当前中国企业出海的保险需求日益广泛。不过，国内保险行业 在服务中国企业"走出去"方面，依然存在保险供给不足、服务 能力不强等问题。 作者：陈植 封图：图虫创意 宋鸣的一项重要工作，是围绕新能源汽车出口的各类风险保障需求，提供相应的保险解决方案。 华泰财险商险承保部副总经理宋巍也感受到了企业需求的变化。 他表示，当前中国企业出海的保险需求日益广泛。例如，产品出海涉及货运险、产品责任险及知识 产权纠纷相关保险；中资企业承建海外基建项目或海外建厂，涉及国际承包工程保险、单一项目职 业责任险、商业综合责任险、环境污染责任险、建工意外险等；中资企业加大海外市场本地化运 营，对财产险、人员保障险、责任险的需求持续升温。 不过，国内保险行业在服务中国企业"走出去"方面，依然存在保险供给不足、服务能力不强等问 题。 宋鸣供职于一家国内大型财险公司国际业务部，围绕企业出海的各类风险保障需求设计保险服务方 案。 对于新能源汽车出口保险服务，他所在的财险公司积极践行"为中国车企走出去提供全链条风险保 障"的政策要求，将其视为寻求车险市场新蓝海的突破口。 此行，他前去沟通设计超大型滚装船（用于新能源汽车出口运输）的保障条款与保额保费 ...

中国太平 20251113 摘要 中国太平 2025 年上半年净利润增速超 60%，净资产较年初增长 31%。分红险转型成功，预计 NBV 增长将延续上半年趋势，重点在于 转型而非追求高速增长，为 2026 年开门红奠定基础。 太平人寿长期致力于分红险转型，符合监管要求及外资股东预期。2025 年下半年关注传统险 2.0，以实现更好的价值呈现。2026 年开门红将延 续负债端业务结构优化，向多元化产品转型，重视利率中性化。 中国太平分红险中期战略目标是新单保费中至少 50%来自该险种， 2025 年已实现。结算利率与市场保持一致，维持在 3.5%左右。通过银 保报行合一提升执行力，新业务价值占比不断提高。 太平保险在养老生态圈建设上取得进展，上海梧桐人家和成都芙蓉人家 入住率高。已完成 5 至 6 个重资产项目，并通过轻资产模式扩展至七十 几家机构，逐步积累利润，为长期保单提供支撑。 2024 年所得税率较高是由于旧准则下利率下降导致亏损，形成大量递 延税项资产。预计 2026 年全面转向新准则后，有效税率将更加准确且 有所降低，所得税不会持续成为利润压制因素。 Q&A 请介绍一下中国太平在 2025 年三季 ...

报告中称，公司前三季度非车业务原保费收入2230.6亿元，占比达到50.3%，超过车险业务。2025年10 月10日国家金融监督管理总局发布《关于加强非车险业务监管有关事项的通知》，该政策于11月1日正 式实行，对非车行业实行费率管理监管。未来非车险业务已成为公司保费增长的核心引擎。未来随着非 车险政策新规落地，引导行业费率下降，直接利好承保利润率的提升，公司非车业务的综合成本率将得 到持续改善。2025年公司目标全年车险综合成本率控制在96%以内，非车险综合成本率控制在99%以 内。 此外，公司启动国际化战略规划，目标在5年内推动海外业务增量大幅增长。公司的国际化战略深度嵌 套在中国企业"走出去"和人民币国际化的大背景下。其核心逻辑是"服务中国产品和中国企业"，特别是 围绕中国新能源车出海和海外基础设施建设两大主线。目前，公司已在中国香港和泰国成功落地相关业 务，未来有望辐射至欧洲以及东南亚。公司选择新能源汽车保险作为海外业务的先锋。这不仅能直接服 务于中国优势产业的海外扩张，还能复用在国内积累的新能源车险定价和风险管理经验，形成差异化竞 争优势。中国是全球最大的贸易国和对外投资国之一，伴随"一带一路"倡议 ...

11月8日，中国太保董事长傅帆在第八届进博会期间举行的"太平洋产险新能源汽车生态发展论坛"上表 示，从国家战略来看，2024年，我国新能源车的销量为1287万辆，产业链上下游市场规模近2.8万亿。 傅帆认为，从技术变革来看，当前新能源车技术跃迁背后的风险管理挑战日益凸显，智能驾驶、电池安 全等全新课程都需要汽车、科技、保险等各领域的合作伙伴共同探索，让技术能在安全的框架下放心落 地。但他同时指出，我国新能源车已迈向世界，2024年的出口量超过了70%，但面对海外保险保障、服 务保障、金融配套等短板，需构建全链条的服务网络，才能让产业的"出海"行稳致远、实现共赢。（智 通财经） ...

