Jin Rong Shi Bao·2025-05-08 02:04Core Viewpoint - The overall economic operation in China is stable with progress in high-quality development, but external environments are increasingly complex and challenging for investment management [1] Investment Performance of Insurance Companies - As of the first quarter of 2025, five listed insurance companies in China reported a steady growth in investment assets, with varying investment yield performance due to capital market fluctuations [1] - China Life's investment assets reached 68,191.73 billion yuan, a 3.1% increase from the end of 2024, with total investment income of 537.67 billion yuan and an investment yield of 2.75% [1] - Ping An Insurance's investment portfolio exceeded 5.92 trillion yuan, growing by 3.3%, with a non-annualized comprehensive investment yield of 1.3%, up by 0.2% year-on-year [1] - China Pacific Insurance's investment assets were 28,102.08 billion yuan, a 2.8% increase, with a net investment yield of 0.8%, unchanged year-on-year, and a total investment yield of 1.0%, down by 0.3% [1] - New China Life's investment assets were 16,876.97 billion yuan, with an annualized total investment yield of 5.7% and an annualized comprehensive investment yield of 2.8% [1] - China Re did not provide specific investment details [1] Investment Strategies - China Life emphasizes long-term asset allocation management, focusing on fixed income investments and balanced equity investments for long-term growth [2] - Ping An actively responds to interest rate risks by adjusting its bond investments and increasing allocations in value and technology growth equities, while diversifying into alternative assets [3] - China Pacific focuses on long-term fixed income assets and actively manages equity investments to enhance performance [3] Market Trends and Regulatory Changes - Excluding China Re, the total investment assets of listed insurance companies grew by 3.2%, with New China Life showing the fastest growth at 3.6% [4] - The overall investment yield for most insurance companies declined, attributed to rising interest rates and falling bond markets [4] - In April, the Financial Regulatory Authority announced an increase in the upper limit for equity asset allocation, which is expected to optimize insurance fund asset allocation and provide more options for investment [4] - The new dynamic pricing mechanism for insurance products is anticipated to enhance the connection between assets and liabilities, leading to better duration matching and risk mitigation [4]