Core Viewpoint - The five major listed insurance companies in A-shares reported better-than-expected performance for the first three quarters of 2025, with a total net profit of 426.04 billion yuan, a year-on-year increase of 33.5%, surpassing the total net profit for the entire previous year [1][2] Financial Performance - China Life reported a net profit of 167.80 billion yuan, up 60.5% year-on-year, while Ping An achieved a net profit of 132.86 billion yuan, an increase of 11.5% [2] - China Pacific and China Property & Casualty reported net profits of 45.70 billion yuan and 46.82 billion yuan, with year-on-year growth of 19.3% and 28.9% respectively [2] - New China Life's net profit reached 32.86 billion yuan, with a growth rate of 58.9% [2] - In Q3 2025, the total net profit of the five listed insurance companies was 247.85 billion yuan, a significant year-on-year increase of 68.3% [3] Investment Performance - As of the end of Q3 2025, the total investment assets of the five listed insurance companies exceeded 20 trillion yuan, showing steady growth compared to the beginning of the year [1] - China Life's total investment income for the first three quarters was 368.55 billion yuan, an increase of 107.13 billion yuan year-on-year, with an investment return rate of 6.42% [3] - New China Life's investment assets amounted to 1.77 trillion yuan, with an annualized total investment return rate of 8.6% [3] - China Property & Casualty reported total investment income of 86.25 billion yuan, a year-on-year increase of 35.3% [3] Asset Allocation Strategies - Insurance companies have optimized asset allocation in response to market conditions, increasing equity investments and focusing on undervalued, high-dividend, and growth-oriented targets [4] - China Ping An emphasized proactive allocation of interest rate bonds and increasing equity investments to ensure stable long-term investment returns [4] - China Life has significantly increased its equity investment efforts, taking advantage of market opportunities [4] Premium Income and Business Performance - The five major listed insurance companies achieved strong performance in premium income, with new business value growth exceeding 30% year-on-year [6] - China Life, Ping An, China Pacific, New China Life, and China Property & Casualty reported new business value growth rates of 41.8%, 46.2%, 31.2%, 50.8%, and 76.6% respectively [6] - The shift towards dividend-type products has been noted, with companies focusing on developing floating income-type businesses [6][7] Underwriting Profitability - China Property & Casualty achieved an underwriting profit of 14.87 billion yuan, a year-on-year increase of 130.7%, with a combined cost ratio of 96.1% [7] - Ping An's property insurance division reported a combined cost ratio of 97%, showing a year-on-year improvement of 0.8 percentage points [7] - China Pacific's property insurance division had a combined cost ratio of 97.6%, with a year-on-year optimization of 1 percentage point [7]

Industry Focus - Major insurance companies in China, including China Life, Ping An, and China Taiping, are aligning their strategies with the spirit of the 20th National Congress, focusing on high-quality development and supporting the real economy, technological innovation, advanced manufacturing, green development, and small and medium enterprises [1] - China Ping An is enhancing its "comprehensive finance + medical and elderly care" strategy, while China Taiping is leveraging insurance funds for long-term capital to support the Guangdong-Hong Kong-Macao Greater Bay Area and Hong Kong's international financial center [1] Insurance Companies' Solvency - As of Q3 2025, the solvency indicators of many insurance companies have shown fluctuations due to changes in assessment interest rates, with 4 out of 173 companies failing to meet solvency standards, a decrease of 1 from the previous quarter [2] - Huazhong Insurance successfully upgraded from Class C to Class B, achieving a "hat removal" [2] - The overall risk rating is improving, with A and B class companies making up the vast majority [2] Investment Trends - Insurance funds have increased their equity market allocation, with total holdings exceeding 650 billion yuan, focusing on sectors such as finance, manufacturing, and public utilities [3] - The five major listed insurance companies reported a 33.5% year-on-year increase in net profit for the first three quarters, benefiting from market recovery [3] - Insurance capital is expected to continue increasing its allocation to A-shares, providing long-term financial support to the market [3] Upcoming Insurance Products - As November approaches, several insurance companies are preparing for the 2026 "opening red" campaign, with a focus on dividend insurance products due to their potential for customer returns and cost advantages for insurance companies [4] - Major insurers are promoting dividend-type pension and increasing whole life insurance, while smaller companies are limited to ordinary products due to bank channel preferences [4] Private Equity Investments - Insurance funds are actively investing in high-tech sectors such as robotics through private equity funds, with significant involvement in companies like Yushut Technology and Yundong Technology [5] - This investment strategy aligns with the long-term capital characteristics of insurance funds and helps mitigate early-stage investment risks while enhancing returns [5] - Insurance-related private equity funds are focusing on national strategic areas such as artificial intelligence, semiconductors, and new energy, collaborating with government and professional institutions [5] Company Dynamics - China Life has surpassed Allianz to become the world's largest life insurance company, with a reserve scale of 798.07 billion USD according to S&P Global Market Intelligence [6] - Guotai Junan and China Taiping have established a new technology equity investment fund with a registered capital of 1.5 billion yuan [8] - Beijing法巴天星财产保险股份有限公司 has received an insurance license from the National Financial Regulatory Administration [9] Personnel Changes - Ji Yuhua has been appointed as the Party Secretary of Dajia Insurance Group, bringing extensive regulatory experience [10] - Hu Wei, a veteran with a technology background from Ping An, has been appointed as the new General Manager of Huatai Insurance after a 20-month vacancy [11] - Liu Yuanzhang is no longer serving as the assistant to the president, board secretary, and co-secretary of China Reinsurance due to a job transfer [12]