Core Viewpoint - The insurance industry is experiencing a continuous improvement in solvency ratios, with the comprehensive solvency adequacy ratio reaching 247% in Q3 2025, an increase of 1 percentage point year-on-year and 7 percentage points quarter-on-quarter [2][8]. Group 1: Solvency and Capital Structure - The comprehensive solvency adequacy ratio for the insurance industry in Q3 2025 is 247%, reflecting ongoing enhancements since the implementation of the 2023 regulatory standards [2][9]. - The minimum capital scale reached 354.4 billion yuan, a year-on-year increase of 7.2%, while the actual capital scale was 873.7 billion yuan, up 10.3% year-on-year [9]. - The risk structure shows that the minimum capital for insurance risk accounts for 44%, market risk 39%, and credit risk 17% [4][14]. Group 2: Risk Composition - In Q3 2025, the minimum capital for insurance risk was 227.7 billion yuan, up 2.1% from the end of last year; market risk minimum capital was 203.3 billion yuan, an increase of 15.0%; and credit risk minimum capital was 89.9 billion yuan, up 2.8% [11]. - The market risk minimum capital proportion has increased from 25.4% in 2016 to 39.0% in 2025, a cumulative increase of 13.6 percentage points [4][14]. - The secondary risk capital structure indicates that interest rate risk minimum capital has risen from 6.8% in Q1 2022 to 13.4% in Q3 2025, while counterparty default risk has decreased from 20.6% to 12.5% during the same period [5][23]. Group 3: Company-Specific Risk Structures - The top three companies in terms of risk capital structure are: - PICC Property and Casualty with 38.4% insurance risk, 46.6% market risk, and 15.0% credit risk [17]. - Ping An Property & Casualty with 45.6% insurance risk, 43.6% market risk, and 10.9% credit risk [17]. - Taiping Property Insurance with 49.3% insurance risk, 31.1% market risk, and 19.6% credit risk [17]. - The differences in risk structures among leading companies are attributed to variations in business models, investment styles, reinsurance arrangements, and strategic choices [16].