证券研究报告 | 2025年08月27日 中国财险（02328.HK） 优于大市 承保盈利提升，龙头优势夯实 2025 年上半年，公司净利润同比大幅增长 32.3%。受益于承保利润提升及投 资收益同比改善等因素，中国财险上半年实现净利润 244.55 亿元，同比增 长 32.3%，反映出公司在承保盈利和投资收益双轮驱动下的强劲动能。其中， 公司实现原保险保费收入 3,232.82 亿元，同比增长 3.6%，市场份额稳居行 业首位，达 33.5%。此外，公司把握固收类资产及资本市场大波段配置能力 并适当提升杠杆率，上半年实现较好收益。 承保利润显著提升，非车险保费增速亮眼。上半年，受益于车险、意健险、 企财险等业务规模的持续扩张，公司实现承保利润 130.15 亿元，同比增长 44.6%。其中，车险业务实现原保险保费收入 1440.65 亿元，同比增长 3.4%。 公司持续加大新兴家自车领域的业务拓展，家自车业务占比提升至 73.4%。 非车险方面，公司不断加大政策型健康险业务规模，巩固政策型险种行业引 领地位。2025 年，公司密切衔接国家医保改革，叠加文旅、互联网等领域的 业务拓展，持续推动个人非车险业务规 ...

值得注意的是：截至2025年6月30日，这家大型险资的投资资产规模突破1.7万亿元，较年初增长7.2%。 8月27日晚间，中国人保披露半年报！ 2025年上半年，中国人保实现净利润358.88亿元，同比增长17.8%；归属于母公司股东净利润265.30亿 元，同比增长16.9%。 中国人保是中国上市险企中的"专门店"，财险产品是其"基本盘"，即以车险、企财险、责任险为重要收 入来源。 这份中报透露了中国人保财险业务的进一步"增势"。 财险保费收入继续增长 据悉，2025年上半年中国人保实现保险服务收入2802.50亿元，同比增长7.1%；原保险保费收入4546.25 亿元，同比增长6.4%。 其中，人保财险持续巩固其核心主业作用：2025年上半年，实现原保险保费收入3232.82亿元，同比增 长3.6%，市场占有率33.5%。 以最"重头戏"的机动车辆限为例，保财险的家自车业务占比73.4%，同比提升1.0个百分点，机动车辆险 实现保险服务收入1502.76亿元，同比增长3.5%。 再来看中国人保集团之下的人保资产：截至2025年6月30日，人保资产管理资产规模1.94万亿元，较年 初增长2.3% ；今年上半 ...

Core Insights - The core conclusion of the article indicates that in 2024, the property insurance industry is expected to generate a total premium income of 1.69 trillion yuan, with the top five products accounting for 1.50 trillion yuan, representing 89% of total business income [1][19]. Group 1: Premium Income and Product Distribution - In 2024, the distribution of premium income among major insurance types is as follows: auto insurance at 913.7 billion yuan, health insurance at 257.6 billion yuan, agricultural insurance at 148.4 billion yuan, and liability insurance at 137.2 billion yuan [17]. - The number of companies with auto insurance as their primary product remains high at 51, accounting for 60% of the total, while the number of companies with corporate property insurance is 11 (13%), health insurance is 8 (9%), liability insurance is 7 (8%), and credit guarantee insurance is 3 (4%) [21][24]. Group 2: Underwriting Profit Analysis - In 2024, the underwriting profit for auto insurance is reported at 14.77 billion yuan, making it the main profit source for the property insurance industry, with an average rate of 0.091% and a profit margin of 1.69% [29]. - Health insurance is expected to generate a profit of 1.98 billion yuan, with an average rate of 0.0042% and a profit margin of 0.852% [29]. - Liability insurance is projected to incur a loss of 6.84 billion yuan, marking it as the largest loss-making segment in the industry, with an average rate of 0.0022% and a profit margin of -5.237% [29][43]. - Corporate property insurance is also expected to face significant losses of 2.56 billion yuan, with an average rate of 0.036% and a profit margin of -5.464% [29][50]. Group 3: Trends and Changes - The trend shows a decline in the proportion of companies with auto insurance as their primary product, decreasing from 65% in 2010 to 60% in 2024, while the number of companies with health insurance as their primary product has increased from 0% in 2010 to 9% in 2024 [21]. - The underwriting profit distribution indicates that while auto insurance remains the primary product for many companies, the profits are shared among various types, with 19 companies ranking auto insurance as their top profit source [9][24].

