life insurance companies is manageable, despite concerns in a low interest rate environment. The average net investment yield for six major listed insurance groups has decreased from 4.7% in 2020 to 3.6% in 2024, leading to pessimism regarding the interest spread (investment yield minus liability cost) [4][8]. - The sensitivity of net assets to interest rates varies significantly among companies, with China Life and China Pacific experiencing a 13.6% and 7% decline in net assets, respectively, under a 50 basis point interest rate drop scenario [16][21]. - The cost of new policies has effectively decreased, with major companies like China Life and China Pacific seeing a reduction of approximately 50 basis points in liability costs to 2.4-2.5% in 2024 [4][36]. - The report anticipates a turning point for the cost of existing policies post-2028, as high-cost premium cash flows will cease, and companies like Xinhua are increasing equity allocations to hedge against interest rate declines [4][39]. Summary by Sections Section 1: Interest Rate Sensitivity - Long-term interest rates impact life insurance companies' net assets through three main pathways: duration gap between assets and liabilities, the effect on contracts with Variable Fee Approach (VFA), and the ultimate discount rate applied to policy contracts [13][14]. - Under a stress scenario of a 50 basis point decline in interest rates, the net asset impacts for major companies were calculated, showing varying degrees of sensitivity [16][21][27]. Section 2: New Policy Liability Costs - The liability costs for new policies have significantly decreased, with the report noting that the maximum liability rates for traditional and participating insurance products have been lowered, leading to a reduction in the break-even liability cost for major insurers [36][37]. - The report provides a detailed analysis of the break-even liability costs for major insurers from 2021 to 2024, indicating a downward trend in these costs [38]. Section 3: Existing Policy Costs - The report discusses the potential turning point for existing policy costs, with expectations that high-cost premium cash flows will diminish after 2028, thus reducing liability costs [39][40]. - Xinhua Insurance is highlighted for its strategy of increasing equity exposure to mitigate risks associated with declining interest rates, achieving significant investment returns [39][41].

Core Viewpoint - The five major A-share listed insurance companies in China believe that the current equity market has strategic allocation value, despite market fluctuations and declining interest rates [1][3]. Group 1: Investment Performance - In 2021, the five major insurance companies achieved a total net profit of CNY 215.96 billion, with China Ping An, China Life, China Pacific Insurance, China Property & Casualty, and New China Life reporting net profits of CNY 101.62 billion, CNY 50.92 billion, CNY 26.83 billion, CNY 21.64 billion, and CNY 14.95 billion respectively [2]. - The investment yield for these companies remained around 5%, with New China Life achieving the highest total investment yield of 5.90% and China Property & Casualty having the highest net investment yield at 4.80% [2]. - The successful investment performance is attributed to a "barbell strategy," which involves combining two types of investment products with significantly different styles [2]. Group 2: Market Outlook - Insurance companies see the current market adjustment as a release of risks and an opportunity for long-term investment, with a belief that the equity market is showing strategic allocation value [3]. - The macroeconomic environment in 2022 is expected to support steady growth, providing a solid foundation for the equity market [3]. - Current market valuations are considered relatively low, with major indices like the Shanghai Composite Index and CSI 300 Index below the 30th percentile of their valuations over the past decade [3]. Group 3: Investment Strategy - The focus for future equity asset allocation will be on sectors aligned with national policy directions, such as carbon neutrality, digital economy, and healthcare [4][5]. - Companies are looking to capitalize on structural investment opportunities arising from traditional industries' valuation recovery and emerging strategic sectors like consumption upgrades and technological innovation [4][5]. - There is an emphasis on exploring investment opportunities in the Hong Kong market and diversifying equity investments [5].

