每经AI快讯，9月10日，香港交易所信息显示，贝莱德（BlackRock）在中国人寿的持股比例于9月4日从 5.97%升至6.33%。 （文章来源：每日经济新闻） ...

Core Viewpoint - The insurance sector experienced a decline of 0.4% on September 10, with China Life leading the drop, while the overall market indices showed slight increases [1] Group 1: Market Performance - The Shanghai Composite Index closed at 3812.22, up 0.13% [1] - The Shenzhen Component Index closed at 12557.68, up 0.38% [1] Group 2: Individual Stock Performance - China Pacific Insurance (601601) closed at 37.44, down 0.03% with a trading volume of 203,600 shares and a turnover of 763 million yuan [1] - New China Life Insurance (601336) closed at 63.23, down 0.11% with a trading volume of 116,400 shares [1] - Ping An Insurance (601318) closed at 57.87, down 0.22% with a trading volume of 308,500 shares and a turnover of 1.787 billion yuan [1] - China Reinsurance (601319) closed at 8.23, down 0.60% with a trading volume of 591,800 shares and a turnover of 488 million yuan [1] - China Life Insurance (601628) closed at 39.46, down 0.63% with a trading volume of 121,500 shares [1] Group 3: Capital Flow Analysis - The insurance sector saw a net inflow of 76.7097 million yuan from institutional investors, while retail investors experienced a net outflow of 8.7733 million yuan [1] - Major stocks like Ping An Insurance had a net inflow of 68.3403 million yuan from institutional investors, but a net outflow of 35.2692 million yuan from retail investors [2] - New China Life Insurance had a net inflow of 47.1744 million yuan from institutional investors, with a net outflow of 3.79353 million yuan from retail investors [2]

