转自：北京日报客户端 保险业前11月成绩单出炉！12月26日晚间，金融监管总局发布2025年前11月保险业经营情况表，数据显 示，前11个月，保险业原保险保费收入5.76万亿元，可比口径下同比增长7.56%。 伴随着预定利率下调，阶段性"炒停售"告别市场，人身险保费增速回落明显。加之保险公司"开门红"进 入关键期，种种因素交织，保险业尤其是人身险业的后续走势备受关注。此外，财产险保费收入能否继 续保持稳健？或许能从当前的保费情况看出些许趋势。 单月寿险保费下滑 金融监管总局近日发布的数据显示，今年前11个月，保险业原保险保费收入5.76万亿元，其中人身险原 保费规模为4.42万亿元，同比增长9.2%。 具体到人身险公司情况来看，11月单月人身险公司原保费规模为1548亿元，同比减少2.4%，降幅较10 月有所收窄。 业内专家表示，"报行合一"在非车险领域的实施有望推动非车险业务向保障更加充分、定价更加合理、 市场更加规范方向发展，短期来看，有望引导保险公司调整业务模式，如加大手续费管控力度、避免盲 目追求业务规模增长等；长期来看，有望促进行业从价格竞争转向服务竞争，推动非车险业务形成量增 质优的高质量发展模式 ...

金融监管总局近日发布的数据显示，今年前11个月，保险业原保险保费收入5.76万亿元，其中人身险原保费规模为4.42万亿元，同比增长9.2%。 具体到人身险公司情况来看，11月单月人身险公司原保费规模为1548亿元，同比减少2.4%，降幅较10月有所收窄。 人身险公司保费负增长主要受预定利率下调影响，7月25日，保险业协会发布认定的最新预定利率研究值1.99%，在连续两个季度低于在售普通型 人身保险产品预定利率最高值超过25个基点后，行业需按要求下调新产品预定利率最高值。随即，多家保险公司发声下调预定利率最高值，以中 国人寿为例，其表示，调整普通型保险产品预定利率最高值为2.0%，分红型保险产品最高值1.75%，万能险最低保证利率最高值则为1%。旧产品 从9月起停售。 各保险机构及保险代理人深知8月底是销售高收益产品的最后窗口期，抓住机会进行营销，部分客户的购买潜力已提前释放。此外，有保险销售人 士表示，预定利率切换窗口期过后，主力产品切换至分红险，新产品普遍采用更低预定利率，产品浮动收益特性等，吸引力有所降低。 保险业前11月成绩单出炉！12月26日晚间，金融监管总局发布2025年前11月保险业经营情况表，数 ...

13精资讯-增加2025年11月上市公司保费 13精资讯-增加2025年11月万能险结算利率2100条 13 精利用最新录得数据做的研究报告之417 期： 2025年三季度寿险公司资本要求结构分析：权益价格风险显著提升，利率风险略有下降 先 说 结论： 第三，但由于国债750移动平均收益率的"时滞效应"，准备金没有减少，反倒继续增提。 1、 2025年第三季度寿险行业综合偿付能力充足率为204%，环比下降了26个百分点，同比下降18个百分点。 为什么2025年第三季度综合偿付能力充足率较二季度出现了一定程度的下滑呢？对此，本文将做重点分析。 拆解偿付能力充足率指标来看，认可资产环比增幅3.2%，认可负债环比增幅4.1%，导致实际资本环比下降1.6%。同时，最低资本要求环比增加10.8%。 "13精"数据库第417周更新公告 13精资讯-增加2025年10月各地区分险种经营情况 13精资讯-增加最近一周保险公司被处罚数据 13精资讯-增加最近一周保险公司投连险净值数据 显然，认可资产增速不及认可负债，实际资本增速不及最低资本，是推动综合偿付能力充足率下降的关键因素。 前不久，"13精"曾发文分析本次偿付能力充足 ...

Group 1 - The China Securities and Insurance Index (399966) has shown a strong increase of 1.06% as of November 25, 2025, with key stocks such as China Life Insurance (601628) rising by 2.92% and China Pacific Insurance (601601) also experiencing gains [1] - The latest data indicates that among 118 available personal pension insurance products, annuity insurance dominates with nearly 60% of the total, while over 40% are dividend-type insurance products, providing flexible returns for investors [1] - The new "National Ten Articles" emphasizes high-quality development under a strong regulatory and risk prevention framework, suggesting a focus on large comprehensive insurance companies with competitive advantages [1] Group 2 - As of October 31, 2025, the top ten weighted stocks in the China Securities and Insurance Index (399966) account for 62.44% of the index, including major players like Ping An Insurance (601318) and CITIC Securities (600030) [2]

