来源：今日保 2025年，是人身保险行业变革至深的一年。 这一年，有着太多的话题。比如，既有外部宏观环境的持续承压、利率下行的中继，也有资本市场呈现 的"慢牛"特征，还有老龄化进程的推进，更有监管政策的深化落地、"报行合一"的全面推行，以及数字 化与人工智能技术的加速渗透…… 整个行业都看到了。 如此深度的调整，转型、爬坡、改革、奋进、震荡、焦灼、焦虑、忧惧……几乎同时映射到不同险企、 不同梯队的机构之中，人身险行业内部竞争格局从未如此般，持续分化、加速分化。 期间，头部公司凭借资本实力、科技能力与综合服务优势稳步扩张，巨头优势尽显；中小险企则在内外 环境陡变下，面临产品同质化严重、渠道萎缩、偿付能力不足等多重挑战。 如是回溯2025年，再看"十五五"开局之年的2026，当知这一年的历史方位，将是决定未来五年市场走向 的关键年。 面对负债端存量成本高企、资产端收益波动加剧、资本端压力持续加大的"三重挤压"，以及新会计准则 切换+偿二代三期的推进，一众保险机构当如何从战略高度重新审视自身的经营模式、资源配置逻辑？ 又如何让"以客户为中心"不再停留在口号，而是真正内化为产品、渠道与组织运转的核心原则？ 作为首批中 ...

Core Insights - The insurance industry in China experienced significant growth in 2025, with life insurance companies achieving a record net profit of 462 billion yuan, a 62% increase year-on-year, driven by strong premium sales and improved investment returns [1] - The introduction of dynamic adjustment for predetermined interest rates marked a significant reform in life insurance pricing, moving from a fixed rate of 2.5% to a new cap of 2.0% for standard products [1] - The resurgence of participating insurance products became a key focus, allowing companies to transition from traditional fixed-income products to those offering guaranteed and variable returns, thus addressing challenges posed by low interest rates [1] - The release of the fourth "life table" provided a scientific basis for pricing in the next decade, utilizing a comprehensive dataset of nearly ten years of policy data [1] - The industry saw substantial capital replenishment through bond issuance exceeding 100 billion yuan and capital increases over 20 billion yuan, enhancing solvency [1] Group 1: Life Insurance Achievements - Record net profit of 462 billion yuan, a 62% increase year-on-year [1] - Dynamic adjustment of predetermined interest rates, with caps reduced to 2.0% for standard products [1] - Shift towards participating insurance products, addressing low interest rate challenges [1] - Release of the fourth "life table" for future pricing [1] - Capital replenishment through bond issuance and capital increases [1] Group 2: Property Insurance Highlights - New energy vehicle insurance turned profitable in 2025, reversing previous losses [1] - Implementation of "reporting and operation integration" to end price wars in the non-auto insurance sector [1] - Expansion of the "car insurance easy to insure" platform to include more vehicle types, addressing insurance accessibility issues [1] - Net profit for the property insurance sector surged by 52% due to favorable underwriting and investment conditions [1] - Adoption of technology for risk reduction, enhancing the social value of insurance [1]

Investment Rating - The report indicates a positive outlook for the insurance industry, with expectations of double-digit growth in new premiums and net profit value (NBV) driven by the migration of deposits and improved margins [2][22]. Core Insights - The insurance sector is expected to benefit from strong household savings demand, with insurance products becoming increasingly attractive as low-risk savings options amid declining bank deposit rates [2][22]. - The transition towards participating insurance products is anticipated to enhance market share for leading insurance companies, as they leverage their stronger investment capabilities and distribution channels [2][3]. - The report highlights a favorable market environment for insurance stocks, driven by high demand for new policies and a stable investment return outlook, which is expected to support valuation recovery [4][8]. Summary by Sections Liability Side Outlook - New business and NBV are projected to grow at double-digit rates, supported by strong household savings and a shift towards insurance products due to declining bank deposit rates [2][22]. - The insurance sector is expected to maintain stable margins despite the downward adjustment of preset interest rates and the transition to participating insurance [2][22]. Asset Side Outlook - Insurance funds are expected to actively enter the market, with a significant portion of new premiums allocated to equities, particularly in A-shares [3][16]. - The report anticipates a diversified approach to asset allocation, with a focus on high-dividend stocks and sectors such as technology and advanced manufacturing [3][19]. Market Performance Review - The insurance sector has outperformed the broader market, with significant gains in both A-shares and H-shares, indicating strong investor confidence [8][4]. - The report notes that the insurance index has increased by 27.0%, outperforming the CSI 300 index, which rose by 18.2% [8]. Premium Income and Profitability - New premium income is expected to achieve double-digit growth, with specific companies like China Life and Ping An showing substantial increases in their new business premiums [14][32]. - The report highlights the importance of maintaining a favorable cost structure and investment returns to support profitability in the insurance sector [4][11].

