Investment Rating - The industry investment rating is "Positive" (maintained) based on the recovery of new business growth, reduced interest rate sensitivity, and prudent actuarial assumptions [5][30]. Core Viewpoints - The report highlights that the valuation of Chinese insurance companies is expected to improve, drawing comparisons with AIA Group's strong performance since its listing. AIA's embedded value (PEV) multiple was approximately 1.48 times at the end of 2025, indicating high growth potential and lower sensitivity to interest rates, which could benefit the valuation of Chinese insurers [5][6]. - The new business value (NBV) of Chinese life insurance companies is recovering rapidly, driven by improved distribution channels and product offerings, with expectations for continued growth in 2026 [5][13]. - Effective asset-liability duration management and the transformation towards participating insurance have reduced the sensitivity of Chinese insurers' values to interest rates, which is favorable for valuation [15][17]. - Prudent adjustments to actuarial assumptions have brought Chinese insurers' assumptions closer to those of AIA, enhancing the credibility of their valuations [22][30]. Summary by Sections Section 1: AIA's Performance and Valuation - AIA has shown strong stock performance since its listing, with a PEV multiple of approximately 1.48 times at the end of 2025, indicating a favorable outlook for valuation improvements in Chinese insurers [5][6]. Section 2: Recovery of New Business and Growth Indicators - Chinese life insurance companies are experiencing a rapid recovery in new business growth, with NBV for AIA increasing by 18% year-on-year to USD 4.314 billion in the first three quarters of 2025. The NBV for 2024 was approximately 113% of the 2019 figure, indicating strong growth potential [8][13]. - Major Chinese insurers are expected to see NBV growth of 30%-80% in 2025, with positive growth in CSM for China Life and Ping An in the first half of 2025 [13][18]. Section 3: Interest Rate Sensitivity and Actuarial Assumptions - The sensitivity of Chinese insurers' values to interest rates has decreased due to effective duration management and a successful shift towards participating insurance. For instance, AIA's NBV only decreased by 1.9% with a 50 basis point drop in interest rates [15][17]. - Chinese insurers have made prudent adjustments to their actuarial assumptions, aligning them more closely with AIA's, which enhances the reliability of their valuations. For example, China Life's investment return assumption has been adjusted to 4% from 5% [22][30].

综观两地罚单，违规行为呈现出清晰的共性。一方面，"编制虚假资料"与"虚构中介业务套取费用"均指 向财务和业务数据的真实性缺失，属于监管长期重点关注的"五虚"问题范畴。另一方面，"欺骗投保 人"与"给予合同外利益"则直接侵害了消费者合法权益，是损害行业公信力的典型行为。从处罚对象 看，监管的触角已实现全面穿透，从省级、市级分公司一直延伸到支公司负责人乃至一线销售人员，体 现了监管的深度与决心。 与此形成鲜明对比的是中国人寿亮眼的业绩表现。根据其2025年第三季度报告，公司前三季度实现归属 于母公司股东的净利润高达1678.04亿元，同比大幅增长60.5%；总投资收益达到3685.51亿元，同比增 长41.0%，总投资收益率提升至6.42%；总保费收入为6696.45亿元，同比增长10.1%。公司将增长归功于 资产与负债的联动管理以及积极把握市场机会、加大权益资产配置。截至报告期末，公司总销售人力保 持在65.7万人，其中个险渠道人力60.7万人，队伍规模持续领先行业。 然而，这份华丽的成绩单与基层频频暴露的合规漏洞形成了强烈反差。湖北两名代理人被终身禁业，暴 露出在庞大的销售队伍扩张过程中，人员素质培养与行为管 ...

25Q4 险资运用点评： 25Q4 险资运用：权益配置维持历史高位 本周行情复盘：保险指数下降 2.52%，跑输大盘 2.88pct。保险个股表现分化， 财险 4.67%，众安 4.27%，国寿-0.17%，阳光-0.24%，人保-1.44%，平安-2.41%， 太平-2.60%，新华-3.06%，友邦-3.83%，太保-4.28%。十年期国债到期收益率 1.79%，较上周末-2bps。 本周动态： （1）国家金融监督管理总局：截至 2025 年四季度末，保险公司资金运用余额 近 38.5 万亿元，人身险公司的资金运用余额为 34.66 万亿元，财产险公司的资 金运用余额为 2.42 万亿元；保险公司平均综合偿付能力充足率为 181.1%，核 心偿付能力充足率为 130.4%，其中财产险公司分别为 243.5%、212.7%，人身 险公司分别为 169.3%、115.0%，再保险公司分别为 244.6%、212.5%。 （2）财联社：据财联社记者从业内获悉，目前市面上已经出现预定利率为 1.25%的分红险产品，这较去年监管划定的分红险预定利率上限 1.75%，出现 了明显下调。在寿险"老六家"中，至少已有 4 ...