Core Viewpoint - The insurance industry is experiencing a transformation, with non-auto insurance becoming a key battleground for companies as auto insurance premiums decline and non-auto insurance business grows [1][2]. Group 1: Auto Insurance Trends - The proportion of auto insurance premiums has decreased from 60.7% at the end of 2020 to 56.8% by the end of last year [3]. - Major players in the property insurance sector, including PICC, Ping An, and Taiping, have reported declines in auto insurance premiums while experiencing growth in non-auto insurance [2][3]. - PICC's auto insurance premium income fell by 3.9%, while non-auto insurance grew by 16.1% [2]. - Taiping's auto insurance premium income decreased by 4.0%, with non-auto insurance growing by 16.9% [2]. - Ping An's auto insurance premium income declined by 3.7%, but the overall proportion of auto insurance slightly increased due to a significant reduction in guarantee insurance business [2]. Group 2: Profitability Insights - Despite the growth in non-auto insurance, auto insurance remains a primary source of profit for the companies [3]. - PICC reported an underwriting profit of 18.1 billion yuan from auto insurance, while non-auto insurance suffered losses [3]. - Taiping's auto insurance net profit was 10.77 billion yuan, compared to only 1.99 billion yuan from non-auto insurance [3]. - Ping An achieved an underwriting profit of 20.47 billion yuan from auto insurance, but faced significant losses in guarantee insurance [3]. Group 3: Non-Auto Insurance Growth - Non-auto insurance segments, particularly liability and health insurance, have shown rapid growth among the major players [4][7]. - PICC's non-auto insurance premium income reached 806.92 billion yuan, growing by 21.9% [4]. - Taiping's non-auto insurance premium income increased by 16.9%, totaling 608.44 billion yuan [6]. - Ping An's non-auto insurance segments experienced mixed results, with liability insurance declining significantly while guarantee insurance turned profitable [6][7]. Group 4: Market Dynamics and Future Outlook - The competition in the non-auto insurance market is intensifying as many companies shift focus from auto insurance [7]. - The overall property insurance industry is showing signs of recovery, with premium income growth exceeding 10% for the major players in the first two months of this year [7].

伴随年报披露完毕，险企2021年投资收益也浮出水面。数据显示，五家A股上市险企2021年投资收 益率维持在5%上下，成为拉动险企净利润增长的重要渠道。其中，新华保险总投资收益率最高，为 5.90%；中国人保净投资收益率最高，为4.80%。 数据显示，截至2021年末，保险资金运用余额23.2万亿元，其中投资债券9.1万亿元，投资股票2.5 万亿元，投资股票型基金0.7万亿元，权益类资产配置仍有较大提升空间。多家上市险企表示，当下权 益市场已具备战略配置价值，根据其披露信息，碳中和、大健康等赛道有望获得更多关注。 多险企投资收益率高于5% 2021年，五大A股上市险企合计实现归母净利润2159.58亿元，同比降低14.41%。其中，中国平 安、中国人寿、中国太保、中国人保、新华保险分别实现归母净利润1016.18亿元、509.21亿元、268.34 亿元、216.38亿元、149.47亿元。 投资收益仍是险企净利润的重要来源。数据显示，五家险企2021年的投资收益率维持在5%上下。 其中，新华保险总投资收益率最高，为5.90%；中国人保净投资收益率最高，为4.80%。具体来看，中 国人保、中国平安、中国太保、中 ...

Core Viewpoint - Insurance funds are significant institutional investors in the capital market, but the investment yield of major listed insurance companies in A-shares has decreased due to low long-term interest rates and market volatility, with future equity asset allocation expected to focus on sectors like consumption, technology, and new energy [1][2][4]. Group 1: Investment Performance - In the first half of the year, the total investment yield of the five major insurance companies decreased by 15.7% year-on-year, totaling 252.43 billion yuan [2][3]. - The total investment yield rates for the five major insurance companies as of June were: China Life Insurance at 5.5%, China Pacific Insurance at 4.21%, New China Life at 4.2%, China Taiping at 3.9%, and Ping An Insurance at 3.1%, all showing a decline compared to the previous year [2][3]. - The total investment assets of the five major insurance companies reached 13.56 trillion yuan, an increase of 6.57% from the beginning of the year [2]. Group 2: Future Investment Strategy - Insurance companies are optimistic about the strategic value of equity markets in the second half of the year, with expectations of economic resilience and gradual recovery driven by infrastructure investment [4][6]. - The focus for future investments will be on sectors such as consumption, technology, new energy, and healthcare, with a positive outlook on equity investments [6][7]. - Regulatory bodies have encouraged insurance funds to invest more in equity assets, emphasizing the importance of long-term investments to support the real economy [4][5]. Group 3: Investment Principles - Insurance companies are advised to prioritize principles over rigid plans, focusing on asset-liability matching and employing a barbell strategy to balance stable fixed-income investments with riskier assets [7]. - A diversified investment portfolio is recommended to achieve long-term stable returns across cycles [7].

