集团2025年上半年实现保险服务收入2802.50亿元，同比增长7.1%;原保险保费收入4546.25亿元，同比增 长6.4%。投资资产规模稳步增长，截至2025年6月30日，集团投资资产规模突破1.7万亿元，较年初增长 7.2%。截至2025年6月30日，集团总资产18,784.95亿元，较上年末增长6.3%;净资产3,894.56亿元，较上 年末增长6.1%;综合偿付能力充足率为276%，核心偿付能力充足率为219%。 集团坚持高质量发展方向不动摇，经营效益指标持续优化。财产险业务方面，人保财险有力塑造发展优 势，财产险市场份额33.5%，保持行业首位;经营活动现金净流入同比增长26.6%，流动性水平显著提高; 综合成本率为95.3%，同比下降1.5个百分点。人身险业务方面，经营质效不断改善。人保寿险半年新业 务价值可比口径下同比增长71.7%;期交保费占原保险保费收入的79.5%，同比提升0.9个百分点;13个月保 费继续率96.4%，同比提升0.4个百分点。人保健康半年新业务价值可比口径下同比增长51.0%;首年期交 保费同比增长52.3%，互联网长期险首年期交保费同比增长110.6%。投资业务方面， ...

展望2025年下半年，中国人保表示，将坚定不移务实推进"建设一流"，坚定不移落实集团年度工作会议 各项工作部署。 一是聚力强功能，服务经济社会发展大局。把增强功能性、服务经济社会高质量发展作为工作的出发点 和落脚点。 二是聚力高质量发展，保持向上向好发展态势。坚持稳中求进工作总基调，着力夯实稳的基础，塑造进 的动能，强化好的势头。 三是聚力推动"六项改革"，取得更多可感可及成效。坚持问题导向与目标导向相统一，围绕深化公司治 理改革、集团战略管控机制改革、赋能基层发展机制改革、客户资源共享机制改革、数字化改革、干部 人事制度改革等方面，坚持以上率下，紧盯重点难点，完善改革机制，在前期取得积极成效基础上，持 续推进改革向纵深推进。 2025年上半年，中国人保实现保险服务收入2802.50亿元，同比增长7.1%；原保险保费收入4546.25亿 元，同比增长6.4%。投资资产规模稳步增长，截至今年6月30日，中国人保投资资产规模突破1.7万亿 元，较年初增长7.2%。 截至今年6月30日，中国人保总资产18784.95亿元，较上年末增长6.3%；净资产3894.56亿元，较上年末 增长6.1%；综合偿付能力充足率为2 ...

截至2025年6月30日，集团总资产18,781.02亿元，较上年末增长6.3%;净资产3,906.38亿元，较上年末增 长6.3%;综合偿付能力充足率为276% ，核心偿付能力充足率为219% ，资本实力充足。 该集团业务发展持续向好，2025年上半年实现保险服务收入2802.50亿元，同比增长 7.1%;原保险保费收 入为4,546.25亿元，同比增长6.4%。投资资产规模稳步增长，截至 2025年6月30日，集团投资资产规模 突破1.7万亿元，较年初增长7.2%。 财产险业务方面，人保财险有力塑造发展优势，财产险市场份额33.5% ，保持行业首位;经营活动现金 净流入同比增长26.6% ，流动性水平显著提高;综合成本率94.8% ，同比下降1.4个百分点。人身险业务 方面，经营质效不断改善。人保寿险半年新业务价值可比口径下同比增长 71.7%;期交保费占原保险保 费收入的79.5% ，同比提升0.9个百分点;13个月保费继续率 96.4% ，同比提升0.4个百分点。人保健康半 年新业务价值可比口径下同比增长51.0%;首年期交保费同比增长52.3% ，互联网长期险首年期交保费同 比增长110.6%。投资 ...

证券研究报告 中国平安 (2318 HK/601318 CH) 1H25：NBV 强劲增长，OPAT 提升 华泰研究 中报点评 2025 年 8 月 27 日│中国内地/中国香港 保险 平安公布 1H25 业绩：1H25 归母净利润 680.47 亿元，同比下降 8.8%。归 母营运利润（OPAT）可比口径同比增长 3.7%，核心利润保持稳定增长。 利润下降主要因为投资波动及平安好医生并表、可转债的转股权价值重估等 一次性因素。寿险新业务价值（NBV）可比口径同比增长 39.8%，主要由银 保渠道的高速增长驱动。财产险承保表现大幅改善，综合成本率（COR） 同比下降 2.6pcts 至 95.2%。DPS RMB 0.95，同比+2.2%，延续增长。考 虑到寿险 NBV 强劲增长、核心利润向好，维持"买入"。 寿险：NBV 增长强劲 1H25 寿险 NBV 同比增长 39.8%（可比口径，下同），增长强劲。银保渠 道仍然保持高增长，NBV 同比高增 168.6%。自去年银保渠道"一对三"限 制取消后，公司积极拓展银保业务，1H25 银保渠道 NBV 和新单保费都保 持快速增长。代理人渠道 NBV 仍保持增长（ ...

