一方面上市险企需要通过合适的分红水平稳定投资者信心，支撑当前股价；另一方面也需要考虑投资收 益波动、偿付能力水平等潜在情况，适时调整。保险公司需在股东回报与自身业务发展之间找好平衡 点。 A股五大上市险企在发布2025年半年度报告的同时，还发布了2025年中期利润分配方案。9月2日，据北 京商报记者梳理，中国平安、中国人寿、中国人保和新华保险拟进行中期利润分配，合计分红金额约为 293.36亿元（含税）。 在浙大城市学院副教授林先平看来，本次四大上市险企合计约293亿元中期分红属"稳健偏积极"，与上 半年盈利匹配，兼顾了股东回报与资本安全。 就分红连续性而言，中国平安已经连续多年中期分红，新华保险、中国人寿、中国人保则是去年增加了 中期分红，4家公司均保持了中期分红政策的连续性。苏商银行特约研究员武泽伟表示，稳定的分红对 上市险企市值管理具有多重意义：其一，直接回报股东，增强市场信心，有助于塑造企业稳健经营的形 象，吸引长期价值投资者；其二，通过提升投资者回报巩固市场地位。 需平衡自身经营情况 对于上市险企来说，高分红能更好地回报投资者，有利于提升市值，但分红也意味着部分盈余资金流 出，可能对公司的内生资本积 ...

新华保险 中国人保 中国人寿 中国平安 中国太保 新华保险 分时图 日K线 周K线 月K线 65.12 -0.63 -0.96% 2.07% 1.38% 0.68% 0.00% 0.68% 1.38% 2.07% 64.39 64.84 65.30 65.75 66.20 66.66 67.11 09:30 10:30 11:30/13:00 14:00 15:00 0 14万 29万 43万 A股五大上市险企在发布2025年半年度报告的同时，还发布了2025年中期利润分配方案。9月2日，据北 京商报记者梳理，中国平安（601318）、中国人寿（601628）、中国人保（601319）和新华保险 （601336）拟进行中期利润分配，合计分红金额约为293.36亿元（含税）。 一方面上市险企需要通过合适的分红水平稳定投资者信心，支撑当前股价；另一方面也需要考虑投资收 益波动、偿付能力水平等潜在情况，适时调整。保险公司需在股东回报与自身业务发展之间找好平衡 点。 中期分红近三百亿 今年上半年，在投资端，资本市场回暖，多家上市险企投资收益大幅增长；在负债端，随着预定利率下 调、负债成本优化等影响，保险业务关键指标向 ...

Core Viewpoint - The five major listed insurance companies in A-shares announced their mid-term profit distribution plan, with a total dividend amount of approximately 29.336 billion yuan (including tax) [1][3]. Group 1: Dividend Distribution - The five major listed insurance companies, excluding China Pacific Insurance, announced mid-term dividends, with China Ping An distributing 17.202 billion yuan, China Life 6.727 billion yuan, China Pacific Insurance 3.317 billion yuan, and New China Life 2.090 billion yuan [3][4]. - The total net profit of these five companies reached 178.192 billion yuan in the first half of the year, reflecting a year-on-year growth of 3.7% [3][5]. - The mid-term dividend distribution is seen as "stable and slightly positive," aligning with the companies' profitability while balancing shareholder returns and capital safety [3][4]. Group 2: Dividend Policy and Market Impact - The continuous dividend policy of these companies enhances market confidence and attracts long-term value investors, contributing to their market capitalization management [4]. - High dividends can improve shareholder returns but may restrict internal capital accumulation and potential investment capabilities [5]. - The implementation of new financial instrument standards has increased profit volatility, affecting the stability of dividend policies [5][6]. Group 3: Future Outlook - Despite increased profit volatility due to new financial standards, insurance companies are expected to maintain dividend policy continuity through smoothing mechanisms and adjusting dividend ratios [6]. - The industry is anticipated to focus more on shareholder returns, with a long-term goal of stable growth in per-share dividends [6].