Core Viewpoint - Jianxin Property Insurance Co., Ltd. (hereinafter referred to as "Jianxin Insurance") focuses on differentiated development in the "bank + insurance" sector, leveraging its resources and operational advantages to support the national economy and enhance its profitability for high-quality growth [1][2]. Group 1: Differentiated Development - Jianxin Insurance is committed to a differentiated development strategy, particularly in the non-auto insurance market, targeting areas such as engineering insurance, corporate property insurance, and liability insurance [2]. - The company has actively supported key national projects, providing insurance for major infrastructure developments, including highways and bridges, thereby contributing to the real economy [2]. - In 2024, Jianxin Insurance served nearly 1,200 technology-oriented enterprises, offering risk coverage of approximately 45 billion yuan [2]. - The company has also engaged in green finance, providing insurance for over 8,000 green insurance clients with coverage nearing 70 billion yuan [2]. Group 2: Steady Management and Profitability - Jianxin Insurance has maintained a steady growth in premium income, achieving a turnaround from loss to profit within five years of establishment [3]. - The company has improved its underwriting structure, reducing the combined cost ratio from 123% in 2020 to 103.3% in 2024, with a nearly 10 percentage point decrease in the combined expense ratio [3]. - In 2024, the company achieved a net profit exceeding 10 million yuan under new accounting standards, with net assets increasing by nearly 10 million yuan year-on-year [3]. Group 3: Cultural Leadership - Jianxin Insurance emphasizes the importance of integrity, prudence, and compliance in its operations, aligning with the principles of Chinese financial culture [4][5]. - The company actively participates in consumer education and promotes insurance knowledge to protect consumer rights [4]. - It has developed specialized insurance products for emerging industries, such as robotics and new energy vehicles, to support innovation and development [4]. Group 4: Commitment to Responsibility - Jianxin Insurance prioritizes efficient and transparent claims service, handling over 300,000 claims and disbursing over 400 million yuan in compensation in 2024 [6]. - The company has effectively responded to natural disasters, providing support to affected clients and aiding in the recovery of normal operations [6]. - In 2024, Jianxin Insurance ranked fourth in the industry for service quality and had the lowest complaint rate among regulatory transfers [6].

Core Viewpoint - The article emphasizes the critical role of insurance in disaster recovery and risk management, particularly in the context of extreme weather events exacerbated by climate change. Insurance is portrayed as an "invisible capital" that enhances regional resilience and supports economic recovery after disasters [1][8]. Group 1: Insurance Response to Disasters - Following the heavy rainfall in Beijing, insurance companies quickly activated emergency response measures, including establishing on-site claims centers and providing essential supplies to affected areas [3][4]. - As of July 29, 2023, major insurance companies reported thousands of claims related to the flooding, with significant amounts already processed for compensation [2][3]. Group 2: Evolution of Insurance Mechanisms - Insurance is evolving towards a "responsive recovery" model, where companies simplify claims processes and implement mechanisms like pre-claims and fast claims to enhance the recovery experience for affected individuals and businesses [5][11]. - The insurance sector is transitioning from merely providing post-disaster compensation to becoming an integral part of comprehensive risk management that includes pre-disaster planning and real-time response [10][11]. Group 3: Agricultural Insurance Challenges - The article highlights the challenges faced by agricultural insurance due to extreme weather conditions, particularly in key agricultural regions like Henan, which has experienced severe drought and high temperatures [6][7]. - The efficiency of insurance payouts directly impacts the recovery speed of agricultural producers, emphasizing the need for timely compensation to mitigate risks of crop failure [7][8]. Group 4: Public Awareness and Accessibility - There is a noted gap in public awareness regarding the importance of insurance for low-frequency, high-loss risks, as many individuals did not purchase necessary coverage before the recent disasters [14][15]. - Strategies to enhance public understanding of insurance include integrating insurance education into community programs and promoting basic disaster insurance products through government collaboration [14][15].

