保险Ⅱ行业：准则变化下的保险公司经营大变革（一）：新会计准则联动实施影响

Industry Investment Rating - The report recommends a "Buy" rating for several major insurance companies, including China Pacific Insurance (A/H), China Property & Casualty Insurance (H), China Life Insurance (A/H), and Ping An Insurance (A/H) [1] Core Views - The implementation of new accounting standards (IFRS 9 and IFRS 17) has significantly impacted the insurance industry, leading to increased profit volatility and reduced revenue scale [1] - The new standards have brought about major changes in the classification of financial assets and the measurement of insurance contract liabilities, affecting both the asset and liability sides of insurance companies [1] - The transition to the new standards has been smoother for listed companies, with non-listed companies expected to implement the standards by 2026 [1] IFRS 9 - Asset Reclassification and Profit Volatility - Financial assets are now classified into three categories (AC, FVOCI, FVTPL) instead of four, leading to a significant increase in FVTPL assets, which are more sensitive to market fluctuations [12][13] - The proportion of FVTPL assets has risen sharply, with companies like China Life, Ping An, and China Pacific seeing FVTPL ratios of 30.1%, 23.6%, and 25.8% respectively in 2023 [14] - The new classification has increased profit volatility, as changes in the fair value of FVTPL assets directly impact the income statement [16] IFRS 9 - Impairment Model Changes - The shift from the incurred loss model to the expected credit loss (ECL) model under IFRS 9 has led to more prudent asset allocation, with insurers focusing on lower-risk assets [18] - The ECL model requires insurers to recognize credit losses earlier, which has led to stricter asset quality reviews and a preference for low-risk investments [18] IFRS 17 - Insurance Contract Liability Measurement - IFRS 17 has introduced significant changes in the measurement of insurance contract liabilities, with a focus on better matching assets and liabilities [24] - The new standard has redefined insurance contracts, leading to a significant reduction in reported revenue, particularly for life insurance companies, due to the exclusion of investment components [25] - The introduction of the Contractual Service Margin (CSM) under IFRS 17 allows for the absorption of non-economic assumption changes, helping to smooth profit volatility [34] IFRS 17 - Financial Statement Changes - The new standard has simplified the balance sheet by consolidating various reserve accounts into a single insurance contract liability category [49] - The income statement now separates insurance service performance and investment performance, providing clearer insights into the sources of profit [49] Investment Recommendations - The report highlights that listed companies have successfully transitioned to the new accounting standards and recommends investing in major insurers like China Pacific, China Property & Casualty, China Life, and Ping An [1] Industry Impact - The new standards have led to increased profit volatility and reduced revenue scale, but the intrinsic value assessment logic, product strategies, and solvency systems remain unchanged [1] - The implementation of IFRS 9 and IFRS 17 has brought about a significant transformation in the insurance industry, with a focus on higher-quality development [9]