Core Viewpoint - The five major listed insurance companies in A-shares announced a mid-term profit distribution plan, with a total dividend amount of approximately 29.336 billion yuan (including tax) [1][2]. Group 1: Mid-term Dividend Distribution - The five major listed insurance companies, excluding China Pacific Insurance, announced mid-term dividends, with China Ping An distributing 17.202 billion yuan, China Life 6.727 billion yuan, China Pacific Insurance 3.317 billion yuan, and Xinhua Insurance 2.090 billion yuan [2][3]. - The total net profit of these companies reached 178.192 billion yuan in the first half of the year, reflecting a year-on-year growth of 3.7% [2]. Group 2: Importance of Stable Dividends - Stable dividends enhance market confidence and attract long-term value investors, contributing to the companies' market position [3]. - The continuous dividend policy of these companies is seen as a strategy for effective market value management [3]. Group 3: Balancing Dividends and Business Development - High dividends can improve shareholder returns but may restrict internal capital accumulation and investment capacity [4]. - The implementation of new financial instrument standards has increased profit volatility, affecting the stability of dividend policies [4]. Group 4: Future Outlook - Despite increased profit volatility due to new financial standards, companies can maintain dividend policy continuity through smoothing mechanisms and adjusting dividend ratios [5]. - The industry is expected to focus more on shareholder returns, with a long-term goal of stable growth in per-share dividends [5].

√适用 □不适用 | | | | 单位:亿元 | 币种:人民币 | | --- | --- | --- | --- | --- | | | | | | 债券 利率 | | 债券名称 | 简称 | 代码 | 发行日 | 到期日 | | | | | | 余额 （%） | 北京城建投资发展股份有限公司 司债券(第二期) 北京城建投资发展股份有限公司 司债券(第一期) 北京城建投资发展股份有限公司 司债券(第二期) 北京城建投资发展股份有限公司 司债券(第三期)(品种二) 北京城建投资发展股份有限公司 司债券(第一期) 北京城建投资发展股份有限公司 公司债券（第一期） 北 京 城 建 投 资 发 展 股 份 有 限 公 司 21 京 城 投 北 京 城 建 投 资 发 展 股 份 有 限 公 司 21 京 城 投 北 京 城 建 投 资 发 展 股 份 有 限 公 司 21 京 城 投 北 京 城 建 投 资 发 展 股 份 有 限 公 司 21 京 城 投 北 京 城 建 投 资 发 展 股 份 有 限 公 司 22 京 城 投 北 京 城 建 投 资 发 展 股 份 有 限 公 司 22 京 城 投 北 京 城 ...

Core Insights - The integration of banking and insurance is becoming increasingly tight, with a notable rise in customers consulting bank branches for insurance products amid a backdrop of lowered life insurance preset interest rates [1] - In the first half of 2025, ten bank-affiliated insurance companies achieved a total insurance business income of 320.02 billion yuan, a year-on-year increase of 12.38%, and a net profit of 9.62 billion yuan, up 90.51% year-on-year, highlighting their unique competitive advantage [1][2] - However, these companies face challenges such as sluggish growth in new single premium income, structural differentiation in net profit, and pressure on investment returns [1][3] Insurance Premium Growth - Bank-affiliated insurance companies have a natural advantage in the bancassurance channel, with a total premium income of 320.02 billion yuan, growing 12.38% year-on-year, surpassing the life insurance industry's average growth of 6.6% [2] - China Post Life Insurance led with a premium income of 118.07 billion yuan, capturing over 30% market share, while other notable performers included CCB Life and ICBC-AXA Life [2] Challenges Faced by Certain Companies - Not all bank-affiliated insurance companies experienced growth; China Merchants Life saw a decline in premium income by 3.87% [3] - The company is shifting focus from high-yield fixed-income products to floating income products, with a significant increase in the proportion of participating insurance products [3] New Business Value and Market Dynamics - Despite rapid premium growth, the new single premium income from the bancassurance channel showed a decline of 14%, indicating potential issues with sustainable growth [3] - The "bancassurance integration" policy is driving a transformation in the traditional single distribution model, necessitating tailored insurance products to meet diverse consumer needs [4] Profitability and Structural Differentiation - The ten bank-affiliated insurance companies collectively reported a net profit of 9.62 billion yuan, a significant increase of 90.51%, but with notable structural differentiation among them [6] - China Post Life Insurance led with a net profit of 5.18 billion yuan, although this represented a decline of 9.02% year-on-year [6][7] Accounting Standards Impact - The transition to new accounting standards is causing fluctuations in net profit and net asset values, with some companies experiencing significant reductions in net assets [7][8] - The average investment return rate for these companies was 1.95%, down from 2.67% in the previous year, reflecting the impact of market volatility on investment performance [8] Solvency and Risk Management - The solvency ratios of the ten bank-affiliated insurance companies are robust, with an average core solvency ratio of 143.09% and a comprehensive solvency ratio of 206.97%, well above regulatory requirements [9] - The highest core solvency ratio was recorded by China Netherlands Life at 197%, while the lowest was CCB Life at 120% [9] Risk Ratings - ICBC-AXA Life achieved the highest risk rating of AAA, while several other companies maintained AA ratings, indicating strong risk management capabilities [10] - Companies with lower ratings are advised to adjust their business structures and reduce the proportion of short-term financial products to enhance long-term protection business [11]