机器人也会"撞人逃逸"？在不久前落幕的全球首届人形机器人运动会上，出现了一幕火到国外的"名场 面"：在田径1500米决赛中，宇树H1机器人意外撞倒操作员后又扬长而去。尽管因此遭到罚时，但 该"肇事"机器人最终还是拿下了冠军。对此，网友们既觉得新鲜有趣，也不禁关心其中潜藏的机器人风 险保障问题。 其实，在备受瞩目的赛场背后，保险服务覆盖了从场馆建设到赛事运营的全流程。据了解，中国人保为 本次赛事量身定制了建筑工程一切险、货物运输险、安责险、赛事取消险、网络安全险等多种产品，全 方位为人员安全、财产损失及赛事平稳运营提供风险保障。 "随着科技的发展，机器人已成为保险业承保的新对象。"武汉大学工商管理专业和金融专业硕士研究生 导师孙智认为，机器人作为集成机械、电子、软件、人工智能等技术的复杂设备，在研发、生产、运 输、使用、维护等全生命周期中面临多种风险，迫切需要通过保险解决风险损失补偿问题。针对目前的 应用场景，机器人相关的保险产品主要涵盖财产险、机器损坏险，用于保障机器人本身因意外、外力或 内部缺陷导致的硬件损坏；第三者责任险、产品责任险，能够保障机器人运行中对他人人身或财产造成 损害时所产生的法律赔偿责任；此 ...

Core Insights - The insurance industry is undergoing a significant transformation driven by artificial intelligence (AI), which is reshaping its ecosystem and creating new opportunities for efficiency and value extraction [1][3] - Successful AI transformation in insurance requires a strategic alignment of operational models with the company's core objectives, emphasizing the need for a collaborative evolution of technology, data, organization, and talent [1][5] AI Transformation Pathways - AI can create incremental value across various core functions in insurance, including sales distribution, pricing, claims processing, and policy servicing [1][3] - The rapid development of generative AI enhances the industry's ability to process unstructured data, such as claims reports and medical records, significantly improving data utilization efficiency [3][4] Data Governance - Effective data governance is crucial for AI applications, necessitating a systematic approach that includes data asset inventory, building a unified data platform, and modernizing legacy systems [4][5] - Compliance and privacy protection must be prioritized in data governance frameworks to ensure the legal and secure handling of sensitive customer information [4][5] Strategic Focus Areas - Insurance companies should avoid indiscriminate investments in AI and instead focus on areas that align with their strategic goals, such as improving claims efficiency or enhancing customer experience [5][6] - The integration of "soft capabilities" like operational processes and talent development is essential alongside technological advancements to ensure successful AI implementation [5][6] Talent Acquisition and Retention - Attracting and retaining AI talent relies on capital attractiveness and the availability of skilled professionals in regions like mainland China, Hong Kong, and Singapore [6][7] - Building a strong team with experienced technical talent and establishing a supportive human resources process can create a sustainable cycle of attracting, developing, and retaining talent [6][7] Employee Engagement and Cultural Shift - The success of AI transformation depends on employee engagement and the cultivation of a culture that encourages active participation in AI integration [8][9] - Management should foster an innovative culture, provide systematic training, and establish incentive mechanisms to promote the adoption of AI tools and collective responsibility for the transformation [8][9]

