东海证券认为，新规将进一步落实险企的全面风险管理，提升资产质量和资产负债匹配的有效性，缓解市场对险企投资端利差损风险的担忧，推动行业高质量发展。2025“开门红”启动，以分红险为主的产品策略可有效降低负债成本，以理财锁定的保费预录可夯实增长基本盘，同时渠道端“报行合一”和产品端预定利率下调有望提升新产品价值率，对价值增长的基础保持乐观。Domestic insurance stocks rallied higher. As of press release, China Taibao (02601) rose 4.43% to HK$25.95; China Financial Insurance (02328) rose 3.55% to HK$12.26; and China Life Insurance (02628) rose 3.08% to HK$15.38.
The Zhitong Finance App learned that domestic insurance stocks rose higher. As of press release, China Taibao (02601) rose 4.43% to HK$25.95; China Financial Insurance (02328) rose 3.55% to HK$12.26; China Life (02628) rose 3.08% to HK$15.38; Xinhua Insurance (01336) rose 2.87% to HK$25.05; and Ping An (02318) rose 1.77% to HK$46.1.
According to the news, recently, the General Administration of Financial Supervision issued the “Interim Measures on Risk Classification of Insurance Assets” (hereinafter referred to as the “Interim Measures”). Guotai Junan believes that the purpose of the “Interim Measures” is to adjust and improve insurance asset risk classification and supervision rules to guide risk prevention and mitigation; clarify various asset risk standards and promote the consolidation of risk subjects; at the same time, the quality of financial assets is more transparent, which is beneficial to insurers to improve profit and net asset stability.
Donghai Securities believes that the new regulations will further implement comprehensive risk management for insurers, improve asset quality and the effectiveness of balance and liability matching, ease market concerns about the risk of interest differences on the investment side of insurers, and promote high-quality development of the industry. A “good start” was launched in 2025. A product strategy based on dividend insurance can effectively reduce debt costs, and pre-recorded premiums locked in financial management can consolidate the basic growth market. At the same time, channel-side “integration of reporting and banking” and product-side scheduled interest rate cuts are expected to increase the value rate of new products, and the basis for value growth remains optimistic.
