南方财经全媒体记者 林汉垚、张欣 北京报道 近期A股市场表现强劲，在8月22日上证指数突破10年新高后，8月25日三大股指又集体跳空高开。 随着A股逐步走出"慢牛"行情，银行股也逐渐筑底，并稳步上涨。今年以来，42家上市银行全部实现股 价上涨。截至8月25日收盘，25家银行年内股价涨幅超10%，9家银行涨幅超20%，其中农业银行、浦发 银行等龙头涨幅超40%。 市场普遍认为，银行股上涨受多路中长期资金入市推动。监管层连续出台政策引导保险、社保、年金等 长线资金加大权益投资，而银行股高股息、低估值的特点高度契合其配置需求。 值得注意的是，保险新会计准则的实施使险资通过权益法在账面上确认收益的空间扩大，直接推动险企 年内14次举牌银行股。券商研报分析指出，险资增量空间依然广阔，有望持续驱动银行板块估值修复。 多路中长期资金助力银行股上涨 最近一段时间，A股市场表现亮眼。 在低利率和"资产荒"背景下，叠加多轮政策的持续推动，险资、公募等中长期资金加速流入市场，使得 银行股高股息、低估值、类固收的优势凸显，颇受各类中长期资金青睐。 8月22日收盘，上证指数报3825.76点，刷新10年新高，上涨1.45%。8月25日 ...

Investment Rating - The report maintains a stable outlook for the life insurance industry, indicating that the overall credit quality will not undergo significant changes in the next 12-18 months [5][48]. Core Insights - The life insurance industry is expected to see premium growth in 2024, driven by renewal business despite challenges in new policy sales due to regulatory changes and declining interest rates [4][5]. - The regulatory environment is evolving towards stricter oversight and risk prevention, with new policies aimed at enhancing product pricing mechanisms and improving the quality of liabilities [6][7]. - The investment strategies of life insurance companies are diversifying, with a continued focus on fixed-income assets while increasing allocations to equities as market conditions improve [11][30]. - Financial performance is projected to improve significantly in 2024, with rising investment returns offsetting increased claims and reserve requirements due to lower interest rates [31][35]. Summary by Sections Regulatory Environment - The new "National Ten Articles" emphasizes strict regulation and risk prevention, aiming for high-quality development in the insurance sector [6][7]. - The introduction of a comprehensive insurance company regulatory rating system will enhance risk assessment and management across the industry [7]. Business Operations - The life insurance sector is experiencing pressure on new policy sales due to regulatory impacts, but renewal business is supporting overall premium growth [13][14]. - The shift in product design towards lower guaranteed rates is becoming a trend to mitigate risks associated with interest rate declines [17][19]. Financial Condition - The life insurance industry reported a premium income of CNY 4.01 trillion in 2024, reflecting a growth rate of 5.7% compared to the previous year, although the growth rate has slowed [31][32]. - The overall profitability of the industry is expected to improve, driven by favorable market conditions in both the bond and equity markets, leading to a significant increase in investment returns [35][36]. - The solvency levels of life insurance companies remain robust, with a comprehensive solvency adequacy ratio of 190.5% as of the end of 2024, indicating a stable capital position [42][43].

Investment Rating - The report maintains a stable outlook for the life insurance industry, indicating that the overall credit quality will not undergo significant changes in the next 12-18 months [5][48]. Core Insights - The life insurance industry is expected to see premium growth in 2024, driven by renewal business despite challenges in new policy sales due to regulatory changes and declining interest rates [4][5]. - The regulatory environment is evolving with a focus on risk prevention and high-quality development, emphasizing the need for improved product pricing mechanisms and enhanced solvency supervision [6][7]. - The investment strategies of life insurance companies are diversifying, with a continued emphasis on fixed-income assets while increasing allocations to equities as market conditions improve [11][30]. - Financial performance is expected to improve significantly in 2024, with rising investment returns due to a recovering capital market, although sustainability of profits remains a concern [31][35]. Summary by Sections Regulatory Environment - The new "National Ten Articles" emphasizes strict regulation and risk prevention, aiming for high-quality development in the insurance sector [6][7]. - The introduction of a comprehensive insurance company regulatory rating system will enhance risk assessment and management [7]. Business Operations - The life insurance sector is experiencing pressure on new policy sales due to regulatory impacts, but renewal business is supporting overall premium growth [13][14]. - The shift in product design towards lower guaranteed rates and the transformation of distribution channels are key trends [17][22]. Financial Condition - The life insurance industry achieved a premium income of CNY 4.01 trillion in 2024, reflecting a growth rate of 5.7% compared to the previous year, although the growth rate has slowed [31][32]. - The overall profitability of the industry is improving, with a significant increase in investment income driven by favorable market conditions [35][36]. - The solvency levels of life insurance companies remain robust, with a solvency adequacy ratio of 190.5% as of the end of 2024, indicating a stable capital position [42][43].

