南方财经全媒体记者 林汉垚 站在2026年开端回望2025年，保险业在深度调整与主动变革中走过关键一年。 从预定利率动态调整机制落地到"报行合一"向非车险领域深化，从险资入市配套政策不断完善到友邦保险资管等外资独资保险资管公司开业， 一系列重磅政策勾勒出行业在利率下行周期中强化资产负债管理、回归保障本源并服务实体经济的清晰主线。 在南方财经全媒体集团指导下，21世纪经济报道通过对保险行业2025年全年动态的梳理、研究，发布保险行业年度十大新闻，复盘2025年，并 特邀保险行业专家杨本心、北京大学经济学院风险管理与保险学系主任郑伟教授、天职国际金融业咨询合伙人周瑾进行点评，探索保险行业追 求高质量发展的轨迹。 一、预定利率与市场利率挂钩及动态调整机制建立 2025年1月10日，国家金融监管总局向中国保险行业协会及各人身保险公司下发《关于建立预定利率与市场利率挂钩及动态调整机制有关事项 的通知》，提出要建立预定利率与市场利率挂钩及动态调整机制，引导公司强化资产负债联动，科学审慎定价。 《关于建立预定利率与市场利率挂钩及动态调整机制有关事项的通知》表示，中国保险行业协会定期组织人身保险业责任准备金评估利率专家 咨询 ...

然而，在新能源汽车产销两旺的当下，新能源车险市场却存在"车主喊贵、险企喊亏"的两难困境，产业 快速发展与保险保障滞后的矛盾日益凸显。有业内专家认为，此次《指导意见》的发布，标志着广东将 从省级政策层面，引导保险业与汽车产业进行一场深刻的供需适配与逻辑重构。 市场透视："三高"困局待解 随着科技进步，智能驾驶正走进我们的生活。近日，工业和信息化部宣布我国首批L3级有条件自动驾 驶车型获得产品准入许可，标志着自动驾驶首次以"产品身份"进入公共交通体系。这一变革不仅重塑了 汽车产业格局，也对传统车险体系提出了前所未有的挑战。 近日，广东金融监管局等九部门联合印发《关于支持我省保险业高质量发展助力广东在中国式现代化建 设中走在前列的指导意见》（下称《指导意见》），强化保险服务制造强省建设。记者注意到，这份聚 焦战略性新兴产业保险保障的政策文件中，不仅重申了对新能源汽车的保险支持，更首次明确提出"探 索开发智能驾驶责任保险产品"。 作为全国新能源汽车产业的"领头羊"，2024年广东新能源汽车产量占全国1/4，相当于全国每4辆新能源 汽车就有1辆"广东造"。2025年以来，我国新能源汽车保有量持续提升，前11个月新能源汽 ...

在政策、技术等多重因素驱动下，我国新能源汽车产销量、市场渗透率等关键指标持续向好。中汽协数 据显示，2025年1~11月，我国汽车产销量分别达3123.1万辆和3112.7万辆，同比分别增长11.9%和 11.4%。 其中，新能源汽车作为行业核心增长引擎，表现尤为突出。2025年前11月，新能源汽车产销量同比增幅 均超30%，销量占汽车总销量的比例攀升至47.5%，已逼近50%的关键节点。 而与新能源车险保有量持续上涨不太和谐的是，新能源车险的承保盈利问题一直未解。2024年，我国保 险行业承保新能源汽车3105万辆，保费收入1409亿元，保额106万亿元，承保亏损57亿元，呈现连续亏 损状态。进入2025年，虽然头部"老三家"在新能源车险承保方面实现了盈利，但是中小险企却一直未走 出承保亏损的泥沼。 面对难题，中小险企该如何应对？新能源车险业务究竟能否成为中小险企弯道超车的利器？带着这些问 题，日前，《每日经济新闻》记者专访了现代财险总裁张宗韬。拥有丰富监管与市场经验的张宗韬，就 当前中小险企在新能源车险方面面临的挑战和难题给出了见解。 做新能源车险要改变思路 不同于寿险行业的百花齐放、你追我赶，财险行业的 ...

