保险业季度观察报(2025 年第 1 期) 联合资信 金融评级一部 |刘敏哲 蔡彬棋 www.lhratings.com 研究报告 1 2025 年上半年，我国保险行业竞争格局基本保持稳定，险企头部效应仍较为明 显；人身险公司保费收入保持增长，寿险业务为其主要驱动力，车险业务收入占比回 升，健康险增速较快，共同推动财产险公司保费收入增长；险企资金运用规模持续提 升，但债券利率波动以及权益市场表现不及预期，投资收益率水平较上年有所降低； 行业整体偿付能力进一步提升且保持充足水平，偿付能力不达标险企数量较上年末有 所下降，但考虑资本市场波动等因素对保险公司偿付能力带来一定影响，在保险公司 业务经营持续发展的背景下，需关注保险公司偿付能力变动情况及面临的资本补充压 力。 展望未来，保险行业有望在政策支持和市场需求的推动下继续保持稳健增长；同 时，随着险企逐步推进数字化转型和渠道专业化建设，运营效率和服务质量有望得到 进一步提升，寿险业务有望得到进一步拓展，非车险业务收入占比或持续提升；此外， 随着保险业务持续开展，可运用资金规模或进一步提升，投资资产配置力度或将进一 步提升，推动总投资收益规模增长，但资本市场波动加 ...

以下文章来源于阿尔法工场金融家 ，作者金妹妹 导语：下行周期，没有险企能绕过银保这场"大考"。 头部险企在银保渠道厮杀正酣。暂停银保渠道近10年后的友邦人寿，现在也加入了这场混战。 2025年上半年的经营数据显示，上半年银保业务贡献的新业务价值，占了友邦人寿整体的 16%，业内预计这一比例今年全年可能会超过30%。 长期以来，友邦人寿始终以高端代理人渠道为显著标识，银保业务几乎被有意回避。如今这 一悄 然转变，业内人士认为，其凸显了外资险企在中国市场压力下的结 构性调整。 过去一年，银保渠道的竞争格局，发生了根本性的变化。 头部险企在下行周期里，在银保的铺量速 度和力度远超以往，直接压缩了银行系保险公司与中小 险企的生存空间。 当大盘承压时，银保几乎成了唯一能"跑出规模"的选择，没有公司能真正置身事外。连友邦都开 始重启银保，这本身就是一种信号。 阿尔法工场金融家 . 追踪保险银行业圈内动态，剖析最新风向，分享有料、有价值的"内行人"洞察见解。 图源：中邮人寿官网 中邮人寿与邮储银行关系紧密，双方同受中国邮政集团有限公司控制。 友邦并不是首次尝试这一渠道。早年，它也曾通过花旗、东亚、中信、浦发等银行开展合作， ...

证券研究报告·行业跟踪周报·非银金融 监管推动健康险高质量发展；非车险"报行 合一"落地 增持（维持） 非银金融行业跟踪周报 [Table_Tag] [Table_Summary] 投资要点 2025 年 10 月 12 日 证券分析师 孙婷 执业证书：S0600524120001 sunt@dwzq.com.cn 证券分析师 罗宇康 执业证书：S0600525090002 luoyk@dwzq.com.cn 行业走势 -14% -11% -8% -5% -2% 1% 4% 7% 10% 13% 16% 19% 2024/10/14 2025/2/11 2025/6/11 2025/10/9 非银金融 沪深300 相关研究 《权益 ETF 系列：海外对华政策升级， 可在市场承压中寻找机会》 2025-10-11 《非车险"报行合一"落地，预计推 动行业盈利表现改善》 2025-10-10 东吴证券研究所 1 / 15 请务必阅读正文之后的免责声明部分 ◼ 非银行金融子行业近期表现：最近 2 个交易日（2025 年 10 月 09 日-2025 年 10 月 10 日）非银金融各子板块均跑赢沪深 300 指数。 ...

