外资险企对中国市场的信心，正通过真金白银的资本投入得到体现。 1月8日，汇丰人寿发布公告，透露其唯一股东汇丰保险（亚洲）计划向公司增资5.56亿元。增资完成后，汇丰人寿的注册资本将从26.76亿元增加至32.32亿 元。 此次增资事项已于2026年1月6日通过股东书面决议，仍需获得监管部门批准方能生效。 这是汇丰人寿成为外资独资寿险公司后的第四次资本补充。 汇丰人寿成立于2009年，最初为合资公司，于2022年6月正式成为汇丰保险（亚洲）全资控股的外资独资企业； | | 2015年 | 2016年 | 2017年 | | --- | --- | --- | --- | | 营业收入（亿元） | 11.63 | 9.74 | 15.34 | | 同比(%) | 16.33 | (16.23) | 57.52 | | 归母浄利（亿元） | 1.76 | (1.61) | 1.12 | | 同比(%) | 73.91 | (191.48) | 169.42 | | | | | 汇丰人寿2015 | 完成股权变更同时，股东即增资6.35亿元，随后又在2023年、2025年分别增资6.54亿元、3.62亿元。 三次增资 ...

北京商报讯（记者李秀梅）12月19日，华夏银行与中荷人寿战略合作签约仪式在北京成功举行。双方正 式签署战略合作协议，标志着银保合作进入深度融合、共谋高质量发展的全新阶段。 据了解，本次签约是华夏银行与中荷人寿深化合作、推进银保协同发展的重要举措。双方将重点聚焦三 大方向，共同打造"银行+保险"深度融合的服务新范式：一是共建综合服务生态。依托华夏银行的客户 基础与渠道，结合中荷人寿在人身保障、财富传承等领域的专业能力，为客户提供覆盖全生命周期的一 站式综合金融服务方案。二是共推养老金融创新。积极响应国家关于发展养老金融的号召，联合研发具 有市场竞争力的养老保险产品与服务，共同助力国家多层次养老保障体系建设，服务"老有所养、老有 优养"的民生愿景。三是共享科技与数据能力。在合规前提下，探索通过系统对接与数据智能应用，提 升客户服务的精准性、便捷性与风控水平，打造智能化、场景化的协同服务新模式。 此外，签约仪式上，华夏银行10家分行与中荷人寿10家分公司同步签署了合作协议，标志着双方合作从 顶层战略设计全面下沉至基层落地执行，确保协同效应贯通服务客户的"最后一公里"。华夏银行北京分 行与中荷人寿北京分公司代表分别作 ...

来源：华夏银行新闻 服务体系。 中荷人寿是我国加入WTO后首批成立的中外合资寿险公司，始终坚持以客户为中心，持续推进产品与 服务创新。公司在长期储蓄、风险保障、健康管理和养老服务等领域深耕细作，在行业内树立了良好口 碑。 本次签约是华夏银行与中荷人寿深化合作、推进银保协同发展的重要举措。双方将重点聚焦三大方向， 共同打造"银行+保险"深度融合的服务新范式。 01 共建综合服务生态 依托华夏银行的客户基础与渠道，结合中荷人寿在人身保障、财富传承等领域的专业能力，为客户提供 覆盖全生命周期的一站式综合金融服务方案。 12月19日，华夏银行与中荷人寿战略合作签约仪式在北京举办，标志着银保合作进入深度融合、共 谋"十五五"高质量发展的新阶段。华夏银行党委书记、董事长杨书剑，中荷人寿党委书记李建营出席。 华夏银行党委常委、副行长高波，金融市场总监刘彦雷，中荷人寿总经理杨勇艇，纪委书记窦林娜参加 签约。 当前，我国经济正迈向高质量发展，居民财富管理需求日趋综合化、多元化，对覆盖全生命周期的金融 保障与规划服务提出了更高要求。 银行与保险机构的深度协同，已成为提升综合金融服务能力、响应国家战略、服务实体经济与民生福祉 的关 ...

Core Viewpoint - The article highlights the increasing trend of insurance companies, particularly Minsheng Life, acquiring shares in banks like Zheshang Bank, driven by the need for stable returns and the impact of new accounting standards on profit volatility [1][2][12]. Group 1: Shareholding Activities - Minsheng Life increased its stake in Zheshang Bank by acquiring 1 million H-shares on August 11, reaching a 5% ownership threshold that triggered a disclosure requirement [1][2]. - Other insurance companies, including Ping An Life and Xinhua Insurance, have also been actively purchasing bank shares, with over 100 acquisitions this year, leading to multiple instances of shareholding disclosures [1][12]. - Zheshang Bank has seen significant interest from various insurance firms, with Ping An Life and others also making substantial investments in its shares [7][12]. Group 2: Strategic Implications - The low interest rate environment and asset scarcity are pushing insurance funds towards equity markets, with listed banks being favored for their stable operations and attractive dividend returns [2][12]. - Insurance companies are increasingly focusing on bank shares to enhance their investment strategies, particularly as bancassurance channels become vital for premium growth [2][10]. - The shift towards high-dividend assets is seen as a strategy to stabilize cash flows and mitigate profit volatility due to market fluctuations [8][16]. Group 3: Historical Context and Future Outlook - Minsheng Life has a historical connection with Zheshang Bank, having acquired shares from its major shareholder, Wanxiang Holdings, in previous years [6][4]. - The trend of insurance companies increasing their stakes in banks is expected to continue, as they seek to adapt to new accounting standards and enhance their long-term investment portfolios [16][12].

