2025年保险业成绩单出炉：人身险撑起增长大旗，非车险占比持续提升

Core Insights - The insurance industry in China is projected to reach total assets of 41 trillion yuan and total premium income exceeding 6 trillion yuan by the end of 2025, with a year-on-year growth of 7.4% [1] - Life insurance premiums are the main driver of this growth, with a significant increase of approximately 9% [1][2] Life Insurance Growth - The original premium income for life insurance companies is expected to be 4.36 trillion yuan in 2025, marking an 8.9% year-on-year increase, making it the primary contributor to overall premium growth [2] - The growth in life insurance premiums is primarily driven by strong savings demand, particularly in new and renewal premiums [4] - Life insurance premiums saw an 11.4% increase, while demand for accident and health insurance products remains weak, indicating a lack of customer interest in protection-type products [4] Quarterly Performance - In Q4 2025, the original premium scale for life insurance companies reached 519.1 billion yuan, showing a modest year-on-year growth of 0.3%, but a significant decline of 24.7 percentage points compared to Q3 [4] - December 2025 saw a recovery in life insurance premiums, with a year-on-year growth of 6.0%, attributed to insurance companies striving to meet annual business targets [4] Distribution Channels - The growth of life insurance continues to be driven by the bancassurance channel, which has outperformed the individual agent channel significantly [5] - For instance, China Pacific Insurance reported a 0.7% decline in premiums from the agent channel, while the bancassurance channel experienced a 42% increase [5] - The rise of the bancassurance channel is partly due to the expansion of cooperative network points and the strategic focus of major insurance companies on this channel [5] Property Insurance Performance - In 2025, property insurance companies are expected to report a cumulative original premium income of 1.76 trillion yuan, reflecting a 3.9% year-on-year growth, although this is a decline in growth rate compared to 2024 [6] - The original premium income from auto insurance and non-auto insurance is projected to be 940.9 billion yuan and 816.1 billion yuan, respectively, with year-on-year growth rates of 3.0% and 5.0% [6] Auto Insurance Insights - Auto insurance premiums grew by 3.0% in 2025, with a slight decline of 0.7% in Q4, although December saw a recovery with a 2.2% year-on-year increase [8] - The growth in December is attributed to a stabilization in average premiums per vehicle, despite fluctuations in the number of insured vehicles due to new car sales [8] - The increasing penetration of new energy vehicles, which have higher average premiums than traditional fuel vehicles, is expected to further drive auto insurance premium growth [8] Non-Auto Insurance Trends - Non-auto insurance, particularly agricultural insurance and health insurance, is expected to be a core growth driver, with year-on-year growth rates of 4.8% and 11.3%, respectively [8] - Significant fluctuations were observed in December for various non-auto insurance products, with agricultural insurance seeing a dramatic increase of over 190% [9]