券商中国·2025-09-03 09:10Core Viewpoint - The property insurance industry has made initial progress in "anti-involution" efforts, leading to improved business quality and underwriting profitability [1][3]. Group 1: Industry Performance - Major domestic property insurance companies have reported a significant decrease in comprehensive cost ratios, particularly in auto insurance [2]. - In the first half of the year, China Pacific Insurance, Ping An Property & Casualty, and People’s Insurance Company of China all achieved substantial growth in underwriting profits [4][5][6]. - Specifically, People’s Insurance Company reported an underwriting profit of 11.699 billion yuan, a year-on-year increase of 53.5%, with a comprehensive cost ratio of 95.3%, marking a 1.5 percentage point decrease [4]. - Ping An Property & Casualty achieved an underwriting profit of 7.978 billion yuan, a year-on-year increase of 125.9%, with a comprehensive cost ratio of 95.2%, improving by 2.6 percentage points [5]. - China Pacific Insurance reported an underwriting profit of 3.55 billion yuan, a year-on-year increase of 30.9%, with a comprehensive cost ratio of 96.3%, down by 0.8 percentage points [6]. Group 2: Cost Ratio Optimization - The optimization of comprehensive cost ratios is attributed to a decrease in expense ratios for People’s Insurance Company, while Ping An and China Pacific achieved reductions in both claims and expense ratios [6]. - The implementation of the "reporting and operation integration" reform in auto insurance has contributed to the cost ratio optimization, focusing on aligning actual expense rates with reported rates [6][7]. - People’s Insurance Company’s auto insurance comprehensive cost ratio was 94.2%, down 2.2 percentage points year-on-year, with an 18.2 percentage point decrease in expense ratio since the end of 2020 [7]. Group 3: Future Developments - The non-auto insurance "reporting and operation integration" policy is expected to be implemented in the fourth quarter, which could positively impact non-auto insurance profitability in 2025 and significantly improve it by 2026 [8][9]. - The policy aims to establish fair and adequate pricing principles, enforce compliance with approved insurance terms, and ensure proper issuance of policies and invoices [9]. - The industry anticipates that effective implementation of this policy will guide a return to the core functions of insurance, fostering rational competition and enhancing underwriting capabilities [9][10]. Group 4: Long-term Impact - The "anti-involution" trend across various industries is expected to create a more stable pricing basis for property insurance and promote rational market order [10]. - This shift will encourage insurance companies to focus on product, service, and technological innovation rather than price competition, leading to high-quality development [10]. - Long-term, the successful execution of the non-auto insurance "reporting and operation integration" policy will enhance the industry's ability to manage risks and contribute to economic stability [10].