Core Insights - The personal pension system is evolving, with a clear product supply structure emerging, where annuity insurance dominates the market with nearly 60% of the offerings [1][2] - Dividend-type insurance products are gaining popularity due to their dual advantages of risk diversification and flexible returns, becoming a mainstream development direction in the market [1][3] - Insurance institutions are actively developing comprehensive solutions that integrate health management and pension services to enhance the overall attractiveness of personal pension products [1][4] Product Distribution - As of November 24, there are 437 personal pension insurance products launched, with 118 currently available for sale [2] - Annuity insurance leads with 69 products, followed by whole life insurance with 37, and dedicated commercial pension insurance with only 12 products [2] Popularity of Dividend-Type Products - In a declining interest rate environment, dividend-type insurance products are increasingly favored by investors, comprising over 40% of the available products [3] - The landscape of annuity insurance has shifted, with dividend-type annuity products now holding a significant market share [3] - Dividend-type products offer a combination of guaranteed and floating benefits, requiring insurance companies to share a substantial portion of operational profits with policyholders [3] Comprehensive Solutions - The personal pension market is experiencing a phenomenon of "hot account openings but cold deposits," indicating a need to activate actual funding willingness [4] - Expanding the personal pension product system is seen as a key solution to this issue, with regulatory changes allowing for the introduction of personal pension savings bonds starting June 2026 [4] - Insurance institutions are encouraged to innovate by integrating services such as health management and community living benefits into pension products, enhancing their appeal through a "service + finance" model [4]

新华财经北京11月25日电四大证券报内容精华摘要如下： 中国证券报 ·阿里千问引爆下载热潮资金涌入AI应用板块 11月24日，受阿里巴巴千问应用下载量攀升带动，AI应用板块集体走强，多只阿里巴巴概念股出现明 显上涨。券商人士预计，随着模型能力提升和应用加速落地，AI应用商业化进程将继续推动产业链景 气延续，数据中心、算力设备等相关方向有望受益。 ·个人养老金保险格局生变：分红型产品占比突破40% 随着个人养老金制度深化，产品供给格局日渐清晰。最新数据显示，在118款在售个人养老金保险产品 中，年金保险以近六成数量占据主导地位；超四成为分红型保险产品，它们通过"保证+浮动"的收益模 式，既为投资者提供了更具弹性的收益空间，又帮助保险公司实现了与投保人的风险共担。业内人士认 为，在利率下行背景下，分红型保险产品正凭借其风险分散与收益弹性的双重优势，逐步成为市场主流 发展方向。此外，保险机构正积极通过开发与健康管理、养老服务深度融合的综合解决方案，进一步提 升个人养老金产品的整体吸引力。 ·沪深ETF规模逾5.7万亿元注册新规落地激发市场新活力 日前，上海证券交易所和深圳证券交易所分别在行业内部通报最新一期基金市场 ...

Core Insights - The personal pension insurance market is evolving with a clear product supply structure, where annuity insurance dominates with nearly 60% of the total products available [1] - Dividend-type insurance products are gaining popularity due to their dual advantages of risk diversification and flexible returns, becoming a mainstream development direction in the market [1][2] - The current personal pension market shows a trend of "hot account openings but cold deposit intentions," indicating a need for a richer product system to activate actual funding willingness [3][4] Product Types - Personal pension insurance products can be categorized into three types: exclusive commercial pension insurance, whole life insurance, and annuity insurance [2] - Annuity insurance leads with 69 products, followed by whole life insurance with 37 products, and exclusive commercial pension insurance with only 12 products [2] Popularity of Dividend-Type Products - In a declining interest rate environment, dividend-type insurance products are increasingly favored by investors, with 50 such products available, accounting for over 40% of the total products [2][3] - The shift in the annuity insurance product landscape shows that dividend-type annuity products now hold a significant market share [2] Customer Benefits of Dividend-Type Products - Dividend-type products offer customers both guaranteed and floating benefits, with insurance companies required to share at least 70% of operational profits with policyholders [3] - Investors are shifting from fixed-income annuity products to dividend-type products due to the potential for higher returns from the floating benefit component [3] Comprehensive Solutions - The industry is encouraged to innovate by integrating health management and pension services into comprehensive solutions, enhancing product attractiveness through a "service + finance" model [4] - Regulatory changes are expected to expand the personal pension product matrix, including the introduction of personal pension savings bonds, to better meet diverse risk preferences [3][4]

