Zhong Guo Zheng Quan Bao·2025-08-30 16:37Core Viewpoint - The performance of the five major listed insurance companies in A-shares for the first half of the year was significantly influenced by investment returns, with a notable shift towards equity assets in response to a low interest rate environment [1][2]. Investment Performance - All five major insurance companies reported growth in investment assets ranging from 5.1% to 8.2% compared to the beginning of the year [2]. - Among these, A-share investments were a key component, with China Pacific Insurance reporting a 26.1% increase in A-share investment assets, raising its proportion in total investment assets by 1.2 percentage points [2]. - The net profit growth rates for the major insurers were as follows: New China Life Insurance at 33.53%, China Pacific Insurance at 10.95%, China Life Insurance at 6.93%, and China People’s Insurance at 16.94%, while China Ping An experienced a decline of 8.81% [1]. Asset Allocation Strategy - In response to the pressure on fixed-income asset yields, insurance companies are increasingly diversifying their asset allocations, focusing on high-dividend equity assets [1][3]. - China Pacific Insurance reported a total investment yield of 2.3% and a comprehensive investment yield of 2.4%, both down by 0.4 and 0.6 percentage points year-on-year, primarily due to declines in the fair value of fixed-income assets [2]. - Companies are actively exploring alternative assets, including convertible bonds, bond funds, and REITs, to mitigate reinvestment risks in a low-interest environment [3]. Focus on High-Dividend Stocks - Several insurance companies have increased their allocation to OCI (Other Comprehensive Income) stocks, with China People’s Insurance reporting a 60.7% increase in OCI stock investments, outperforming the CSI 300 Dividend Index by 7.8 percentage points [3]. - High-dividend stocks are viewed as a stabilizing factor for overall investment returns, especially in a declining interest rate environment [3]. Growth and Value Investment - The goal of constructing equity investment portfolios includes ensuring stable cash flows and capturing opportunities for excess returns through the identification of growth-oriented targets [4]. - Companies like China Life Insurance and China People’s Insurance are focusing on sectors such as technology innovation, advanced manufacturing, and new consumption for their equity investments [4].