保险行业中期业绩前瞻：负债端与资产端有望迎来双重优化

Liability Side - The insurance industry has seen initial success in product transformation, with the proportion of participating insurance in new business increasing, thereby improving the quality of the liability structure [2] - In the first quarter, the original insurance premium income for life insurance companies was approximately 1.66 trillion yuan, a year-on-year decrease of 0.3%, with life insurance premium income down nearly 1% [2] - The new business value rate has generally improved due to optimized product structures and channel strategies, particularly in the bancassurance channel, leading to rapid growth in comparable new business value [2][3] Asset Side - The proportion of equity investments has continued to rise, with bond allocation exceeding 51% in the first quarter, marking a new high [4] - Insurers are expected to continue increasing equity asset allocation to enhance investment returns, particularly in high-dividend stocks and sectors like AI and renewable energy [4][5] - The overall investment strategy is shifting towards long-duration bonds to stabilize investment returns while increasing equity positions for greater return elasticity [4] Market Outlook - The proportion of participating insurance is expected to increase further, with a focus on improving channel quality [3] - The overall premium income is anticipated to maintain steady growth, supported by renewal premiums despite pressure on new business [3] - The insurance industry is expected to pursue stability while seeking progress through product optimization, channel efficiency enhancement, and increased equity investments [5]