Core Viewpoint - The A-share market has shown strong performance, with bank stocks benefiting from multiple long-term capital inflows and regulatory policies aimed at increasing equity investments [1][2][3] Group 1: Market Performance - As of August 25, 2023, all 42 listed banks have seen their stock prices rise this year, with 25 banks increasing over 10% and 9 banks over 20%, including Agricultural Bank and Shanghai Pudong Development Bank, which have risen over 40% [1][2] - The Shanghai Composite Index reached a 10-year high of 3825.76 points on August 22, 2023, and further increased to 3848.16 points on August 25, 2023 [2] Group 2: Regulatory Influence - The regulatory framework has been enhanced to encourage long-term capital, including insurance and pension funds, to invest more in equities, aligning with the characteristics of bank stocks [3][10] - Policies have been implemented to optimize the investment mechanisms for insurance and pension funds, emphasizing "long money for long investment" [3] Group 3: Insurance Capital Involvement - By the end of Q2 2023, public funds held a total market value of 205.37 billion yuan in bank stocks, a quarter-on-quarter increase of approximately 27% [4] - Insurance funds have shown a preference for bank stocks, with significant increases in holdings, particularly in the non-banking financial sector [4][8] Group 4: New Accounting Standards - The implementation of new accounting standards for insurance companies has expanded the space for recognizing investment income, leading to increased acquisitions of bank stocks [5][6] - The new standards allow insurance companies to recognize investment income based on equity method accounting, significantly impacting their investment strategies [7][10] Group 5: Future Outlook - Predictions indicate that new insurance premiums entering the market could provide at least 73.7 billion yuan in incremental funds for bank stocks by 2025, with a potential 29% increase compared to 2024 [11] - The ongoing regulatory support and increased allocation of insurance capital to bank stocks are expected to drive continuous valuation recovery in the banking sector [11]

Core Insights - Insurance capital has made over 30 equity stakes this year, marking the second-highest number since 2015, with a significant focus on bank stocks [1][2][3] - The main motivations for this trend include the need for high-dividend, low-volatility equity assets to lock in interest rate spreads, the impact of new financial instrument standards, and regulatory encouragement [1][5][10] Group 1: Insurance Capital Activity - Insurance companies have engaged in over 30 equity stakes this year, primarily in the banking sector, with 14 instances specifically targeting bank stocks [2][4] - Notable actions include Ping An Life's significant increase in holdings of Agricultural Bank of China H-shares, raising its stake to 14.08% [2][4] - The trend of insurance capital acquiring stakes in peer insurance companies has re-emerged after six years, with Ping An Life increasing its holdings in China Pacific Insurance and China Life [5][6] Group 2: Motivations Behind Equity Stakes - The shift to longer-duration liabilities and the need for stable returns in a low-interest-rate environment are driving insurance companies to seek high-dividend equities [1][5] - Regulatory policies encouraging insurance capital to allocate more to equity assets have also played a significant role in this trend [1][10] - The new accounting standards have increased the volatility of insurance companies' profit and loss statements, prompting a shift towards high-dividend equity assets to stabilize financial performance [7][8] Group 3: Characteristics of Targeted Stocks - Bank stocks are particularly attractive due to their high dividend yields (approximately 3.98%) and low valuations (0.60 times PB), making them suitable for insurance capital's risk management needs [5][6] - The characteristics of bank stocks align with insurance capital's investment strategy, which seeks stable returns and low volatility [5][6] - The insurance sector also exhibits similar traits, with low valuations and high dividend yields, making it a target for insurance capital [6][9] Group 4: Future Outlook - The demand for equity asset allocation among insurance companies is expected to continue, with potential for increased investment in high-dividend stocks [9][10] - The ongoing low-interest-rate environment and new accounting standards are likely to further influence insurance companies' investment strategies [9][10] - Regulatory support for insurance capital to enter the equity market is anticipated to enhance the allocation of funds to equity assets [10]