Investment Rating - The report maintains an "Overweight" rating for the health insurance industry, indicating a positive outlook compared to the overall market performance [6][12]. Core Insights - The recent "Guiding Opinions on Promoting the High-Quality Development of Health Insurance" released by the regulatory authority marks a significant policy support for the health insurance sector, suggesting a favorable environment for growth [3][4]. - The report identifies four major categories of health insurance products: commercial medical insurance, long-term care insurance, disability income loss insurance, and critical illness insurance, each with specific development policies [4][5]. - The integration of health insurance with health management and the health industry is emphasized, promoting a comprehensive service system that includes prevention, management, and coverage [4]. - The report highlights the potential for health insurance products to experience a second wave of growth due to low interest rates and healthcare reforms, with commercial medical insurance expected to become a key product [6][7]. Summary by Sections Health Insurance Product Categories - The report categorizes health insurance into four types: 1. Commercial medical insurance: Actively developed with a focus on comprehensive coverage and risk matching 2. Long-term care insurance: Strongly promoted, emphasizing cash benefits and care services 3. Disability income loss insurance: Strongly promoted with an expanded coverage base 4. Critical illness insurance: Steadily developed with updates based on disease spectrum changes [4]. Policy Support and Innovations - The report outlines new policy measures, including: 1. Allowing well-rated insurers to offer dividend-type long-term health insurance 2. Supporting personal account-based long-term medical insurance 3. Encouraging innovative collaborations between insurance and pharmaceutical companies 4. Promoting group health insurance development [5]. Market Outlook - The report anticipates that health insurance products will benefit from a combination of low interest rates and evolving customer needs, leading to increased focus on protection-oriented products [6][7]. - Key companies recommended for investment include China Life, New China Life, China Pacific Insurance, China Ping An, and Sunshine Insurance, with a suggestion to pay attention to China Taiping [6].

Investment Rating - The report maintains an "Overweight" rating for the health insurance sector, indicating a positive outlook for the industry compared to the overall market performance [6]. Core Insights - The recent "Guiding Opinions on Promoting the High-Quality Development of Health Insurance" released by the regulatory authority marks a significant policy support for the health insurance sector, suggesting a favorable environment for growth [3][4]. - The report identifies four major categories of health insurance products: commercial medical insurance, long-term care insurance, disability income loss insurance, and critical illness insurance, each with specific development goals [4]. - The integration of health insurance with health management and the health industry is emphasized, promoting a comprehensive service system that includes prevention, management, and coverage [4]. - The report highlights the potential for health insurance products to experience a second wave of growth due to low interest rates and healthcare reforms, with commercial medical insurance expected to become a key product [6]. Summary by Sections Health Insurance Development - The report outlines the classification and policy positioning of health insurance products, advocating for a diversified and comprehensive coverage system [4]. - It stresses the importance of enhancing the sustainability of health insurance through digital applications and dynamic actuarial adjustments [4]. Regulatory Environment - The report discusses new regulatory measures allowing well-rated insurers to offer dividend-type long-term health insurance and supports the development of personal account-based long-term medical insurance [5]. - It also encourages innovative collaborations between insurance and pharmaceutical companies to enhance product offerings and payment methods [5]. Market Opportunities - The report suggests that the current low interest rate environment and ongoing healthcare reforms create a conducive backdrop for the growth of health insurance products, particularly commercial medical insurance [6]. - It recommends several key companies in the insurance sector, including China Life, New China Life, China Pacific Insurance, and others, as potential investment opportunities [6].

保险Ⅱ 2025 年 10 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -22% -14% -7% 0% 7% 14% 2024-10 2025-02 2025-06 保险Ⅱ 沪深300 相关研究报告 《财险和权益投资拉动业绩，分红险 转型驱动投资端增配权益—保险行业 深度报告》-2025.9.22 《固收兼顾配置和交易，高股息+长股 投 为 破 局 之 道 — 行 业 深 度 报 告 》 -2025.4.10 《资负两端驱动业绩与分红，假设调 整提升 EV 可信度—行业深度报告》 -2025.4.7 拓宽产品形态和功能，健康险有望迎来增长新机遇 ——"健康险高质量发展意见"点评 高超（分析师） gaochao1@kysec.cn 证书编号：S0790520050001 顶层设计打通堵点，指明方向，全方位助推健康险高质量发展 2025 年 9 月 30 日，金监总局发布《关于推动健康保险高质量发展的指导意见》 (以下简称《意见》)，为关乎国计民生的重要险种健康险的发展提出明确要求。 主要内容包括：(1)总体要求：到 2030 年，健康保险在国家健康保障体系中的重 要作用进一步发 ...

非银金融 2025 年 10 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -22% -14% -7% 0% 7% 14% 2024-10 2025-02 2025-06 非银金融 沪深300 相关研究报告 《券商 3 季报增速或进一步扩张，调 整带来布局机会 — 行 业 周 报 》 -2025.9.21 《经纪和投资高增，头部券商海外业 务表现亮眼 — 行 业 深 度 报 告 》 -2025.9.19 《蚂蚁、招行和零售型券商高增，行 业马太效应加强—2025H1 基金销售 渠道数据点评》-2025.9.14 继续推荐券商板块，健康险新规有望助推新一轮增长 ——行业周报 | 高超（分析师） | 卢崑（分析师） | | --- | --- | | gaochao1@kysec.cn | lukun@kysec.cn | | 证书编号：S0790520050001 | 证书编号：S0790524040002 | 证书编号：S0790524040002 周观点：继续推荐券商板块，健康险新规有望助推新一轮增长 假期中港股市场先扬后抑，四个交易日中恒生指数-0.1%，中信证券 H/华泰证 ...

