来源：21世纪经济报道 记者丨曹媛 编辑丨孙超逸 巫燕玲 张嘉钰 在负债端保费规模稳步增长的支撑下，险资资产配置逐渐从"固收独大"到"固收打底、权益增强、另类补位"的结构优化。 另外，保险公司对银行存款有所减配。2025年末银行存款余额占比约7.6%，较当年初约下降约0.8个百分点；非标资产（其他投资）占比较年初下降2.3个 百分点。 2026年2月，国家金融监督管理总局发布保险业2025年四季度资金运用情况及相关数据。截至2025年四季度末，我国保险资金运用余额站上38万亿元关 口，较当年初增长15.7%，全年增速为2021年以来最高水平。 其中，人身险公司仍为绝对主力，2025年末其资金运用余额达34.66万亿元，较当年初增长15.73%，占行业总规模约90.1%；财产险公司资金运用余额2.42 万亿元，较当年初增长8.78%，占比约6.27%。二者共同推动险资运用余额实现连续三年双位数增长。 从具体资产配置看，固收方面，债券占比小幅提升但增配节奏放缓，银行存款和非标占比维持低位；权益方面，股票投资在保险资金运用余额中的占比创 近四年新高，基金和长股投占比较当年初小幅提升/持平。 | | | | 早12: ...

（原标题：38万亿险资调仓：固收打底但增配放缓 股票占比创近年新高） 在负债端保费规模稳步增长的支撑下，险资资产配置逐渐从"固收独大"到"固收打底、权益增强、另类补位"的结构优化。 2026年2月，国家金融监督管理总局发布保险业2025年四季度资金运用情况及相关数据。截至2025年四季度末，我国保险资金运用余额站上38万亿 元关口，较当年初增长15.7%，全年增速为2021年以来最高水平。 其中，人身险公司仍为绝对主力，2025年末其资金运用余额达34.66万亿元，较当年初增长15.73%，占行业总规模约90.1%；财产险公司资金运用 余额2.42万亿元，较当年初增长8.78%，占比约6.27%。二者共同推动险资运用余额实现连续三年双位数增长。 从具体资产配置看，固收方面，债券占比小幅提升但增配节奏放缓，银行存款和非标占比维持低位；权益方面，股票投资在保险资金运用余额中 的占比创近四年新高，基金和长股投占比较当年初小幅提升/持平。 （图片来源：国家金融监督管理总局官网） 长久期债券仍是险资"基本盘"，但增配节奏放缓 从数据看，长久期债券始终是保险公司重要的收益"压舱石"，占比继续提升，但增配节奏放缓。 截至 ...

| | | | 年以: 167」, 70 | | --- | --- | --- | --- | | | 项目 | 截至当期 | | | 机构类别/指标 | | 账面余额 | 足尼 | | 保险公司 | 资金运用余额 | 384, 799 | 100. 00% 100. 00% | | 其中:财产险公司 | 资金运用余额 | 24,156 | | | | 其中:银行存款 | 3. 888 | 16. 09% | | | 债券 | 9,813 | 40. 63% | | | 股票 | 2, 268 | 9. 39% | | | 证券投资基金 | 1,874 | 7.76% | | | 长期股权投资 | 1, 396 | 5.78% | | 人身险公司 | 资金运用余额 | 346.645 | 100. 00% | | | 其中:银行存款 | 26, 474 | 7.64% | | | 债券 | 177, 183 | 51. 11% | | | 股票 | 35, 077 | 10. 12% | | | 证券投资基金 | 17,813 | 5.14% | | | 长期股权投资 | 26, 943 | 7.77% | ...