Core Viewpoint - The growth in premium income does not necessarily lead to an increase in insurance service income, as evidenced by the 2024 annual reports of listed insurance companies [1][2]. Group 1: Insurance Service Income Trends - In 2024, the insurance service income of listed insurance companies showed divergence, with property insurance companies experiencing growth while life insurance companies saw declines [2][4]. - Among the five major listed insurance companies, property insurance firms like China Ping An, China Life Insurance, and China Pacific Insurance reported increases in insurance service income, while life insurance companies such as China Life and New China Life experienced declines [4]. - Specifically, the insurance service income for property insurance companies grew as follows: China Re Property Insurance at 485.22 billion yuan (up 6.1%), Ping An Property Insurance at 328.15 billion yuan (up 4.7%), and China Pacific Property Insurance at 191.40 billion yuan (up 8.1%) [4]. Group 2: Impact of New Accounting Standards - The implementation of the new insurance contract standards has changed how insurance income is reported, shifting from "insurance business income" to "insurance service income" [3][5]. - The difference in accounting treatment means that premium income is recognized upon receipt, while insurance service income is recognized over the service period, leading to potential discrepancies between the two metrics [5]. - The transition to the new standards has resulted in a lack of clarity and focus on the insurance service income metric, which is more complex and involves various assumptions and calculations [6][7]. Group 3: Future Outlook - As the industry gradually shifts to the new standards, the importance of insurance service income is expected to increase, particularly for life insurance companies that are moving towards high-quality development [7]. - The overall stability in insurance service income, despite some declines, indicates that companies are still managing to maintain a level of performance [6].

Core Insights - The growth in premium income does not necessarily lead to an increase in insurance service income, as revealed in the 2024 annual reports of listed insurance companies [1][4]. Group 1: Insurance Service Income Trends - In 2024, the insurance service income showed divergence among listed insurance companies, with property insurance companies experiencing growth while life insurance companies saw declines [2][4]. - Among the three major property insurance companies, all reported increases in insurance service income: China Pacific Insurance at 191.4 billion yuan (up 8.1%), Ping An Property at 328.1 billion yuan (up 4.7%), and China Re at 485.2 billion yuan (up 6.1%) [2]. - Conversely, four out of five listed life insurance companies reported declines in insurance service income, with China Life down 2%, Ping An Life down 0.1%, China Taiping down 2.3%, and Xinhua Insurance down 0.5%. However, China Re Life reported a significant increase of 23% [2][3]. Group 2: Impact of New Accounting Standards - The implementation of the new insurance contract standards has changed how insurance income is reported, shifting from premium income to insurance service income, which is recognized based on the progress of service delivery rather than upon receipt of premiums [4][5]. - The difference in accounting treatment means that while premium income can be recognized immediately, insurance service income is recognized over the service period, leading to potential discrepancies between the two metrics [4][5]. - The insurance industry is still transitioning to the new standards, and there is a lack of understanding and focus on the insurance service income metric among industry participants [5][6]. Group 3: Future Outlook - As the industry adapts to the new standards, the importance of insurance service income is expected to increase, particularly for life insurance companies that are moving towards high-quality development and should focus on value premiums rather than just scale [6][7]. - The complexity of the insurance service income metric, which involves various assumptions and calculations, has contributed to its lower visibility compared to traditional premium income [5][6].

Core Viewpoint - The implementation of new insurance contract standards in 2023 aims to enhance the clarity and comparability of financial statements for insurance companies, particularly life insurance firms, making it easier to understand their profit sources [2][3]. Group 1: Financial Performance of Major Insurance Companies - China Life reported a net profit of 106.9 billion yuan in 2024, a year-on-year increase of 108.9%, with significant contributions from both insurance and investment services [4][5]. - Ping An's life and health insurance segment achieved a pre-tax operating profit of 103.6 billion yuan in 2024, with insurance service performance contributing 86 billion yuan and investment performance contributing 17.6 billion yuan [6][7]. - China Pacific Insurance's life insurance segment reported a net profit of 35.8 billion yuan, up 83.4% year-on-year, with insurance service performance at approximately 28 billion yuan and investment performance at 14.1 billion yuan [8][9]. - New China Life achieved a net profit of 26.2 billion yuan, a 201% increase, with balanced contributions from insurance and investment services [10][11]. - PICC Life reported a net profit of 17.1 billion yuan, significantly up from 0.03 billion yuan in 2023, with insurance service performance at 14.9 billion yuan [13][14]. - China Taiping's life insurance segment reported a pre-tax profit of 19 billion HKD, with insurance service performance at 19.7 billion HKD and investment performance at 2.3 billion HKD [15]. - Sunshine Insurance reported a pre-tax profit of 8.3 billion yuan, with insurance service performance at 4.8 billion yuan and investment performance at 6.7 billion yuan [16]. - AIA Group reported insurance service performance of 5.6 billion USD and investment performance of 3.5 billion USD, maintaining stable growth in both areas [17].