新三板保险中介业绩滑坡。 据《国际金融报》记者统计，截至8月28日，共有8家新三板挂牌保险中介披露了2025年上半年的业绩数 据，其中5家出现亏损，2家净利润同比下滑。 事实上，我国保险中介市场虽然主体数量多、发展速度快，但整体发展模式较为粗放，竞争能力不强。 在业内人士看来，保险中介机构要想在新发展格局中寻求突围，需要加强产品创新，以满足不断变化的 市场需求；发展多元化的业务模式，提供综合金融、健康管理等服务；并加强数字化转型，提升运营效 率和客户体验。 业绩困局难解 先来看营业收入，2025年上半年，民太安实现营业收入3.58亿元，位列第一，同比增长1.82%；诚安达 实现营业收入3.1亿元，同比增长23.11%，增速排在首位。 中衡保险、ST创悦、一正保险的营业收入均低于1亿元。其中，中衡保险上半年实现营业收入0.94亿 元，同比增长15.75%；ST创悦实现营业收入0.85亿元，同比增长19.68%；一正保险实现营业收入0.24亿 元，同比增长17.25%。对于收入取得明显增长，ST创悦解释称，是因为加大了汽车保险的销售力度。 与此同时，2家机构上半年营业收入同比出现负增长。具体来看，润华保险营业收入 ...

Core Viewpoint - The regulatory scrutiny on China Ping An Property & Casualty Insurance Co., Ltd. has intensified, revealing compliance challenges amid its pursuit of business growth [1][9]. Regulatory Actions - The Qinghai Regulatory Bureau of the National Financial Supervision Administration issued two administrative penalty decisions against Ping An Property & Casualty, resulting in fines of 150,000 yuan for its Xining branch and 580,000 yuan for its Qinghai branch due to various violations [1][2]. - In addition to the recent penalties, the Qinghai branch had previously been fined 240,000 yuan in February for cross-provincial insurance operations [2]. Compliance Issues - The penalties highlight structural compliance issues within Ping An Property & Casualty, with violations including "untrue financial data," "providing improper benefits to others through insurance business," and "failure to use approved clauses as required" [4][6]. - Other branches, such as those in Ningbo and Jiangxi, have also faced fines for similar violations, indicating a broader pattern of compliance failures across the company [5][4]. Financial Performance - In Q1 2025, Ping An Property & Casualty reported original insurance premium income of 85.138 billion yuan, reflecting a year-on-year growth of 7.7%, maintaining its position as the second-largest property insurance company in China [7]. Market Challenges - The company faces significant pressure from the comprehensive reform of auto insurance and market competition, which has compressed profit margins and led to increased regulatory scrutiny [8]. - The reform has forced insurers to reduce commission and expense ratios, pushing some to engage in questionable practices to meet performance targets [8]. Governance and Risk Management - The recent penalties indicate weaknesses in internal controls, compliance culture, and risk management mechanisms within the company [9]. - The ongoing high-pressure regulatory environment necessitates that the company enhances its governance structure and strengthens the implementation of compliance measures to ensure sustainable growth [9].

Core Insights - The insurance industry in China is projected to see significant growth, with original insurance premium income expected to increase by over 25% from 2020 to 2024, and total assets expected to grow by 68% by mid-2025 compared to the end of 2020 [1][2] Group 1: Enhancements in Social Welfare - The insurance industry has strengthened its capacity to protect and improve people's livelihoods, with personal insurance payouts reaching 1.2 trillion yuan in 2024, an increase of 88.08% from 2020, and property insurance payouts reaching 1.1 trillion yuan, up 57.14% from 2020 [1] - The industry has expanded its coverage and improved service capabilities, actively developing commercial insurance products such as annuities and long-term care insurance to better meet public needs [2] Group 2: Disaster Risk Management - The insurance sector has improved its claims handling and risk reduction services, with significant payouts for natural disasters, including 116 billion yuan for heavy rainfall in 2021 and 126 billion yuan in 2023 [2] - A comprehensive catastrophe insurance pilot has been implemented in over 20 provinces, providing 22.36 trillion yuan in catastrophe risk protection for 64.39 million households in 2024 [2] Group 3: Support for the Real Economy - The insurance industry has provided risk protection across various sectors, with agricultural insurance premiums increasing from 97.6 billion yuan in 2021 to 148.37 billion yuan in 2024, enhancing coverage for staple crops [3] - Insurance funds have supported large-scale projects, with cumulative risk protection of approximately 4.2 trillion yuan for integrated circuit co-insurance and around 9 trillion yuan for technology insurance [3] Group 4: Investment and Reform Initiatives - The balance of insurance company funds has grown from 21.68 trillion yuan at the end of 2020 to 34.93 trillion yuan by the first quarter of 2024, reflecting active investment in advanced manufacturing, technology innovation, and green initiatives [4] - The implementation of comprehensive reforms in auto insurance has led to a 21.2% decrease in average premiums, while the compulsory insurance coverage has increased significantly [4][5] Group 5: Future Directions - The insurance industry is expected to continue enhancing its operational standards and management practices, focusing on risk prevention, regulatory compliance, and high-quality development to better serve national strategies and improve social governance [5]

