保险行业迎来产品转型关键期。10月9日，北京商报记者通过中国保险行业协会网站梳理发现，9月上新 的分红险占人寿保险产品数量的超四成，共110款。就整个前三季度而言，新推出的分红险产品总量同 样占比四成左右。人身险公司产品研发的侧重，与人身险预定利率调整不无关联，9月1日，人身险预定 利率再度下调，正式挥别2.5%。 预定利率下调背景下推进分红险业务转型，正在产生哪些影响？保险客户对于分红险的接受度如何？ 产品切换进行时 10月9日，北京商报记者通过中国保险行业协会的人身保险产品信息库发现，9月，行业新增271款人寿 保险产品，其中9月1日单日上新超百款，为117款。 当下人身险市场中哪类产品正在被力推？保险公司的动作正在揭晓答案。9月上新的人寿保险中，分红 险占比达40.74%，共110款。根据保险公司前三季度新推出的千余款人寿保险产品来看，分红险产品同 样占比四成左右。8、9月两个月间共推出分红险产品达191款，远高于6、7月合计的45款。 这背后是今年9月1日起，人身险产品预定利率正式进入"2.0%时代"。 预定利率迎来又一次大调整，意味着保险公司需根据市场变化快速更新产品。面对人身险预定利率下调 带来的 ...

智通财经APP获悉，国信证券发布研报称，2025年以来，以分红险为代表的储蓄型保险带动行业保费增 速持续回升。进入三季度，人身险行业预定利率确认下调，传统险、分红险以及万能险分别下调至 2.0%、1.75%、1.0%（降幅分别为50bp、25bp及50bp），行业8月份短期"炒停售"激活短期保费增量。 后续看，随着预定利率下行，传统险种对客户吸引力边际下降，预计分红险将成为低利率环境下负债端 核心产品，促进保险机构负债成本的持续下移，重视产品销售体系、积极构建康养生态的险企将受益。 国信证券主要观点如下： 事件：近期，国家金融监督管理总局发布了保险业2025年8月保费收入情况。截至8月末，行业今年累计 实现原保险保费收入47999亿元，同比增长9.63%，增幅连续5月持续扩大。其中，财险实现保费收入 10000亿元，同比增长3.65%，人身险实现保费收入37999亿元，同比增长11.32%。 人身险：预定利率下调开启新一轮"炒停售"，单月保费收入同比大幅增长47.24% 截至2025年8月末，今年我国人身险行业累计实现原保险保费收入37999亿元，同比增长11.32%，对应 单月保费收入增幅达47.24%。受 ...

保险业 2025 年 8 月保费收入点评 短期增幅提升，长期负债结构优化 |  行业研究·行业快评 | | |  | 非银金融·保险Ⅱ |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 孔祥 | 021-60375452 | | kongxiang@guosen.com.cn | 执证编码：S0980523060004 | | 证券分析师： | 王京灵 | 0755-22941150 | | wangjingling@guosen.com.cn | 执证编码：S0980525070007 | 事项： 近期，国家金融监督管理总局发布了保险业 2025 年 8 月保费收入情况。截至 8 月末，行业今年累计实现 原保险保费收入 47999 亿元，同比增长 9.63%，增幅连续 5 月持续扩大。其中，财险实现保费收入 10000 亿元，同比增长 3.65%，人身险实现保费收入 37999 亿元，同比增长 11.32%。 国信非银观点：2025 年以来，以分红险为代表的储蓄型保险带动行业保费增速持续回升。进入三季度，人 身险行业 ...