1. Report Industry Investment Rating No information about the industry investment rating is provided in the report. 2. Core Viewpoints of the Report - The report conducts a comprehensive analysis of the property insurance industry's business operations, regulatory policies, and builds a scoring model to rank the risks of 11 property insurance companies with outstanding sub - debt as of September 3, 2025. It aims to recommend bond targets with relatively high risk - return ratios for investors with different risk preferences [1]. - Through multi - dimensional indicators such as qualitative and quantitative ones, the report analyzes the credit risks of the property insurance industry to assist investment decisions [2]. 3. Summary by Relevant Catalogs 3.1 Property Insurance Company Business Operation Status - **Insurance Business**: Industry - wide, the proportion of property insurance company premium income remains around 30%, with positive but slowing growth. The ratio of life insurance to property insurance premium income is about 7:3. Since 2018, property insurance company premium income has shown positive growth, but the growth rate has declined, and it has been below 10% after 2021. By the end of 2024, the original premium income of property insurance companies was about 1.69 trillion yuan, with a growth rate of 6.55%. The diversification of insurance types is a key concern, with motor vehicle insurance still dominant but its proportion decreasing, while the proportions of liability insurance, agricultural insurance, and health insurance have increased slightly [17][18]. - **Investment Business**: The proportion of property insurance company investment assets is generally lower than that of life insurance companies, but it remains at a relatively high level. The financial investment yield of property insurance companies has declined overall, while the comprehensive investment yield has shown an upward trend. From the first half of 2022 to the end of 2024, the financial investment yield of property insurance companies fluctuated and decreased, reaching 3.05% by the end of 2024, lower than that of life insurance companies. In 2024, the comprehensive investment yields of property and life insurance companies increased significantly. The balance of property insurance company insurance funds has increased with premium income, with an increase in the proportion of bond investments and a decrease in bank deposits [24][27]. 3.2 Property Insurance Company Financial Aspects - The main difference between life and property insurance companies is that the comprehensive cost ratio cannot accurately measure the profitability of life insurance companies because the earned premium of life insurance companies does not deduct life insurance liability reserves and long - term health insurance liability reserves, resulting in a large "bubble" in earned premium [31]. - The liquidity regulatory indicators, recognized assets, and recognized liabilities of property insurance companies are similar to those of life insurance companies. 3.3 Property Insurance Industry Regulatory Points and Compliance Penalty Situations - **Regulatory Policies**: Property insurance regulatory policies are oriented towards serving the real economy, emphasizing "price reduction, quality improvement, and efficiency enhancement" to protect consumer rights. For example, the reform of motor vehicle insurance has put pressure on insurance company premium income and profit growth, while agricultural insurance has developed rapidly under the background of rural revitalization [30][35]. - **Regulatory Ratings**: The risk comprehensive rating is an important indicator for measuring the solvency of insurance companies, and property insurance companies, similar to life insurance companies, focus on this regulatory indicator. Additionally, the regulatory rating in the "Insurance Company Regulatory Rating Method" issued by the National Financial Supervision and Administration in January 2025 also needs attention [38]. - **Compliance Penalties**: Property insurance companies are more frequently penalized than other insurance companies, with fines being the main form of administrative penalty. In 2024, property insurance companies accounted for 59.43% of the total fines in the insurance industry, and the amount of fines for property insurance companies was generally higher [39][43]. 3.4 Property Insurance Industry Credit Analysis Core Indicators and Model Construction - **Credit Analysis Core Indicators**: The report constructs a credit analysis scoring model from four dimensions: corporate governance, operational strength, financial performance, and risk management. - **Corporate Governance**: The shareholder background of property insurance companies is mainly state - owned enterprises, with relatively low shareholder default risks. The average proportion of state - owned legal person shareholding in the top ten shareholders of property insurance companies is 61.51%, and 75% of property insurance companies are state - owned enterprises [52][53]. - **Operational Level**: In terms of overall scale, there is a significant "head effect" among property insurance companies, with China Property Insurance and Ping An Property Insurance being prominent. The insurance business income is highly correlated with the total asset scale, and the market concentration is relatively high. The dispersion degree of insurance business and the claim settlement ratio of property insurance companies vary greatly, and the investment business risks of Yingda Property Insurance and Beibu Gulf Property Insurance are relatively low [55][58][62]. - **Financial Level**: Yingda Property Insurance has relatively stronger overall profitability. The average operating expenditure - to - income ratio of sample property insurance companies from 2022 - 2024 was 96.0%, the average comprehensive cost ratio was 99.2%, and the average comprehensive investment yield was 3.0% [67]. - **Risk Management**: In terms of solvency, property insurance companies have a relatively thick "safety cushion." As of the end of 2024, the average comprehensive solvency adequacy ratio of sample property insurance companies was 255.8%, and the average core solvency adequacy ratio was 188.4%. Most sample insurance companies have a risk rating of A or above, with Yingda Property Insurance receiving the highest rating [69]. - **Adjustment Items**: China Property Insurance, CPIC Property Insurance, and Ping An Property Insurance have good credit risk indicators, with Ping An Property Insurance having an advantage in risk management [75]. - **Scoring Results and Verification**: The report uses the minimum - maximum normalization method to score 11 property insurance companies with outstanding bonds as of September 3, 2025. The correlation coefficient between the 3 - year ChinaBond valuation yield and the credit score of property insurance companies is - 0.89, indicating a strong negative correlation, which verifies the scoring results [77][78]. 3.5 Insurance Company Subject Investment Value Judgment - **Subjects with a Score Above 70**: China Property Insurance, CPIC Property Insurance, and Yingda Property Insurance are above the trend line, with high scores and low risks, suitable for investors seeking stable returns and bottom - position allocation assets [5][82]. - **Subjects with a Score between 50 - 70**: Sunshine Property Insurance is slightly above the trend line, with a current outstanding bond valuation yield of not less than 2.2% and relatively controllable risks. It is suitable for investors with certain requirements for absolute returns and relatively stable liability ends [5][90].

Group 1 - The core viewpoint of the articles indicates that the individual insurance channel of listed life insurance companies is under pressure, with premium growth lagging behind the bank insurance channel, which has seen double-digit increases [1][2] - In the first half of the year, five major listed life insurance companies achieved a total premium income of 9,628.14 billion yuan, reflecting a year-on-year growth of 1.01% [1][2] - The individual insurance channel remains a crucial source of premium income, contributing over 70% to the total premium income of these companies [1] Group 2 - Except for China Ping An, all other four listed life insurance companies reported positive growth in individual insurance channel premium income, with China Life achieving 4,044.48 billion yuan (up 2.64%), Taikang Life at 1,373.8 billion yuan (up 0.9%), New China Life at 725.26 billion yuan (up 5.5%), and PICC Life at 354.14 billion yuan (up 3%) [2] - The growth in individual insurance premiums is primarily supported by renewal premiums, while new business premiums have declined for most companies, except for New China Life [2] Group 3 - The average monthly first-year commission income for Taikang Life's core sales force was 7,120 yuan, down 13.4% year-on-year, while Ping An Life's agents earned 9,898 yuan per person per month, a decrease of 17.3% [3] - The decline in agent activity and income is attributed to the implementation of regulatory requirements and product transformation, which are expected to stabilize in the future [3] Group 4 - Since the regulatory "cleaning up and improving quality" initiative began in 2019, the individual insurance channel has seen a significant reduction in personnel, dropping from a peak of 9.12 million to around 2 million [4] - Despite the reduction in personnel, the new business value in the individual insurance channel has shown significant improvement, with Ping An Life's new business value increasing by 17% year-on-year [4] Group 5 - The reduction in personnel has led to a noticeable improvement in the efficiency and quality of the individual insurance channel, driven by marketing system reforms and digital empowerment [5][6] - Taikang Life has optimized its team structure and enhanced its capabilities through digital initiatives, resulting in a 12.7% year-on-year increase in average monthly first-year premium per core salesperson [6] Group 6 - The ongoing transformation of the individual insurance channel is focused on professionalization and specialization, as indicated by the recent regulatory guidance aimed at upgrading the personal agency channel [7][8] - Long-term strategies emphasize improving the quality and productivity of agents to adapt to increasingly complex insurance products [7][8]

