导语： 以资产端"稳中有进"托举负债端"价值提质"，两端协同发力，最终形成穿越周期波动的内生韧性。 "景深"视角 中国寿险业正在经历一次深层结构调整。 监管政策密集出台，使行业发展逻辑发生方向性变化。从营销渠道的"报行合一"改革，到长期利率下行背景下的产品定价与负债管理的重塑，再到 养老、健康等长期金融领域政策的不断加码。行业整体正从过去十余年的规模扩张阶段，向更加依赖以高质量发展为宗旨的中长期经营质量阶段转 轨。 在这样的背景下，今年以来寿险公司的业绩表现，呈现出一种分化且具有结构性的特征。上市险企普遍实现盈利改善，部分公司新业务价值维持两 位数增长，利润端受到资本市场阶段性回暖的正向带动。 但深入拆解便会发现，不少公司的增长，仍带有明显的短期驱动特征。 也正因如此，那些在市场波动中依然保持节奏稳定、增长来源更具内生性的机构，成为观察行业深度转型的重要窗口。 今年三季度，多家中大型寿险公司延续了年初以来的稳健态势。以合资险企群体为例，由于其资产配置较为体系化、负债端更注重期缴业务，以及 运营管理机制相对灵活，其业绩的波动性普遍更低。 在这类公司之中，中信保诚人寿前三季度实现保险业务收入278.3亿元，同比增 ...

Core Insights - Standard & Poor's Global Market Intelligence released the 2024 ranking of the top 50 global life insurance companies, with China Life Insurance leading the list with $798.07 billion in life and health insurance reserves, surpassing Allianz Group [1][4] Group 1: Rankings and Financials - China Life Insurance ranks first with reserves of $798.07 billion, followed by Allianz at $769.19 billion and Ping An at $683.01 billion [2][4] - The total reserves of the top 50 companies amount to $21.90 trillion, with a total of $17.20 trillion in liabilities [3][5] Group 2: Regional Distribution - North America has 19 companies on the list, with total reserves of $6.52 trillion, accounting for 37.89% of the global total [3][5] - Asia has 14 companies, with reserves of $5.17 trillion, representing 30.03% of the global total, showing significant growth [3][4] Group 3: Notable Performers - In Asia, five Chinese companies made the list, with China Life and Ping An both showing a year-on-year reserve growth of nearly 20% [4][5] - Athene Holding in the U.S. reported a 17.5% increase in reserves, reaching $307.57 billion, marking it as one of the fastest-growing companies in the sector [5] Group 4: Market Trends and Challenges - The global life insurance industry faces challenges such as regulatory uncertainty, market volatility, and the impact of artificial intelligence [5] - A consortium including Allianz and BlackRock plans to acquire a majority stake in Germany's Viridium Group for €3.5 billion, indicating new growth opportunities in the European closed life insurance market [5]

Core Insights - China Life Insurance has topped the global life insurance rankings with a reserve scale of $798.07 billion, surpassing Allianz SE [1][2] - The rise of China Life reflects the overall strengthening of the Chinese insurance industry on the global stage, with both China Life and Ping An Insurance ranking among the top three [2][3] - The growth of the Chinese insurance market is supported by favorable policies and an increasing awareness of risk management among consumers [4][6] Company Performance - In the first three quarters of 2025, China Life reported a new business value growth of 41.8% and a net profit exceeding 167.8 billion yuan, marking a 60.5% increase [6][7] - Total premiums reached 669.645 billion yuan, a year-on-year increase of 10.1%, with new single premiums growing by 10.4% [6][7] - The company maintains a strong solvency position, with a core solvency ratio of 137.5% and a comprehensive solvency ratio of 183.94% [7] Strategic Initiatives - China Life is expanding its presence in the health and elderly care sectors, with 19 institutions established across 15 cities [7][8] - The company has launched over 80 new products in the first half of the year, enhancing its product matrix to meet diverse customer needs [9][10] - A multi-channel strategy is being implemented to improve customer engagement and service delivery, with over 44 million claims processed in the first three quarters [10] Industry Outlook - The Chinese life insurance industry is entering a golden period, driven by a large population, rising income levels, and significant market demand for health, retirement, and wealth management [11][12] - Regulatory support and a focus on quality improvement are expected to enhance the industry's growth potential [12] - The future growth of the industry is anticipated to be robust, with China Life positioned to leverage its historical strengths and innovative capabilities [12]