Summary of Insurance Industry Conference Call Industry Overview - The insurance industry total assets reached 23 trillion yuan in Q1, a year-on-year increase of 12% [1] - The scale of life insurance was 31 trillion yuan, with a year-on-year growth of 16.8%, although the growth rate decreased quarter-on-quarter, indicating a rational return in premium sales [1][3] Key Insights and Arguments - Life insurance dominates the asset allocation in the insurance sector, with increased allocations to stocks and bonds while reducing fund allocations [1][4] - The bond allocation ratio rose to 51.2%, and stock allocation increased to 8.4%, while long-term equity investments rose to 8.3% [1][4] - Fund allocation decreased to 4.7%, primarily due to new accounting standards affecting the profit and loss statement significantly [1][4] - The weighted average dividend yield of heavily held stocks in Q1 reached 3.6%, significantly higher than 2.5% in 2024, reflecting an increased demand for dividends to offset low interest rates [1][5] Changes in Asset Allocation - In Q1 2025, the total scale of insurance funds reached 35 trillion yuan, a year-on-year increase of 16.7%, maintaining a high growth level despite a slight decrease from 18% in 2024 [3] - The property insurance scale was 2.3 trillion yuan, with a year-on-year growth of 12% [3] - The increase in bond allocation reflects strong demand for long-term bonds, while the decrease in fund allocation is attributed to the new accounting rules [4] Heavy Holdings and Sector Performance - The banking sector's holdings increased by 0.4 percentage points, with notable increases in transportation and telecommunications services, aligning with high dividend performance in Q1 [5] - Sectors such as food and beverage, public utilities, and energy saw a decrease in holdings [5] Future Outlook - The outlook for future insurance fund allocation is positive, with expectations of a decline in medium to long-term liability costs due to fee reductions and dynamic pricing mechanisms [6] - Equity asset allocation is seen as the key to addressing interest spread loss pressures, with expectations that leading insurance companies will continue to increase their allocation to equity assets [2][6] - The risk of interest spread loss for leading insurance companies is relatively low, and their medium to long-term profitability (ROE) is expected to improve significantly [2][6]

Core Viewpoint - The insurance industry plays a crucial role as an economic stabilizer and social stabilizer during natural disasters, effectively reducing losses and enhancing overall risk resilience in society [1] Group 1: Government and Regulatory Response - The National Financial Regulatory Administration issued a notice to ensure effective disaster response and insurance claims services during the flood season [1] - Regulatory officials, including Cong Lin, visited affected areas to oversee insurance claims and financial services [1] Group 2: Local Financial Regulatory Actions - Local financial regulatory agencies in Sichuan have activated emergency response mechanisms to address flood conditions, establishing 25 financial green channels and processing 562 insurance claims with an estimated payout of 18.739 million yuan [2] - In Yibin, insurance institutions reported 408 claims with estimated losses of 10.5318 million yuan, having paid out over 5.6843 million yuan [2] - Mianyang initiated an emergency mechanism, receiving 156 insurance claims during the flood period, with 62 claims settled and 623,500 yuan paid [2] Group 3: Insurance Companies' Emergency Responses - Insurance companies, including China Life and PICC, mobilized resources for disaster response, with China Life dispatching 119 personnel and 88 rescue vehicles to affected areas [4] - PICC Tianjin established a 39-member disaster claims task force, processing claims rapidly, with the first payment of 1,200 yuan made within three hours [4] - China Pacific Insurance and Ping An Insurance also activated emergency response mechanisms, providing various support measures, including pre-warning and rapid claims processing [5][6]

