Core Insights - The long-term investment return assumption is a crucial parameter affecting the intrinsic value of life insurance companies, reflecting their expectations regarding capital market conditions and investment strategies. In 2024, most life insurance companies have lowered their long-term investment return assumption from 4.5% to 4.0% [9][11]. Investment Returns Analysis - From 2010 to 2024, listed life insurance companies had a total investment return that exceeded the long-term investment return assumption in only 5 out of 15 years, with the remaining 10 years showing negative deviations. The cumulative total investment return deviation for the industry is -0.38% [3][6][37]. - As of the first three quarters of 2025, the total investment return for the year is approximately 3.5%, slightly below the long-term investment return assumption of 4.0%. A strong performance in the fourth quarter could make 2025 the first year since 2020 to exceed the long-term investment return assumption [3][13]. Company-Specific Performance - In 2024, China Life's total investment return was 4.02%, while its comprehensive investment return was 5.94%, both exceeding the long-term investment return assumption of 4.0% [17][18]. - Ping An Life's total investment return for 2024 was 3.32%, with a comprehensive investment return of 7.25%, also above the long-term assumption [19][21]. - For 2024, Taikang Life's total investment return was 3.03%, while its comprehensive investment return was 7.33%, surpassing the long-term assumption [22][23]. - New China Life reported a total investment return of 3.56% and a comprehensive investment return of 6.84% for 2024, both exceeding the long-term assumption [24][25]. - PICC Life's total investment return was 3.70%, with a comprehensive investment return of 14.1%, significantly above the long-term assumption [28][29]. - AIA's estimated long-term investment return assumption for 2024 is 3.4%, which is below the 4.0% threshold, indicating a cautious outlook [30][33]. Summary of Deviations - The average deviation of total investment returns from long-term assumptions for the industry is -0.38%, while the average deviation for comprehensive investment returns is 0.66%. Companies like PICC Life and AIA show better performance with positive deviations [37][38].

作者 | 刘银平 编辑 | 付影 来源 | 独角金融 在东方嘉富人寿官宣董事长人选近两年后，何欣的董事长任职资格在11月26日终获监管核准，意味着这 位"80后"女将正式走马上任。不过公司总经理一职仍然空悬，8月份，前总经理张希凡因个人原因辞 职，正式任职不到8个月。副总经理刘大勇被任命为临时负责人，代履总经理职务至今。 自2022年大股东浙江东方增持之后成为单一最大股东以来，东方嘉富人寿经历了更名及高层人员大调 整，如今领导班子仍处于边调整、边补位阶段。 与频繁人事更迭相伴的是公司长期面临的盈利挑战。在成立的前12年，东方嘉富人寿仅有一年略微盈 利，其他11年均为亏损状态，累计亏损超15亿元。2024年以来，在保费收入大幅增长的驱动下，实现扭 亏为盈。在调整后的新领导班子带领下，这一良好的业绩能否持续？ 东方嘉富人寿的前任董事长为金朝萍，出生于1975年7月，为浙江东方金融控股集团股份有限公司（简 称"浙江东方"，600120.SH）体系内老将，2019年4月出任东方嘉富人寿董事长，彼时公司成立6年多， 一直到2024年1月10日因工作调动卸任。执掌东方嘉富人寿时间4年多，但业绩并不理想，2019-2023 ...