Investment Rating - The report maintains an "Outperform the Market" rating for the insurance industry [4][5][40]. Core Views - The insurance industry has shown strong performance in the first three quarters of 2025, driven by a recovery in the capital market and improvements in both asset and liability sides [3][40]. - The investment business remains a key factor for valuation recovery, with a focus on optimizing product structures and enhancing operational efficiency [3][40]. - The industry is preparing for the 2026 "New Year" with strategic adjustments in response to regulatory changes and market conditions [3][40]. Summary by Sections Performance Overview - As of the end of Q3 2025, five listed insurance companies in A-shares achieved a total net profit of CNY 426.04 billion, a year-on-year increase of 33.5% [1][11]. - Major companies like China Life and New China Life reported net profit growth of 60.5% and 58.9%, respectively [1][11]. Life Insurance Sector - The new business value for life insurance companies continued to grow rapidly, with increases of 41.8% for China Life and 76.6% for New China Life [1][12]. - The adjustment of pricing rates and the optimization of product structures have contributed to improved profitability in the life insurance sector [18][21]. Property Insurance Sector - Property insurance companies reported stable premium income growth, with total premium income reaching CNY 859.64 billion, a year-on-year increase of 3.8% [26][28]. - The combined operating ratio (COR) for major companies improved, with China Life's COR at 96.1%, down 2.1 percentage points year-on-year [33][35]. Investment Performance - The investment yield for major insurance companies improved significantly, with New China Life achieving a total investment return rate of 8.6%, up 1.8 percentage points year-on-year [2][38]. - The allocation of assets has been optimized, with increased investments in long-term bonds and equity assets, benefiting from the capital market recovery [2][38]. Future Outlook - The insurance industry is expected to continue its growth trajectory, with a focus on enhancing the quality of products and services while navigating regulatory changes [3][40]. - Companies are advised to pay attention to China Life, China Ping An, and China Property Insurance as potential investment opportunities [3][40].

Core Insights - The current predetermined interest rate for ordinary life insurance products is set at 1.90%, a decrease of 0.09 percentage points from the previous rate of 1.99% [1] - The adjustment conditions for the predetermined interest rate will not be triggered this year, meaning no changes will be made to the current life insurance products before the end of the year [1] - The insurance industry anticipates that the predetermined interest rate will remain stable for the foreseeable future, aligning with customer expectations and enhancing customer experience [1] Summary by Sections Current Predetermined Interest Rate - The ordinary life insurance product predetermined interest rate is currently at 1.90%, down from 1.99% [1] - This rate does not meet the criteria for adjustment, as it has not been below or above the current upper limit of 2.0% by more than 25 basis points for two consecutive quarters [1] Historical Context - Earlier this year, the predetermined interest rates were reported at 2.34% and 2.13% in January and April, respectively [2] - In July, the rate was adjusted to 1.99%, triggering the conditions for a potential adjustment of the maximum predetermined interest rates for various insurance products [2] - The maximum predetermined interest rates for ordinary, participating, and universal life insurance products were adjusted to 2.0%, 1.75%, and 1.0%, respectively, effective September 1 [2] Future Predictions - A life insurance company executive predicts that the predetermined interest rate will range between 1.79% and 2.02% by July next year, indicating that no adjustments will be necessary [3] - The low interest rate environment is expected to become the "new normal," shifting competition from pricing to risk selection, medical cost control, and health service provision capabilities [3]

Core Viewpoint - The Financial Regulatory Bureau has issued a notification regarding the implementation of the "China Life Insurance Industry Experience Life Table (2025)", which will take effect on January 1, 2026, replacing the previous version from 2010-2013 [1] Summary by Categories Life Table Categories - The new life table consists of four categories: pension business table, non-pension business table one, non-pension business table two, and single life table [3] - Insurance companies must determine product rates based on the new life table and their own experience data, adhering to the principle of prudence in assessing mortality rates [3] Specific Product Guidelines - For endowment insurance and annuity insurance primarily focused on survival benefits, the pension business table should be used; other products should use non-pension business table two [3] - Health insurance and term life insurance should utilize non-pension business table one [4] - For whole life insurance primarily focused on death benefits, non-pension business table one should be used; other products should use non-pension business table two [5] - Other product types should select the applicable mortality table based on their specific responsibilities [6] Actuarial Responsibilities - The notification emphasizes the importance of actuarial roles in risk protection and measurement, requiring insurance companies to reasonably assess deviations in mortality rates from actual experience [6] - Companies must establish a verifiable and measurable retrospective mechanism, regularly conduct back-testing, and make necessary adjustments to improve actuarial accuracy [6] - If deviations from the mortality rate assessment range are identified, companies must detail the reasons in their annual actuarial reports and propose effective corrective measures, subject to board approval [6]