147家非上市险企期中数据出炉：5家企业“挂科”、财寿险利润双增

Core Viewpoint - The article highlights the current state of solvency reports among non-listed insurance companies, indicating that five companies are underperforming in terms of solvency ratings, while others have shown significant profit growth due to changes in accounting standards and favorable market conditions [1][2][4]. Solvency Reports - As of early August 2025, 147 non-listed insurance companies have disclosed their second-quarter solvency reports, with five companies rated below standard due to their comprehensive risk ratings [2][4]. - The solvency capacity is assessed through three key indicators: core solvency adequacy ratio, comprehensive solvency adequacy ratio, and risk comprehensive rating, with specific thresholds for each [4]. - The five companies failing to meet solvency standards include Huahui Life, Huazhong Property, Anhua Agricultural Insurance, Asia-Pacific Property, and Qianhai Property, primarily due to governance issues and management instability [4][5]. Life Insurance Profitability - The life insurance sector has seen a notable increase in profits, with non-listed life insurance companies achieving over 29 billion yuan in net profits in the first half of 2025, compared to less than 10 billion yuan in the same period of 2024 [7]. - Leading companies such as Taikang Life and Zhongyou Insurance reported net profits of 15.998 billion yuan and 5.177 billion yuan, respectively, with Taikang Life's profit increasing by 164% year-on-year [7][10]. - The implementation of new accounting standards has significantly impacted profit recognition and stability, allowing for a more accurate reflection of the economic value of insurance contracts [9][10]. Property Insurance Performance - The property insurance sector has also performed well, with 76 companies reporting a total insurance business income of approximately 259.49 billion yuan and a net profit of 9.252 billion yuan in the first half of 2025, marking a year-on-year increase of over 90% [14]. - Major players like Guoshou Property, Zhonghua United Property, and Yingda Property accounted for a significant portion of the total net profit, highlighting the industry's concentration [14]. - The improvement in profitability is attributed to optimized product structures, reduced natural disaster losses, and enhanced risk management capabilities [13][15]. Market Trends and Future Outlook - The article emphasizes the importance of adapting to new accounting standards and market conditions, suggesting that insurance companies focus on long-term management and risk control to ensure sustainable growth [11][15]. - Smaller property insurance companies are encouraged to identify niche markets and leverage digital tools to enhance customer service and operational efficiency [15].