购买《保险新时代2024》 2025年，在金融行业锚定高质量发展、强化服务实体经济能力的战略背景下，保险公司正面临低利率冲击、新准则变革、严监管要求等多重考验，行业转 型 "破局" 需求迫切， "破局方向" 成为行业关心的核心所在。 为凝聚行业智慧、共探转型路径，9月24日，天职国际在北京重磅举办"2025保险行业研讨会"，本次研讨汇聚了140余位行业精英，包括保险公司高管、业 内资深人士以及天职国际专家团队等，本次研讨会由天职国际保险合伙人徐伟主持，围绕战略制定、新准则规划、系统建设、风险管理、内审赋能五大核 心议题深入讨论，展开了一场兼具深度与实操性的对话。 天职国际金融行业主管合伙人丁启新在开场致辞中，精准点明了行业当下的核心矛盾与破局思路。他强调2025 年是保险行业 "重塑格局" 的关键窗口期， 在战略转型，新准则实施，低利率的环境下，保险公司必须在 "战略" 与 "战术" 层面形成协同。在战略上以"长期主义"校准航向，战术上以"精益主义"稳 扎稳打。唯有"谋定而动、笃行不怠"，才能在行业重塑中穿越周期、行稳致远。同时他分享了天职国际服务保险行业的实践经验，并表示天职国际将持续 发挥专业优势，深度陪 ...

Group 1 - The overall performance of listed insurance companies in China for the first half of 2025 is strong, with significant growth in both premium income and profitability despite regulatory challenges [2][3] - The total original insurance premium income for the insurance industry reached 3.74 trillion yuan, a year-on-year increase of 5.04%, with life insurance premiums maintaining a high growth rate of 16% [2][3] - Major companies like China Life and New China Life reported notable net profit growth of 16.9% and 33.5% respectively, while China Ping An's operating profit increased by 3.7% despite an 8.8% decline in net profit [2][3] Group 2 - Sunshine Insurance, the shortest-listed traditional insurer, also performed well with total premium income of 80.81 billion yuan, a 5.7% year-on-year increase, and a net profit of 3.39 billion yuan, up 7.8% [3][4] - The shift towards dividend insurance has been significant, with some listed insurers reporting over 50% of new premium income from dividend products, contributing to high growth in traditional life insurance [3][4] - The new business value for major life insurers showed double-digit growth, with China Life achieving 28.55 billion yuan, a 20.3% increase, and Sunshine Insurance at 4.01 billion yuan, up 47.3% [3][4] Group 3 - In the property insurance sector, total premium income reached 964.46 billion yuan, a 4.2% increase, with PICC Property & Casualty leading at 323.28 billion yuan, up 3.6% [5][6] - The auto insurance segment outperformed, with premium income of 450.48 billion yuan, a 4.5% increase, driven by government subsidies and rising electric vehicle sales [6] - Non-auto insurance segments also saw rapid growth, with Sunshine Property & Casualty's non-auto premium income increasing by 12.5% to 12.78 billion yuan [6] Group 4 - Cost optimization was evident, with companies like China Ping An and Sunshine Insurance improving their comprehensive cost ratios, indicating better efficiency [7] - Investment performance varied among insurers, with China Life achieving total investment income of 127.51 billion yuan, a 4.2% increase, while Sunshine Insurance's investment income surged by 28.5% to 10.7 billion yuan [7] - The insurance industry is moving towards high-quality development, emphasizing the need for continuous breakthroughs in channel optimization, product innovation, and technology empowerment to gain long-term competitive advantages [8]