数据显示，57家非上市人身险公司中，2025年有34家险企的投资收益率同比提升，投资收益率均值达4.7%，高于2024年的4.3%。 近日，非上市保险公司悉数公布2025年第四季度偿付能力报告。2025年，57家非上市人身险公司实现保险业务总收入1.2万亿元，同 比增长11%；合计盈利666.2亿元，较2024年增加417.3亿元，同比增长167.7%。另有19家公司未披露2025年业绩数据，其中，信泰人 寿、瑞华健康、鼎诚人寿3家属于新增的不披露数据公司。 值得关注的是，有7家人身险公司在2025年实现净利润扭亏为盈，分别是中信保诚、泰康养老、光大人寿、英大人寿、财信人寿、华 贵人寿、瑞泰人寿。 业内普遍认为，2025年人身险公司净利润大涨，得益于多重因素，首先是投资收益大增。57家非上市人身险公司中，约六成公司投 资收益率同比提升，投资收益率均值达4.7%，高于2024年的4.3%。 据13精，寿险公司可运用资金的规模较大，1个百分点的投资收益率上升，能拉动投资收益增长约100亿元。 来源：滚动播报 （来源：财闻） 2025年，57家非上市人身险公司中，还有10家公司亏损，亏损金额由大到小依次为长生人寿、 ...

Core Viewpoint - The financial performance of China Post Life Insurance in 2025 shows a significant divergence between its impressive insurance revenue growth and declining net profit, indicating challenges in capital management and operational efficiency [1][4][12]. Financial Performance - In 2025, China Post Life Insurance recorded insurance business revenue of 159.166 billion yuan, a year-on-year increase of 18.0%, maintaining its leadership among bank-affiliated insurance companies [1]. - The net profit for the year was 8.345 billion yuan, reflecting a year-on-year decrease of 9.2%, yet it still holds a leading position among non-listed insurance companies [1]. - Actual capital at the end of 2025 was 62.642 billion yuan, a decrease of over 20 billion yuan from the end of 2024, representing a decline of 25.6% [4]. Capital Management - The capital flow for China Post Life Insurance in 2025 exhibited a typical "inflow versus outflow" characteristic, with significant external capital injections failing to offset the decline in actual capital [5][7]. - The company received nearly 4 billion yuan from shareholders and raised 4.1 billion yuan through bond issuance, totaling close to 8 billion yuan in new capital for the year [6][7]. - However, the company fully redeemed 6 billion yuan of maturing capital supplement bonds, leading to a drop in recognized assets greater than the adjustment in recognized liabilities, which caused a 14.7 percentage point decline in solvency ratio [8]. Investment Performance - The investment yield for China Post Life Insurance dropped significantly from 11.04% in 2024 to 0.74% in 2025 due to rising bond yields and market volatility [11]. - The company switched to the new financial instrument standard (IFRS 9), which affected how asset price fluctuations were recorded, leading to a substantial reduction in accumulated unrealized gains [11]. Business Challenges - The company faced a decline in its bancassurance channel, with first-year premium income dropping by 27% year-on-year, contrasting with a 48% growth in traditional life insurance companies [14]. - The overall surrender rate increased to 2.16% in the fourth quarter of 2025, with significant withdrawals from previously sold savings-type products [15][18]. Strategic Adjustments - In response to capital constraints and sluggish business growth, China Post Life Insurance initiated a deep restructuring involving personnel changes and strategic shifts towards value-driven operations [19][20]. - The company appointed its chief actuary as the new CFO, indicating a shift towards a more actuarial-focused governance model [20]. - A strategic pivot towards promoting participating insurance products was implemented to mitigate the impact of interest rate fluctuations and reduce capital consumption [22].

Core Viewpoint - The company has authorized its management to dispose of financial assets based on market conditions, with the authorization period extending until the next annual shareholders' meeting in 2025 [1]. Group 1: Transaction Progress - From June 24, 2025, to January 26, 2026, the company sold financial assets including CITIC shares and Boqian New Materials, with a cumulative transaction amount of 430,908.48 million yuan, which accounts for 10.46% of the company's audited net assets as of the end of 2024 [2]. Group 2: Impact on the Company - The company has been implementing the new financial instrument standards since January 1, 2019. The financial assets such as CITIC shares are classified as "measured at fair value with changes recognized in other comprehensive income," meaning their value fluctuations and disposals do not affect the current profit and loss, with only dividend income impacting current investment income [3].

