来源：今日保 2025年，是人身保险行业变革至深的一年。 这一年，有着太多的话题。比如，既有外部宏观环境的持续承压、利率下行的中继，也有资本市场呈现 的"慢牛"特征，还有老龄化进程的推进，更有监管政策的深化落地、"报行合一"的全面推行，以及数字 化与人工智能技术的加速渗透…… 整个行业都看到了。 如此深度的调整，转型、爬坡、改革、奋进、震荡、焦灼、焦虑、忧惧……几乎同时映射到不同险企、 不同梯队的机构之中，人身险行业内部竞争格局从未如此般，持续分化、加速分化。 期间，头部公司凭借资本实力、科技能力与综合服务优势稳步扩张，巨头优势尽显；中小险企则在内外 环境陡变下，面临产品同质化严重、渠道萎缩、偿付能力不足等多重挑战。 如是回溯2025年，再看"十五五"开局之年的2026，当知这一年的历史方位，将是决定未来五年市场走向 的关键年。 面对负债端存量成本高企、资产端收益波动加剧、资本端压力持续加大的"三重挤压"，以及新会计准则 切换+偿二代三期的推进，一众保险机构当如何从战略高度重新审视自身的经营模式、资源配置逻辑？ 又如何让"以客户为中心"不再停留在口号，而是真正内化为产品、渠道与组织运转的核心原则？ 作为首批中 ...

来源：观潮财经 2025年Q3，已披露2025年三季度偿付能力报告的73家人身险企中，除弘康人寿未披露最近一期风险评 级外，剩余72家险企中有31家险企为A类，40家险企为B类，华汇人寿因公司治理问题评级为C类未达 标。 根据监管偿付能力数据核查机制，核心偿付能力充足率低于60%或综合偿付能力充足率低于120%的保 险公司将成为重点关注对象。2025年三季度，监管重点关注线以下的险企有两家。 具体到变动走向来看，18家险企综合偿付能力同比上升，占比25%，较2024年同期减少32家；下滑险企 数量55家，占比75%，较2024年同期增加34家。 偿付能力达标：按照《保险公司偿付能力管理规定》，保险公司必须同时满足核心偿付能力充足率不低 于50%、综合偿付能力充足率不低于100%、风险综合评级在B类及以上才算达标。 | | 最近一期风险综合评级未达标险企 | | | | | --- | --- | --- | --- | --- | | | 序号 公司简称 核心偿付能力 综合偿付能力 最近一期评级 | | | | | 1 | 华汇人寿 · C | 1898. 92% | 1909. 25% | 1 | 今年三季 ...

Core Viewpoint - The China Actuarial Society has released the "Experience Life Table of China's Life Insurance Industry (2025)", which reflects the latest mortality trends and provides a scientific basis for life insurance product pricing and risk management [1][2]. Group 1: Background of Life Table Compilation - The previous life table, published in December 2016, was outdated due to changes in mortality rates and life expectancy in China, necessitating a new table to enhance risk management and service levels in the life insurance industry [2]. Group 2: Main Achievements of the Life Table Compilation - A new experience life table has been created, reflecting the latest mortality rates and providing a scientific reference for life insurance product pricing [3]. - The first single life table has been compiled, allowing for cross-company and cross-insurance type mortality research, enhancing comparability with population mortality rates [3]. - A comprehensive report and educational materials on population aging will be produced to present the findings to various audiences [3]. Group 3: Highlights of the Life Table Compilation - The data collection for this life table achieved full industry coverage, incorporating all life insurance policies with death or survival benefits [4]. - Data processing efficiency improved, with a 40% reduction in processing time compared to the previous table, and the use of AI and machine learning minimized manual data entry errors [4]. - Innovative methods were employed to address missing death status data, ensuring a more accurate mortality rate without discarding valuable data [4]. - Trend factors were established based on historical insurance industry data, providing significant insights for understanding mortality trends [5]. - A two-step method for high-age extrapolation was introduced, ensuring that mortality rates reflect natural life patterns while maintaining risk characteristics [5]. - A multi-dimensional analysis of mortality rates was conducted, examining various factors such as age, gender, and region, and comparing the new table with previous versions and external data [5]. Group 4: Future Work - The Actuarial Society plans to conduct promotional and training activities to disseminate the findings of the new life table, along with completing the related reports [6][7].