Core Insights - The article emphasizes the importance of regulatory measures in the insurance industry, focusing on compliance, product innovation, and market adaptation to enhance consumer protection and industry stability. Regulatory Measures - The integration of insurance and banking is a key regulatory policy aimed at standardizing rates and managing costs, which is essential for curbing irrational competition in the market [1] - Compliance supervision has intensified, as evidenced by penalties against executives and companies like Evergrande Life, highlighting the regulatory authority's commitment to industry health [1] - The classification and tiered regulation optimize supervisory authority allocation, improving precision and efficiency in line with the diverse development of industry institutions [1] Product Innovation - Participating insurance products have become mainstream, with new policies accounting for over 40% of the market, reflecting consumer demand for wealth accumulation [1] - Health insurance is supported by policies that expand coverage, with the introduction of innovative drug lists, serving as a crucial growth engine for the industry [1] - Long-term care insurance has been fully implemented, covering 190 million people, addressing the long-term care protection gap and enhancing the multi-tiered social security system [1] Market Adaptation - Premiums for new energy vehicle insurance have increased by 41.44% year-on-year, indicating a shift towards independent operating models that align with the development of the new energy vehicle industry [1] - The insurance sector is responding to the aging population trend by strategically positioning itself in retirement finance, including profitable senior living communities with occupancy rates exceeding 80% [1] - Inclusive insurance products, such as home and education insurance, are expanding to cover broader demographics, reflecting the industry's social responsibility [1] Technological Integration - The integration of AI in insurance processes enhances underwriting, claims, and service delivery, driving the industry's digital and intelligent transformation [1] - Data security insurance is becoming increasingly relevant due to rising risks of data breaches and cyberattacks, with policies tailored to meet these emerging needs [2] Risk Management - The solvency ratio remains a core indicator for risk management in insurance companies, with ongoing regulatory assessments reinforcing the industry's ability to withstand risks [1] - Catastrophe insurance is being developed to address risks from natural disasters, filling gaps in traditional insurance coverage through a combination of policy guidance and market operations [2] Cross-Border Opportunities - International insurers like AIA and Allianz are increasing their presence in the Chinese market, showcasing the industry's openness and enhancing market supply through innovative cross-border medical insurance [2]

2025年，中国A股市场上的保险板块无疑是最亮眼的"明星"之一。从年初的缓慢升温到年末的屡创新 高，保险股在2025年多次强势领涨A股市场，其全年累计涨幅显著，大幅跑赢了银行与非银金融板块的 整体表现。若将观察周期拉长，自2024年低点以来，保险板块更是走出了趋势性的上涨行情，累计涨幅 可观，被市场投资者称为"走出了牛市的节奏"。 板块与个股齐飞，但估值仍处历史低位 2025年保险股的"强势"，既体现在板块指数的突破上，也反映在个股的分化与领涨中，更凸显在"市值 增长+估值洼地"的双重优势里。截至2025年12月31日，A股保险板块（申万二级分类）指数报收1554.89 点。从短期表现看，保险板块的"爆发力"尤为突出，其10日、20日及60日涨幅均位列A股各板块前列， 显示出强劲的短期动量。 从资金关注度来看，保险板块的成交额在年底持续放大，市场交投活跃度显著提升。以保险行业指数 （932136）为例，其单日成交额在12月中旬一度创下阶段新高，即便在月末市场震荡调整期间，其成交 额水平也远高于12月初，显示出市场资金对保险股的配置需求持续上升。 2025年A股5家上市险企（中国平安、中国太保、新华保险、中国人 ...

