报告下载 | 亚太保险 2025 年中展望：中资前景向好，或受A股提振

Core Viewpoint - In 2025, the new business value of Asian life insurance companies is expected to achieve double-digit growth, with AIA and Chinese insurers leading due to strong profit margins and stable business volume growth [2] Group 1: Life Insurance Sector - The profit growth momentum for Asian life insurance companies remains strong, driven by new business contract service margin growth, which supports profitability against market volatility [8] - The mainland Chinese market is recovering, and investors are awaiting sustainable measures to stimulate the economy and address geopolitical issues [8] - AIA and Prudential are expected to balance sales and profit margins while focusing on health and protection products to boost profitability [15] Group 2: Property and Casualty Insurance Sector - Property and casualty insurance companies in the Asia-Pacific region are experiencing strong premium growth, with resilient underwriting profit margins in Australia, Japan, and mainland China [8] - The sector is preparing for higher natural disaster claims in 2025 compared to 2024 by increasing premiums [2] Group 3: Investment Performance and Capital Returns - The overall capital return rate for Asian insurance companies is approximately 4.8%, benefiting from a potential $7.5 billion in stock buybacks over the next 6-12 months [12] - Chinese and Japanese insurers lead in dividend yield, averaging 4.4%, attributed to low valuations, while the overall yield for Asian insurers is 3.8% [12] Group 4: Market Dynamics and Future Outlook - The demand for indexed universal life insurance products is rising, which is expected to catalyze sales growth, especially for insurers with strong brokerage channels [15] - If the real estate market stabilizes, bank-affiliated insurers may continue to attract local funds due to their accessibility to depositors and homebuyers [15]