智通财经记者 | 冯丽君 近日，国家监督管理总局再次批准了多家保险公司分支机构的撤销申请。 9月30日，国家金融监管总局绵阳监管分局同意撤销中国人民财产保险股份有限公司梓潼支公司仙峰营 销服务部。 9月29日，国家金融监管总局南阳监管分局同意撤销中国人寿保险股份有限公司邓州支公司花洲营销服 务部。 9月28日，国家金融监管总局湖州监管分局同意撤销中国人寿保险股份有限公司长兴县支公司虹星桥镇 营销服务部、小浦镇营销服务部以及南浔区支公司南浔镇第一营销服务部…… 智通财经记者查询国家金融监管总局保险许可证数据发现，截至9月30日，今年以来已有2436家保险公 司分支机构退出舞台，而2024年全年这一数据为2012家。可以看出，险企正在加速裁撤分支机构。 业内分析认为，监管要求与险企自身降本增效需要或为险企加速"瘦身"主因，随着线上投保率的高增， 线下网点应差异化发展，注重与养老、康养等线下服务结合。 部分险企今年"瘦身"加速 对此，泰康人寿曾解释称，近年来，随着城镇化升级，县级、乡镇级地域消费能力和消费意愿下降，在 行业转型的背景下，三、四线城市及以下地区因市场容量有限，优化分支机构网络布局成为许多险企提 质增效 ...

2025年9月26日下午，由全球商报联盟、香港商报联合主办的2025全球商报经济论坛暨「金鲲鹏」中国财经价值榜颁奖盛典，在香港喜来登 酒店 宴会厅隆重 举行。 会上公布了2025「金鲲鹏」中国财经价值榜获奖公司及企业家名单， 中国平安 财产保险股份有限公司（以下简称"平安产险"或"公司"）在一众参选公司中 脱颖而出，最终斩获"最佳公司治理金融机构"奖项。 2025「金銀鵬」 中國財經價值榜 最佳公司治理金融機有 中國平安財產保險股份有限公司 生齡調視 香港高频 全球商服聯盟 2025 全球簡報經濟論壇 2025 查「金眼鵬」中國財經價值榜颁獎典禮 CHINA HEALTHERE VALLE PARKING 亚登陆海拔 (器) 全球商贸易影 卓越金融機構大獎 最佳RWA創新實踐與諮詢服務機構: 最佳金融服務機構: 管理有限公司 展 4 E 金 展公 控 F 伊奇娃面积 参考期期間 2025全球商報經濟論壇暨「金鯤鵬」中國財經價值榜頒獎典禮 全球商报经济论坛至今已举办七届。本届2025全球商报经济论坛暨「金鲲鹏」中国财经价值榜系列活动以"在世界变局中拥抱新机遇"为主题，旨在聚焦中国 经济发展新动能，展现具有代表性 ...

Summary of Key Points Core Viewpoint - The insurance industry in Guangdong and Shenzhen has reported significant claims and losses due to Typhoon "Haikui," with a total of 12,456 claims and estimated losses of approximately 2.55 billion yuan as of September 25 [1] Group 1: Guangdong Insurance Industry Impact - As of September 25, the Guangdong financial regulatory bureau reported 11,400 claims with an estimated loss of 229 million yuan, and insurance payouts totaling 2.13 million yuan [1] - Breakdown of claims in Guangdong includes: - Auto insurance: 9,810 claims, estimated loss of 96.01 million yuan, payouts of 1.21 million yuan [1] - Agricultural insurance: 920 claims, estimated loss of 42.44 million yuan, payouts of 1.97 million yuan [1] - Corporate property insurance: 431 claims, estimated loss of 36.02 million yuan, payouts of 86,000 yuan [1] - Catastrophe insurance: 3 claims, estimated loss of 44.4 million yuan, payouts of 1.8 million yuan [1] Group 2: Shenzhen Insurance Industry Impact - The Shenzhen financial regulatory bureau reported 1,456 claims with an estimated loss of 25.99 million yuan, and insurance payouts totaling 192,600 yuan as of September 25 [1] - Breakdown of claims in Shenzhen includes: - Auto insurance: 1,082 claims, estimated loss of 9.91 million yuan, payouts of 37,000 yuan [1] - Corporate property insurance: 119 claims, estimated loss of 7.13 million yuan, payouts of 200 yuan [1] - "Shenzhen Huijia Bao" reported 47 claims, estimated loss of 69,300 yuan, payouts of 38,300 yuan [1]