Core Viewpoint - The mid-term performance reports from listed insurance companies indicate a significant increase in both premium scale and business value through the bancassurance channel, suggesting a revitalization of this channel after the strict implementation of the "reporting and operation integration" policy for two years [1][2]. Summary by Sections Premium Income and Business Value Growth - In the first half of the year, five listed life insurance companies achieved a total premium income of 2549.97 billion yuan through the bancassurance channel, representing a year-on-year growth of 46.9% [2]. - Specific contributions include: China Life at 724.44 billion yuan (up 45.7%), PICC Life at 531.04 billion yuan (up 24.1%), New China Life at 461.6 billion yuan (up 65.1%), Taikang Life at 416.6 billion yuan (up 82.6%), and Ping An at 415.97 billion yuan (up 37.5%) [2]. - The contribution of the bancassurance channel to the total premium income of these five companies increased from 14.2% to 19.3% year-on-year [2]. New Business Value and Key Performance Indicators - The bancassurance channel has become a crucial driver for the growth of new business value, with PICC Life reporting that nearly 60% of its premium income came from this channel, leading to a 71.7% year-on-year increase in new business value [2]. - Ping An achieved a new business value of 59.72 billion yuan, marking a significant year-on-year growth of 168.6% [2]. Long-term Premium Income and Strategic Importance - Key indicators for future premium income, such as the first-year premium income from long-term insurance, showed substantial growth, with China Life and New China Life reporting year-on-year increases of 112.4% and 150.3%, respectively [3]. - Executives from various companies emphasized the bancassurance channel's contribution to value, with statements highlighting its importance as a pillar for company value sources [3]. Regulatory Changes and Cost Structure - The implementation of the "reporting and operation integration" policy has led to a more rational fee structure in the bancassurance channel, with regulatory measures aimed at addressing long-standing issues of high costs and unreasonable fee structures [4]. - The regulatory changes have resulted in a unified standard for commissions on long-term premium products, which is expected to enhance the value of new business despite initial declines in new single premium income [5]. Expansion and Collaboration - The removal of restrictions on the number of insurance companies that can collaborate with a single bank branch has facilitated broader cooperation between leading insurance companies and banks, enhancing competitive advantages [6]. - Companies are focusing on optimizing product offerings and improving service quality to adapt to the new competitive landscape, with significant growth in bancassurance channel performance reported by several firms [6][7]. Future Outlook and Challenges - Companies are optimistic about the future of the bancassurance channel, with plans to enhance sustainable development capabilities and strengthen partnerships with key banks [7]. - Challenges remain, including the need for insurance companies to improve product design and service capabilities to meet the heightened expectations of bank customers regarding product profitability and value [7].

Group 1 - The importance of inclusive insurance in stabilizing livelihoods and promoting economic growth is increasingly evident, with listed insurance companies in A-shares showcasing their contributions through various products and services [1][4] - In the first half of the year, China Life expanded its product offerings for elderly, disabled, and domestic service populations, achieving a 5.9% year-on-year growth in inclusive business [1][3] - China Pacific Insurance has expanded its inclusive insurance coverage to 240 cities, benefiting 460 million people through major illness insurance, long-term care insurance, and other health insurance policies [1][2] Group 2 - Listed insurance companies have developed products tailored for small and micro enterprises, enhancing their risk resilience, with Ping An Insurance providing risk coverage of 189 trillion yuan for 1.61 million small businesses [2][3] - Agricultural insurance has been expanded, with a 31.01% year-on-year increase in premium income for soybean cost and income insurance, and a 14.7% increase for local specialty agricultural products [2][3] - The implementation plan for high-quality development of inclusive finance in the banking and insurance sectors was jointly released by the financial regulatory authority and the People's Bank of China, guiding the development of inclusive insurance services [3][4] Group 3 - China Life's chairman emphasized the company's commitment to expanding coverage, improving quality, and ensuring sustainability in inclusive insurance, focusing on innovative product design and service upgrades [3][4] - The company aims to transform its service model from simple risk compensation to a comprehensive approach that includes health management, enhancing customer experience [3] - Digital empowerment will be leveraged to ensure the sustainable development of inclusive insurance, balancing short-term inclusivity with long-term commitments [3]

