保险Ⅱ行业：“偿二代”过渡期延长，缓解偿付能力压力

Investment Rating - The industry investment rating is "Buy" [5] Core Insights - The extension of the transitional period for solvency regulations alleviates pressure on insurance companies, allowing for a smoother transition to new rules [26] - The solvency ratio of the life insurance industry has decreased significantly from 211.7% in Q4 2021 to 119.5% in Q3 2024, indicating a need for regulatory adjustments [26] - Insurance companies are expected to accelerate bond issuance to replenish capital, utilizing perpetual bonds and convertible bonds as tools for core capital supplementation [26] - The report recommends focusing on the insurance sector, particularly companies like China Pacific Insurance, China Life Insurance, and AIA Group, among others [9][26] Summary by Sections Regulatory Changes - The National Financial Regulatory Administration has extended the transitional period for solvency regulation until the end of 2025, which is crucial for companies facing significant impacts from the transition to new rules [8][26] - The new solvency rules include adjustments to the core capital ratio and the measurement of investment properties, among other changes aimed at optimizing risk assessments [26] Market Performance - The life insurance industry's solvency ratio remains above the regulatory minimum of 50%, but the downward pressure on long-term interest rates and market volatility poses challenges [26] - The report highlights the potential for improved investment returns from stable high-dividend and long-term equity investments as interest rates decline [9][26] Company Recommendations - The report recommends a "Buy" rating for several key companies in the insurance sector, including: - China Ping An (601318.SH) - New China Life Insurance (601336.SH) - China Pacific Insurance (601601.SH) - China Life Insurance (601628.SH) - AIA Group (01299.HK) [9][14][26]