Group 1 - The insurance sector is expected to deepen its transformation and maintain a recovery trend in fundamentals through 2026 [4][7] - In 2025, the insurance sector outperformed the market with a cumulative increase of 27.0%, surpassing the CSI 300 index by 8.8 percentage points, driven by strong growth in new business value (NBV) and improved investment returns [5][10] - The life insurance segment is seeing a stabilization in agent workforce and positive growth in new policies, supported by bank insurance and improved NBV margins [5][20] Group 2 - The property insurance segment is experiencing a slowdown in premium growth but is optimizing its business structure, with a focus on non-auto insurance [22] - The investment side of the insurance companies is benefiting from a rising equity market, with a projected increase in total investment returns and net profits expected to rise by 33.5% year-on-year for the first three quarters [5][7] - The high savings preference among residents and the reduction in bank deposit rates are expected to make participating insurance products with a guaranteed return of 1.75% more competitive in the market [7][8] Group 3 - The life insurance sector is projected to see continued growth in new business value, driven by the popularity of participating insurance products and the effective management of costs through the "reporting and operation integration" strategy [5][20] - The property insurance sector is expected to maintain its favorable conditions, with the "reporting and operation integration" policy further optimizing the combined ratio (COR) [5][22] - Investment strategies focusing on high dividend yields are anticipated to provide a safety net for net investment income, contributing to profit stability [7][8]

Investment Rating - The report maintains a "Buy" rating for the company [1] Core Views - The insurance sector is expected to undergo a value reassessment, with the company demonstrating significant advantages in managing liability costs and outperforming peers in interest spread performance [6][24] - The company has a strong focus on shareholder returns, with a consistent increase in dividends over the past 13 years, and a projected dividend yield of 4.0% for A shares and 4.5% for H shares in 2025 [8][12] - The company is expected to benefit from a stable long-term interest rate environment and ongoing asset allocation improvements, which will enhance investment returns [31][33] Summary by Sections 1. Insurance Sector Revaluation - Concerns over interest spread losses have become a core factor affecting the valuation of life insurance companies, with the average P/EV of A-share listed insurance companies dropping below 1.0x since 2021 [23] - The company has the lowest new liability cost among A-share insurers at 2.42% for 2024, and a stock liability cost of 2.50%, indicating strong management capabilities [25] 2. Fundamental Improvement and NBV Growth - The company's net profit for the first three quarters of 2025 increased by 11.5% year-on-year, driven by strong investment performance and improved operational metrics [7][37] - The company’s NBV (New Business Value) growth is robust, with a year-on-year increase of 28.8% in 2024 and 46.2% in the first three quarters of 2025 [53] - The company’s diversified channel strategy is yielding results, with the bancassurance channel expected to continue contributing significantly to NBV growth [60][71] 3. High Dividend Characteristics - The company is currently underweighted by public funds compared to the CSI 300 index, which may lead to increased capital inflows as market conditions stabilize [8][12] - The company’s dividend mechanism based on OPAT (Operating Profit After Tax) is expected to support a recovery in double-digit growth for OPAT in 2026 [8][12] 4. Financial Forecast and Valuation - The company’s projected net profit for 2025-2027 is expected to reach 1,468 billion, 1,612 billion, and 1,880 billion respectively, with year-on-year growth rates of 15.9%, 9.9%, and 16.6% [12] - The estimated company value for 2026 is projected at 1.70 trillion RMB, with a target price of 93.8 RMB per share, corresponding to a P/EV of 0.99x [12]

