本报讯 （记者冷翠华）中国保险行业协会（以下简称"中保协"）近日正式发布《中国保险业社会责任报告（2024）》（以 下简称《报告》）。这是中保协连续第6年组织行业编写社会责任报告，系统呈现了2024年保险业履行社会责任的具体举措和 突出绩效。 在服务社会治理过程中，保险业充分发挥行业风险管理等专业优势，聚焦助力筑牢灾害防控网，大力发展巨灾保险，拓展 巨灾保险保障范围和保障水平，建设巨灾保险共同体，积极探索巨灾保险区域试点，推进巨灾保险保障机制建设。2024年，国 家新出台巨灾保险相关制度，将台风、洪水、暴雨、泥石流等自然灾害纳入保障范围，实现巨灾保险基本保险金额翻倍。城乡 居民住宅巨灾保险共同体为6439万户次居民提供22.36万亿元巨灾风险保障。责任保险为全社会提供保险金额7053.10万亿元， 赔款支出749.55亿元、同比增长12.34%。 《报告》从七个方面展示2024年保险业履行社会责任的生动实践。一是服务国家战略，助推新质生产力；二是以人民为中 心，增进人民福祉；三是优化应急管理，强化风险减量；四是加强公司治理，确保合规经营；五是强化消费者保护，培育保险 文化；六是加强人文关怀，助力公益慈善；七是 ...

Core Insights - Financial institutions are increasing investments in the elderly finance sector, focusing on the integration of pension finance, elderly service finance, and elderly industry finance [1] - The People's Bank of China and nine other departments issued guidelines to support high-quality development of elderly services and the silver economy, proposing 16 key measures [1] Group 1: Product Development and Demand - Commercial banks are developing pension wealth management and savings products while managing corporate annuities and occupational annuities [2] - Agricultural Bank reported a significant increase in elderly clients, with 3 billion clients aged 55 and above, and over 1,100 pension financial products offered [2] - Insurance companies are focusing on developing various insurance products to meet the diverse needs of the elderly population [3][4] Group 2: Health Insurance and Elderly Care - Health insurance is becoming increasingly important in addressing the aging population and enhancing the multi-tiered medical security system [4] - The demand for long-term care insurance is expected to grow rapidly due to the aging population, with new products being developed to meet these needs [4] Group 3: Ecosystem Development - Financial institutions are building comprehensive health and elderly service ecosystems, with banks utilizing physical branches and mobile banking to serve the elderly [5] - Agricultural Bank reported a 94.6% increase in elderly industry loans, with a focus on creating a diverse and open elderly financial ecosystem [5][6] Group 4: Strategic Initiatives and Future Outlook - The banking and insurance sectors are expected to establish a distinctive elderly finance system in the next five years, focusing on quality improvement [8] - Companies are enhancing their services for elderly clients, with initiatives to improve service efficiency and accessibility [8][9] - The integration of financial services with healthcare and elderly care is seen as a significant growth area, with companies like Ping An leading in this space [10]

Investment Rating - The industry investment rating is "Outperform the Market" [7] Core Insights - The importance of bancassurance is highlighted, with China Pacific Insurance (CPIC) showing stable performance in H1 2025, outperforming the market [1] - The report indicates that the non-bank financial sector is experiencing a high-quality development phase, leading to a revaluation of value, with leading companies demonstrating greater resilience [3] - The report emphasizes the steady growth in new insurance policies driven by bancassurance, with a notable increase in new business value (NBV) [5] Summary by Sections Financial Performance - In H1 2025, CPIC reported insurance service revenue of CNY 141.82 billion (YoY +3.5%), net profit attributable to shareholders of CNY 27.89 billion (YoY +11.0%), and operating profit of CNY 19.91 billion (YoY +7.1%) [4] Life Insurance - Bancassurance has driven new policy growth, with new premium income from life insurance reaching CNY 129.09 billion (YoY +6.7%) and NBV at CNY 9.54 billion (YoY +5.6%, comparable basis +32.3%) [5] - The new premium scale from bancassurance has surpassed that of individual insurance, with bancassurance new premium income at CNY 29.04 billion (YoY +95.6%) [5][6] Property Insurance - Property insurance premium income was CNY 112.76 billion (YoY +0.9%), with a combined operating ratio (COR) of 96.3% (YoY -0.8pct) [6] - The report notes a 2.8% increase in auto insurance premium income, with new energy vehicle insurance accounting for 19.8% of the total [6] Investment Performance - The report indicates a decline in the fair value of fixed-income assets, leading to a decrease in investment returns, with net, total, and comprehensive investment returns at 1.7%, 2.3%, and 2.4%, respectively [6] Investment Recommendations - The report suggests that the optimization of business structure will help maintain stable performance in life insurance liabilities for 2025, with leading property insurance companies expected to outperform the industry [6]

