前11月成绩出炉 保险业如何开启“下一站”

Core Insights - The insurance industry in China reported a total original insurance premium income of 5.76 trillion yuan for the first 11 months of 2025, reflecting a year-on-year growth of 7.56% on a comparable basis [1] - The life insurance sector has shown a notable decline in premium growth, particularly in November, where the original premium income was 154.8 billion yuan, a decrease of 2.4% year-on-year [2] - The property insurance sector maintained stable growth, with premium income reaching 1.62 trillion yuan, a year-on-year increase of 3.88% [4] Life Insurance Sector - The original premium income for life insurance reached 4.42 trillion yuan, with a year-on-year growth of 9.2% [2] - The decline in November's premium income is attributed to the adjustment of the preset interest rate, which was set at 1.99% as of July 25, leading to a reduction in the maximum preset interest rates for new products [2] - Insurance companies are adapting to the new interest rate environment by adjusting product strategies and enhancing distribution channels, which has helped mitigate the impact of the interest rate cuts [3] Property Insurance Sector - The property insurance sector's premium income was composed of 52% from auto insurance and 48% from non-auto insurance [4] - The growth of the property insurance sector is expected to be influenced by the penetration of new energy vehicles and the implementation of the "reporting and operation in one" policy for non-auto insurance [4] - The forecast for 2026 indicates a stable growth rate of 3% to 5% for property insurance premiums, driven by the increasing penetration of new energy vehicles and reforms in insurance rates [4][5] Regulatory Environment - The implementation of the "reporting and operation in one" policy is expected to lead to a more regulated and competitive market for non-auto insurance, promoting better pricing and service quality [5] - This policy aims to guide insurance companies in product development and usage, enhancing the overall market structure and profitability in the long term [5]