25Q4 险资运用：权益配置维持历史高位 本周行情复盘：保险指数下降 2.52%，跑输大盘 2.88pct。保险个股表现分化， 财险 4.67%，众安 4.27%，国寿-0.17%，阳光-0.24%，人保-1.44%，平安-2.41%， 太平-2.60%，新华-3.06%，友邦-3.83%，太保-4.28%。十年期国债到期收益率 1.79%，较上周末-2bps。 证 券 研 究 报 告 保险行业周报（20260209-20260213） 本周动态： （1）国家金融监督管理总局：截至 2025 年四季度末，保险公司资金运用余额 近 38.5 万亿元，人身险公司的资金运用余额为 34.66 万亿元，财产险公司的资 金运用余额为 2.42 万亿元；保险公司平均综合偿付能力充足率为 181.1%，核 心偿付能力充足率为 130.4%，其中财产险公司分别为 243.5%、212.7%，人身 险公司分别为 169.3%、115.0%，再保险公司分别为 244.6%、212.5%。 （2）财联社：据财联社记者从业内获悉，目前市面上已经出现预定利率为 1.25%的分红险产品，这较去年监管划定的分红险预定利率上限 1.75%， ...

Core Viewpoint - The article emphasizes the role of financial services in bridging the emotional and physical distance between Taiwan and the mainland, highlighting the importance of deepening cross-strait integration and development through financial support and innovative insurance solutions [1][2][3]. Group 1: Financial Services and Policies - China Life Insurance Company is actively implementing policies that align with the central government's directives to enhance the welfare of Taiwanese compatriots and promote cross-strait integration [2][3]. - The company has introduced 12 key measures to optimize the financial environment for Taiwanese enterprises and improve their financial needs, as outlined in the 2025 initiatives by the People's Bank of China and the State Administration of Foreign Exchange [3]. - By 2025, China Life has served 104 Taiwanese enterprises, providing insurance coverage for 10,000 Taiwanese individuals with a total risk coverage amounting to 3.699 billion yuan [4]. Group 2: Innovative Insurance Solutions - China Life has launched the "Taiwan Family Worry-Free Insurance" program, which offers comprehensive coverage for Taiwanese entrepreneurs, including accident, health, and critical illness insurance [6][7]. - The company has developed various insurance products tailored to the needs of Taiwanese individuals and enterprises, providing over 414 million yuan in coverage for students and 384 million yuan for Taiwanese village officials in Pingtan [9]. Group 3: Service Optimization and Technology - China Life has established dedicated service windows for Taiwanese clients, offering services in traditional Chinese and local dialects, and has implemented a "one-day compensation" green channel for claims [10][11]. - The company has set up 24 dedicated service counters in Fujian, enhancing service accessibility and efficiency for Taiwanese clients [11]. Group 4: Community Engagement and Emotional Connection - China Life has organized community activities to foster emotional connections between Taiwanese enterprises and the mainland, such as the "Winter Warmth, Friendship Across the Strait" event, which included financial education and free accident insurance for workers [15][16]. - The company aims to create a supportive environment for Taiwanese enterprises, enhancing their sense of security and belonging through various initiatives [16].

Core Viewpoint - China Life Insurance, a leading life insurance company, has faced regulatory penalties exceeding 2 million yuan for multiple violations, highlighting compliance shortcomings despite strong financial performance in 2025 [1][6]. Regulatory Penalties - On January 30, the Luoyang Regulatory Bureau imposed a fine of 900,000 yuan on China Life's Luoyang branch for fabricating intermediary business and deceiving policyholders [2]. - On February 14, the Hubei Regulatory Bureau fined the Hubei branch 1.17 million yuan for preparing false documents and other deceptive practices, with 11 responsible individuals penalized [1][2]. Violations and Compliance Issues - The violations included fabricating false materials, using insurance business for personal gain, and providing benefits outside of contractual agreements, indicating serious compliance issues within the company [4][5]. - The penalties affected not only provincial and municipal branches but also extended to branch managers and frontline agents, revealing systemic issues in management and oversight [4][6]. Financial Performance - Despite the compliance issues, China Life reported a net profit of 167.8 billion yuan for the first three quarters of 2025, a 60.5% year-on-year increase, with total premium income reaching 669.6 billion yuan, up 10.1% [5]. - The company emphasized its strategy of deepening asset-liability linkage and increasing equity investments as key drivers of its financial growth [5]. Industry Regulatory Environment - The recent penalties reflect a shift towards more stringent and regularized oversight in the insurance industry, with the regulatory authority intensifying efforts to address market irregularities and protect consumer rights [6]. - The fines, while relatively small compared to the company's size, underscore significant governance and internal control weaknesses that could undermine the company's long-term reputation and consumer trust [6].

