金融监管总局发布《关于调整保险公司相关业务风险因子的通知》 引导保险公司提高长期投资管理能力，强化资产负债匹配管理，更好发挥保险资金耐心资本作用，有效 服务实体经济，推动保险公司持续稳健经营。本次风险因子调整主要包括两方面：一是针对保险公司投 资的沪深300指数成分股、中证红利低波动100指数成分股以及科创板股票的风险因子，根据持仓时间进 行了差异化设置，以培育壮大耐心资本、支持科技创新；二是调整保险公司出口信用保险业务和中国出 口信用保险公司海外投资保险业务的保费风险因子、准备金风险因子，引导保险公司加大对外贸企业支 持力度、有效服务国家战略。 逆全球化进程和中美贸易风波给国内经济复苏节奏带来较大不可预测性 智通财经APP获悉，东兴证券发布研报称，在中美经贸关系面临重大变革的时期，资本市场承担了更大 的稳定和发展职责。在此时点，险资的资本市场"稳定器"作用就显得尤为重要。本次监管层降低险资部 分投资品种的风险因子，在推动资本市场平稳健康发展的同时，亦有望提升险企资金运用效率和投资收 益，进而提升险企经营业绩。此外，资本市场运行环境的改善亦将直接推动券商业绩释放。 具体来看，调整分为三点：1）保险公司持仓时间 ...

Investment Rating - The industry investment rating is "Positive" [6] Core Viewpoints - The recent adjustment of risk factors by the financial regulatory authority aims to enhance the long-term investment management capabilities of insurance companies, thereby better serving the real economy and promoting stable operations [1][4] - The adjustments include differentiated risk factors based on holding periods for specific indices, which will encourage insurance capital to enter the market more rapidly and stabilize market fluctuations [2][4] - The lowered risk factors for insurance companies' investments in major indices and export credit insurance are expected to boost the efficiency of capital utilization and investment returns for insurance companies [5] Summary by Sections Risk Factor Adjustments - The risk factor for insurance companies holding stocks in the CSI 300 index and the CSI Dividend Low Volatility 100 index for over three years has been reduced from 0.3 to 0.27 [3] - The risk factor for insurance companies holding stocks in the Sci-Tech Innovation Board for over two years has been reduced from 0.4 to 0.36 [3] - The risk factor for premium and reserve in export credit insurance has been adjusted from 0.467 to 0.42 and from 0.605 to 0.545, respectively [3] Market Context - The ongoing de-globalization and trade tensions between China and the U.S. have introduced unpredictability into the domestic economic recovery, making insurance capital a key stabilizing factor in the capital market [4] - The adjustments are expected to provide liquidity to the capital market and support the development of domestic enterprises, particularly in alignment with national strategies like the Belt and Road Initiative [4] Investment Recommendations - In the context of significant changes in Sino-U.S. trade relations, the role of insurance capital as a stabilizer in the capital market is emphasized [5] - The report suggests focusing on leading companies in the non-bank financial sector, which are better positioned to leverage policy innovations and enhance their operational performance [5] - The growing trend of ETFs is highlighted, indicating continued investment value in securities and insurance ETFs [5]

"十五五"规划建议中，保险资金正以"耐心资本"的独特定位，成为推动新质生产力发展的关键金融力 量。随着创新驱动发展战略向纵深推进，保险机构通过股权、债权、基金及另类投资等多元化渠道，持 续为科创企业注入长期稳定资金。 监管推出的长周期考核机制改革，更是通过提升对资本市场短期波动的容忍度，有效增强投资行为的稳 定性，并进一步推动险资入市进程。 此外，11月26日"中国保险资产管理业协会"更名为"中国银行保险资产管理业协会，并全面吸纳银行理 财子公司，促进了两类资管机构协同发展，整合后二者有很多合作领域待开发，行业将形成更大合力。 中泰证券研究指出，当前保险行业平均久期缺口约为-7年，2024年后，从资产负债匹配看，人身险行业 久期缺口有扩大的趋势。而持续推动的长周期考核改革，正为险资践行"耐心资本"定位创造制度条件。 和讯网特邀对外经济贸易大学保险学院副教授徐高林，对保险资金运用效率提升、另类投资策略创新、 资管产品发展方向等问题进行研究探讨。 "资管行业可能是优劣标准最简单粗暴的行业之一，那就是'风险调整后的收益率'，这样一个行业特性 容易导致'内卷'过度，甚至走偏。"对外经济贸易大学保险学院副教授徐高林表示 ...

