“反内卷”初见成效，车险业务受益

Core 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][4]. Group 1: Industry Performance - Major listed insurance companies reported substantial growth in underwriting profits in the first half of the year, with China Pacific Insurance, Ping An Insurance, and PICC achieving notable improvements [3]. - The comprehensive cost ratios for Ping An Insurance and PICC fell below 96%, marking a significant improvement in operational efficiency [3]. - Specifically, PICC 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 a decade [3]. - Ping An Insurance reported an underwriting profit of 7.978 billion yuan, a year-on-year increase of 125.9%, with a comprehensive cost ratio of 95.2%, improving by 2.6 percentage points [3]. - China Pacific Insurance recorded an underwriting profit of 3.55 billion yuan, a year-on-year increase of 30.9%, with a comprehensive cost ratio of 96.3%, down by 0.8 percentage points [3]. Group 2: Cost Ratio Optimization - The optimization of comprehensive cost ratios is attributed to a decrease in expense ratios for PICC, while Ping An Insurance and China Pacific Insurance benefited from reductions in both claims and expense ratios [3][4]. - The implementation of the "reporting and execution" reform in auto insurance has been a key factor in reducing costs, ensuring that actual expense rates align with reported rates [4]. - The auto insurance comprehensive cost ratio for PICC was 94.2%, down 2.2 percentage points year-on-year, with an 18.2 percentage point decrease in expense ratios since the end of 2020 [4]. Group 3: Future Outlook - The non-auto insurance "reporting and execution" policy is expected to be implemented in the fourth quarter, which could positively impact the profitability of non-auto insurance by 2025 [5][6]. - The anticipated policy aims to establish fair and reasonable premium rates, enforce compliance with approved insurance terms, and ensure proper issuance of policies [5]. - If effectively implemented, the non-auto insurance "reporting and execution" policy will guide the industry back to its core functions, promoting rational competition and improving underwriting capabilities [6][7]. Group 4: Industry Transformation - The "anti-involution" trend is expected to create a more stable pricing basis for property insurance and foster rational market order [7]. - This shift will encourage insurance companies to focus on product development, service enhancement, and technological innovation rather than price competition [7]. - Long-term, the successful execution of the non-auto insurance policy will help the industry better assess risks and enhance its role as an economic stabilizer and social stabilizer, contributing to high-quality economic development [7].