Core Insights - The average total investment return for life insurance companies in the first three quarters of 2025 is 3.5%, an increase of 1.2 percentage points year-on-year. The comprehensive investment return is 6.1%, up by 0.2 percentage points year-on-year. The recovery of the capital market is a key factor contributing to this increase [10][12][16]. Investment Return Analysis - The simple average total investment return for life insurance companies in the first three quarters of 2025 is 3.7%, while the weighted average is 3.5% and the median is 3.0%. Eight companies have a total investment return exceeding 5% [3][18][21]. - The simple average comprehensive investment return for life insurance companies in the first three quarters of 2025 is 3.0%, with a weighted average of 6.1% and a median of 2.8%. Nine companies have a comprehensive investment return exceeding 5% [6][27]. Ranking of Investment Returns - The top ten life insurance companies by total investment return for the first three quarters of 2025 are as follows: 1. Junlong Life: 12.21% 2. Beijing Life: 6.36% 3. Xiaokang Life: 6.02% 4. Dehua Insurance: 5.70% 5. Guofu Life: 5.26% 6. Hongkang Life: 5.25% 7. Caixin Life: 5.13% 8. Xingfu Life: 5.03% 9. Dongwu Life: 4.95% 10. Great Wall Life: 4.65% [23][30]. - The top ten life insurance companies by comprehensive investment return for the first three quarters of 2025 are as follows: 1. Ping An Life: 13.39% 2. Junlong Life: 11.22% 3. Xiaokang Life: 10.92% 4. Xinhua Insurance: 10.57% 5. Great Wall Life: 6.07% 6. Taibao Health: 5.33% 7. China Life: 5.27% 8. Huagui Life: 5.23% 9. Ping An Pension: 5.05% 10. Guofu Life: 4.91% [30][44]. Factors Influencing Returns - The increase in investment returns is attributed to the recovery of the capital market, with the Shanghai Composite Index rising by 12.2% year-on-year at the end of the third quarter last year and 15.8% year-on-year at the end of the third quarter this year, significantly enhancing the returns on equity investments for life insurance companies [10][12][16]. - The difference between total investment return and comprehensive investment return is influenced by the reclassification of assets and the definitions used in calculating these returns [12][15]. Historical Context - Over the past two years, the comprehensive investment return for life insurance companies has shown a significant increase, with the total investment return for the industry reflecting a median of 3.7% and a maximum of 5.7% [37][43].

Core Insights - The insurance industry has seen a significant profit increase, with 72 life insurance companies reporting a total profit of 461.96 billion, surpassing the entire profit of the previous year by approximately 176.5 billion, marking a year-on-year growth of nearly 62% [6][10][12] - Major insurance companies like China Life and Ping An have achieved record profits, with China Life exceeding 165.5 billion and Ping An surpassing 105.5 billion [26][20] - Approximately 70% of insurance companies have an investment return rate exceeding 3%, with the overall industry investment return rate increasing by nearly 1 percentage point [10][12][20] Profit Rankings - In the profit rankings for the third quarter of 2025, the top seven companies are China Life, Ping An Life, Taiping Life, New China Life, Taikang Life, Taiping Life, and PICC Life, with China Life and Ping An Life both achieving record profits [26][20] - The profit of China Life reached 165.5 billion, while Ping An Life's profit was 105.5 billion, both showing significant year-on-year increases [26][20] Investment Returns - The increase in profits is largely attributed to improved investment returns, with 54 out of 72 companies reporting investment returns exceeding 3% [12][10] - The average investment return rate for the industry has risen by nearly 1 percentage point, contributing significantly to profit growth [12][10] Business Growth - The insurance business income for the 72 companies grew by approximately 12%, indicating strong consumer demand for long-term products [17][15] - The number of loss-making companies has significantly decreased, and the total loss amount has also dropped, suggesting a positive trend in the industry [19][20] Loss-Making Companies - Despite the overall positive trend, some companies continue to report losses, with notable cases including Dingcheng Life, which has not disclosed its data, and Changsheng Life, which reported insufficient solvency [38][40] - Changsheng Life's investment return rate decreased significantly, contributing to its losses [43][40]

Investment Rating - The industry investment rating is "Outperform the Market" [4] Core Insights - Xinhua Insurance reported significant growth in profit and new business value (NBV) for Q3 2025, with a year-on-year increase in net profit of 88.2% and a total premium income of 172.7 billion yuan, reflecting an 18.6% increase [2][3] - The long-term insurance business is experiencing rapid growth, with first-year premiums reaching 54.57 billion yuan, a 59.8% year-on-year increase, although the growth rate is slowing compared to previous quarters [3] - The investment income continues to grow significantly, with a total investment income of 99.12 billion yuan for the first three quarters, marking a 40.3% increase year-on-year [3] Summary by Sections Industry Overview - The insurance sector is benefiting from a low-interest-rate environment, with strong demand for savings products and a competitive edge for major insurers [3] Financial Performance - For Q3 2025, Xinhua Insurance's net profit reached 18.06 billion yuan, a substantial increase of 88.2% year-on-year, while the total net profit for the first three quarters was 32.86 billion yuan, up 58.9% [2][3] Business Segments - Long-term insurance first-year premiums showed a significant increase, with a notable rise in individual insurance channels, which grew by 48.5% year-on-year [3] - The investment segment reported an annualized total investment return of 8.6%, up 1.8 percentage points year-on-year, indicating a robust performance in the capital markets [3] Market Outlook - The report suggests that if the equity market continues to improve, Xinhua Insurance and China Life are recommended for long-term investment due to their asset flexibility and stable dividend levels [3]

