Core Viewpoint - The practice of monthly premium disclosure by listed insurance companies in China has been broken, with major companies like China Life, China Ping An, and China Pacific Insurance no longer publishing this data [1][2]. Group 1: Reasons for Stopping Monthly Premium Disclosure - Regulatory bodies do not mandate insurance companies to disclose monthly premium income, allowing companies to have discretion over such disclosures [1][2]. - The implementation of new accounting standards (IFRS 17) has changed the way premium income is recognized, making previous data incomparable [1][2]. - Monthly premium income can fluctuate significantly due to various factors, such as seasonal trends and marketing activities, which may not accurately reflect the long-term operational stability of insurance companies [2][3]. Group 2: Alternative Metrics for Evaluating Insurance Companies - Consumers should focus on the solvency adequacy of insurance companies, which indicates their ability to meet obligations under extreme risk scenarios [3][4]. - Investors should pay attention to indicators such as new business value, channel efficiency, comprehensive cost ratio, and investment return rate, which are available in annual and semi-annual reports [3][4]. - Monitoring regulatory penalties against insurance companies can provide insights into their business quality and compliance levels [3][4].

Core Insights - Non-listed property insurance companies reported strong performance in the first half of 2025, with total insurance revenue of 259.49 billion yuan, a year-on-year increase of 7.5%, and net profit of 9.26 billion yuan, up 75.2% [1][4] Group 1: Financial Performance - Among the 76 non-listed property insurance companies, 68 achieved profitability, representing nearly 90% of the total [2] - The insurance industry achieved original premium income of 3.74 trillion yuan in the first half of 2025, a year-on-year growth of 5.3%, with property insurance companies generating 964.5 billion yuan, up 5.1% [4] - China Life Property Insurance led non-listed companies with premium income of 59.27 billion yuan and net profit of 2.43 billion yuan, the only company exceeding 2 billion yuan in net profit [4] Group 2: Profitability and Cost Ratios - 14 non-listed property insurance companies reported net profits exceeding 100 million yuan, while 14 others turned losses into profits compared to the previous year [5] - Over 60% of companies saw a decrease in comprehensive cost ratios compared to the previous year, indicating improved profitability [5] - China Fishery Mutual's comprehensive cost ratio significantly dropped from 279.69% to 94.82%, contributing to a net profit of 20 million yuan [5] Group 3: Losses and Challenges - Eight non-listed property insurance companies reported net losses, a decrease from the previous year, with the largest losses from Qianhai Insurance, Modern Insurance, and Taiping Technology [6][7] - Qianhai Insurance has faced continuous solvency issues, with a comprehensive cost ratio of 244.05% and a risk rating downgraded to C class [7] - New entrant Dongwu Insurance reported minimal revenue of 1.9 million yuan and a net loss of 1.848 million yuan, highlighting challenges faced by smaller companies in achieving scale and competitive advantages [8]

Core Viewpoint - The non-listed property insurance companies achieved a net profit of 92.5 billion yuan in the first half of 2025, marking a significant increase of 75% year-on-year, driven by improved investment returns and reduced cost ratios [6][7][9]. Group 1: Profit Performance - 68 out of 76 non-listed property insurance companies reported profits, with a total profit exceeding 90 billion yuan [1][6]. - China Life Property Insurance ranked first with a net profit of 24.28 billion yuan, a year-on-year increase of 6.83 billion yuan [18][20]. - Other major companies like Yingda and China United also saw profit growth, contributing to the overall positive trend in the industry [13][21]. Group 2: Investment Returns and Cost Ratios - Investment returns increased significantly, with over 60% of companies reporting a decrease in cost ratios [9][12]. - The average investment return rose from 1.27% in the first half of 2024 to 1.59% in the first half of 2025, an increase of approximately 0.32 percentage points [10][12]. - The comprehensive cost ratio improved, with 64% of companies reporting a decrease, leading to enhanced underwriting profits [12][26]. Group 3: Companies Turning Profitable - 15 companies turned losses into profits, primarily due to reduced claims ratios and improved investment returns [24][26]. - Companies like Yongcheng Insurance and Ansheng Tianping saw significant improvements in their comprehensive cost ratios, contributing to their turnaround [26][31]. Group 4: Loss-Making Companies - Eight companies reported losses, with Qianhai United leading the loss list at 0.51 billion yuan, continuing a trend of consecutive losses [28][31]. - The high comprehensive cost ratio of 244% for Qianhai United indicates ongoing challenges in managing underwriting losses [31][35].

