Core Viewpoint - The aging population in China is driving an increasing demand for financial and insurance services tailored to the elderly, and companies like China Life Insurance are focusing on innovative and secure solutions to meet these needs [1] Group 1: Service Innovation - China Life Insurance is the first in the insurance industry to pass the Ministry of Industry and Information Technology's assessment for age-friendly and barrier-free services, positioning itself as a leader in this area [2] - The company has developed a comprehensive service system that combines online convenience with offline warmth, addressing the elderly's concerns about complexity and errors in financial transactions [2] - Initiatives include a "senior version" app designed with larger fonts and simplified operations to enhance usability for older clients [2] Group 2: Expanding Service Reach - China Life Insurance is extending its services beyond physical locations by providing home visits for elderly clients who have mobility issues, ensuring they receive necessary support without the need to travel [3] - The company employs relatable communication strategies, using everyday examples to explain complex insurance concepts, making services more accessible to the elderly [3] Group 3: Financial Security Education - The company is actively working to protect elderly clients from financial fraud by organizing "senior companion classrooms" that educate them on recognizing and preventing scams [4] - These educational sessions cover various topics, including identifying false investments and understanding new types of fraud, thereby enhancing the elderly's awareness and ability to safeguard their finances [4] Group 4: Proactive Fraud Prevention - China Life Insurance staff are trained to recognize potential fraud situations and intervene when necessary, as demonstrated by cases where employees successfully dissuaded clients from falling victim to scams [5] - The company emphasizes the importance of timely intervention to protect clients' financial assets, showcasing a commitment to their clients' financial well-being [5] Group 5: Commitment to Elderly Services - China Life Insurance is dedicated to continuously improving its age-friendly services, aiming to create a safe and supportive environment for the elderly [6] - The company plans to further enhance its service offerings and expand its reach to ensure that millions of elderly individuals can enjoy a secure and fulfilling retirement [6]

Group 1 - The A-share market has stabilized and become more active since the implementation of a comprehensive financial support package for high-quality economic development on September 24, 2024, leading to improved market expectations and confidence [1][3] - The China Securities Regulatory Commission (CSRC) aims to consolidate the positive momentum in the capital market, enhance its attractiveness and inclusiveness, and promote long-term, value, and rational investment philosophies [1][4] - The combination of regulatory guidance and financial support has transitioned market stabilization efforts from passive responses to proactive management, focusing on consistency in macro policy orientation [4][6] Group 2 - The influx of medium- and long-term funds is crucial for maintaining the long-term stability and health of the market, with various types of funds, including insurance and bank wealth management, increasingly entering the market [6][7] - Data shows that the total investment amount from five major listed insurance companies reached 18,464.29 billion yuan, a 28.71% increase from the beginning of the year, while the total scale of public funds surpassed 35 trillion yuan [6][7] - The establishment of long-term assessment mechanisms has improved the willingness of institutional investors to enter the market, leading to a concentration of funds towards high-quality assets [7][8] Group 3 - To sustain the positive trend in the capital market, it is essential to further improve stabilization mechanisms and continuously stimulate the market's internal growth potential [9] - The CSRC plans to deepen capital market reforms, cultivate long-term capital, and accelerate the entry of medium- and long-term funds into the market [9][10] - Recommendations include enhancing the scale and proportion of medium- and long-term funds entering the market, improving corporate governance, and increasing shareholder returns through dividends and buybacks [9][10]

Core Insights - The personal insurance industry is experiencing a rapid channel differentiation, with individual insurance channels showing a slowdown in growth while bancassurance channels are seeing significant increases in both premium scale and new business value [1][2][4] Bancassurance Channel Performance - Several major listed insurance companies reported impressive growth in their bancassurance channels, with some companies seeing new business value growth exceeding 100% year-on-year [2] - For instance, Ping An Life's new business value from bancassurance reached 5.972 billion yuan, a year-on-year increase of 168.6%; China Life's total premium from bancassurance was 72.444 billion yuan, up 45.7%, with new single premium increasing by 111.1% to 35.873 billion yuan [2] - The regulatory environment has changed, with the removal of restrictions on the number of bank branches that can cooperate with insurance companies, leading to an increase in collaboration and performance in the bancassurance sector [2][4] Individual Insurance Channel Challenges - In contrast to the growth in bancassurance, the individual insurance channels of several companies, except for New China Life, have faced pressure, with declines in first-year premiums for long-term insurance [3][4] Future Channel Strategies - Industry experts suggest that insurance companies will adopt a diversified channel strategy, emphasizing both bancassurance and individual insurance channels to ensure stable business development and long-term growth in new business value [5][6] - Companies like China Life and New China Life are focusing on professionalization and innovation in their marketing teams to enhance sales capabilities and optimize recruitment models [5][6]

