Hua Yuan Zheng Quan·2026-02-01 06:42Report Industry Investment Rating - Not provided in the content Core Views of the Report - The new "Insurance Company Asset - Liability Management Measures (Draft for Comment)" has five major changes, aiming to strengthen the supervision of insurance companies' asset - liability management and guide long - term operations [2]. - In 25Q3, the solvency indicators of the insurance industry declined, mainly due to the increase in equity capital occupation and the pressure on both the asset and liability sides [2]. - The rise in long - term bond yields and the good performance of the A - share market in 25Q3 improved the investment returns of the insurance industry and reduced industry risks, but the credit risks of some under - performing insurers need attention [2]. - Large - scale life insurance companies have an advantage in scale premium growth, while small and medium - sized insurers show significant differentiation [2]. - The issuance scale of insurance sub - debt has shrunk [2]. Summary by Relevant Catalogs New "Insurance Company Asset - Liability Management Measures (Draft for Comment)" - Five major changes: System integration, organizational framework improvement, clear regulatory indicators, optimized indicator calculation methods, and improved regulatory measures [2][4]. - Regulatory indicators for property insurance companies: Precipitation fund coverage ratio to prevent short - term fund long - term investment, income coverage ratio and pressure - scenario liquidity coverage ratio to guide long - term operations [2][5]. - Regulatory indicators for life insurance companies: Effective duration gap to prevent asset - liability table fluctuations, comprehensive investment income coverage ratio and net investment income coverage ratio to guide long - term operations [2][5]. 25Q3 Insurance Industry Solvency - Solvency indicators: The comprehensive solvency ratio was 186.3% and the core solvency ratio was 134.3%, down 18.2 and 13.5 percentage points respectively from 25Q2, mainly due to the decline of life insurance companies [2]. - Reasons for the decline: Increased equity asset allocation, higher risk factors for equity assets under the new rules, and pressure on both the asset and liability sides [2]. 25Q3 Insurance Industry Investment and Profit - Investment returns: The rise in long - term bond yields and the good performance of the A - share market improved investment returns, with the total net profit of most insurers with outstanding insurance sub - debt increasing from 92.7 billion yuan in Q2 to 246.9 billion yuan in Q3 [2][24]. - Profit differentiation: Among 41 insurers with available data and outstanding insurance sub - debt, property insurance companies' net profit decreased by 3.306 billion yuan in 25Q3, while life insurance companies' net profit increased by 155.65 billion yuan [2]. Scale Premium Growth of Insurance Companies - Large - scale life insurance companies: As of 25Q3, China Post Life and New China Life had year - on - year scale premium growth rates of 18.65% and 17.96% respectively, showing relatively high and stable growth [2]. - Small and medium - sized life insurance companies: There was significant differentiation, with some companies having high growth rates and others having negative growth [2]. Insurance Sub - debt Issuance - Issuance scale: In 2024, 117.5 billion yuan of insurance sub - debt was issued, with 57.3 billion yuan in 24Q3. In 2025, 104.2 billion yuan was issued, a 11.3% year - on - year decrease. As of January 22, 2026, only 5 billion yuan was issued [2]. Investment Recommendations - Screened state - owned and central - owned enterprise insurance company sub - debt with a valuation yield > 2.2%, core solvency ratio > 100%, comprehensive solvency ratio > 150%, and risk comprehensive rating of BBB or above, such as 24 China Property Insurance Capital Supplementary Bond, 25 Great Wall Life Perpetual Bond 01, etc. [3]