Core Viewpoint - The 2024 Shandong Insurance Industry Development and Social Responsibility Report highlights the active role of insurance institutions in supporting the modernization of Shandong's industrial system and ensuring social stability and people's well-being through robust insurance mechanisms [1] Group 1: Financial Support for the Real Economy - Insurance funds are being utilized to provide diverse financing services to the real economy, with significant investments made by various insurance companies in Shandong, including 498 billion yuan by Shandong People's Insurance, 765.51 billion yuan by Taikang Insurance, and 1,415.48 billion yuan by Ping An Life [2] - These investments are crucial for the development of major infrastructure projects and the growth of high-tech enterprises in Shandong, contributing to the province's economic transformation [2] Group 2: Risk Protection for Economic Development - Insurance institutions are focusing on key areas such as national strategies and small and micro enterprises, providing tailored insurance solutions to strengthen risk management [3] - Notable risk coverage includes 1 billion USD for the "Guohe No.1" nuclear power project and 374.9 billion yuan for Shandong Steel Group, showcasing the commitment to safeguarding significant projects [3] Group 3: Support for Small and Micro Enterprises - Ping An Property & Casualty provided over 32 trillion yuan in risk protection for more than 114,000 small and micro enterprises, highlighting the importance of these businesses in the economy [4] - Other companies, such as Dadi Insurance and Taiping Life, also contributed significantly to employee health and financial support for small businesses, ensuring a stable working environment [4] Group 4: Technological Empowerment in Insurance - Shandong insurance institutions are developing comprehensive insurance solutions for technology companies, addressing challenges such as high risk and financing difficulties [5] - The use of advanced technologies like big data and IoT is transforming insurance services from reactive claims to proactive risk management, significantly reducing overall societal risks [6] Group 5: Agricultural Risk Management - The application of drones and satellite technology in agriculture is enhancing monitoring and disaster prevention, shifting from passive compensation to proactive defense [7] - The insurance sector in Shandong is committed to integrating insurance protection, financial investment, and technological empowerment to effectively serve the real economy [7]

Core Viewpoint - The company emphasizes the importance of disaster prevention and risk management, showcasing its proactive measures in response to Typhoon "Danas" to protect clients' lives and property [1][6]. Group 1: Emergency Response Measures - Upon receiving the typhoon warning, the company activated its emergency plan, coordinating manpower and resources to enhance risk warning and customer collaboration [1]. - A total of 426 personnel in the claims department were on standby, with 311 rescue vehicles deployed in the auto insurance sector and 12 preservation sites established in key areas [1]. - The company identified 143 flood-prone areas and completed visits to alert vehicle owners to move their cars, while also forming a rain intensity monitoring mechanism with industry partners [1]. Group 2: Client Disaster Prevention Services - As of July 7, the company conducted 102 on-site visits for key corporate property insurance clients and issued risk reports, while establishing communication groups for 18 engineering insurance clients with identified hazards [3]. - The company sent disaster prevention guidelines to 1,773 corporate property insurance targets and 215 engineering insurance projects through SMS, phone calls, and WeChat [3]. - In the agricultural insurance sector, 72 contracts for greenhouse early harvesting were implemented to minimize disaster losses, with full coverage of early warning notifications through village committees and farmers' WeChat groups [3]. Group 3: Technological Empowerment - Utilizing the "Eagle Eye DRS" risk control platform, the company accurately identified core areas affected by the typhoon and provided customized disaster prevention guidelines to high-risk enterprises [3]. - A professional risk control team conducted on-site inspections in vulnerable industries such as aquaculture and logistics in coastal areas, employing drones for dam inspections and infrared devices for electrical hazard detection [3]. - The company encouraged clients to download the "Car Owner" and "Enterprise Treasure" apps for self-service claims and one-click rescue applications, issuing over 12.56 million disaster prevention alerts and guidelines through various platforms [3]. Group 4: Commitment to Risk Reduction - The company’s management stressed that the value of insurance lies not only in post-disaster compensation but also in pre-disaster prevention, urging all levels of the organization to prioritize early warning and service [6]. - Multiple information exchange channels have been established for real-time updates on typhoon and flood prevention efforts, with management personally overseeing operations to ensure professional and efficient assistance to clients [6].