Core Viewpoint - The article discusses the recent progress in the pilot reform of long-term investment by insurance funds in China, highlighting the acceleration of insurance capital entering the market and the establishment of private equity funds by insurance companies [1][4]. Group 1: Pilot Reform Progress - The pilot reform of long-term investment by insurance funds has seen three batches approved, with a total scale of 222 billion yuan, involving major insurance companies such as China Life and New China Life [1][4]. - The first batch was approved in October 2023, with a total investment of 50 billion yuan fully deployed by March 2024 [4]. - The second batch, approved in January 2025, involved 520 billion yuan, while the third batch, approved in March 2025, added another 600 billion yuan, bringing the cumulative approved scale to 222 billion yuan [4]. Group 2: Investment Strategies and Trends - Insurance companies are increasingly favoring large-cap blue-chip stocks and high-dividend yielding companies, with a focus on stable governance and operational performance [6][8]. - The types of funds established under the pilot reform are diversifying, with both company-type and contract-type funds being utilized, allowing for easier standardization and management [6][7]. - The article notes a trend of insurance capital actively participating in local infrastructure projects, exemplified by the establishment of the "Ping An Fund" in Shenzhen, which allocates 90% of its capital to local projects [7][8]. Group 3: Market Impact and Investment Behavior - There has been a notable increase in insurance capital's market participation, with 22 instances of shareholding increases recorded in 2024 alone, surpassing the total for the previous year [10][11]. - The sectors attracting insurance capital include public utilities and banking, characterized by high dividend yields and stable return on equity [10][11]. - The article highlights that insurance companies are facing challenges in investment decisions due to new financial regulations, prompting a shift towards long-term stock investments to stabilize returns [11].

21世纪经济报道记者 曹媛 深圳报道 保险资金长期投资改革试点又有新进展，险资入市加速。 近日，记者从太平资产了解到，中国太平旗下子公司太平资产获国家金融监督管理总局批复，同意其投 资设立太平（深圳）私募证券投资基金管理有限公司。 这一"险资系私募"的落地响应了保险资金长期投资改革试点，保险资金长期投资改革试点是指保险公司 出资设立私募证券投资基金，主要投向二级市场股票，并长期持有。 目前，保险资金长期投资改革试点正加速落地，至今已有三批试点，试点金额合计达2220亿元（含已批 复和拟批复试点规模），参与机构逐渐扩展至多家头部险企及中小险企，包括：中国人寿、新华保险、 太保寿险、泰康人寿、阳光人寿、人保寿险、太平人寿、平安人寿、中邮保险及相关保险资管公司等。 从数据看，险资入市步伐加快。今年一季度人身险公司股票持仓市值达2.65万亿元，长期股权投资规模 2.60万亿元，合计占比超16%，较2024年末显著提升。 试点规模超两千亿，参与险企扩容 对于此次投资设立太平（深圳）私募证券投资基金管理有限公司，太平资产表示，旨在积极响应保险资 金长期投资改革试点。截至2024年末，太平资产管理资产总规模超过1.5万亿元 ...