保险Ⅱ 2025 年 10 月 08 日 投资评级：看好（维持） 行业走势图 数据来源：聚源 -29% -22% -14% -7% 0% 7% 14% 2024-10 2025-02 2025-06 保险Ⅱ 沪深300 相关研究报告 《财险和权益投资拉动业绩，分红险 转型驱动投资端增配权益—保险行业 深度报告》-2025.9.22 《固收兼顾配置和交易，高股息+长股 投 为 破 局 之 道 — 行 业 深 度 报 告 》 -2025.4.10 《资负两端驱动业绩与分红，假设调 整提升 EV 可信度—行业深度报告》 -2025.4.7 拓宽产品形态和功能，健康险有望迎来增长新机遇 ——"健康险高质量发展意见"点评 高超（分析师） gaochao1@kysec.cn 证书编号：S0790520050001 顶层设计打通堵点，指明方向，全方位助推健康险高质量发展 2025 年 9 月 30 日，金监总局发布《关于推动健康保险高质量发展的指导意见》 (以下简称《意见》)，为关乎国计民生的重要险种健康险的发展提出明确要求。 主要内容包括：(1)总体要求：到 2030 年，健康保险在国家健康保障体系中的重 要作用进一步发 ...

Core Viewpoint - The establishment of a long-term care insurance system is a crucial measure to address the challenges of an aging population in China, with China People's Property Insurance Company (PICC) actively participating in pilot projects and developing various models for long-term care insurance [1] Group 1: Long-term Care Insurance Participation - As of June 2025, PICC has undertaken 117 long-term care insurance projects, covering 58 cities across 20 provinces [1] - PICC participates in 32 out of 49 national pilot cities for long-term care insurance, maintaining a participation rate of 65.3%, leading the industry [1] Group 2: Service Models - Jiangsu Nantong has established a "three-level" convenient service network to address the distance and technology usage issues for disabled individuals in rural areas [2] - Jiangsu Huai'an has developed a smart service center with various facilities to meet the needs of insured individuals, including an APP experience area and a monitoring center [2] - Jiangsu Nanjing has implemented a cross-regional service model allowing users to enjoy benefits based on their residence while adhering to the standards of their insurance location [3] Group 3: Management and Operations - Zhejiang Huzhou has created a digital management platform for comprehensive oversight of care services, integrating with the provincial smart medical insurance platform [4] - Shandong Yantai has established a dynamic assessment mechanism for disability, conducting unannounced inspections to ensure proper management and prevent over or under-provision of benefits [5] Group 4: Comprehensive Insurance Solutions - Zhejiang Jinhua has designed a comprehensive insurance package that includes various risk coverages related to long-term care, extending to newborn disability insurance and flexible employment insurance [6] - Hainan has provided hospitalization care for approximately 54,000 impoverished individuals, with total claims exceeding 33.35 million yuan [8] Group 5: Collaborative Development - Shandong Dezhou has innovated a collaborative model combining care insurance with supportive services, partnering with local healthcare institutions to enhance service delivery [8] - Sichuan Chengdu has developed an integrated service model that combines insurance with healthcare services, creating a multi-faceted support system for care [8] - Hebei Xingtai has initiated a village doctor management model to enhance rural care services, facilitating cooperation between village doctors and designated care service companies [8] Group 6: Future Directions - PICC aims to continue enhancing service quality and fund management while iterating on its insurance solutions to contribute to a multi-tiered social security system [9]

Core Viewpoint - The market value of insurance companies reflects not only their current operational performance but also their future development potential, driven by economic growth, increasing insurance awareness, and improved industry regulation [1]. Group 1: Market Value Rankings - The article presents the 2025 market value rankings of 173 insurance companies in China, showcasing their market positions and value performance [2][3]. - The total market value of the listed insurance companies amounts to 88,202.23 billion [8]. Group 2: Pricing Model - The rankings are based on the Insurance Company Pricing Model (ICPM), which applies the Equity Asset Pricing Model (EAVM) to assess the market value of insurance companies [9]. - The ICPM considers various factors such as financial status, management quality, competitive advantages, profitability, growth potential, brand influence, and risk management capabilities [9]. Group 3: Industry Trends - Digital transformation is accelerating in the insurance industry, with companies investing in technologies like big data, AI, and blockchain to enhance operational efficiency and customer experience [11][13]. - The health and pension insurance markets are experiencing significant growth due to aging populations and rising health awareness, leading to increased demand for diverse and personalized insurance products [14]. - Stricter regulatory measures are promoting industry standardization, enhancing risk management, and encouraging consolidation among companies [15]. - Green insurance is gaining traction as a financial tool supporting environmental protection and sustainable development, with companies developing products that provide risk coverage for green initiatives [16]. Group 4: Uses of Rankings - The rankings serve multiple purposes, including reference for investors in secondary and primary markets, valuation during mergers and acquisitions, and assessment of management performance by company boards [18].

