（文章来源：经济日报） 业绩飘红的背后，投资端回暖功不可没。中央财经大学中国精算科技实验室主任陈辉表示，去年底以 来，权益市场持续回升，不少险企加大股票和基金配置力度，综合投资收益明显改善；同时，"报行合 一"新规压降渠道成本，险企主动调整产品结构，减少高成本低价值产品，增加分红、万能、投连等弹 性较强的产品，降低了负债成本。投资收益和费用优化双轮驱动，让不少险企利润曲线向上翘起。 行业负债端进入"再定价"时代。普通型人身险产品的预定利率研究值已降至1.99%，连续两季度触发上 限调整机制，分红险、万能险等的定价利率也同步下调。业内专家认为，这意味着行业在产品端迎来新 一轮结构调整，预定利率下调既能缓解利差损压力，又有助于提升新单盈利性和销售积极性，为公司和 客户构建更加稳健的利益格局。 在行业整体回暖的背景下，中英人寿也交出一份稳中有进的答卷。上半年，该公司预计实现保险业务收 入142.68亿元，同比增长31%，净利润6.81亿元；期末综合偿付能力充足率305.83%、核心偿付能力充足 率217.4%。 业内人士普遍认为，今年上半年非上市人身险公司业绩的回暖，是行业从高速增长向高质量发展转型的 重要标志。净 ...

Core Viewpoint - The insurance sector is gaining prominence in the ongoing bull market, with significant upward momentum observed in both A-shares and Hong Kong stocks, particularly for Ping An Insurance, which has shown substantial price increases and positive technical indicators [1][3][9]. Market Performance - A-shares have experienced a strong rally, with the Shanghai Composite Index achieving a nine-day winning streak and nearing the 3700-point mark [1]. - Hong Kong stocks have also shown robust performance, with the Hang Seng Index rising over 2% recently and breaking through previous highs since October 2021 [3]. Sector Analysis - The insurance sector in A-shares has seen a recent pullback but rebounded with gains exceeding 2.8% in a single day, indicating a potential new upward trend [5]. - In Hong Kong, the insurance sector has demonstrated a clear upward trend, with gains over 6% in the last three trading days [6]. Individual Stock Performance - Ping An Insurance has performed well, with A-shares and H-shares both rising approximately 3% in a single day. Since the low in April, A-shares have increased by 28%, while H-shares have nearly doubled with a 50% increase [10][12]. - Technical analysis suggests that Ping An's A-shares are poised for further upward movement, having recently tested support levels and showing strong volume [14]. Investment Sentiment - The current bull market has led to increased interest in low-valuation, high-dividend stocks, with the insurance sector fitting this profile well. The sector's valuation remains low, with a dynamic valuation of 0.67x PEV as of Q2 2025, indicating room for growth [16][19]. - The market is witnessing heightened trading activity, with average daily trading volume for stock funds reaching 15,703 billion yuan, a 63% year-on-year increase [19]. Future Outlook - Analysts predict a potential upward trend in the market, with expectations for improved cash flow from listed companies, reinforcing the bullish sentiment for A-shares [20]. - Foreign institutions are increasingly optimistic about Chinese assets, with several major firms expressing positive views on the insurance sector, which is expected to benefit significantly from the ongoing bull market [21]. Ping An's Competitive Advantages - Ping An is supported by three key alpha drivers: certainty in liability growth, asset flexibility, and a unique "insurance + service + technology" ecosystem that enhances customer retention and operational efficiency [23][25][26]. - The company is expected to see strong growth in new business value, with estimates suggesting a 39% year-on-year increase in the first half of 2025, driven by its expanding distribution channels and improved cost ratios [24]. Conclusion - The insurance sector, particularly Ping An, is well-positioned to capitalize on the current bull market, with strong fundamentals, favorable market conditions, and a unique value proposition that enhances its attractiveness to investors [27].

