中经记者 樊红敏 北京报道 随着二季度偿付能力报告的密集披露，非上市财险公司上半年成绩单也随之出炉。 2025年上半年，非上市财险公司交出一份亮眼成绩单。据统计，76家公司今年上半年累计保险业务收入 约2594.91亿元，同比增长约7.48%；实现净利润92.5亿元，同比大幅增长约75.21%。 不过，《中国经营报》记者梳理发现，国寿财险、英大财险、中华财险三家险企合计保费收入和净利润 均已占到了行业整体规模的四成以上，头部效应明显。 另外，在143家披露第二季度偿付能力报告的险企中，有5家险企风险综合评级为C类，偿付能力处于不 达标状态，其中有4家为财险类公司。 超九成公司实现盈利 今年上半年，财险行业整体盈利状况有明显改善，76家非上市财险公司中，有68家公司实现盈利，占比 接近九成；其中，14家公司成功扭亏为盈，仅8家处于亏损状态。 净利润排在前三位的机构分别为国寿财险、英大财险、中华财险，分别实现净利润24.28亿元、10.53亿 元、8.22亿元。 另外，中原农险、紫金财险、华安财险、华泰财险等12家险企净利润也超过1亿元。国泰财险、永诚财 险、诚泰财险、安盛天平财险等14家非上市财险公司净利润同比 ...

2025 年保险专业中介品牌推荐 专业中介渠道占比持续提升，头部品牌有哪些？ 1.2 保险专业中介定义 保险中介是指介于保险经营机构（保险公司）与投保人之间，或保险经营机构之间，通 过提供专业服务（如保险咨询、产品销售、风险管理、损失评估、理赔协助等）来促成 保险交易的机构或个人。其核心功能是作为"桥梁"，连接保险需求方与供给方，并从中 获取佣金或手续费作为回报。保险中介的核心价值在于降低交易成本、优化资源配置、 提供专业化风险管理、推动产业创新等。 保险中介根据组织形式和业务性质，可分为保险专业中介机构、保险兼业代理机构和保 险个人代理。其中，保险专业中介机构指的是专门从事保险代理业务的独立法人机构。 1.3 市场演变 中国保险中介行业自 1980 年发展至今，经历了四大发展阶段，目前正处于"规范深化与 高质量发展期"。该阶段下，强监管致机构数量连续下滑，头部企业依托 AI、区块链深 耕细分领域，加速"产品+服务"创新以应对市场挑战。 | 一、市场背景 | 2 | | --- | --- | | 1.1 摘要 | 2 | | 1.2 保险专业中介定义 | 2 | | 1.3 市场演变 | 2 | | 二、市 ...

Core Viewpoint - The banking-affiliated insurance companies have demonstrated strong performance in the insurance market, with significant growth in both insurance business revenue and net profit in the first half of the year [1][2]. Group 1: Financial Performance - In the first half of the year, nine banking-affiliated insurance companies achieved a total insurance business revenue of 301.16 billion yuan, representing a year-on-year growth of 12.4% [1]. - The same group reported a total net profit of 8.595 billion yuan, with a year-on-year increase of 1.2% [1]. - Among the 60 non-listed life insurance companies that disclosed their second-quarter solvency reports, banking-affiliated insurers occupied half of the top ten in terms of insurance business revenue and four out of the top ten in net profit [1][2]. Group 2: Competitive Advantages - Banking-affiliated insurance companies benefit from strong brand recognition and trust from consumers due to their banking parent companies [2]. - They possess significant channel advantages, allowing them to better reach and serve customers through their parent banks [2][3]. - The implementation of the "reporting and banking integration" policy and the cancellation of the "1+3" policy have provided favorable conditions for the development of banking-affiliated insurers [3]. Group 3: Market Trends and Innovations - Eight out of nine banking-affiliated insurers reported a year-on-year increase in insurance business revenue, with one company, China Netherlands Life Insurance, achieving a remarkable growth rate of 36.5% [2]. - The banking-affiliated insurers are exploring new development paths in the bancassurance channel, focusing on service quality improvement and innovative service models [3][4]. - Companies like Zhongyou Life are leveraging extensive networks and customer resources to enhance sales efficiency and service quality, while also emphasizing product innovation to meet diverse customer needs [4]. Group 4: Future Outlook - Banking-affiliated insurers are expected to continue playing a crucial role in the insurance market, leveraging their brand, channel, and resource advantages for higher quality development [5]. - The ongoing transformation and upgrading of the bancassurance channel are anticipated to lead to better insurance services for consumers and contribute positively to the stability and prosperity of the insurance market [5].

