Core Viewpoint - The entry of insurance funds into the gold market marks a significant shift in asset allocation strategies for insurance companies in China, enhancing potential returns and contributing to the development of the RMB gold market [1][2][3]. Group 1: Insurance Companies' Involvement - Major insurance companies such as China Life, PICC, and Ping An Life have completed transactions on the Shanghai Gold Exchange, officially initiating their gold investment activities [1][2]. - The approval of 10 insurance companies, including PICC, to invest in gold contracts signifies a broader diversification of asset allocation within the insurance sector [2][4]. Group 2: Benefits of Gold Investment - Gold is recognized as a hedge against inflation and market volatility, providing a stable source of returns that can diversify risks within insurance investment portfolios [3][4]. - The participation of insurance funds in the gold market is expected to enhance the stability and pricing mechanisms of the RMB gold market, contributing positively to the Shanghai International Financial Center [3][4]. Group 3: Market Impact and Future Outlook - The potential influx of approximately 200 billion RMB into the gold market from insurance companies could alleviate the long-standing asset shortage and interest margin pressures faced by these firms [4]. - Insurance companies are committed to a long-term investment strategy in gold, focusing on optimizing their asset allocation and improving risk-return profiles [5][6].

3月24日，上海黄金交易所发布公告称，同意吸收人保财险、中国人寿、平安人寿、太保寿险成为上海 黄金交易所会员。 继获准成为上海黄金交易所会员之后，人保财险、中国人寿、平安人寿、太保寿险四家试点保险机构均 已落地黄金交易，包括竞价交易、询价交易、定价交易、大宗交易。 业内人士表示，险资投资黄金有助于优化其资产配置结构，分散风险，增厚投资收益；同时，推动黄金 市场投资者结构多元化，进一步提升黄金市场流动性和活跃度。多家试点保险机构表示，未来将秉持长 期稳健的投资理念，发挥黄金在其资产配置中的独特作用，促进险资长期稳健增值。 四家险资买金 3月25日，人保财险通过上海黄金交易所系统完成国内保险机构首笔黄金竞价交易；中国人寿在上海黄 金交易所完成国内保险机构首笔黄金询价交易；平安人寿完成国内保险机构首笔上海金定价交易；太保 寿险完成国内保险机构首笔黄金现货大宗交易。 国家金融监督管理总局2月7日对外公布《关于开展保险资金投资黄金业务试点的通知》，决定开展保险 资金投资黄金业务试点，确定10家试点保险公司。根据《通知》，试点保险公司可以中长期资产配置为 目的，开展投资黄金业务试点。试点投资黄金范围包括在上海黄金交易所主 ...

伴随"双碳"目标的提出，发展新能源车险已经成为服务国家绿色转型和实体经济发展的关键一环。对于 新能源车险市场这片"蓝海"，2025年将迎来哪些变化、头部险企有何发展策略？在上市险企2024年度业 绩发布会上，新能源车险相关话题受到高度关注。 今年1月，金融监管总局等四部门联合出台《关于深化改革加强监管促进新能源车险高质量发展的指导 意见》，引导行业合理降低新能源汽车维修使用成本、建立高赔付风险分担机制和平台、优化自主定价 系数浮动范围。 《金融时报》记者注意到，多家上市险企高管在谈及对新能源车的承保策略时均表示，目前重点关注风 险定价能力，以管控经营成本，并通过深化与车企等相关机构的合作，提升新能源车险盈利水平。 人保集团副总裁、人保财险总裁于泽表示，人保财险新能源车市场份额较高，渠道掌控能力和定价能力 也很强，与维修、电池厂家等进行了深度的合作。如果政策方面能进一步扩大自主定价系数的浮动范 围，公司新能源车的盈利水平会明显提升。 据中国太平集团副总经理朱捷介绍，公司搭建了新能源车专属定价数据库，依据车辆信息、车辆使用特 征等风险因子开发了新车分类模型，基于从车因子、电池系统和动态因子建立了旧车评分模型，将不 ...

