11月22日，《2025中国保险业竞争力研究报告》（以下简称《报告》）在由南方财经全媒体集团指 导、21世纪经济报道主办的"第二十届21世纪金融年会"正式发布。 行业呈现"马太效应"，2025 年上半年，参与排名的 58 家寿险公司在 2025 年上半年共盈利 1763.08 亿元，其中前十名寿险公司合计盈利1667.46 亿元，前十名公司合计净利润占参与排名公司总利润的 94.6%。 行业整体稳健增长，全球地位持续巩固 《报告》显示，2025年上半年，中国保险业保费收入达3.74万亿元，同比增长5.04%，延续了"十四 五"期间的稳健增长势头。截至2025年6月，保险资金运用余额达36.23万亿元，较2020年底增长67%。 中国保费收入占全球市场份额达10.2%，稳居全球第二大保险市场，领先优势进一步扩大。 与此同时，行业偿付能力持续增强，2025 年 6 月，综合偿付能力充足率达204.5%，核心偿付能力 充足率达147.8%，较2022年末分别提升8.5和19.4个百分点，显示出行业整体风险抵御能力的显著提 升。 寿险业：价值修复与集中度提升并行 《报告》对75家寿险公司进行评估，其中58家参与排名。 ...

Core Insights - The report reveals the competitive landscape and development trends of China's insurance industry as it transitions from scale expansion to value creation, driven by policy guidance, technological empowerment, and market demand [5][6] Group 1: Overall Industry Performance - In the first half of 2025, China's insurance premium income reached 3.74 trillion yuan, a year-on-year increase of 5.04%, continuing the steady growth momentum during the 14th Five-Year Plan period [9] - As of June 2025, the balance of insurance fund utilization reached 36.23 trillion yuan, a 67% increase compared to the end of 2020 [9] - China's insurance premium income accounts for 10.2% of the global market share, solidifying its position as the second-largest insurance market globally [9] - The industry's solvency capacity has strengthened, with a comprehensive solvency adequacy ratio of 204.5% and a core solvency adequacy ratio of 147.8% as of June 2025, reflecting significant improvement in overall risk resistance [9] Group 2: Life Insurance Sector - The report evaluates 75 life insurance companies, with 58 participating in the ranking; China Life, Ping An Life, Taikang Life, New China Life, and China Pacific Life are the top five [10] - Ping An Life leads the industry with a net profit of 50.602 billion yuan [10] - The top ten life insurance companies accounted for 94.6% of the total profit of the participating companies, indicating a "Matthew Effect" where larger firms dominate [10] - There is a growing divide among smaller companies, with 18 companies reporting losses, highlighting challenges in governance and business transformation [10] Group 3: Property Insurance Sector - In the property insurance sector, PICC Property and Casualty, Ping An Property and Casualty, and Taikang Property and Casualty are the top three, with the top five companies accounting for approximately 80% of the total profit of participating companies [11] - PICC Property and Casualty reported a net profit of 24.376 billion yuan and a comprehensive cost ratio of 94.72%, showcasing strong profitability [11] - However, the industry faces significant underwriting pressure, with 40 out of 82 participating companies having a comprehensive cost ratio exceeding 100%, indicating that nearly half are operating at a loss [11] Group 4: Pension and Health Insurance Sectors - The pension insurance sector is experiencing growth opportunities driven by policy support, with Taikang Pension, Ping An Pension, and National Pension leading the market [12] - Ping An Pension achieved a net profit of 1.36 billion yuan in the first half of 2025, becoming the most profitable pension insurance company [12] - The health insurance market is highly concentrated, with China People's Health, Ping An Health, and Fosun United Health as the top four, where the top two companies account for over 80% of revenue and profit [12] - The report emphasizes that the insurance industry is at a critical juncture between the clearing of the "old model" and the establishment of a "new ecosystem," with value creation, risk management, product innovation, and service upgrades as core competitive factors [12]

Core Insights - The main focus of the meeting between the head of the Nanjing City Dongcheng Branch of PICC and the deputy director of the Qixia District Civil Affairs Bureau was on the development and effectiveness of elderly accident insurance and the "Nanjing Ninghui Bao" project [1] Group 1 - The discussion highlighted the importance of the two types of insurance as a significant supplement to the social security system [1] - The deputy director acknowledged the positive role of PICC in regional livelihood security construction and emphasized the need for continued promotion and service optimization, particularly for vulnerable elderly groups [1] - The meeting established a solid foundation for future cooperation, with plans to enhance government-enterprise collaboration and explore innovative models of "insurance + service" [1]

