2025年上半年，我国财产保险行业交出了一份稳健答卷。透视多家上市险企的中期业绩不难发现，财险业正 从规模驱动向价值驱动转型，在服务国家战略和社会民生中承担更大责任。 结构优化发展稳健 新能源车险提质增效 车险是财险行业的基本盘，也是最能折射竞争格局和政策效果的领域。过去几年，新能源车险因赔付率高、 维修成本高而长期处于"增收不增利"状态。随着行业加快费用管控、推动与车企深度合作，2025年这一板块 迎来结构性改善。 数据显示，上半年，中国太保产险新能源车险保费收入105.96亿元，占车险保费的比重由去年同期的14.1%升 至19.8%，并首次实现了承保盈利。俞斌直言："新能源车险已经进入盈利空间。"不过他也提醒，商用车综合 成本率仍在100%以上，下半年压力不容忽视。 中国平安产险新能源车险保费收入同比增长46%，实现正向承保利润。谢永林表示，盈利的取得并非易事， 其背后是公司在持续创新的同时，运用科技改造核保、理赔、定损等流程，提升运行效率和定价能力，通过 综合施策推动成本率下行。 中国人保财险则保持领先地位，上半年新能源车险市场份额达34.2%，高于燃油车险2.7个百分点，并率先迈 出"出海"步伐——今 ...

Investment Rating - The report does not explicitly provide an investment rating for the insurance agency industry Core Insights - The Chinese insurance agency industry is undergoing structural optimization, with a continuous decline in the number of professional insurance agencies, reflecting a trend towards higher quality development and increased market concentration among leading firms [5][8] - The market size of the insurance agency industry has grown from 71.6 billion in 2019 to approximately 79 billion in 2023, with a projected increase to about 86.3 billion by 2029, indicating a CAGR of 2.5% from 2019 to 2023 and 1.5% from 2023 to 2029 [9] - The industry is experiencing a shift from traditional agency models to technology-enabled services, driven by advancements in AI, big data, and blockchain, which are optimizing service processes and enhancing user experience [25] Market Background - The number of professional insurance agencies in China has been declining, with a total of 2,539 agencies by the end of 2024, a decrease of 27 from the previous year and a cumulative reduction of 103 since 2019 [8] - The industry is currently in a phase of "regulatory deepening and high-quality development," characterized by strong regulatory oversight and the exit of inefficient institutions [7] Market Status - The insurance premium income for personal insurance in early 2025 reached approximately 1.3 trillion, an 8% increase compared to the same period in 2023, with life insurance accounting for 80.3% and health insurance for 18.4% [11] - The property insurance sector reported original premium income of 1.7 trillion by 2024, with auto insurance premiums making up 54% of this figure [11] Market Competition - The report identifies ten leading brands in the insurance agency sector, evaluated based on multiple dimensions including insurance business income, net profit, insurance technology capabilities, and the number of cooperative insurance companies [12] - The competitive landscape shows a high concentration of market share among top firms, with 1,671 professional insurance agencies operating in China as of the end of 2024 [13] Development Trends - The industry is witnessing a transformation towards technology empowerment, with leading agencies leveraging AI and blockchain to enhance service delivery and operational efficiency [25] - Regulatory measures have compressed commission margins by approximately 30%, leading to increased challenges for smaller agencies while enabling larger firms to capture greater market share [26]