"保险资金的投资时间跨度长，连续性、稳定性强，与长期资本、耐心资本天然匹配。"中国人寿副总裁 刘晖说，近年来中国人寿的权益配置规模一直在增长，同时配合长期投资特点，强化投研能力，建立长 周期考核机制，提升投资稳定性。 今年1月，《关于推动中长期资金入市工作的实施方案》发布，为中长期资金入市明确了诸多务实举 措。 新华保险副总裁秦泓波将保险资金入市的投资策略归纳为"做长、做宽、做深"三个要点——做长是要坚 定支持长期投资、价值投资的理念；做宽是进一步抓住市场新机会，投资品种丰富化、策略多元化，特 别要关注符合国家战略、具有新经济特征的投资项目，捕捉新质生产力带来的高质量投资机会；做深是 增强投研能力。 多家上市保险公司近日发布了2024年年报。在业绩发布会上，多家公司围绕保险资金入市策略、利差损 风险评估与应对、人工智能应用与展望等热点话题进行了回应与分析，进一步明晰了头部险企的发展路 径与方向。 险资入市：发挥耐心资本作用 年报数据显示，2024年，中国人保集团、中国人寿、中国平安、中国太保、新华保险五家A股上市险企 的归母净利润分别同比增长88.2%、108.9%、47.8%、64.9%、201.1%。利润 ...

Core Viewpoint - China Pacific Insurance (Group) Co., Ltd. expresses confidence in the long-term positive fundamentals of the Chinese economy and the development prospects of the Chinese capital market [1] Group 1 - The company emphasizes its commitment to long-term, value, and prudent investments, leveraging the advantages of insurance funds for long-term investment [1] - China Pacific Insurance plans to increase investment in strategic emerging industries, advanced manufacturing, and new infrastructure [1] - The company aims to contribute to the stability of the market and support the development of new productive forces [1]

本报记者 冷翠华 一组看似矛盾的数据刚刚出炉——根据上市险企和上市银行2024年年报，去年上市险企银保收入大 多同比上涨，而上市银行代销收入却普遍同比下降，部分银行保险代销收入甚至呈现同比锐减。 业内人士认为，上述看似矛盾的数据背后，是"报行合一"政策的落地实施，以及银保业务的转型发 展。未来，银保渠道仍将是保险业非常重要的渠道，"价值银保"是险企要着力推进的重点工作之一。 具体来看，农业银行去年实现手续费及佣金净收入755.67亿元，较2023年减少45.26亿元，下降 5.7%。其中代理业务收入下降20.6%，主要是代理保险相关手续费收入减少；建设银行2024年年报显 示，手续费及佣金收入中，代理业务手续费收入144.12亿元，较2023年减少44.82亿元，降幅23.72%， 主要受保险、基金等降费政策影响；此外，招商银行去年实现代理保险保费1172.25亿元，同比增长 21.07%，不过，其代理保险收入64.25亿元，同比下降52.71%；平安银行2024年代理及委托手续费收入 54.34亿元，同比下降29.4%，主要是代理个人保险收入下降。 普华永道管理咨询（上海）有限公司中国金融行业管理咨询合伙人 ...

据了解，中国太保已于4月7日增持了宽基交易型开放式指数基金（ETF）等产品，未来将进一步发挥保 险资金长期投资优势，加大战略性新兴产业、先进制造业、新型基础设施等领域投资力度，服务新质生 产力发展，继续增持代表中国未来经济发展方向的优质资产。 中国太保表示，坚信中国经济长期向好的基本面没有改变，坚定看好中国资本市场发展前景。公司坚 持"价值投资、长期投资、稳健投资、责任投资"理念，看好中国权益市场长期配置价值，发挥保险资金 长期投资优势，做市场真正的耐心资本。（记者张千千） （责任编辑：马欣） 中国太保集团4月8日发布公告称，基于对公司未来发展的信心以及对公司价值的认可，为维护公司全体 股东利益，增强广大投资者信心，公司董事长傅帆于4月8日提议以公司自有资金回购公司部分普通股 （A股）股票，回购股份用途包括但不限于维护公司价值及股东权益等法律法规允许的用途，以提升公 司长期价值。 中国太保表示，目前该事项正在筹划之中，公司将制定合理可行的回购股份方案，该回购事项需按有关 监管规定履行相关审批程序后方可实施。 ...

