Zheng Quan Shi Bao·2025-12-29 19:13Core Insights - The insurance industry in China has achieved record high asset levels and profitability in 2025, driven by practical reforms and a focus on rational management [1][2]. Group 1: Industry Growth and Performance - By the end of October 2025, China's insurance industry total assets reached 40.59 trillion yuan, an increase of 4.68 trillion yuan from the beginning of the year, marking a growth rate of 13.03% [2]. - The total assets of the insurance industry have seen double-digit growth since 2023, primarily due to increased premium income, cost optimization, enhanced capital replenishment, and improved asset allocation [2]. - The combined market capitalization of five listed insurance companies in A-shares exceeded 3.3 trillion yuan, with a growth of over 700 billion yuan, reflecting a nearly 30% increase [3]. Group 2: Profitability and Financial Health - In the first three quarters of 2025, the five listed insurance companies achieved a total net profit of 426 billion yuan, a year-on-year increase of 33.5%, setting a historical high [4]. - The insurance sector's balance sheet has entered a phase of healthy expansion, benefiting from low interest rates and strong sales of main products like dividend insurance [4]. Group 3: Regulatory and Structural Reforms - The dynamic adjustment mechanism for insurance product preset rates was officially launched in 2025, with preset rates decreasing from 2.34% at the beginning of the year to 1.90% by the end of the year [10][11]. - The introduction of the fourth life table in October 2025 will impact insurance product pricing, reflecting changes in population structure and mortality rates [15][16]. Group 4: Market Strategies and Innovations - The insurance industry is increasingly focusing on dividend insurance products, which now account for nearly half of new life insurance products launched after September 2025 [13]. - The commercial health insurance innovation drug directory was released in December 2025, marking a significant step in clarifying the boundaries between basic medical insurance and commercial health insurance [17][18]. Group 5: Investment Trends - Insurance capital has accelerated its entry into the market, with equity asset allocation reaching historical highs, and the stock and fund allocation balance reaching 5.59 trillion yuan, a 35.92% increase from the previous year [8][9]. - The "long money, long investment" strategy has gained traction, with regulatory changes encouraging insurance funds to focus on long-term investments [7].