Hua Xia Shi Bao·2025-08-12 01:13Core Viewpoint - The five major listed insurance companies in A-shares have distributed a total of 90.789 billion yuan in cash dividends for the year 2024, reflecting a year-on-year growth of 20.21%, indicating the industry's overall profitability and the increasing emphasis on investor returns under policy guidance [2][3]. Summary by Sections Dividend Distribution - The five major insurance companies have completed their dividend distributions for 2024, with a total payout of 90.789 billion yuan, marking a 20.21% increase from the previous year [2]. - New China Life Insurance's dividend plan stands out, with a cash dividend of 1.99 yuan per share, totaling 6.208 billion yuan, and a combined cash dividend of 7.893 billion yuan for 2024, showing a nearly 200% year-on-year increase [3]. - China Pacific Insurance distributed a cash dividend of 1.08 yuan per share, totaling 10.39 billion yuan, contributing to the overall dividend total of 86.318 billion yuan for the five companies [5]. Profitability and Financial Performance - The five major insurance companies reported a total investment income of 796.92 billion yuan for 2024, a year-on-year increase of 113.91%, and a net profit attributable to shareholders of 347.6 billion yuan, up 77.72% [5]. - The strong profitability provides a solid financial foundation for the increased dividends, with companies like Ping An maintaining a stable profit and market share, allowing for consistent shareholder returns [6]. Regulatory Environment and Strategic Implications - The implementation of the new "National Nine Articles" and the "Market Value Management Guidelines" has reshaped the dividend logic of insurance companies, linking dividend distributions to controlling shareholder reductions and refinancing access [2][7]. - The regulatory environment encourages companies to increase the frequency of dividends, which aligns with the policy direction and helps maintain a balance between dividend payouts and business development [2][6]. Divergence in Dividend Strategies - There is a notable divergence in dividend strategies among the five major insurance companies, with Ping An achieving a 13-year consecutive growth in dividends, while New China Life's dividends surged nearly 200% [5][6]. - The differences in dividend strategies may stem from varying short-term performance and long-term strategic positioning, with mature companies focusing on higher dividends and growth-stage companies prioritizing business expansion [6][8]. Challenges and Future Considerations - Despite the high growth in mid-term dividends, concerns about sustainability arise due to market competition and declining interest rates, which may necessitate a balance between dividends and capital adequacy [7][10]. - To transition mid-term dividends from an "encouragement policy" to a "common practice," further institutional support is needed, including tax incentives for long-term shareholders and improved profit adjustment mechanisms [9][10].