最高6.6%，最低4.04%：不一致的披露口径，难掩险企高下立现的投资水平

Core Viewpoint - The investment performance of life insurance products has been significantly highlighted in the low interest rate environment, with floating income products becoming the mainstay, heavily reliant on the investment capabilities of insurance companies [3][4]. Investment Yield Disparity - In the 2025 annual reports of seven major listed life insurance companies, total investment assets reached 22.9 trillion yuan, a year-on-year increase of 12.8%, accounting for 60% of the industry [4][5]. - Total investment yield varied among companies, with Xinhua Insurance at the highest yield of 6.6% and China Pacific at the lowest of 4.04%. Six companies reported year-on-year increases in total investment yield, while only China Pacific saw a decline of 0.53 percentage points [5][6]. - The absolute values of total investment yield showed that Xinhua Insurance led with 6.6%, followed by China Life over 6%, while China Pacific and China Property & Casualty both stood at 5.7% [6]. Disclosure Discrepancies - The significant differences in comprehensive investment yield among listed insurance companies stem from variations in disclosure standards. Some companies include fair value changes of FVOCI bonds in their calculations, while others do not [9][10]. - For instance, if Xinhua Insurance excluded FVOCI amounts, its comprehensive investment yield would rise to 6.9%, while China Pacific's would increase to 4.29% [10][11]. - The lack of uniformity in disclosure standards creates challenges for investors and consumers, leading to potential misunderstandings regarding investment performance [11]. Regulatory Context - The insurance industry is under scrutiny, with regulatory bodies emphasizing the need for consistent reporting standards. The solvency reports of insurance companies have more standardized formulas for calculating investment yields compared to annual reports [12]. - In the fourth quarter solvency reports, China Life reported the highest investment yield at 5.2%, while China Property & Casualty and China Pacific reported lower yields of 3.74% and 3.76%, respectively [12][13]. Asset Management Competition and Compliance - The competition in the insurance sector is intensifying, with companies focusing on enhancing their asset management capabilities. Many large insurers are entrusting their investment assets to in-house asset management firms [14]. - Regulatory compliance remains a critical issue, as evidenced by the 130 penalties issued to insurance asset management institutions in 2025 for various violations, including improper use of insurance funds [15][16].