135家非上市险企上半年盈利情况 （截至8月6日） 郭晨凯 制图 ◎记者 何奎 今年上半年，非上市险企整体业绩亮眼。 截至8月6日，已披露2025年二季度偿付能力报告的135家非上市险企合计净利润约380亿元，同比实现翻 倍。其中，59家人身险公司合计净利润同比增长超2倍，76家财产险公司合计净利润同比增长约七成。 分析来看，取得良好业绩可归结为资产和负债两端同步改善：资产端受益于资本市场向好，投资收益增 厚；负债端得益于"报行合一"等政策压降费用成本。市场人士认为，资负两端共振向好，有望带动上市 险企业绩整体实现较快增长，新业务价值、综合成本率等核心业务指标也有望得到改善。 非上市险企业绩整体回暖 上半年，人身险业和财产险业非上市公司业绩整体回暖。 数据显示，59家人身险公司合计实现净利润约290亿元，同比增长超2倍；76家财产险公司合计实现净利 润超90亿元，同比增长约七成。 从盈利机构数量来看，人身险业有38家公司实现盈利，占比超六成；财产险业有68家公司实现盈利，占 比约九成。人身险业和财产险业盈利公司数量均较去年同期明显增长。 对外经济贸易大学创新与风险管理研究中心副主任龙格表示，上半年权益市场反弹 ...

整体来看，上半年保费收入持续向好。其中，人身险业累计保费同比自4月转正后继续保持正增长，财 产险业则保持稳健增长。在业内人士看来，一方面，利率下行背景下，各大险企中分红险产品的占比有 望持续提升，产品结构不断改善，潜在利差损压力有望得到缓解。另一方面，随着非车险"报行合一"有 序推进，下半年，财产险业的承保盈利、风控水平和服务质量有望显著改善。 受多重因素影响，今年上半年，保险业继续保持增长势头，人身险业和财产险业发展状态良好。金融监 管总局最新发布的数据显示，今年前6个月，保险业原保险保费收入合计达3.74万亿元，较2024年同期 增长5.31%；赔付支出达1.35万亿元，同比增长9.41%。 民生证券研究院非银金融首席分析师张凯烽表示，整体来看，上半年保费收入持续向好，人身险业累计 保费同比自4月转正后继续保持正增长，财产险业则保持稳健增长。 人身险业保费保持高增长 数据显示，今年前6个月，人身险业原保险保费收入2.96万亿元，同比增长5.64%。其中，6月单月人身 险业原保费收入4908亿元，同比增长16.3%，环比增长21.5%，延续5月16.6%的高增长势头。 从具体险种业务看，上半年，寿险业务原保 ...

Core Viewpoint - The insurance industry is undergoing a significant transformation in its distribution channels, with a focus on optimizing resources and enhancing operational efficiency rather than merely downsizing [1][3]. Group 1: Channel Transformation - Recent approvals from regulatory authorities indicate that 11 insurance companies have collectively applied to close 42 branch offices, including 14 subsidiaries and 28 marketing service departments [1]. - The trend of branch closures has been ongoing, with over 1,200 branches shut down in the first half of 2023 alone, while only about 180 new branches were established during the same period [2]. - The majority of the closed branches belong to life insurance companies, accounting for approximately 80% of the total closures, with the remaining 20% from property insurance companies [2]. Group 2: Reasons for Branch Closures - The primary reasons for the significant reduction in branch offices include changes in regulatory guidance, the pressure of "reporting and operation integration," and the shift from a product-driven to a value-service-oriented approach [3][4]. - The rise of digitalization has also played a crucial role, as online services and digital insurance solutions have become more efficient, reducing the reliance on physical branches [3][4]. Group 3: Industry Response and Future Trends - Insurance companies are increasingly emphasizing channel transformation in their mid-year meetings, with a focus on enhancing operational efficiency and adapting to market changes [6][7]. - The industry is expected to see a shift towards multi-channel integration, refined operational strategies, and a greater reliance on technology to improve service delivery and customer engagement [8]. - Future trends in channel transformation include a move from a sales-oriented approach to a customer-centric model, leveraging data and technology to enhance customer lifetime value [8].

