险企偿付能力分化一季度加剧：5家不达标，14家未披露

Core Insights - The insurance industry in China shows overall compliance with solvency requirements, but significant differentiation among companies is evident, with five companies flagged for inadequate solvency [2][3][4] - The solvency ratios for the industry are robust, with a comprehensive solvency adequacy ratio of 204.5% and a core solvency adequacy ratio of 146.5% as of Q1 2025, well above regulatory thresholds [3][4] - A total of 14 insurance companies have not disclosed their solvency reports for Q1 2025, raising concerns about their operational status and governance [6][7] Industry Performance - The solvency performance of over 160 insurance companies was reviewed, revealing that 56 companies achieved an A-class risk rating, while nearly 100 were rated B-class, indicating improved risk management capabilities [3][4] - Notable performers include China Life, which maintained an A-class rating for 26 consecutive quarters, with a core solvency ratio of 146.12% and a comprehensive solvency ratio of 199.34% [3][4] Underperforming Companies - Five companies, including Huahui Life and four property insurance firms, received a C-class risk rating, indicating significant operational challenges [4][5] - Huahui Life has consistently been rated C-class for over ten quarters due to governance issues and operational risks, despite having solvency ratios of 1999.59% and 2013.65%, which are exceptionally high [5] - The recent downgrade of APT Property Insurance from B-class to C-class is attributed to shareholder and governance issues [4][5] Disclosure Issues - Fourteen companies have not disclosed their solvency reports, with reasons ranging from transitional policy applications to internal adjustments and regulatory investigations [6][7] - Companies like Jun Kang Life and Shanghai Life, which have not disclosed reports for extended periods, are viewed as potential risk signals due to aggressive investment strategies [7] Industry Trends - In the context of a low-interest-rate environment, 36 companies reported a decline in solvency ratios, indicating systemic challenges within the industry [8][9] - The total capital increase across various insurance companies has exceeded 530 billion yuan in 2025, with additional capital plans in progress [9][10] - Experts suggest that insurance companies need to shift from broad expansion to refined management practices to enhance operational quality and navigate industry differentiation [10]