2025年9月5日，安顺金融监管分局发布批复称，《关于中国人寿财产保险股份有限公司关岭县支公司职 场变更的请示》（国寿财险安发〔2025〕40号）收悉。经审核，现批复如下： 一、同意中国人寿财产保险股份有限公司关岭县支公司将营业场所变更为：贵州省安顺市关岭布依族苗 族自治县关索街道办事处滨河大街103号三楼301、302室。 二、中国人寿财产保险股份有限公司应按照有关规定及时办理变更及许可证换领事宜。 ...

Core Viewpoint - The article highlights the innovative "insurance + guarantee + credit" model developed by China Life Property & Casualty Insurance in Shandong Province to support pig farming amidst declining pig prices and rising piglet costs, addressing liquidity issues for farmers [1][2][3]. Group 1: Financial Support Mechanism - The "insurance + guarantee + credit" model was created to help pig farmers secure loans by using their insurance policies as collateral, allowing them to access up to 300,000 yuan in loans [3]. - This model involves collaboration between China Life Property & Casualty Insurance, local banks, and guarantee institutions, effectively reducing financing costs for pig farmers [3][4]. - Since the implementation of this model, nearly 10 million yuan in liquidity has been provided to pig farmers, demonstrating its effectiveness in addressing financial challenges in the industry [1][2]. Group 2: Agricultural Insurance Impact - In 2024 alone, various agricultural insurance products provided risk coverage amounting to 5 billion yuan, with claims paid out reaching 133 million yuan [2]. - The company has insured 1.25 million pigs and paid out 70 million yuan in claims, significantly enhancing the risk resilience of the pig farming sector [2]. - The insurance products, including policy-based pig farming insurance and pig insurance combined with futures, aim to stabilize farmers' incomes and mitigate the impact of price fluctuations and pandemics [2][4]. Group 3: Future Expansion Plans - The company plans to extend this successful model to more counties and districts, aiming to alleviate financing difficulties in agriculture and support rural revitalization and food security [4]. - By identifying and forming a "white list" of qualified agricultural operators, the company seeks to address the challenges of "difficult and expensive financing" in the agricultural sector [4].

Core Viewpoint - The article highlights the role of China Life Insurance in supporting green development and rural revitalization in Zhejiang, showcasing innovative insurance solutions that contribute to ecological and economic growth [1][7]. Group 1: Financial Support for Green Development - China Life Insurance has been actively implementing the "Two Mountains" concept, providing financial support for high-quality development and the construction of a common prosperity demonstration zone in Zhejiang [1][7]. - In 2024, China Life Insurance Zhejiang branch provided risk protection for 175,800 low-income farmers, with a total coverage of 64 billion yuan and compensation exceeding 30 million yuan, benefiting nearly 280,000 people [3]. Group 2: Innovative Insurance Solutions - The company designed the "Anji Tea Picking Workers Accident Insurance Plan" to cover various accident-related expenses, ensuring the stability of the tea industry in Anji [2]. - China Life Insurance has launched multiple innovative insurance plans, including "Rural Comprehensive Governance Insurance Plan" and "Small Town Love Series Insurance Plan," to create a protective network for rural areas [3]. Group 3: Rural Revitalization Initiatives - The company is exploring the "Insurance + Service" model to promote comprehensive rural revitalization and high-quality development of beautiful villages [4][6]. - Through live-streaming events and partnerships with local producers, China Life Insurance has helped expand sales channels for agricultural products, enhancing financial risk awareness among consumers [4]. Group 4: Digital and Green Financial Services - China Life Insurance is promoting a digital service model that allows for online claims and various paperless transactions, contributing to lower carbon emissions and improved customer experience [8]. - The company is leveraging digital management strategies to enhance its green operations, utilizing big data for risk monitoring and management [8].

Core Points - The National Financial Supervision Administration of Cangzhou approved the request for the change of business location for China Life Insurance Company Limited's Botou branch marketing service department [1] - The new business location is specified as Hebei Province, Cangzhou City, Botou City, Jiahe Town, Xiguan Village, Hezhuang No. 075 [1] - China Life Insurance Company Limited is required to handle the change and license renewal in accordance with relevant regulations [1]