Core Viewpoint - The insurance industry in China has shown resilience and progress in the first half of 2025, with significant growth in asset utilization and premium income, while maintaining a stable solvency capacity [1][10]. Group 1: Asset and Premium Growth - As of the end of Q2 2025, the total investment balance of insurance companies exceeded 36 trillion yuan, reaching 36.23 trillion yuan, a year-on-year increase of 17.4% [2]. - The original insurance premium income for the first half of 2025 was 3.7 trillion yuan, reflecting a growth of 5.1% compared to 2024, indicating a recovery in the life insurance sector [2]. - The number of new insurance policies issued in the first half of 2025 reached 524 billion, marking an 11.1% increase year-on-year [2]. Group 2: Investment Strategies - Bonds remain the primary investment for insurance funds, with a bond investment balance of 17.87 trillion yuan as of Q2 2025, where life insurance companies hold 16.92 trillion yuan, accounting for 51.9% of their total investments [3]. - Stock investments have also gained traction, with insurance companies' stock investments surpassing 3 trillion yuan, showing a quarterly increase of 8.9% [3]. - The shift towards equity investments is seen as a long-term strategic choice, driven by the need for higher returns in a low-interest-rate environment [3][4]. Group 3: Claims and Coverage - Claims and benefits paid by insurance companies reached 1.3 trillion yuan in the first half of 2025, a 9% increase, indicating a deepening of the insurance protection function [5]. - Health insurance and long-term care insurance have emerged as the main contributors to claims growth, driven by an aging population and rising healthcare costs [6]. - The insurance industry has demonstrated its commitment to social responsibility through rapid response to claims during natural disasters, showcasing its role in public welfare [7]. Group 4: Solvency and Regulatory Environment - The overall solvency adequacy ratio for the insurance industry was 204.5% at the end of Q2 2025, significantly above regulatory requirements [8]. - Among 60 life insurance companies, six maintained an AAA rating, with solvency ratios exceeding 200%, indicating strong capital strength and risk management capabilities [8]. - The regulatory environment remains challenging, with some smaller companies facing solvency pressures, necessitating improvements in capital management and risk strategies [10].

Core Insights - The insurance industry in China has shown resilience and progress in the first half of 2025, with total assets exceeding 39.2 trillion yuan and premium income growing by 5.1% year-on-year [3][10] - The industry is navigating challenges posed by low interest rates, stringent regulations, and new accounting standards, which present both risks and strategic opportunities for structural adjustments [2][10] Asset Management - As of the end of Q2 2025, the total investment balance of insurance companies surpassed 36 trillion yuan, marking a 17.4% increase year-on-year [3] - Bonds remain the primary investment choice for insurance funds, with a bond investment balance of 17.87 trillion yuan, while stock investments have also gained traction, reaching over 3 trillion yuan [4] Premium Income and Claims - The insurance sector's original premium income for the first half of 2025 reached 3.7 trillion yuan, with significant contributions from life insurance products such as dividend, annuity, and health insurance [3][6] - Claims and benefits paid by insurance companies amounted to 1.3 trillion yuan, reflecting a 9% increase, indicating a deepening of the insurance protection function [6][10] Solvency and Regulatory Environment - The overall solvency adequacy ratio for the insurance industry stood at 204.5% as of Q2 2025, well above regulatory requirements [8] - The regulatory environment remains challenging, with some smaller insurers facing capital and investment management weaknesses, necessitating innovation in capital supplementation and diversified asset allocation [10] Strategic Moves by Companies - Companies like China Ping An have actively increased their stakes in banks and other financial institutions, reflecting a strategic focus on long-term value recognition [5] - The industry is increasingly exploring diversified investment strategies, including the establishment of private equity funds to enhance asset allocation [5][9]

