友邦为中国内地市场新区域的新业务价值设下5年复合年均增长40%的高目标。 尽管面临低利率环境等挑战，中国内地保险市场仍展现出强大的吸引力，持续吸引外资机构加码布局。 值得一提的是，经济假设调整除了影响新业务价值之外，也同样会影响新业务价值利润率，但上半年友 邦人寿的新业务价值利润率却实现逆势提升，从去年同期的56.6%升至58.6%，高于友邦保险集团上半 年整体57.7%的水平。 友邦保险区域首席执行官、友邦人寿董事长张晓宇在专访中解释称，新业务价值利润率提升背后可被拆 解为多方面的协同作用：一方面，经济假设调整及产品结构更多调整为分红型产品（利润率一般低于传 统险）确实导致新业务价值利润率有所下降，但主动降低产品负债成本所带来的对价值率的提升能够与 此相互抵消；另一方面，友邦人寿今年上半年减少了3年期缴类产品，转而推动6年缴、10年缴甚至更长 周期的保单，这类长期缴费产品能够对利润率形成正向贡献。 计划每年新增1-2家省级机构 借着金融业进一步对外开放的"春风"，6年时间里，友邦人寿在中国内地市场的经营区域从5个拓展到14 个。数据显示，友邦人寿新进入的9个区域分公司在2025年上半年新业务价值总计增长36 ...

非银行金融 2025 年 08 月 22 日 行业点评 新单量价双升，友邦 25H1 业绩稳增 强于大市（维持） 行情走势图 相关研究报告 【平安证券】行业半年度策略报告-非银行金融-高 质量发展引领价值重估，头部公司更具韧性——非 银金融行业 2025 年中期策略报告-强于大市 20250701 【平安证券】行业点评-非银行金融-国有险企长周 期考核再加强，助力长期稳健投资-强于大市 20250713 【平安证券】行业点评-非银行金融-人身险预定利 率再下调，分红险具备比较优势-强于大市 20250727 证券分析师 事项： 友邦保险发布 2025 半年报，25H1 年化新保费 49.42 亿美元（YoY+8%，按固 定汇率，下同）、NBV 约 28.38 亿美元（YoY+14%，扣除资本要求等、归母口 径）、NBVM 约 57.7%（YoY+3.4pct），EV约 708.53 亿美元（YoY+0%）。宣派 中期股息增加 10%至每股 0.49 港元。 平安观点： 中国内地与中国香港业务双轮驱动，新单与 NBV 增长具备韧性。 1）中国内地业务表现稳健。中国内地 25H1 年化新保费小幅下滑至 12.68 ...

智通财经APP获悉，星展发布研报称，重申中国平安(02318)"买入"评级，并指集团仍然为其中资保险股 中的首选，H股目标价维持69港元; 基于15%溢价，A股(601318.SH)目标价为68.41元人民币。 该行料平安上半年新业务价值(VNB)增长将提升，主要受分红型产品销售持续强劲推动，尤其透过银行 保险渠道销售，边际利润率亦轻微改善。另外，公司的投资收益及资产组合前景亦乐观。该行预计上半 年财产和意外保险业务的综合成本率同比将显著改善，而平安银行则继续调整业务。 ...

Core Insights - In the first half of 2025,招商仁和人寿 reported a net profit of 235 million yuan, marking a significant increase of 28.7% compared to the same period last year [1] - The company's net asset scale increased to 8.696 billion yuan, reflecting a growth of 4.4% since the beginning of the year, indicating enhanced capital strength [1] - The total premium income reached 11.056 billion yuan, showing a year-on-year growth of 14.74%, demonstrating steady business expansion [1] Financial Performance - Investment income grew by 24% year-on-year, with a non-annualized financial investment return rate of approximately 3.01% and a non-annualized comprehensive investment return rate of about 3.08%, indicating improved investment capabilities [1] - New single premium income saw a remarkable year-on-year increase of 41%, with pure protection product premium income surging by 137% [1] - The proportion of dividend-type new single premiums rose to 62.5%, with a year-on-year increase of 121%, becoming the main driver of business growth [1] Operational Efficiency - As of the end of June, the liability cost rate decreased by 5 basis points year-on-year, and the variable expense ratio fell by 21 basis points year-on-year [2] - The company reported a core solvency adequacy ratio of 120.03% and a comprehensive solvency adequacy ratio of 174.85%, reflecting a slight decline since the beginning of the year [2] - The number of strategic partnerships with central enterprises reached 74, a year-on-year increase of 68%, showcasing effective utilization of central enterprise resources [2] Strategic Outlook - The company plans to focus on core strategies and deepen transformation development to ensure the achievement of annual operational goals [2]