Financial Data and Key Metrics Changes - The underlying return on equity for the quarter was 17%, exceeding the target range of 12% to 15% [6] - The core combined ratio improved by 3.8 points year over year to 89.5%, marking the eleventh consecutive quarter of underwriting profit [7][11] - Gross written premiums increased by 10% in the quarter and 14% in the first half of the year, with net premium growth of 15% in the insurance and services business [7][8] - Book value per diluted share increased by 4% in the quarter and 10% year to date, with underlying earnings per share of $0.66, representing over 100% growth year over year [15] Business Line Data and Key Metrics Changes - The insurance and services segment saw gross written premiums increase by 14% to $560 million in the quarter, driven by growth in accident and health, property, and other specialties [25] - The combined ratio for the insurance and services segment improved to 89.3%, with a notable decrease in the loss ratio [26] - The reinsurance segment experienced a 5% increase in gross premiums written to $370 million, although net premiums written decreased by 1% in the quarter [34] Market Data and Key Metrics Changes - The accident and health business provided stable underwriting profit, with premiums up 14% in the first half of the year [27] - Casualty premiums decreased by 10% as the company allocated capital to more attractive opportunities [29] - The pricing environment in aviation reinsurance remained stable, with major airline renewals seeing 5% to 10% increases [31] Company Strategy and Development Direction - The company aims to grow its insurance business more than its reinsurance business, focusing on selective capital allocation towards attractive opportunities [8] - The strategy includes deepening long-term relationships with MGA partners, rejecting over 80% of opportunities to maintain underwriting discipline [9][10] - The company is committed to value creation and maintaining a lower volatility approach to its portfolio [60] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's performance despite external market pressures, highlighting a strong pipeline of growth opportunities [54] - The company remains cautious in the casualty segment, particularly in commercial auto, while being open to growth in other specialties [62] - Management noted that the first half of 2025 has shown significant progress, with expectations for continued strong performance in the second half [15][48] Other Important Information - The company reported a strong engagement survey with a net promoter score increase of 16 points year over year, indicating improved employee satisfaction [13] - The capital position remains robust, with a second quarter BSCR ratio of 223% and strong liquidity levels [44][45] - The company received positive outlook revisions from A.M. Best and Fitch, reflecting significant underwriting improvements [45] Q&A Session Summary Question: Impact of new programs on top line growth - Management indicated that the impact of new programs is assessed on a case-by-case basis, with a focus on selectively taking on net risk as relationships mature [51][53] Question: Growth in accident and health and other non-cyclical segments - Management confirmed that accident and health serves as a volatility shock absorber, allowing for more risk-taking in other areas [57][60] Question: Differences between MGAs in London and the US - Management explained that the London market has seen a strategic investment to leverage existing assets, leading to growth opportunities [65][68] Question: Net investment income guidance - Management acknowledged that net investment income is trending ahead of guidance, with a conservative approach due to potential interest rate cuts [72][74] Question: Reserve development in accident and health - Management detailed that the accident and health portfolio is short-tailed, allowing for quicker reserve releases compared to casualty lines [78][80] Question: Casualty segment performance and decision to write less business - Management clarified that the cautious approach in casualty is due to market conditions, with a focus on profitable areas [86][90] Question: Primary property book growth - Management noted that growth in the primary property book is driven by diversification and strategic partnerships, particularly in the London market [92][94]

Core Insights - The insurance industry is navigating a dual path of maintaining traditional business stability while embracing technological transformation, particularly through AI integration [1][2] - AI is fundamentally reshaping the operational logic of the insurance sector, enhancing product design, service processes, and risk management through data-driven insights and intelligent algorithms [1][3] Market Overview - The Chinese insurance market is expected to expand significantly, with original premium income projected to exceed 6.3 trillion yuan by 2026, driven by growth in life, property, and health insurance sectors [3][10] - The insurance industry's technology investment is on a rapid rise, with total spending anticipated to surpass 67 billion yuan by 2025, focusing on big data, cloud computing, and AI [3][18] - Generative AI is projected to bring a productivity boost of up to 70 billion USD to the insurance sector, indicating substantial potential for efficiency gains [3][13] Policy Support - Multiple policies are encouraging the adoption of AI technologies in the insurance industry, laying a solid foundation for the "Insurance + AI" model [4][16] AI Application Scenarios - Sales: Transitioning from isolated tools to a comprehensive intelligent system that automates customer acquisition, needs analysis, and product recommendations, facilitating agents' evolution into professional risk advisors [5][35] - Underwriting: Achieving full-process automation through the integration of various technologies, enhancing operational efficiency, risk control, and customer experience [6][37] - Claims and After-Service: Empowering the entire claims process to improve efficiency and reduce costs while enhancing customer service and creating new value growth points [6][40] - Office Assistant: Optimizing internal processes, integrating information resources, and aiding decision-making to enhance operational efficiency and user experience [7][43] Development Trends - Trend 1: The application of AI in the insurance industry is shifting from isolated tools to centralized intelligent platforms, evolving from "efficiency tools" to "strategic hubs" [8][60] - Trend 2: AI is driving the deep integration of insurance products and services, creating cross-industry ecological networks [9][63] - Trend 3: The application of AI in risk control and compliance presents a "dual nature," improving fraud detection efficiency and risk pricing accuracy while posing compliance challenges [9][66] Technology Investment - The insurance sector's technology investment is growing at a rate of 14.6% annually, significantly outpacing the overall market growth, and is expected to exceed 67 billion yuan by 2025 [18][21] AI in Value Chain - AI is optimizing both the asset and liability sides of the insurance value chain, enhancing service efficiency and reducing operational costs [30][29] - The integration of AI technologies is transforming the insurance middle and back office, focusing on risk management and resource allocation [32][59] Case Studies - iYunbao: A technology service provider that empowers insurance practitioners through AI, enhancing the entire sales process [47] - Ping An Life: A benchmark for intelligent transformation, utilizing AI for real-time responses, precise pricing, and proactive risk control [50] - ZhongAn Technology: A leader in AI application across the insurance value chain, enhancing efficiency and driving the industry towards an "AI-native" phase [56]