Jing Ji Guan Cha Bao·2025-05-02 02:41Core Viewpoint - The insurance industry in China is experiencing stagnant growth in premium income for the first quarter of 2025, raising concerns among industry professionals about the effectiveness of the "opening red" strategy for the year [1] Industry Overview - The total premium income for the life insurance sector in Q1 2025 reached 1.79 trillion yuan, a slight increase of 0.24% year-on-year, with life insurance premiums at 1.38 trillion yuan, down 0.99%, and health insurance premiums at 378.2 billion yuan, up 4.80% [3] Company Performance - New China Life Insurance Co. and China Pacific Insurance Group were the only two listed insurers to report positive growth in new single premiums in Q1 2025 [1] - New China Life achieved a premium income of 73.218 billion yuan, a year-on-year increase of 28.00%, with first-year premiums for long-term insurance rising by 149.60% [4] - China Life Insurance reported total premiums of 354.409 billion yuan, a 5.00% increase, but new single premiums fell by 4.50% [4] - China Pacific's life insurance segment reported a premium income of 118.422 billion yuan, an 11.80% increase, with new business value growing by 11.30% [5] - China Ping An's new business value for life and health insurance reached 12.891 billion yuan, a 34.90% increase, despite a 19.50% decline in first-year premiums [5] Distribution Channels - The bancassurance channel has become a significant driver for premium growth among listed insurers in Q1 2025, with notable increases in new business value [2][6] - In Q1 2025, the new business value from the bancassurance channel for China Ping An grew by 170.80%, while China Pacific's bancassurance channel premiums increased by 107.80% [7] Investment Performance - The performance of listed insurers in Q1 2025 showed significant divergence, with China Ping An's net profit declining by 26.41% and China Pacific's by 18.1% [9] - China Life reported a net profit increase of 39.50%, attributed to improved asset-liability management [9] - New China Life experienced a 19.00% increase in net profit, while China Insurance reported a 43.40% increase [9] - Investment returns varied, with China Ping An and China Pacific reporting non-annualized investment returns of 0.90% and 0.80%, respectively [10] - China Life and New China Life reported annualized investment returns of 2.75% and 5.70%, respectively [10]