Core Viewpoint - The insurance intermediary sector in China is undergoing a significant contraction due to stricter regulations, intensified market competition, and the need for industry consolidation, leading to a substantial number of institutions exiting the market [1][2][4]. Group 1: Regulatory Environment - Since 2025, the Jilin Provincial Financial Regulatory Bureau has been actively optimizing the insurance intermediary market, resulting in the cancellation of 62 insurance professional intermediary institutions by mid-June, a decrease of 11.7% from the beginning of the year [1]. - The regulatory authorities have initiated a "cleaning and quality improvement" campaign aimed at eliminating non-compliant and weak institutions, with a goal to streamline the market over the next three years [2][4]. - The number of insurance professional intermediary institutions has been declining for six consecutive years, with a total of 103 institutions exiting the market from 2019 to 2024 [2]. Group 2: Market Competition - The insurance intermediary sector has faced increasing competition from internet platforms and large insurance companies that are establishing their own channels, which has squeezed the traditional intermediaries' market space [3]. - Many traditional intermediaries are struggling to adapt to the digital transformation, leading to their natural elimination from the market [3][4]. Group 3: Industry Trends - The implementation of the "reporting and execution consistency" policy has significantly compressed the profit margins for insurance intermediaries, with average commission levels dropping by 30% across the industry [5]. - The market is witnessing a shift where intermediaries must transition from being "product salespeople" to "risk management consultants," enhancing their professional capabilities to provide tailored solutions [9]. - New insurance intermediaries focusing on technology and risk management services are gaining traction in the capital market, with several planning to go public [8]. Group 4: Strategic Recommendations - To thrive in a competitive environment, insurance intermediaries should enhance service quality, leverage advanced technologies like big data and AI, and deepen customer relationships [8][9]. - Emphasizing compliance and building brand trust are essential for long-term success in a regulated market [9].

Core Viewpoint - The insurance intermediary sector in China is undergoing a significant contraction, driven by stricter regulations, intensified market competition, and the need for industry consolidation [3][5][9]. Regulatory Environment - Since 2025, the Jilin Provincial Financial Regulatory Bureau has been actively optimizing the insurance intermediary market, resulting in the cancellation of 62 insurance intermediary institutions by mid-June, a decrease of 11.7% from the beginning of the year [1]. - The national trend shows a continuous decline in the number of insurance intermediaries, with a total of 103 institutions exiting the market over the past six years [3][4]. Market Competition - The competitive landscape has become increasingly fierce, with internet platforms and large insurance companies establishing their own channels, thereby squeezing the survival space of traditional intermediaries [4][5]. - Many traditional intermediaries are struggling to adapt to digital transformation, leading to their natural elimination from the market [4][9]. Industry Consolidation - The insurance intermediary market is experiencing consolidation, with larger institutions acquiring smaller ones to expand market share and service range [5]. - The average commission level across the industry has decreased by 30% due to the implementation of the "reporting and execution consistency" policy, which has pressured intermediaries to transform their business models [7][8]. New Value Positioning - To remain competitive, insurance intermediaries must transition from being "product salespeople" to "risk management consultants," enhancing their professional capabilities to offer tailored protection plans [9]. - Embracing digitalization through big data and artificial intelligence is essential for optimizing operations and improving customer engagement [9]. - Focusing on niche markets or specific scenarios to create specialized brands can provide a competitive edge [9]. Emerging Trends - New insurance intermediaries that focus on technology and risk management services are gaining traction in the capital market, with several planning to go public [10].

Core Viewpoint - China Pacific Insurance maintains a leading position in the property insurance sector, with a market share of 37.5% in 2024, significantly higher than its competitors [1] Group 1: Company Strengths - The company has a stable underwriting profit with a combined ratio below 100% for nearly 15 years, projected at 96.8% in 2024, outperforming the industry median of 102.8% [1] - Excellent cost control is evident, with a combined expense ratio approximately 7 percentage points lower than smaller competitors, aided by an increasing direct sales channel [1] - Strong shareholder backing from the Ministry of Finance, holding 68.98% of shares, provides long-term resource support and policy synergy [1] Group 2: Auto Insurance Business - Auto insurance, accounting for 55% of the company's revenue, is a key profit driver, contributing an underwriting profit of 9.285 billion yuan in 2024 [1] - The company excels in refined operational capabilities, with a 74.3% share of personal auto premiums and a renewal rate of 77.8%, which reduces claims risk [1] - The company leads in new energy vehicle insurance, with 11.59 million vehicles insured in 2024, a 57.3% increase, and premium income of 50.9 billion yuan, up 58.7% [1] - Policy reforms in non-auto insurance are expected to further enhance pricing power and reduce expense ratios by 1 percentage point [1] Group 3: Non-Auto Insurance Business - Non-auto insurance, making up 45% of the company's revenue, is projected to generate 240.7 billion yuan in premium income in 2024, with a CAGR of 10.9% over the past six years [2] - Despite a short-term underwriting loss of 3.572 billion yuan, structural optimization is underway, with profitable segments like health insurance and agricultural insurance contributing positively [2] - The agricultural insurance market share reached 42.7% in 2022, benefiting from government policies [2] Group 4: Investment Performance - The company shows resilience in its investment portfolio, with a total investment return rate of 5.2% in 2024, and a low volatility compared to peers [2] - The dividend CAGR from 2011 to 2024 is 12.8%, with an average dividend payout ratio of 36.5%, and a projected dividend of 0.54 yuan per share in 2024 [2] Group 5: Future Projections - The company is expected to continue leading the industry, with projected insurance service revenues of 508.3 billion yuan, 533.4 billion yuan, and 560.3 billion yuan for 2025-2027 [2] - Forecasted net profits for 2025-2027 are 38.3 billion yuan, 41.4 billion yuan, and 44.9 billion yuan, with corresponding EPS of 1.72 yuan, 1.86 yuan, and 2.02 yuan per share [2]

