保险行业一季度资金运作情况 revealed.

According to recent data from the financial regulatory authority, Chinese insurance companies have shown a significant increase in their asset management scale during the first quarter of 2025. By the end of March, the total managed assets reached 26.7 trillion yuan, reflecting a steady growth in the insurance sector.

One notable trend is the increased allocation to bonds. Insurance companies have consistently maintained a high proportion of bond investments in their portfolios. As of March 31, 2025, bond investments accounted for 40% of total assets under management, which has remained stable compared to previous quarters. This strategy aligns with the long-term nature of insurance liabilities and helps maintain portfolio stability.

Meanwhile, equity investments have shown a modest recovery after several years of cautious approaches. The proportion of stock holdings in insurance portfolios increased slightly from 14% at the end of December 2024 to 15% by March 31, 2025. This upward adjustment reflects both regulatory encouragement and market confidence following recent policy announcements.

Long-term equity investments also saw a notable rise. By March 31, long-term equity positions accounted for 9% of total assets under management, up from 8% at the end of December 2024. This shift is part of ongoing efforts to diversify investment strategies and align with broader economic development goals.

Insurance companies have also demonstrated a stronger inclination towards market investments. Regulatory authorities have introduced several measures to facilitate this trend:

- Pilot programs for long-term capital deployment have been expanded, allowing an additional 600 billion yuan to flow into the stock market as of May 2025.

- The risk margin requirement for equity investments has been reduced by 10%, enhancing insurers' investment capacity.

- A simplified framework for determining asset allocation thresholds under偿付ability rules was introduced in April 2025, making it easier for companies to increase their equity exposure.

Despite these measures, there are challenges. The release of comprehensive investment performance metrics has been delayed due to inconsistent accounting practices among insurers. Some firms have not yet transitioned to new financial reporting standards, leading to discrepancies in reported yields. As a result, the industry's overall investment returns for 2024 and early 2025 remain difficult to compare accurately.

These developments highlight both opportunities and challenges for China's insurance sector as it continues to evolve. While regulatory support is fostering greater engagement with capital markets, non-uniform reporting practices and market volatility pose hurdles to achieving optimal investment outcomes.