（来源：北京商报） 年末，保险公司的"开门红"如火如荼。冬日的北京，高宏（化名）频繁地奔走在见客户的路上。没有明 确的起跑线也看不到终点，一年一度的"开门红"被她视为一场被不断拉长的耐力跑；而在保险配置意识 相对较弱的潮汕地区，苗兰（化名）对这场被赋予特殊意义的"战役"显得淡然；在山东，具有银保渠道 背景的保险经纪人李刚（化名），虽身处保险公司物理架构之外，却更能清晰地感知行业结构的冰冷分 化："如今在保险行业，恐怕'二八定律'已成过去，更接近'一九定律'。" 北京商报记者在采访中了解到，上述三位保险从业者，身处中国的不同坐标，扮演着行业链条上的不同 角色。高宏在头部公司追逐"大单"，苗兰在普通家庭间守护保障，李刚则在保险经纪赛道上探索咨询的 价值。市场温度的变化，他们体感一致："压力大、有点难。"这背后，他们眼中的"大鱼"正游向更深的 水域，曾经广阔的市场出现局部"板结"。 在保险从业者看来，这是一个"在小河沟里捞'大鱼'"的时代。当行业从粗放扩张驶入质量深耕的深水 区，保险的"开门红"不再是短暂冲刺后的庆功，而是一场考验韧性、价值与专业度的"马拉松"。 韧性 永不停歇的"开门红" 高宏，一家头部保险公司代 ...

年末，保险公司的"开门红"如火如荼。近日的北京，气温又降低了几度，高宏（化名）频繁赶往见客户的路上。没有明确的起跑 线，也看不到终点，一年一度的"开门红"被她视为一场战线被不断拉长的耐力跑；在潮汕地区，保险配置意识相对较弱，使得当 地的苗兰（化名）对这场被赋予特殊意义的"战役"显得淡然；在山东，具有银保渠道背景的保险经纪人李刚（化名），虽身处保 险公司物理架构之外，却更能清晰感知行业结构的冰冷分化："如今在保险行业，恐怕'二八定律'已成过去，更接近'一九定 律'。" 北京商报记者在采访中了解到，上述三位保险从业者，身处辽阔中国的不同坐标，扮演着行业链条上的不同角色。高宏在头部公 司追逐"大单"，苗兰在普通家庭间守护保障，李刚则在保险经纪赛道上探索咨询的价值。市场温度的变化，他们体感一致："压 力大、有点难。"这背后，他们眼中的"大鱼"正游向更深的水域，曾经广阔的市场出现局部"板结"。 对此，在保险从业者看来，这是一个"在小河沟里捞'大鱼'"的时代。当行业从粗放扩张驶入质量深耕的深水区，保险的"开门 红"不再是短暂冲刺后的庆功，而是一场考验韧性、价值与专业度的"马拉松"。 韧性：奔跑在永不停歇的"开门红" 高宏 ...

转自：北京日报客户端 保险业前11月成绩单出炉！12月26日晚间，金融监管总局发布2025年前11月保险业经营情况表，数据显 示，前11个月，保险业原保险保费收入5.76万亿元，可比口径下同比增长7.56%。 伴随着预定利率下调，阶段性"炒停售"告别市场，人身险保费增速回落明显。加之保险公司"开门红"进 入关键期，种种因素交织，保险业尤其是人身险业的后续走势备受关注。此外，财产险保费收入能否继 续保持稳健？或许能从当前的保费情况看出些许趋势。 单月寿险保费下滑 金融监管总局近日发布的数据显示，今年前11个月，保险业原保险保费收入5.76万亿元，其中人身险原 保费规模为4.42万亿元，同比增长9.2%。 具体到人身险公司情况来看，11月单月人身险公司原保费规模为1548亿元，同比减少2.4%，降幅较10 月有所收窄。 业内专家表示，"报行合一"在非车险领域的实施有望推动非车险业务向保障更加充分、定价更加合理、 市场更加规范方向发展，短期来看，有望引导保险公司调整业务模式，如加大手续费管控力度、避免盲 目追求业务规模增长等；长期来看，有望促进行业从价格竞争转向服务竞争，推动非车险业务形成量增 质优的高质量发展模式 ...