Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [26]. Core Insights - The insurance industry has experienced a decline in both property and life insurance premiums, with total original premium income reaching 54,833 billion yuan from January to October 2025, reflecting a year-on-year growth of 8% but a month-on-month decrease of 0.8 percentage points [8][6]. - Life insurance premiums totaled 32,748 billion yuan, with a year-on-year increase of 12% but a month-on-month decline of 0.7 percentage points [8]. - The report highlights that the sales of participating insurance and universal insurance products are expected to perform well due to favorable market conditions [8]. - The total assets of the insurance industry reached 40.6 trillion yuan by the end of October 2025, representing a year-on-year increase of 13% [8]. - The report anticipates that participating insurance will become a key product for the upcoming sales season, driven by the attractiveness of "call options" in the current market environment [8]. Summary by Sections Key Company Profit Forecasts, Valuation, and Investment Ratings - China Pacific Insurance (601601.SH) is rated "Recommended" with an expected EPS of 5.68 yuan for 2025 and a PE ratio of 6.20 [4]. - China Life Insurance (601628.SH) is also rated "Recommended" with an expected EPS of 6.34 yuan for 2025 and a PE ratio of 6.89 [4]. - China Property & Casualty Insurance (02328.HK) is rated "Recommended" with an expected EPS of 2.07 yuan for 2025 and a PE ratio of 7.54 [4]. - China Taiping Insurance (00966.HK) is rated "Recommended" with an expected EPS of 3.00 yuan for 2025 and a PE ratio of 5.28 [4]. Industry Overview - The report indicates that the cumulative premium growth rates for both property and life insurance have declined, with life insurance premiums showing a year-on-year increase of 12% but a month-on-month decrease of 5.2% in October [8]. - The report notes that the health and accident insurance segments have seen growth, but their growth rates have also decreased month-on-month [8]. - The report emphasizes that the market's favorable conditions are expected to enhance the sales of participating insurance products [8]. Asset Changes - By the end of October 2025, the insurance industry had total assets of 40.6 trillion yuan, with life insurance companies holding 35.68 trillion yuan and property insurance companies holding 3.15 trillion yuan [8]. - The net assets of the insurance industry reached 3.81 trillion yuan, reflecting a year-on-year increase of 14.7% [8].

Investment Rating - The industry investment rating is "Recommended," indicating an expected increase in the industry index exceeding the benchmark index by more than 5% in the next 3-6 months [22]. Core Insights - The insurance index rose by 0.21% this week, underperforming the market by 1.43 percentage points. Individual stock performances varied, with AIA up by 4.95% and China Pacific down by 3.5% [2]. - The report highlights that the risk associated with real estate investments by insurance companies is expected to be manageable, with a focus on the debt extension of Vanke [2][5]. - The report anticipates that while performance may fluctuate in the short term due to equity market trends, a growth trend is expected to continue into 2025, although 2026 may see performance pressure from investment factors [5]. Summary by Sections Market Performance - The insurance index's absolute performance over the last month is 0.8%, with a 6-month performance of 13.7% and a 12-month performance of 12.8% [8]. - The relative performance against the benchmark shows a 2.2% outperformance over one month, but underperformance of -5.5% over six months and -3.2% over twelve months [8]. Company Analysis - The report provides earnings per share (EPS) estimates for key companies, with China Life at 6.34 CNY for 2025E and China Pacific at 5.68 CNY for the same year. The price-to-earnings (PE) ratios for these companies are also provided, with China Life at 6.89x and China Pacific at 6.20x [11]. - The price-to-book (PB) ratios indicate that China Life has a PB of 1.97, while China Pacific has a PB of 1.12, both rated as "Recommended" [11]. Real Estate Investment Risk - The report analyzes the exposure of listed insurance companies to real estate investments, noting that the overall exposure remains relatively small compared to total investment assets. For instance, Ping An's real estate investment exposure is 3.5%, a decrease of 0.3 percentage points from the previous year [5]. - The report indicates that the increase in real estate investment exposure for China Pacific is primarily due to a rise in investment properties [5]. Long-term Outlook - The long-term outlook suggests that improvements in life insurance costs may drive valuation recovery, with a shift towards dividend insurance and easing solvency requirements expected to enhance long-term investment returns [5].

