值得注意的是：截至2025年6月30日，这家大型险资的投资资产规模突破1.7万亿元，较年初增长7.2%。 8月27日晚间，中国人保披露半年报！ 2025年上半年，中国人保实现净利润358.88亿元，同比增长17.8%；归属于母公司股东净利润265.30亿 元，同比增长16.9%。 中国人保是中国上市险企中的"专门店"，财险产品是其"基本盘"，即以车险、企财险、责任险为重要收 入来源。 这份中报透露了中国人保财险业务的进一步"增势"。 财险保费收入继续增长 据悉，2025年上半年中国人保实现保险服务收入2802.50亿元，同比增长7.1%；原保险保费收入4546.25 亿元，同比增长6.4%。 其中，人保财险持续巩固其核心主业作用：2025年上半年，实现原保险保费收入3232.82亿元，同比增 长3.6%，市场占有率33.5%。 以最"重头戏"的机动车辆限为例，保财险的家自车业务占比73.4%，同比提升1.0个百分点，机动车辆险 实现保险服务收入1502.76亿元，同比增长3.5%。 再来看中国人保集团之下的人保资产：截至2025年6月30日，人保资产管理资产规模1.94万亿元，较年 初增长2.3% ；今年上半 ...

Core Viewpoint - The growth in premium income does not necessarily lead to an increase in insurance service income, as evidenced by the 2024 annual reports of listed insurance companies [1][2]. Group 1: Insurance Service Income Trends - In 2024, the insurance service income of listed insurance companies showed divergence, with property insurance companies experiencing growth while life insurance companies saw declines [2][4]. - Among the five major listed insurance companies, property insurance firms like China Ping An, China Life Insurance, and China Pacific Insurance reported increases in insurance service income, while life insurance companies such as China Life and New China Life experienced declines [4]. - Specifically, the insurance service income for property insurance companies grew as follows: China Re Property Insurance at 485.22 billion yuan (up 6.1%), Ping An Property Insurance at 328.15 billion yuan (up 4.7%), and China Pacific Property Insurance at 191.40 billion yuan (up 8.1%) [4]. Group 2: Impact of New Accounting Standards - The implementation of the new insurance contract standards has changed how insurance income is reported, shifting from "insurance business income" to "insurance service income" [3][5]. - The difference in accounting treatment means that premium income is recognized upon receipt, while insurance service income is recognized over the service period, leading to potential discrepancies between the two metrics [5]. - The transition to the new standards has resulted in a lack of clarity and focus on the insurance service income metric, which is more complex and involves various assumptions and calculations [6][7]. Group 3: Future Outlook - As the industry gradually shifts to the new standards, the importance of insurance service income is expected to increase, particularly for life insurance companies that are moving towards high-quality development [7]. - The overall stability in insurance service income, despite some declines, indicates that companies are still managing to maintain a level of performance [6].

Core Insights - The growth in premium income does not necessarily lead to an increase in insurance service income, as revealed in the 2024 annual reports of listed insurance companies [1][4]. Group 1: Insurance Service Income Trends - In 2024, the insurance service income showed divergence among listed insurance companies, with property insurance companies experiencing growth while life insurance companies saw declines [2][4]. - Among the three major property insurance companies, all reported increases in insurance service income: China Pacific Insurance at 191.4 billion yuan (up 8.1%), Ping An Property at 328.1 billion yuan (up 4.7%), and China Re at 485.2 billion yuan (up 6.1%) [2]. - Conversely, four out of five listed life insurance companies reported declines in insurance service income, with China Life down 2%, Ping An Life down 0.1%, China Taiping down 2.3%, and Xinhua Insurance down 0.5%. However, China Re Life reported a significant increase of 23% [2][3]. Group 2: Impact of New Accounting Standards - The implementation of the new insurance contract standards has changed how insurance income is reported, shifting from premium income to insurance service income, which is recognized based on the progress of service delivery rather than upon receipt of premiums [4][5]. - The difference in accounting treatment means that while premium income can be recognized immediately, insurance service income is recognized over the service period, leading to potential discrepancies between the two metrics [4][5]. - The insurance industry is still transitioning to the new standards, and there is a lack of understanding and focus on the insurance service income metric among industry participants [5][6]. Group 3: Future Outlook - As the industry adapts to the new standards, the importance of insurance service income is expected to increase, particularly for life insurance companies that are moving towards high-quality development and should focus on value premiums rather than just scale [6][7]. - The complexity of the insurance service income metric, which involves various assumptions and calculations, has contributed to its lower visibility compared to traditional premium income [5][6].