173家险企前三季度平均投资收益率为3.27%

Core Viewpoint - Insurance institutions have reported strong investment performance in the first three quarters of the year, attributed to a recovering equity market and declining long-term bond yields, leading to improved valuations [1][3]. Group 1: Investment Performance - As of November 11, 173 insurance institutions disclosed their financial investment returns, with the highest return at 22.77% and the lowest at -0.31%. A total of 91 institutions achieved returns of 3% or higher, while only one institution reported a negative return [1][2]. - The average investment return for the 173 insurance institutions was 3.27%, with a median of 3.04%. The highest return was from Fubon Property Insurance at 22.77%, and the lowest was from AXA Global Re (Shanghai) at -0.31% [2]. - Among life insurance companies, 72 reported an average return of 3.74% and a median of 3.28%. The highest return was from Junlong Life Insurance at 12.21%, while the lowest was from Aixin Life Insurance at 1.96% [2]. - For property and casualty insurance companies, 86 reported an average return of 3.05% and a median of 3.06%. Fubon Property Insurance had the highest return at 22.77%, and Suzhou Dongwu Property Insurance had the lowest at 0.19% [2]. Group 2: Reinsurance Performance - 15 reinsurance companies reported an average investment return of 2.28% and a median of 2.75%. The highest return was from China Property Reinsurance at 3.98%, while AXA Global Re (Shanghai) had the lowest at -0.31% [3]. Group 3: Asset Allocation Strategies - Insurance companies have increased their allocation to equity assets through various methods, including establishing private equity investment funds and increasing stock investments. As of the second quarter of 2025, the balance of funds allocated to stocks was 3.07 trillion yuan, accounting for 8.5% of total investments, showing an increase from the previous year [4]. - Since August, at least three private equity funds involving insurance capital have been established, with 10 insurance institutions participating in fund setups. In the third quarter, financial institutions contributed a total of 43.4 billion yuan to private equity funds, with insurance institutions contributing the highest amount of 18.3 billion yuan [4]. - In the first half of the year, insurance asset management institutions registered 11 equity investment plans, an increase of 6 plans year-on-year, with a total registered scale of 26.8 billion yuan, up 188% [4]. Group 4: Reasons for Increased Equity Investment - The increase in equity asset allocation by insurance capital is driven by several factors: declining yields on traditional fixed-income assets, regulatory encouragement for insurance capital to leverage long-term advantages, and the alignment of certain equity asset characteristics with the long-term liabilities of insurance companies [5]. - The diversification of equity investment forms has created a more flexible asset allocation framework for insurance capital, allowing for stable dividends and industry synergy through long-term equity investments, while increasing stock allocations enhances liquidity [5][6].