Core Viewpoint - The insurance sector is experiencing a significant rally, driven by regulatory changes that lower investment risk factors for insurance companies, enhancing capital efficiency and supporting long-term value investment [1] Group 1: Stock Performance - As of the report, major insurance stocks have seen substantial gains: China Life (601628) up 4.4% to HKD 28, China Pacific Insurance (601601) up 4.09% to HKD 34.08, China Ping An (601318) up 2.85% to HKD 63.25, and China Property & Casualty Insurance (02328) up 0.96% to HKD 16.9 [1] Group 2: Regulatory Impact - On December 5, the Financial Supervisory Commission lowered the risk factors for insurance companies investing in related stocks, which is expected to reduce capital occupation pressure and enhance fund utilization efficiency [1] - The adjustment is anticipated to support the continuous guidance of insurance funds as "patient capital," further promoting technological innovation and empowering the real economy [1] Group 3: Industry Outlook - Donghai Securities noted that the insurance sector is currently in a historically undervalued range, suggesting a focus on large listed insurance companies with significant competitive advantages [1] - Guosheng Securities highlighted that the insurance industry will benefit from the trend of bank deposits moving, with diversified demands in pensions, healthcare, and savings expected to drive industry expansion [1] - Short-term progress in the insurance companies' New Year business is expected to boost liability performance in 2026, while the adjustment of product interest rates is likely to alleviate industry spread loss risks [1] - The "reporting and operation integration" is seen as a way to reduce internal competition and increase concentration among leading companies, indicating a positive outlook for the insurance sector's allocation value [1]

二、接此批复文件后，中国人寿保险股份有限公司陕西省分公司应立即停止中国人寿保险股份有限公司 礼泉支公司阡东营销服务部等6家营销服务部的一切经营活动，于15个工作日内向咸阳金融监管分局缴 回许可证，并按照有关法律法规要求办理相关手续。 2025年12月10日，咸阳金融监管分局发布批复称，《中国人寿（601628）保险股份有限公司陕西省分公 司关于撤销礼泉支公司阡东营销服务部等6家营销服务部的请示》（国寿人险陕发〔2025〕268号）收 悉。经审核，现批复如下： 一、同意撤销中国人寿保险股份有限公司礼泉支公司阡东营销服务部、中国人寿保险股份有限公司礼泉 支公司赵镇营销服务部、中国人寿保险股份有限公司咸阳分公司人民路营销服务部、中国人寿保险股份 有限公司武功支公司小村营销服务部、中国人寿保险股份有限公司乾县支公司城关营销服务部、中国人 寿保险股份有限公司乾县支公司临平营销服务部等6家营销服务部。 ...

二、中国人寿财产保险股份有限公司陕西省分公司应按照有关规定及时办理变更及许可证换领事宜。 2025年12月10日，咸阳金融监管分局发布批复称，《中国人寿（601628）财产保险股份有限公司陕西省 分公司关于杨凌支公司变更营业场所的请示》（国寿财险陕发〔2025〕328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陕西省分公司杨凌支公司将营业场所变更为：陕西省杨陵区康 乐路与常青路十字西路南办公楼1楼、3楼。 ...

2025年12月5日，石河子金融监管分局发布批复称，《关于中国人寿（601628）保险股份有限公司石河 子分公司莫索湾营销服务部变更营业场所的请示》（国寿人险石发〔2025〕84号）收悉。经审核，现批 复如下： 一、同意中国人寿保险股份有限公司石河子分公司莫索湾营销服务部将营业场所变更为：新疆石河子市 149团7号小区4栋门面。 二、中国人寿保险股份有限公司石河子分公司应按照有关规定及时办理变更及许可证换领事宜。 ...

东兴证券指出，当下时点，险资的资本市场"稳定器"作用显得尤为重要。本次监管层降低险资部分投资 品种的风险因子，在推动资本市场平稳健康发展的同时，亦有望提升险企资金运用效率和投资收益，进 而提升险企经营业绩。此外，资本市场运行环境的改善亦将直接推动券商业绩释放。从投资标的看，当 前非银行业的马太效应不断增强，行业头部机构更有能力和机会参与政策创新，把握政策红利窗口期， 提升自身经营业绩，故建议持续重点关注行业头部公司的投资价值。此外，在ETF蓬勃发展的大背景 下，出于投资需求的差异化，证券、保险ETF的投资价值也应继续重点关注。 保险证券ETF紧密跟踪中证800证券保险指数，中证800证券保险指数是在中证800指数的基础上，选择 证券保险行业内对应的证券作为指数样本，为投资者提供更多样化的投资标的。 数据显示，截至2025年11月28日，中证800证券保险指数(399966)前十大权重股分别为中国平安 (601318)、东方财富(300059)、中信证券(600030)、国泰海通(601211)、中国太保(601601)、华泰证券 (601688)、中国人寿(601628)、广发证券(000776)、招商证券( ...

