Di Yi Cai Jing Zi Xun·2025-09-03 14:44Core Insights - The insurance industry in China has shown significant improvement in new business value and comprehensive cost ratios in the first half of the year, driven by the surge in the bancassurance channel and a shift towards dividend insurance products [1][2][4]. Bancassurance Channel - The bancassurance channel experienced a remarkable recovery, with new single premium income reaching 1,525.47 billion yuan, a year-on-year increase of 76.19% [2]. - Major players like New China Life and China Life saw their new single premium income double, with growth rates of 150.3% and 111.1% respectively [2]. - The share of new single premium income from the bancassurance channel rose to 41.38%, an increase of 13.24 percentage points year-on-year [3]. New Business Value - The new business value rate for the bancassurance channel improved, with companies like China Ping An reporting a 9.7 percentage point increase to 28.6% [4]. - The average contribution of the bancassurance channel to new business value among listed insurance companies rose to 38.9%, up 8.4 percentage points year-on-year [4]. Shift to Dividend Insurance - Insurance companies have been transitioning from traditional products to dividend insurance, which has started to show results in the first half of the year [5][6]. - The proportion of dividend insurance in new single premium income has significantly increased, with companies like China Taiping reporting the highest share at 29% [6][7]. Property Insurance Sector - The comprehensive cost ratio for property insurance companies has improved, with a decrease of 0.8 to 2.6 percentage points, reaching levels around 95.2% to 96.3% for major players [8]. - The previously unprofitable new energy vehicle insurance segment has turned profitable, with China Ping An reporting a 46% increase in premium income and China Taiping indicating a significant rise in the share of new energy vehicle insurance premiums [9][10].