改道分红险、股市买买买 五大险企上半年谋“财路”

Core Viewpoint - The insurance industry in A-shares has shown significant growth in new business value through bank insurance channels in the first half of 2025, with a notable shift towards dividend insurance as a primary product, driven by regulatory changes and market conditions [1][5][7]. Financial Performance - Among the five listed insurance companies, four reported an increase in net profit, with New China Life Insurance leading at a growth rate of 33.5%, while China Ping An experienced a decline of 8.8% in net profit [2][3]. - The total dividend payout from four companies approached 30 billion yuan, with China Ping An contributing the highest at approximately 17.2 billion yuan [3]. Business Channel Trends - The bank insurance channel has seen a surge in business volume, with China Life's total premium from this channel reaching 72.44 billion yuan, a year-on-year increase of 45.7% [4][5]. - New business value from bank insurance channels has surpassed that of individual insurance channels for some companies, indicating a strategic shift in focus [4][6]. Product Development - Dividend insurance has emerged as a key product, with significant growth in new premium income, particularly in the individual insurance channel, where it now accounts for over 50% of new business [7][8]. - The low interest rate environment has contributed to the rise of dividend insurance, which offers both risk protection and potential profit sharing for policyholders [8][9]. Investment Strategies - Insurance companies have increased their stock market investments, with China Ping An's stock investment proportion rising to 10.5%, reflecting a broader industry trend towards equities [10][11]. - Despite the increase in stock investments, some companies reported a decline in overall investment returns, highlighting the challenges of matching asset and liability durations in a low-interest-rate environment [12]. Market Outlook - Executives from various insurance companies expressed optimism about the stock market's performance in the second half of 2025, citing reasonable valuations and potential investment opportunities in sectors like technology and consumer goods [13].