中国人寿财产保险股份有限公司内蒙古分公司客户价值和体验管理部／消费者权益保护部副总经理（主 持工作）张美丽、乌兰察布中支党委书记、总经理张景鑫出席启动会。张景鑫总经理代表主办方致辞并 表示：发起此次"百日平安行 欢喜度新春"活动，是通过更加贴近群众的活动方式，鼓励广大司机朋友 自觉遵守交通规则、养成文明行车习惯，让平安出行理念深入人心，守护百业千企万户，筑牢平安线、 精雕宜居城。 转自：新华财经 为扎实推进乌兰察布市平安建设与民生保障工作部署，中国人寿财产保险股份有限公司乌兰察布市中心 支公司（以下简称 "乌兰察布中支"）携手乌兰察布市融媒体中心，在广电大厦演播厅举办"百日平安行 欢喜度新春"百日零违法活动启动会，以实际行动守护群众出行安全，推动文明城市创建向更高层次迈 进。 乌兰察布中支相关负责人表示，将全力投身平安乌兰察布建设，助力打造安全的营商环境、优质的服务 环境。（李贺） 编辑：赵鼎 此次活动面向乌兰察布市所有机动车车主，通过规范驾驶行为，厚植安全出行理念。参与者需通过指定 报名渠道完成报名，且活动期内无交通违法和事故，即可参与"争做文明好司机"抽奖活动，获得丰富奖 品；活动还将抽取一位幸运车主获得 ...

Core Viewpoint - China Life Insurance's stock price has shown fluctuations, with a recent decline of 2.01%, while the company has experienced a year-to-date stock price increase of 4.29% [1] Group 1: Stock Performance - As of December 3, China Life's stock price was reported at 43.00 CNY per share, with a trading volume of 3.88 billion CNY and a turnover rate of 0.04% [1] - The company's market capitalization stands at 121.54 billion CNY [1] - Year-to-date, the stock has increased by 4.29%, with a slight decline of 1.15% over the last five trading days and a marginal decrease of 0.14% over the last 20 days [1] - Over the past 60 days, the stock has appreciated by 5.67% [1] Group 2: Financial Performance - For the period ending September 30, China Life reported a net profit of 167.80 billion CNY, reflecting a year-on-year growth of 60.54% [2] - The company has distributed a total of 226.34 billion CNY in dividends since its A-share listing, with 51.10 billion CNY distributed over the last three years [2] Group 3: Shareholder Information - As of September 30, the number of shareholders for China Life reached 119,700, an increase of 15.32% from the previous period [2] - The average number of circulating shares per shareholder is 214,145, which is a decrease of 16.86% from the previous period [2] - Major shareholders include China Securities Finance Corporation, holding 708 million shares, and several ETFs with varying reductions in shareholdings [2]

一、同意中国人寿保险股份有限公司抚顺县支公司峡河乡营销服务部将营业场所变更为：抚顺市抚顺县 峡河乡峡河村。 二、中国人寿保险股份有限公司抚顺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2日，抚顺金融监管分局发布批复称，《中国人寿（601628）保险股份有限公司抚顺分公司 关于变更抚顺县支公司峡河乡营销服务部营业场所的请示》(国寿人险抚发〔2025〕476号)材料收悉。 经审核，现批复如下： ...

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。 一、同意中国人寿财产保险股份有限公司柴桑区支公司将营业场所变更为：江西省九江市柴桑区柴桑南 路78号。 2025年11月26日，国家金融监督管理总局九江监管分局发布批复称，《关于中国人寿（601628）财产保 险股份有限公司柴桑区支公司变更营业场所的请示》（国寿财险九发〔2025〕46号)收悉。经审核，现 批复如下： ...