8月28日，中国人寿保险股份有限公司（601628.SH/2628.HK，下称"中国人寿"）交出了一份"资产规模、投资资产、保费收入、净利润"齐头并进的2025年半 年度业绩报告。 截至2025年6月30日，中国人寿的总资产、投资资产双双突破7万亿元；实现409亿元的净利润，相当于日赚2.30亿元；收取了5250.88亿元的保费，相当于每 天保费入账14.38亿元，而其长险保单数量也达到3.27亿份，相当于每4个人中就有一个人拥有中国人寿的保单。 对于这份成绩单，中国人寿董事长蔡希良表示，面对复杂多变的市场环境，中国人寿迎难而上，大力推动变革转型，可以说交出成绩单的含金量是非常高 的。 同时，中国人寿董事会建议派发2025年中期现金股息每10股2.38元（含税），中期现金分红达67.27亿元。 这位"寿险一哥"的期中答卷中展示出了保险行业的哪些变化？在上半年，中国人寿的权益资产投资净增加规模超过1500亿元，这一股市"压舱石"对A股市场 如何判断？可以在其半年报发布会上寻找答案。 保费创历史同期最好水平 银行渠道成了增长新抓手 "2025年上半年，公司总保费达5250.88亿元，创历史同期最好水平，同比增长7 ...

8月14日，中国平安向21世纪经济报道记者表示，"相关投资属于财务性投资，是险资权益投资组合的常规操作。" 或受这一消息影响，今日开盘中国太保A股（601601.SH）一度涨近6%，H股（2601.HK）也一度涨近7%。保险板块也强势拉升：保险指数（886055.WI） 一度涨超3%，港股保险板块也一度涨超3%。 记者丨曹媛 编辑丨孙超逸 时隔六年再现，险企举牌险企！ 8月13日，21世纪经济报道记者从港交所披露的数据获悉，中国平安增持中国太保H股约174万股，增持完成后，中国平安持有中国太保H股股份占其H股 总股本的比例约5.04%，触及举牌线。 < G 保险指数(886055) 08-14 15:00:04 | 6668.73 | | 昨收 | 6526.00 | 成交额 | 129.35亿 | | --- | --- | --- | --- | --- | --- | | +142.73 +2.19% | 今井 | | 6542.64 | 成交量 | 4.00亿 | | 上涨 | 5 | | 1 | 下跌 | 0 | | 最高价 | 6769.03 T 图 图 > | | 9.2 | 近20日 | 5. ...

Core Viewpoint - The article discusses the recent acquisition of shares by China Ping An in China Pacific Insurance, marking a rare instance of an insurance company acquiring another insurance company, which has not occurred in six years. This move is seen as a strategic financial investment and reflects a shift in asset allocation within the insurance sector [1][6][10]. Group 1: Acquisition Details - On August 13, China Ping An increased its holdings in China Pacific Insurance by approximately 1.74 million shares, bringing its total ownership to about 5.04% of the H-shares, thus triggering the "lifting the stake" threshold [1][6]. - The acquisition was executed at a price of HKD 32.07 per share, totaling approximately HKD 55.84 million [6][7]. - Following the announcement, shares of China Pacific Insurance surged nearly 6% in A-shares and about 7% in H-shares, contributing to a broader rally in the insurance sector [1][4]. Group 2: Market Context and Trends - The insurance industry has seen a resurgence in share acquisitions, with over 20 instances of stake increases in 2023 alone, surpassing the total for the previous year [6][8]. - The current market environment, characterized by declining interest rates and an "asset shortage," has prompted insurance companies to seek high-dividend, low-valuation equity assets [7][8]. - China Pacific Insurance is viewed as an attractive target due to its high dividend yield and potential for valuation recovery, with a current H-share price of HKD 36.14 and a dividend yield of 3.26% [7][8]. Group 3: Strategic Implications - The acquisition signals a shift in the insurance sector towards high-quality development and mutual trust among leading insurance firms, moving away from mere scale expansion [8][11]. - The article highlights that the insurance sector is undergoing a transformation, which may lead to improved operational quality and a gradual recovery in valuations [11][12]. - The rarity of insurance companies acquiring other insurance firms is attributed to high ownership concentrations among major shareholders and the current low valuation levels in the insurance sector [10][11].

