Core Viewpoint - The regulatory authorities have introduced measures to ease the implementation of the new insurance contract accounting standards for small and medium-sized insurance companies facing operational challenges, allowing them to postpone compliance until January 1, 2026, if necessary [2][3][6]. Group 1: Regulatory Changes - The Financial Regulatory Bureau and the Ministry of Finance issued a notification allowing non-listed insurance companies to delay the implementation of new accounting standards until January 1, 2026, if they face difficulties [2][3]. - The notification includes tailored simplifications for non-listed insurance companies to ease the transition to the new standards [2][7]. Group 2: Challenges Faced by Small and Medium-sized Insurers - Small and medium-sized insurance companies are experiencing significant challenges due to high costs associated with system upgrades, talent shortages, and historical data limitations [4][5]. - The transition to the new standards requires substantial IT support and specialized personnel, which are often lacking in smaller firms [5][9]. Group 3: Financial Impact - The new accounting standards are expected to lead to increased volatility in net profits and a decline in net assets for non-listed insurers, with revenue potentially dropping significantly due to changes in recognition standards [8][9]. - For example, bank-affiliated insurers that adopted the new standards early saw a 76% reduction in revenue and a 16% decrease in net assets in 2023 compared to the old standards [9]. Group 4: Long-term Opportunities - Despite the short-term challenges, the new standards may provide long-term opportunities for the insurance industry by promoting better product design and asset-liability management, leading to more stable operations [10]. - The new standards are expected to enhance financial transparency and improve risk management within the industry [10].

丨证券研究报告丨 SFC：BUV596 吴一凡 谢宇尘 程泽宇 SAC：S0490519080007 SAC：S0490521020001 SAC：S0490524090001 行业研究丨行业周报丨投资银行业与经纪业 [Table_Title] 积极配置非银板块优质红马，持续关注业绩 高弹性个股 报告要点 [Table_Summary] 二季度政策端与市场交投趋势稳中向好，我们认为优质的非银行业红马配置性价比仍较高，从盈利和分红 的稳定性维度出发，推荐江苏金租、中国平安及中国财险。综合业绩弹性及估值分位，推荐新华保险、中 国人寿、香港交易所、中信证券、东方财富、同花顺、九方智投控股。 分析师及联系人 [Table_Author] 请阅读最后评级说明和重要声明 %% %% %% %% research.95579.com 1 投资银行业与经纪业 cjzqdt11111 [Table_Title 积极配置非银板块优质红马，持续关注 2] 业绩高 弹性个股 [Table_Summary2] 核心观点： 市场：市场热度有所回升，两市日均成交额 13,716.78 亿元，环比+13.47%，日均换手率 1.72%， 环 ...

证券研究报告|行业研究周报 [Table_Date] 2025 年 06 月 15 日 [Table_Title] 期货市场程序化交易新规发布；非上市险企 2026 年起执行新会计准则 [Table_Title2] 非银金融周报 [Table_Summary] 报告摘要: 本周（2025. 6.8-2 025.6 .14）A 股日均交易额 13,71 7 亿 元，环比增加 13.5 %，同比增加 88.1%。2025 年二季度至今日 均成交额 12, 392 亿元,较 202 4 年二季度日均交易额增加 49.7%。202 5 年至今日均成交额 13,91 7 亿元,较 2024 年日均 交易额增加 59.9 %。投行：本周发行新股 2 家，募集资金 12.6 亿元；本周上市新股 3 家，募集资金 26. 5 亿元。202 5 年至今，A 股 IPO 上市 48 家，募集金额 3 58.6 亿元。2 024 年，A 股 IPO 上市 100 家，募集金额 673.5 亿元。两融：截至 2025 年 6 月 12 日，两市两融余额 18,213.19 亿元，环比增加 0.53%，较 20 24 年日均水平增加 ...

证券研究报告·行业跟踪周报·非银金融 非银金融行业跟踪周报 险资预计持续增配红利股 2025 年 06 月 15 日 增持（维持） [Table_Tag] [Table_Summary] 投资要点 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 研究助理 罗宇康 执业证书：S0600123090002 luoyk@dwzq.com.cn 行业走势 -11% -4% 3% 10% 17% 24% 31% 38% 45% 52% 2024/6/17 2024/10/15 2025/2/12 2025/6/12 非银金融 沪深300 相关研究 《权益 ETF 系列：调整空间相对有限， 结构性行情持续涌现。》 2025-06-15 《非上市险企 2026 年执行新准则，预 计险资增配 OCI 股票趋势将延续》 2025-06-12 请务必阅读正文之后的免责声明部分 东吴证券研究所 1 / 15 ◼ 非银行金融子行业近期表现：最近 5 个交易日（2025 年 06 月 09 日-2025 年 06 月 13 日）非银金融板块各子行业均跑赢沪深 300 指数。保险行业 上涨 2 ...