Core Viewpoint - The insurance industry in China has shown resilience and progress in the first half of 2025, with significant growth in asset utilization and premium income, while maintaining a stable solvency capacity [1][10]. Group 1: Asset and Premium Growth - As of the end of Q2 2025, the total investment balance of insurance companies exceeded 36 trillion yuan, reaching 36.23 trillion yuan, a year-on-year increase of 17.4% [2]. - The original insurance premium income for the first half of 2025 was 3.7 trillion yuan, reflecting a 5.1% year-on-year growth, indicating a recovery in the life insurance sector [2]. - The number of new insurance policies issued in the first half of 2025 reached 524 billion, a year-on-year increase of 11.1% [2]. Group 2: Investment Strategies - Bonds remain the primary investment for insurance funds, with a bond investment balance of 17.87 trillion yuan as of Q2 2025, where life insurance companies hold 16.92 trillion yuan, accounting for 51.9% of their total investments [3]. - Stock investments have also gained traction, with insurance companies' stock investments surpassing 3 trillion yuan, showing a quarterly net increase of 251.3 billion yuan, a growth of 8.9% [3]. - The shift towards equity investments is seen as a long-term strategic choice, driven by the need for higher returns in a low-interest-rate environment [3]. Group 3: Claims and Coverage - Claims and benefits paid by insurance companies reached 1.3 trillion yuan in the first half of 2025, a year-on-year increase of 9%, indicating a deepening of the insurance protection function [5]. - Health insurance and long-term care insurance have emerged as the main contributors to claims growth, driven by an aging population and rising healthcare costs [6]. - The insurance industry has demonstrated its commitment to social responsibility through rapid response to claims related to natural disasters, showcasing its role in public welfare [7]. Group 4: Solvency and Regulatory Environment - As of the end of Q2 2025, the industry’s comprehensive solvency adequacy ratio was 204.5%, with core solvency adequacy at 147.8%, significantly above regulatory requirements [8]. - Some companies, particularly smaller insurers, face challenges in capital replenishment and investment management, which may be exacerbated by market volatility [10]. - The extension of the transitional period for regulatory compliance is seen as both a buffer and a pressure for companies to enhance their capital and risk management strategies [10].

Core Insights - The insurance industry in China has shown resilience and progress in the first half of 2025, with total assets exceeding 39.2 trillion yuan and premium income growing by 5.1% year-on-year [2][10] - The industry is navigating challenges posed by low interest rates, stringent regulations, and new accounting standards, which present both risks and strategic opportunities for structural adjustments [1][10] Asset Management - As of the end of Q2 2025, the total investment balance of insurance companies surpassed 36 trillion yuan, marking a 17.4% increase year-on-year [2] - Bonds remain the primary investment choice for insurance funds, with a bond investment balance of 17.87 trillion yuan, accounting for 51.9% of total investments [3] - Stock investments have gained traction, with insurance companies' equity investments exceeding 3 trillion yuan, reflecting a strategic shift towards equities due to low fixed-income returns [3][4] Premium Income and Claims - In the first half of 2025, insurance companies reported original premium income of 3.7 trillion yuan, with significant recovery in life insurance products such as dividend, annuity, and health insurance [2][5] - Claims and benefits paid by insurance companies reached 1.3 trillion yuan, a 9% increase, indicating a deepening of the industry's protective functions [5][6] Solvency and Regulatory Environment - The overall solvency adequacy ratio for the insurance industry stood at 204.5% as of Q2 2025, well above regulatory requirements [8][10] - Some smaller insurance companies face solvency pressures, necessitating swift action in capital replenishment and risk management to avoid stricter regulatory measures [8][10] Strategic Developments - The industry is increasingly focusing on digitalization and service optimization to enhance claims efficiency and customer trust [7] - Insurance companies are exploring diversified investment strategies, including the establishment of private equity funds, to adapt to market conditions and regulatory changes [4][9]