Core Viewpoint - China Pacific Insurance (CPIC) demonstrates resilience and steady growth in its mid-2025 performance, focusing on high-quality development amidst external uncertainties [1] Financial Performance - CPIC achieved a total revenue of CNY 200.5 billion, a year-on-year increase of 3.0% [1] - Insurance service revenue reached CNY 141.8 billion, growing by 3.5% [1] - The net profit attributable to shareholders was CNY 27.9 billion, reflecting an 11.0% increase [1] - Operating profit attributable to shareholders was CNY 19.9 billion, up by 7.1% [1] - Embedded value increased to CNY 588.9 billion, a growth of 4.7% from the previous year [1] - Total managed assets rose to CNY 3.77 trillion, marking a 6.5% increase [1] Business Structure Optimization - CPIC's life insurance segment is enhancing its "2+N" channel system, with new business value growing rapidly; individual insurance and bank insurance channels contributed 60% and 37.8% respectively [4] - The property insurance segment is optimizing cost structures and reducing high-risk business, leading to improved underwriting profits and record net cash flow [4] Development and Service Enhancement - CPIC is focusing on financial "five major articles" to optimize its insurance supply system, serving 75,000 technology enterprises with a technology investment balance of CNY 119.7 billion [5] - The company is expanding its green finance products, with over 5.3 million vehicles covered under new energy vehicle insurance [5] - CPIC is enhancing its elderly care services, with over 2,000 residents in its "Taibao Home" communities and the launch of a rehabilitation hospital [5] Technological Innovation - The application of AI models is significantly improving insurance processes and operational efficiency, with AI coverage in customer service reaching nearly 50% [6] - The automation rate for health insurance claims has reached 16%, with a 99% accuracy rate in liability recognition [6] Organizational Optimization - CPIC is refining its organizational structure to enhance decision-making efficiency and strengthen talent development [7] - The company has distributed over CNY 10.3 billion in cash dividends for the 2024 fiscal year, maintaining a stable dividend level [7] Future Outlook - CPIC aims to focus on its core responsibilities, implementing strategies in health and elderly care, internationalization, and AI integration to build new competitive advantages [8]

Core Insights - Xinhua Insurance achieved a cumulative original insurance premium income of 137.8 billion yuan in the first seven months of 2025, representing a year-on-year growth of 23%, continuing its steady growth trend this year [1] Group 1: High-Quality Development - The company emphasizes high-quality development as the core driving force, integrating into the national development strategy and focusing on customer-centric, professional, market-oriented, and systematic reforms [1] - Xinhua Insurance has enriched its product offerings with over 100 products available, focusing on the second and third pillar business opportunities, particularly in the aging economy [2] - The company aims to enhance customer satisfaction through improved claims experiences, achieving a total of 2.41 million claims with a payout amount of 7.3 billion yuan in the first half of 2025, with an average claim processing time of just 0.72 days [2] Group 2: Serving National Strategy - Xinhua Insurance supports the real economy with investments exceeding one trillion yuan, aligning its operations with national strategies [3] - The company has provided risk protection for over 30,000 corporate clients, amounting to approximately 14.5 trillion yuan, and has undertaken 20 public welfare insurance projects [3] - Investments in key national areas have increased by nearly 60% year-on-year, focusing on technology innovation, industrial upgrades, and low-carbon development [3] Group 3: Reform and Innovation - The company is committed to deepening its reforms across products, services, teams, and institutional construction to build multiple core advantages [4] - Xinhua Insurance is enhancing its product framework to offer comprehensive insurance coverage and is actively transforming its dividend insurance products to meet customer wealth preservation needs [4] - The company is also upgrading its service capabilities and expanding its service offerings across various domains, including healthcare and legal services [4] Group 4: Industry Outlook - The insurance industry is entering a golden opportunity period for high-quality development, supported by national policies and regulatory guidance [5] - Xinhua Insurance aims to implement the new national guidelines, focusing on large-scale products, markets, services, and investments to enhance its development capabilities [5]

