上市险企半年报交卷：业绩“含金量”大比拼

Core Viewpoint - The insurance industry is experiencing a clear recovery trend, with significant growth in premium income and market activity, driven by improved economic conditions and consumer acceptance of insurance products [3][4]. Group 1: Industry Performance - In the first half of 2025, the insurance companies reported original premium income of 3.7 trillion yuan, a year-on-year increase of 5.1% [3]. - The number of new policies issued reached 524 billion, reflecting an 11.1% year-on-year growth, indicating heightened consumer interest [3]. - The life insurance sector showed even stronger recovery, with original premium income of 2.77 trillion yuan, up 5.4% year-on-year, and a notable 16.3% increase in June alone [3]. Group 2: Company-Specific Performance - China Life's total premium income reached 525.09 billion yuan, marking a historical high for the same period, with a growth of 7.3% [5]. - China Pacific Life achieved a premium income of 390.19 billion yuan, while New China Life reported a 22.7% increase in original premium income to 121.26 billion yuan [5]. - China Insurance's net assets grew by 12.68%, while China Ping An maintained a leading position with net assets of 943.95 billion yuan [9]. Group 3: Profitability and New Business Value - The net profit of China Ping An reached 68.05 billion yuan, while China Insurance reported 26.5 billion yuan [10]. - New business value for China Life was the highest in the industry at 28.55 billion yuan, with Ping An also exceeding 20 billion yuan [13]. - China Insurance's new business value growth was significantly higher than its peers, although this was influenced by a lower base from the previous year [14]. Group 4: Future Outlook - The insurance sector is expected to continue its positive trajectory, supported by ongoing economic recovery and increasing market demand [17]. - The focus on "anti-involution" policies is anticipated to play a crucial role in determining industry pricing dynamics [2].