2025年半年度人身险行业分析

Investment Rating - The report indicates a stable investment rating for the life insurance industry, with a focus on growth potential in the context of regulatory support and market demand for insurance products [4][5]. Core Insights - Since 2025, the demand for savings, wealth management, and retirement products among residents has continued to rise, leading to a growth in premium income for life insurance companies, although the growth rate has slowed [4]. - In the first half of 2025, life insurance companies achieved original insurance premium income of CNY 27,705.26 billion, representing a year-on-year growth of 5.38%, but the growth rate has decreased compared to the previous year [4]. - The structure of premium income remains dominated by life and health insurance, with life insurance accounting for 82.57% and health insurance for 16.65% of total premium income in the first half of 2025 [4]. - The industry is experiencing a peak in claims payments due to a concentration of maturing policies, with claims expenditures reaching CNY 8,269.04 billion in the first half of 2025, a year-on-year increase of 17.08% [4]. Summary by Sections Market Overview - The life insurance market remains highly concentrated, with the top five companies holding nearly 50% of the market share, indicating a stable competitive landscape [5]. - Regulatory support for the multi-pillar pension system is expected to enhance future business development opportunities [5][6]. Financial Performance - Life insurance companies have seen a continuous increase in their investment assets, with a notable rise in equity investments amid a low-interest-rate environment [7]. - As of June 2025, the total investment balance of life insurance companies reached CNY 32.60 trillion, a year-on-year growth of 8.86% [7]. - The comprehensive solvency adequacy ratio for life insurance companies was 196.6% as of June 2025, indicating a strong capital position [9]. Regulatory Environment - Regulatory bodies have maintained a cautious approach, continuously improving the regulatory framework to enhance risk management and business structure optimization within the insurance industry [10]. - The frequency of policy and regulatory updates related to the insurance sector has remained high, reflecting ongoing efforts to deepen risk prevention measures [10].