Core Insights - Multiple insurance companies in China, including China Life, China Taiping, and China Pacific, have reported growth in asset scale and premium income for the first half of 2025, while outlining key focuses for the second half of the year [1][2] Performance Indicators - China Pacific reported an insurance liability amount of 178 trillion yuan and total assets exceeding 4 trillion yuan, marking an 11.3% increase from the beginning of the year [2] - China Taiping's total assets reached 1.7 trillion yuan, a 6.4% increase, with total premium income at 155.67 billion yuan [2] - China Life Group's total assets surpassed 8 trillion yuan (excluding Guangfa Bank), with a consolidated revenue growth of 8.4% and insurance payouts of 237.2 billion yuan [2] - New China Life reported a 23% year-on-year increase in premium income, totaling 121.26 billion yuan [2] Strategic Focus for H2 2025 - Companies emphasized enhancing financial services to the real economy, strengthening asset-liability linkage, and accelerating digital transformation as key priorities for the second half of 2025 [3] - China Pacific aims to improve service quality for national priorities and enhance operational efficiency [3] - China Life Group plans to increase insurance coverage in key areas affecting national welfare and support the stability of capital markets [3] - Zhejiang Merchants Insurance intends to capitalize on opportunities in the auto insurance sector and enhance investment returns [3] - Everbright Sun Life focuses on product system improvement and risk management to stabilize solvency [4]

Core Viewpoint - The insurance industry in China is facing dual pressure from declining long-term interest rates and regulatory constraints, leading to a heightened focus on solvency as a key indicator of financial health and operational stability [1][2]. Group 1: Regulatory Environment - The implementation of the "Second Generation Solvency II" rules has made solvency ratios and risk comprehensive ratings the "gold standard" for assessing insurance companies' risk management capabilities [2]. - Insurance companies are encouraged to enhance solvency through internal governance optimization, risk management strengthening, and business structure adjustments rather than relying solely on external financing [1]. Group 2: Company Performance - TaiKang Pension achieved a comprehensive solvency adequacy ratio of 254.20% and a core solvency adequacy ratio of 156.55% by Q2 2025, both indicators showing continuous growth over five consecutive quarters [1]. - As of Q1 2025, the average solvency adequacy ratio for life insurance companies was 196.6%, with a core solvency adequacy ratio of 132.8%, indicating that TaiKang Pension is performing above regulatory benchmarks [1]. Group 3: Financial Metrics - In H1 2025, TaiKang Pension's total assets exceeded 140 billion, with a net profit of 422 million, reflecting significant year-on-year growth [2]. - The new business value of commercial annuities increased to 67.90%, while standard premium income accounted for 76.10%, with future policy surplus growing by 10.5% year-on-year [2]. Group 4: Claims and Service Efficiency - TaiKang Pension served 1.108 million claim clients in H1 2025, with total claims amounting to 4.25 billion, achieving a daily average payout of 25.58 million and a claim approval rate of 99.9% [2]. - The average claim processing time was 1.6 days, with 87.2% of claims processed through self-service, demonstrating the effectiveness of digital and intelligent systems in enhancing service efficiency [3]. Group 5: Industry Insights - Analysts note that TaiKang Pension's experience in optimizing business structure, strengthening asset-liability matching, and improving investment efficiency serves as a reference model for the industry amid low interest rates and stringent regulations [3]. - The ongoing challenge for the insurance industry will be to balance risk management with business expansion while enhancing long-term investment returns [3].