Group 1 - The core viewpoint is that the insurance industry can significantly support technological innovation by providing long-term capital and financing solutions tailored to the lifecycle of tech enterprises [1][2] - The average liability duration of insurance capital and the average R&D cycle of tech companies in China are both between 10 to 15 years, indicating a strong alignment for investment opportunities [1] - Insurance capital has already directly invested thousands of billions in technology-related enterprises, highlighting the industry's commitment to supporting innovation [1] Group 2 - The insurance industry is actively adapting to the integration of technology and industry, with over 40 million new energy vehicles currently insured [2] - A memorandum of cooperation between the insurance and automotive industries aims to enhance vehicle safety, improve pricing models, and boost competitiveness [2] - The use of technology in insurance services is being expanded, including the establishment of a second-hand car information service platform to address information asymmetry in transactions [2] Group 3 - The insurance sector is encouraged to leverage technology to improve service efficiency in areas such as agricultural insurance, disaster insurance, and health insurance [2] - Advanced technologies like satellites, drones, and risk models are being utilized to enhance underwriting, claims processing, and risk reduction services [2] - The application of wearable devices and AI in health and pension insurance is aimed at providing proactive health management suggestions to policyholders [2]

Core Insights - The insurance industry is encouraged to embrace the integration of technology and industry, as stated by Zhou Liang, Deputy Director of the National Financial Supervision Administration [1] - The insurance sector has insured over 40 million new energy vehicles, indicating significant market penetration and relevance in the evolving automotive landscape [1] - The industry is analyzing the claims data of 137 high-claim-rate vehicle models, which aids automotive companies in optimizing their designs [1]

Core Points - China Pacific Insurance (CPIC) showcased its commitment to green finance at the 2025 Sustainable Global Leaders Conference held in Shanghai, emphasizing its role in creating a sustainable future through insurance [3][12][40] - CPIC has been recognized for its ESG (Environmental, Social, and Governance) efforts, achieving an upgrade in its MSCI rating from "AA" to "AAA," making it the first insurance institution in mainland China to receive this highest rating [6][40] - The conference theme focused on global action, innovation, and sustainable growth, with CPIC participating for the second consecutive year and presenting its achievements in sustainable practices [12][40] Group 1: Conference Participation - The 2025 Sustainable Global Leaders Conference took place from October 16 to 18, 2023, in Shanghai, gathering global leaders to explore new paths for sustainable development [2][11] - CPIC set up an exhibition hall at the conference, showcasing its global layout, green practices, and social welfare initiatives [12][19] Group 2: ESG Achievements - CPIC has integrated green sustainable development into its core operations, aiming to build a leading insurance financial service group with market influence and international competitiveness [8][40] - The company has provided green insurance coverage amounting to 147 trillion yuan and has launched over 30 green insurance products, including a carbon emissions cost index insurance for the shipping industry [22][19] Group 3: Social Initiatives - CPIC's social welfare initiatives focus on vulnerable groups, particularly in areas like cognitive impairment and autism, with programs designed to support these communities [27][19] - The company has engaged in various interactive activities during the conference, attracting over 5,000 participants to promote awareness of its ESG practices [29][32]

Core Viewpoint - China Pacific Insurance (CPIC) is taking significant steps to enhance its international presence and address capital structure pressures through the issuance of zero-coupon convertible bonds in Hong Kong, following a similar move by Ping An [5][10][15]. Financing Strategy - CPIC announced the issuance of HKD 15.6 billion in zero-coupon convertible bonds, maturing in 2030, which can be converted into H-shares [5]. - The funds raised will primarily support the insurance core business and the implementation of three strategic initiatives: "Great Health," "AI+," and internationalization [6]. - The issuance of convertible bonds is seen as a strategic move to supplement capital and accelerate internationalization, especially as CPIC's net assets have decreased by 3.3% since the beginning of the year [6][12]. Industry Context - The issuance of convertible bonds has become a common practice among large insurance companies, balancing the need for continuous dividends with increasing solvency pressures [7]. - CPIC is the second mainland insurance company to utilize this financing method in Hong Kong, following Ping An's USD 3.5 billion issuance last year, indicating a potential trend in the industry [8][17]. Internationalization Efforts - CPIC has lagged behind peers like Ping An and China Life in international expansion, with a total QDII quota of USD 2.627 billion, slightly above Xinhua's USD 2.4 billion, despite having a larger asset base [12]. - Recent initiatives include the approval of a tokenized USD money market fund and the launch of electric vehicle insurance in Thailand, marking a significant acceleration in overseas business development [14]. Regulatory Environment - The issuance of USD convertible bonds allows CPIC to maintain a lower dilution pressure on equity and create a funding pool for overseas operations without the complexities of capital repatriation [15]. - The current regulatory framework provides flexibility for funds raised through convertible bonds to remain offshore, reducing friction costs associated with cross-border capital flows [16]. Future Implications - The trend of using convertible bonds for financing may lead to more insurance companies following suit, prompting regulatory scrutiny regarding capital management and fund usage [17]. - The potential for increased participation from other insurers could transform this financing method from an isolated innovation into a collective industry trend [17].

