2025年已过半程，我国保险业交出了一份稳中有进的"期中答卷"。国家金融监督管理总局公布的最新数 据显示，二季度末保险公司资金运用余额首次突破36万亿元，原保险保费收入保持增长，赔付支出加快 释放，行业综合偿付能力维持在合理区间。 专家表示，在低利率、强监管与新会计准则叠加的背景下，险企既面临资产负债管理的新考验，也迎来 结构调整的战略机遇。无论是资产配置的持续优化，还是保障功能的深入发挥，都折射出行业穿越周期 的韧性与担当。 资产扩容验证增长韧性 截至2025年二季度末，我国保险公司资金运用余额突破36万亿元，达到36.23万亿元，同比增长17.4%。 其中，人身险公司资金运用余额达32.6万亿元，财产险公司为2.35万亿元，均较年初实现稳健增长。二 季度末，保险行业总资产达39.2万亿元。 在负债端，2025年上半年保险公司实现原保险保费收入3.7万亿元，同比增长5.1%，增速较2024年进一 步回暖。其中，人身险业务的复苏尤为显著。过去两年，人身险行业经历定价利率下调、产品结构调整 的阵痛期，保费一度承压。今年以来，分红险、年金险、健康险等产品销售逐步改善，成为保费增长的 主要动力。多位业内人士表示，随 ...

2025年已过半程，我国保险业交出了一份稳中有进的"期中答卷"。国家金融监督管理总局公布的最新数 据显示，二季度末保险公司资金运用余额首次突破36万亿元，原保险保费收入保持增长，赔付支出加快 释放，行业综合偿付能力维持在合理区间。 专家表示，在低利率、强监管与新会计准则叠加的背景下，险企既面临资产负债管理的新考验，也迎来 结构调整的战略机遇。无论是资产配置的持续优化，还是保障功能的深入发挥，都折射出行业穿越周期 的韧性与担当。 资产扩容验证增长韧性 截至2025年二季度末，我国保险公司资金运用余额突破36万亿元，达到36.23万亿元，同比增长17.4%。 其中，人身险公司资金运用余额达32.6万亿元，财产险公司为2.35万亿元，均较年初实现稳健增长。二 季度末，保险行业总资产达39.2万亿元。 总的来看，健康险与长期护理险成增长"主力"。在人身险领域，健康险和长期护理险成为赔付增长的主 要来源。随着人口老龄化趋势加快，慢病群体扩大，健康医疗支出持续攀升，推动健康险赔付不断增 长。同时，部分地方长护险试点逐步进入赔付高峰期，也对寿险公司形成考验。 业内人士透露，为应对以上问题，不少寿险公司通过优化产品结构，强化 ...

Core Insights - Sunshine Insurance reported a stable performance for the first half of the year, with total premium income reaching 80.81 billion yuan, an increase of 5.7% [2] - The company achieved a net profit attributable to shareholders of 3.39 billion yuan, growing by 7.8% [2] - Total investment income for the first half amounted to 10.7 billion yuan, reflecting a significant growth of 28.5% [2] Insurance Business Performance - Sunshine Life, a subsidiary of Sunshine Insurance, generated total premium income of 55.44 billion yuan, marking a year-on-year increase of 7.1% [2] - The new business value for Sunshine Life was 4.01 billion yuan, with a comparable year-on-year growth of 47.3% [2] - Sunshine Property & Casualty Insurance reported original insurance premium income of 25.27 billion yuan, up by 2.5% year-on-year [2] Financial Position - Sunshine Insurance's total assets surpassed 600 billion yuan for the first time, reaching 625.56 billion yuan as of June 30 [2] - The equity attributable to shareholders decreased by 10.1% compared to the end of the previous year, amounting to 55.84 billion yuan [2] - The fluctuation in net assets is a challenge faced by multiple insurance companies following the new accounting standards [2] Investment Performance - As of June 30, the total investment asset scale of Sunshine Insurance was 591.86 billion yuan, with total investment income of 10.7 billion yuan, reflecting a year-on-year growth of 28.5% [2] - Investment income reported in the profit statement was 6.35 billion yuan, an increase of 42.3%, primarily due to higher dividend income and trading gains from investment assets [2]