日前，金融监管总局发布今年前8个月保费数据。数据显示，我国保险业实现原保险保费收入4.8万亿元，同比增长9.63%。其中，财产险保费收入1万亿 元，同比增长3.65%，人身险保费收入3.8万亿元，同比增长11.32%。 前8月保险业经营情况 图片来源：金融监管总局 数据显示，保险业8月实现原保费收入5914亿元，同比增长35.61%，增速较7月提升15.9个百分点。其中，人身险原保险保费收入4796亿元，同比增长 47.25%，环比增速提升21.2个百分点。分业务来看，寿险保费在8月人身险公司保费增速中扮演了较为重要的角色，8月单月寿险保费收入3985亿元，同比 增长61.5%。 8月人身险保费大增近五成 值得一提的是，受预定利率下调影响，人身险8月份保费大增。保险业8月实现原保费收入5914亿元，同比增长35.61%。其中，人身险原保险保费收入 4796亿元，同比增长47.25%。 对此，业内分析称，市场保险需求依然旺盛，以及9月预定利率下调推动人身险需求提前释放，是人身险保费快速增长的主要原因。 今年初，保险行业保费曾陷入负增长，但自3月份起，随着人身险保费探底回升，保险行业原保险保费收入重回正增长，且增 ...

Core Viewpoint - The insurance industry in China has shown a strong recovery in premium income, with a total of 4.8 trillion yuan in original insurance premium income for the first eight months of the year, reflecting a year-on-year growth of 9.63% [1] Premium Income Performance - Property insurance premium income reached 1 trillion yuan, growing by 3.65% year-on-year, while life insurance premium income was 3.8 trillion yuan, with a significant growth of 11.32% [1] - In August alone, the insurance industry achieved original premium income of 591.4 billion yuan, marking a year-on-year increase of 35.61%, with life insurance premium income at 479.6 billion yuan, up 47.25% year-on-year [4] Market Demand and Trends - The strong demand for insurance and the reduction in the preset interest rate in September have driven the rapid growth in life insurance premiums [2] - Analysts predict that the premium growth rate will gradually decline after September, as the surge in August was largely influenced by the anticipation of rate adjustments [4] Product Structure Adjustment - The life insurance sector is experiencing a shift towards floating yield products, with the proportion of dividend insurance continuously increasing [7][8] - In the first half of the year, dividend insurance accounted for over 50% of the first-year premium income in individual insurance channels, indicating its importance in new premium income [7] Future Outlook - The industry consensus is to adjust product structures and increase the proportion of floating rate products to address challenges posed by low interest rates [8] - Dividend insurance is expected to contribute significantly to the industry's premium income growth for the year, supported by regulatory guidance and proactive transformation by insurance companies [9]

1、关于新业务价值 2025年上半年，除中信保诚外，所有上市寿险公司新业务价值均实现了两位数增长！上市寿险行业整体增幅达31.3%。具体如下表所示： 先说结论： | 年份 | 中国人 | | | | 平安寿 太保寿 新华保 太平人 人保寿 友邦人 阳光人 | | | | 人保健康 | 中信保 | 合计 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 荒 | 同 | 公 | 公 | 寿 | Pop Sit. | 寿 | 去 | | 诚 | | | 2024H1 | 237 | - 160 | 72 | 39 | 50 | 29 | 49 | 27 | 25 | 21 | 710 | | 2025H1 | 285 | 223 | ેર | 62 | 62 | 50 | 54 | 40 | 38 | 23 | 933 | | 同比变化 | 20.3% | 39.8% | 32.3% | 58.4% | 22.9% | 71.7% | 10.0% | 47.2% | 51.0% | 7.6% | 31.3% ...

