方正富邦吴昊：资负双端共振 保险板块基本面回暖

Core Insights - The A-share market has shown strong performance, with the insurance selective index rising by 3.51% and the insurance theme index increasing by 2.64% as of August 29 [1] - Recent half-year reports from listed insurance companies indicate significant improvements in premium income and investment returns, highlighting the "dual engine" of insurance companies [1] Group 1: Premium Income - New China Life Insurance reported a premium income of 121.26 billion yuan for the first half of 2025, a year-on-year increase of 22.7%, with first-year premium income from long-term insurance rising by 113.1% [1] - China Life Insurance collected 525.09 billion yuan in premiums in the first half of the year, equivalent to 1.44 billion yuan per day, marking a 7.3% year-on-year growth, the highest in five years [2] - China Ping An's total premium income from property insurance reached 144 billion yuan, while life and health insurance premiums totaled 301 billion yuan, amounting to 445 billion yuan in total [2] - China Pacific Insurance achieved an insurance service income of 280.25 billion yuan, with original premium income increasing by 6.4% to 2,454.63 billion yuan [2] Group 2: Investment Returns - New China Life reported an annualized total investment return rate of 5.9%, an increase of 1.1% year-on-year, benefiting from optimized equity asset structure and market opportunities [2] - China Ping An's comprehensive investment return rate was 3.1%, up by 0.3% year-on-year, while China Life adjusted its asset allocation by reducing fixed-income assets and increasing equity assets [2] - The insurance sector's price-to-earnings ratio stands at 7.94 times, which is 30.98% lower than the average over the past decade, indicating strong investment value [2]