质效双升 监管精准发力下行业加速重塑——保险业2025年盘点

Core Viewpoint - In 2025, China's insurance industry is expected to show a development trend characterized by "steady growth in scale, optimization of structure, controllable risks, and upgraded services" driven by regulatory guidance, policy empowerment, and industry transformation [1] Group 1: Industry Growth and Financial Performance - As of the end of Q3 2025, the total assets of the insurance industry reached 40.4 trillion yuan, an increase of 4.5 trillion yuan or 12.5% from the beginning of the year [2] - The insurance companies' premium income for the first three quarters of 2025 was 5.2 trillion yuan, representing a year-on-year growth of 8.5% [3] - The net profit of five listed insurance companies in A-shares reached 561.88 billion yuan, with an average net profit of 93.65 billion yuan [4] Group 2: Solvency and Risk Management - The comprehensive solvency adequacy ratio of the insurance industry was 186.3% and the core solvency adequacy ratio was 134.3% as of the end of Q3 2025 [3][4] - The solvency ratios for property insurance companies, life insurance companies, and reinsurance companies were 240.8%, 175.5%, and 246.2% respectively [4] Group 3: Policy Developments and Strategic Shifts - In 2025, a series of policies were introduced to enhance the investment of insurance funds in equity markets and improve risk management [6][10] - The policies included adjustments to the regulatory ratios for equity assets, aimed at increasing the allocation of insurance funds to support the capital market and the real economy [8][9] - The industry is shifting from a focus on scale and interest margin to value and management-driven growth [10]