财政部、金融监管总局近日联合印发了《关于进一步贯彻落实新保险合同会计准则的通知》（下称"《通 知》"），以进一步加强对企业实施新保险合同会计准则的指导。 《通知》进一步细化新保险合同会计准则的实施安排和指导，为非上市企业提供了简化处理的选择，并对新保 险合同会计准则的组织实施提出要求。 其中明确，确有困难需暂缓执行的保险公司，应当在2025年6月30日前提交书面材料说明原因，并在暂缓执行 期间的财务报表附注中披露暂缓执行的情况和原因。 确有困难需暂缓执行公司应说明原因 2020年12月，财政部修订印发新保险合同会计准则，规定自2023年1月1日起在境内外同时上市以及在境外上市 并采用国际财务报告准则或企业会计准则编制财务报表的企业执行，其他执行企业会计准则的企业自2026年1 月1日起执行。 财政部会计司有关负责人答记者问时表示，从跟踪分析上市公司年报以及专项调研等了解的情况来看，首批执 行新保险合同会计准则的10家大型上市保险公司新旧准则转换总体平稳，新保险合同会计准则对其净资产和净 利润的影响符合预期，市场反应总体较好，认为新保险合同会计准则有利于如实反映保险公司财务状况和经营 成果，提升保险行业会计信息 ...

Core Viewpoint - The implementation of the new accounting standards for insurance contracts aims to align with international standards and improve the quality of financial statements in the insurance industry, while providing flexibility for companies facing difficulties in execution [1][3]. Group 1: Impact of New Accounting Standards - The new accounting standards will significantly affect the balance sheets and income statements of insurance companies, leading to changes such as the exclusion of investment components from the income statement, extended premium income recognition periods, and increased volatility in net assets [1]. - Different insurance companies will experience varying impacts; some may see increases in operating profit, net profit, and comprehensive income, while others may face declines in operating revenue, net profit, and net assets [1][2]. Group 2: Challenges and Adjustments - The Ministry of Finance and the Financial Regulatory Authority have issued a notice allowing insurance companies that face genuine difficulties to apply for a deferral of the new standards until June 30 [1][3]. - The implementation of the new accounting standards poses significant challenges for smaller insurance companies due to limited historical data, insufficient talent, and high costs of information system upgrades [2][3]. Group 3: Financial Implications - Based on the new accounting standards, five major listed insurance companies reported a decline in operating revenue but an increase in net profit for their 2022 annual reports [2]. - The implementation period for major insurance companies can take 18 to 24 months or longer, requiring substantial financial investment, which may be challenging for smaller firms [3].

证 券 研 究 报 告 保险行业周报（20250609-20250613） 部分险企 2026 年可暂缓执行新准则，准则切 推荐（维持） 换或持续利好 OCI 类股票 ❑ 本周行情复盘：保险指数上涨 2.07%，跑赢大盘 2.33pct。保险个股普遍上涨， 太平+10.36%，众安+4.57%，友邦+3.13%，阳光+3.12%，新华+2.8%，太保 +2.66%，人保+2.53%，平安+2%，国寿+1.17%，财险持平。10 年期国债收益 率 1.64%，较上周末-1bp。 ❑ 本周动态： （1）财政部：6 月 12 日，财政部、国家金融监管总局发布《关于进一步贯彻 落实新保险合同会计准则的通知》（以下简称"《通知》"）。 （2）中国太保：太保产险收到金融监管总局《关于俞斌中国太平洋财产保险 股份有限公司董事长任职资格的批复》，金融监管总局已核准了俞斌担任太保 产险董事长的任职资格。 （3）新华保险：为响应国家推动中长期资金入市的政策，公司拟出资不超过 150 亿元认购由国丰兴华发起设立并管理的私募基金份额。 （4）中国基金报：6 月 10 日，杭州银行发布公告称，新华保险以协议转让方 式受让澳洲联邦银行所 ...