Core Insights - The personal insurance industry is experiencing a rapid channel differentiation, with individual insurance channels showing a slowdown in growth while bancassurance channels are seeing significant increases in both premium scale and new business value [1][2][3] Bancassurance Channel Performance - Several major listed insurance companies reported impressive growth in their bancassurance channels, with some companies seeing new business value growth exceeding 100% year-on-year [1] - For instance, Ping An Life's new business value from bancassurance reached 5.972 billion yuan, a year-on-year increase of 168.6%; China Life's total premium from bancassurance was 72.444 billion yuan, up 45.7%, with new single premium increasing by 111.1% to 35.873 billion yuan; New China Life's first-year premium from long-term insurance via bancassurance was 24.939 billion yuan, up 150.3% [1][2] Regulatory Changes and Industry Dynamics - In May 2024, regulatory authorities lifted restrictions on the number of bank branches that can collaborate with insurance companies, leading to an increase in cooperative bank branches [2] - As of June 2025, Taiping Life's number of performance branches reached 13,000, a year-on-year increase of 28.9%, with a monthly average growth of 70.2% [2] Future Channel Strategies - Industry experts suggest that insurance companies will adopt a diversified channel strategy, emphasizing both bancassurance and individual insurance channels to enhance business stability and achieve long-term growth in new business value [3][4] - China Life's management indicated that the individual insurance channel will continue to play a core role, focusing on professionalization and diversification of business [4]

证 券 研 究 报 告 负债端"反内卷"政策成效显著，投资端表现分化 ——保险行业2025年中报综述 证券分析师： 罗钻辉 A0230523090004 孙冀齐 A0230523110001 2025.9.16 核心观点：负债端"反内卷"政策成效显著，投资端表现分化 www.swsresearch.com 证券研究报告 2 ◼ 利润表现分化，EV稳步增长。1H25 A股上市险企归母净利润yoy+3.7%至1782亿元，受投资表现及金融资产会计分类、利率波动等因素影响， 上市险企利润增速位居-23.5%至1103.5%区间；从利源结构来看，1H25 A股上市险企保险服务业绩、投资业绩合计分别达1310.50/928.45亿元， 占税前利润比重分别达58.0%/41.1%，利源结构相对均衡。截至6月末，上市险企EV较24年末增速位居2.6%-18.4%区间，表现稳健。 ◼ 负债端"反内卷"政策持续显效，NBV、COR表现亮眼。1）人身险方面，多数险企NBVM同比改善驱动NBV延续高增态势。A股上市险企 1H25合计实现NBV754.22亿元，同比增长30.5%，上市险企1H25NBV增速位居14.0%-58.4% ...

Core Insights - The insurance sector experienced a decline of 0.94% on September 16, with China Pacific Insurance leading the drop [1] - The Shanghai Composite Index closed at 3861.87, up 0.04%, while the Shenzhen Component Index closed at 13063.97, up 0.45% [1] Company Performance - China Life Insurance (601628) closed at 38.77, down 0.31% with a trading volume of 155,200 shares and a turnover of 601 million yuan [1] - China Pacific Insurance (601601) closed at 36.26, down 2.00% with a trading volume of 408,400 shares and a turnover of 1.486 billion yuan [1] - China Ping An (601318) closed at 56.62, down 1.24% with a trading volume of 685,700 shares and a turnover of 3.894 billion yuan [1] - New China Life Insurance (601336) closed at 61.30, down 1.43% with a trading volume of 242,300 shares and a turnover of 1.487 billion yuan [1] - China Reinsurance (601319) closed at 8.07, down 0.98% with a trading volume of 733,800 shares and a turnover of 593 million yuan [1] Fund Flow Analysis - The insurance sector saw a net outflow of 1.541 billion yuan from institutional investors, while retail investors had a net inflow of 978 million yuan [1] - The detailed fund flow for major companies shows that: - China Life Insurance had a net outflow of 69.03 million yuan from institutional investors [2] - China Pacific Insurance had a net outflow of 2.53 billion yuan from institutional investors [2] - China Ping An experienced a net outflow of 761 million yuan from institutional investors [2] - New China Life Insurance had a net outflow of 329 million yuan from institutional investors [2] - China Reinsurance had a net outflow of 1.287 million yuan from institutional investors [2]

