保险业季度观察报（2025年第2期）

Investment Rating - The report does not explicitly state an investment rating for the insurance industry Core Insights - The competitive landscape of China's insurance industry remains stable, with a significant head effect among leading companies. In Q3 2025, premium income for life insurance companies saw a breakthrough growth, driven by concentrated release of residents' savings demand due to the switch in predetermined interest rates. The premium income for new energy vehicle insurance surged, becoming a new engine for growth in auto insurance premiums, further enhancing the contribution of auto insurance to property insurance companies' premium income. The scale of fund utilization by insurance companies continues to rise, with a shift towards equity investments, while the proportion of bond investments and bank deposits has decreased. The overall profitability of life and property insurance companies has significantly improved due to better premium income growth, recovering investment returns, and optimized business costs. However, the overall solvency of the insurance industry has declined, with life insurance companies facing dual pressure on both asset and liability sides, necessitating attention to changes in solvency and capital replenishment pressures [5][6][12]. Summary by Sections Industry Overview - In the first three quarters of 2025, life insurance companies achieved a record premium income of CNY 38,434 billion, a year-on-year increase of 10.19%, marking the highest growth in nearly four years. The growth was primarily driven by life insurance business, with health insurance and accident insurance showing modest growth and decline respectively [17][18]. Premium Income and Market Concentration - The top three life insurance companies maintained a high market share, with the top five companies collectively holding 55% of the market. The property insurance sector also saw steady growth, particularly in new energy vehicle insurance, which became a significant contributor to premium income [18][19]. Fund Utilization and Investment Strategy - As of September 2025, the total fund utilization balance of the insurance industry reached CNY 37.46 trillion, a year-on-year increase of 16.52%. The allocation towards equity investments has increased, while the proportion of bond investments has decreased due to rising interest rates and regulatory changes [23][24]. Profitability Analysis - Life insurance companies reported a net profit of CNY 4,620 billion in the first three quarters of 2025, a year-on-year increase of 62%. Property insurance companies also saw a significant profit increase, with net profits rising by 53.5% [25][26]. Solvency Status - The solvency adequacy ratio of insurance companies showed a structural decline, with life insurance companies experiencing significant pressure. As of September 2025, the comprehensive solvency adequacy ratio was 186.3%, down from 204.5% in the previous quarter [27][28]. Future Outlook - The report anticipates that as insurance companies gradually advance digital transformation and channel specialization, operational efficiency and service quality are expected to improve. The implementation of the "reporting and operation integration" policy for non-auto insurance is expected to standardize operations and optimize expense ratios. The full implementation of new accounting standards starting January 1, 2026, will further enhance business quality and efficiency, promoting sustainable high-quality development in the insurance industry [6][10][45].