Core Insights - The insurance industry reported a premium income of 2.17 trillion yuan in Q1, showing a slight year-on-year increase of 0.93% [2][5] - There is a divergence in premium income growth between property insurance companies, which saw a 5.10% increase, and life insurance companies, which experienced a 0.29% decline [2][3] Premium Income Analysis - Property insurance companies generated 515.5 billion yuan in premium income, while life insurance companies generated 1.659 trillion yuan [2] - The growth in property insurance is attributed to a recovery in market confidence and increased investment and production activities since Q4 of the previous year [2][3] Health Insurance Performance - Health insurance premiums grew by 3.69% to 264.1 billion yuan, driven by regulatory support, increased consumer health awareness, and product innovation [3] - Life insurance companies only saw positive growth in unit-linked and health insurance products, indicating a challenging sales environment for traditional life insurance products [3] Claims Expenditure Trends - Property insurance companies reported claims expenditure of 249.7 billion yuan, a decrease of 2.2%, while life insurance companies faced a 20.4% increase in claims expenditure to 577.6 billion yuan [4] - The decline in property insurance claims is linked to a reduction in major natural disaster losses, while the rise in life insurance claims is attributed to the maturity of popular insurance products [4] Future Outlook - The insurance industry is expected to maintain stable growth in premium income, although fluctuations in growth rates may occur [5] - The ongoing release of market demand and deeper reforms in the insurance sector are anticipated to lead to high-quality development [5]

Core Viewpoint - The investment yield of non-listed life insurance companies in Q2 2025 shows signs of stabilization, with a weighted average total investment yield of 1.98%, an increase of 0.06 percentage points year-on-year, despite the declining trend of the 10-year government bond yield [2][14]. Group 1: Investment Yield Overview - The comprehensive investment yield for non-listed life insurance companies in Q2 2025 is 2.67%, a decrease of 2.14 percentage points year-on-year, while the Shanghai Composite Index yield is 2.76% [4][14]. - The simple average total investment yield for non-listed life insurance companies in Q2 2025 is 2.14%, with a weighted average of 1.98% and a median of 2.04%. Six companies have total investment yields exceeding 3% [4][24]. - The simple average comprehensive investment yield is 2.54%, with a weighted average of 2.67% and a median of 2.29%. Thirteen companies have comprehensive investment yields exceeding 3% [6][30]. Group 2: Investment Yield Formula Breakdown - The total investment yield for the life insurance industry can be simplified into a weighted average of fixed income, equity, and liquidity management asset yields, expressed as: rinv = fixedpro × fixedrinv + equitypro × (equityrinv + Risk) + cashpro × cashrinv [10][17]. - The asset allocation for listed insurance companies serves as an industry anchor, with fixed income assets accounting for 75%, equity assets for 20%, and liquidity management assets for 5% [18][19]. - The estimated risk premium for equity stock selection is 3.80%, and the total investment yield for the life insurance industry in H1 2025 is calculated to be 2.67% [11][19]. Group 3: Recent Trends and Changes - The stabilization of the total investment yield in Q2 2025 is primarily attributed to a significant recovery in equity asset returns, despite ongoing pressure on fixed income yields [19]. - The analysis of investment yield differences over the years indicates that the changes in equity asset investment yields are the main contributors to the variations in total investment yields [11][19]. - The classification of assets and the implementation of new accounting standards have influenced the reported yields, with companies transitioning from held-to-maturity (HTM) to available-for-sale (AFS) classifications [20][22]. Group 4: Rankings of Investment Yields - The top ten non-listed life insurance companies by total investment yield in Q2 2025 include: 1. Junlong Life Insurance: 4.67% 2. Beijing Life Insurance: 3.65% 3. Lianan Life Insurance: 3.22% 4. Xingfu Life Insurance: 3.08% 5. Guomin Pension: 3.01% 6. Caixin Life Insurance: 3.00% 7. Xiaokang Life Insurance: 2.96% 8. Hongkang Life Insurance: 2.95% 9. Huagui Life Insurance: 2.94% 10. Everbright Yongming: 2.89% [27][28]. - The top ten non-listed life insurance companies by comprehensive investment yield in Q2 2025 include: 1. Changcheng Life Insurance: 6.82% 2. Xiaokang Life Insurance: 5.53% 3. Everbright Yongming: 5.10% 4. Zhongying Life Insurance: 4.32% 5. Huagui Life Insurance: 4.23% 6. Junlong Life Insurance: 4.08% 7. Guomin Pension: 3.62% 8. Lujiazui Guotai: 3.36% 9. Guofu Life Insurance: 3.35% 10. Caixin Life Insurance: 3.34% [34][35].