Core Viewpoint - The "Other Equity Instruments Investment" (OCI) has emerged as a significant platform for insurance funds to increase their holdings in A-shares, with a record investment of 1.1 trillion yuan in stocks this year, marking a historical first [1][3]. Group 1: Growth of OCI - The OCI asset scale held by the five major listed insurance companies reached approximately 1.1 trillion yuan by June 2025, a historical high, compared to over 800 billion yuan at the end of 2024, indicating a growth rate exceeding 35% in the first half of the year [3][4]. - The rapid growth of OCI assets is primarily attributed to increased allocations by insurance companies rather than just asset appreciation [3][4]. Group 2: Preference for OCI - Insurance funds are increasingly favoring equity investments and placing significant emphasis on the OCI channel due to its accounting benefits, which allow market value fluctuations and cumulative gains/losses not to enter the profit and loss statement [5][6]. - Major insurance companies such as Ping An, China Life, New China Life, China Pacific Insurance, and China Re are actively utilizing OCI accounts for their investments [5]. Group 3: Individual Company Performance - Ping An has notably utilized the OCI account, with its OCI assets surpassing 500 billion yuan for the first time, reaching 520.5 billion yuan, a 46% increase from 356.5 billion yuan at the end of 2024 [6][7][8]. - China Life's OCI assets increased from 171.8 billion yuan to 252.8 billion yuan, a growth of over 800 billion yuan, reflecting a 47.1% increase [9][10]. - New China Life's OCI assets grew from 30.64 billion yuan to 37.47 billion yuan, while its trading financial assets decreased, indicating a shift towards long-term equity allocations [15][16]. - China Re's OCI assets increased from 115.78 billion yuan to 139.64 billion yuan, marking a 20% growth in just six months [19][20]. Group 4: Investment Strategies - China Life has significantly increased its investments in Hong Kong stocks through OCI, with the amount rising from 36.3 billion yuan to 61.1 billion yuan, a growth of over 68% [12][14]. - The investment strategies of these insurance companies reflect a structural shift towards long-term equity investments, with a focus on high-dividend assets [14][22]. Group 5: Stock Preferences - The investment preferences of insurance funds can be inferred from their major stock holdings, with China Life favoring companies with strong cash flows, such as telecom and coal sectors, while Ping An focuses on high-dividend stocks like Changjiang Power [21]. - New China Life's investment strategy shows a strong individual stock selection, particularly in the pharmaceutical sector, indicating a focus on asset appreciation [22].

Core Points - The insurance sector experienced a decline of 0.87% on September 15, with New China Life Insurance leading the drop [1] - The Shanghai Composite Index closed at 3860.5, down 0.26%, while the Shenzhen Component Index rose by 0.63% to 13005.77 [1] Insurance Sector Performance - China Ping An (601318) closed at 57.33, down 0.61% with a trading volume of 546,800 shares and a transaction value of 3.148 billion [1] - China Life Insurance (601628) closed at 38.89, down 0.84% with a trading volume of 152,300 shares and a transaction value of 595 million [1] - China Pacific Insurance (601601) closed at 37.00, down 0.86% with a trading volume of 336,300 shares and a transaction value of 1.247 billion [1] - China Property & Casualty Insurance (601319) closed at 8.15, down 0.97% with a trading volume of 833,400 shares and a transaction value of 680 million [1] - New China Life Insurance (601336) closed at 62.19, down 2.05% with a trading volume of 204,500 shares and a transaction value of 1.282 billion [1] Capital Flow Analysis - The insurance sector saw a net outflow of 1.188 billion from institutional investors, while retail investors contributed a net inflow of 875 million [1] - Detailed capital flow for major companies shows: - China Life Insurance had a net outflow of 46.69 million from institutional investors and a net inflow of 55.17 million from retail investors [2] - China Property & Casualty Insurance had a net outflow of 65.68 million from institutional investors and a net inflow of 21.49 million from retail investors [2] - China Pacific Insurance had a net outflow of 1.55 billion from institutional investors and a net inflow of 1.69 billion from retail investors [2] - New China Life Insurance had a significant net outflow of 324 million from institutional investors but a net inflow of 209 million from retail investors [2] - China Ping An experienced a net outflow of 5.96 billion from institutional investors and a net inflow of 420 million from retail investors [2]

Core Viewpoint - The National Financial Supervision Administration of Jinhua has approved the relocation of China Life Insurance Company's Yongkang Branch's marketing service department to a new address in Jinhua City, Zhejiang Province [1] Group 1 - The new business location for the marketing service department is set to be at No. 90, Ground Floor, Hongxing New District, Longshan Town, Yongkang City, Jinhua, Zhejiang Province [1] - China Life Insurance Company is required to handle the change and obtain the necessary permits in accordance with relevant regulations [1]

Group 1 - The Jinzhou Financial Regulatory Bureau approved the request from China Life Insurance Company Limited Liaoning Branch to revoke the marketing service department in Qingduizi Town, Beizhen City [1] - Following the approval, the marketing service department must cease all business activities immediately and return the license to the Jinzhou Financial Regulatory Bureau within 15 working days [1] - The company is required to handle related procedures in accordance with relevant laws and regulations [1]