保险行业2025年信用风险展望厚积成势蓄待发 深耕易耨见富饶——高质量发展再明晰 精准掌舵引领行业发展新阶段

Investment Rating - The report maintains a stable credit quality outlook for the insurance industry, indicating a positive investment environment for 2025 [3][52]. Core Insights - The insurance industry aims for high-quality development in 2025, focusing on internal regulation and product cost management [4][5]. - The overall premium income for the insurance sector is expected to continue its rapid growth, driven by the life insurance sector and stable growth in property insurance [3][11]. - The capital market recovery is anticipated to significantly improve investment returns for insurance funds, with an overall investment yield expected to rise in 2024 [3][33]. - The issuance of bonds by insurance companies is projected to increase, with a focus on enhancing capital strength and alleviating solvency pressures [4][46]. Regulatory Policies - In 2025, the insurance industry will continue to emphasize high-quality development, with strict internal regulation and a focus on cost management of insurance products [5][10]. - The "New National Ten Articles" issued in September 2024 outlines a systematic approach for the insurance industry over the next 5 to 10 years, emphasizing risk prevention and high-quality development [6][7]. Insurance Business - The life insurance sector's premium income is expected to grow rapidly, with a significant contribution from savings-type products [11][15]. - In the first ten months of 2024, the total premium income reached 50,773 billion yuan, marking a year-on-year increase of 12.41% [11][15]. - The property insurance sector is also seeing growth, particularly in auto insurance, which accounted for 51.46% of property insurance premium income [20][23]. Investment Business - Bond investments will remain the primary focus for insurance fund allocation, with an increasing demand for equity assets as the capital market stabilizes [31][41]. - The overall investment yield for the insurance industry is expected to improve significantly in 2024, with a notable increase in comprehensive yield levels [33][35]. Solvency - The solvency ratio for insurance companies has improved due to favorable capital market conditions, with the average comprehensive solvency ratio at 197.4% as of September 2024 [43][44]. - The issuance of perpetual bonds is expected to expand, helping insurance companies enhance their capital strength and alleviate solvency pressures [42][46]. Bond Financing - The bond issuance scale for insurance companies has increased, with a total of 798 billion yuan raised through 11 bonds in 2024 [47][49]. - The demand for capital supplementation remains high, driven by the need to address capital consumption and regulatory requirements [47][50]. Credit Quality - Despite some exposure to credit risk among individual insurance companies, the overall credit quality of the insurance industry remains stable, with a high proportion of high credit ratings [52][52]. - As of October 2024, 83.67% of the insurance companies' bonds were rated AA or above, indicating a strong credit quality outlook [52].