Core Viewpoint - The five major listed insurance companies in A-shares have shown stable main business performance and proactive investment strategies in the first half of 2025, reflecting a new logic in asset-liability management and injecting more certainty into the capital market [2][5]. Group 1: Financial Performance - The five major insurance companies achieved a total net profit attributable to shareholders of 1781.93 billion yuan, a year-on-year increase of 3.7% [2][4]. - New China Life Insurance emerged as a "dark horse" with a net profit growth rate of 33.53%, while Ping An Insurance experienced an 8.8% decline in net profit, making it the only company with negative growth [3][4]. - Total revenue for the five companies reached 13338.62 billion yuan, with Ping An leading at 5000.76 billion yuan, followed by China Pacific Insurance and China Life Insurance, both exceeding 2000 billion yuan [4]. Group 2: Business Trends - The new business value rate of the five major insurance companies collectively increased, with life insurance new business value exceeding 700 billion yuan and a year-on-year growth rate generally exceeding 20% [6][7]. - The agent channel's new business value for Ping An grew by 39.8%, while China Life's individual insurance channel saw a 20.3% increase in new business value [6][7]. - The overall trend indicates a shift from a focus on scale to high-quality value growth among leading insurance companies [7]. Group 3: Investment Strategies - The five major insurance companies collectively increased their equity asset allocation, adding 411.9 billion yuan in stocks, with total stock holdings reaching 1.85 trillion yuan [8][9]. - Investment income for these companies reached 3673.77 billion yuan, a nearly 9% year-on-year increase, benefiting from a recovering capital market [9][10]. - New China Life and China Life have established pilot funds focusing on investing in high-quality listed companies, enhancing asset-liability matching and supporting long-term capital market development [10]. Group 4: Market Outlook - The insurance industry is expected to benefit from channel reforms and the popularity of value-oriented products, with potential increases in returns from equity markets [10]. - The combined efforts on both the asset and liability sides are anticipated to support overall performance for the year, with insurance capital providing more long-term funding to the capital market [10].