Core Viewpoint - The Financial Regulatory Bureau plans to implement "reporting and execution as one" for non-auto insurance to address ongoing losses in the sector and improve compliance and efficiency [1][2][11]. Group 1: Non-Auto Insurance Losses - Non-auto insurance has been experiencing significant losses, with cumulative losses of approximately 40 billion from 2020 to 2024 [8][19]. - The implementation of "reporting and execution as one" is aimed at addressing the underlying issues causing these losses, including high expense ratios and low premium rates [25][30]. Group 2: Implementation of "Reporting and Execution as One" - The new regulation will be implemented in phases, starting with all new non-auto insurance products needing to comply by August 1, 2025 [15][14]. - The non-auto insurance categories affected include liability insurance, corporate property insurance, and others, which together account for about 20% of the market share [19][21]. Group 3: Regulatory Adjustments - The regulatory framework will shift focus from premium growth to compliance, quality, and consumer satisfaction, reducing the emphasis on market share and growth rates [24][21]. - The new rules will enforce strict limits on expense ratios and require detailed reporting of fees, aiming to curb excessive costs and improve profitability [30][36]. Group 4: Addressing Industry Challenges - The regulation targets three main issues: low premium rates, high expense ratios, and the broadening of liability coverage [25][29]. - Companies will be required to establish mechanisms for regular review and adjustment of their fee structures to prevent deviations from approved rates [37][38]. Group 5: Consumer Protection and Industry Standards - The new guidelines emphasize the importance of consumer protection, ensuring that companies do not compromise service quality in pursuit of cost reductions [46][47]. - The insurance industry association will work on developing standard clauses and self-regulatory guidelines to enhance market practices and consumer trust [46][48].

Core Viewpoint - The Sunshine Property Insurance Shandong Branch has actively engaged in the 24th "Safety Production Month" activities, focusing on enhancing safety awareness and emergency response capabilities across 16 cities in Shandong province [1][8]. Group 1: Safety Awareness and Training - The company organized over 30 educational activities and more than 20 fire training and emergency drills throughout the province, significantly improving safety literacy and risk prevention capabilities [1]. - Various branches, such as Linyi and Heze, conducted community outreach to educate the public on safety knowledge and disaster prevention skills, addressing specific scenarios like fire, gas, traffic, and campus safety [3]. Group 2: Risk Identification and Management - The Shandong Branch implemented comprehensive safety training for all employees, encouraging them to identify hazards and act as "whistleblowers" for safety issues [5]. - A thorough inspection of all operational sites was conducted, focusing on workplace safety, fire escape routes, and utility safety, with a strict accountability system for major hazards [5]. Group 3: Professional Risk Reduction Services - The risk control team provided specialized risk reduction services to 62 insured enterprises, utilizing technology such as infrared thermometers for electrical line inspections and offering disaster mitigation plans [7]. - The company aims to maintain the momentum of these safety initiatives, promoting regular and intelligent safety management practices to support high-quality development [8].

Core Insights - The core value of offline insurance branches is being restructured as companies adapt to changing market dynamics and regulatory requirements [1][4] Group 1: Branch Network Restructuring - As of June 3, 2023, a total of 1,037 insurance branches were closed nationwide, marking a year-on-year increase of over 20%, with personal insurance companies accounting for 80% of the closures [1] - The trend of branch closures began in 2020, peaking in 2022 with 3,020 closures, followed by 2,065 in 2023 and 2,012 in 2024, totaling over 10,000 closures in five years [2] - The closures are primarily concentrated in county-level areas and some third and fourth-tier cities, focusing on branch offices and marketing service departments [2] Group 2: Digital Transformation and Consumer Behavior - The online insurance purchase rate is projected to rise from 73% in 2023 to 78% in 2024, while offline purchases are expected to decline from 85% to 79% [3] - The number of personal insurance agents has decreased from a peak of 9 million in 2019 to less than 3 million in 2024, leading to a diminished role for branches that primarily served agents [3] Group 3: Regulatory and Strategic Factors - The closure of branches aligns with regulatory demands for cleaning up inefficient institutions, as outlined in the 2021 guidelines from the former China Banking and Insurance Regulatory Commission [4] - Policies such as the comprehensive reform of auto insurance and the implementation of "reporting and operation integration" have pressured insurance companies to prioritize efficiency and adjust their branch layouts [4] Group 4: Evolving Role of Offline Branches - Despite the trend of closures, some insurance companies are still opening new branches, with 161 new branches established in the first five months of the year [7] - The role of offline branches is shifting towards providing comprehensive services such as wealth management, health management, and community financial services, rather than just sales [8]