中国太保寿险（以下简称"太保寿险"或"公司"），一家拥有三十余年积淀的大型寿险公司，始终在 转型变革中追寻高质量发展的路径。 关键之一：渠道转型，是2022年"长航行动"深化转型的重中之重。 聚焦个险，公司深入打造职业营销，推动营销队伍向职业化、专业化、数字化方向转型，强 化"芯"基本法推动，推进绩优组织建设，优化招募系统流程，完善训练体系，推动队伍成长。瞩目银 保，太保寿险坚持客户需求导向，遵循银保合作发展规模，打造"芯"银保业务模式。即银保业务聚焦价 值网点、价值产品和高质量队伍，针对不同的战略合作银行以及银行客群特点设计有竞争力的产品。 深化转型在2021年的四五月份也经历了非常艰难的时刻。一方面管理层没有办法深入基层面对面地 与分支机构和营销团队交流，另一方面实施"芯"基本法后，以往将大量资源投入年初的"开门红模式"被 持续性常态化经营所替代，2021年四五月份展业受限对营销员收入影响较大。 锚定跨越式发展，太保寿险顶风行船，持续推进"长航行动"深化转型，驱动发展模式转变，"芯"基 本法稳步推进，业务品质有效提升。尤其是2022年来，公司业务品质管控和业务结构优化，各项经营指 标持续向好。2022年前 ...

日前，2023年中央一号文件发布。在现代农业发展和乡村振兴中，农业保险的作用正得到越来越充 分的发挥。 作为一家负责任的险企，中国太保持续发挥专业优势创新产品服务，科技赋能助力农业生产经营， 农险保障已经覆盖种植业、养殖业、林业等多个领域，推进农业保险扩面、增品、提标，探索农产品价 格指数保险、收入保险，稳步扩大"保险+期货"试点，开发一揽子三农风险解决方案，服务农民、农 村、农业整体风险保障需求……中国太保持续助推乡村振兴的深度和广度，为农业现代化注入了强劲动 能。 助力"种业振兴" 多措并举呵护春耕 近日，中国太保产险苏州分公司成功推出"种业无忧"综合保险保障服务项目，为常熟市种业有限公 司提供了近4000万元的风险保障，为保险助力"种业振兴"提供了有力补充。 长期以来，种业具有投入大、环节多、周期长等特点，在研发育种、制种繁种、生产加工、推广销 售等环节均面临不同程度风险。为了进一步助力种业振兴，中国太保产险苏州分公司积极发挥主业优 势，经过多轮调研考察，围绕种业产业特点及发展需要，探索设计了种业全产业链的一揽子综合保险保 障服务方案。该方案具体包括了"种"无忧、"财"无忧、"运"无忧、"责"无忧、以及 ...

Core Viewpoint - China Pacific Insurance (CPIC) has consistently upheld its commitment to being a responsible insurance company, engaging in various social welfare initiatives to enhance public well-being and support vulnerable groups [1]. Group 1: Social Responsibility Initiatives - CPIC has made continuous contributions to society, including donations to children's welfare institutions for 27 consecutive years, building over 60 Hope Primary Schools, and protecting the "Three Rivers Source" public welfare forest [1]. - The Taibao Blue Public Welfare Foundation focuses on public welfare in the field of cognitive disorders, promoting awareness and care for affected groups through various initiatives [1]. Group 2: Specific Programs and Donations - In April 2022, CPIC's Pacific Health Insurance donated 2 million yuan to establish the "Taibao Blue Star Anxin Autism Special Fund," aimed at supporting children with autism and their families [1]. - On April 2, 2023, which marks the 16th "World Autism Awareness Day," Taibao Blue Public Welfare launched the "Star Children" dream painting program, including various activities to nurture the artistic potential of children with autism [1][2]. Group 3: Call to Action - CPIC has issued a public invitation for individuals and organizations to join the "Guarding Stars" initiative, encouraging collective efforts to provide warmth and support to children with autism [2]. Group 4: Event Timeline - The collection period for artwork from children with autism is from now until March 15 [3].