保险资金2025Q4点评：存款配比边际明显提升，权益类资产配比边际下降

Investment Rating - The report maintains a "Recommendation" rating for the insurance sector, indicating a positive outlook for investment opportunities [4]. Core Insights - The insurance fund utilization balance reached 38.5 trillion yuan by the end of Q4 2025, reflecting a year-on-year increase of 15.7% and a quarter-on-quarter increase of 2.7% [6]. - Life insurance companies dominate the sector, with a fund utilization balance of 34.7 trillion yuan, up 15.7% year-on-year and 2.8% quarter-on-quarter [6]. - The report highlights a shift in asset allocation, with life insurance companies increasing their allocation to fixed-income assets while decreasing their equity asset allocation [6]. Summary by Sections Insurance Fund Utilization - As of Q4 2025, the total insurance fund utilization balance is 38.5 trillion yuan, with life insurance companies holding 34.7 trillion yuan and property insurance companies holding 2.4 trillion yuan [6]. - The proportion of life insurance companies' fund utilization balance is 90.1%, while property insurance companies account for 6.3% [6]. Asset Allocation Trends - Life insurance companies have increased their allocation to fixed-income assets (20.37 trillion yuan) by 3.4% and decreased their equity assets (7.98 trillion yuan) by 1.2% [6]. - The allocation ratios for life insurance companies are 58.8% for fixed-income assets and 23.0% for equity assets, showing a marginal increase in fixed-income assets and a slight decrease in equity assets [6]. - Property insurance companies have also increased their allocation to fixed-income assets (1.37 trillion yuan) by 1.9% while their equity assets (0.55 trillion yuan) increased by only 0.3% [6]. Future Outlook - The report anticipates that the resonance between assets and liabilities will support the continued recovery of insurance valuations in 2026 [6]. - It is expected that the sales of participating insurance products will support the growth of new premium income and net profit value (NBV) for life insurance [6]. - The report suggests that property insurance companies' efforts to optimize their business structure will lead to stable improvements in their combined ratio (COR) [6].