Group 1 - The 18th typhoon "Haikashan" is expected to make landfall in Guangdong from September 23 to 25, with wind speeds reaching 10 to 16 levels and gusts exceeding 17 levels [1] - The insurance industry is proactively preparing for the typhoon, with companies like Ping An Property & Casualty Insurance identifying high-risk clients and initiating risk reduction measures [1][4] - The China Insurance Regulatory Commission has issued a notice to enhance monitoring and response measures, ensuring smooth claims processes for affected individuals [4] Group 2 - China Pacific Insurance has already received 325 claims related to the typhoon by September 24, with 287 claims from auto insurance, 35 from non-auto insurance, and 3 from agricultural insurance [4] - China Life Property & Casualty Insurance has activated a green claims channel, facilitating prompt payments to clients even before the typhoon made landfall, with a total of 6.5 million yuan paid out [5] - Weather index insurance is highlighted as an innovative product that allows for automatic payouts based on predefined weather conditions, streamlining the claims process [5] Group 3 - The insurance industry is transitioning from a reactive claims model to a proactive risk management approach, focusing on pre-warning, prevention, and post-compensation [6][7] - Guangdong has implemented a comprehensive family insurance program to cover common risks, including those from natural disasters, enhancing community resilience [7] - A multi-layered disaster insurance system has been established in Guangdong since 2016, combining fiscal support with catastrophe index insurance to distribute risks from major natural disasters [7][8]

Group 1 - Hengbang Insurance has appointed a new chairman, Li Jin, whose qualification has been approved by the Jiangxi Financial Regulatory Bureau [3][5] - The company has been profitable for several consecutive years, but it still faces issues related to underwriting losses [1][10] - In 2024, Hengbang Insurance will undergo its first capital increase since its establishment, with changes in its shareholder structure [1][11] Group 2 - The company reported an insurance business income of 1.041 billion yuan and a net profit of 10 million yuan in the first half of the year, indicating a slight increase compared to the previous year [8] - The comprehensive cost ratio for Hengbang Insurance stands at 106.63%, indicating underwriting losses [10] - The top five insurance products by premium income for 2024 include motor insurance, liability insurance, accident insurance, corporate property insurance, and household property insurance [9] Group 3 - The company is set to increase its registered capital by approximately 303 million yuan, raising it from 2.06 billion yuan to 2.363 billion yuan [11] - After the capital increase, the largest shareholder, Jiangxi Financial Holding Group, will increase its stake from 23.52% to 33.33% [12] - The concentration of shareholding may enhance decision-making efficiency but could also reduce the influence of minority shareholders [12][13] Group 4 - Hengbang Insurance aims to expand its operations nationwide while facing challenges such as intense market competition and high costs associated with establishing branches in different regions [13] - Strategies to address these challenges include differentiated market positioning, leveraging technology to reduce costs, and enhancing cooperation with local governments and financial institutions [13]

Investment Rating - The report maintains an "Outperform" rating for the insurance industry [5][6]. Core Insights - The insurance industry has shown resilience with a 4.9% year-on-year increase in net profit attributable to shareholders for listed insurance companies in the first half of 2025, driven by fluctuations in investment income and a diversified product structure [1][13]. - The industry is undergoing a transformation towards floating-type products, significantly boosting new business value (NBV) across major players [2][22]. - The property and casualty insurance sector has seen stable premium income and improved underwriting profits, with a 4.1% year-on-year growth in premium income [3][36]. Summary by Sections Investment Performance - Listed insurance companies reported varied investment income performance due to market fluctuations, with total investment returns for major companies ranging from 2.3% to 5.9% [4][49]. - The shift towards FVOCI equity assets has been notable, with significant increases in their proportion within financial assets for major insurers [4][53]. Life Insurance Sector - The life insurance sector has increased the proportion of floating-type products, leading to a substantial rise in NBV, with growth rates of 58.4% for New China Life and 39.8% for Ping An [2][22]. - The total insurance service income for five listed insurers reached 831.52 billion yuan, marking a 3.5% increase year-on-year [22][25]. Property and Casualty Insurance Sector - The property and casualty insurance sector achieved a total premium income of 607.90 billion yuan, reflecting a 4.1% increase year-on-year, with both auto and non-auto insurance segments showing growth [3][36]. - The combined ratio (COR) for major insurers improved, indicating better cost management and underwriting performance [3][46]. Investment Recommendations - The report suggests focusing on companies with strong business models and competitive advantages, such as China Pacific Insurance, and those with relatively low valuations like Ping An and China Taiping [4][59].

