固收点评报告：25Q3保险公司资金运用有何变化？

Report Summary 1. Report Industry Investment Rating No industry investment rating is provided in the report. 2. Core Viewpoints - As of Q3 2025, the total balance of insurance companies' funds under management reached 37.46 trillion yuan, a 3.39% increase from Q2 2025. Among them, life insurance companies' funds under management were 33.73 trillion yuan, and property insurance companies' were 2.39 trillion yuan, growing by 3.45% and 1.75% respectively compared to Q2 2025 [2]. - In Q3 2025, the growth of bond investments slowed slightly. The balance of insurance - fund bond investments was 18.18 trillion yuan, with a single - quarter increase of 0.31 trillion yuan in Q3, less than the 0.88 trillion yuan in Q3 2024. However, the actual increase in bond investments in Q3 2025 might be higher if the impact of fair - value changes is excluded. Meanwhile, investments in stocks, securities investment funds, long - term equity investments, and other investments increased year - on - year, while bank deposit investments decreased by 0.16 trillion yuan [2]. - As of Q3 2025, the book balance of insurance funds' stock holdings increased significantly, mainly driven by the strong performance of the stock market in the third quarter. The balance of insurance - fund stock investments was 3.62 trillion yuan, a 49.14% increase from the end of 2024, with a 18% increase in the third quarter, basically in line with the 17.9% increase of the CSI 300 Index [2]. - The proportion of bond investments in property insurance companies increased slightly quarter - on - quarter, while that in life insurance companies decreased. As of Q3 2025, in life insurance companies, the proportion of bond investments decreased by 0.88 pct to 51.02%, and in property insurance companies, it increased by 0.33 pct to 40.62% [2]. - The driving force for insurance - fund bond investments weakened in Q3 2025, with the year - on - year growth rate dropping to 20.95%. The reason might be the slowdown in premium growth due to the significant reduction in insurance interest rates, the focus on dividend - insurance products, and the approaching end of the peak of non - standard investment maturities, which led to a weakened demand for ultra - long bonds [2]. - As of Q3 2025, insurance institutions' main bond investment varieties were interest - rate bonds, followed by financial bonds and medium - term notes. Insurance institutions preferred interest - rate bonds, with interest - rate bonds accounting for 75.78% of their bond investments [2][3]. 3. Summary by Related Content Insurance Companies' Funds Under Management and Asset Allocation - As of Q3 2025, the total balance of insurance companies' funds under management was 37.46 trillion yuan, with life insurance companies at 33.73 trillion yuan and property insurance companies at 2.39 trillion yuan, showing different growth rates compared to Q2 2025 [2]. - The allocation of insurance funds included bank deposits (7.64%), bonds (48.52%), stocks (9.67%), securities investment funds (5.26%), and long - term equity investments (7.59%) [2]. Bond Investments - In Q3 2025, the balance of insurance - fund bond investments was 18.18 trillion yuan, with a single - quarter increase of 0.31 trillion yuan, less than in Q3 2024. The year - on - year growth rate dropped to 20.95% from the previous high level, mainly due to factors such as slowdown in premium growth and weakened demand for ultra - long bonds [2]. - Insurance institutions preferred interest - rate bonds, with interest - rate bonds accounting for 75.78% of their bond investments as of Q3 2025. The total bond custody of insurance institutions was 5.25 trillion yuan, but the custody data did not include asset - management products held by insurance institutions [2][3]. Stock Investments - As of Q3 2025, the balance of insurance - fund stock investments was 3.62 trillion yuan, a 49.14% increase from the end of 2024. The increase in the third quarter was 18%, in line with the performance of the CSI 300 Index, indicating that the growth was driven by the stock - market performance [2]. Asset Allocation Changes in Life and Property Insurance Companies - In life insurance companies, the proportion of bond investments decreased by 0.88 pct to 51.02%, while the proportion of stock investments increased by 1.30 pct to 10.12% as of Q3 2025 [2]. - In property insurance companies, the proportion of bond investments increased by 0.33 pct to 40.62%, and the proportion of stock investments increased by 0.41 pct to 8.74% as of Q3 2025 [2].