Core Viewpoint - The insurance company Dinghe Property Insurance Co., Ltd. is opting for a capital increase through capital reserve conversion amid a general "capital shortage" in the industry, planning to increase its registered capital by 1.357 billion yuan to support its ambitious performance targets for 2025 [1][3][5] Capital Increase Details - On May 14, Dinghe announced a capital increase from 4.643 billion yuan to 6 billion yuan through capital reserve conversion, totaling 1.357 billion yuan, with no change in shareholder ratios [3][4] - This method of capital increase is uncommon in the insurance industry, as it does not involve new funds entering the company, but rather an internal adjustment of equity structure [3][5] Performance Goals and Challenges - Dinghe has set a target of achieving 10 billion yuan in premium income and 2 billion yuan in net profit by 2025, but it currently faces significant challenges in reaching these goals [1][7][8] - The company's net profit has decreased to 700 million yuan in 2024, down from around 1 billion yuan in previous years, indicating a struggle to meet its ambitious targets [7][8] Business Performance and Market Conditions - Dinghe's car insurance business, which generated 2.7 billion yuan in premium income in 2024, has been unprofitable for several years, with a loss of approximately 74.62 million yuan in 2024 [10][11] - The competitive landscape in the car insurance market has intensified, leading to reduced profit margins due to aggressive pricing strategies among insurers [10][11] Strategic Recommendations - To improve profitability in the car insurance sector, it is suggested that Dinghe leverage advanced technologies for risk assessment, implement strict claims management, and enhance customer engagement through value-added services [11]

Investment Rating - The outlook for the property insurance industry is stable, with no significant changes expected in overall credit quality over the next 12-18 months [3][51]. Core Insights - In 2024, the property insurance sector is expected to see steady growth in auto insurance premiums, while non-auto insurance segments such as health, agricultural, and liability insurance will increasingly contribute to overall revenue. However, the growth rate of the property insurance industry is slowing down, and significant differentiation within the industry remains evident [3][4]. - The regulatory environment is tightening, with new policies encouraging property insurance companies to support green, inclusive, and technology-driven insurance initiatives. This is aimed at enhancing the industry's service to the real economy and technological innovation [4][5][7]. - Investment returns are projected to improve due to a rebound in capital markets and declining interest rates, which will positively impact net profits year-on-year. However, underwriting profitability remains under pressure due to frequent natural disasters [3][4][33]. Summary by Sections Regulatory Environment - The new "National Ten Articles" emphasizes strict regulation and risk prevention, aiming for high-quality development in the insurance industry. This includes comprehensive management of insurance companies across various operational aspects [5][6]. - Specific measures have been introduced to ensure the property insurance industry maintains stable growth and enhances risk prevention capabilities over the next five years [6]. Business Operations - The property insurance industry is experiencing a slowdown in premium growth, with total premium income reaching CNY 1.69 trillion, a year-on-year increase of 5.6% [15][19]. - The market remains competitive, with the top three property insurance companies holding a combined market share of 62.76% [15][19]. - Non-auto insurance segments are becoming the main growth drivers, with health insurance premiums increasing by 16.6% year-on-year [22][24]. Financial Performance - The overall profitability of the property insurance sector is improving, with net profits rising by 20.71% year-on-year to CNY 57.19 billion [36][37]. - The average comprehensive expense ratio for sample property insurance companies decreased to 26.98%, indicating improved cost management [34][36]. - Investment income remains a significant source of profit, with the overall investment yield increasing to 5.51% [36][37]. Investment Strategy - The asset allocation strategy remains diversified, with a focus on fixed-income assets, particularly bonds, which have seen a significant increase in proportion [29][32]. - The total investment scale of the property insurance industry reached CNY 33.26 trillion, reflecting a year-on-year growth of 15.08% [28][29]. - The investment environment is influenced by market volatility and international economic conditions, which pose challenges for investment management [32][36].

Investment Rating - The outlook for the property insurance industry is stable, with no significant changes expected in overall credit quality over the next 12-18 months [3][51]. Core Insights - In 2024, the property insurance sector is expected to see steady growth in auto insurance premiums, while non-auto insurance segments such as health, agricultural, and liability insurance will increasingly contribute to overall revenue. However, the growth rate of the property insurance industry is slowing down, and significant differentiation within the industry remains evident [3][4]. - The regulatory environment is tightening, with new policies encouraging property insurance companies to support green, inclusive, and technology-driven insurance initiatives, while also promoting stable capital market participation [4][5][7]. - The financial performance of the property insurance industry is under pressure due to frequent natural disasters impacting underwriting profitability, although investment income is expected to rise due to lower interest rates and a rebound in capital markets [3][4][33]. Summary by Sections Regulatory Environment - The new "National Ten Articles" emphasizes strict regulation and risk prevention, aiming for high-quality development in the insurance industry [5][6]. - Specific measures have been introduced to ensure the property insurance sector maintains stable growth and enhances risk prevention capabilities over the next five years [6][7]. Business Operations - The property insurance industry is experiencing a slowdown in premium growth, with total premium income reaching CNY 1.69 trillion, a year-on-year increase of 5.6% [15][19]. - The market remains competitive, with the top three property insurance companies holding a combined market share of 62.76% [19][20]. Financial Condition - The overall profitability of the property insurance sector is improving, with net profits increasing by 20.71% year-on-year to CNY 57.19 billion [36][37]. - The average comprehensive solvency ratio for property insurance companies is 238.5%, indicating a generally sufficient level of solvency [40][41]. Investment Strategy - Property insurance companies are diversifying their investment strategies, with a focus on fixed-income assets, while also increasing allocations to equities as the market recovers [29][32]. - The total investment assets of the property insurance industry reached CNY 33.26 trillion, reflecting a year-on-year growth of 15.08% [27][28].