Core Viewpoint - The insurance industry is experiencing a significant recovery in new business value, with a year-on-year increase of 31.3% in the first half of 2025, driven by both volume and price growth across various companies [1][16][18]. Summary by Sections New Business Value - In the first half of 2025, all listed life insurance companies, except for CITIC Prudential, achieved double-digit growth in new business value, with the overall industry growth rate reaching 31.3% [1][16]. - The new business value for major companies includes China Life at 28.5 billion yuan (20.3% increase), Ping An Life at 22.3 billion yuan (39.8% increase), and others showing significant growth rates [18]. New Business Value Rate - The new business value rate for most listed life insurance companies increased significantly, with an overall rise of 6.7 percentage points in the first half of 2025 [3][22]. - Notable increases in new business value rates include Ping An Life at 26.1% (up 8.8 percentage points) and China Life at 32.4% (up 9.2 percentage points) [22][24]. New Policy Premiums - The overall new policy premium for listed life insurance companies reached 522.7 billion yuan, reflecting a year-on-year growth of 7.8% [28]. - However, there was a notable decline in new policy premiums from the agent channel, which dropped by 13.8%, while the bank insurance channel saw a substantial increase of 61.1% [31][39]. Market Dynamics - The insurance sector is transitioning from a "volume and price decline" phase (2018-2022) to a "volume and price increase" phase in 2025, indicating a healthier growth trajectory [48][51]. - The shift in market dynamics is attributed to the effectiveness of the "reporting and operation integration" policy and the adjustment of premium rates, which have improved the new business value rates significantly [40][41]. Agent Channel and Bank Insurance Channel - The agent channel is facing challenges with a decline in the number of agents and average productivity, while the bank insurance channel is experiencing robust growth, indicating a shift in sales strategy [42][39]. - The average productivity of agents decreased by 11.3%, highlighting the ongoing transformation within the agent channel [46]. Conclusion - The insurance industry is showing resilience and adaptability, with a clear trend towards high-quality development characterized by simultaneous growth in new business value and premiums, driven by strategic channel shifts and improved operational efficiencies [51][52].

Summary of Xinhua Insurance Conference Call Company Overview - **Company**: Xinhua Insurance - **Date**: September 17, 2025 Key Points Industry and Business Strategy - Xinhua Insurance adheres to the "promote term with lump-sum" strategy, controlling lump-sum payment amounts within 20 billion, which helps enhance overall business growth despite lower value rates of lump-sum products [2][4] - The company has deepened cooperation with 52 banks, enhancing its customer base and product competitiveness through customized strategies [2][5] - The cancellation of the 1+3 restriction in bancassurance has elevated the strategic importance of this channel for the company [2][5] Financial Performance - In the first half of 2025, lump-sum payments were projected at 10-14 billion, an increase from 11 billion in the same period last year [2][4] - The new business value rate in the individual insurance channel decreased due to a decline in the proportion of 10-year insurance products and an increase in dividend insurance [2][6][7] - Despite the decrease in new business value rate, agent income is expected to grow by double digits in 2024 and continue to increase in the first half of 2025 [2][8] Cost Management and Efficiency - The company has implemented strict cost control measures, optimizing management expenses and allocating more resources to front-end sales and agent commissions [2][8] - The agent commission rate remains largely unaffected, and the agent team has become more solid, with over half of agents having more than five years of experience [2][9] Product Strategy and Market Trends - Following a decrease in the preset interest rate, premium progress was good in July and August 2025, but there was a month-on-month decline in September [2][10] - The company plans to actively develop floating income products to reduce rigid liability costs while continuing to offer traditional fixed-income products for risk-averse customers [2][11] Investment Strategy - Xinhua Insurance has increased its equity market investment ratio to around 20% by the end of 2024, maintaining a stable level in the first half of 2025 [2][12][13] - The company is focusing on diversifying its fixed-income investments and increasing its allocation to low-volatility assets to enhance returns while managing risks [2][12][13] Financial Metrics and Valuation - The company’s net asset value decreased in the first half of 2025 due to negative impacts on other comprehensive income and increased insurance contract liabilities [2][15] - The internal focus is on insurance fund cost indicators, with a downward trend in overall liability costs expected over the next 3 to 5 years [2][11] Dividend Policy - Xinhua Insurance has maintained a stable dividend payout ratio of around 30% since 2016, with a planned cash dividend of 0.67 yuan per share for 2025, reflecting a 24% increase from 2024 [2][17] Conclusion - Xinhua Insurance is strategically positioned to leverage its bancassurance partnerships and optimize its product offerings while managing costs effectively. The company is focused on enhancing its investment strategies and maintaining a stable dividend policy to ensure shareholder value.