Core Insights - The health insurance premium income for life insurance companies reached 578.4 billion yuan, a year-on-year increase of 0.5%, while property insurance companies reported 181.5 billion yuan, a growth of 8.9%, leading to a total health insurance premium income of 759.9 billion yuan, up 2.4% year-on-year [1][2] Group 1: Market Trends - The growth rate of health insurance premiums has slowed to 2.4% in the first eight months of the year, attributed to consumer tendencies to cut non-essential spending, product homogeneity, and competition from public health insurance [2][3] - The disparity in growth rates between life and property insurance companies is notable, with property insurance companies showing a higher growth rate due to their focus on short-term products and innovative offerings [3] Group 2: Long-term Potential - Experts remain optimistic about the long-term growth potential of health insurance, driven by factors such as an aging population and increasing health awareness among residents [3][4] - The integration of commercial health insurance into a multi-payment system is encouraged by policies, providing opportunities for product innovation and industry collaboration [3][4] Group 3: Role of Multi-Payment Platforms - Multi-payment platforms, such as Shanghai Meixin Health Technology Group, are enhancing the efficiency and value of health insurance services through innovative payment models and comprehensive service systems [4][5] - These platforms are crucial in connecting medical, pharmaceutical, and insurance sectors, reflecting the ongoing development of the "medical insurance" ecosystem [4][5] Group 4: Industry Development - The growth of multi-payment platforms supports the healthy development of both the insurance and pharmaceutical industries by filling coverage gaps and improving patient payment capabilities [5][6] - These platforms are becoming essential links in enhancing the accessibility of innovative medical products and improving the overall healthcare experience for patients [6]

保险业 2025 年 8 月保费收入点评 短期增幅提升，长期负债结构优化 |  行业研究·行业快评 | | |  | 非银金融·保险Ⅱ |  投资评级：优于大市（维持） | | --- | --- | --- | --- | --- | --- | | 证券分析师： | 孔祥 | 021-60375452 | | kongxiang@guosen.com.cn | 执证编码：S0980523060004 | | 证券分析师： | 王京灵 | 0755-22941150 | | wangjingling@guosen.com.cn | 执证编码：S0980525070007 | 事项： 近期，国家金融监督管理总局发布了保险业 2025 年 8 月保费收入情况。截至 8 月末，行业今年累计实现 原保险保费收入 47999 亿元，同比增长 9.63%，增幅连续 5 月持续扩大。其中，财险实现保费收入 10000 亿元，同比增长 3.65%，人身险实现保费收入 37999 亿元，同比增长 11.32%。 国信非银观点：2025 年以来，以分红险为代表的储蓄型保险带动行业保费增速持续回升。进入三季度，人 身险行业 ...

智通财经9月29日讯（记者 邹俊涛）9月26日，由上海报业集团指导、智通财经主办的"2025上海全球金融・资管年会"在上海陆家嘴召开。招商信诺人寿保 险有限公司（以下简称"招商信诺"）总经理兼首席执行官常颖在会上发表主题演讲指出，"中国寿险行业已进入利差损的风险化解攻坚期，行业必须共同面 对这一挑战。" 此外，健康险、医疗险等保障型产品，以及分红险、投连险等浮动收益产品，正成为行业发力重点。这类产品不仅降低了低利率对保险公司负债成本和盈利 能力的冲击，也更贴合客户在老龄化、慢病高发时代的保障需求。 招商信诺：从"负债成本管控"到"健康生态构建" 常颖表示，作为一家中外合资险企，招商信诺在应对利差损方面给出自己的策略。据他透露，公司近年来主要推动了多项业务转型，其中两大战略转型尤其 是值得关注。 一是严格控制负债成本。常颖表示，得益于逐年化解存量业务压力、精细化管理各项费用、优化资产负债匹配等积极举措，公司负债成本处于行业较低水 平，为公司稳健经营打下基础。 二是产品结构向分红险全面转型。2021年，招商信诺的分红险在银保新单业务中的占比仅为6%，而如今已提升至95%以上。"就像饮食结构从大鱼大肉转向 健康饮食 ...