2025Q2保险业资金运用情况点评：负债驱动，股票及债券投资占比创新高

Investment Rating - The industry rating is "Positive" [4] Core Viewpoints - The insurance industry's fund utilization balance has exceeded 36 trillion yuan, with a year-on-year increase of 17.39% in the first half of 2025. The premium income of insurance companies reached 37,349.82 billion yuan, up 5.31% year-on-year [2][11] - The bond investment scale and proportion of insurance funds have reached new highs in recent years, while the proportion of bank deposits and fund allocations has decreased. The pressure for "passive bond allocation" exists due to the steady growth of premium income [2][14] - The introduction of medium- and long-term funds into the market provides motivation and space for increasing equity investment ratios among insurance companies. The current low long-term bond yield environment pressures net investment returns, prompting insurance companies to increase equity allocations [3][18][21] Summary by Sections Fund Utilization - As of Q2 2025, the total fund utilization balance of insurance companies reached 36.23 trillion yuan, with a year-on-year increase of 17.39%. The balance for life insurance companies was 32.60 trillion yuan, up 17.65%, while property insurance companies had a balance of 2.35 trillion yuan, up 11.25% [2][11] Investment Composition - The scale of bond investments by insurance funds reached 17.87 trillion yuan, with life insurance companies holding 16.92 trillion yuan, accounting for 94.71%. The bond investment proportion for life insurance companies reached 51.90%, an increase of 3.68 percentage points year-on-year [14][21] - The stock investment scale of insurance companies reached 3.07 trillion yuan, with life insurance companies holding 2.87 trillion yuan, representing 93.63% of the total. The stock investment proportions for life and property insurance companies reached 8.81% and 8.33%, respectively, both at recent highs [21][22] Market Dynamics - The low interest rate environment has made it challenging to achieve returns through traditional bond strategies, leading insurance companies to consider high-dividend assets as a potential area for increased investment [3][21] - Policies have been relaxed to allow for a higher proportion of equity investments by insurance funds, with expectations for significant increases in equity allocations in the coming years [18][21]