Core Viewpoint - China Ping An has increased its stake in China Pacific Insurance (CPIC) H-shares, reaching 5.04% ownership, marking a significant move in the insurance sector after six years of inactivity in such transactions [1][2]. Group 1: Investment Details - China Ping An acquired approximately 1.74 million shares of CPIC H-shares at a price of HKD 32.07 per share, totaling around HKD 55.84 million [2]. - The insurance sector has seen over 20 instances of stake acquisitions this year, surpassing the total from the previous year [2]. Group 2: Reasons for the Acquisition - The need for insurance capital to allocate more high-dividend, low-valuation equity assets is driving this move, with CPIC being a rare target due to its high dividend yield and potential for A/H share price correction [3]. - As of the latest data, CPIC H-shares have a price-to-earnings (P/E) ratio of 7.49 and a dividend yield of 3.26%, making them attractive compared to their A-share counterparts [3]. - CPIC's strong financial performance, with a projected 65% year-on-year increase in net profit for 2024 and a total insurance premium income of CNY 282.01 billion in the first half of the year, enhances its appeal [3]. Group 3: Market Context and Trends - The insurance industry is undergoing a transformation, with a shift from scale expansion to high-quality development, as indicated by the rising stock prices of major insurance companies [4]. - The insurance index has increased nearly 16% this year, with CPIC's stock rising nearly 20% [4]. - The rarity of insurance companies acquiring stakes in other insurance firms is attributed to high ownership concentrations among major shareholders, limiting the availability of shares for acquisition [6]. Group 4: Future Implications - The current low valuation levels in the insurance sector, driven by long-term interest rate declines, have suppressed the willingness of insurance capital to increase holdings [7]. - However, ongoing transformations in the insurance industry may improve operational quality and reduce risks, potentially leading to a recovery in sector valuations [7]. - The acquisition by China Ping An may signal a shift in investment logic from defensive positioning to identifying structural opportunities within the insurance sector [7].

Core Viewpoint - The insurance industry is experiencing a decline in premium income, with the first two months of 2024 showing negative growth in life insurance premiums, influenced by high previous sales and regulatory changes [1][4][5]. Group 1: Premium Income Performance - Several listed insurance companies reported poor premium income performance in the first two months of 2024, with some companies choosing not to disclose their premium data [1][2]. - The overall life insurance premium income for January and February 2024 was 9,458 billion and 12,997 billion respectively, showing a decline compared to the same period in 2023 [4]. - Only a few companies, such as New China Life and China Pacific Insurance, disclosed their premium data, with New China Life reporting a 29% year-on-year increase, while Sunshine Life reported a 4.9% decline [2][4]. Group 2: Regulatory Impact - Regulatory changes, including limits on preset interest rates and the "reporting and operation integration" policy, have contributed to the cooling of premium income [1][5]. - The new regulations set the upper limit for preset interest rates at 2.5% for ordinary insurance products and 2.0% for dividend-type products starting from September and October 2024 respectively [5]. Group 3: Shift to Dividend Insurance Products - The industry is shifting towards dividend insurance products, which are expected to account for over 50% of total premium income in the future [1][7]. - Companies are focusing on developing floating income products, with leaders from major insurance firms indicating a significant increase in the proportion of these products [7][8]. - Despite the potential for growth in dividend insurance, the current sales performance is still lacking, and agents face challenges in selling these products effectively [6][8]. Group 4: Sales Force Development - There is a consensus on the need to enhance the training and skills of the sales force to improve the sales of dividend insurance products [10]. - Companies are investing significant efforts in training their sales teams to align with the transition towards dividend insurance, aiming to avoid misguidance and mismatched customer needs [10].