Core Insights - The release of the "2025 Experience Life Table" marks a significant milestone for the life insurance industry in China, transitioning from price competition to a focus on data accumulation, risk identification, and actuarial capabilities [1][3][4] Industry Developments - The new life table will be implemented starting January 1, 2026, and is expected to enhance risk management and operational stability within the industry, leading to a more mature and sustainable market ecosystem [1][3] - The fourth life table reflects changes in mortality rates and life expectancy, with a notable increase of approximately 10 years in life expectancy compared to the first life table [4][5] Data and Methodology - The fourth life table is based on nearly a decade's worth of comprehensive policy data, making it the largest sample size in the global insurance market [3] - It includes four categories of tables: pension-related, non-pension type one, non-pension type two, and a single life table, which is a first in using individual identification numbers for mortality research [7][8] Pricing and Risk Management - The introduction of the new life table is expected to lead to more precise pricing and risk management, reducing the risk of "death loss" and improving the financial foundation of insurance companies [4][9] - The notification mandates that insurance companies must consider both the new life table and their own experience data when determining product rates, leading to differentiated pricing strategies [9][11] Regulatory Framework - The notification introduces a "mortality deviation assessment mechanism," requiring companies to evaluate potential deviations in mortality rates and establish a retrievable mechanism for regular assessments [11][12] - The regulatory body emphasizes the importance of enhancing data governance and protecting consumer rights while ensuring the effective application of the new life table [12]

Group 1: Industry Performance - The non-listed life insurance companies reported a total insurance business income exceeding 760 billion yuan in the first half of the year, representing a year-on-year growth of approximately 4.7% [1] - The net profit reached nearly 30 billion yuan, doubling compared to the same period last year, with over 60% of companies achieving profitability [1] - The overall insurance industry, including listed companies, achieved original insurance premium income of 3.74 trillion yuan, a year-on-year increase of 5.3% [2] Group 2: Market Dynamics - Leading companies such as Taikang Life, Zhongyou Life, and Xintai Life maintained strong positions, with Taikang Life leading with 130.973 billion yuan in premium income [1] - Bank-affiliated life insurance companies like Jianxin Life and Nongyin Life saw premium growth rates exceeding 20%, while foreign companies like MetLife experienced over 50% growth [1] - The industry is witnessing a mixed performance, with some companies like Hengqin Life and China United Insurance experiencing declines of over 20% due to channel and product adjustments [1] Group 3: Profitability and Structural Changes - Taikang Life led the profitability rankings with a net profit of over 10 billion yuan, while Zhongyou Life earned 5.177 billion yuan, indicating a broadening and deepening of profit recovery across the industry [1] - The industry is entering a "repricing" era for liabilities, with the predetermined interest rate for ordinary life insurance products dropping to 1.99%, prompting a structural adjustment in product offerings [2] - The improvement in investment returns and cost optimization is driving the upward trend in profits, reflecting a shift from high-speed growth to high-quality development in the industry [3] Group 4: Future Outlook - The life insurance industry is expected to face challenges from low interest rates and a scarcity of quality assets in the second half of the year [3] - Companies are encouraged to enhance asset-liability management and innovate products and services to meet diverse customer needs, focusing on comprehensive solutions covering retirement, health, and wealth management [3] - Institutions with strong capital adequacy and stable operations are likely to gain a competitive edge in the upcoming market environment [3]