Core Viewpoint - The life insurance industry appears to be thriving with reported profits of 460 billion RMB in the first three quarters of the year, but a deeper analysis reveals a concerning decline in net assets under the CGAAP standards, indicating underlying financial pressures [1][2]. Summary by Sections 1. Changes in Net Assets under CGAAP - Despite a reported increase of 222 billion RMB in net assets for companies that disclosed third-quarter results, most life insurance companies experienced a decline in net assets under the old CGAAP standards, primarily due to rising long-term interest rates and poor performance in equity investments [2][3]. - The average return of high-dividend stocks, heavily weighted in the life insurance sector, fell significantly, with only a few companies outperforming the 18% return of the CSI 300 index in the third quarter [2][3]. 2. Implementation of New Accounting Standards (IFRS 17) - Several established life insurance companies have adopted the IFRS 17 accounting standards, leading to higher reported profits compared to the old CGAAP standards. This shift has resulted in changes in liability assessment curves that positively impact comprehensive income [3][4]. - The transition to IFRS 17 allows for the exclusion of certain losses from financial statements, enhancing the reported profitability of companies that have adopted the new standards [4][5]. 3. Net Asset Operational Changes - The operational change in net assets for the life insurance sector was negative 99 million RMB, with only 20 companies reporting positive growth. The "old seven" companies saw a 4% increase, while foreign and small domestic companies experienced declines of 16% and 11%, respectively [10][11]. - The banking-affiliated companies faced the most significant decline in net assets, with a drop of 24%, attributed to their high leverage ratios and the reclassification of HTM assets to AFS [11][12]. 4. Factors Influencing Net Asset Changes - The average yield curve for interest rates increased by 25 basis points, leading to a decline in the market value of existing AFS bonds, estimated to be a loss of 200 to 300 billion RMB for the industry [14][15]. - If the asset and liability assessment curves had remained unchanged, the net assets of the companies could have increased by 500 to 600 billion RMB, primarily driven by excess returns from equity investments [15][16]. 5. Future Implications of IFRS 17 - Starting in 2026, all insurance companies in China will implement IFRS 17, which is expected to provide better alignment between asset and liability assessment curves, potentially offering a protective effect on net assets, especially for traditional insurance products [19][21]. - The focus on duration matching will become increasingly important under the new standards, as it will significantly influence the net assets and solvency of companies in the future [18][19].

Group 1 - The report suggests that after the recent market adjustment, growth stocks are expected to continue to outperform, with a focus on sectors such as military, media (gaming), AI applications, Hong Kong internet, and power equipment [3][12] - The financial engineering team has developed a sector rotation model, recommending a December industry portfolio that includes beauty care, social services, home appliances, oil and petrochemicals, retail, communication, transportation, automotive, media, and food and beverage [4][15] - Alibaba (9988.HK) is highlighted for its significant investment in AI infrastructure, which is expected to accelerate cloud business growth, alongside increased user traffic and revenue from e-commerce technology services [4][17] Group 2 - Zhongji Xuchuang (300308.SZ) is recognized as a global leader in optical modules, with a strong focus on cutting-edge research and commercial applications, gaining wide recognition from clients [4][20] - Yuekang Pharmaceutical (688658.SH) has several innovative drugs entering critical clinical or approval stages, indicating potential breakthroughs from research to commercialization [4][22] - Ximai Co., Ltd. (002956.SZ) continues to focus on the oat category, driving high growth through product structure adjustments and category innovations, benefiting from falling raw material prices [4][24] Group 3 - China Life Insurance (601628.SH) is expected to exceed expectations in its life insurance segment, with ongoing high growth in the bancassurance channel and improved investment returns [4][27] - Shangmei Co., Ltd. (2145.HK) is leveraging a multi-brand strategy and strong operational capabilities, with promising performance during the Double Eleven shopping festival [4][30] - Giant Network (002558.SZ) is anticipated to achieve new highs in key metrics due to seasonal events and successful game titles, indicating strong growth potential [4][33] Group 4 - Northern Huachuang (002371.SZ) is positioned to benefit from the growth of domestic semiconductor equipment and is expected to see significant order growth in 2026 [4][35] - Zhuoyi Information (688258.SH) is focusing on AI programming and related trends, with promising commercial prospects for its new products [4][37] - Midea Group (000333.SZ) is experiencing high growth in its ToB business and significant retail sales increases in its high-end brand strategy, contributing to sustained performance [4][40]

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]