Core Viewpoint - The banking insurance companies have shown strong performance in the first half of the year, with significant growth in both insurance business income and net profit, benefiting from their brand and channel advantages [1][2][3]. Group 1: Financial Performance - In the first half of the year, nine banking insurance companies achieved a total insurance business income of 301.16 billion yuan, representing a year-on-year growth of 12.4% [2]. - The total net profit for these companies reached 8.595 billion yuan, with a year-on-year increase of 1.2% [2]. - Among the top performers, China Post Life Insurance Co., Ltd. and ICBC-AXA Life Insurance Co., Ltd. ranked in the top three for both insurance business income and net profit [2][3]. Group 2: Market Position and Competitive Advantage - Five banking insurance companies ranked among the top ten in insurance business income, while four made it to the top ten in net profit among 60 disclosed non-listed life insurance companies [3]. - The strong performance of banking insurance companies is attributed to their brand advantages, as they are backed by major banks, which enhances consumer trust [3]. - The channel advantages allow banking insurance companies to leverage their parent banks' resources for better integration and transformation of the bancassurance model [3][4]. Group 3: Industry Trends and Future Outlook - The bancassurance channel is undergoing a transformation, especially after the implementation of the "reporting and operation integration" policy and the cancellation of the "1+3" policy, which has led to a more competitive market environment [4][5]. - Eight out of nine banking insurance companies reported a year-on-year increase in insurance business income, with the highest growth rate of 36.5% recorded by a specific company [4]. - The ongoing regulatory changes are expected to enhance market vitality and promote innovation in service models, leading to higher quality development in the bancassurance sector [5].

（文章来源：经济日报） 业绩飘红的背后，投资端回暖功不可没。中央财经大学中国精算科技实验室主任陈辉表示，去年底以 来，权益市场持续回升，不少险企加大股票和基金配置力度，综合投资收益明显改善；同时，"报行合 一"新规压降渠道成本，险企主动调整产品结构，减少高成本低价值产品，增加分红、万能、投连等弹 性较强的产品，降低了负债成本。投资收益和费用优化双轮驱动，让不少险企利润曲线向上翘起。 行业负债端进入"再定价"时代。普通型人身险产品的预定利率研究值已降至1.99%，连续两季度触发上 限调整机制，分红险、万能险等的定价利率也同步下调。业内专家认为，这意味着行业在产品端迎来新 一轮结构调整，预定利率下调既能缓解利差损压力，又有助于提升新单盈利性和销售积极性，为公司和 客户构建更加稳健的利益格局。 在行业整体回暖的背景下，中英人寿也交出一份稳中有进的答卷。上半年，该公司预计实现保险业务收 入142.68亿元，同比增长31%，净利润6.81亿元；期末综合偿付能力充足率305.83%、核心偿付能力充足 率217.4%。 业内人士普遍认为，今年上半年非上市人身险公司业绩的回暖，是行业从高速增长向高质量发展转型的 重要标志。净 ...