Investment Rating - The report assigns a rating of "Buy" for the company [5] Core Views - The company maintains a leading position in the property insurance sector, with a market share of 37.5% in premium income as of 2024, significantly higher than its competitors [1][16] - The company's car insurance business is a key profit driver, contributing 92.85 billion yuan in underwriting profit in 2024, supported by strong operational capabilities and a leading position in the new energy vehicle insurance market [2][46] - Non-car insurance business is positioned for growth, with premium income reaching 240.7 billion yuan in 2024, despite a short-term underwriting loss [3][74] Summary by Sections 1. Domestic Property Insurance Leader - The company is the largest property insurance provider in China, with a premium income market share of 37.5% and a net profit market share of 47.3% as of 2024 [1][16] - The company has a strong state-owned background, with the Ministry of Finance holding 68.98% of shares, providing long-term resource support [32] - The profit structure is clear, driven by both underwriting and investment [35] 2. Business: Steady Development in Property Insurance and Resilient Investments 2.1. Underwriting: Strong Car Insurance Advantage, Significant Non-Car Potential - Car insurance constitutes 55% of the company's total premium income, with a 2024 underwriting profit of 92.85 billion yuan [2][48] - The company leads in new energy vehicle insurance, with 11.59 million vehicles insured in 2024, reflecting a 57.3% increase [2][66] - Non-car insurance has shown a compound annual growth rate (CAGR) of 10.9% over the past six years, with premium income reaching 240.7 billion yuan in 2024 [3][74] 3. Investment Resilience and Stable Dividend Returns - The total investment return rate for 2024 is 5.2%, with fixed income assets accounting for 60.2% of the portfolio [8] - The company has maintained a stable dividend policy, with a CAGR of 12.8% in cash dividends from 2011 to 2024 [8][43] - The dividend payout ratio averaged 36.5% over the years, with a per-share dividend of 0.54 yuan in 2024 [8][43] 4. Profit Forecast and Investment Recommendations - The company is expected to continue leading the industry, with projected insurance service revenues of 508.3 billion yuan in 2025 and net profits of 38.3 billion yuan [9] - The report provides a first-time coverage with a "Buy" rating based on the company's strong cost control in car insurance and growth potential in non-car insurance [9]

Core Viewpoint - The financial industry is increasingly focusing on resisting "involution" competition, with institutions like Ping An Bank taking steps to promote self-discipline and strategic adjustments to combat this issue [3][5][10]. Group 1: Company Actions - Ping An Bank held a mid-year meeting to outline its business development plan and promote anti-"involution" competition efforts, with over 2,000 employees required to sign a commitment letter [3]. - In the first quarter, Ping An Bank reported a revenue of 33.709 billion, a year-on-year decrease of 13.1%, and a net profit of 14.096 billion, down 5.6% [3]. - The bank's total assets reached 5.78 trillion at the end of the first quarter, reflecting a slight increase of 0.1% from the end of the previous year [3]. Group 2: Industry Trends - The Guangdong Banking Association has established a "1+3+N" system to combat "involution" competition, which includes a negative list from regulatory bodies and self-discipline agreements [5]. - The call for resisting "involution" is echoed nationwide, with provinces like Fujian and Anhui issuing self-discipline agreements to prevent malicious competition [6]. - The financial sector is facing pressure from low interest rates and low spreads, with banks like China Merchants Bank reporting a revenue decline of 3.09% and a net profit drop of 2.08% in the first quarter [9]. Group 3: Regulatory Environment - Regulatory bodies are actively opposing "involution" competition, with measures including the issuance of negative lists and guidance for industry associations to create self-discipline agreements [5][6]. - The implementation of the "reporting and operation unity" policy in the insurance sector aims to standardize market practices and curb malicious competition, resulting in a 30% reduction in average commission levels [8]. Group 4: Challenges and Perspectives - The banking industry is experiencing a critical point with net interest margins dropping to around 1.43%, leading to concerns about profitability and sustainability [9]. - Some industry professionals argue that the focus on commission rates and fees is merely a superficial response to deeper issues of homogeneity in the market, suggesting that true reform requires addressing these underlying problems [10].

