2013年上半年,在保费增速止跌企稳、另类投资收益稳定、减值计提压力较小等多个因素的支撑下,保险业整体业绩超出预期。从中报数据来看,保险公司的年化ROE(净资产收益率)平均可达15%左右的水平,实际盈利能力保持较高水平,而新业务价值的行业平均增速也达到了5%左右。目前利率市场化(预定利率改革)正式文件已出,利空出尽,估值见底。近期,尽管无明显催化剂,但在经历了两年低谷后,行业业绩和保费正在双双缓慢走出谷底,长期投资价值逐步出现。 In the first half of 2013, under the support of a number of factors, including the stabilized growth of the premium growth, stable investment income from alternative investments and less pressure on impairment provision, the overall insurance performance exceeded expectations. From the data reported in the report, the annualized ROE (return on net assets) of insurance companies can reach an average of about 15%, the actual profitability remains at a high level, and the average growth rate of new business value in the industry reaches about 5% . The current market-oriented interest rates (interest rate reform) official documents have been out of bad, bottom out valuation. Recently, although there is no obvious catalyst, after a two-year trough, industry performance and premiums are both slowly bottomed out, and the long-term investment value is gradually emerging.