Huan Qiu Wang·2025-08-29 03:03Core Insights - The five major listed insurance companies in A-shares reported a total net profit of 178.19 billion yuan for the first half of 2025, reflecting a year-on-year growth of 3.7% despite a complex market environment [1] Group 1: Underwriting Performance - Life insurance business emerged as the core driver of growth, with China Life's new business value reaching 28.55 billion yuan, up 20.3% year-on-year [3] - China Ping An's new business value in life and health insurance grew by 39.8%, with agent productivity increasing by 21.6% [3] - New business value for New China Life surged by 58.4%, with first-year premium income for long-term insurance rising by 64.9% [3] - China Pacific Insurance improved its new business value rate by 0.4 percentage points through growth in dividend insurance premium [3] - The comprehensive cost ratio for major property insurance companies improved, with China Property Insurance's ratio dropping to 95.3%, the best in nearly a decade [3] Group 2: Investment Performance - Insurance companies increased their equity market allocations in response to a low interest rate environment, with China Life's equity scale increasing by over 150 billion yuan since the beginning of the year [4] - China Ping An's stock book value ratio rose to 10.5%, with a year-on-year increase in comprehensive investment return rate of 24.5% [4] - New China Life achieved an annualized total investment return rate of 5.9%, with high-dividend OCI equity investments growing by 6.83 billion yuan [4] - China Property Insurance reported a 26.1% growth in A-share investment scale, focusing on new productive forces and high-dividend assets [4] Group 3: Dividend Distribution - Four major insurance companies announced mid-term dividend plans, with China Ping An proposing a cash dividend of 0.95 yuan per share, totaling 17.20 billion yuan [5] - China Life plans to distribute 0.238 yuan per share, amounting to 6.73 billion yuan [5] - China Property Insurance will distribute 0.75 yuan per 10 shares, totaling 3.32 billion yuan [5] - New China Life's dividend is set at 0.67 yuan per share, approximately 2.09 billion yuan in total [5] - The insurance industry is experiencing a "volume and quality rise" through optimized business structures and enhanced cost control, alongside deepened equity investment reforms [5]