保险Ⅱ行业点评报告：保险资产风险分类新规发布，有利于进一步压实保险资产质量管理

Industry Investment Rating - The report maintains an "Overweight" rating for the insurance industry [1] Core Views - The new regulation on insurance asset risk classification, effective from July 1, 2025, aims to enhance the quality management of insurance assets by expanding the scope of risk classification and refining standards for fixed income, equity, and real estate assets [1][2] - The regulation is expected to improve the transparency of insurance asset quality and guide insurance institutions to strengthen comprehensive risk management [3] - With the gradual recovery of the domestic macroeconomy and the further consolidation of industry risk management, market concerns about the quality of insurance companies' assets are expected to ease [3] - The insurance sector is currently undervalued, with a P/EV range of 0.56-0.88x for 2024E, indicating a favorable investment opportunity [3] Key Changes in Asset Risk Classification - Expanded Coverage: The new regulation includes all investment assets except for specific exclusions such as cash, liquidity management tools, listed common stocks, and public funds [1] - Fixed Income Assets: The classification retains the five-tier system but adjusts the overdue days for principal or interest and the proportion of impairment provisions to align with commercial banks [2] - Equity and Real Estate Assets: The classification is simplified from five tiers to three (normal, substandard, and loss), with clearer qualitative and quantitative standards [2] - Implementation Management: The regulation optimizes the three-level workflow of "initial classification, review, and approval" and requires insurance companies to include asset risk classification in internal and external audits [2] Market and Valuation Insights - The insurance sector is currently undervalued, with a P/EV range of 0.56-0.88x for 2024E, indicating a favorable investment opportunity [3] - Public funds' holdings of insurance stocks remain low, and valuations have fully reflected negative factors [3] - The 10-year government bond yield has recently fallen to around 2.02%, and a potential stabilization or recovery in long-term interest rates could alleviate pressure on the yield of new fixed-income investments for insurance companies [3] Industry Trends - The insurance industry has shown a recovery trend, with the sector outperforming the CSI 300 index in recent months [5]