38万亿险资调仓：固收打底但增配放缓，股票占比创近年新高

Core Viewpoint - The insurance asset allocation is gradually shifting from a focus on fixed income to a more diversified structure that includes equities and alternative investments, supported by steady growth in premium income on the liability side [1][3]. Group 1: Asset Allocation Overview - As of the end of Q4 2025, the total balance of insurance funds reached 38 trillion yuan, marking a 15.7% increase from the beginning of the year, the highest annual growth rate since 2021 [1]. - Life insurance companies accounted for approximately 90.1% of the total insurance fund balance, with a balance of 34.66 trillion yuan, growing by 15.73% year-on-year [1][2]. - Property insurance companies had a fund balance of 2.42 trillion yuan, representing an 8.78% increase, making up about 6.27% of the total [1][2]. Group 2: Fixed Income and Equity Investments - Bonds remain a crucial component of insurance companies' portfolios, with a combined bond investment balance of approximately 18.7 trillion yuan, accounting for 48.6% of total fund utilization, a slight increase of 0.7 percentage points from the beginning of the year [3]. - The average yield of 10-year government bonds in 2025 decreased by about 40 basis points compared to 2024, leading to a slowdown in the pace of long-term bond allocation by insurers [3]. - The proportion of equity investments in the insurance fund balance reached a near four-year high, with stocks accounting for approximately 9.68% of total assets, a net increase of 1.31 trillion yuan over the year [5][6]. Group 3: Future Outlook and Trends - Insurance capital is expected to continue increasing its allocation to equity assets in 2026, driven by policy support and liability-side factors, positioning it as a significant incremental force in the market [7][8]. - A survey indicated that most insurance institutions are optimistic about the A-share market in 2026, particularly favoring sectors such as electronics, non-ferrous metals, and pharmaceuticals [10]. - The majority of insurance institutions plan to slightly increase their allocations to A-shares and public funds, with a focus on stock-type funds and mixed equity funds [10].