Core Insights - Guangzhou Life Insurance has achieved a historic milestone by surpassing 20 billion yuan in annual premium revenue, becoming the first city-level company in the China Life system and Guangdong insurance industry to reach this figure, marking a significant leap in its development [1] Group 1: Financial Performance - In 2025, the company reported a total premium scale of over 20 billion yuan, reflecting a rapid growth from over 10 billion yuan achieved in 2017, indicating a strong commitment to serving the Greater Bay Area and enhancing public welfare [1] - The company provided risk protection totaling 39.34 trillion yuan and served over 10.44 million customers, demonstrating its role as an economic stabilizer and social safety net [2] - In 2025, the company processed claims for 1.1696 million people, with a total payout of 1.643 billion yuan, showcasing its operational efficiency [8] Group 2: Community and Social Responsibility - Since 2013, the company has donated insurance protection worth 121.2 billion yuan, benefiting 1.4 million people, and has collaborated with various government departments to support vulnerable groups [3] - The company has actively participated in rural revitalization efforts, providing agricultural insurance premiums of 17.7 million yuan and covering 257,500 rural residents with micro-insurance [3] Group 3: Health and Elderly Care Initiatives - The "Guangzhou Mama Love Plan," initiated in collaboration with the Women's Federation, has engaged over 3.567 million participants and provided direct assistance to over 12,400 individuals, with total aid exceeding 147 million yuan [4] - The "Silver Age Health Action" has achieved full coverage of accident insurance for residents aged 60 and above in Guangzhou, with cumulative payouts reaching 420 million yuan over 11 years [4] Group 4: Digital Transformation and Innovation - The company is committed to the "Digital China" initiative, enhancing service efficiency through digital platforms, achieving a 100% paperless insurance application rate and a 93% intelligent underwriting rate [6] - The "Sui Suikang" project has established a one-stop instant settlement system, achieving over 98% of "no-feel" claims, significantly improving customer experience [6] Group 5: Support for Economic Development - In 2025, the company provided insurance coverage of nearly 1 trillion yuan for over 20,000 small and micro enterprises, supporting the stable operation of the real economy [6] - The company has launched specialized overseas insurance products to support Chinese enterprises participating in the Belt and Road Initiative, providing coverage exceeding 7.2 billion yuan for 72 companies [7]

中国人保 中国人寿 中国平安 中国人民保险 集团 中国人寿 中国平安-R 分时图 日K线 周K线 月K线 8.77 -0.11 -1.24% 1.69% 1.13% 0.56% 0.00% 0.56% 1.13% 1.69% 8.73 8.78 8.83 8.88 8.93 8.98 9.03 09:30 10:30 11:30/13:00 14:00 15:00 0 64万 129万 193万 内险股集体走高，截至发稿，众安在线(06060)涨4.53%，报16.63港元；中国人保（601319）(01339)涨 4.15%，报7.03港元；中国平安（601318）(02318)涨2.91%，报72.6港元；中国人寿（601628）(02628)涨 2.8%，报34.5港元。 华源证券指出，股票运用总体余额为3.73万亿元，同比+53.8%，预计一方面系25年以来二级权益市场行 情较优，资产公允价值上升，另一方面系保险资金响应落实中长期资金入市政策、加大权益资产配置。 在保费增速较高+权益市场"慢牛"预期下，预计26年保险资金运用余额有望维持两位数增长、权益占比 有望延续抬升，资产端投资收益有望推动保险公司 ...

2月24日下午，在2026年全省高质量发展大会"科技与金融创新赋能产业融合"分会场上，中国人寿保险 股份有限公司广东省分公司（下称"广东国寿"）副总经理刘铖在接受采访时给出了这家保险"头雁"的解 题思路：立足主业、大胆创新，精准对接实体经济需求，以科技赋能重塑服务质效，为广东制造业与服 务业协同发展注入源源不断的金融动能。 "十五五"开局之年，广东吹响制造业与服务业协同发展"集结号"。在这场产业深度融合的变革中，作为 经济减震器和社会稳定器，保险业如何赋能制造业与服务业协同发展，成为备受关注的命题。 托育服务作为民生领域的重要组成部分，是连接家庭与社会的关键纽带，更是服务业高质量发展的重要 抓手，直接关系到家庭幸福指数和人口长期发展。但当前，托育行业普遍面临抗风险能力弱、经营压力 大，家长送托顾虑多、信任度不足等突出问题，制约了行业健康有序发展，也成为制造业从业者安心就 业的后顾之忧。 针对这一民生痛点和产业堵点，广东国寿与广东省卫生健康委共同开展"托育无忧"公益行动，创新构 建"1+N"全方位保障机制，既强化托育机构的综合保障力度，也缓解婴幼儿家庭的送托担忧，实现了保 险服务与托育产业的深度融合。"自202 ...

Vi e w p o i n t | 13 Feb 2026 18:25:31 ET │ 50 pages China Insurance FY25E Preview: Life NBV Robust; P&C CoR Improved; Earnings & DPS Solid Despite Challenges in 4Q25 CITI'S TAKE HK/China insurers' FY25E reporting season begins with AIA, Pru and ZhongAn on 19-March. For FY25E, we expect China life insurers to book very robust NBV LFL growth, with the top 3 CL/PA/CPIC at 38%/32%/28%, while we anticipate 35% for NCI (actual basis), 12% for Taiping Life and 70% for PICC Life. For the top 3 P&C insurers, we fo ...