Core Viewpoint - The insurance costs for electric vehicles (EVs) are rising despite the increasing sales of new energy vehicles, leading to dissatisfaction among consumers and raising questions about the underlying reasons for these price hikes [3][6][27]. Group 1: Insurance Pricing Issues - Many EV owners report that their insurance premiums have increased even without any claims, contrasting with the decreasing premiums typically seen with traditional fuel vehicles [3][4]. - Industry leaders, including NIO's chairman, have acknowledged the high insurance costs as a significant factor affecting consumer decisions and company strategies [4][6]. - The insurance industry is experiencing losses, with a reported underwriting loss of 5.7 billion yuan in 2024, despite insuring over 31 million EVs [27]. Group 2: Factors Influencing Insurance Costs - The high costs of EV insurance are attributed to several factors, including high repair costs for the vehicle's battery and electronic systems, which are more expensive to repair than traditional vehicles [27][29]. - The average claim amounts for EVs are higher due to the advanced technology and integrated systems in these vehicles, leading to increased insurance premiums [30]. - The demographic profile of EV owners tends to be younger, which correlates with higher risk factors and accident rates, further driving up insurance costs [30]. Group 3: Variability in Insurance Experiences - There is significant variability in insurance premiums among EV owners, influenced by individual driving records, vehicle models, and the insurance companies' risk assessment models [19][23]. - Some consumers have reported that their insurance premiums decreased after the first year, indicating that initial high costs may be due to purchasing through dealerships rather than directly from insurers [11][13]. - The complexity of insurance pricing models, which consider multiple factors such as driver behavior, vehicle type, and regional risks, contributes to the differences in premiums experienced by different EV owners [21][23]. Group 4: Recommendations for Consumers - It is advisable for consumers to select a third-party liability insurance coverage of at least 3 million yuan due to the high compensation standards in urban areas [32]. - Consumers should compare quotes from multiple insurance providers and consider the reputation and service quality of the insurers, as larger companies may offer better claims processing [32]. - The insurance landscape for EVs is expected to evolve, with potential improvements in pricing as technology advances and competition increases in the market [33].

Financial Data and Key Metrics Changes - Group operating income amounted to CNY 200.5 billion, up 33% [5] - Group OPAT was CNY 19.9 billion, up 7.1% [5] - Net profit increased by 11% [5] - EV reached CNY 588 billion, up 4.7% [5] - AUM totaled CNY 3.8 trillion, up 6.5% [5] - Comprehensive solvency margin was 264% and core solvency margin was 190% [6] Business Line Data and Key Metrics Changes - Life insurance recorded a return premium of CNY 193.5 billion, up 13.1% [12] - New business value (NBV) grew by 32% [13] - Property and Casualty (P&C) premium income was CNY 112.8 billion, up 0.9% [17] - Auto insurance premiums reached CNY 53.6 billion, up 2.8% [17] - Non-auto premiums were CNY 59.8 billion, down 0.8% [17] Market Data and Key Metrics Changes - The bank channel realized CNY 41.7 billion in premiums, up 82% [16] - The share of mid-tier customers and above increased by 3.8 percentage points year on year [14] - The number of high net wealth customers from the bank channel grew by 75% [14] Company Strategy and Development Direction - The company aims for high-quality development and to uphold value and profitability [4] - Focus on health, elderly care, internationalization, and AI integration as key strategies [24] - Continued investment in technology and green insurance offerings [32] Management's Comments on Operating Environment and Future Outlook - The Chinese economy is stabilizing, presenting opportunities for the insurance industry [26] - New regulations are aimed at enhancing risk prevention and promoting high-quality growth [27] - The company is committed to prudent business operations and innovation to drive growth [35] Other Important Information - The company has implemented a dividend policy linked to OPAT [7] - The investment strategy includes a focus on long-term bonds and alternative assets [22] - The company is enhancing its asset-liability management (ALM) systems [72] Q&A Session Summary Question: Comments on performance for the first half of the year and macroeconomic opportunities - Management noted stable growth in China's economy and improvements in domestic demand [26][28] - The company is adapting to new regulations to enhance its competitive edge [27] Question: Future strategies for life and bank channels - The company is focusing on team building and digital empowerment to enhance agency performance [48] - The bank channel strategy emphasizes value creation and deepening partnerships with key banks [53] Question: Investment outlook and net asset changes - Management highlighted uncertainties in the macroeconomic environment but sees long-term opportunities in the equity market [68][70] - The drop in net assets was attributed to accounting standards and interest rate volatility, with expectations for stabilization [73][75]