Nan Fang Du Shi Bao·2025-09-01 06:53Core Viewpoint - The five major listed insurance companies in A-shares have shown stable main business performance and aggressive investment strategies in the first half of 2025, reflecting a new logic in asset-liability management and injecting more certainty into the capital market [2][5]. Group 1: Financial Performance - In the first half of 2025, the five major insurance companies achieved a total net profit attributable to shareholders of 178.19 billion yuan, a year-on-year increase of 3.7% [2][4]. - The revenue of the five major insurance companies reached 1.3339 trillion yuan, with China Ping An leading at 500.08 billion yuan, followed by China Pacific Insurance at 324.01 billion yuan [3][4]. - New China Life Insurance emerged as a "dark horse" with a net profit growth of 33.5%, while China Ping An experienced a decline of 8.8% in net profit [2][4]. Group 2: Business Growth and New Strategies - The new business value of the five major insurance companies collectively exceeded 70 billion yuan, with a year-on-year growth rate generally exceeding 20% [6][8]. - The insurance industry is experiencing a steady growth trend, with the total investment balance of insurance companies surpassing 36 trillion yuan by the end of the second quarter [5][12]. - The shift towards high-quality value growth is evident as companies focus on improving the quality of their agent teams and deepening cooperation in bancassurance channels [8][12]. Group 3: Investment Performance - The total investment income of the five major insurance companies reached 367.38 billion yuan, a year-on-year increase of nearly 9% [9][10]. - The companies collectively increased their equity asset allocation, with a total increase of 411.9 billion yuan in stocks, raising the stock balance to 1.85 trillion yuan [9][10]. - Investment returns varied among companies, with China Ping An achieving a non-annualized comprehensive investment return rate of 3.1%, while New China Life reported a total investment return rate of 5.9% [10][11]. Group 4: Dividend Distribution - Four of the five major insurance companies announced mid-term dividend plans, with a total proposed cash distribution of 29.336 billion yuan [11]. - New China Life's mid-term cash dividend per share increased by 24% compared to the previous year, reflecting a commitment to returning value to shareholders [11]. Group 5: Future Outlook - The insurance companies are expected to benefit from channel reforms and the popularity of value-oriented products, which may enhance performance in the second half of the year [12]. - The combination of asset and liability strategies is anticipated to support overall performance, with insurance capital providing long-term funding to the capital market [12].