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].

北京商报讯（记者 李秀梅）8月28日，在中国人保2025中期业绩发布会上，中国人保副总裁、人保寿险 总裁肖建友表示，人保寿险2025年上半年公司新业务价值率可比口径下同比提升4.0个百分点，期交业 务新业务价值率可比口径下同比提升7.1个百分点。新业务价值率同比上升主要有两方面原因：一是公 司主动优化业务结构，压缩趸交高成本业务规模，同时注重期交业务的发展，上半年首年期交规模保费 同比增长25.5%；二是公司积极推进降本增效，下调产品预定利率，严格落实"报行合一"，压降费用成 本，多措并举实现经营提质增效，推动产品新业务的价值率提升。 ...