2025年的养老险市场，像一场正在进行的"战略大考"。《养老保险公司监督管理暂行办法》（以下简称 《暂行办法》）设置的三年过渡期马上进入倒计时，养老险公司短期健康险业务调整接近尾声，第二、 第三支柱的主赛道愈发清晰。可以说，专业养老险公司的转型不再是选择题，而是回归养老主业的必答 题。 目前，多家养老险公司已披露2025年三季度业绩报告，正逐步回归主业的养老险公司，探索出了怎样的 转型之路；哪些机构率先完成了转身？ 回归主业进行时 养老险公司管理的是亿万老百姓的养老钱，背后的经营表现自然备受关注，当前，2025年三季度养老险 公司成绩单陆续揭晓，不同公司表现如何？ 根据各家公司发布的偿付能力报告摘要，2025年前三季度，平安养老险、国民养老保险、泰康养老、太 平养老、新华养老、大家养老、恒安标准养老7家养老险公司实现保险业务收入合计407.33亿元。净利 润合计近50亿元。 作为衡量保险公司偿还债务能力的标尺，偿付能力充足率水平高低能看出保险公司财务稳健程度。截至 三季度末，恒安标准养老、泰康养老、国民养老保险、大家养老等综合偿付能力充足率均高于200%的 高位区间，显示出较强的资本充足度。 保费和利润，是检 ...

Core Viewpoint - The recent adjustments in the pension insurance industry reflect a shift towards focusing on long-term pension protection, with several companies reducing their short-term health insurance business to enhance their core offerings [1][7][9]. Group 1: Industry Performance - In the first half of 2025, total premium income from seven pension insurance companies decreased by 14% year-on-year, amounting to 28.7 billion yuan [2][4]. - The main insurance products for these companies remain concentrated in group health insurance and group accident insurance [5][6]. Group 2: Company Adjustments - Several pension insurance companies are actively transitioning their business structures, moving away from short-term health insurance and focusing on developing annuity insurance and personal pension products [7][8]. - Companies like Ping An Pension and Taiping Pension have reported significant declines in premium income, with Ping An Pension's income dropping by 22% and Taiping Pension's by 26% in the first half of 2025 [4][5]. Group 3: Regulatory Environment - The regulatory framework has mandated that pension insurance companies primarily engage in pension-related businesses, with a deadline for compliance set for December 2026 [4][6]. - The push for commercial pension business trials is seen as a potential avenue for new growth, with pilot programs already initiated in several provinces [9][10]. Group 4: Future Outlook - Experts suggest that accelerating the pilot programs for commercial pensions could help stabilize the industry during its transition and unlock new growth potential [9][10]. - The commercial pension business is expected to gain traction, with a notable increase in the number of accounts opened, reflecting a growing market acceptance [10].