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。 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。 上市险企整体业绩有望增长 非上市险企业绩整体实现较快增长，传递出保险行业整体回暖的积极信号。市场人士认为，在资产和负 债两端共振向好背景下，上市险企整体业绩也有望实现较快增长。 广发证券研报认为：寿险业方面，资负联动有望扩大行业利润水平；财险业方面，保费增速回暖， COR（综合成本率）改善，赔付率有望在高基数下改善，费用率持续优化。 数据显示，59家人身险公司合 ...

Core Viewpoint - The recent capital increase of Jintai Insurance through capital reserve conversion signals a shift in funding strategies among insurance companies, highlighting the need for self-sustaining growth amid market challenges [1][3][4]. Group 1: Capital Increase Details - Jintai Insurance's registered capital has been approved to increase from 2.379 billion to 3.188 billion yuan through capital reserve conversion, maintaining existing shareholder ratios [3][4]. - The company plans to convert part of its capital reserve formed from stock premium issuance and asset appreciation into registered capital, with a proposed share increase of 808 million shares [3][4]. - This method of capital increase does not involve external funding but rather adjusts the internal financial structure, which is simpler and suitable for short-term capital needs [4][5]. Group 2: Financial Performance and Management Challenges - Jintai Insurance has experienced a decline in net profit, from 78 million yuan in 2023 to 52 million yuan in 2024, primarily due to deferred tax impacts [6][8]. - The company has been without a general manager for two years, which may affect operational efficiency and strategic execution [6][7]. - The comprehensive cost ratio for Jintai Insurance reached 102.68% in Q1 2025, indicating that premium income is not covering expenses, which poses risks to its solvency [8][9]. Group 3: Market Position and Strategic Focus - Jintai Insurance is focusing on diversifying its product offerings, with non-auto insurance premiums now exceeding 50% of total premiums, driven by growth in health, liability, and accident insurance [10][11]. - The company aims to enhance its competitive edge by optimizing its business structure and leveraging technology for better risk management and operational efficiency [11][12]. - Jintai Insurance is committed to a differentiated development strategy, targeting specific market segments to capture untapped opportunities while maintaining compliance and internal controls [11][12].

Core Viewpoint - Qianhai Insurance is facing significant operational challenges, including a 30% discount on the auction of 20% of its shares, the resignation of its general manager, and ongoing issues with solvency and profitability [1][9]. Group 1: Shareholding and Financial Issues - 20% of Qianhai Insurance's shares held by Jushenghua will be auctioned at a starting price of 30.8 million yuan, reflecting a 30% discount from the assessed value of 44 million yuan [1]. - As of the first quarter of 2025, nearly 38% of Qianhai Insurance's shares are frozen due to a court ruling related to a debt dispute involving Jushenghua and Baoneng Group [2]. - The company has been unable to collect overdue premiums totaling 127.87 million yuan from its shareholders, leading to a debt restructuring plan [3]. Group 2: Management Changes - General Manager Li Gongni resigned for personal reasons after serving for less than a year and a half, with Chairman Huo Jianmei taking over as the interim head [4][5]. - Li Gongni faced regulatory penalties prior to his departure, including a fine of 60,000 yuan for various compliance issues [6]. Group 3: Operational Performance - Qianhai Insurance has reported continuous losses since its establishment, with net profits showing a downward trend from 2016 to 2024, except for 2016 and 2022 [8]. - The company's comprehensive cost ratio reached 201.56% as of the first quarter of 2025, significantly higher than the industry average, contributing to its financial struggles [8]. - The solvency rating has been downgraded to C since the first quarter of 2022, indicating ongoing financial instability [9].