Core Insights - The company reported a net profit attributable to shareholders of 68.047 billion yuan for H1 2025, a year-on-year decrease of 8.8%, while the operating profit attributable to shareholders was 77.732 billion yuan, reflecting a year-on-year increase of 3.7% [1] - The new business value (NBV) for life and health insurance reached 22.335 billion yuan, marking a significant year-on-year increase of 39.8% [1] Group 1: Life and Health Insurance Business - The life and health insurance segment achieved an operating profit of 52.435 billion yuan in H1 2025, up 2.5% year-on-year [1] - New single premium decreased by 7.2% year-on-year, while the standard premium NBV increased by 9.0 percentage points to 30.5%, contributing to the 39.8% rise in NBV to 22.335 billion yuan [1] - The individual insurance channel's NBV grew by 17.0% year-on-year, with per capita NBV increasing by 21.6% [1] - The bancassurance channel's NBV reached 5.972 billion yuan, a substantial increase of 168.6% year-on-year, contributing 33.9% to the life insurance NBV [1] Group 2: Property and Casualty Insurance Business - The property and casualty insurance segment generated insurance service revenue of 165.661 billion yuan in H1 2025, a year-on-year increase of 2.3%, with auto insurance and non-auto insurance growing by 3.8% and declining by 0.6%, respectively [2] - The comprehensive cost ratio for property and casualty insurance improved by 2.6 percentage points to 95.2%, with the auto insurance comprehensive cost ratio also improving by 2.6 percentage points to 95.5% [2] - The company achieved underwriting profitability in the new energy vehicle insurance segment [2] Group 3: Investment Performance - The company's investment portfolio achieved a non-annualized comprehensive investment return of 3.1%, an increase of 0.3 percentage points year-on-year, attributed to a balanced asset allocation strategy and a focus on high-dividend equity assets [2] - The non-annualized net investment return was 1.8%, down 0.2 percentage points year-on-year, primarily due to the maturity of existing assets and declining yields on newly added fixed-income assets [2] - As of June 2025, the company's insurance fund investment portfolio exceeded 6.2 trillion yuan, reflecting an increase of 8.2% since the beginning of the year [2] Group 4: Investment Recommendation - The investment rating is maintained at Buy-A, with projected EPS for 2025-2027 at 7.85 yuan, 9.07 yuan, and 10.49 yuan, respectively [2] - The company is assigned a 0.8x P/EV for 2025, with a corresponding six-month target price of 66.87 yuan [2]

Core Viewpoint - The article highlights the significant improvement in the new business value and comprehensive cost ratio of listed insurance companies in China during the first half of the year, driven by the explosive growth of the bancassurance channel and a shift towards dividend insurance products [2]. Bancassurance Channel Explosion - The bancassurance channel saw a remarkable recovery, with new single premium income reaching 1,525.47 billion yuan, a year-on-year increase of 76.19% [4]. - Major players like New China Life and China Life reported over 100% growth in this channel, with increases of 150.3% and 111.1% respectively [4]. - The share of new single premium income from the bancassurance channel rose to 41.38%, up 13.24 percentage points year-on-year [5]. Improvement in New Business Value Rate - The new business value rate for the bancassurance channel improved, with companies like China Ping An seeing a 9.7 percentage point increase to 28.6% [6]. - The average contribution of the bancassurance channel to new business value among listed insurers rose to 38.9%, an increase of 8.4 percentage points year-on-year [6]. Shift to Dividend Insurance - Insurance companies have been transitioning from traditional products to dividend insurance since last year, with significant progress noted in the first half of this year [8]. - Companies like China Pacific and China Life have seen dividend insurance account for over 50% of their new single premium income [8]. - The overall proportion of dividend insurance in total premium income is expected to increase further as the industry pushes for this product type [9]. Profitability of New Energy Vehicle Insurance - The comprehensive cost ratio for property insurance companies improved, with reductions of 0.8 to 2.6 percentage points [11]. - New energy vehicle insurance has turned profitable, with China Ping An reporting a 46% increase in premium income and positive underwriting profits [12]. - China Pacific also reported that new energy vehicle insurance accounted for 19.8% of its auto insurance premiums, indicating a positive trend in profitability [12].