中国人寿寿险广东省分公司党委书记、总经理陈恒伟接受记者采访时认为，"百千万工程"是民生工程， 也是民心工程，广东国寿围绕的核心是以人为本，契合"百千万工程"对民生高质量发展的要求。"未来 我们将加大对边远地区的资源倾斜力度，积极为小微企业、老年人群体，还有女性以及儿童等特定人群 提供丰富的保险保障服务。" 编辑：王春霞 为达成"三年初见成效"阶段任务，广东金融协同发力，在推动城乡区域协调发展过程中形成了有效路径 与成效，同时也为下一阶段深化实践"建言献策"，助力"百千万工程"向下一阶段目标迈进。 转自：新华财经 新华财经广州12月12日电（记者孟盈如）"百县千镇万村高质量发展工程"（以下简称"百千万工程"）是 广东省于2022年12月启动的城乡区域协调发展核心战略，旨在破解城乡发展不平衡难题。目前，"百千 万工程"锚定"一年开局起步、三年初见成效、五年显著变化、十年根本改变"的目标任务正在有序推 进。 金融作为国民经济的血脉，在"百千万工程"推进过程中，广东省专门印发《关于金融支持"百县千镇万 村高质量发展工程"促进城乡区域协调发展的实施方案》，强调建立健全金融支持"百千万工程"政策措 施体系，推动金融资源进 ...

Summary of China Life Insurance Conference Call Company Overview - **Company**: China Life Insurance - **Date**: December 11, 2025 Key Points Industry and Regulatory Environment - The insurance industry's solvency is impacted by the new K1 coefficient rules, which penalize unrealized losses more than they reward unrealized gains, discouraging investment [2][6] - Regulatory adjustments have been made regarding the pace of insurance capital entering the market, affecting solvency coefficients [3] Financial Performance and Solvency - China Life's solvency ratio decreased in Q3, primarily due to changes in the interest rate curve and an increased proportion of equity investments [2][9] - The company expects net assets to be affected by declining interest rates in 2026, but overall conditions may improve once the liability assessment curve stabilizes [10] Investment Strategy - The company maintains a neutral and flexible strategy for long-term bond investments, with over 40% of investments in bonds with maturities exceeding ten years [2][5] - China Life will not significantly extend the duration of its bond investments despite market pressures, while some smaller insurers may increase their bond allocations due to previous underexposure [5] Product Development and Sales Channels - Significant growth in new policies through the bancassurance channel is expected, with a projected growth rate of 30-50% in 2026 [2][14] - The company aims to maintain a stable dividend payout ratio above 35%, even amidst market volatility, to provide consistent returns to shareholders [2][15] Challenges and Market Dynamics - The market for participating insurance products shows high demonstration rates, with China Life's rates between 3.5% and 3.9%, which are not reflective of actual customer returns [4][11] - The company is researching the development of participating critical illness insurance, anticipating regulatory guidelines before launching sales [4][17] Risk Management and Capital Allocation - China Life's minimum capital requirements are higher than peers due to its business structure and market risk management [6] - The company does not plan to frequently trade based on market volatility, focusing instead on long-term value assessments [7] Future Outlook - The company expects a stable solvency ratio in the next quarter, with no immediate plans for reclassification adjustments unless solvency conditions change significantly [3][10] - The overall market for critical illness insurance is expected to diversify, with a shift towards more comprehensive health insurance products rather than traditional fixed benefit models [17] Conclusion - China Life Insurance is navigating a complex regulatory environment while focusing on maintaining solvency and stable returns for shareholders. The company is strategically positioned to leverage growth in bancassurance and adapt to changing market dynamics in health insurance.