Group 1 - The core point of the announcement is that Taikang Group plans to increase the registered capital of Taikang Pension by 2 billion yuan, raising its total registered capital from 9 billion yuan to 11 billion yuan, thus entering the ranks of insurance companies with over 10 billion yuan in registered capital [1] - This capital increase reflects Taikang Group's strategic commitment to the pension finance sector and aims to enhance internal synergy within the group, promoting the implementation of the "Longevity Era Taikang Plan" [1] - The capital injection is expected to provide strong support for Taikang Pension to expand its second and third pillar businesses in the pension sector [1] Group 2 - As of May 2025, Taikang Pension has managed pension assets totaling 600 billion yuan and serves over 200,000 individual pension clients [5] - The company's total assets reached 132.5 billion yuan, with a net profit of 346 million yuan in the first quarter of 2025, indicating a significant recovery in profitability [5] - Taikang Pension's comprehensive solvency adequacy ratio is 239.81%, and the core solvency adequacy ratio is 142.41%, which are above the industry averages of 196.6% and 132.8% respectively [5]

Group 1: Company Overview - Zhongying Life Insurance was established in 2003, co-funded by COFCO Capital and Aviva, one of the oldest and most influential insurance groups globally [1] - The company is known for its strong customer service experience, having received multiple industry service awards, and maintains a high level of customer loyalty [1] - Zhongying Life emphasizes value orientation, focusing on service quality and intrinsic value growth, with robust asset-liability management capabilities [1] Group 2: Business Performance - In the first quarter, Zhongying Life outperformed the industry across all three major channels, achieving a record high in Value of New Business (VNB) [3] - The company is actively adapting to market changes and new regulatory environments, accelerating transformation to achieve counter-cyclical growth [3] - Zhongying Life is enhancing its product structure by increasing the proportion of high NBM products, such as commercial annuities and other protection products [3] Group 3: Investment Strategy - Zhongying Life is improving its investment research capabilities and has successfully managed long-term bond allocations, achieving significant returns [4] - The company has established a risk management system for investments, covering various risk monitoring indicators and early warning thresholds [4] - Its investment performance ranks among the best in the industry, having received multiple awards for excellence in investment management [4]

Core Viewpoint - Xinhua Insurance aims to serve as a key player in supporting the real economy and maintaining financial stability, showcasing significant growth in revenue and profit in 2024 [1][4]. Financial Performance - In 2024, Xinhua Insurance achieved an operating income of 1325.55 billion yuan, representing a year-on-year increase of 85.27% [3][4]. - The net profit for 2024 reached 262.29 billion yuan, marking a 201.07% increase compared to the previous year, setting a historical record [3][4]. - Total assets as of the end of 2024 amounted to 1.69 trillion yuan, also a new high for the company [4]. Investment Strategy - As of December 31, 2024, Xinhua Insurance's investment scale was 1.63 trillion yuan, with a total investment return rate of 5.8% and a comprehensive investment return rate of 8.5% [2][5]. - The company supported the real economy with an investment scale of 1.09 trillion yuan and a balance of investments aligned with national strategies of approximately 483.3 billion yuan [2][8]. Business Development - Xinhua Insurance's life insurance business saw a premium income of 1705.11 billion yuan in 2024, a 2.8% increase year-on-year [4]. - The new business value for the year was 62.53 billion yuan, reflecting a significant growth of 106.8% [4]. - The company established a comprehensive framework to enhance its service to national strategies, including a three-tier management structure [7]. Shareholder Returns - In 2024, Xinhua Insurance initiated a mid-term dividend distribution, paying out 0.54 yuan per share, totaling 1.685 billion yuan [10]. - The company plans to distribute a year-end cash dividend of 1.99 yuan per share, amounting to 6.208 billion yuan, leading to a total proposed dividend of 78.93 billion yuan for the year, an increase of 197.6% from the previous year [11][10]. Future Outlook - The year 2025 is anticipated to be a pivotal year for the insurance industry, with significant growth potential as the "New National Ten Articles" are fully implemented [12]. - The chairman of Xinhua Insurance emphasized the importance of leveraging opportunities for high-quality development by integrating insurance, investment, and service strategies [12].