Core Viewpoint - The trend of insurance capital "shareholding" is expected to continue into 2026, driven by the focus on high dividend stocks and the need for long-term equity investments to enhance return on equity (ROE) [2][18]. Group 1: Recent Trends in Insurance Capital Shareholding - In 2025, insurance capital shareholding reached 41 instances, a significant increase from 20 in 2024, marking a new high in the past decade [2][3]. - The current wave of shareholding differs from the past, as it is influenced by a low interest rate environment and the need for stable cash returns through high dividend stocks [5][14]. - Analysts indicate that the demand for high dividend and high ROE stocks will persist, suggesting that the shareholding trend will continue [18]. Group 2: Characteristics of the Current Shareholding Wave - The shareholding activities are more diversified compared to previous years, with "Ping An" leading with 15 instances, primarily targeting bank and insurance stocks [11][12]. - Bank stocks were the most favored, being targeted 17 times, accounting for 41.5% of total shareholding instances in 2025 [13][14]. - The average dividend yield of the targeted companies was approximately 5.0%, higher than previous waves, indicating a preference for high-yield investments [15]. Group 3: Investment Strategies and Regulatory Environment - The new accounting standards implemented in 2023 require insurance companies to choose between FVTPL and FVOCI for stock investments, influencing their investment strategies [6][7]. - The regulatory environment has encouraged long-term capital market participation, enhancing the attractiveness of shareholding for insurance companies [7][18]. - The investment strategy includes a focus on high ROE assets, particularly state-owned enterprises with stable business models, to improve the overall ROE of insurance capital [17].

Core Viewpoint - Ping An Life has disclosed that it will increase its stake in Agricultural Bank of China H-shares to 20% by December 30, 2025, triggering a mandatory disclosure under Hong Kong market rules [1]. Group 1: Investment Activities - This marks the fourth time Ping An Life has increased its stake in Agricultural Bank H-shares, having previously surpassed 5%, 10%, and 15% in February, May, and August 2025 respectively [4]. - In addition to Agricultural Bank, Ping An Life has also acquired shares in Postal Savings Bank and China Merchants Bank, with holdings reaching 5.01%, 10%, 15%, and 20% at various points in 2025 [6]. - Overall, in 2025, insurance capital made a total of 35 stake increases, the highest since 2016, indicating a growing trend in insurance investments [5][8]. Group 2: Reasons for Preference in Bank Stocks - Insurance companies are favoring bank stocks due to their average dividend yield exceeding 5%, which is significantly higher than the cost of liabilities (approximately 2% to 2.5%), making them attractive as "quasi-fixed income" assets [7]. - The new financial instrument standards allow high-dividend bank stocks to be classified in a way that stabilizes profit and loss statements, further encouraging investment [7]. - The stable performance and dividend consistency of bank stocks align with the long-term investment strategies of insurance companies, which seek value and stability [7]. Group 3: Future Outlook - The trend of insurance capital actively participating in equity markets is expected to continue, driven by low interest rates and regulatory support for long-term investments [8][10]. - Analysts suggest that the demand for bank stocks will persist, with insurance companies likely to focus on stable dividend-paying stocks and those with strong return on equity (ROE) [9][10]. - The stock prices of major insurance companies have shown significant increases in 2025, reflecting market confidence in the insurance sector's fundamentals [10].