Summary of Conference Call Records Industry Overview - The insurance industry in China is experiencing significant changes, particularly in the life insurance sector, with a notable increase in stock allocations and a shift in product offerings towards dividend insurance [1][9][12]. Key Points and Arguments Investment Asset Allocation - As of mid-2025, the total investment assets of the insurance industry reached 36.2 trillion yuan, a 9% increase from the beginning of the year, with projections to reach 37 to 38 trillion yuan by the end of 2025 [3]. - The proportion of stocks in investment assets has risen to 8.8%, up 1.2 percentage points from the start of the year, while the fund allocation has decreased to 4.5%, down 0.4 percentage points [4][5]. - Bonds remain the primary asset class, accounting for 51.9% of the total allocation, with a 1.6 percentage point increase since the beginning of the year [7]. Changes in Product Offerings - There is a clear shift from traditional insurance products to dividend insurance, which helps reduce liability costs and shorten liability duration [9]. - The new single premium from the insurance channel has benefited from declining bank deposit rates and increased trading volumes in the A-share market [12]. Market Dynamics - The optimism among investors regarding the stock market is expected to positively impact the investment returns and net profits of insurance companies, with third-quarter profits likely to exceed initial expectations [16][17]. - The "reporting and banking integration" policy has improved the profitability and cash value rates of insurance products, leading to a growth rate in new single premiums that outpaces the industry average [12][30]. Challenges and Risks - The transition to dividend insurance faces challenges, particularly with new single premiums not exceeding 50%, as traditional insurance remains more accepted in the market [10]. - The upcoming adjustments in traditional insurance rates may enhance customer acceptance of risk products [11]. Future Outlook - The overall outlook for the insurance market in 2025 and 2026 is optimistic, driven by a potential influx of funds from maturing bank deposits and a preference for guaranteed return products among consumers [15]. - The insurance sector is expected to continue evolving, with strategic partnerships and product diversification being key areas of focus [38]. Additional Important Insights - The recent acquisition activities by major insurance companies, such as China Ping An's stake in Taikang and China Life, indicate a robust financial position and a significant scale of equity allocation [8]. - The insurance channel's development has gone through several phases, with the current focus on digital transformation and operational efficiency [22][29]. - The regulatory environment is tightening, particularly with the "reporting and banking integration" policy, which aims to standardize fee structures and improve market transparency [30][32]. This summary encapsulates the critical insights from the conference call records, highlighting the evolving landscape of the insurance industry in China and the strategic directions being pursued by major players.

Core Insights - The insurance industry has shown steady growth in the first half of 2025, driven by sustained demand for insurance savings and the implementation of the "reporting and operation integration" policy [1][2] - Key indicators such as total assets and premium income have increased, with total assets growing by 9.2% year-on-year and total premium income rising by 5.1% [1][2] - The industry's risk resilience has strengthened, with stable solvency indicators, and an increase in stock asset allocation by insurance funds [1][4] Premium Growth - In the first half of 2025, the original insurance premium income reached 3.7 trillion yuan, a year-on-year increase of 5.1%, with claims and benefits paid amounting to 1.3 trillion yuan, up 9% [2] - The growth in premium income is primarily driven by life insurance, with a significant increase in new policy numbers [2] - The life insurance premium growth is attributed to the integration of banking and insurance channels and a decrease in bank deposit rates, which has maintained customer demand for insurance savings [2][3] Investment Trends - Insurance funds have increased their stock investments, with stock allocation rising from 6.74% to 8.47% year-on-year, reflecting a proactive approach in capital market positioning [1][4][5] - The total stock investment balance reached 3 trillion yuan by the end of the second quarter, marking a 47.57% year-on-year increase [5] - The shift towards equities is driven by low interest rates and regulatory encouragement for long-term funds to enter the market [5] Solvency and Capital Adequacy - The solvency adequacy ratio for the insurance industry has stabilized, with the comprehensive solvency adequacy ratio at 204.5% and the core solvency adequacy ratio at 147.8% by the end of the second quarter [6][8] - Despite a general decline in solvency ratios due to stricter capital recognition under the "Solvency II" phase II, recent capital raising efforts have helped improve these ratios [8][9] - The industry has seen 13 companies announce capital increase plans in the first half of the year, totaling 50 billion yuan [8]