Core Insights - The insurance industry in China experienced significant growth in 2025, with life insurance companies achieving a record net profit of 462 billion yuan, a 62% increase year-on-year, driven by strong premium sales and improved investment returns [1] - The introduction of dynamic adjustment for predetermined interest rates marked a significant reform in life insurance pricing, moving from a fixed rate of 2.5% to a new cap of 2.0% for standard products [1] - The resurgence of participating insurance products became a key focus, allowing companies to transition from traditional fixed-income products to those offering guaranteed and variable returns, thus addressing challenges posed by low interest rates [1] - The release of the fourth "life table" provided a scientific basis for pricing in the next decade, utilizing a comprehensive dataset of nearly ten years of policy data [1] - The industry saw substantial capital replenishment through bond issuance exceeding 100 billion yuan and capital increases over 20 billion yuan, enhancing solvency [1] Group 1: Life Insurance Achievements - Record net profit of 462 billion yuan, a 62% increase year-on-year [1] - Dynamic adjustment of predetermined interest rates, with caps reduced to 2.0% for standard products [1] - Shift towards participating insurance products, addressing low interest rate challenges [1] - Release of the fourth "life table" for future pricing [1] - Capital replenishment through bond issuance and capital increases [1] Group 2: Property Insurance Highlights - New energy vehicle insurance turned profitable in 2025, reversing previous losses [1] - Implementation of "reporting and operation integration" to end price wars in the non-auto insurance sector [1] - Expansion of the "car insurance easy to insure" platform to include more vehicle types, addressing insurance accessibility issues [1] - Net profit for the property insurance sector surged by 52% due to favorable underwriting and investment conditions [1] - Adoption of technology for risk reduction, enhancing the social value of insurance [1]

Core Insights - The article emphasizes the importance of regulatory measures in the insurance industry, focusing on compliance, product innovation, and market adaptation to enhance consumer protection and industry stability. Regulatory Measures - The integration of insurance and banking is a key regulatory policy aimed at standardizing rates and managing costs, which is essential for curbing irrational competition in the market [1] - Compliance supervision has intensified, as evidenced by penalties against executives and companies like Evergrande Life, highlighting the regulatory authority's commitment to industry health [1] - The classification and tiered regulation optimize supervisory authority allocation, improving precision and efficiency in line with the diverse development of industry institutions [1] Product Innovation - Participating insurance products have become mainstream, with new policies accounting for over 40% of the market, reflecting consumer demand for wealth accumulation [1] - Health insurance is supported by policies that expand coverage, with the introduction of innovative drug lists, serving as a crucial growth engine for the industry [1] - Long-term care insurance has been fully implemented, covering 190 million people, addressing the long-term care protection gap and enhancing the multi-tiered social security system [1] Market Adaptation - Premiums for new energy vehicle insurance have increased by 41.44% year-on-year, indicating a shift towards independent operating models that align with the development of the new energy vehicle industry [1] - The insurance sector is responding to the aging population trend by strategically positioning itself in retirement finance, including profitable senior living communities with occupancy rates exceeding 80% [1] - Inclusive insurance products, such as home and education insurance, are expanding to cover broader demographics, reflecting the industry's social responsibility [1] Technological Integration - The integration of AI in insurance processes enhances underwriting, claims, and service delivery, driving the industry's digital and intelligent transformation [1] - Data security insurance is becoming increasingly relevant due to rising risks of data breaches and cyberattacks, with policies tailored to meet these emerging needs [2] Risk Management - The solvency ratio remains a core indicator for risk management in insurance companies, with ongoing regulatory assessments reinforcing the industry's ability to withstand risks [1] - Catastrophe insurance is being developed to address risks from natural disasters, filling gaps in traditional insurance coverage through a combination of policy guidance and market operations [2] Cross-Border Opportunities - International insurers like AIA and Allianz are increasing their presence in the Chinese market, showcasing the industry's openness and enhancing market supply through innovative cross-border medical insurance [2]