Core Viewpoint - The Fushun Financial Regulatory Bureau approved the request from China Life Insurance Co., Ltd. Fushun Branch to change the business location of its Hailang Township marketing service department to Xiaohailang Village, Fushun County [1] Summary by Sections - Approval of Business Location Change: The Fushun Financial Regulatory Bureau has granted approval for the relocation of the Hailang Township marketing service department to a new address in Xiaohailang Village [1] - Compliance Requirement: China Life Insurance Co., Ltd. Fushun Branch is required to complete the necessary procedures for the change and obtain a new license as per relevant regulations [1]

二、中国人寿保险股份有限公司抚顺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2日，抚顺金融监管分局发布批复称，《中国人寿（601628）保险股份有限公司抚顺分公司 关于变更河北支公司营业场所的请示》（国寿人险抚发〔2025〕478号）材料收悉。经审核，现批复如 下： 一、同意中国人寿保险股份有限公司抚顺市河北支公司将营业场所变更为：抚顺市新抚区东一路35号楼 4单元122号。 ...

Core Insights - The release of the upgraded China Earthquake Catastrophe Model 3.7 by Zhongzai Catastrophe Risk Management Co., Ltd. enhances the precision of quantifying earthquake disaster losses and provides reliable data support for insurance actuarial work, disaster prevention planning, and emergency management [1] - The recent advancements in catastrophe risk management models reflect a broader trend in the industry, with multiple models being upgraded to improve disaster risk quantification [1][2] - The implementation of the "Action Plan" by the Financial Regulatory Bureau emphasizes the importance of developing catastrophe risk models for typhoons, floods, and earthquakes as part of a comprehensive disaster prevention and mitigation strategy [2] Industry Developments - The insurance industry is increasingly focusing on proactive disaster prevention measures, as demonstrated by the development of intelligent monitoring systems that can predict agricultural risks and provide timely warnings to farmers [3] - Emergency response capabilities have been enhanced, with insurance companies actively participating in disaster management, such as directing traffic during flooding events to prevent further losses [3] - The speed of claims processing has improved significantly, exemplified by rapid compensation for damages caused by natural disasters, showcasing the industry's commitment to efficient service [4] Regulatory Framework - The "Action Plan" has led to significant advancements in establishing a multi-layered catastrophe insurance protection mechanism, including the recent approval for domestic insurance companies to issue catastrophe-linked securities in Hong Kong [5] - The issuance of catastrophe-linked securities allows for better risk distribution and enhances the resilience of the insurance industry against natural disasters [5] Overall Impact - The insurance sector's role in disaster prevention, emergency response, and loss compensation has become increasingly prominent, with a closed-loop system being developed to enhance efficiency and societal resilience [6] - The industry is transitioning from passive compensation to proactive disaster reduction, supported by technological advancements and innovative mechanisms [6] - As catastrophe insurance systems deepen and emergency service mechanisms improve, the insurance industry's function within the national emergency management framework is expected to become more robust, providing stronger protection for public safety [6]

Core Insights - China Life Insurance has developed inclusive insurance products such as critical illness insurance, long-term care insurance, city-customized commercial health insurance, tax-advantaged health insurance, tax-deferred pension insurance, exclusive commercial pension insurance, and accident insurance to provide diverse and inclusive insurance coverage for the public [1] Group 1 - China Life Insurance has participated in over 200 critical illness insurance projects and more than 140 city-customized commercial health insurance projects [1] - The company has launched its first long-term disability income loss insurance, effectively leveraging its core insurance responsibilities to safeguard the well-being of the public [1] Group 2 - China Life Property & Casualty Insurance has introduced the "Hui Jun Bao" project aimed at providing medical coverage for retired military personnel, offering risk protection to over 18.27 million veterans and their families since 2022, amounting to nearly 61 trillion yuan [1] - The "Hui Gong Bao" project has been launched for frontline workers, providing risk protection exceeding 3.8 trillion yuan to nearly 1.3 million workers and their families nationwide [1]