智通财经网·2025-08-17 07:33Core Viewpoint - The insurance industry is experiencing significant growth in fund utilization, driven by policy guidance and investment environment changes, with a notable increase in equity investments and a stable bond allocation structure [1][2][3]. Fund Utilization Overview - As of the end of Q2 2025, the total fund utilization of insurance companies reached 36.23 trillion, marking an 8.9% increase from the beginning of the year and a 3.7% increase from Q1 [2]. - The balance of life insurance companies' fund utilization was 32.60 trillion, also up 8.9% year-to-date, while property insurance companies held 2.35 trillion, a 5.7% increase [2]. - In H1 2025, the net increase in fund utilization was 2.98 trillion, with Q2 alone contributing 1.30 trillion, influenced by premium growth and asset value appreciation [2]. Investment Allocation - The bond balance reached 17.87 trillion, with a net increase of 1.94 trillion in H1, and Q2 saw a net increase of 896.1 billion, pushing the bond allocation to 51.1%, the highest in recent years [3]. - Bank deposits totaled 3.02 trillion, with a net increase of 111.3 billion in H1, while other investments (mainly non-standard) decreased by 1.87 trillion [3]. - The allocation to bank deposits and non-standard investments has reached new lows, attributed to declining asset yields and new accounting standards [3]. Equity Investment Trends - Regulatory measures are accelerating the long-term entry of insurance funds into the stock market, with equity allocation reaching a new high [4]. - In April, the regulatory authority adjusted the equity asset allocation ratio for insurance funds, increasing it by 5% for certain solvency levels [4]. - By mid-2025, the total approved amount for long-term investment trials by insurance funds reached 222 billion, indicating a strong push for stable long-term investments [4]. Recent Market Activity - Insurance companies have been actively increasing their stakes in other firms, with 27 instances of stake increases reported in 2025, surpassing the total for the previous year [10]. - The focus of these investments has been on high-dividend sectors such as banks and public utilities, reflecting a strategic shift towards stable returns [10]. - The recent stake increases by China Ping An in China Pacific Insurance and China Life demonstrate confidence in the recovery and long-term value of the insurance sector [10].