2025年，中国A股市场上的保险板块无疑是最亮眼的"明星"之一。从年初的缓慢升温到年末的屡创新 高，保险股在2025年多次强势领涨A股市场，其全年累计涨幅显著，大幅跑赢了银行与非银金融板块的 整体表现。若将观察周期拉长，自2024年低点以来，保险板块更是走出了趋势性的上涨行情，累计涨幅 可观，被市场投资者称为"走出了牛市的节奏"。 板块与个股齐飞，但估值仍处历史低位 2025年保险股的"强势"，既体现在板块指数的突破上，也反映在个股的分化与领涨中，更凸显在"市值 增长+估值洼地"的双重优势里。截至2025年12月31日，A股保险板块（申万二级分类）指数报收1554.89 点。从短期表现看，保险板块的"爆发力"尤为突出，其10日、20日及60日涨幅均位列A股各板块前列， 显示出强劲的短期动量。 从资金关注度来看，保险板块的成交额在年底持续放大，市场交投活跃度显著提升。以保险行业指数 （932136）为例，其单日成交额在12月中旬一度创下阶段新高，即便在月末市场震荡调整期间，其成交 额水平也远高于12月初，显示出市场资金对保险股的配置需求持续上升。 2025年A股5家上市险企（中国平安、中国太保、新华保险、中国人 ...

Group 1 - The insurance sector is expected to deepen its transformation and maintain a recovery trend in fundamentals through 2026 [4][7] - In 2025, the insurance sector outperformed the market with a cumulative increase of 27.0%, surpassing the CSI 300 index by 8.8 percentage points, driven by strong growth in new business value (NBV) and improved investment returns [5][10] - The life insurance segment is seeing a stabilization in agent workforce and positive growth in new policies, supported by bank insurance and improved NBV margins [5][20] Group 2 - The property insurance segment is experiencing a slowdown in premium growth but is optimizing its business structure, with a focus on non-auto insurance [22] - The investment side of the insurance companies is benefiting from a rising equity market, with a projected increase in total investment returns and net profits expected to rise by 33.5% year-on-year for the first three quarters [5][7] - The high savings preference among residents and the reduction in bank deposit rates are expected to make participating insurance products with a guaranteed return of 1.75% more competitive in the market [7][8] Group 3 - The life insurance sector is projected to see continued growth in new business value, driven by the popularity of participating insurance products and the effective management of costs through the "reporting and operation integration" strategy [5][20] - The property insurance sector is expected to maintain its favorable conditions, with the "reporting and operation integration" policy further optimizing the combined ratio (COR) [5][22] - Investment strategies focusing on high dividend yields are anticipated to provide a safety net for net investment income, contributing to profit stability [7][8]

Core Viewpoint - The insurance industry in 2025 has achieved record highs in both scale and profitability, driven by practical reforms and a focus on rational management, while facing cyclical challenges [1]. Group 1: Industry Growth and Performance - As of October 2025, the total assets of the insurance industry reached 40.59 trillion yuan, an increase of 4.68 trillion yuan from the beginning of the year, marking a growth rate of 13.03% [4]. - The insurance sector has seen a continuous double-digit growth in total assets since 2023, attributed to rising premium income, cost optimization, enhanced capital replenishment, and improved asset allocation [4]. - The total premium income for 2025 is projected to be 57.63 billion yuan, reflecting a significant increase from previous years [2]. Group 2: Stock Market Performance - Insurance stocks have reached new highs in 2025, with major companies like China Ping An and China Life Insurance leading the market, contributing to a combined market value exceeding 3.3 trillion yuan, a nearly 30% increase from the beginning of the year [6][7]. - The net profit of five major listed insurance companies reached 426 billion yuan in the first three quarters of 2025, a year-on-year increase of 33.5%, setting a historical record [8]. Group 3: Industry Reforms - The insurance industry is actively engaging in "anti-involution" measures, focusing on rational competition and risk management rather than price wars, particularly in the auto insurance sector [10]. - The introduction of a dynamic adjustment mechanism for predetermined interest rates in insurance products has begun, with rates decreasing from 2.34% at the beginning of the year to 1.90% by the end of 2025 [19][18]. - The return of dividend insurance products has gained traction, with nearly half of new life insurance products being dividend-based, reflecting a shift in market strategy [21]. Group 4: Long-term Investment Strategies - The insurance sector is increasingly focusing on long-term investments, with regulatory changes encouraging a longer assessment period for performance metrics [12]. - By the end of 2025, the proportion of equity assets in insurance investments reached a historical high, with stock and fund allocations growing significantly [14]. Group 5: International Expansion - The insurance industry is entering a phase of internationalization, with companies exploring overseas markets, particularly in high-end equipment insurance and personal travel safety [22]. - The export of new energy vehicles has surged by 89.4% in the first three quarters of 2025, prompting insurance companies to expand their offerings in this sector [24]. Group 6: New Regulatory Frameworks - The release of the fourth life table in October 2025 will impact insurance product pricing and risk management, reflecting changes in population structure and mortality rates [26][27]. - The first commercial health insurance drug directory was published in December 2025, aiming to clarify the boundaries between basic medical insurance and commercial health insurance, thus promoting a multi-tiered medical security system [29].