Core Insights - The insurance industry reported a premium income of 2.17 trillion yuan in Q1, showing a slight year-on-year increase of 0.93% [2][5] - There is a divergence in premium income growth between property insurance companies, which saw a 5.10% increase, and life insurance companies, which experienced a 0.29% decline [2][3] Premium Income Analysis - Property insurance companies generated 515.5 billion yuan in premium income, while life insurance companies generated 1.659 trillion yuan [2] - The growth in property insurance is attributed to a recovery in market confidence and increased investment and production activities since Q4 of the previous year [2][3] Health Insurance Performance - Health insurance premiums grew by 3.69% to 264.1 billion yuan, driven by regulatory support, increased consumer health awareness, and product innovation [3] - Life insurance companies only saw positive growth in unit-linked and health insurance products, indicating a challenging sales environment for traditional life insurance products [3] Claims Expenditure Trends - Property insurance companies reported claims expenditure of 249.7 billion yuan, a decrease of 2.2%, while life insurance companies faced a 20.4% increase in claims expenditure to 577.6 billion yuan [4] - The decline in property insurance claims is linked to a reduction in major natural disaster losses, while the rise in life insurance claims is attributed to the maturity of popular insurance products [4] Future Outlook - The insurance industry is expected to maintain stable growth in premium income, although fluctuations in growth rates may occur [5] - The ongoing release of market demand and deeper reforms in the insurance sector are anticipated to lead to high-quality development [5]

Group 1 - The insurance industry is experiencing an unprecedented wave of leadership changes, with over 50 companies undergoing management transitions since 2025, reflecting a shift towards long-term operational stability [2][3][12] - In the first half of 2025, more than 40 executives received approval for their positions, surpassing the previous year's figures, indicating a trend of increased executive turnover [3][12] - The changes in leadership are driven by the need for companies to adapt to a challenging market environment characterized by declining traditional growth models and regulatory pressures [3][17] Group 2 - The management reshuffles are not limited to smaller firms; major players like China Life, China Pacific, and AIA have also seen significant personnel changes, highlighting a broader industry trend [18][19] - The leadership changes are seen as opportunities to restart strategic planning, optimize governance structures, and rebuild organizational culture [8][20] - The insurance sector is at a critical juncture, with a focus on high-quality transformation, necessitating leaders who possess strategic vision and the ability to integrate resources effectively [9][20] Group 3 - The frequent turnover in management, particularly in property and casualty insurance companies, reflects the industry's struggle with business model limitations and competitive pressures [15][17] - Companies like Qianhai Insurance have faced challenges with high executive turnover, indicating instability within their leadership [6][7] - The need for new leadership is often driven by internal pressures to align with evolving market demands and external competitive dynamics [17][20]

近期，保险行业多项经营数据相继披露，分红险的发展态势引发市场广泛关注。 7月25日保险行业迎来定价调整，分红险产品优势进一步凸显。从市场表现看，今年上半年，人身险保 费继续维持高增长趋势，6月增速超16%，分红险贡献不可忽视。截至7月28日，年内推出的在售分红险 产品占2024年总量的84.77%。 有业内专家认为，在政策引导、市场需求等因素作用下，保险业或将进入分红险时代，头部险企优势明 显，中小险企需差异化竞争，行业结构将进一步优化。 定价调整凸显分红险优势 7月25日，保险行业迎来定价调整。中国保险行业协会公布最新普通型人身保险产品预定利率研究值为 1.99%，触发动态调整机制。随后，中国人寿、平安人寿、太保寿险等发布公告，8月末停售旧产品， 新备案产品预定利率上限非对称下调，传统险、分红险、万能险产品预定利率分别下调至2.0%、 1.75%、1.0%，其中传统险、万能险下调50个基点，分红险下调25个基点。业内专家认为，这种非对称 下调利率的方式，进一步强化了分红险的相对优势。 分红险的增长也为保险行业结构优化注入强劲动力。对此，朱俊生教授分析指出，分红险的增长对保险 行业结构优化主要体现在三方面：缓 ...