Core Viewpoint - The insurance sector is positioned as "patient capital," playing a crucial role in driving new productive forces through diversified investment channels, including equity, debt, funds, and alternative investments [2][3] Group 1: Current Industry Status - The insurance asset management industry is experiencing high growth, with total assets reaching 35.91 trillion yuan by the end of 2024, a 13.9% increase from the beginning of the year, marking the highest growth rate since 2017 [7] - By mid-2025, total assets in the insurance industry reached 39.2 trillion yuan, reflecting a 9.2% increase from the start of the year, indicating sustained high growth [8] - Despite overall growth, there is uneven distribution, with many small and medium-sized companies facing challenges, leading to a degree of "involution" in the industry [8] Group 2: Investment Opportunities and Strategies - The recent renaming of the China Banking and Insurance Asset Management Association aims to foster collaboration between insurance asset management and bank wealth management, creating numerous potential cooperation opportunities [9][10] - The insurance asset management sector is exploring alternative investments and innovative strategies to address the challenges posed by a scarcity of quality assets and interest rate risks [6][12] - The focus on green finance aligns with the long-term liabilities of insurance capital, allowing for better matching of investment cycles with the characteristics of insurance liabilities [13][14] Group 3: Future Trends and Recommendations - The insurance sector must enhance its asset-liability matching management capabilities while prioritizing safety to improve yield, which is essential for sustainable growth [19] - The industry is encouraged to concentrate on its comparative advantages and avoid overextending into all investment tools, focusing instead on stable investment opportunities [17][18] - As the scale of insurance capital continues to grow, the sector's responsibilities towards policyholders and the broader market will become increasingly significant, necessitating a balance between risk-taking and fulfilling contractual obligations [18][19]

Core Viewpoint - China Pacific Insurance (601601) emphasizes its commitment to asset allocation management based on the characteristics of insurance liabilities, aiming to enhance investment returns through strategic equity asset allocation in response to long-term macroeconomic trends [1] Group 1 - The company adheres to asset allocation management aligned with insurance liability characteristics [1] - It conducts macroeconomic trend analysis for large asset allocation decisions [1] - The company aims to reasonably and timely increase equity asset allocation to boost investment returns [1]

Core Viewpoint - Xinhua Insurance has demonstrated strong growth and resilience in the insurance market, achieving significant performance improvements and strategic transformations as it approaches its 29th anniversary [1][2][15]. Financial Performance - In the first half of 2025, Xinhua Insurance reported operating revenue of 700.41 million yuan, a year-on-year increase of 26% [2]. - The company's original insurance premium income exceeded 1,212.62 million yuan, reflecting a substantial growth of 22.7% [2]. - New business value reached 618.2 million yuan, up 58.4% year-on-year, while the embedded value increased to 2,793.94 million yuan, an 8.1% rise from the previous year [2]. - Net profit attributable to shareholders was 147.99 million yuan, marking a 33.5% increase, with a return on equity (ROE) of 15.9%, up nearly 5 percentage points [2]. Asset and Solvency - As of June 30, 2025, Xinhua Insurance's total assets reached 1.78 trillion yuan, a 5% increase from the previous year [3]. - The core solvency ratio stood at 170.72%, up 46.65 percentage points, while the comprehensive solvency ratio was 256.01%, rising 38.46 percentage points, significantly exceeding regulatory requirements [3]. Strategic Initiatives - The "XIN Generation" plan was launched to transform the individual insurance channel, focusing on five upgrades to enhance the marketing team [4][6]. - The individual insurance channel achieved a first-year premium of 145.06 million yuan, a remarkable increase of 70.8% year-on-year [6]. - The number of individual insurance agents reached 133,000, with a monthly performance rate stabilizing at 13.3% and a 74% increase in per capita productivity [6]. Service Ecosystem - Xinhua Insurance has developed a comprehensive service ecosystem covering ten areas, including health management and wealth transfer, to meet diverse customer needs [7][9]. - The "Xinhua Respect" service system targets high-net-worth clients, while "Xinhua Safe" focuses on home-based elderly care [9]. - The company has established a health management service network, expanding to 40 international hospitals for comprehensive health management [9]. Investment Strategy - Xinhua Insurance emphasizes asset-liability matching, optimizing product strategies and asset structures to control costs and enhance returns [13]. - The investment scale exceeded 1.7 trillion yuan, with a 5.1% increase, achieving an annual total investment return rate of 5.9% [13][14]. - The company has established pilot funds with a cumulative scale of nearly 100 billion yuan, focusing on quality listed companies in the secondary market [14]. Future Outlook - As Xinhua Insurance approaches its 30th anniversary, it aims to enhance its core competitiveness through strategic reforms, customer-centric approaches, and robust operational management [15].

Core Viewpoint - China Life Insurance Company Limited reported strong financial performance in the first half of 2025, with total assets exceeding 7 trillion RMB and a net profit increase of 6.9% year-on-year, reflecting the company's robust market position and strategic focus on high-quality development [8][10]. Financial Summary - Total assets reached 7.29 trillion RMB, an increase of 7.7% compared to the previous year [10]. - Net profit attributable to shareholders was 40.93 billion RMB, up 6.9% from 38.28 billion RMB [10][11]. - The company proposed a cash dividend of 0.238 RMB per share, totaling approximately 6.73 billion RMB, pending shareholder approval [2]. Business Performance - Total premium income for the first half of 2025 was 525.09 billion RMB, a 7.3% increase year-on-year, marking the highest level for the same period in history [10][11]. - The first-year premium income reached 81.25 billion RMB, a 20.3% increase compared to the previous year [10]. - The company maintained a leading market share, with long-term effective policies totaling approximately 327 million [8][10]. Investment Strategy - The company emphasized a long-term investment strategy, with a focus on stable returns and risk management, achieving a 7.8% increase in investment assets compared to the beginning of the year [9][10]. - Investment income for the first half of 2025 was reported at 127.51 billion RMB, reflecting a strong performance in asset management [11]. Risk Management - The company has implemented various measures to manage and control risks, including macroeconomic, insurance, market, credit, operational, strategic, reputational, liquidity, information security, ESG, and fraud risks [2][3]. - The solvency ratio remained robust, with a comprehensive solvency adequacy ratio of 190.94% and a core solvency adequacy ratio of 139.54% [10][11]. Social Responsibility and Innovation - The company is committed to enhancing its social responsibility initiatives, focusing on inclusive insurance services and expanding its product offerings to meet diverse customer needs [8][15]. - New product launches included innovative health insurance products and services aimed at specific demographics, such as the elderly and small businesses [15][16].