Core Viewpoint - China Ping An's Q3 financial report shows a significant net profit growth of 45.4% year-on-year, despite a lower growth rate compared to other leading insurance companies. The company achieved a net profit of 132.86 billion yuan in the first three quarters, representing an 11.5% increase year-on-year, indicating resilience in its financial performance [1][3]. Business Performance - In the first three quarters, the new business value of life and health insurance grew by 46.2%, with the agent channel's new business value increasing by 29.9% and the bancassurance channel's new business value soaring by 170.9% [2][4]. - The total operating revenue for the first three quarters reached 832.94 billion yuan, a 7.4% increase year-on-year, while the operating profit attributable to shareholders was 116.26 billion yuan, up 7.2% [3]. - The company reported a net asset value of 986.41 billion yuan as of September 30, 2025, reflecting a 6.2% growth after dividends [3]. Investment Performance - The investment performance of insurance funds significantly improved, achieving a non-annualized comprehensive investment return of 5.4%, an increase of 1.0 percentage points year-on-year. The non-annualized net investment return was 2.8% [5][6]. - As of September 30, 2025, the scale of the insurance fund investment portfolio exceeded 6.41 trillion yuan, growing by 11.9% since the beginning of the year [6]. Service Expansion - The "insurance + service" strategy has deepened, focusing on healthcare, home care, and high-quality elderly care services. The company has launched high-quality elderly care community projects in five cities, with ongoing operations in Shanghai and a planned trial operation in Shenzhen by year-end [7]. - In the first three quarters, the health insurance premium income reached nearly 127 billion yuan, with medical insurance premium income close to 58.8 billion yuan, reflecting a 2.6% year-on-year growth [7]. Customer Growth - Ping An Bank reported an operating income of 100.67 billion yuan and a net profit of 38.34 billion yuan in the first three quarters. The total number of personal customers reached nearly 250 million, a 2.9% increase since the beginning of the year [8].

Core Viewpoint - The National Financial Regulatory Administration has issued guidelines to promote the high-quality development of health insurance, emphasizing the integration of health management and insurance services, which aligns with the strategic upgrade of Ping An Health Insurance's service system [1][3]. Group 1: Policy and Strategic Upgrade - The new guidelines aim to transform health insurance from a risk bearer to an active health manager, promoting a new service system that combines prevention, management, and protection [3][6]. - Ping An Health Insurance has upgraded its client app to "Ping An Le Health," reflecting its commitment to a dual-driven strategy of "health insurance + medical services" [2][5]. Group 2: Service System and Digital Platform - The "Ping An Le Health" platform integrates four service areas: "Vibrant Living," "Quality Medical Care," "Digital Healing," and "Long-term Protection," providing comprehensive health coverage [4][5]. - The platform establishes a "Health Asset Account" for each customer, quantifying health behaviors into valuable assets, thus creating a closed-loop system that encourages family participation in health management [4][5]. Group 3: Market Position and Future Plans - Ping An Health Insurance has built a vast service network, collaborating with numerous hospitals and covering over 200 countries, serving 46.84 million individual clients and 27.5 million corporate clients [5][6]. - The company aims to enhance public health awareness through a series of marketing activities, aligning with the national health strategy and contributing to the improvement of public welfare [5][6].

Core Insights - The article highlights the launch of the "Health, Nurturing, Education, and Wealth" comprehensive service system by CITIC Prudential Life Insurance, marking a strategic upgrade from "risk compensation" to "service empowerment" [1][2] Group 1: Service System Overview - The new service system focuses on four core areas: health care, child education, elderly companionship, and wealth management, aiming to cover the entire life cycle of customers [1][2] - CITIC Prudential Life Insurance aims to provide a one-stop solution for individuals, families, enterprises, and industries, integrating wealth planning, health care services, and industrial empowerment [1][2] Group 2: Health and Elderly Care Services - In health care, the company has developed a comprehensive health management loop centered around a four-dimensional service matrix: prevention, diagnosis, treatment, and rehabilitation [2][3] - For elderly care, the company has introduced innovative product combinations such as "individual pension + tax-advantaged nursing insurance," supporting various forms of elderly care including home-based, travel, and institutional care [3] Group 3: Education and Wealth Management - In the education sector, CITIC Prudential Life Insurance offers a one-stop service that combines education planning, resource linking, and risk protection, creating a comprehensive platform for educational savings and growth protection [2][3] - The company leverages shareholder resources to enhance its wealth management services, exploring integrated financial service channels across insurance, banking, and trust services [2][3]