Group 1 - The insurance industry in China has made significant strides in high-quality development, addressing gaps in insurance coverage and enhancing supply in weak areas [1] - A platform called "Car Insurance Good to Insure" was established to tackle the high claim rates and data inadequacies in new energy vehicle insurance, providing coverage for over 1.1 million vehicles with a total insured amount of 1.1 trillion yuan [1] - The platform has expanded to include high-risk fuel-operated vehicles, further alleviating insurance difficulties for trucks and taxis [1] Group 2 - The insurance sector is actively aligning with emerging industries, providing customized insurance solutions to mitigate risks associated with technological innovation, with over 10 trillion yuan in risk coverage provided during the 14th Five-Year Plan [2] - The industry has supported 3,600 innovative application projects through insurance, enhancing corporate innovation capabilities [2] Group 3 - The insurance industry has focused on new citizens and the elderly, launching specialized insurance products to meet the needs of gig economy workers and providing essential coverage for accidents and injuries [3] - There has been an expansion of commercial pension products and long-term care insurance for the elderly, addressing the financial pressures faced by the aging population [3] Group 4 - The insurance industry has contributed to rural revitalization by offering diverse insurance products like "anti-poverty insurance" and complete cost insurance for staple grains, providing risk coverage for 800 million farming households [4] - The increase in insurance supply is not just about product quantity but also requires ongoing improvements in service quality, claims efficiency, and risk pricing [4]

来源：金融时报 党的二十届四中全会是在向第二个百年奋斗目标进军的关键历史节点召开的一次具有里程碑意义的会 议。习近平总书记在全会上发表的重要讲话，集中展现了"十四五"时期我国经济社会发展奇迹，以宏大 的全局视野和长远的战略眼光，擘画"十五五"发展蓝图，充分体现了对时与势的深刻洞察、对思与行的 科学指引，闪耀着马克思主义的真理光芒，彰显着治国理政的卓越智慧，具有极强的政治性、思想性、 理论性、指导性，为新征程上接续推进中国式现代化提供了科学指南和基本遵循。前不久召开的中央经 济工作会议，进一步深刻分析当前经济形势，系统部署明年经济工作，对于实现"十五五"良好开局具有 重要指导意义。 中国人民保险集团把学习宣传贯彻落实二十届四中全会精神作为重大政治任务，紧紧围绕"十五五"时期 高质量发展的时代主题，强化保险经济减震器与社会稳定器功能，努力建设世界一流保险金融集团，以 自身高质量发展助力经济社会高质量发展。 深刻领会 在中国式现代化进程中把握保险发展定位 习近平总书记指出："以中国式现代化全面推进强国建设、民族复兴伟业，是新时代新征程党和国家的 中心任务，是新时代最大的政治。"人保集团作为金融央企，深刻理解把握全会 ...