Core Viewpoint - China Pacific Insurance (CPIC) is experiencing significant interest from investors, with its stock prices reaching historical highs, indicating strong market confidence and growth potential in the insurance sector [2]. Investment Strategy - The investment strategy focuses on increasing allocations in long-duration bonds to mitigate risks associated with the asset-liability duration gap in the life insurance sector [5] - The company aims to enhance its equity investments by increasing the allocation of OCI stocks to approximately 30% of its secondary equity portfolio, while also emphasizing research on technology innovation enterprises for both short-term and long-term gains [5][7] - In fixed income, CPIC is looking to diversify into new asset classes such as REITs to ensure stable returns across market cycles [8]. Dividend Insurance - CPIC has developed a plan to enhance its dividend insurance offerings, with a significant push expected in the third quarter of the year [9] - The company has identified a critical threshold for traditional insurance sales pressure at a predetermined interest rate of 2%, prompting a necessary shift towards dividend insurance [11] - Currently, CPIC has five dividend insurance products available and is preparing an additional 14 products to meet market demands [12]. Commercial Health Insurance - The company is focusing on the integration of commercial health insurance with basic medical insurance, driven by national policy reforms aimed at creating a multi-tiered medical security system [15] - There is a recognition of the growing demand for commercial health insurance, as basic medical insurance may not fully meet the diverse needs of the population [16] - CPIC plans to enhance its product offerings in commercial health insurance, including new drugs and treatment methods, while promoting a more inclusive approach to high-end medical services [17].

Summary of China Life Insurance Conference Call Company Overview - **Company**: China Life Insurance - **Date**: May 7, 2025 Key Points Industry and Regulatory Environment - Regulatory policies are driving the separation of sales and production in the agent channel, with the company actively participating in industry standard formulation, expecting minimal impact on the stability of the agent workforce [2][3] - The integration of banking and insurance channels has significantly improved value rates, with individual insurance channel value rates increasing mainly due to the transformation towards participating insurance and asset-liability management [2][3] Financial Performance and Strategy - In Q1, the proportion of participating insurance new policies reached approximately 50%, with plans to continue increasing the sales of floating income products throughout the year [2][4] - The company is diversifying its business in response to declining interest rates, focusing on increasing sales of floating income products while controlling the scale of long-duration liabilities [2][5] - The asset duration is approximately 8 years, while the liability duration is about 10 years, with an effective duration gap reduced to below 1.5 years, indicating a commitment to asset-liability matching management [2][5] Health Insurance and Profitability - Significant improvement in medical health insurance claims in Q1, attributed to comprehensive process optimization, effectively reducing claim costs and enhancing overall profitability [2][9] - The specific numerical contribution of health insurance claims improvement to profit growth was not disclosed, but it reflects successful risk management and product design [9][10] Accounting and Valuation Metrics - Under new accounting standards, value indicators such as intrinsic value and new business value are more reflective of the company's operational results, alongside net profit, total premium growth, and market share as key quantitative indicators [2][10] - The company emphasizes the importance of long-term perspectives in evaluating performance, especially under new accounting standards, to avoid short-term pressures affecting long-term decisions [11] Investment Strategy - Despite increased market uncertainty, the company maintains its overall investment direction, with adjustments in details and pacing, such as significant bond allocations in Q1 and a focus on balanced stock portfolios [12] - The company plans to increase its allocation to high-dividend stocks, currently exceeding 150 billion, while ensuring the selection is based on long-term operational stability rather than just high dividend yields [13][14] Future Outlook - The company is committed to its long-term strategy in life insurance and will not alter its approach due to short-term factors, focusing on sustainable growth and capturing opportunities in short-term insurance without compromising core strategies [22] - There are no specific targets for intrinsic value, but the company aims for steady growth in new business value and will continue to push for the transformation towards floating income products [23] Shareholder Returns and Market Management - The company is currently not providing clear dividend guidance, as dividend rates are tied to prior operating profits or free surplus, which have not been set [24] - Discussions on stock buybacks are ongoing, but the focus remains on dividends as a direct reflection of company performance to investors [25] Conclusion - China Life Insurance is navigating a complex regulatory and economic landscape while focusing on strategic growth in its insurance offerings, optimizing its investment portfolio, and maintaining a commitment to shareholder value through dividends and market communication.