上半年寿险驱动保费增长5.1% 险资持续加仓股票

Core Insights - The insurance industry is experiencing a significant increase in stock investment ratios, driven by low interest rates and regulatory encouragement for long-term capital market participation [1][6][2] - Life insurance premiums have shown robust growth, with a 21% increase in June, following a 24% rise in May, indicating strong demand for insurance savings products [3][4] - The overall insurance industry reported a total premium income of 3.7 trillion yuan in the first half of 2025, reflecting a year-on-year growth of 5.1% [3][4] Investment Trends - The proportion of insurance funds allocated to stocks has risen from 6.74% at the end of last year to 8.47% this year, with stock investments increasing by 47.57% year-on-year [2][5][6] - By the end of the second quarter, the balance of stock investments reached 3 trillion yuan, marking an 8.92% increase from the previous quarter [6][5] Premium Growth - Life insurance premium growth is primarily driven by the integration of banking and insurance services, with significant contributions from bank distribution channels [3][4] - The property insurance sector also saw a premium growth rate of 5.1% in the first half of the year, with auto insurance showing a notable increase [4] Solvency and Financial Health - The solvency ratios of the insurance industry have stabilized, with the comprehensive solvency adequacy ratio at 204.5% and the core solvency adequacy ratio at 147.8% as of the end of the second quarter [8][10] - The industry has been actively increasing capital through debt issuance and capital increases, with 13 companies announcing capital plans totaling 50 billion yuan in the first half of the year [10][9]