Core Insights - The insurance agency market is undergoing significant contraction and restructuring due to regulatory changes and reduced commission rates, leading to a survival crisis for many small agencies [2][4][6] - The "reporting and operation integration" policy has drastically reduced commissions by over 50%, causing profitability issues and talent loss within the industry [2][3][4] - The future of the agency channel lies in providing added value and specialized services rather than merely competing on product pricing [8][9] Industry Overview - The insurance agency channel is a crucial part of the sales system for insurance companies, but it is currently facing substantial pressure due to regulatory changes [2][4] - Many small agencies are exiting the market, and even larger firms like Shenzhen Tengbang Insurance Brokerage have had their licenses revoked [1][4] - The market is shifting from a model of rapid expansion to one focused on refined operations and professional services [4][8] Financial Dynamics - The traditional profit model for insurance agencies, which relied heavily on commission income, is being disrupted by new regulations that limit commission earnings [4][5][6] - The overall signing levels and sales force have significantly declined, impacting the confidence and operations within the industry [3][6] Market Segmentation - The market is experiencing a clear divide, with leading agencies and tech-driven platforms gaining strength while smaller agencies struggle to survive [3][4][6] - The competitive landscape is evolving, with a focus on specialized services and compliance rather than high commission rates [8][9] Challenges and Opportunities - Agencies face challenges such as the need for higher professional qualifications among sales personnel and the integration of service offerings [7][8] - The shift in consumer demand towards professional services necessitates a reevaluation of agency operations and strategies [9]

Core Viewpoint - The financial industry is increasingly focusing on resisting "involution-style" competition, with institutions like Ping An Bank taking proactive measures to address this issue and promote sustainable business practices [2][4]. Group 1: Ping An Bank's Actions - On July 22, Ping An Bank held a meeting to outline its business development plan and promote the signing of commitment letters against "involution-style" competition among its over 2,000 employees [2]. - In Q1 2025, Ping An Bank reported a revenue of 33.709 billion, a year-on-year decrease of 13.1%, and a net profit of 14.096 billion, down 5.6% [2]. - The bank's total assets reached 57.8 trillion at the end of Q1, reflecting a slight increase of 0.1% compared to the end of the previous year [2]. Group 2: Industry-Wide Trends - The Guangdong Banking Association has established a "1+3+N" system to combat "involution-style" competition, which includes a negative list from regulatory bodies and self-regulatory measures from various business sectors [4]. - The Guangdong Financial Regulatory Bureau has publicly opposed "involution-style" competition and is working on self-regulatory agreements to guide the industry [4]. Group 3: Broader Industry Context - The call for resisting "involution" is gaining traction nationwide, with provinces like Fujian and Anhui issuing self-regulatory agreements to prevent malicious competition and ensure compliance with regulatory requirements [5]. - In Shenzhen, despite being a major financial hub, there has been no clear stance from local regulators on "involution" competition, although the banking sector's total assets reached 13.57 trillion, growing by 1.37% year-on-year [5]. Group 4: Regulatory Measures and Market Impact - The implementation of the "reporting and execution consistency" policy in the insurance sector aims to standardize market practices and curb harmful competition, resulting in a 30% reduction in average commission levels in certain channels [6]. - The banking sector is facing significant pressure on profitability, with net interest margins declining to approximately 1.43% in Q1 2025, leading to concerns about the sustainability of business models [7]. Group 5: Responses to Challenges - Strategies proposed by industry leaders include international expansion, diversification of revenue sources, and the use of artificial intelligence to enhance operational efficiency [8]. - There are differing opinions on the effectiveness of "anti-involution" measures, with some industry professionals arguing that the root cause of the issue lies in the high degree of market homogeneity rather than just pricing strategies [8].