Core Viewpoint - The long-established insurance company China Insurance is facing significant challenges, including internal operational issues and external pressures, leading to a decline in its core subsidiary, China Property Insurance, and overall financial performance [1][6]. Group 1: Company Performance - China Insurance's net profit in 2023 was nearly at a low of 0.93 billion, with a recovery to 5.12 billion in 2024, but this is still a significant drop from 10.15 billion in 2018 [6]. - China Property Insurance's net profit fluctuated significantly, with a total of 9.51 billion in 2024, but this was achieved while distributing 14.6 billion in dividends, indicating a concerning financial strategy [6][8]. - The company's core solvency adequacy ratio dropped to 137.37% by the end of 2024, a decrease of 18.75 percentage points from the previous year, highlighting capital pressure [7][10]. Group 2: Rating and Market Position - Fitch Ratings withdrew its "BBB+" rating for China Property Insurance, which had previously been downgraded from "A-" due to internal management issues and the deteriorating financial condition of its controlling shareholder, Oriental Asset Management [2][3]. - The market position of China Property Insurance is under threat, facing competition from peers like Sunshine Property Insurance, which has surpassed it in net profit multiple times since 2018 [7][10]. Group 3: Investment and Operational Challenges - China Property Insurance's investment income plummeted to 0.29 billion in 2024, a staggering decline of 96.92% from 9.43 billion in 2023, indicating missed investment opportunities [9]. - The company has a high exposure to risk assets, with 74% of its shareholder equity tied to these assets, and has faced issues with bad investments, particularly in real estate-related trust plans [10]. - The combined cost ratio for China Property Insurance has hovered around 99%, indicating operational inefficiencies and high claims costs [10]. Group 4: Regulatory and Governance Issues - China Property Insurance has faced over 100 regulatory fines in 2024, totaling more than 13 million, reflecting serious internal governance issues [11]. - Recent management changes have occurred in response to ongoing compliance failures, but the effectiveness of these changes remains to be seen [11]. Group 5: Life Insurance Sector Challenges - China Life Insurance has consistently reported losses since its inception, with a significant drop in insurance business revenue from 65 billion in 2022 to 52.51 billion in 2024 [12][13]. - The company relies heavily on bank insurance channels, which have seen a decline in contribution to total revenue, further weakening its competitive position [13].

Investment Rating - The report maintains an "Overweight" rating for the insurance industry, indicating a positive outlook for the sector in the next six months [1]. Core Insights - The insurance industry has shown a robust growth in New Business Value (NBV), with significant improvements in property insurance combined ratio (COR) [1]. - In Q1 2025, the net profit attributable to shareholders of listed insurance companies increased by 1.4% year-on-year, with notable variances among companies [5]. - The report highlights the impact of regulatory changes on the insurance market, particularly in the context of universal insurance products [5]. Summary by Sections Financial Performance - In Q1 2025, the net profit of major insurance companies showed varied results: China Life (+39.5%), China Ping An (-26.4%), China Pacific (-18.1%), and New China Life (+19.0%) [6]. - The total net assets of listed insurance companies remained stable compared to the beginning of the year, with China Life and Ping An showing steady growth, while China Pacific and New China Life experienced declines of -9.5% and -17.0% respectively [6]. Life Insurance - The NBV continued to grow rapidly, with New China Life and China Pacific reporting increases of +131% and +29% respectively, while China Life and Ping An saw declines of -4.5% and -19.5% [5]. - The proportion of participating insurance in new business for China Life reached 51.7%, indicating a successful transition in product offerings [5]. Property Insurance - The premium income for property insurance in Q1 2025 showed positive growth: China Life (+3.7%), Ping An (+7.7%), and China Pacific (+1.0%) [5]. - The combined ratio for property insurance improved due to a reduction in catastrophic claims and ongoing cost-cutting measures [5]. Investment Performance - Investment assets for listed insurance companies grew by 3.2% compared to the beginning of the year, with New China Life leading with a growth rate of 3.6% [5]. - The net investment yield for China Life decreased by 0.2 percentage points year-on-year, while Ping An and China Pacific remained stable [5]. Market Outlook - The report suggests that the insurance sector is currently undervalued, with low holdings in public funds, indicating potential for future growth [5]. - As of April 29, 2025, the insurance sector's valuation is at historical lows, with expected price-to-earnings ratios (P/EV) ranging from 0.49 to 0.79 [5].