Core Insights - The non-listed life insurance industry is showing signs of recovery, with a total net profit of nearly 30 billion yuan in the first half of 2025, representing a year-on-year increase of over 230% [1][7] - The industry is experiencing a significant disparity between leading companies and smaller firms, with some smaller companies still facing substantial losses [1][14] Premium Growth - The total insurance business income for over 60 non-listed life insurance companies reached approximately 763.37 billion yuan in the first half of 2025, marking a year-on-year growth of 4.79% [3][4] - The top two companies, Taikang Life and Zhongyou Life, surpassed 100 billion yuan in premium income, with Taikang Life at 130.97 billion yuan (a 5.8% decrease year-on-year) and Zhongyou Life at 118.07 billion yuan (a 12.07% increase year-on-year) [3][5] - The market is characterized by a "head-heavy" distribution, with the top ten companies accounting for 62.33% of the total premium income [4] Profitability - The total net profit for the industry reached 29.35 billion yuan, with the top ten companies contributing 95% of this profit [7][8] - Taikang Life led with a net profit of 15.998 billion yuan, a year-on-year increase of 164.55%, while Zhongyou Life's profit slightly decreased by 9.01% to 5.177 billion yuan [7][9] - Among 38 profitable companies, 14 turned losses into profits, with notable improvements from companies like Yingda Life and Taikang Pension [8] Investment Performance - Investment returns are showing increased differentiation, with a range of 0.96% to 4.67% for 59 companies, and only 14 companies reporting an increase in comprehensive investment returns [11][12] - Junlong Life achieved the highest investment return at 4.67%, a significant increase from the previous year [12] - The overall investment environment remains challenging, with many companies experiencing pressure on their asset performance [11][14] Market Outlook - The industry is expected to face both opportunities and challenges in the second half of the year, driven by aging demographics and increased demand for health and pension insurance [14] - Companies need to optimize their business structures and enhance investment capabilities to navigate the competitive landscape [14] - The "Matthew Effect" may become more pronounced, favoring companies with strong brand recognition and risk management capabilities while posing survival challenges for poorly managed firms [14]

Group 1: New Energy Vehicles and Safety Management - The Ministry of Industry and Information Technology and other departments held a video conference to strengthen safety management in the new energy vehicle sector, emphasizing the responsibility of vehicle and battery manufacturers for product quality and safety [2][2][2] - Companies are required to prevent exaggerated and false advertising, avoid "involution-style" competition, and ensure product quality is not compromised for short-term cost reductions [2][2][2] Group 2: Financing and Investment - Yushu Technology has completed its Series C financing round, with a pre-investment valuation exceeding 10 billion yuan, led by funds from China Mobile and Tencent among others [2][2] - Three Flowers Intelligent Control announced the final price for its H-share issuance at 22.53 HKD per share, with the shares expected to be listed on the Hong Kong Stock Exchange on June 23, 2025 [3][3] Group 3: Industry Regulations and Compliance - The Ministry of Commerce stated that China is committed to maintaining the stability and security of global supply chains, expediting the review of rare earth export license applications [2][2] - The China Photovoltaic Industry Association discussed "production limits to maintain prices," indicating a 10%-15% reduction in operating rates for the third quarter and strict controls on below-cost sales [2][2] Group 4: Corporate Announcements - Kweichow Moutai announced a cash dividend of 27.673 yuan per share for the 2024 fiscal year, totaling 34.671 billion yuan for all shareholders, with the record date set for June 25 and payment date on June 26 [2][2] - Ningde Times plans to use up to 4.5 billion yuan of idle fundraising for cash management [7][7]

Domestic News - The China Banking and Insurance Regulatory Commission issued a document to life insurance companies, stating that the level of dividends for participating insurance must not engage in "involution" competition, requiring companies to justify the necessity, rationality, and sustainability of proposed dividend levels [1] - The China Photovoltaic Industry Association indicated that the industry will face greater production cuts in Q3, with operating rates expected to decrease by 10%-15% compared to the previous quarter. A special audit team will investigate low-cost sales practices, and companies found violating regulations will face various measures [2] - The Beijing Municipal Committee of Propaganda and other departments issued a notice to promote the high-quality development of the gaming and esports industry, focusing on improving review quality and efficiency, and reducing review cycles for domestic network games [2] International News - The U.S. Federal Reserve maintained the federal funds rate at its current level for the fourth consecutive time, amid unclear impacts of tariffs on inflation, while raising inflation expectations for 2025-2027 [4] - Russian President Putin announced that negotiation teams from Russia and Ukraine are preparing for talks after June 22, aiming to find a long-term solution to the Ukraine crisis [4] Market Overview - The Shanghai Composite Index decreased by 0.79% to 3362.11, while the Shenzhen Component Index fell by 1.21% to 10051.97. The Hang Seng Index dropped by 1.99% to 23237.74 [6]