保险业季度观察报(2024年第2期)

Investment Rating - The report indicates a stable investment outlook for the insurance industry, with a focus on high-quality development and risk prevention [3][29]. Core Insights - The competitive landscape of China's insurance industry remains stable, with significant head effects among leading companies. Life insurance companies have shown good premium income growth, while non-auto insurance business has also contributed to the growth of property insurance companies. However, the overall claims expenditure level is rising rapidly, necessitating attention to the claims pressure and profitability for the year [3][4][29]. - The industry is experiencing a continuous increase in the scale of fund utilization, with a slight recovery in comprehensive investment returns. However, under a low-interest-rate environment, there are still asset allocation pressures and risks related to interest rate spreads. The future investment returns of insurance companies need to be closely monitored due to uncertainties in global economic development [3][4][29]. - The overall solvency of the industry remains at a relatively sufficient level, with a decrease in the number of companies not meeting solvency standards compared to the previous quarter. However, fluctuations in the capital market may impact the solvency of insurance companies, and attention should be paid to changes in solvency indicators and capital replenishment pressures [3][5][29]. Summary by Sections Premium Income and Claims Expenditure - In the first half of 2024, life insurance companies achieved a premium income of 26,291 billion yuan, a year-on-year increase of 12.95%. The growth was primarily driven by life insurance business, with health insurance and accident insurance showing varied performance [13][14]. - Claims expenditure for life insurance companies reached 7,063 billion yuan, a significant increase of 60.69% year-on-year, indicating a growing operational pressure [13][14]. Investment and Asset Management - As of June 2024, the total investment balance of the insurance industry was 30.87 trillion yuan, a year-on-year increase of 10.98%. The financial and comprehensive investment returns were 2.87% and 6.91%, respectively, showing a recovery compared to the previous year [15][29]. - The insurance industry continues to face challenges in asset allocation, particularly with the risk of interest rate spreads and the need for effective capital market strategies [15][29]. Regulatory Environment and Future Outlook - The regulatory framework is focused on "strong regulation, risk prevention, and promoting high-quality development," which aims to enhance the risk management capabilities of insurance companies and guide the industry towards lower liability costs [3][6][29]. - The implementation of new regulations is expected to lead to a long-term stable operation and high-quality development of insurance companies, with a continued optimization of the life insurance sector and a steady development of auto insurance [3][6][29].