Core Viewpoint - The health insurance sector in China is approaching a premium scale of nearly one trillion yuan, with regulatory guidance emphasizing its critical role in the national health security system by 2030 [1] Group 1: Transformation of Health Insurance - The health insurance industry is shifting from a model of "passive risk compensation" to "active health management," focusing on proactive engagement in users' health throughout their lifecycle [3] - There is a call for a fundamental transformation in health insurance products, moving from one-time compensation to integrated solutions that combine insurance with services [1][3] - The integration of health management, medical services, and rehabilitation care into health insurance offerings is essential to meet evolving consumer demands [1][3] Group 2: Product Innovation and Market Development - Insurance companies are encouraged to innovate products, moving beyond traditional offerings to include long-term medical insurance, long-term care insurance, and tailored solutions for specific demographics such as the elderly and those with chronic conditions [2] - The development of differentiated products targeting specific groups, such as patients with pre-existing conditions and rare diseases, is crucial for creating specialized market brands [2] - The health insurance sector is expected to play a significant role in supporting the innovation of the biopharmaceutical industry, ensuring that patients can afford not only standard treatments but also innovative medications [2] Group 3: Integration with Basic Medical Insurance - Commercial health insurance must actively align with basic medical insurance to fill gaps in self-purchased medications and enhanced medical coverage [1] - The insurance industry is urged to participate in the management services of basic medical insurance, leveraging its expertise to improve the efficiency and quality of medical insurance services [1]

Core Insights - The article highlights the increasing health burden among modern professionals, with a significant percentage facing difficulties in obtaining critical illness insurance due to pre-existing health conditions [1][2][3] Group 1: Health Status of Professionals - A recent report indicates that over 70% of professionals have multiple health issues, with common conditions including fatigue, poor sleep, and chronic diseases [2] - The report reveals that 37% of professionals face rejection when applying for critical illness insurance, with rejection rates exceeding 40% for those with lung nodules and thyroid diseases [1][3] Group 2: Economic and Health Anxiety - Professionals aged 31-40 are under significant financial pressure, with 83% managing multiple financial burdens, including housing and education costs [2] - Even with a monthly income of 20,000 yuan, many professionals can only sustain their living expenses for a limited time in the event of a family member's serious illness [2] Group 3: Insurance Awareness and Challenges - There is a growing recognition of the necessity for commercial health insurance, with 82.3% of professionals acknowledging its importance [3] - Despite a strong desire to purchase insurance, only 30% of professionals actually do so, primarily due to barriers such as pre-existing conditions and complex insurance terms [3][5] Group 4: Innovations in Insurance Products - Waterdrop Insurance has focused on developing insurance products tailored for individuals with pre-existing conditions, launching 214 products by 2025, including 34 that are industry firsts [4] - The company utilizes AI and big data to enhance product design and risk management, aiming to meet the needs of over 400 million individuals with health issues [4][5] Group 5: Future Directions in Insurance - The future of insurance for individuals with pre-existing conditions may involve a shift towards an "insurance + service" model, integrating health management and rehabilitation services [6]

Group 1 - The core issue of "health debt" among working individuals aged 35 is highlighted, with major health concerns including hypertension, nodules, and cervical spondylosis, alongside a noticeable trend of critical illness claims becoming younger [1] - There is a growing awareness of the necessity of commercial health insurance, with 82.3% of working individuals recognizing it as an essential medical protection supplement [1] - Despite a strong willingness to purchase insurance, the actual purchase rate is only 30%, with over 40% of individuals suffering from immune diseases, lung nodules, and thyroid diseases unable to buy critical illness insurance [1] Group 2 - Waterdrop Insurance Brokerage's General Manager, Ran Wei, emphasizes the need for product innovation driven by technology to address the challenges faced by individuals with pre-existing conditions, as over 400 million people in China fall into this category [2] - The report indicates that 42.3% of "post-90s" working individuals expect the relaxation of pre-existing condition restrictions [2] - Complex insurance terms are a significant barrier to purchasing insurance, with 55.8% of working individuals abandoning the purchase due to unclear terms and difficult product selection [2] Group 3 - The future direction for insurance targeting individuals with pre-existing conditions is suggested to shift towards an "insurance + service" model, integrating health management, medical resources, and rehabilitation services to achieve both risk protection and health improvement [3]

Core Viewpoint - The "Love in the Dog Days, Warm Winter" health-themed customer service festival organized by Kunlun Health Insurance aims to integrate health services with community support, enhancing the quality of life for residents through interactive health management experiences [1][3]. Group 1: Event Overview - The fourth edition of the health-themed customer service festival was successfully held in Hangzhou, focusing on the integration of "insurance + community" health services [1]. - The event featured a vibrant opening ceremony with performances from the community dance team, attended by local officials and community residents [1][2]. - The festival is part of Kunlun Health Insurance's annual brand activities, responding to the "Healthy China 2030" initiative, and has successfully attracted public participation since its inception in 2022 [3]. Group 2: Activities and Engagement - The festival included various interactive zones such as a health drink area, health equipment testing, DIY herbal sachets, and free health consultations, engaging numerous residents [4]. - The "Health Home" initiative in the Furong community has provided health monitoring services to nearly a thousand residents, averaging over 30 services per day, establishing itself as a model for community health services [4]. Group 3: Future Plans - Kunlun Health Insurance plans to continue using the "Health Home" as a hub for seasonal health activities, aiming to enrich the "insurance + service" ecosystem and support grassroots health prevention systems [5]. - The company is committed to making health services a tangible part of residents' daily lives, contributing to the "Healthy China" strategy [5].