联合资信-保险行业季度观察报（2025年第1期）-251013

Core Insights - The insurance industry in China is expected to maintain a stable competitive landscape in the first half of 2025, with significant head effects among leading companies [1] - Premium income from life insurance companies continues to grow, driven primarily by life insurance business, while property insurance companies also see growth due to rising car insurance revenue and rapid growth in health insurance [1] - Investment income has decreased compared to the previous year due to fluctuations in bond rates and underperformance in equity markets, despite an increase in the scale of funds utilized by insurance companies [1][3] - The overall solvency of the industry has improved, with a decrease in the number of companies failing to meet solvency standards, although capital market fluctuations may impact solvency [1][3] Industry Outlook - The insurance industry is expected to continue its steady growth driven by policy support and market demand, with improvements in operational efficiency and service quality through digital transformation and specialized channel development [2] - Life insurance business is anticipated to expand further, and the proportion of non-auto insurance revenue may continue to rise [2] - The total investment income scale is likely to grow as the scale of usable funds increases, although investment income may remain volatile due to capital market fluctuations [2] - Regulatory policies are expected to deepen, optimizing business structures and enhancing risk management and innovation capabilities within insurance companies [2][4] Key Focus Areas - Regulatory bodies maintain a strong regulatory stance, with an increasing focus on insurance-related policies, necessitating attention to the impact of these regulations on the industry [3] - Premium income growth for life insurance companies has slowed due to lower preset interest rates and reforms in personal marketing systems, indicating a need for ongoing monitoring of premium income changes [3] - Property insurance premium income remains positive due to increased passenger car sales and heightened public awareness of insurance, but uncertainties in macroeconomic recovery may affect consumer income and spending expectations [3] - The balance of funds utilized by insurance companies continues to grow, but overall investment income has declined due to lower bond rates and underperforming equity markets, highlighting the need to monitor future investment performance [3] - As of June 2025, solvency indicators for insurance companies have improved, with a reduction in the number of companies not meeting solvency standards, but ongoing capital consumption raises concerns about solvency metrics and capital replenishment pressures [3]