Summary of Key Points from Conference Call Industry and Company Involvement - **Industry**: Semiconductor, Data Centers, Nuclear Power, Banking, Insurance, and Japanese Market - **Companies**: Korean chip manufacturers, Asian banks, and insurance companies Core Insights and Arguments - **Global Data Center Investment**: Expected to reach $2.9 trillion, benefiting Korean chip companies with rising demand for HBM, NAND, and DRAM, indicating a recovery in the memory cycle currently in its early to mid-stage [1][2] - **US-Korea Tariff Negotiations**: Anticipated agreement by October 26, which is expected to positively impact the market [2] - **Structural Growth Areas**: Strong momentum observed in artificial intelligence, power generation, and nuclear power sectors [2] - **High Dividend Stock Investment Fund**: Tax incentives introduced, with discussions on stock buyback policies, favoring investments in dividend stocks and restructuring stories, particularly in lagging sectors like securities, banking, and automotive [3] - **China's Rare Earth Restrictions**: Potential impact on chip manufacturing, defense, and power industries, but actual disruption may be limited due to strong global semiconductor demand [4] - **Japanese Market Dynamics**: Driven by the new Prime Minister's governance reforms, expected to expand index components and improve corporate governance [5][6] Additional Important Insights - **Asian Banks and Insurance Companies**: Hold nearly $2 trillion in dollar-denominated assets, primarily in China, Japan, Hong Kong, Taiwan, and Singapore, with 90% of foreign currency positions in USD; expected increase in dollar debt investments due to lower hedging costs [8] - **Factor Rotation in China**: Shift from growth to value stocks, with growth stocks down over 4% and value stocks up approximately 11% since October 10; significant performance gap between growth and value stocks in China [6][7] - **US Credit Risk Impact**: Limited effect on Asian credit, but caution advised due to tight credit spreads; high-quality companies recommended for investment [11] - **Potential Japanese Election**: Likely to occur by the end of December 2025, with significant parliamentary activities planned beforehand [9][10]

Core Insights - China is advancing towards a new phase of institutional openness, aiming to align domestic regulations with international high-standard economic and trade rules, thereby enhancing its global economic engagement [2][4][10] Group 1: Institutional Openness - China is actively engaging in international economic and trade rule-making, including efforts to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) [2][3] - The establishment of Free Trade Zones (FTZs) is a key strategy for promoting institutional openness, with 22 FTZs launched during the 14th Five-Year Plan, resulting in nearly 200 institutional innovations [3][4] - The Hainan Free Trade Port is set to achieve full island closure operations, serving as a new high ground for China's high-level opening-up [3] Group 2: Financial Sector Developments - The financial sector has seen significant foreign investment, with restrictions on foreign ownership in key areas like securities and insurance lifted, enhancing international competitiveness [4][5] - Major global financial institutions have established wholly-owned subsidiaries in China, indicating a growing international presence in the Chinese financial market [4] Group 3: Foreign Investment Trends - In 2024, China attracted $116.24 billion in foreign direct investment, maintaining its position as the leading developing economy for foreign investment [6] - The proportion of foreign investment in high-tech industries reached 34.6%, reflecting a shift towards high-value and high-tech sectors [6] Group 4: Digital Trade and Innovation - Digital trade is emerging as a new competitive advantage for China, with significant investments in digital infrastructure and technology innovation [7] - China is actively participating in international digital trade negotiations and initiatives, enhancing its global competitiveness in digital products and services [7] Group 5: Global Economic Cooperation - China is promoting inclusive and sustainable global economic development through various initiatives, including the Belt and Road Initiative, which has seen trade with partner countries grow significantly [8][9] - The country is committed to reducing the North-South gap by offering zero-tariff rates on products from least developed countries that have diplomatic relations with China [9] Group 6: Future Outlook - China aims to continue its path of openness and innovation, fostering high-quality development and contributing to a more inclusive and sustainable global economy [10]

Core Insights - The new business value of listed life insurance companies in China saw a significant increase of 31.3% in the first half of 2025, with all but one company achieving double-digit growth [1][24][26]. New Business Value - In the first half of 2025, the new business value for listed life insurance companies totaled 933 billion yuan, with notable growth from major players such as China Life (285 billion yuan, +20.3%) and Ping An Life (223 billion yuan, +39.8%) [24][25]. - The overall new business value rate for the industry increased by 6.7 percentage points, reaching a weighted average of 27.8% [30][34]. New Single Premiums - The total new single premium income for listed life insurance companies in the first half of 2025 was 5,227 billion yuan, reflecting a year-on-year growth of 7.8% [38]. - However, the agent channel saw a decline of 13.8% in new single premiums, while the bancassurance channel experienced a robust growth of 61.1% [8][16][40]. Factors Influencing Growth - The increase in new business value and value rate is attributed to the adjustment of preset interest rates and the implementation of cost control policies under the "reporting and operation integration" framework [4][14][34]. - The shift from guaranteed products to floating yield products has increased sales difficulty, impacting the attractiveness of insurance products [6][47]. Agent Channel Performance - The number of agents decreased by 2.9% to 1.605 million, with average productivity dropping by 11.3% to 139,000 yuan per agent [51][55]. - Despite the decline in agent numbers, the overall industry is showing resilience through the growth in the bancassurance channel, which compensates for the downturn in the agent channel [64].

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].