固定收益 | 固定收益专题 利率专题 证券研究报告 2025 年 08 月 24 日 险资配债的逻辑与新趋势 险资投资情况概览：走弱的保费收入增速，走强的股债投资力度 去年下半年"炒停售"热潮褪去后，寿险产品保费收入增速明显走弱，拖 累行业整体表现。保险资金整体投资力度却呈现了逆势大幅走强。从大类 资产配置的角度看，债券和股票是险资投资的主要发力点。参考海外经验 来说，我们认为财产险公司的权益投资占比后续还有很大的继续提升空间。 险资配债需要考虑什么：在增厚收益与平滑波动中选择最优解 保险资金在中国债券市场中占比约为 9.32%。券种分布上，地方债目前在保 险持仓结构中占比已快速增长至达 47%。在二级现券市场上，超长期地方 政府债自 24 年 11 月以来，在保险净买入规模中整体占比 50%以上。 考虑因素一：增厚收益，结合税收成本与资本占用成本的综合考量 1）在税收成本方面，即使 8 月 8 日之后新代码债券的利息收入需要征收增 值税，政府债的税收收益依然明显领先于其他券种。 2）在资本占用成本方面，"偿二代"二期监管体系即将于 2026 年起全面实 施，险企尤其是中小型险企的偿付能力充足率承压。展望后续 ...

Core Viewpoint - The practice of monthly premium disclosure by listed insurance companies in China has been broken, with major companies like China Life, China Ping An, and China Pacific Insurance no longer publishing this data [1][2]. Group 1: Reasons for Stopping Monthly Premium Disclosure - Regulatory bodies do not mandate insurance companies to disclose monthly premium income, allowing companies to have discretion over such disclosures [1][2]. - The implementation of new accounting standards (IFRS 17) has changed the way premium income is recognized, making previous data incomparable [1][2]. - Monthly premium income can fluctuate significantly due to various factors, such as seasonal trends and marketing activities, which may not accurately reflect the long-term operational stability of insurance companies [2][3]. Group 2: Alternative Metrics for Evaluating Insurance Companies - Consumers should focus on the solvency adequacy of insurance companies, which indicates their ability to meet obligations under extreme risk scenarios [3][4]. - Investors should pay attention to indicators such as new business value, channel efficiency, comprehensive cost ratio, and investment return rate, which are available in annual and semi-annual reports [3][4]. - Monitoring regulatory penalties against insurance companies can provide insights into their business quality and compliance levels [3][4].

智通财经8月14日讯（记者 夏淑媛） 港交所最新权益披露资料显示，民生人寿8月11日增持100万股浙商银行H股股份后，于当日达到该行H股股本的5%，根 据港股市场规则，触发举牌。 浙商银行在回应智通财经记者采访时则表示："民生人寿现为浙商银行前十大股东，民生人寿大股东中国万向控股有限公司（以下简称"万向控股"）亦为浙 商银行创始股东，长期以来支持并看好浙商银行发展。" 据智通财经记者统计，今年以来，平安人寿、新华保险、瑞众人寿等险企在A+H股频繁扫货银行股，加仓次数超过百次，11度触发举牌。其中，邮储银行H 股、农业银行H股、郑州银行H股均被二度举牌，招行H股更是被平安人寿三度举牌。 天职国际会计师事务所的保险精算主管合伙人顾谦对智通财经记者表示："低利率、资产荒背景和负债端结构变化，让保险业资产负债匹配的诉求愈发强 烈，也在倒逼险资向权益市场迁徙，而上市银行以稳健的经营能力和突出的股息回报，成为保险资金配置的重要方向。此外，随着银保渠道成为险企保费增 长新引擎，一些公司也将战略重心押注银保，试图通过重仓银行股，强化股权投资合作重塑保险业务渠道格局。" 民生人寿增持浙商银行，持股比例达5%触发举牌 8月13日 ...

