Investment Rating - The report maintains an "Outperform" rating for the insurance industry [5][6]. Core Insights - The insurance industry has shown resilience with a 4.9% year-on-year increase in net profit attributable to shareholders for listed insurance companies in the first half of 2025, driven by fluctuations in investment income and a diversified product structure [1][13]. - The industry is undergoing a transformation towards floating-type products, significantly boosting new business value (NBV) across major players [2][22]. - The property and casualty insurance sector has seen stable premium income and improved underwriting profits, with a 4.1% year-on-year growth in premium income [3][36]. Summary by Sections Investment Performance - Listed insurance companies reported varied investment income performance due to market fluctuations, with total investment returns for major companies ranging from 2.3% to 5.9% [4][49]. - The shift towards FVOCI equity assets has been notable, with significant increases in their proportion within financial assets for major insurers [4][53]. Life Insurance Sector - The life insurance sector has increased the proportion of floating-type products, leading to a substantial rise in NBV, with growth rates of 58.4% for New China Life and 39.8% for Ping An [2][22]. - The total insurance service income for five listed insurers reached 831.52 billion yuan, marking a 3.5% increase year-on-year [22][25]. Property and Casualty Insurance Sector - The property and casualty insurance sector achieved a total premium income of 607.90 billion yuan, reflecting a 4.1% increase year-on-year, with both auto and non-auto insurance segments showing growth [3][36]. - The combined ratio (COR) for major insurers improved, indicating better cost management and underwriting performance [3][46]. Investment Recommendations - The report suggests focusing on companies with strong business models and competitive advantages, such as China Pacific Insurance, and those with relatively low valuations like Ping An and China Taiping [4][59].

三是进一步拓宽了保险资金运用渠道。在当前低利率环境下，权益投资对提升保险资金收益的重要性日益凸显。 上调权益资产配置比例上限、简化档位标准，能够充分发挥保险机构多渠道拓展投资的能动性，把握科技创新、 战略性新兴产业投资机遇，提升保险资金的匹配度和配置效率，增强保险经营以及收益的稳健性。 目前，包括中国人寿、中国平安在内的多家保险机构表示，坚定看好中国资本市场发展前景，将发挥险资长期投 资优势，做好真正的耐心资本。 李凤文 4月8日，国家金融监督管理总局印发《关于调整保险资金权益类资产监管比例有关事项的通知》（以下简称《通 知》），进一步优化保险资金比例监管政策，加大对资本市场和实体经济的支持力度。 《通知》简化档位标准，将部分档位偿付能力充足率对应的权益类资产比例上调5%，进一步拓宽权益投资空间， 为实体经济提供更多股权性资本；引导保险资金加大对国家战略性新兴产业股权投资力度，精准高效服务新质生 产力；明确税延养老保险普通账户不再单独计算投资比例，助力第三支柱养老保险高质量发展。 保险资金具有规模较大、期限较长、来源稳定等特点，在投资中具有十分重要的作用。作为资本市场最具耐心的 资本之一，巨量的保险资金在服务 ...