让一线保险销售人员和中小险企管理层都十分关注的会计准则 切换是怎么回事？ 作者：姜鑫 封图：图虫创意 2025年6月12日下午，财政部、金融监管总局发布《关于进一步贯彻落实新保险合同会计准则的通 知》（下称《通知》），明确在执行新保险合同会计准则确有困难需暂缓执行的保险公司，应当在 2025年6月30日前向财政部会计司和金融监管总局机构监管司局提交书面材料说明原因。 看到上述消息后，保险经纪人林先生发出疑问："有困难的险企可以申请暂缓会计准则的切换，从 另一个角度看，那是不是意味着已经切换了会计准则的公司是还不错的保险公司？" "在新保险合同会计准则执行上的确有挑战，但这也不能成为判断一家保险公司是否好坏的标 准。"面对保险销售人员的疑惑，一位不愿具名的中小险企财务负责人对经济观察报记者表示："此 前业内预期可能会有暂缓，现在也算石头落了地。" 让一线保险销售人员和中小险企管理层都十分关注的会计准则切换是怎么回事？ 会计准则切换节点将至 事情要从2020年说起。2020年12月，财政部修订印发《企业会计准则第25号——保险合同》（财 会〔2020〕20号，下称"新保险合同会计准则"），这被看作中国版的国际财务 ...

Regulatory Updates - The new accounting standards for insurance contracts have been issued, with mandatory implementation for non-listed companies by 2026, while companies that have already adopted the standards must continue to do so [1] - The notification also includes simplified processing options for insurance companies [1] Industry Trends - As of the end of May, insurance capital has been increasingly active in the market, with the number of stakes taken approaching the total for the previous year, focusing on sectors like banking and public utilities [1] - Health insurance has shown robust growth, with property insurance companies reporting an 8.47% increase in health insurance premium income for the first four months of 2025, while overall health insurance premium income reached 455.7 billion yuan, a 4.06% year-on-year increase [2] Corporate Developments - Xinhua Insurance plans to invest up to 15 billion yuan in private equity funds, pending contract finalization [3] - Taikang Life is set to increase its registered capital by 2 billion yuan, raising it from 9 billion yuan to 11 billion yuan to meet business development and solvency needs [4] - Asia-Pacific Property Insurance has undergone a change in ownership, with a 10% stake transferred to Cheng Tai (Qingdao) Technology Services Co., Ltd. through a court ruling [5] - He Tai Life announced a 1% stake transfer from Beijing Yingke Bicheng Technology to Shenzhen Jin Shiji Engineering Co., Ltd., pending regulatory approval [6] Personnel Changes - The China Banking and Insurance Regulatory Commission has approved Yu Bin as the chairman of China Pacific Property Insurance [7] - Reports indicate that the former general manager of China Post Life Insurance, Dang Junzhang, has gone missing amid investigations [7]

Core Viewpoint - The Ministry of Finance and the Financial Regulatory Administration issued a notice regarding the implementation of the new insurance contract accounting standards, allowing insurance companies facing difficulties to apply for a deferral of execution until June 30, 2025 [2][7]. Summary by Sections Implementation of New Accounting Standards - The new insurance contract accounting standards, revised in December 2020, are set to be implemented by all insurance companies by January 1, 2026, with some companies already adopting them since January 1, 2023 [3][4]. - As of the first quarter of 2025, 27 life insurance companies have already implemented the new standards [3]. Challenges for Small and Medium-sized Insurance Companies - The implementation of the new standards poses significant challenges for small and medium-sized insurance companies due to high costs, limited historical data, and insufficient talent [5][6]. - The cost of switching to the new standards is estimated to exceed ten million yuan, which raises concerns among smaller firms about the investment [5][6]. Simplified Processing Arrangements - The notice provides simplified processing options for non-listed insurance companies, allowing them to adopt simplified methods in areas such as contract grouping, measurement, and reporting [8][10]. - These simplifications aim to reduce implementation costs without significantly impacting accounting information quality or economic decision-making [10][11]. Impact on Financial Performance - The new standards will increase the sensitivity of insurance companies' performance to interest rates, which could adversely affect the net assets of many small insurance firms already under financial strain [6][9]. - The overall market reaction to the new standards has been positive, with expectations that they will enhance the quality of accounting information and promote high-quality development in the insurance industry [4][9].