37.46万亿险资投向哪里？

Core Insights - The total balance of insurance funds reached 37.46 trillion yuan by the end of Q3 2025, marking a 12.6% increase from the beginning of the year and a 3.4% increase from mid-year [1] - The growth in insurance fund utilization is primarily driven by a sustained increase in premium income, with expectations of double-digit growth for the entire year [2] Asset Allocation - Bonds remain the cornerstone of insurance asset allocation, with a total investment of 18.18 trillion yuan in bonds by the end of Q3 2025, up 14.1% from 15.92 trillion yuan at the beginning of the year [3] - The proportion of bonds in the total asset allocation slightly decreased from 49.3% at the end of Q2 to 48.5% by the end of Q3 [3] - Investments in bank deposits also saw a slight decline, with balances of 2.49 trillion yuan for life insurance and 374.2 billion yuan for property insurance, representing 7.4% and 15.7% of their respective total assets [3] - Investments in stocks and securities increased significantly, reaching a total of 5.59 trillion yuan, a 36.2% increase from 4.11 trillion yuan at the beginning of the year, raising its share from 12.3% to 14.9% [3] Factors Driving Equity Investment - The substantial increase in equity investments is attributed to multiple factors, including ongoing policy guidance, the need for insurance companies to enhance returns through stable equity assets, and a gradually improving capital market [4] - In January 2025, a joint initiative by six departments aimed to encourage long-term funds, including insurance capital, to enter the market, emphasizing the need to increase A-share investment ratios [4] - Regulatory adjustments in April raised the upper limit for equity asset allocation, further expanding investment opportunities [4] - The Ministry of Finance's July notice aimed to strengthen long-term investment by state-owned insurance companies, adjusting performance evaluation metrics to include multi-year indicators [4] Future Outlook - There is a general consensus that with increased policy support and a favorable market environment, the proportion of insurance capital invested in stocks is expected to rise further [5]