Core Viewpoint - The recent notification from the Financial Regulatory Bureau aims to adjust the regulatory ratio of insurance funds' equity assets, which is expected to increase investment in the equity market and alleviate asset scarcity in a low-interest-rate environment [1][2][3]. Group 1: Policy Adjustments - The notification raises the upper limit for equity asset allocation by 5 percentage points, simplifying the tiered standards, which will expand the investment space for insurance funds [2][3]. - It increases the concentration ratio for investments in venture capital funds, encouraging insurance funds to invest more in strategic emerging industries [2][6]. - The regulatory requirements for tax-deferred pension funds have been relaxed, allowing for better management and support for the development of the third pillar of pension insurance [2][3]. Group 2: Market Impact - The adjustment is projected to theoretically bring in up to 1.6 trillion yuan in incremental funds, enhancing the potential for insurance capital to invest in equities [2][3]. - Insurance companies have expressed confidence in the Chinese capital market and plan to steadily increase their equity investment scale, particularly in technology and innovation sectors [4][5][7]. Group 3: Investment Strategies - Insurance companies are focusing on strategic emerging industries, advanced manufacturing, and new infrastructure, aiming to enhance their investment in these areas [7][8]. - Companies like China Life and China Pacific Insurance have already begun increasing their holdings in equity assets, indicating a proactive approach to capitalizing on market opportunities [5][7]. Group 4: Economic Outlook - The notification reflects a broader confidence in the Chinese economy, with expectations of supportive macroeconomic policies and improved corporate profitability, which will bolster the equity market [4][5].

Core Viewpoint - The Financial Regulatory Bureau has issued a notification to adjust the regulatory ratio of insurance funds in equity assets, aiming to enhance support for the capital market and the real economy [1][3]. Group 1: Policy Adjustments - The notification raises the upper limit for equity asset allocation, simplifying the tiered standards and increasing the equity asset ratio by 5% for certain solvency ratios, thereby expanding investment space for equity [3][4]. - It increases the concentration ratio for investments in venture capital funds, guiding insurance funds to invest more in strategic emerging industries [3]. - The notification relaxes the regulatory requirements for tax-deferred pension accounts, promoting the high-quality development of the third pillar of pension insurance [3]. Group 2: Market Reactions - Major insurance companies have expressed strong support for the policy, emphasizing their commitment to long-term and value investments in the capital market [2][5]. - Companies like China Life and China Re have announced plans to increase their investments in equity assets, reflecting confidence in the long-term prospects of the Chinese economy and capital market [5][8]. Group 3: Investment Strategies - Insurance institutions are actively demonstrating their commitment to long-term investments by increasing their holdings in equity assets and repurchasing stocks [7][8]. - China Pacific Insurance has proposed a stock buyback to enhance shareholder value and confidence in the company's future [8]. - The focus of investments will be on strategic emerging industries, advanced manufacturing, and new infrastructure, aligning with national economic development goals [8][9].

Core Viewpoint - The rapid development of new energy vehicles (NEVs) in China has led to an increase in market share, but challenges such as insurance difficulties and high premiums persist. The introduction of the "Car Insurance Easy to Insure" platform aims to enhance insurance coverage and service levels for NEVs, facilitating easier access to insurance for consumers [1][2]. Group 1: Platform Overview - The "Car Insurance Easy to Insure" platform was launched on January 25, providing a solution for NEV owners facing insurance challenges. As of April 9, the platform has registered 562,000 users and insured 412,000 NEVs, offering coverage amounting to 397.6 billion yuan [1]. - The platform primarily serves customers who encounter difficulties in traditional channels, allowing them to choose insurance companies for compulsory and commercial vehicle insurance [2]. Group 2: Participating Insurance Companies - Initially, 10 major insurance companies, including PICC Property and Casualty, Ping An Insurance, and China Life Property and Casualty, joined the platform. A second batch of 22 companies, including Zijin Insurance and BYD Insurance, was added on February 28 [2]. Group 3: Consumer Experience and Challenges - Consumers have reported positive experiences with the platform, noting that it alleviates concerns about accessing insurance for niche vehicle models and reduces costs by avoiding bundled sales [2]. - However, some users faced issues such as prolonged order processing times and difficulties due to missing documentation. The platform has established a customer service hotline and intelligent support to assist users [3]. Group 4: Regulatory and Operational Framework - The platform operates under a market-oriented and legal framework, ensuring that insurance companies voluntarily participate in the high compensation risk-sharing mechanism. It prohibits practices that create barriers to insurance access [3]. - The China Insurance Industry Association emphasizes the importance of maintaining market order and consumer rights, implementing strict supervision to prevent issues like false advertising and bundled sales [3]. Group 5: Future Developments - The guidelines suggest optimizing the pricing flexibility within the high compensation risk-sharing mechanism for NEV commercial insurance, which could enhance the sustainability and adaptability of the insurance pricing system [4].