Core Insights - The insurance industry is shifting focus towards participating insurance products due to declining market interest rates, with guaranteed rates for fixed income products at 2% and for participating products at 1.75%, resulting in a narrow 0.25% rate difference [2][22] - The "old seven" major insurance companies in mainland China have launched a total of 15 participating whole life insurance products this year, with Taiping Life Insurance offering the most at five products, while the others offer one to two products each [2][22] - The highest illustrated rates among these products are 3.75% for Taiping's Xinfu Xiangban Chuan Shi version and 3.9% for Xinhua's Shengshi Rongyao Qingtian version, with most others around 3.5% [2][22] Group 1: Product Performance Analysis - In the case of single premium payments, the top three products based on guaranteed cash value performance are Taiping's Xinfu Xiangban Chuan Shi version, Xinhua's Shengshi Rongyao Qingtian version, and China Life's Xin Yue Chuan Jia Qingtian version [3][23] - For five-year premium payments, the leading products in terms of guaranteed cash value are Taiping's Xinfu Xiangban Chuan Shi version, Xinhua's Shengshi Rongyao Qingtian version, and Taikang's Le Zeng Shou Qingtian version [8][10] - Under six-year premium payments, the top three products are China Life's Xin Yue Chuan Jia Qingtian version, Renbao's Fu Lu Man Tang 2025, and Taikang's Xin Xiang Shi Jia 2026 [12][14] - For ten-year premium payments, the best performing products are Taiping's Xinfu Xiangban Chuan Shi version, Renbao's Fu Lu Man Tang 2025, and Ping An's Yu Xiang Jin Yue 2026 [16][18] Group 2: Long-term Value Considerations - The performance of products with higher illustrated rates does not necessarily translate to better actual cash value, emphasizing the importance of evaluating specific numerical data [19] - Taiping Life Insurance has shown significant improvements in its product offerings, actively embracing the internet and launching numerous participating whole life insurance products, establishing a notable advantage among the "old seven" [19] - The dividend realization rates have improved for Ping An, China Life, and Taiping, with Taiping's new products demonstrating generous illustrated data, while China Life and Ping An maintain a conservative approach [19]

多重给付重疾，豁免保费很重要 ④重疾高发年龄段 40-50岁，50-60岁 30岁之前买重疾更佳 ⑤恶性肿瘤是高发重疾 甲状腺癌、肺癌、乳腺癌高发 ①重疾理赔300亿 平安超100亿，太保超50亿 ②6大赔案：赔款300万+ 28家有"百万级"重疾赔案 ③豁免保费13亿，"一日赔"52亿 ⑥女性 重疾理赔多 发病年龄 也要比男性 早 44家寿 险公 司 上半年 重疾理赔超300亿 平安超100亿，新华超50亿 | 2025年上半年寿险公司 - 一露 疾 理 赔 金 额 | | --- | | 序号 | 公司简称 | 理赔金额 )(亿元) | 理赔件数 与作 | 件均理赔 (万元)。 | | --- | --- | --- | --- | --- | | | 平安寿险 | 104.10 \ | 13.00 | 38.01 | | D | 太保寿险 | 52.30 | 7.70 | 6.79 | 1 2025年上半年 寿险公司 重疾理赔报告 | 3 | 泰康人寿 | 24.00 | 3.10 | 7.74 | | --- | --- | --- | --- | --- | | ব | 太平人寿 | 24.00 | ...

【大河财立方 记者 孙凯杰 秦龙 杨萨 文 朱哲 洪昊旸 摄影】冬藏蓄势启新程，险资活水润中原。 截至目前，河南累计引入保险资金已突破万亿元大关，头部保险资管机构持续加码布局，彰显对中原大地发展潜力的坚定信心。此次对接会由河南省发展 和改革委员会、国家金融监督管理总局河南监管局、中共河南省委金融委员会办公室联合主办，郑州航空港经济综合实验区管理委员会承办，河南日报社 大河财立方、科技金融广场协办。 力度加码 河南累计引入保险资金突破万亿元大关 保险资金是天然的耐心资本、长期资本，是推动地方经济社会高质量发展的重要力量。 河南省发展改革委一级巡视员刘琦表示，省委、省政府始终高度重视引入保险资金，省发展改革委、河南金融监管局、省委金融办已经牵头开展了两 次"险资入豫"产融对接活动，建立项目储备机制、畅通融资对接渠道，拓宽合作布局领域，优化险资运用环境。各家保险资管机构充分发挥保险资金期限 长、规模大的优势，为河南重大项目建设和重点产业发展提供了长期稳定的资金保障，为全省经济社会高质量发展作出了重要贡献。 河南金融监管局党委书记、局长向恒在致辞中提到，近年来，河南金融市场保持平稳健康发展态势，保险业充分发挥"两器" ...