Core Insights - The insurance market in China is undergoing a significant structural adjustment, with major players experiencing varied revenue trends, leading to a notable decline in China Pacific Insurance's net profit by 18.1% year-on-year, indicating operational challenges and a potential reshaping of the competitive landscape in the life insurance sector [1][4]. Group 1: Financial Performance - In Q1 2025, China Pacific Insurance's fair value change income plummeted by 89% to 1.655 billion yuan, contrasting sharply with a 5.6% investment return in 2024, highlighting the impact of new financial accounting standards on profit and loss statements [2]. - The company's reliance on equity markets has exposed weaknesses in its asset allocation and risk hedging strategies, particularly during market downturns [2]. Group 2: Market Dynamics - The overall new premium growth in the industry has slowed, with a more than 20% year-on-year decline in new single premiums across the sector. China Pacific's agent channel new single premiums fell by 15.2%, while the bancassurance channel surged by 130.7%, contributing 87% to overall premium growth [3]. - Despite the growth in the bancassurance channel, the insurance service revenue only increased by 0.6%, indicating a disparity between premium growth and value creation [3]. Group 3: Competitive Landscape - Competition among leading insurance companies is intensifying, with the premium gap between China Pacific and Taikang Life narrowing from 10.5 billion yuan in 2024 to less than 10 billion yuan [4]. - China Pacific's new product structure is lagging behind industry trends, with the proportion of participating insurance new premiums rising to 18.2%, still far from the 50% target [4]. Group 4: Strategic Challenges - The management of China Pacific needs to focus on upgrading investment capabilities, restructuring channel value, and accelerating product innovation to navigate the multifaceted challenges it faces [5]. - Digital transformation is seen as a potential key to overcoming these challenges, with plans to enhance investment decision-making efficiency and optimize product pricing through big data analysis [5].

Core Viewpoint - The insurance intermediary industry is undergoing a transformation by 2025, facing multiple development paths and challenges due to stricter regulations, intensified market competition, and evolving consumer demands [1] Group 1: Development Paths - Insurance intermediaries need to shift from "scale expansion" to "value creation," balancing short-term profits with long-term value through enhanced professional services and exploring sustainable business models [1] - Companies should leverage technology and digital transformation, utilizing AI and big data to optimize processes and improve customer experience, as seen with Yuanbao Group's AI-driven underwriting system [2] - Focusing on niche markets and differentiated competition is essential, with leading firms developing products for the silver economy and offering "insurance + health management" services [2] - Mergers and acquisitions are crucial for market share expansion, with companies acquiring regional firms or collaborating with tech and financial institutions to enhance service capabilities [2] - Capital operations and global expansion are vital, with firms utilizing stock issuance and asset-backed securities to enhance liquidity and enter emerging markets [2] Group 2: Challenges - The implementation of the "Uniform Pricing and Reporting Policy" has led to a 30% decrease in average commission rates, impacting short-term revenues for intermediaries [2] - Stricter regulations have increased compliance costs, requiring firms to invest in compliance systems and digital auditing tools to mitigate regulatory risks [2] - Smaller intermediaries face survival challenges amid increasing industry concentration, with many struggling to maintain operations and some even surrendering licenses [2] - The contradiction between technology investment and return on investment poses a challenge, as digital transformation requires significant upfront costs with delayed benefits [2] Group 3: Future Direction - The future direction for the industry emphasizes specialization and sustainable development, focusing on building long-term value through innovative and responsible business practices [2]

Core Viewpoint - The establishment of a vocational skills assessment system for elderly care service personnel is crucial for addressing the talent shortage and improving service quality in the aging service industry [1][4]. Group 1: Talent Shortage and Service Quality - The elderly care industry faces a severe talent shortage, with a lack of professional caregivers leading to inconsistent service quality and low social recognition for workers [1]. - The new policy aims to create a clear and authoritative skills evaluation standard, providing a growth pathway for caregivers from junior to senior technician levels [1][2]. Group 2: Impact on the Silver Economy - Establishing talent standards will enhance the dignity and attractiveness of elderly care as a professional field, linking skill levels to compensation and social status [2]. - A well-structured and skilled workforce will support the application of intelligent elderly care products and the integration of medical and elderly care services [2]. Group 3: Financial Services and Trust - The improvement of the talent system will inject confidence into elderly financial products, as high-quality service delivery is essential for the effectiveness of these financial tools [3]. - The skills assessment system will help financial institutions accurately evaluate service providers and enhance consumer trust in services and products [3]. Group 4: Long-term Vision and Implementation - The establishment of the skills assessment system is a key step in addressing the core shortcoming of insufficient high-quality elderly care talent supply [4]. - By clearly defining the value of talent, the quality of services can be reliably guaranteed, fostering a standardized and trustworthy ecosystem for the silver economy [4].