Core Viewpoint - The insurance capital market is experiencing a significant wave of acquisitions, with insurance funds actively buying shares in listed companies, particularly in the banking and public utility sectors, as well as in leading cyclical industries like steel [2][3][4]. Group 1: Insurance Capital Trends - Insurance funds have made 19 acquisitions this year, nearly matching last year's total of 20 within just six months [2]. - A notable trend is the substantial movement of funds towards Hong Kong stocks, with 14 out of 19 acquisitions involving Hong Kong-listed companies [2][8]. - The average return on investment for insurance companies in the Hong Kong market is approximately 15%, indicating a strong performance compared to previous years [2][8]. Group 2: Investment Strategies - The acquisitions reflect a rebalancing of insurance assets and liabilities, emphasizing long-term value investment [2][5]. - Insurance companies are increasingly focusing on high-dividend, low-volatility stocks, particularly in the banking sector, which offers an average dividend yield exceeding 5% [6][7]. - The recent regulatory changes have allowed for more flexible equity asset allocation, potentially unlocking an additional 1.5 trillion yuan in investment capital [5]. Group 3: Sector Focus - The banking sector remains the primary focus for insurance fund acquisitions, with nine out of the 19 acquisitions involving banking stocks [6]. - Steel industry leaders like Hualing Steel are also attracting attention, indicating a tactical interest in undervalued cyclical stocks [7]. - The insurance funds are not entirely avoiding cyclical industries but are selectively investing in financially stable companies with strong cash flow and dividend capabilities [3][4]. Group 4: Market Dynamics - The Hong Kong market is becoming increasingly attractive due to its higher dividend yields and significant valuation discounts compared to A-shares [8]. - The ongoing release of institutional benefits in Hong Kong is expected to enhance its appeal to cross-border investments [8]. - Despite geopolitical tensions, the Hong Kong market has shown resilience, achieving a 20% increase in performance, making it a leading financial center [8].

Core Viewpoint - Insurance companies, particularly Ping An Life, are increasingly favoring bank stocks, as evidenced by significant share acquisitions in Agricultural Bank of China and other banks, driven by stable performance and high dividend yields in a declining interest rate environment [1][2][4]. Group 1: Shareholding Activities - Ping An Life has acquired approximately 635.34 million shares of Agricultural Bank of China H-shares, raising its total holdings to about 4.658 billion shares, which constitutes 15.15% of the total H-shares [1]. - Ping An Life has executed multiple share acquisitions in Agricultural Bank of China, with initial holdings of approximately 1.539 billion shares (5% stake) on February 17, and increasing to about 3.191 billion shares (10.38% stake) by May 12, followed by further increases to approximately 3.944 billion shares by June 6 [2]. - Similar activities were observed with China Merchants Bank, where Ping An Life increased its holdings from about 230 million shares (5.01% stake) on January 10 to approximately 647 million shares (14.08% stake) by June 4 [2]. Group 2: Industry Trends - The trend of insurance companies acquiring bank stocks is reflected in actions by other firms such as Xinhua Insurance, which has also engaged in share acquisitions of banks, including a significant stake in Hangzhou Bank [3]. - Factors driving this trend include the stable performance and high dividend yields of bank stocks, which are attractive in the current investment environment characterized by declining interest rates [4][5]. - The collaboration between banking and insurance sectors is seen as strategically beneficial, enhancing competitive advantages and risk management capabilities for insurance companies [4][6]. Group 3: Future Outlook - The banking sector is expected to remain a key focus for insurance capital, with the potential for increased equity investments as regulatory policies encourage long-term capital market participation [6]. - The high dividend yield of the banking sector positions it favorably compared to other industries, making it an attractive investment option for insurance companies [5][6].

Core Viewpoint - Ping An Life's stake in three major banks' H-shares is a necessary choice for insurance capital seeking stable returns amid an "asset shortage," responding to policy calls and enhancing competitiveness through bancassurance collaboration [1][8]. Group 1: Investment Actions - Ping An Life disclosed that it has reached a 5% stake in Agricultural Bank of China H-shares, marking the third major bank it has invested in since 2025 [2]. - As of now, Ping An Life's holdings in Agricultural Bank, Postal Savings Bank, and China Merchants Bank H-shares have all surpassed 5% [2]. - Following the purchase of 133 million Industrial and Commercial Bank of China H-shares, Ping An Group's stake rose to 18.08% [2]. Group 2: Significance of Insurance Capital's Stake - The investment optimizes asset allocation as current market interest rates are declining, making fixed-income assets less capable of covering insurance liabilities [4]. - Insurance capital can smooth financial statement volatility by classifying bank stocks under FVOCI, avoiding direct impacts of stock price fluctuations on current profits [4]. - The move aligns with regulatory encouragement for insurance capital to support the real economy, with bank stocks being a core economic sector [4]. Group 3: Reasons for Choosing Specific Banks - The selected banks offer high dividend yields and low valuations, with Agricultural Bank's H-share yield exceeding 9% and a price-to-book ratio below 1 [6]. - These banks exhibit strong operational stability, with controllable non-performing loan ratios and growth in revenue and net profit as of 2024 [6]. - H-shares provide liquidity advantages, influenced by international capital flows and favorable valuations in the Hong Kong market [6]. Group 4: Impact on Capital Markets - The entry of insurance capital boosts market confidence, signaling positive trends and potentially driving bank stock valuation recovery [7]. - This investment encourages a long-term investment philosophy, shifting market focus from short-term speculation to value investing [7].