Core Insights - In the first half of 2025,招商仁和人寿 reported a net profit of 235 million yuan, marking a significant increase of 28.7% compared to the same period last year [2] - The company's net asset scale reached 8.696 billion yuan by the end of June 2025, reflecting a growth of 4.4% since the beginning of the year [2] - Total premium income for the first half of 2025 was 11.056 billion yuan, representing a year-on-year growth of 14.74% [2] Financial Performance - Investment income increased by 24% year-on-year, with a non-annualized financial investment return rate of approximately 3.01% and a non-annualized comprehensive investment return rate of about 3.08% [2] - New single premium income saw a remarkable year-on-year growth of 41%, with pure protection product premium income surging by 137% [2] - The proportion of dividend-type new single premiums rose to 62.5%, with a year-on-year increase of 121% [2] Strategic Developments - The company has successfully implemented its "three major strategies," leveraging its advantages as a state-owned enterprise, with the number of strategic cooperation enterprises increasing by 68% to 74 [3] - The "Hejia Health Station" initiative added 14 new stations, covering a total of 77,000 people, and 8,700 new "family accounts" were established [3] Solvency and Risk Assessment - As of the end of the second quarter, the core solvency adequacy ratio was 120.03%, showing an improvement from the beginning of the year, while the comprehensive solvency adequacy ratio was 174.85%, slightly down from the start of the year [3] - The company received a BBB rating for risk assessment in both the fourth quarter of 2024 and the first quarter of 2025 [3] Future Outlook - Looking ahead to the second half of 2025, the company aims to focus on its core strategies and deepen its transformation to ensure the achievement of its annual business goals [3]

Group 1 - The China Insurance Industry Association has lowered the pricing interest rate (PIR) benchmark by 14 basis points to 1.99%, which is 51 basis points lower than the current traditional product rate of 2.5% [1] - This adjustment aligns with market expectations and reflects a downward trend in market interest rates anticipated by the second quarter of 2025 [1] - Major insurance companies have adjusted the pricing interest rates for traditional, participating, and universal products to 2.0%, 1.75%, and 1.0% respectively, indicating a regulatory push towards participating products to mitigate interest spread risk [1] Group 2 - The adjustment in pricing interest rates may signal the end of the golden era for traditional increasing death benefit whole life insurance (IWLP), which, despite consumer popularity, poses significant interest rate risks for insurance companies [1] - Participating products are becoming more attractive, with the Hong Kong market showing projected returns of 6% to 6.5%, benefiting both the Hong Kong and mainland markets [1] - UBS estimates that the actual internal rate of return (IRR) for policyholders with a 2.0% pricing interest rate on traditional products is only between 1.6% and 1.9%, making long-term holding (over 10 years) less appealing [1] Group 3 - As insurance companies accelerate the transition to participating products, the interest rate sensitivity of new business value is expected to decline significantly in the first half of 2025 [2] - The increased proportion of participating products may lead to a higher allocation of equity assets (such as stocks) due to their higher risk tolerance in investment accounts [2] - AIA China (01299) is positioned advantageously in the transition to participating products, with a strong investment capability and a higher average comprehensive investment return rate of 4.8% from 2021 to 2024, surpassing the industry average of 4% [2]

Core Insights - The decline in deposit rates is driving banks to promote wealth management products as a key asset allocation choice for residents [1][2] - Banks are adopting a multi-faceted approach to attract more funds, including lowering fees, innovating products, expanding channels, and increasing product holding limits [1][2][4] Group 1: Market Dynamics - As deposit rates continue to decrease, the yield on bank wealth management products remains relatively stable, with some products showing impressive performance [2] - The total scale of the bank wealth management market has surpassed 31 trillion yuan as of June 19, 2025 [2] - Banks are expanding their distribution channels by increasing the range of selling institutions, including moving from joint-stock banks to city commercial banks and rural commercial banks [2] Group 2: Product Innovation - Several wealth management subsidiaries are launching "micro-rights" series products, which invest no more than 5% of net assets in equity assets, aiming to reduce risk while seeking appreciation [3] - For example, Qingyin Wealth Management recently introduced a product with a minimum investment of just 1 yuan and an annualized performance benchmark between 2.6% and 3.6% [3] - Wealth management subsidiaries are also reducing fees to enhance market competitiveness, with several institutions initiating fee reductions since June [3] Group 3: Strategic Responses - The multi-dimensional layout of wealth management subsidiaries is a strategic response to the decline in deposit rates, aiming to stabilize existing customer resources while capturing new funds [4] - The growth momentum of the bank wealth management market is strong, driven by the dual forces of declining deposit rates and the trend of "deposit migration" [5] - Head institutions are expanding market share through scale advantages, while smaller institutions need to focus on regional characteristics or niche markets for differentiation [5] Group 4: Future Outlook - Wealth management subsidiaries are actively exploring new growth points by developing cross-border asset allocation products and enhancing smart investment advisory services [6] - The future innovation direction will focus on optimizing diversified asset allocation strategies, deepening the innovation of dividend products, and developing medium to long-term closed-end products [6] - The bank wealth management market is expected to exceed 33 trillion yuan by 2025, with a shift from scale-driven to value-creating business models being essential for success [6]