Core Viewpoint - The company achieved a net profit of 24.5 billion yuan in H1 2025, reflecting a year-on-year increase of 32.3%, driven by improved cost management and investment performance [1][2]. Group 1: Financial Performance - In H1 2025, the company reported original premium income of 323.3 billion yuan, up 3.6% year-on-year, with a combined ratio (COR) of 94.8%, down 1.4 percentage points [1]. - The total investment yield (unannualized) increased by 0.2 percentage points to 2.6% year-on-year, benefiting from structural opportunities in the equity market and bond market [2]. - The company plans to distribute a mid-term dividend of 0.24 yuan per share (before tax) [1]. Group 2: Cost Management and Underwriting - The improvement in COR was significantly driven by optimized expense management, with the expense ratio decreasing by 3.1 percentage points to 23% [1]. - The loss ratio increased by 1.7 percentage points to 71.8%, influenced by factors such as the rising proportion of new energy vehicles and increased compensation standards [1]. - Non-auto insurance segments, excluding agricultural insurance, experienced premium growth, while agricultural insurance faced a decline due to regulatory changes [1]. Group 3: Investment Strategy - As of H1 2025, the company's investment assets rose by 5.2% to 711.5 billion yuan, with an increased allocation to bonds and stocks [2]. - The bond allocation increased by 2.7 percentage points to 41.1%, while the stock allocation rose by 2 percentage points to 9.2% [2]. - The company expects to maintain a favorable COR level and achieve continued year-on-year optimization, particularly in the context of the development of new energy vehicle insurance [2].

Core Viewpoint - The company reported a steady growth in insurance service revenue and a significant increase in net profit for the first half of 2025, indicating a strong performance in the property and casualty insurance sector [1][4]. Revenue Performance - In the first half of 2025, the company achieved original insurance premium income of 323.28 billion yuan, a year-on-year increase of 3.6% [1]. - Insurance service revenue reached 249.04 billion yuan, up 5.6% year-on-year, with quarterly growth rates of 6.1% and 5.2% for Q1 and Q2 respectively [1]. - The breakdown of insurance service revenue includes: - Motor insurance service revenue of 150.28 billion yuan, up 3.5% year-on-year [2]. - Non-motor insurance service revenue of 98.76 billion yuan, up 8.9% year-on-year [1][2]. Profitability Metrics - The company reported a net profit attributable to shareholders of 24.45 billion yuan, a year-on-year increase of 32.3% [1][3]. - The combined cost ratio improved by 1.4 percentage points to 94.8% [2][3]. - Underwriting profit reached 13.02 billion yuan, up 44.6% year-on-year [2]. Cost Structure - The combined cost ratio for motor insurance was 94.2%, a decrease of 2.2 percentage points year-on-year, with a claims ratio of 73.1% [2][3]. - The combined cost ratio for non-motor insurance was 95.7%, with improvements in various segments such as agricultural insurance and liability insurance [3]. Investment Performance - Total investment income increased by 26.6% to 17.26 billion yuan, with a non-annualized total investment return of 2.6%, up 0.4 percentage points year-on-year [3]. - The company capitalized on market opportunities to enhance returns from equity assets and bond spreads [3]. Market Position and Future Outlook - The company maintained a market share of 33.5% in the property and casualty insurance sector, reinforcing its leading position [4]. - Future projections indicate continued optimization of business structure and a focus on non-motor insurance, with expectations for the combined cost ratio to maintain an improving trend [4].