Core Viewpoint - The insurance industry is undergoing significant transformation, necessitating timely adjustments in operational strategies due to new accounting and financial instrument standards that will reshape revenue, profit, and net asset measurement logic [1][9]. Group 1: Industry Challenges - The industry faces challenges such as team attrition, shrinking intermediaries, and the rise of bank insurance, which are fundamentally linked to the difficulties in asset-liability management [3][11]. - External economic conditions, including a downward trend in interest rates and complex rate environments, pose risks of long-term interest spread losses and current operational difficulties [3][11]. Group 2: Regulatory Environment - Regulatory policies have been introduced, including adjustments to preset interest rates, unified reporting, restrictions on dividends, and limits on scale not exceeding five times net assets [3][11]. - The upcoming new insurance contract accounting standards and financial instrument standards will require companies to adapt their operational strategies accordingly [1][9]. Group 3: Product Strategy - Product strategy is crucial as it reflects the impact of regulatory policies and is closely tied to external economic conditions and the specific circumstances of different companies [3][11]. - A differentiated product strategy is essential, with companies like Huagu Life implementing such strategies effectively, including limiting certain products and focusing on traditional insurance [4][12]. Group 4: Financial Performance - Huagu Life has reported positive growth rates in premium income, revenue, total assets, net assets, internal value, new business value, and profit, with stable solvency ratios [5][12]. - The upcoming new standards set to be implemented in 2026 will lead to a marketing push for dividend insurance, which is expected to become a mainstream product [5][12]. Group 5: Product Selection Considerations - Companies must consider their existing business costs and structures, as well as current assessment criteria when deciding on product strategies between dividend and traditional insurance [13][14]. - The contribution of low-cost and high-cost business models to profit sources varies, necessitating different product strategies for companies based on their cost structures [13][14]. Group 6: Customer Needs - Meeting diverse customer needs is paramount, with high-net-worth clients seeking wealth management solutions and traditional fixed-income products appealing to mass-market clients [15]. - A diversified product strategy that balances stable low returns with high-risk floating returns can effectively cater to different customer segments [15].

Core Viewpoint - The frequent equity stakes taken by Great Wall Life Insurance are driven by the need to match high-dividend assets under new accounting standards and to alleviate liability pressure amid an "asset shortage" and low interest rates [1][2][15]. Group 1: Regulatory Actions - On December 9, Hebei Securities Regulatory Bureau issued a warning letter to Great Wall Life for failing to halt trading and disclose information after acquiring 5% of Xintian Green Energy shares [2][3][16]. - The company has been labeled as the "stock market scavenger king," having made 12 equity stakes in A-share and H-share companies since June 2023, including Zhejiang Jiaokao and Wuxi Bank [2][5][14]. Group 2: Investment Strategy - Great Wall Life's aggressive equity investment style reflects its strategy to invest in companies with long-term growth and stable dividend capabilities, especially in a low-interest-rate environment [7][21]. - The new financial instrument standards allow insurance companies to classify equity stakes as "measured at fair value with changes recognized in other comprehensive income," which helps mitigate profit statement volatility [21][22]. Group 3: Financial Performance - In 2024, Great Wall Life reported a significant revenue increase to 26.585 billion yuan, a 37.21% year-on-year growth, and a net profit of 517 million yuan, marking a turnaround from losses [8][22]. - The investment income reached 4.262 billion yuan, doubling from the previous year, with a projected investment income of 3.502 billion yuan for the first three quarters of 2025, reflecting a 24.65% increase [8][22]. Group 4: Liability Pressure - The launch of the Great Wall Golden Qilin whole life insurance product, which offers a guaranteed interest rate of 3.0%, has attracted significant market interest, leading to substantial new investment premiums [9][23]. - However, the high-yield insurance products have increased investment pressure on the asset side, necessitating the expansion of investment channels to cover liability costs [9][23]. Group 5: Compliance Risks - Great Wall Life has faced regulatory penalties for compliance issues, including fines for providing benefits outside of insurance contracts and other violations [11][25]. - The company's premium income has shown signs of weakness, with a 1.35% decline in signed premiums for 2024 and a 12.46% drop in the first three quarters of 2025 [11][25]. Group 6: Capital and Debt Pressure - As of the third quarter, the core solvency ratio and comprehensive solvency ratio of Great Wall Life were 102.21% and 153.84%, respectively, indicating a decline from the previous quarter and below industry averages [12][26]. - The company faces debt repayment pressures with bonds maturing in 2026, which could lead to increased interest expenses if redemption rights are not exercised [12][26].