中信证券研究·2025-05-07 02:25Core Viewpoint - The insurance sector is at the beginning of a long-term slow bull market, supported by market reshuffling, a shift in product demand from traditional insurance to dividend insurance, and regulatory changes that favor survivor companies [2][8]. Group 1: Industry Performance - The first quarter of 2025 saw overall performance exceed expectations, with significant growth in new business value across major companies, indicating benefits from market reshuffling [1][3][8]. - New business value growth rates for major companies in Q1 2025 include: China Ping An at 34.9%, China Pacific Insurance at 39%, China Life at 4.8%, Xinhua Insurance at 68%, and China Property & Casualty at 31.5% [3][8]. Group 2: Product Strategy Shift - There is a notable shift towards dividend insurance products, with companies like China Taiping and China Life reporting over 90% and 50% of new premiums from dividend insurance, respectively [5][8]. - The market is increasingly accepting dividend insurance as a key fixed-income product in a low-interest-rate environment, indicating a long-term growth potential [4][5]. Group 3: Capital Adequacy Improvement - Core solvency ratios have improved across major companies, with China Ping An at 164%, China Pacific at 140%, China Life at 146%, and Xinhua at 184%, reflecting enhanced risk-bearing capacity [6][8]. - The improvement in solvency ratios is attributed to bond reclassification and a longer asset duration, which has accumulated significant unrealized gains [1][6][8].