Core Viewpoint - The 2024 life insurance industry has seen a decline in employee compensation and a historical low in the salary-to-premium ratio, indicating potential challenges in operational efficiency and profitability [2][14]. Group 1: Salary and Premium Ratio Analysis - In 2024, the total employee compensation in the life insurance industry was 108.5 billion yuan, a decrease of 4.6% year-on-year, with a salary-to-premium ratio of 3.4%, down 0.5 percentage points, marking a 15-year low [2][14]. - The "TOP7+1" companies (including major players like China Life and Ping An) had a salary-to-premium ratio of 3.3%, which is significantly lower than that of small and medium-sized insurance companies, which stood at 3.7% [17][18]. - The average salary-to-premium ratio for 70 life insurance companies over the past five years was 4.0%, with a median of 4.9%, and 11 companies exceeding 10% [5][28]. Group 2: Impact on Return on Equity (ROE) - The salary-to-premium ratio has a significant negative impact on a company's ROE, with each 1 percentage point increase in the ratio leading to a 0.37 percentage point decrease in ROE [24][25]. - The empirical model constructed to analyze this relationship included variables such as company size and channel type, confirming the negative correlation between salary-to-premium ratio and ROE [24][25]. Group 3: Historical Trends - The salary-to-premium ratio has shown a declining trend since 2018, with a notable acceleration in the decline for small and medium-sized insurance companies since 2019 [16][18]. - The ratio increased from 4.2% in 2010 to a peak of 5.3% in 2015, followed by a steady decline to the current levels [16][18]. Group 4: Employee Compensation Insights - The life insurance industry employed approximately 345,000 individuals in 2023, with an average compensation and benefits level of 330,000 yuan [10][22]. - The fluctuation in employee numbers has shown a slight decline, while average compensation has seen minor increases over recent years [10][22].

Core Viewpoint - The article provides an update on the performance of various types of investment-linked insurance (投连险) accounts as of mid-2025, highlighting the weighted average returns across different account types and identifying top-performing accounts in each category [1][16]. Group 1: Investment Account Overview - As of June 2025, a total of 249 investment-linked insurance accounts were recorded, categorized into four types: 38 money market accounts, 91 bond-type accounts, 47 balanced accounts, and 73 equity accounts [18][20]. - The total asset scale of these accounts amounts to 190.2 billion yuan, with the breakdown as follows: money market accounts at 4.9 billion yuan, bond-type accounts at 101.7 billion yuan, balanced accounts at 11.4 billion yuan, and equity accounts at 72.3 billion yuan [22]. Group 2: Performance of Different Account Types - The overall weighted average return for investment-linked insurance accounts in mid-2025 was 2.5%, with the following breakdown by account type: - Money market accounts: 0.73% - Bond-type accounts: 1.0% - Balanced accounts: 1.4% - Equity accounts: 4.8% [25]. Group 3: Detailed Performance Metrics - Money Market Accounts: - Weighted average return: 0.73% - Simple average return: 0.46% - Median return: 0.48% - Maximum return: 1.21% (恒安标准现金型投资账户) [27]. - Bond-Type Accounts: - Weighted average return: 1.0% - Simple average return: 0.3% - Median return: 0.8% - Maximum return: 4.2% (瑞泰财智增值投资账户) [7][39]. - Balanced Accounts: - Weighted average return: 1.4% - Simple average return: 2.8% - Median return: 2.2% - Maximum return: 26.1% (中德安联安赢慧选2号投资账户) [10][47]. - Equity Accounts: - Weighted average return: 4.8% - Simple average return: 2.6% - Median return: 1.7% - Maximum return: 13.2% (泰康沪港深精选投资账户) [12][53]. Group 4: Top-Performing Accounts - The article lists the top ten performing accounts in each category, showcasing the highest returns achieved by various insurance companies [31][40][45][50].

Core Viewpoint - The new regulation "Product Appropriateness Management" issued by the Financial Regulatory Bureau emphasizes that insurance institutions must understand both the products and the customers to ensure suitable product sales [7][8]. Group 1: Product Appropriateness Management - Insurance institutions are required to match products with customers based on their financial needs and risk tolerance, ensuring that the products sold are appropriate for the customers [14][21]. - The regulation categorizes insurance products separately from other financial products like wealth management, highlighting the unique characteristics of insurance [12][19]. - The management of product appropriateness will be included in the annual consumer protection regulatory evaluation [60][63]. Group 2: Sales Process and Personnel Management - The regulation mandates a tiered sales approach, where life insurance products are classified into five levels, and sales personnel must have the appropriate qualifications to sell corresponding products [27][30]. - Sales personnel are required to undergo continuous training to ensure they understand the products they are selling, and their performance will be evaluated based on compliance and customer feedback, not just sales figures [29][30]. - Financial institutions must not replace customers in assessments or provide misleading information regarding product risks [43][44]. Group 3: Customer Understanding and Risk Assessment - Institutions must conduct thorough assessments of customer needs and financial situations before recommending products, especially for products with floating returns like dividend insurance [54][56]. - If a product is deemed inappropriate for a customer, the institution must advise against purchasing it, and if the customer insists, a written confirmation of understanding the risks must be obtained [50][54]. - Specific conditions, such as annual premiums exceeding four times the household income, require additional confirmation from the customer before proceeding with the insurance [46][54]. Group 4: Regulatory Compliance and Consumer Protection - The new regulation aims to enhance consumer rights protection by ensuring that the sales process is transparent and that customers are well-informed about the products they are purchasing [64][65]. - Financial institutions are required to establish internal systems to support the management of product appropriateness and ensure compliance with the new regulations [61][62]. - Violations of the appropriateness management regulations may lead to regulatory actions against the institutions and responsible personnel [62][63].