Core Viewpoint - Goldman Sachs has rated New China Life Insurance (NCI) H/A shares as "Sell," with a 12-month target price of HKD 20.5 and CNY 28.5, implying a FY26E P/B of 0.6x and 1.0x respectively [1] Recent Sales Momentum and New Business Value (NBV) Outlook - The sales of participating products have rebounded since April, shifting focus from traditional products, with participating products accounting for over 50% of new premiums in the agent channel during April and May [2] - The company aims for a 30% share of participating products in its portfolio by FY25, expecting the transition to continue over the next 2-3 years [2] - Participating products have lower profit margins compared to traditional products, but the company has narrowed this gap through specific product designs [2] Investment Allocation - The company invests approximately CNY 200-300 billion annually, with new fixed income investments yielding 2-3% [3] - The asset allocation strategy consists of 70-80% in fixed income and 20% in equities, with a stable stock investment of about 16% as of FY24 [3] - The company plans to increase high-dividend investments in 2025 while maintaining a conservative approach to equity allocation due to current levels exceeding its strategic range of 12-15% [3] Liability Cost and Business Performance - The current liability cost for the company's existing business exceeds 3%, close to the industry average, but is expected to decline as new policies in 2024 and 2025 have guaranteed liability costs below 2.5% [4] - By the end of FY24, variable products are projected to contribute 48% to the business, benefiting from high-yield assets from early investments [4] - Potential upside risks include a rebound in the A-share market, improved cost discipline, and aggressive dividend policies [4]

Core Viewpoint - Goldman Sachs has set a 12-month target price of HKD 90 for AIA Group (01299) based on an 8x forward new business multiple, implying a 1.6x P/E for 2026, while adjusting the EV/VONB metrics to reflect current 10-year government bond yields in China [1] Group 1: Business Performance and Market Conditions - The impact of a weaker US dollar is primarily seen in translation effects rather than direct business impacts, with the report metrics benefiting from this currency movement [2] - Year-to-date, bond yields in China and the US have remained stable, while Thailand's rates have decreased, affecting business performance differently across regions [2] - AIA's new business value (VNB) is expected to show healthy growth through Q2, supported by recent stock market gains and a stable interest rate environment in China [2] Group 2: Product Strategy and Sales Dynamics - AIA has shifted its sales focus in mainland China from savings products to participating (dividend-paying) products, which typically have lower profit margins but are more resilient to interest rate declines [3] - The year-on-year decline of 7% in mainland China's VONB is partially attributed to a high base effect from strong sales in the first half of 2024, with expectations for easier comparisons in the second half of 2025 [3] - AIA aims to increase the number of agents in new branches to over 1,000 within 1.5-2 years of opening, with plans for further expansion into other cities in the provinces where new branches are established [3] Group 3: Regional Insights and Future Outlook - In Thailand, promotional activities in Q1 have driven significant growth in VONB, but growth is expected to stabilize for the remainder of the fiscal year [4] - Downside risks include a slowdown in mainland China, particularly for high-margin protection products, delays in regulatory approvals for new provinces, and tightening capital controls that could negatively impact sales and policy renewals in Hong Kong [4]

Group 1 - The core viewpoint is that the downward adjustment of deposit rates in China has led to a significant increase in life insurance premium income, with life insurance premium income reaching 3.19 trillion yuan in 2024, a year-on-year growth of 15.45%, surpassing the overall industry growth rate [3][4] - The attractiveness of savings-type life insurance products has increased as the value preservation and appreciation attributes of bank deposits have weakened, making insurance products a "safe haven" for residents' savings [3][4] - The low interest rate environment presents a double-edged sword for the insurance industry, benefiting short-term sales of savings insurance but increasing the risk of interest spread losses in the long term [3][4] Group 2 - Insurance companies are changing their product strategies by increasing the supply of floating income products, with nearly 40% of life insurance being dividend and universal products in the first quarter of this year [4] - The industry is expected to shift from "savings replacement" to a focus on "risk protection + long-term financial planning," emphasizing the risk protection function of products [4] - Insurance companies are gradually transitioning to risk management services, which may become less sensitive to interest rate fluctuations [4]