Zheng Quan Shi Bao·2025-09-01 18:45Core Viewpoint - The property insurance industry has made initial progress in "anti-involution," leading to a significant decrease in comprehensive cost ratios among major listed insurance companies, particularly in auto insurance [1][3]. Group 1: Industry Performance - The comprehensive cost ratios of the three major property insurance companies have significantly decreased, with auto insurance expense ratios showing notable declines [1][3]. - China Pacific Insurance, Ping An Property & Casualty, and People’s Insurance Company of China all reported substantial growth in underwriting profits, with comprehensive cost ratios below 100%, indicating profitability [3]. - Specifically, People’s Insurance Company achieved an underwriting profit of 11.699 billion yuan, a year-on-year increase of 53.5%, with a comprehensive cost ratio of 95.3%, the best level in nearly a decade [3]. - Ping An Property & Casualty's underwriting profit surged by 125.9% to 7.978 billion yuan, with a comprehensive cost ratio of 95.2%, improving by 2.6 percentage points year-on-year [3]. - China Pacific Insurance reported an underwriting profit of 3.550 billion yuan, a year-on-year increase of 30.9%, with a comprehensive cost ratio of 96.3%, down 0.8 percentage points [3]. Group 2: Cost Ratio Optimization - The optimization of comprehensive cost ratios is attributed to a decrease in expense ratios, with People’s Insurance Company benefiting from expense reductions, while Ping An and China Pacific achieved improvements through both claims and expense ratio reductions [3][4]. - Ping An's report highlighted that the decline in cost ratios was primarily due to optimized auto insurance expenses and the turnaround of guarantee insurance [4]. - The implementation of the "reporting and execution consistency" reform in auto insurance has effectively regulated market order, contributing to the reduction in comprehensive cost ratios [4]. Group 3: Future Outlook - The non-auto insurance sector is expected to implement the "reporting and execution consistency" policy, which is anticipated to positively impact financial performance in 2025 and significantly improve results in 2026 [5]. - The industry is expected to shift focus from price competition to product, service, and technological innovation, promoting high-quality development [6]. - The long-term execution of the "reporting and execution consistency" policy is projected to help the industry return to its core insurance functions, enhancing risk assessment and management services [6].