2025年保险业成绩单出炉：人身险撑起增长大旗，非车险占比持续提升

Core Viewpoint - The insurance industry in 2025 showed significant growth, with total assets reaching 41 trillion yuan and total premium income exceeding 6 trillion yuan, marking a year-on-year increase of 7.4% [3]. Group 1: Life Insurance Performance - Life insurance premiums were the main driver of growth, with original premium income reaching 4.36 trillion yuan, a year-on-year increase of 8.9% [4][6]. - The growth in life insurance premiums is primarily attributed to strong demand for insurance savings, particularly in the life insurance segment, which saw an 11.4% increase [6]. - The fourth quarter of 2025 saw a slight increase in life insurance premiums, with original premium income at 519.1 billion yuan, a year-on-year growth of 0.3%, although this was a significant slowdown from previous quarters [7]. Group 2: Distribution Channels - The growth in life insurance has been largely driven by the bancassurance channel, which outperformed the individual agent channel significantly. For instance, China Pacific Insurance reported a 42% year-on-year increase in bancassurance premiums, while the agent channel saw a 0.7% decline [7]. - The rise of the bancassurance channel is attributed to the expansion of cooperative bank outlets and a strategic shift by major insurance companies towards this channel [7]. Group 3: Property Insurance Performance - Property insurance premiums totaled 1.76 trillion yuan in 2025, with a year-on-year growth of 3.9%, although this was a decline in growth rate compared to 2024 [8]. - Within property insurance, auto insurance premiums reached 940.9 billion yuan, growing by 3.0%, while non-auto insurance premiums were 816.1 billion yuan, increasing by 5.0% [8][10]. - The growth in non-auto insurance is driven by agricultural insurance and health insurance, which saw year-on-year growth rates of 4.8% and 11.3%, respectively [10]. Group 4: Market Trends and Future Outlook - The trend of "deposit migration" continues, with insurance products offering more attractive rates compared to bank deposits, leading to optimistic expectations for the performance of life insurance in 2026 [8]. - Analysts predict a differentiated performance among listed property insurance companies, influenced by the adjustment of non-auto insurance business, with companies like China Life and China Ping An expected to clear high-risk business [11].