中国人寿 20251126 摘要 中国人寿 2026 年一季度将坚持多元化产品策略，侧重开发健康险和年 金养老类产品，并持续推进浮动收益型产品的转型，以适应市场环境和 监管政策导向。 截至 2025 年三季度，中国人寿分红险新单占比约为 50%，存量准备金 中浮动收益型分红险的占比也接近 50%，公司计划维持这一比例并根据 市场情况进行调整。 中国人寿代理渠道规模保持稳定，公司通过提质稳量，提升代理人的专 业技能和服务水平，代理人的质态、产能及收入均有明显提升，未来将 继续深化代理渠道改革。 中国人寿银保渠道坚持价值与规模并进，预计 2026 年仍将保持较高增 速，有望超过个险渠道增速，公司注重与银行端的生态共建和资源互补， 以实现渠道的长期可持续发展。 预计 2026 年中国人寿新业务价值率会有所提升，主要得益于转向分红 险和发展长期健康险产品，同时预定利率下降和费用管控也会产生正面 影响。 Q&A 中国人寿对 2026 年开门红的准备和展望如何？ 中国人寿已经开始为 2026 年的开门红做准备，涵盖产品设计、客户需求摸底、 代理人培训和客户资源储备等方面。公司对明年一季度的业务推动和展望充满 信心，预计将 ...

Investment Rating - The report maintains an "Overweight" rating for the insurance sector [1] Core Insights - The insurance industry is experiencing a transformation towards dividend products, which is helping to alleviate interest spread pressures and enhance investment resilience through increased allocation to OCI stocks [1] Summary by Sections 1. Overall Performance of Listed Insurance Companies in H1 2025 - The total net profit of major listed insurance companies in H1 2025 reached CNY 188.5 billion, a year-on-year increase of 4.4% [11] - The net profit growth was primarily driven by improved investment returns, with a notable performance from New China Life, which saw a 33.5% increase [11][12] - The net assets of listed insurance companies increased by 0.8% compared to the beginning of the year, reaching CNY 21,954 billion [14] 2. Life Insurance: NBV Growth and Contribution from Bank Insurance Channels - New business value (NBV) continued to grow rapidly, with New China Life's new single premium insurance seeing a year-on-year increase of 100.5% [22] - The proportion of dividend insurance in new business has significantly increased, with China Life's dividend insurance accounting for over 50% of its new single premium [29] - The bank insurance channel has shown explosive growth, contributing significantly to new business and NBV growth [22][34] 3. Property Insurance: Steady Premium Growth and Improved Cost Ratios - Property insurance premiums grew steadily, with a year-on-year increase of 4% for listed companies [3] - The comprehensive cost ratio improved to an average of 96.1%, benefiting from reduced disaster claims and better expense management [3] 4. Investment: Increased Allocation to Stock Investments - Listed insurance companies have significantly increased their stock investments, with the proportion of FVOCI stocks rising by 7.2 percentage points to approximately 41% [4] - The total investment assets of listed insurance companies grew by 7.5% compared to the beginning of the year [4] - The average net investment return decreased by 0.2 percentage points, primarily due to declining interest rates, while total investment returns showed a mixed performance [4] 5. Investment Recommendations - The report suggests that the fundamental improvements in the insurance sector indicate a positive investment outlook for insurance stocks, with valuations at historical lows [5]