Group 1 - The overall performance of China Pacific Insurance (CPIC) is positive, with a solid market position and enhanced comprehensive strength [1][3] - In the first half of 2025, CPIC achieved total operating revenue of 200.50 billion yuan, a year-on-year increase of 3.0%, with insurance service revenue at 141.82 billion yuan, up 3.5% [4] - The net profit attributable to shareholders reached 27.88 billion yuan, an increase of 11.0%, while the operating profit was 19.91 billion yuan, up 7.1% [6] Group 2 - The embedded value of CPIC as of June 30, 2024, was 588.93 billion yuan, reflecting a growth of 4.7% from the previous year [8] - The total assets under management reached 3.77 trillion yuan, a 6.5% increase from the end of the previous year [9] Group 3 - In the life insurance segment, CPIC achieved a premium income of 193.47 billion yuan, a year-on-year increase of 13.1%, with new single premium income growing by 28.7% to 64.37 billion yuan [12] - The new business value for the life insurance segment was 9.54 billion yuan, up 5.6%, with a comparable year-on-year increase of 32.3% [14] - The agency channel saw a premium income of 137.38 billion yuan, a slight increase of 0.9%, with the average number of insurance sales agents growing by 1.6% [16] Group 4 - In the property insurance segment, CPIC reported a premium income of 112.76 billion yuan, a year-on-year increase of 0.9%, with a service income of 96.83 billion yuan, up 4.0% [22] - The combined ratio for underwriting improved to 96.3%, a decrease of 0.8 percentage points, marking the lowest level in recent years [25] - The net profit for the property insurance segment was 5.73 billion yuan, reflecting a year-on-year increase of 19.6% [26] Group 5 - As of June 30, 2025, CPIC's investment assets reached 2.92 trillion yuan, a 7.0% increase from the previous year, with total investment income of 56.89 billion yuan, up 1.5% [33] - The investment asset allocation remained stable, with bond investments comprising 62.5% of the total investment assets, an increase of 2.4 percentage points [35] - The company achieved a net investment return of 42.57 billion yuan, reflecting an 8.9% year-on-year growth [36] Group 6 - Looking ahead, CPIC aims to focus on its core responsibilities, enhance its competitive edge, and implement three core strategies: promoting health and wellness, internationalization, and integrating artificial intelligence [37]

Investment Rating - The report assigns a "Buy" rating to China Pacific Insurance (2328 HK) with a target price raised to HKD 24.00, indicating a potential upside of 27.7% from the current closing price of HKD 18.79 [1][12]. Core Insights - The company has demonstrated strong performance in both underwriting and investment, leading to an upward revision of profit forecasts. The expected net profit growth for 2025 is projected at 28% [7][9]. - The report highlights a significant improvement in underwriting profit, with a combined ratio (COR) of 94.8%, down 1.4 percentage points year-on-year, driven by a decrease in expense ratios [7]. - Investment income has also shown robust growth, with total investment income increasing by 26.6% year-on-year, outperforming peers [7]. Financial Overview - Revenue projections for the company are as follows: - 2023: RMB 457,203 million - 2024: RMB 485,223 million - 2025E: RMB 512,327 million - 2026E: RMB 537,740 million - 2027E: RMB 563,012 million - Year-on-year growth rates for revenue are expected to decline gradually from 7.7% in 2023 to 4.7% in 2027 [5][8]. - Net profit estimates are as follows: - 2023: RMB 24,585 million - 2024: RMB 32,173 million - 2025E: RMB 41,278 million - 2026E: RMB 44,756 million - 2027E: RMB 47,883 million - The projected earnings per share (EPS) for 2025 is RMB 1.86, with a price-to-earnings (P/E) ratio of 9.3 [5][8]. Profitability Metrics - The report indicates a return on equity (ROE) of 9% for the first half of 2025, an increase of 1.3 percentage points year-on-year [7]. - The company plans to distribute a mid-term dividend of RMB 0.24 per share, reflecting a year-on-year increase of 15.4% [7]. - The underwriting profit is expected to show significant growth, with a forecasted increase of 167% in 2025 [8][9].