Core Viewpoint - The estimated liability cost for the life insurance industry in 2024 is approximately 3.7%, which accounts for 76% of the industry's asset scale, indicating challenges in profitability and risk management for life insurance companies due to the rigidity of liability costs [1][8]. Summary by Sections Liability Cost Analysis - The liability cost is a key indicator for analyzing the profitability of life insurance companies, helping investors and management understand the company's profit model and efficiency [1]. - A lower liability cost typically indicates stronger market competitiveness for the company [1]. Financial Data Overview - In 2024, 17 life insurance companies reported a weighted average liability cost of 3.7% [8]. - The total asset scale of these 17 companies represents 75.8% of the life insurance industry, providing a good representation of the sector [7]. Investment Returns and Risks - The financial investment return rate for the life insurance industry in 2024 is projected to be 3.48%, with a comprehensive investment return rate of 7.45% [9]. - The 3.7% liability cost suggests a narrow interest margin, which could lead to risks in profitability and financial stability if investment returns do not meet expectations [9]. Statistical Insights - The descriptive statistics for the liability costs of life insurance companies in 2024 show a simple average of 3.4% and a median of 3.6%, with five companies having liability costs exceeding 4% [11]. - The estimation of liability costs is influenced by factors such as the cost of GMM contracts and the investment returns corresponding to VFA contracts [18].

Core Viewpoint - The 2025 China Financial Products Annual Report titled "Ecological Leap" emphasizes the transformation of the wealth and asset management industry towards a service-oriented model, highlighting the need for industry-wide collaboration and the reconstruction of the wealth ecosystem [2][3]. Group 1: Insights on Wealth Ecosystem - The report reflects on the past year’s efforts and anticipates future explorations, marking the 14th consecutive year of publication [1][2]. - The concept of transitioning to a service-oriented model has gained significant traction within the industry, indicating a collective movement towards this transformation [2][3]. - The term "ecological leap" is introduced to describe the comprehensive and profound changes required for the industry’s evolution [2][3]. Group 2: Financial Products Overview - The report includes a detailed directory covering various financial products and their market outlooks, such as bank wealth management, public funds, ETFs, trust markets, and private equity funds [3][4][5]. - Each section provides insights into the performance, strategies, and future trends of different financial products, aiming to guide investors in navigating the evolving landscape [4][5][6]. Group 3: Future Directions - The report emphasizes the importance of research services in identifying trends and providing direction for industry transformation, likening effective research to a guiding light for practitioners [2][3]. - The future focus will be on integrating research outcomes into every service touchpoint, reinforcing the idea that true transformation is a result of collaborative evolution within the ecosystem [3][6].

Core Viewpoint - The 2025 China Financial Products Annual Report titled "Ecological Leap" emphasizes the transformation of the wealth and asset management industry towards a service-oriented model, highlighting the need for industry-wide collaboration and the reconstruction of the wealth ecosystem [2][3]. Group 1: Insights on Wealth Ecosystem - The report reflects on the past year's efforts and anticipates future explorations, marking the 14th consecutive year of publication [1][2]. - The concept of "ecological leap" signifies a comprehensive and profound transformation within the industry, requiring collective progress rather than isolated actions from individual institutions [2][3]. - The value of research services is underscored as essential for identifying trends and guiding industry transformation [2]. Group 2: Financial Product Overview - The report includes a detailed directory covering various financial products and their market outlooks, such as bank wealth management, public funds, ETFs, trust markets, and private equity funds [3][4][5]. - Key topics include the challenges of net value fixed income products, the impact of structured products, and the evolution of private equity strategies in response to market conditions [3][4][5][6]. Group 3: Future Directions - The report aims to provide insights from a buy-side perspective, emphasizing the interconnectedness of research outcomes with service touchpoints across the industry [3][6]. - It discusses the necessity of adapting to new financial models and leveraging advanced technologies to enhance wealth management services [6].