Core Insights - The insurance industry is experiencing a significant shift towards long-term equity investments, driven by low interest rates and the need for better asset-liability matching [1][5][6] - Insurance companies are increasingly focusing on high-dividend assets as a stable source of cash flow, with a notable rise in the number of equity investments and strategic shareholdings [2][3][5] - Regulatory reforms are facilitating the establishment of private equity funds by insurance firms, allowing them to invest more heavily in the stock market [2][8] Group 1: Investment Strategies - Insurance companies are restructuring their asset allocations to prioritize long-term equity investments, moving from trading-oriented assets to those that generate stable cash flows [1][3] - The trend of increasing shareholdings in listed companies is evident, with insurance firms triggering shareholding notifications through significant stock purchases [2][3] - High-dividend sectors such as banking, utilities, energy, and technology are particularly favored by insurance investors, reflecting a strategic shift towards stable income generation [2][5] Group 2: Regulatory Environment - The establishment of private equity funds is part of a broader regulatory initiative to encourage long-term investments by insurance companies, with over 220 billion yuan approved for various pilot projects [2][8] - New accounting standards are reshaping investment strategies, emphasizing the importance of stable dividend income and reducing reliance on capital gains [6][7] - There are ongoing challenges related to regulatory constraints, including solvency requirements and accounting measurement methods, which may hinder the full potential of insurance capital in equity markets [8][9][10] Group 3: Market Dynamics - The insurance sector is facing pressure from high liability costs and low bond yields, prompting a shift towards equities to enhance returns [5][6] - The demand for high-quality, stable cash flow assets is increasing, with insurance firms actively seeking opportunities in REITs and other equity instruments [3][6] - The industry's asset duration is currently shorter than its liability duration, necessitating a strategic focus on extending asset duration to mitigate risks associated with interest rate fluctuations [5][9]

Core Insights - The insurance industry is experiencing a significant shift towards long-term equity investments, driven by low interest rates and changes in liability structures, with total insurance assets reaching 35 trillion yuan [1] - Insurers are increasingly focusing on high-dividend assets and long-term equity investments to enhance cash flow and reduce reliance on trading profits [2][3] - Regulatory approvals for pilot projects have led to over 220 billion yuan being allocated to equity investments, with a notable increase in shareholding stakes and strategic investments in high-dividend sectors [2][4] Group 1: Investment Strategies - Insurers are transitioning from trading assets to long-term equity investments, emphasizing stable cash flow and high dividend yields [1][2] - The trend of increasing shareholding stakes, with 22 instances of shareholding increases this year alone, highlights a growing preference for high-dividend sectors such as banking, utilities, and technology [2][3] - The focus on high-dividend assets is a response to the challenges posed by low interest rates and the need for stable returns [4][5] Group 2: Regulatory Environment - The approval of multiple pilot projects by regulatory authorities has facilitated the establishment of private equity funds aimed at long-term stock market investments [2][3] - Despite progress, there are still regulatory hurdles that need to be addressed, including accounting measurement methods and solvency regulations that impact insurers' investment strategies [6][7] - The industry is advocating for a long-term assessment mechanism to better align investment strategies with the inherent long-term nature of insurance operations [7][8] Group 3: Market Dynamics - The current low interest rate environment has led to a shrinking supply of high-yield assets, prompting insurers to seek alternative investment opportunities [5][6] - The shift towards stable dividend-paying assets is seen as a way to mitigate the pressures of high liability costs and interest rate fluctuations [4][5] - Insurers are increasingly utilizing various investment vehicles, including REITs and private equity funds, to diversify their portfolios and enhance returns [3][4]

Group 1 - Insurance capital continues to increase holdings in listed companies, with 18 companies being targeted in 2024, surpassing the total from the previous year [1][13] - Hongkang Life Insurance acquired an additional 458,000 shares of Honghua Smart Energy, raising its stake to 5.00005% [3][4] - The total investment in Honghua Smart Energy amounted to approximately HKD 1.816 million, with a per-share price of HKD 3.9659 [4][5] Group 2 - Honghua Smart Energy reported a total revenue of HKD 21.314 billion in 2024, reflecting a year-on-year growth of 7.42%, and a net profit of HKD 1.606 billion, up 2% [5] - The company operates in 27 provinces and has a strong market position in the gas industry, supported by stable gas sources and growing sales [5] - Hongkang Life Insurance's total assets as of Q2 2025 were approximately CNY 6.60 billion, with the investment in Honghua Smart Energy representing 1.31% of its total assets [3][8] Group 3 - The insurance sector has seen a significant increase in shareholding activities, with 22 instances of shareholding changes reported in 2025 alone [1][13] - Major insurance companies, including Ping An Life and China Postal Life, have been actively increasing their stakes in various sectors, particularly in banking and public utilities [14][15] - The trend of insurance companies increasing their equity investments is driven by low interest rates and the need for stable investment returns [13][14]

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 ...