泰康养老偿付能力五连涨至 254% 低利率时代下如何“稳”字当头？

Core Viewpoint - The insurance industry in China is facing dual pressure from declining long-term interest rates and regulatory constraints, leading to a heightened focus on solvency as a key indicator of financial health and operational stability [1][2]. Group 1: Regulatory Environment - The implementation of the "Second Generation Solvency II" rules has made solvency ratios and risk comprehensive ratings the "gold standard" for assessing insurance companies' risk management capabilities [2]. - Insurance companies are encouraged to enhance solvency through internal governance optimization, risk management strengthening, and business structure adjustments rather than relying solely on external financing [1]. Group 2: Company Performance - TaiKang Pension achieved a comprehensive solvency adequacy ratio of 254.20% and a core solvency adequacy ratio of 156.55% by Q2 2025, both indicators showing continuous growth over five consecutive quarters [1]. - As of Q1 2025, the average solvency adequacy ratio for life insurance companies was 196.6%, with a core solvency adequacy ratio of 132.8%, indicating that TaiKang Pension is performing above regulatory benchmarks [1]. Group 3: Financial Metrics - In H1 2025, TaiKang Pension's total assets exceeded 140 billion, with a net profit of 422 million, reflecting significant year-on-year growth [2]. - The new business value of commercial annuities increased to 67.90%, while standard premium income accounted for 76.10%, with future policy surplus growing by 10.5% year-on-year [2]. Group 4: Claims and Service Efficiency - TaiKang Pension served 1.108 million claim clients in H1 2025, with total claims amounting to 4.25 billion, achieving a daily average payout of 25.58 million and a claim approval rate of 99.9% [2]. - The average claim processing time was 1.6 days, with 87.2% of claims processed through self-service, demonstrating the effectiveness of digital and intelligent systems in enhancing service efficiency [3]. Group 5: Industry Insights - Analysts note that TaiKang Pension's experience in optimizing business structure, strengthening asset-liability matching, and improving investment efficiency serves as a reference model for the industry amid low interest rates and stringent regulations [3]. - The ongoing challenge for the insurance industry will be to balance risk management with business expansion while enhancing long-term investment returns [3].