Core Viewpoint - The company's value rate in life and health insurance business significantly improved in Q1, driving NBV growth of 34.9% year-on-year, with strong performance from bancassurance and community financial service channels [1][9] - The quality of the property insurance business improved significantly, with the combined cost ratio decreasing by 3.0 percentage points to 96.6%, leading to substantial growth in underwriting profit [1][5] - On the asset side, the company increased its allocation to high-dividend stocks, and the performance of OCI stocks in Q1 was impressive, contributing to an improvement in overall investment return rates year-on-year [1][6] Financial Performance - The company reported a 2.4% year-on-year increase in operating profit to 37.91 billion yuan in Q1, with life and health insurance business operating profit up 5.0% to 26.86 billion yuan [2][3] - The net profit attributable to shareholders decreased by 26.4% year-on-year to 27.02 billion yuan, primarily due to a fair value loss of 21.8 billion yuan in Q1, compared to a fair value gain of 34.49 billion yuan in the same period last year [3] Life and Health Insurance - The NBV for life and health insurance increased by 34.9% year-on-year to 12.89 billion yuan, driven by an improvement in the NBVM by 10.4 percentage points to 32.0% [3][4] - The first-year premium used to calculate NBV decreased by 19.5% year-on-year to 45.59 billion yuan [3] Multi-Channel Development - The company has effectively built a multi-channel professional sales capability, with significant results from various channels [4] - The agent channel saw a 14.0% year-on-year increase in per capita NBV, despite a high base from the previous year [4] - The bancassurance channel experienced a remarkable 170.8% year-on-year increase in NBV [4] Property Insurance - The underwriting profit for the property insurance business increased by 755.5% year-on-year to 2.76 billion yuan, driven by a 3.0 percentage point decrease in the combined cost ratio to 96.6% [5] - Insurance service revenue for the property insurance business increased by 0.7% year-on-year to 81.15 billion yuan, with original insurance premium income rising by 7.7% to 85.14 billion yuan [5] Asset Management - The overall investment return rate improved year-on-year, primarily driven by OCI stocks [6][7] - The company's investment portfolio reached over 5.92 trillion yuan, an increase of 3.3% from the beginning of the year [7] - The allocation to high-dividend stocks was increased, with the scale of other equity instruments growing rapidly [7] Other Business Segments - The banking business reported a 5.6% year-on-year decrease in net profit to 8.17 billion yuan, mainly due to a 13.1% decline in operating income [8] - The asset management business saw a 19.2% year-on-year increase in net profit to 1.09 billion yuan [8] - The financial empowerment business reported a net loss of 2.87 billion yuan, with a significant impact from one-time gains and losses related to the consolidation of Ping An Health [8] Investment Recommendation - The company is viewed positively for its long-term investment value, with a current valuation at a low level and sufficient margin of safety [9] - The estimated growth rates for NBV in 2025, 2026, and 2027 are projected at 23.0%, 14.1%, and 13.9%, respectively [9]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Views - Despite natural disasters in the first and third quarters affecting underwriting performance, these short-term factors do not impact the company's solid fundamentals and profitability. The long-term concentration in the industry is expected to continue rising due to enhanced market competition regulation, leading to improvements in both asset and liability sides and upward valuation potential [2][12]. - The company achieved a net profit of 42.87 billion yuan in 2024, representing a year-on-year increase of 88.2%. The comprehensive cost ratio for property insurance was 98.5%, up 0.9 percentage points year-on-year. The new business value for life insurance grew by 114.2% year-on-year, while health insurance new business value increased by 143.6% [6][12]. Summary by Sections Financial Performance - The company reported a total investment income of 82.16 billion yuan in 2024, an increase of 86.2% year-on-year, with a total investment return rate of 5.6%, up 2.3 percentage points year-on-year [12]. - The comprehensive cost ratio for auto insurance improved slightly to 96.8%, with original premium income of 297.39 billion yuan, a year-on-year growth of 4.1% [12]. - Non-auto insurance premium growth slowed, with agricultural insurance premiums declining by 5.7% year-on-year due to selection rhythm impacts, and the cost ratio for non-auto insurance rising to 97.3%, an increase of 3.3 percentage points year-on-year [12]. Business Segments - The life insurance segment saw a significant increase in new business value, with a year-on-year growth of 114.2%. The first-year premium income for life and health insurance grew by 1.6% and 50.2% respectively [12]. - Adjustments in economic assumptions for the value system did not hinder the high growth in new business value, with the new business value rate for life and health insurance increasing by 3.5 and 9.8 percentage points year-on-year respectively [12]. Market Outlook - The company is optimistic about the future potential for asset and liability improvements, with expectations of continued upward valuation space in the context of increasing market concentration and regulatory enhancements [2][12].