Regulatory Dynamics - Seven departments are promoting long-term funds from government investment funds and insurance companies to focus on future manufacturing, information, materials, and other sectors under controllable risks [5][9] - Two departments announced the resumption of value-added tax on interest income from newly issued government bonds and financial bonds starting August 8 [6] - The China Insurance Asset Management Association may be renamed to include banking insurance asset management [8] - Hainan encourages increasing the proportion of loans to the manufacturing sector and developing multi-level capital markets and industrial insurance [9] - Shanghai's seven departments issued measures to promote the joint development of medical insurance and commercial insurance, supporting innovative drugs and medical devices [10][11] Company Dynamics - Hongkang Life increased its stake in Zhengzhou Bank to 14.03% by acquiring 675,000 shares [17] - Hongkang Life also increased its stake in Honghua Wisdom Energy by acquiring 458,000 shares [18] - Ping An Insurance increased its stake in Postal Savings Bank by acquiring 9.357 million shares [19] - Sunshine Life reduced its stake in Victory Shares to 4.72% by selling 0.5% of its shares [20] - Taiping Life's investment in China Power Construction has turned profitable after two years, with a 3.5 billion yuan investment [22] - China Life, along with other partners, established a 5 billion yuan equity investment fund in Hebei [23] - TaiKang Life is leading a consortium to acquire three shopping centers for 16 billion yuan [24] - Zhongyou Life reported insurance business revenue of 118 billion yuan in the first half of the year, with two listed companies targeted for investment [25][26] Industry Dynamics - 58 non-listed life insurance companies reported a combined net profit of 28.6 billion yuan in the first half of the year, a year-on-year increase of 242% [44] - 76 property insurance companies achieved a net profit of over 9.2 billion yuan in the first half of the year, with significant growth attributed to improved underwriting and investment returns [45] - The five major listed insurance companies announced a total dividend of 907.89 billion yuan for 2024, a year-on-year increase of 20.21% [46] - 143 insurance companies disclosed their solvency reports, with five companies failing to meet standards [47][48] - Four problematic insurance companies faced severe penalties, including license revocation and operational bans [49] - *ST Tianmao is likely to voluntarily delist, marking the third such case this year [50] - Citigroup reported that policies promoting the high-quality development of commercial health insurance in Shanghai will benefit companies like Heng Rui Pharmaceutical [51] Product and Service Innovations - Sunshine Life launched the "Beautiful Life" silver-haired product system, enhancing coverage for the elderly [59] - The first "loan + insurance" climate loan product was launched in Chengdu, integrating banking and insurance services [60]

Investment Rating - The report maintains an "Outperform" rating for the insurance industry [1]. Core Insights - The report highlights that the improvement in liability costs for life insurance companies is expected to alleviate the pressure from interest rate differentials, driven by regulatory guidance and market conditions [15][19]. - The report emphasizes the significant decline in the break-even yield for new business value (NBV) and value of in-force (VIF) across various life insurance companies, indicating a trend of improving profitability [10][14]. Summary by Sections Current Liability Costs of Life Insurance Companies - The break-even yield for NBV has marginally decreased for major life insurance companies in 2024, influenced by lower guaranteed rates and improved channel cost efficiency [10][14]. - The NBV break-even yields for major companies in 2024 are as follows: China Life (2.43%), Ping An Life (2.42%), and China Pacific Life (2.60%) [9]. - The VIF break-even yields show a mixed trend, with China Life at 2.44% and Ping An Life at 2.50% in 2024, reflecting varying performance across companies [12][14]. Future Liability Cost Trends - Regulatory initiatives are pushing for a unified commission structure across distribution channels, which is expected to lower channel costs and improve liability costs [25][29]. - The continuous reduction in the guaranteed rates for life insurance products since August 2023 is anticipated to further decrease the liability costs for new and existing policies [29][30]. - Life insurance companies are actively adjusting their product offerings, focusing on dividend products to enhance profitability and reduce fixed liability costs [36][39]. Investment Recommendations - The report recommends maintaining an "Outperform" rating for the insurance industry, citing improvements in liability costs and potential for enhanced net profit due to favorable investment conditions [45][48]. - Specific companies highlighted for investment include China Pacific Insurance, China Life, and Ping An Insurance, based on their strong fundamentals and ability to adapt to market changes [48].

随着各家保险公司一季度偿付能力报告陆续出炉，人身险公司一季度经营情况也随之揭晓。据《证 券日报》记者统计，截至5月9日，共有72家人身险公司同时披露了保险业务收入和净利润情况。72家人 身险公司合计实现保险业务收入1.35万亿元；实现净利润861.43亿元。 受访专家表示，受行业产品结构定价优化、全渠道"报行合一"深化推进、去年投资收益陆续释放等 因素共同影响，人身险公司今年一季度经营业绩表现较好。 49家人身险公司盈利 记者据中国保险行业协会数据统计，截至5月9日，已有75家人身险公司披露了一季度偿付能力报 告。其中，3家险企因数据口径不适用等因素，未披露保险业务收入或净利润情况，其余72家险企同时 披露了上述两项指标。 从保险业务收入情况来看，今年一季度，72家人身险公司合计实现保险业务收入1.35万亿元。其 中，中国人寿保险股份有限公司（以下简称"中国人寿"）、中国平安人寿保险股份有限公司（以下简 称"平安人寿"）、中国太平洋人寿保险股份有限公司保险业务收入均超过千亿元，分别为3544.09亿 元、1738.46亿元、1002.16亿元。此外，中邮人寿保险股份有限公司、新华人寿保险股份有限公司、泰 康人 ...